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<title>na-20221114</title></head><body><div style="display:none"><ix:header><ix:hidden><ix:nonNumeric contextRef="i507cc560b6a944c5a63b54493916dd39_D20221114-20221114" name="dei:AmendmentFlag" id="id3VybDovL2RvY3MudjEvZG9jOjZiZTM2NjQ1ZDZmNzQzNDk5YzJlM2QwNDI2YTFjMjkyL3NlYzo2YmUzNjY0NWQ2Zjc0MzQ5OWMyZTNkMDQyNmExYzI5Ml8xNTEvZnJhZzpjMzRhMDRjYmViYjU0NmMxOWNiNThiZDdkNGM2MTljZi90YWJsZTplYmQ3NjMwYTFkZGE0YTJmYWViNWM1MDJiMzJjNDdiYS90YWJsZXJhbmdlOmViZDc2MzBhMWRkYTRhMmZhZWI1YzUwMmIzMmM0N2JhXzAtMS0xLTEtODY4MQ_868775b8-2787-4419-9542-012e10fdae7d">false</ix:nonNumeric><ix:nonNumeric contextRef="i507cc560b6a944c5a63b54493916dd39_D20221114-20221114" name="dei:EntityCentralIndexKey" 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style="min-height:42.75pt;width:100%"><div><span><br/></span></div></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:16pt;font-weight:700;line-height:120%">UNITED STATES</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:16pt;font-weight:700;line-height:120%">SECURITIES AND EXCHANGE COMMISSION</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Washington, D.C. 20549</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:20.029%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:16pt;font-weight:700;line-height:100%">FORM </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:16pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="i507cc560b6a944c5a63b54493916dd39_D20221114-20221114" name="dei:DocumentType" 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ACT OF 1934</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Date of Report (date of earliest event reported): <ix:nonNumeric contextRef="i507cc560b6a944c5a63b54493916dd39_D20221114-20221114" name="dei:DocumentPeriodEndDate" format="ixt:date-monthname-day-year-en" id="id3VybDovL2RvY3MudjEvZG9jOjZiZTM2NjQ1ZDZmNzQzNDk5YzJlM2QwNDI2YTFjMjkyL3NlYzo2YmUzNjY0NWQ2Zjc0MzQ5OWMyZTNkMDQyNmExYzI5Ml8xL2ZyYWc6MWZiM2M2Mzg1ZmQ4NDEwMWEzZGI1YzQ0YTkyYjQwZDIvdGV4dHJlZ2lvbjoxZmIzYzYzODVmZDg0MTAxYTNkYjVjNDRhOTJiNDBkMl81NDk3NTU4MTU5MjY_188555db-ee69-4c8b-8ed8-671f517caa03">NOVEMBER&#160;14, 2022</ix:nonNumeric></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:20.029%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr></table></div><div style="margin-top:3pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:16pt;font-weight:700;line-height:120%"><ix:nonNumeric contextRef="i507cc560b6a944c5a63b54493916dd39_D20221114-20221114" name="dei:EntityRegistrantName" id="id3VybDovL2RvY3MudjEvZG9jOjZiZTM2NjQ1ZDZmNzQzNDk5YzJlM2QwNDI2YTFjMjkyL3NlYzo2YmUzNjY0NWQ2Zjc0MzQ5OWMyZTNkMDQyNmExYzI5Ml8xL2ZyYWc6MWZiM2M2Mzg1ZmQ4NDEwMWEzZGI1YzQ0YTkyYjQwZDIvdGV4dHJlZ2lvbjoxZmIzYzYzODVmZDg0MTAxYTNkYjVjNDRhOTJiNDBkMl8zMjk4NTM0ODg1Njg1_24c4d772-ecaa-414e-8899-39e7d37f4ad3">1st FRANKLIN FINANCIAL CORPORATION</ix:nonNumeric></span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:20.029%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td></tr></table></div><div><span><br/></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(Exact name of Registrant, as specified in its charter)</span></div><div style="margin-top:5pt"><table 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id="id3VybDovL2RvY3MudjEvZG9jOjZiZTM2NjQ1ZDZmNzQzNDk5YzJlM2QwNDI2YTFjMjkyL3NlYzo2YmUzNjY0NWQ2Zjc0MzQ5OWMyZTNkMDQyNmExYzI5Ml8xL2ZyYWc6MWZiM2M2Mzg1ZmQ4NDEwMWEzZGI1YzQ0YTkyYjQwZDIvdGFibGU6MTE4MWZhZWJlOWQ2NGY3ODgzNWU1NGI1NDAzOTc3ZDAvdGFibGVyYW5nZToxMTgxZmFlYmU5ZDY0Zjc4ODM1ZTU0YjU0MDM5NzdkMF8wLTAtMS0xLTg2MTI_3a01afbb-b3ea-4453-b19a-8ebd4bbdfa2e">Georgia</ix:nonNumeric></span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="i507cc560b6a944c5a63b54493916dd39_D20221114-20221114" name="dei:EntityFileNumber" 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name="dei:EntityAddressPostalZipCode" id="id3VybDovL2RvY3MudjEvZG9jOjZiZTM2NjQ1ZDZmNzQzNDk5YzJlM2QwNDI2YTFjMjkyL3NlYzo2YmUzNjY0NWQ2Zjc0MzQ5OWMyZTNkMDQyNmExYzI5Ml8xL2ZyYWc6MWZiM2M2Mzg1ZmQ4NDEwMWEzZGI1YzQ0YTkyYjQwZDIvdGV4dHJlZ2lvbjoxZmIzYzYzODVmZDg0MTAxYTNkYjVjNDRhOTJiNDBkMl8xMDk5NTExNjMwMDg2_ea43dc6a-c6dd-4dd3-a159-8c801d2c4500">30577</ix:nonNumeric></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(Address of principal executive offices) (Zip code)</span></div><div><span><br/></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Registrant's telephone number, including area code: </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(<ix:nonNumeric contextRef="i507cc560b6a944c5a63b54493916dd39_D20221114-20221114" 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emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &#9744;</span></div><div><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><span><br/></span></div></div></div><div id="i6be36645d6f743499c2e3d0426a1c292_4"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span><br/></span></div></div><div style="-sec-extract:summary;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Item1.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Entry into Material Definitive Agreement</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">On November&#160;7, 2022, 1</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:112%;position:relative;top:-4.2pt;vertical-align:baseline">st</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%"> Franklin Financial Corporation (the &#8220;Company&#8221;) entered into a Fourth Amendment (the &#8220;Fourth Amendment&#8221;) to the Amended and Restated Loan and Security Agreement dated as of November&#160;19, 2019 (as amended from time to time, the &#8220;Amended Loan and Security Agreement&#8221;), by and among the Company, Wells Fargo Bank, N.A., as agent for the lenders (&#8220;the Agent&#8221;), and the other financial institutions from time to time party thereto. </span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%"> </span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">The Forth Amendment, among other things, amends the definition of &#8220;Interest&#8221; to mean a rate equal to the secured overnight financing rate ("SOFR") plus the "Term SOFR Adjustment", a percentage equal to 0.10% per annum, plus the Applicable Margin.  The Fourth Amendment also amends the definition of "Adjustable Tangible Net Worth" to exclude any mark-to-market non-cash gain or losses with respect to municipal bonds characterized as "other comprehensive income" and extends the maturity date of the Amended Loan and Security Agreement to February&#160;28, 2025.  The Company&#8217;s obligations under the Amended Loan and Security Agreement are secured by the finance receivables of the Company.  As of October&#160;31, 2022, and giving effect to the Fourth Amendment, the amount outstanding under the Amended Loan and Security Agreement was $49.6 million and available borrowings under the Amended Loan and Security Agreement were $180.4 million, at an interest rate of 5.89%.