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

Chunk 32 of 63
Word Count: 1454
Character Count: 9027

Document Content:

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.

(j) Minimum
Consolidated Adjusted EBITDA. The Consolidated Adjusted EBITDA of the Borrower and its Subsidiaries for the twelve (12) consecutive
fiscal months of the Borrower and its Subsidiaries ending on March 31, 2025 is no less than $7,000,000.

(k) Due
Diligence. The Agents shall have completed their business, legal and collateral due diligence with respect to each Loan Party and
the results thereof shall be acceptable to the Agents, in their sole and absolute discretion.

(l) Security
Interests. The Loan Documents shall create in favor of the Collateral Agent, for the benefit of the Secured Parties, a legal, valid
and enforceable first priority security interest in the Collateral secured thereby (subject only to Permitted Liens).

(m) Litigation.
There shall exist no claim, action, suit, investigation, litigation or proceeding (including, without limitation, shareholder or derivative
litigation) pending or threatened in any court or before any arbitrator or governmental authority which relates to the Loans or which,
in the opinion of the Agents, is reasonably likely to be adversely determined, and that, if adversely determined, would reasonably be
expected to have a Material Adverse Effect.

(n) Notice
of Borrowing. The Administrative Agent shall have received a Notice of Borrowing pursuant to Section 2.2.

Section 5.2. Conditions
Precedent to All Loans. The obligation of any Agent or any Lender to make any Loan after the Effective Date is subject to the
fulfillment, in a manner satisfactory to the Administrative Agent, of each of the following conditions precedent:

(a) Payment
of Fees, Etc. The Borrower shall have paid all fees, costs, expenses and taxes then payable by the Borrower pursuant to this Agreement
and the other Loan Documents, including, without limitation, Sections 2.6 and 11.4.

(b) Representations
and Warranties; No Event of Default. The following statements shall be true and correct, and the submission by the Borrower to the
Administrative Agent of a Notice of Borrowing with respect to each such Loan, and the Borrower’s acceptance of the proceeds of such
Loan shall each be deemed to be a representation and warranty by each Loan Party on the date of such Loan that: (i) the representations
and warranties contained in Article VI and in each other Loan Document, certificate or other writing delivered to any Secured Party pursuant
hereto or thereto on or prior to the date of such Loan are true and correct in all material respects (except that such materiality qualifier
shall not be applicable to any representations or warranties that already are qualified or modified as to materiality or “Material
Adverse Effect” in the text thereof, which representations and warranties shall be true and correct in all respects subject to such
qualification) on and as of such date as though made on and as of such date, except to the extent that any such representation or warranty
expressly relates solely to an earlier date (in which case such representation or warranty shall be true and correct on and as of such
earlier date), (ii) at the time of and after giving effect to the making of such Loan and the application of the proceeds thereof, no
Default or Event of Default has occurred and is continuing or would result from the making of the Loan to be made on such date and (iii)
the conditions set forth in this Section 5.2 have been satisfied as of the date of such request.

(c) Legality.
The making of such Loan shall not contravene any law, rule or regulation applicable to any Secured Party.

(d) Notices.
The Administrative Agent shall have received a Notice of Borrowing pursuant to Section 2.2.

(e) Additional
Conditions for Delayed Draw Term Loan. The proceeds of the Delayed Draw Term Loan will be used to repay in full the outstanding obligations
of the Borrower under each of the Atrium Settlement Agreement and the Vitabest Settlement Agreement.

Section 5.3. Conditions
Subsequent to Effectiveness. As an accommodation to the Loan Parties, the Agents and the Lenders have agreed to execute this Agreement
and to make the Loans on the Effective Date notwithstanding the failure by the Loan Parties to satisfy the conditions set forth below
on or before the Effective Date. In consideration of such accommodation, the Loan Parties agree that, in addition to all other terms,
conditions and provisions set forth in this Agreement and the other Loan Documents, including, without limitation, those conditions set
forth in Section 5.1, the Loan Parties shall satisfy each of the conditions subsequent set forth below on or before the date applicable
thereto (it being understood that (i) the failure by the Loan Parties to perform or cause to be performed any such condition subsequent
on or before the date applicable thereto shall constitute an Event of Default and (ii) to the extent that the existence of any such condition
subsequent would otherwise cause any representation, warranty or covenant in this Agreement or any other Loan Document to be breached,
the Required Lenders hereby waive such breach for the period from the Effective Date until the date on which such condition subsequent
is required to be fulfilled pursuant to this Section 5.3):

(a) within
ten (10) Business Days after the Effective Date (or such longer period as the Collateral Agent may agree in its sole discretion), to the
extent not delivered by the Effective Date, deliver to the Collateral Agent the deliverables relating to Pledged Interests (as defined
in the Security Agreement) required pursuant to Section 4(a) of the Security Agreement;

(b) within
ten (10) days after the Effective Date (or such longer period as the Agents may agree in their sole discretion), to the extent not delivered
by the Effective Date, deliver to the Collateral Agent the evidence of insurance required pursuant to Section 5.1(d)(xx);

(c) within
thirty (30) days after the Effective Date (or such longer period as the Collateral Agent may agree in its sole discretion), to the extent
not delivered by the Effective Date, deliver to the Collateral Agent all landlord waivers and collateral access agreements, as the case
may be, required pursuant to Section 5.1(d)(xxi);

(d) within
thirty (30) days after the Effective Date (or such longer period as the Collateral Agent may agree in its sole discretion), to the extent
not delivered by the Effective Date, deliver to the Collateral Agent all Control Agreements required pursuant to Section 5.1(d)(xxii);

(e) within
five (5) Business Days after the Effective Date (or such longer period as the Agents may agree in their sole discretion), deliver to the
Agents a consent, in form and substance reasonably satisfactory to the Agents, providing that, notwithstanding any term, condition or
restriction set forth in the Knight Agreement, Knight consents to (i) the grant of the security interests in and Liens on the Collateral
(including the Intellectual Property associated with the Licensed Products (as defined in the Knight Agreement)) in favor the Secured
Parties pursuant to the Loan Documents, and (ii) the exercise by any of the Secured Parties of their rights and remedies under the Loan
Documents and applicable law with respect to the Collateral, including, without limitation, any foreclosure, sale, transfer or other enforcement
right of or with respect to the Collateral; provided that any such sale or transfer of the Intellectual Property associated with the Licensed
Products shall be made subject to the license granted in favor of Knight pursuant to the Knight Agreement;

(f) within
ten (10) Business Days after the Effective Date (or such longer period as the Agents may agree in their sole discretion), deliver to the
Agents (i) evidence that Hand MD Corp. has been reinstated and is in good standing with the Delaware Secretary of State and (ii) executed
copies of such agreements, instruments and other documents required by Section 7.1(b), in each case with respect to the foregoing clauses
(i) and (ii), in form and substance satisfactory to the Agents;