SEC Contract Filing

Filing Date: 2023-02-16

Document Content:
<DOCUMENT>
<TYPE>EX-10.15
<SEQUENCE>17
<FILENAME>sbet_ex1015.htm
<DESCRIPTION>AMENDED AND RESTATED REVOLVING PROMISSORY NOTE
<TEXT>
<html><head><title>sbet_ex1015.htm</title><!--Document created using EDGARMaster--></head><body style="TEXT-ALIGN: justify; FONT: 10pt times new roman"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>EXHIBIT 10.15</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>AMENDED AND RESTATED REVOLVING PROMISSORY NOTE</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp; </p> <p style="margin:0px"> <p style="margin:0px"> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:45%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">$5,000,000.00 </p></td> <td style="width:10%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:45%;"> <p style="text-align:right;margin:0px">February 13, 2023</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">Plymouth, Minnesota</p></td></tr></table></p> <p style="margin:0px"></p> <p style="margin: 0px"></p> <p style="margin:0px"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">FOR VALUE RECEIVED, the undersigned, SHGN ACQUISITION CORP., a Delaware corporation (successor by merger to SportsHub Games Network, Inc.) (the &#8220;Borrower&#8221;), hereby promises to pay to the order of PLATINUM BANK, a Minnesota banking corporation (&#8220;Lender&#8221;), or its assigns, the principal sum of FIVE MILLION AND NO/100THS DOLLARS ($5,000,000.00), or so much thereof as has been advanced, or paid and re-advanced, to or for the benefit of the Borrower, pursuant to that certain Revolving Credit Agreement dated March 27, 2020 by and between the Borrower and Lender (the &#8220;Credit Agreement&#8221;), in lawful money of the United States and immediately available funds, together with interest thereon as hereinafter provided. This Note represents a revolving line of credit. Disbursement of the principal of this Note will be made pursuant to the terms of the Credit Agreement.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>1. INTEREST; PAYMENTS:</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Credit Agreement sets forth the interest rate, default rate, late payment charge, payment and prepayment provisions, the maturity date and other provisions applicable to this Note, all of which are incorporated herein.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>2. SECURITY:</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">This Note is the Note, as defined in the Credit Agreement, and is secured by, amongst other things, the Security Agreement, the Third Party Security Agreements and the Deposit Account Pledge and Control Agreement. The terms of the Security Agreements are incorporated herein.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>3. DEFAULT:</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">If an Event of Default, as defined in the Credit Agreement, occurs, Lender is entitled to all of the rights and remedies provided for in the Credit Agreement, the Security Agreement, the Third Party Security Agreements, the Deposit Account Pledge and Control Agreement, and the other Loan Documents, including without limitation the right to terminate the Borrower&#8217;s ability to obtain additional advances of principal hereunder and to declare the principal balance hereof to be immediately due and payable and any other rights and remedies of Lender at law or in equity, and Lender may enforce the covenants, agreements and undertakings of the Borrower contained in this Note, in the Credit Agreement, and in the Security Agreement, the Third Party Security Agreements, the Deposit Account Pledge and Control Agreement and may exercise the remedies provided for thereby or otherwise available in respect to this Note, the Security Agreement, the Third Party Security Agreements, the Deposit Account Pledge and Control Agreement and the other Loan Documents, all in accordance with the terms thereof.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="margin:0px"> <p style="margin:0px"> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; T