</span></div><div style="text-indent:36pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">            The foregoing description of the Fourth Amendment is qualified in its entirety by reference to the full text of the Fourth Amendment, which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%">Item 2.03 &#8211; Creation of Direct Financial Obligation or an Obligation under the Off-Balance Sheet Arrangement of a Registrant.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%">            </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%">Item 9.01 &#8211; Financial Statements and Exhibits</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">.</span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:93.274%"><tr><td style="width:1.0%"></td><td style="width:9.401%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:88.399%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top">10.1</td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">Fourth Amendment to Amended and Restated Loan and Security Agreement, dated as of November 7, 2022, by and among the Company, Wells Fargo Bank, N.A., as agent for the lenders, and the other financial institutions from time to time party thereto.</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">104</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">Cover Page Interactive Data File (embedded with the Inline XBRL document).</span></td></tr></table></div><div><span><br/></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%">SIGNATURES</span></div><div style="text-align:center"><span><br/></span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:46.999%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.110%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:41.591%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="6" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">By:</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">/s/ Brian J. Gyomory</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Name:</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Brian J Gyomory</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Title:</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Executive Vice President and CFO</span></div></td></tr></table></div><div style="text-indent:36pt"><span><br/></span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">Date:  November&#160;14, 2022 </span></div><div><span><br/></span></div><div><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="-sec-extract:summary;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2</span></div></div></div><div id="i6be36645d6f743499c2e3d0426a1c292_104"></div><hr style="page-break-after:always"/><div style="min-height:72pt;width:100%"><div style="text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Exhibit 10.1</span></div></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">FOURTH AMENDMENT TO AMENDED AND RESTATED</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">LOAN AND SECURITY AGREEMENT</span></div><div style="text-align:center"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">This Fourth Amendment to Amended and Restated Loan and Security Agreement (&#8220;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Amendment</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) is dated as of November&#160;7, 2022 by and among 1</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%;position:relative;top:-4.2pt;vertical-align:baseline">ST</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> FRANKLIN FINANCIAL CORPORATION (&#8220;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Borrower</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), WELLS FARGO BANK, N.A., as agent for Lenders (in such capacity, &#8220;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Agent</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) and the financial institutions a party hereto as lenders (collectively, the &#8220;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Lenders</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; and each is a &#8220;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Lender</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">BACKGROUND</span></div><div style="text-align:center"><span><br/></span></div><div style="margin-bottom:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">a.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:27.68pt">Borrower, Lenders, and Agent are parties to a certain Amended and Restated Loan and Security Agreement dated as of November 19, 2019 (as amended or modified from time to time, the &#8220;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Loan Agreement</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;).  Capitalized terms used but not otherwise defined in this Amendment shall have the meanings respectively ascribed to them in the Loan Agreement.</span></div><div style="margin-bottom:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">b.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:27pt">Borrower has requested and Agent and Lenders have agreed to amend the Loan Agreement in certain respects, all on the terms and conditions set forth herein.</span></div><div style="margin-bottom:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">NOW, THEREFORE, the parties hereto, intending to be legally bound, hereby promise and agree as follows:</span></div><div style="margin-bottom:12pt;text-align:justify;text-indent:29.67pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">i.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline"> Amendments</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.   </span></div><div style="text-align:justify;text-indent:72pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt;text-decoration:underline">Definitions</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">. The following definitions contained in Section 1.1 of the Loan Agreement is hereby amended and restated as follows: </span></div><div style="text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;padding-left:72pt;padding-right:72pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8220;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Adjusted Tangible Net Worth</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; means Tangible Net Worth minus (a) any deficits from the amount required as Allowance for Loan Losses under Section 6.4(c) hereof, and (b) the amount of any accounts to be charged-off, that have not been charged-off, under Section 6.4(e) hereof; provided, the determination of Adjusted Tangible Net Worth shall exclude any the mark-to-market non-cash gains or losses with respect to municipal bonds characterized as &#8220;other comprehensive income&#8221;.