SEC Filing Document

Company: Synergy CHC Corp.
Ticker: SNYR
CIK: 1562733
Filing Type: 8-K
Document Type: EX-10.1
Date Filed: 2025-06-04
Accession Number: 0001213900-25-050984
Exchange: Nasdaq
SIC Code: 2833
SIC Description: Medicinal Chemicals & Botanical Products
URL: https://www.sec.gov/Archives/edgar/data/1562733/000121390025050984/ea024464201ex10-1_synergy.htm

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Party is or will be a party, and (2) the execution, delivery and performance by such Loan Party of each Loan Document to which such Loan Party is or will be a party and the execution and delivery of the other documents to be delivered by such Person in connection herewith and therewith, (C) the names and true signatures of the representatives of such Loan Party authorized to sign each Loan Document (in the case of a Borrower, including, without limitation, Notices of Borrowing, Term SOFR Rate Notices and all other notices under this Agreement and the other Loan Documents) to which such Loan Party is or will be a party and the other documents to be executed and delivered by such Loan Party in connection herewith and therewith, together with evidence of the incumbency of such authorized officers and (D) as to the matters set forth in Section 5.1(b);

certificate of the chief financial officer of the Borrower (A) certifying that all tax returns required to be filed by the Loan Parties
have been filed and that all taxes upon the Loan Parties or their properties, assets, and income (including real property taxes and payroll
taxes) have been paid, (B) attaching a copy of the Financial Statements and the Projections described in Section 6.1(g) and certifying
as to the compliance with the representations and warranties set forth in Section 6.1(g) and Section 6.1(gg)(ii) and as to satisfaction
of the minimum Liquidity requirements in Section 5.1(i) and (C) certifying that after giving effect to all Loans to be made on the Effective
Date all liabilities of the Loan Parties are current;

(xvi) a
certificate of the chief financial officer of each Loan Party, certifying that each such Loan Party (after giving effect to the Loans
made on the Effective Date) is Solvent;

(xvii) a
certificate of an Authorized Officer of the Borrower certifying that (A) the Material Contracts (delivered separately to the Agents on
or prior to the Effective Date), in each case as in effect on the Effective Date, are true, complete and correct copies thereof, and (B)
such agreements remain in full force and effect and that none of the Loan Parties has breached or defaulted in any of its obligations
under such agreements;

(xviii) a
certificate of the appropriate official(s) of the jurisdiction of organization and, except to the extent such failure to be so qualified
could not reasonably be expected to have a Material Adverse Effect, each jurisdiction of foreign qualification of each Loan Party certifying
as of a recent date not more than 30 days prior to the Effective Date as to the subsistence in good standing of, and, if applicable, the
payment of taxes by, such Loan Party in such jurisdictions;

(xix) an
opinion of (A) Nelson Mullins Riley & Scarborough LLP, counsel to the Loan Parties, (B) Fennemore Law, Nevada special local counsel
to the Borrower, and (C) Stewart McKelvey, counsel to the Canadian Guarantors, in each case as to such matters as the Agents may reasonably
request;

(xx) subject
to Section 5.3, evidence of the insurance coverage required by Section 7.1 and the terms of each Security Agreement, in each case, where
requested by the Collateral Agent, with such endorsements as to the named insureds or loss payees thereunder as the Collateral Agent may
request and providing that such policy may be terminated or canceled (by the insurer or the insured thereunder) only upon 30 days’
prior written notice to the Collateral Agent and each such named insured or loss payee, together with evidence of the payment of all premiums
due in respect thereof for such period as the Collateral Agent may request;

(xxi) subject
to Section 5.3, landlord waivers, in form and substance satisfactory to the Collateral Agent, executed by each landlord with respect to
each of the Leases set forth on Schedule III to the Security Agreement and collateral access agreements to the extent required by Section

(xxii) subject
to Section 5.3, all Control Agreements required for the Loan Parties to comply with the Loan Documents, each duly executed by, in addition
to the applicable Loan Party, the applicable financial institution;

