SEC Contract Filing

Filing Date: 2021-06-11

Document Content:
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<TYPE>EX-10.37(C)
<SEQUENCE>9
<FILENAME>d157771dex1037c.htm
<DESCRIPTION>EX-10.37(C)
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<TITLE>EX-10.37(c)</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.37(c) </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>CONTINUING&nbsp;GUARANTY </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This CONTINUING GUARANTY (this &#147;<U>Guaranty</U>&#148;), dated as of June&nbsp;7, 2021, is executed by <B>VINTAGE WINE ESTATES, INC.</B>,
a Nevada corporation (&#147;<U>Guarantor</U>&#148;), in favor of <B>BANK OF THE WEST</B>, in its capacity as administrative agent and collateral agent for the Lenders (as hereinafter defined) (in such capacity, together with its successors and
assigns in such capacity, &#147;<U>Agent</U>&#148;), in light of the following facts: </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>R E C I T A L S: </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, pursuant to that certain Amended and Restated Loan and Security Agreement, dated as of April&nbsp;13, 2021, among <B>VINTAGE
WINE ESTATES, INC.</B>, a California corporation <B>(</B>&#147;<U>Borrower Agent</U>&#148;), each other Subsidiary of Borrower Agent party to the Loan Agreement referenced below, as amended, together with Borrower Agent, each a
&#147;<U>Borrower</U>&#148; and, collectively &#147;<U>Borrowers</U>&#148;, the financial institutions party hereto, and <B>BANK OF THE WEST</B>, as administrative agent for the Lenders (in such capacity, &#147;<U>Agent</U>&#148;) (as amended,
modified, restated or supplemented from time to time, the &#147;<U>Loan Agreement</U>&#148;), Agent and the Lenders have provided, and shall continue to provide, certain financial accommodations to Borrowers; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS,</B> pursuant to that certain Joinder Agreement (&#147;Joinder Agreement&#148;) dated as of even date herewith by and among
Guarantor, Borrower Agent and each Borrower, Agent and the Lender, Guarantor shall become &#147;Holdings&#148; under the Loan Agreement as of the date hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the Guarantor acknowledges that it is an integral part of a consolidated enterprise and that it will receive direct and
indirect benefits from the availability of the credit facility provided for in the Loan Agreement, from the making of the Loans by the Lenders and from the issuance of the Letters of Credit by the Issuing Bank; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, in order to induce Agent and Lenders to enter into the Joinder Agreement, and to continue to provide financial accommodations
to Borrowers pursuant to the Loan Agreement and the other Loan Documents (as defined in the Loan Agreement), Guarantor has agreed to guaranty the Obligations (as defined in the Loan Agreement); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>NOW, THEREFORE</B>, for valuable consideration hereby acknowledged, the parties agree as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.</B> <B>Definitions</B>. Any capitalized term not otherwise defined in this Guaranty shall have the meaning given to the term in the Loan
Documents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>2.</B> <B>Guaranty</B>. Guarantor guarantees to Agent and Lenders the timely (whether as scheduled or upon acceleration)
payment when due and performance of the Obligations, whenever and however they may arise (the &#147;<U>Guaranteed Obligations</U>&#148;). If Borrowers fail to pay or perform any of the Guaranteed Obligations, Guarantor will immediately pay or
perform such Guaranteed Obligation. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>3.</B> <B>Agent&#146;s and Lenders&#146; Direct Rights</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>3.1</B> <B>Guaranty of Payment</B>. This is a guaranty of payment and performance and is not a guaranty of collection. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>3.2</B> <B>Direct Rights Against Guarantor</B>. Upon the occurrence and during the continuance of an Event of Default (as defined in the
Loan Agreement), Agent may, and at the direction of the Required Lenders shall, enforce its rights under this Guaranty without first seeking to obtain payment or performance from or without resorting to: (i)&nbsp;Guarantor (the undersigned), meaning
that Agent may delay, in Agent&#146;s or Required Lenders&#146; sole and complete discretion, in the exercise of rights against Guarantor; (ii)&nbsp;Borrowers; (iii) any other guarantor; (iv)&nbsp;any Collateral Agent may hold for the Guaranteed
Obligations; or (v)&nbsp;any other remedy or right that Agent or Lenders may have. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-fam