</span></div><div style="margin-bottom:6pt;padding-left:72pt;padding-right:72pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8220;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Maturity Date</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; means February 28, 2025, as such date may be extended from time to time in accordance with the provisions of Section 2.4 of this Agreement. </span></div><div style="text-align:justify;text-indent:72pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(2)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt;text-decoration:underline">New Definitions</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  The following new definitions are added to Section 1.1 of the Loan Agreement (in addition to the new definitions contained on </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Exhibit A</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> attached hereto):</span></div><div style="text-align:justify"><span><br/></span></div><div style="padding-left:72pt;padding-right:72pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8220;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Adjusted Term SOFR</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; means, for purposes of any calculation, the rate per annum equal to (a) Term SOFR for such calculation, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">plus</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> (b) the Term SOFR Adjustment; provided that if Adjusted Term SOFR as so determined shall ever be less than the Floor, then Adjusted Term SOFR shall be deemed to be the Floor.</span></div><div style="padding-left:72pt;padding-right:72pt;text-align:justify"><span><br/></span></div><div style="padding-left:72pt;padding-right:72pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8220;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Floor</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; means a rate of interest equal to 0.75%.</span></div><div style="padding-left:72pt;padding-right:72pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8220;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Interest Period</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; means one (1) month.</span></div><div style="padding-left:72pt;padding-right:72pt"><span><br/></span></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span><br/></span></div><div><span style="color:#000000;font-family:'Garamond',serif;font-size:9pt;font-weight:400;line-height:100%">116549.01097/129793355v.3</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:72pt;width:100%"><div><span><br/></span></div></div><div style="padding-left:72pt;padding-right:72pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8220;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Term SOFR</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; means the Term SOFR Reference Rate for a tenor comparable to the Interest Period on the day (such day, the &#8220;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Periodic Term SOFR Determination Day</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) that is two (2) U.S. Government Securities Business Days prior to the first day of such Interest Period (unless a different time period is provided via written notice to Borrowers and Lenders from Agent), as such rate is published by the Term SOFR Administrator; </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">provided</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">however</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">, that if as of 5:00 p.m. (New York City time) on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such Periodic Term SOFR Determination Day.</span></div><div style="padding-left:72pt;padding-right:72pt;text-align:justify"><span><br/></span></div><div style="padding-left:72pt;padding-right:72pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8220;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Term SOFR Adjustment</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; means a percentage equal to 0.10% per annum.</span></div><div style="padding-left:72pt;text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:72pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(3)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt;text-decoration:underline">Interest</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  Section 2.6(a) and Section 2.6(b) are amended and restated as follows:</span></div><div style="text-align:justify"><span><br/></span></div><div style="padding-left:72pt;padding-right:72pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;(a)&#160;&#160;&#160;&#160;In the absence of an Event of Default or Default hereunder, and prior to maturity, the outstanding balance of the Loan will bear interest at an annual rate at all times equal to (a) the LIBOR Rate plus the Applicable Margin through and including November 30, 2022 and (b) Adjusted Term SOFR plus the Applicable Margin at all times thereafter.</span></div><div style="padding-left:72pt;padding-right:72pt;text-align:justify"><span><br/></span></div><div style="padding-left:72pt;padding-right:72pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;(b)&#160;&#160;&#160;&#160;Interest shall be payable monthly in arrears on the first day of each month commencing on the first such date after the first Advance under the Loan and continuing until the Commitments are terminated and the Obligations are indefeasibly paid in full.  Interest as provided hereunder will be calculated on the basis of a 360 day year and the actual number of days elapsed.  The rate of interest provided for hereunder is subject to increase or decrease as the Term SOFR increases or decreases in an amount corresponding to the change in the Term SOFR, with such benchmark rate being determined on the Periodic Term SOFR Determination Day, and any such change will become effective on the first (1</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%;position:relative;top:-4.2pt;vertical-align:baseline">st</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">) day of the immediately following month.</span></div><div style="padding-left:72pt;text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:72pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(4)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt;text-decoration:underline">Financial Covenants</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  Section 6.4(g) and the final paragraph of Section 6.4 the Loan Agreement are hereby amended and restated as follows:</span></div><div style="padding-left:36pt"><span><br/></span></div><div style="padding-left:72pt;padding-right:72pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;(g)&#160;&#160;&#160;&#160;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Funded Debt to Adjusted Tangible Net Worth Ratio</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  As of the end of each calendar month, a Funded Debt to Adjusted Tangible Net Worth Ratio of not more than 3.35 to 1.00.