(xxiii) to
the extent requested at least three (3) Business Days prior to the Effective Date, all documentation and other information required by
regulatory authorities under applicable “know your customer” rules and Anti-Money Laundering Laws, including the USA PATRIOT
Act;

(xxiv) evidence
satisfactory to the Agents that a Process Agent has been properly appointed by each Canadian Guarantor in accordance with Section 11.10(c);

(xxv) copies
of the Consulting Services Agreement and the Material Contracts as in effect on the Effective Date, certified as true and correct copies
thereof by an Authorized Officer of the Borrower, together with a certificate of an Authorized Officer of the Borrower stating that such
agreements remain in full force and effect and that none of the Loan Parties have breached or defaulted in any of their obligations under
the Material Contracts; and

(xxvi) such
other agreements, instruments, approvals, opinions and other documents, each satisfactory to the Agents in form and substance, as any
Agent may reasonably request.

(e) Material
Adverse Effect. The Agents shall have determined, in their reasonable judgment, that no event or development shall have occurred since
December 31, 2024 which could reasonably be expected to have a Material Adverse Effect.

(f) Payment
of Effective Date Payoff Debt; Discharge of Liens. The Agents shall have received in connection with the payment of the Effective
Date Payoff Debt (i) payoff letters duly executed by the appropriate lender(s) thereunder, at least three (3) Business Day prior (or such
shorter period as agreed to by the Agents in their sole discretion) to the proposed funding date of the Loans, and in form and substance
acceptable the Agents, providing, among other things, (A) the payoff amount for payment in full of the Effective Date Payoff Debt and
any related per diem, (B) that upon receipt by such lender(s) of such payment in full the automatic termination, release and discharge
of all (1) Liens and other security interests with respect to the Effective Date Payoff Debt, and (2) all security, guaranty and other
loan documents thereto, and (C) authorizing filing (1) UCC-3 termination statements for all UCC-1 financing statements, (2) PPSA discharges
for all PPSA financing statements and (3) CIPO discharges for all CIPO registrations, in each case filed in respect of the Effective Date
Payoff Debt and covering any portion of the Collateral and any termination of security interests in Intellectual Property for each assignment
for security recorded by such lenders at the United States Patent and Trademark Office or the United States Copyright Office and covering
any Intellectual Property of the Loan Parties and (ii) concurrently, or substantially concurrently, with the funding of the initial Loans
on the Effective Date, wire confirmations evidencing the payment in full of the Effective Date Payoff Debt in accordance with the amounts
set forth in such payoff letters.

(g) Consolidated
Senior Net Leverage Ratio. After giving effect to all Loans to be made on the Effective Date, the Consolidated Senior Net Leverage
Ratio of the Borrower and its Subsidiaries for the 12 months ended March 31, 2025 calculated on a pro forma basis shall not be greater
than 2.75 to 1.00. The Borrower shall deliver to the Administrative Agent a certificate of an Authorized Officer of the Borrower certifying
as to the matters set forth above and containing reasonably detailed calculation of such ratio.

(h) Approvals.
All consents, authorizations and approvals of, and filings and registrations with, and all other actions in respect of, any Governmental
Authority or other Person required in connection with the making of the Loans or the conduct of the Loan Parties’ business shall
have been obtained and shall be in full force and effect.

(i) Liquidity.
After giving effect to all Loans to be made on the Effective Date, Liquidity shall not be less than $3,000,000 after the repayment of
the Existing Debt and the payment of all fees and expenses under the Loan Documents; provided that, for the purposes of calculating Liquidity
under this Section 5.1(d)(i) only, “Unrestricted Cash” shall include unrestricted cash on-hand of the Loan Parties maintained
in deposit accounts in the name of a Loan Party in the United States whether or not such deposit accounts are Controlled Accounts. The
Borrower shall deliver to the Collateral Agent a certificate of the chief financial officer or other senior officer of the Borrower certifying
as to the matters set forth above and containing the calculation of Liquidity and certifying that the accounts payable of the Loan Parties
and their Subsidiaries have been maintained and managed in the ordinary course of business and consistent with historical practices, and
that such Liquidity amount does not reflect any delays or deferrals of payment obligations.