SEC Contract Filing

Filing Date: 2017-01-17

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex10-1.htm
<TEXT>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-size: 10pt">EXHIBIT
10.1</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">THIRD AMENDMENT
TO LOAN AGREEMENT</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">THIS
THIRD AMENDMENT TO LOAN AGREEMENT (this &ldquo;<U>Amendment</U>&rdquo;) is made as of December 12, 2016 (the &ldquo;<U>Third Amendment
Date</U>&rdquo;) among <B>INTERNATIONAL BANK OF COMMERCE</B>, a Texas state banking association (together with its successors
and assigns, &ldquo;<U>Lender</U>&rdquo;), <B>GREYSTONE LOGISTICS, INC.</B>, an Oklahoma corporation (&ldquo;<U>Greystone Logistics</U>&rdquo;),
and <B>GREYSTONE MANUFACTURING, L.L.C.</B>, an Oklahoma limited liability company (&ldquo;<U>Greystone Manufacturing</U>&rdquo;
and, together with Greystone Logistics, the &ldquo;<U>Borrowers</U>&rdquo;) and (a) amends the Loan Agreement (Revolving Loan
and Equipment Term Loan) dated as of January 31, 2014, as previously amended by the First Amendment to Loan Agreement dated January
7, 2016, and the Second Amendment to Loan Agreement dated May 31, 2016, each among Borrowers and Lender (as so amended, the &ldquo;<U>Loan
Agreement</U>&rdquo;), and (b) ratifies and amends the other Loan Documents to which the Borrowers are a party as described below.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Borrowers
and Lender agree as follows:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">1.
<U>Definitions</U>. Capitalized terms used but not defined in this Amendment have the meanings given to them in the Loan Agreement.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">2.
<U>Amendments to Loan Agreement</U>.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)
Lender and Borrowers agree that the maturity date of the Revolving Loan is extended one year, until January 31, 2019. Accordingly,
the reference to &ldquo;January 31, 2018&rdquo; in <U>Section 2.3(a)</U> of the Loan Agreement is amended to read &ldquo;January
31, 2019.&rdquo;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)
Lender and Borrowers agree that Borrowers are not required to maintain the minimum Debt Service Coverage Ratio required by <U>Section
8.3</U> of the Loan Agreement until the Rolling Testing Period ending February 29, 2018 (and each Rolling Testing Period thereafter).
Accordingly, <U>Section 8.3</U> of the Loan Agreement is amended and restated in its entirety to read as follows:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.5in; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Section
8.3. Debt Service Coverage Ratio.</B> For each Rolling Testing Period ending on or after February 29, 2018, Borrowers shall maintain
on a consolidated basis a Debt Service Coverage Ratio of at least 1:25:1.00, calculated as of the last date of the Rolling Testing
Period.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">3. <U>Waiver
of Event of Default</U>. Lender waives any Default or Event of Default arising solely from the Borrowers&rsquo; failure to
maintain the Debt Service Coverage Ratio required by <U>Section 8.3</U> of the Loan Agreement for the Rolling Testing
Period ending on November 30, 2016, and all prior Rolling Testing Periods.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">4.
<U>Effect of this Amendment</U>. Except as expressly provided above, this Amendment is not a waiver