</span></div><div style="padding-left:72pt;padding-right:72pt;text-align:justify"><span><br/></span></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">2</span></div><div><span style="color:#000000;font-family:'Garamond',serif;font-size:9pt;font-weight:400;line-height:100%">116549.01097/129793355v.3</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:72pt;width:100%"><div><span><br/></span></div></div><div style="padding-left:72pt;padding-right:72pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Notwithstanding the foregoing, (x) Borrowers&#8217; failure to comply with Section 6.4(c) or Section 6.4(e) shall not, in itself, constitute an Event of Default so long as such shortfalls or losses are deducted, as contemplated by the terms of this Agreement, in the determination of the other financial covenants contained herein, (y) the determination of the covenants contained in this Section 6.4 shall exclude any asset or liability associated with Statement of Financial Accounting Standard No. 133 and (z) Borrowers&#8217; failure to comply with (i) Section 6.4(a) as a result of maintaining an EBITDA Ratio of no more than 25 basis points less than the required EBITDA Ratio, (ii) RESERVED, (iii) Section 6.4(f) as a result of maintaining a minimum Adjusted Tangible Net Worth of not less than 99% of the required minimum Adjusted Tangible Net Worth or (iv) Section 6.4(g) as a result of maintaining a Funded Debt to Adjusted Tangible Net Worth Ratio not more than 25 basis points more than the required Funded Debt to Adjusted Tangible Net Worth Ratio, shall not constitute an Event of Default under Section 8.3(b) unless such failure continues for more than 1 consecutive calendar month; provided, however, clause (z) shall not in any event be effective as an exception to the Event of Default described in Section 8.3(b) more than 2 times per calendar year.</span></div><div style="padding-left:72pt;text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:72pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(5)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt;text-decoration:underline">Benchmark Replacement Setting</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  Section 2.15 is amended and restated on </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Exhibit A</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> attached hereto.</span></div><div style="padding-left:36pt"><span><br/></span></div><div style="margin-bottom:12pt;text-align:justify;text-indent:26.34pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">ii.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline"> Effectiveness Conditions</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Amendment shall be effective upon the completion of the following conditions precedent (all agreements, documents and instruments to be in form and substance satisfactory to Agent and Agent&#8217;s counsel):</span></div><div style="margin-bottom:12pt;text-align:justify;text-indent:72pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(6)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Execution and delivery by Borrower, Guarantors and Lenders of this Amendment to Agent;</span></div><div style="margin-bottom:12pt;text-align:justify;text-indent:72pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(7)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Payment by Borrower to Agent, for the benefit of Lenders pro rata based upon Commitment Percentages, in immediately available funds of a fully earned and non-refundable amendment fee in the amount of $69,000; and</span></div><div style="margin-bottom:12pt;text-align:justify;text-indent:72pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(8)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">Execution and/or delivery by the parties of all other agreements, instruments and documents requested by Agent to effectuate and implement the terms hereof and the Credit Documents.</span></div><div style="margin-bottom:12pt;text-align:justify;text-indent:23.01pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">iii.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline"> Representations and Warranties</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  Borrower represents and warrants to Agent and Lenders that:</span></div><div style="margin-bottom:12pt;text-align:justify;text-indent:72pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">All warranties and representations made to Agent and Lenders under the Loan Agreement and the Credit Documents are true and correct in all material respects.</span></div><div style="text-align:justify;text-indent:72pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(2)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">The execution and delivery by Borrowers and Guarantors of this Amendment and the performance by each of them of the transactions herein and therein contemplated do not and will not violate any provisions of any law, rule, regulation, judgment, order, writ, decree, determination or award or breach any provisions of the charter, bylaws or other organizational documents of any Borrower or any Guarantor, or constitute a default or result in the creation or imposition of any security interest in, or lien or encumbrance upon, any assets of any Borrower or any Guarantor (immediately or with the passage of time or with the </span></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">3</span></div><div><span style="color:#000000;font-family:'Garamond',serif;font-size:9pt;font-weight:400;line-height:100%">116549.01097/129793355v.3</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:72pt;width:100%"><div><span><br/></span></div></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">giving of notice and passage of time, or both) under any other contract, agreement, indenture or instrument to which a Borrower or a Guarantor is a party or by which a Borrower or a Guarantor or its property is bound with failure to comply resulting in a material adverse change in the business, operations, property (including the Collateral), prospects or financial condition of any Borrower or any Guarantor.</span></div><div style="text-align:justify;text-indent:90pt"><span><br/></span></div><div style="margin-bottom:12pt;text-align:justify;text-indent:72pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(3)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">This Amendment and any assignment, instrument, document, or agreement executed and delivered in connection herewith will be valid, binding and enforceable in accordance with its respective terms.