Intercompany Revolving Loan Agreement Sample

THEREFORE, taking into account the foregoing and the mutual obligations and agreements set forth below, as well as other good and valuable considerations, the preservation and adequacy of which are hereby acknowledged, the parties agree as follows: 1.3 Term of the Agreement. The term of this Agreement shall commence on the date of this Agreement and shall last until the fifth anniversary of the date of this Agreement, unless terminated earlier or extended by mutual agreement between the parties as set forth below (the “Due Date”). (d) timetables. Credits and interest accrued and unpaid under this Agreement must be proven by one or more loan accounts or records maintained by the lender in the ordinary course of business. The creditor shall also attach and update Appendix I to this Agreement at least once a quarter, which sets out the balances and payments made during each financial quarter of the creditor. “Agreement” means the Agreement to which this Annex A is attached. In the event of any conflict between a provision of this Annex and a provision set out in the main part of this Agreement, the provision set out in the body of this Agreement shall prevail. CONSIDERING that the lender has already granted the borrower a loan with an initial principal balance of $11,906,000 (the “Original Debenture”) under this special intercompany promissory note dated October 20, 2017 and that the Lender and certain of its direct or indirect subsidiaries (the “Subsidiaries”) have granted to the Borrower from the date of the initial debenture until October 29, 2017. December provided additional intra-group advances totalling $10,523,000 in 2019 (the “prior revolving loans”); (b) Drilling again. After the date of this press release, the Borrower may, at any time and from time to time, (i) repay to the Relevant Lender or subsidiary and (ii) borrow and set aside only from the Lender, and the Lender is required to provide a loan to the Borrower, subject in any event to the terms of this Agreement and other agreements and instruments that may from time to time be relied upon by the Lender and/or one of the Subsidiaries may apply. up to a maximum amount of $35,000,000 outstanding under this Agreement, at any time.

Such additional loans or departures are subject to the prior approval of the lender`s board of directors on a quarterly basis and may be subject to other terms and conditions established by the lender. The Lender is prepared to convert previous revolving loans into loans under this Agreement and to provide additional loans to the Borrower under the terms set forth herein. (a) the starting balance. Effective December 29, 2019, the original note, priority revolving loans, other adjustments and the total balance of accrued and unpaid interest (the amounts of which are reported in Schedule I at that time) will be converted into an initial balance of obligations under this Agreement totalling $21,067,000 and additional loans made in the first quarter of fiscal 2020 (the amounts of which will be shown in Appendix I). be added to the original balance of the Obligations under this Agreement (collectively, the “Initial Balance”). The amounts included in the starting balance directly due to the lender as of the date of this press release will continue to be due and payable to the lender, and the amounts included in the starting balance due to each subsidiary at the time of this press release will remain due and payable to that subsidiary, if any. THIS INTERCOMPANY REVOLVING CREDIT AGREEMENT (this “Agreement”) is entered into and entered into as of April 24, 2020 by and between FAT Brands Inc., a Delaware corporation (“Lender”), and Fog Cutter Capital Group Inc., a Maryland Company (“Borrower” and, jointly with the Lender, the “Parties” and each a “Party”). (e) The words “including”, “including” or “include” should be interpreted as a list of non-exclusive examples of the issues mentioned, whether or not words such as “without limitation” or “not limited to” are used in all cases.

1.4 Termination. Either party shall have the right to terminate this Agreement if any of the following occurs: (d) This Agreement is solely for the purposes of the Parties and the Lender`s subsidiaries and does not confer or seek any right or remedy in favour of any other person, including a creditor or shareholder of a party, and is not intended to do so. (g) Unless expressly stated otherwise, all references in this Agreement refer to the “dollar” or “$” in U.S. dollars. (a) Any reference to the singular in this Agreement shall include, where appropriate, the plural. (b) All headings, headings, headings and tables of contents contained in this Agreement are provided for convenience only and do not affect the interpretation or interpretation of this Agreement. IN WITNESS WHEREOF, the Borrower and the Lender have each arranged for this Agreement to be signed on the date and year in writing above. (a) a material breach of this Agreement by either party that is not corrected within thirty (30) days of receipt of the other party`s written notice of such breach; 1.2 Refund. The Borrower may at any time repay any outstanding loan under this Agreement without penalty. On the due date (defined below), the Borrower is required to repay in full the full amount of outstanding loans under this Agreement, plus accrued and unpaid interest. Repayment of loans under this Agreement and their interest may be made in cash, offset by other obligations of the Lender to the Borrower (including the Tax Sharing Agreement dated October 20, 2017 between the Parties) or in any other form that may be agreed upon by the Parties. (c) The parties may not in any event terminate this Agreement by mutual agreement, which shall be set forth in an appropriate written letter to both the Lender and the Borrower.

CONSIDERING that the Borrower has requested that previous revolving loans be converted into initial balances of Obligations under this Agreement payable to the Lender or the Subsidiaries, as the case may be, and that the Lender undertakes to grant additional credit extensions as provided herein, under the terms and conditions described herein; and 1.5 Miscellaneous. The terms and conditions set forth in Appendix A are incorporated herein by reference and apply to this Agreement as if they were fully set forth herein. (c) interest. The Borrower will be charged daily interest on the outstanding balance of the Obligations, as well as accrued and unpaid interest under this Agreement. The interest rate to be paid by the borrower is an interest rate of ten per cent (10.0%) per year, which is compounded annually and continues to accumulate until payment. Interest is calculated on the basis of a year of 365 days for the actual number of days elapsed. .