</span></div><div style="margin-bottom:12pt;text-align:justify;text-indent:72pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(4)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt">No Event of Default or Default has occurred under the Loan Agreement.</span></div><div style="margin-bottom:12pt;text-align:justify;text-indent:23.67pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">iv.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline"> Representations and Release of Claims</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  Except as otherwise specified herein, the terms and provisions hereof shall in no manner impair, limit, restrict or otherwise affect the obligations of Borrower, any Guarantor or any third party to Agent and Lenders as evidenced by the Credit Documents.  Borrower and each Guarantor hereby acknowledge, agree, and represent that (a) as of the date of this Amendment, there are no known claims or offsets against, or defenses or counterclaims to, the terms or provisions of the Credit Documents or the other obligations created or evidenced by the Credit Documents; (b) as of the date of this Amendment, neither Borrower nor any Guarantor has any known claims, offsets, defenses or counterclaims arising from any of Agent&#8217;s acts or omissions with respect to the Credit Documents or Agent&#8217;s performance under the Credit Documents; (c) as of the date of this Amendment, Borrower has reviewed and reconciled all Advances, calculations of interest due and principal owing, and agrees with and has no claims regarding any such matters and (d) Borrower promises to pay to the order of Agent and Lenders the indebtedness evidenced by the Note according to the terms thereof.  In consideration of the modification of certain provisions of the Credit Documents, all as herein provided, and the other benefits received by Borrower hereunder, Borrower and each Guarantor hereby RELEASE, RELINQUISH and forever DISCHARGE Agent and Lenders, and their predecessors, successors, assigns, shareholders, principals, parents, subsidiaries, agents, officers, directors, employees, attorneys and representatives (collectively, the &#8220;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Released Parties</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;), of and from any and all present known claims, demands, actions and causes of action of any and every kind or character, which Borrower or Guarantors, or any of them, has or may have against Released Parties arising out of or with respect to any and all transactions relating to the Loan Agreement, the Note, the Guaranties, and the other Credit Documents occurring prior to the date hereof.  Further, Borrower and Guarantors warrant and represent that they are not now aware of any claims or potential claims against Agent or Lenders pursuant to the Loan Agreement.</span></div><div style="margin-bottom:12pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">v.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline"> Collateral</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  As security for the payment of the Obligations to Agent and Lenders under the Loan Agreement and satisfaction by Borrower of all covenants and undertakings contained in the Loan Agreement and the Credit Documents, Borrower reconfirms the prior security interest and lien on, upon and to, its Collateral, whether now owned or hereafter acquired, created or arising and wherever located.  Borrower hereby confirms and agrees that all security interests and Liens granted to Agent for the ratable benefit of Lenders continue in full force and effect and shall continue to secure the Obligations.  All Collateral remains free and clear of any Liens other than Permitted Liens.  Nothing herein contained is intended to in any manner impair or limit the validity, priority and extent of Agent&#8217;s existing security interest in and Liens upon the Collateral.</span></div><div style="margin-bottom:12pt;text-align:justify;text-indent:23.67pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">vi.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline"> Acknowledgment of Indebtedness and Obligations</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  Borrower and Guarantors hereby acknowledge and confirm that as of the date hereof, Borrower is indebted to Agent and Lenders, without known defense, setoff or counterclaim, for all Obligations under the Loan Agreement (in addition to any other indebtedness or obligations owed by Borrowers to Wells Fargo Affiliates), plus continually accruing interest and all fees, costs, and expenses, including reasonable attorneys&#8217; fees, incurred through the date hereof.</span></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">4</span></div><div><span style="color:#000000;font-family:'Garamond',serif;font-size:9pt;font-weight:400;line-height:100%">116549.01097/129793355v.3</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:72pt;width:100%"><div><span><br/></span></div></div><div style="margin-bottom:12pt;text-align:justify;text-indent:20.34pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">vii.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline"> Ratification of Credit Documents</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Amendment shall be incorporated into and deemed a part of the Loan Agreement.  Except as expressly set forth herein, all of the terms and conditions of the Loan Agreement and Credit Documents are hereby ratified and confirmed and continue unchanged and in full force and effect.  All references to the Loan Agreement shall mean the Loan Agreement as modified by this Amendment.</span></div><div style="margin-bottom:12pt;text-align:justify;text-indent:17.01pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">viii.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline"> Acknowledgment of Guarantors</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  By execution of this Amendment, each Guarantor hereby acknowledges the terms and conditions of this Amendment and confirms that such Guarantor guarantees, as surety, all of Borrower&#8217;s Obligations to Agent and Lenders pursuant to and subject to the terms, conditions and limitations contained in its respective Guaranty.</span></div><div style="margin-bottom:12pt;text-align:justify;text-indent:23.67pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">ix.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline"> Governing Law</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">THIS AMENDMENT, THE LOAN AGREEMENT AND THE EXISTING CREDIT DOCUMENTS SHALL BE DEEMED TO HAVE BEEN MADE AND TO BE PERFORMABLE IN THE STATE OF NEW YORK AND SHALL, TOGETHER WITH ALL MATTERS ARISING HEREUNDER OR RELATED HERETO, BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</span></div><div style="text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">x.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline"> Counterparts</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.  This Amendment may be executed in any number of counterparts, and by the different parties on different counterpart signature pages, all of which taken together shall constitute one and the same agreement.  This Amendment may be executed by means of (a) an electronic signature that complies with the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, or any other relevant and applicable electronic signatures law; (b) an original manual signature; or (c) an e-mail transmission of a Portable Document Format File (also known as an &#8220;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">PDF</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; file), faxed, scanned, or photocopied manual signature.&#160; Each electronic signature or PDF, faxed, scanned, or photocopied manual signature shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature.</span></div><div style="margin-bottom:12pt;text-align:center"><span><br/></span></div><div style="margin-bottom:12pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">SIGNATURES ON FOLLOWING PAGE</span></div><div id="i6be36645d6f743499c2e3d0426a1c292_68"></div><div style="margin-bottom:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by their respective duly authorized officers as of the date first above written.</span></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">5</span></div><div><span style="color:#000000;font-family:'Garamond',serif;font-size:9pt;font-weight:400;line-height:100%">116549.01097/129793355v.3</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:72pt;width:100%"><div><span><br/></span></div></div><div style="padding-left:5.4pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:42.570%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:55.230%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:top"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:700;line-height:100%">BORROWER:</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:2.75pt;padding-right:2.75pt"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:700;line-height:100%">1</span><span style="color:#000000;font-family:'Garamond',serif;font-size:7.8pt;font-weight:700;line-height:100%;position:relative;top:-4.2pt;vertical-align:baseline">ST</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:700;line-height:100%"> FRANKLIN FINANCIAL CORPORATION</span></div><div style="padding-left:2.75pt;padding-right:2.75pt"><span><br/></span></div><div style="padding-left:2.75pt;padding-right:2.75pt"><span><br/></span></div><div style="padding-left:2.75pt;padding-right:2.75pt"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">By:&#160;&#160;&#160;&#160;</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">/s/ Brian J. Gyomory</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">__________________</span></div><div style="padding-left:2.75pt;padding-right:2.75pt"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">Name:&#160;&#160;&#160;&#160;Brian J. Gyomory</span></div><div style="padding-left:2.75pt;padding-right:2.75pt"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">Title:&#160;&#160;&#160;&#160;Executive Vice President and CFO</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:top"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:700;line-height:100%">GUARANTORS:</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:2.75pt;padding-right:2.75pt"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:700;line-height:100%">FRANDISCO LIFE INSURANCE COMPANY </span></div><div style="padding-left:2.75pt;padding-right:2.75pt"><span><br/></span></div><div style="padding-left:2.75pt;padding-right:2.75pt"><span><br/></span></div><div style="padding-left:2.75pt;padding-right:2.75pt"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">By:&#160;&#160;&#160;&#160;</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">/s/ Brian J. Gyomory</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">__________________</span></div><div style="padding-left:2.75pt;padding-right:2.75pt"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">Name:&#160;&#160;&#160;&#160;Brian J. Gyomory</span></div><div style="padding-left:2.75pt;padding-right:2.75pt"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">Title:&#160;&#160;&#160;&#160;President</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:2.75pt;padding-right:2.75pt"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:700;line-height:100%">FRANDISCO PROPERTY &amp; CASUALTY LIFE INSURANCE COMPANY </span></div><div style="padding-left:2.75pt;padding-right:2.75pt"><span><br/></span></div><div style="padding-left:2.75pt;padding-right:2.75pt"><span><br/></span></div><div style="padding-left:2.75pt;padding-right:2.75pt"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">By:&#160;&#160;&#160;&#160;</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">/s/ Brian J. Gyomory</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">__________________</span></div><div style="padding-left:2.75pt;padding-right:2.75pt"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">Name:&#160;&#160;&#160;&#160;Brian J. Gyomory</span></div><div style="padding-left:2.75pt;padding-right:2.75pt"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">Title:&#160;&#160;&#160;&#160;President</span></div></td></tr><tr style="height:84pt"><td colspan="3" style="padding:0 1pt"><div style="padding-left:2.75pt;padding-right:2.75pt;text-align:justify"><span><br/></span></div><div style="padding-left:2.75pt;padding-right:2.75pt;text-align:justify"><span><br/></span></div><div style="padding-left:2.75pt;padding-right:2.75pt;text-align:justify"><span><br/></span></div><div style="padding-left:2.75pt;padding-right:2.75pt;text-align:justify"><span><br/></span></div></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:42pt"><td colspan="3" style="padding:0 1pt"><div style="padding-left:2.75pt;padding-right:2.75pt;text-align:justify"><span><br/></span></div></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div style="text-align:center"><span><br/></span></div><div style="text-align:center"><span><br/></span></div><div style="text-align:center"><span><br/></span></div><div style="text-align:center"><span><br/></span></div><div style="text-align:center"><span><br/></span></div><div style="text-align:center"><span><br/></span></div><div style="text-align:center"><span><br/></span></div><div style="text-align:center"><span><br/></span></div><div style="text-align:center"><span><br/></span></div><div style="text-align:center"><span><br/></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:700;line-height:100%">[SIGNATURE PAGE TO FOURTH AMENDMENT</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:700;line-height:100%">TO AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT]</span></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span><br/></span></div><div><span style="color:#000000;font-family:'Garamond',serif;font-size:9pt;font-weight:400;line-height:100%">116549.01097/129793355v.3</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:72pt;width:100%"><div><span><br/></span></div></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:43.275%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:54.525%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:top"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:700;line-height:100%">AGENT:</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.35pt;padding-right:2.75pt"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:700;line-height:100%">WELLS FARGO BANK, N.A.</span></div><div style="padding-left:6.35pt;padding-right:2.75pt"><span><br/></span></div><div style="padding-left:6.35pt;padding-right:2.75pt"><span><br/></span></div><div style="padding-left:2.75pt;padding-right:2.75pt"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">By:&#160;&#160;&#160;&#160;</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">/s/ Merle Becker _____________________</span></div><div style="padding-left:2.75pt;padding-right:2.75pt"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">Name:&#160;&#160;&#160;&#160;</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Merle Becker </span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">________________________</span></div><div style="padding-left:2.75pt;padding-right:2.75pt"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">Title:&#160;&#160;&#160;&#160;</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Vice President </span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">_______________________</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.75pt;padding-right:2.75pt;text-align:justify"><span><br/></span></div><div style="padding-left:2.75pt;padding-right:2.75pt;text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:700;line-height:100%">LENDERS:</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-right:2.75pt"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:700;line-height:120%">&#160;WELLS FARGO BANK, N.A.</span></div><div style="padding-left:6.35pt;padding-right:2.75pt"><span><br/></span></div><div style="padding-left:6.35pt;padding-right:2.75pt"><span><br/></span></div><div style="padding-left:2.75pt;padding-right:2.75pt"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:120%">By:&#160;&#160;&#160;&#160;</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">/s/ Merle Becker _____________________</span></div><div style="padding-left:2.75pt;padding-right:2.75pt"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:120%">Name:&#160;&#160;&#160;&#160;</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Merle Becker </span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:120%">________________________</span></div><div style="padding-left:2.75pt;padding-right:2.75pt"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:120%">Title:&#160;&#160;&#160;&#160;</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Vice President </span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:120%">_______________________</span></div><div style="padding-left:2.75pt;padding-right:2.75pt"><span><br/></span></div><div style="padding-left:2.75pt;padding-right:2.75pt"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:700;line-height:120%">FIRST HORIZON BANK</span></div><div style="padding-left:2.75pt;padding-right:2.75pt"><span><br/></span></div><div style="padding-left:2.75pt;padding-right:2.75pt"><span><br/></span></div><div style="padding-left:2.75pt;padding-right:2.75pt"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:120%">By:&#160;&#160;&#160;&#160;</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">/s/ Daniel J McCarthy_______________ __</span></div><div style="padding-left:2.75pt;padding-right:2.75pt"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:120%">Name:&#160;&#160;&#160;&#160;</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Daniel J McCarthy_____________________</span></div><div style="padding-left:2.75pt;padding-right:2.75pt"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:120%">Title:&#160;&#160;&#160;&#160;</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Senior Vice President___________________</span></div><div style="padding-left:2.75pt;padding-right:2.75pt"><span><br/></span></div><div style="padding-left:2.75pt;padding-right:2.75pt"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:700;line-height:120%">RENASANT BANK</span></div><div style="padding-left:2.75pt;padding-right:2.75pt"><span><br/></span></div><div style="padding-left:2.75pt;padding-right:2.75pt"><span><br/></span></div><div style="padding-left:2.75pt;padding-right:2.75pt"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:120%">By:&#160;&#160;&#160;&#160;</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">/s/ Sean M. Schumacher________________</span></div><div style="padding-left:2.75pt;padding-right:2.75pt"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:120%">Name:&#160;&#160;&#160;&#160;</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Sean M. Schumacher</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:120%">  __________________</span></div><div style="padding-left:2.75pt;padding-right:2.75pt"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:120%">Title:&#160;&#160;&#160;&#160;</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Senior Vice President_ _________________</span></div></td></tr></table></div><div><span><br/></span></div><div style="text-align:center"><span><br/></span></div><div style="text-align:center"><span><br/></span></div><div style="text-align:center"><span><br/></span></div><div style="text-align:center"><span><br/></span></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span><br/></span></div><div><span style="color:#000000;font-family:'Garamond',serif;font-size:9pt;font-weight:400;line-height:100%">116549.01097/129793355v.3</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:72pt;width:100%"><div><span><br/></span></div></div><div style="text-align:center"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:700;line-height:100%;text-decoration:underline"> Exhibit A</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;Section 2.15&#160;&#160;&#160;&#160;</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Benchmark Replacement Setting</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">.</span></div><div style="text-align:justify"><span><br/></span></div><div style="margin-bottom:12pt;text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(a)&#160;&#160;&#160;&#160;</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Circumstances Affecting Benchmark Availability</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">.  Subject to clause (c) below, if for any reason (i) Agent shall determine (which determination shall be conclusive and binding absent manifest error) that reasonable and adequate means do not exist for ascertaining Term SOFR for the applicable Interest Period on or prior to the first day of a calendar month, (ii) the Required Lenders shall determine (which determination shall be conclusive and binding absent manifest error) that Term SOFR does not adequately and fairly reflect the cost to such Lenders of making or maintaining Loans, or (iii) upon the commencement of a Benchmark Unavailability Period, then, in each case, Agent shall promptly give notice thereof to Borrowers.  Upon notice thereof by Agent to Borrowers, until such time as a Benchmark Replacement has been determined pursuant to clause (c) below, Agent may select a replacement index rate and spread adjustment in good faith and in its commercially reasonable discretion giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement to the then-current Benchmark for Dollar-denominated syndicated credit facilities; </span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">provided</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%"> that any comparable or successor rate shall be applied by Agent, if administratively feasible, in a manner consistent with market practice.</span></div><div style="margin-bottom:12pt;text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(b)&#160;&#160;&#160;&#160;</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Laws Affecting SOFR Availability</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">.  If, after the date hereof, the introduction of, or any change in, any applicable law or regulation or any change in the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by any Lender (or any of their respective lending offices) with any request or directive (whether or not having the force of law) of any such Governmental Authority, central bank or comparable agency, shall make it unlawful or impossible for any Lender (or any of their respective lending offices) to determine or charge interest based upon SOFR or Term SOFR, such Lender shall promptly give notice thereof to Agent and Agent shall promptly give notice to Borrowers and the other Lenders.  Thereafter, until Agent notifies the Borrower that such circumstances no longer exist or until such time as a Benchmark Replacement has been determined pursuant to clause (c) below, Agent may select a replacement index rate and spread adjustment in good faith and in its commercially reasonable discretion giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement to the then-current Benchmark for Dollar-denominated syndicated credit facilities; </span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">provided</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%"> that any comparable or successor rate shall be applied by Agent, if administratively feasible, in a manner consistent with market practice.</span></div><div style="margin-bottom:12pt;text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(c)&#160;&#160;&#160;&#160;</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Benchmark Replacement Setting</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">.</span></div><div style="margin-bottom:12pt;text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(i)&#160;&#160;&#160;&#160;</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Benchmark Replacement</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">. </span></div><div style="margin-bottom:12pt;text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(A)&#160;&#160;&#160;&#160;Notwithstanding anything to the contrary herein or in any other Credit Document, upon the occurrence of a Benchmark Transition Event, Agent and Borrowers may amend this Agreement to replace the then-current Benchmark with a Benchmark Replacement.  Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. on the fifth (5</span><span style="color:#000000;font-family:'Garamond',serif;font-size:7.8pt;font-weight:400;line-height:100%;position:relative;top:-4.2pt;vertical-align:baseline">th</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">) Business Day after Agent has posted such proposed amendment to all affected Lenders and Borrowers so long as Agent has not received, by such time, written notice of objection to such amendment from Lenders comprising the Required Lenders.  No replacement of a Benchmark with a Benchmark Replacement pursuant to this </span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Section 2.15(c)(i)(A)</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%"> will occur prior to the applicable Benchmark Transition Start Date.</span></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span><br/></span></div><div><span style="color:#000000;font-family:'Garamond',serif;font-size:9pt;font-weight:400;line-height:100%">116549.01097/129793355v.3</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:72pt;width:100%"><div><span><br/></span></div></div><div style="margin-bottom:12pt;text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(B)&#160;&#160;&#160;&#160;No Hedge Agreement shall be deemed to be a &#8220;Credit Document&#8221; for purposes of this </span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Section 2.15(c)</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">.</span></div><div style="margin-bottom:12pt;text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(ii)&#160;&#160;&#160;&#160;</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Benchmark Replacement Conforming Changes</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">. In connection with the use, administration, adoption or implementation of a Benchmark Replacement, Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Credit Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Credit Document.</span></div><div style="margin-bottom:12pt;text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(iii)&#160;&#160;&#160;&#160;</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Notices; Standards for Decisions and Determinations</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">. Agent will promptly notify Borrowers and Lenders of (A) the implementation of any Benchmark Replacement and (B) the effectiveness of any Conforming Changes in connection with the use, administration, adoption or implementation of a Benchmark Replacement.  Agent will promptly notify Borrowers of the removal or reinstatement of any tenor of a Benchmark pursuant to Section 2.15(c)(iv).  Any determination, decision or election that may be made by Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 2.15(c), including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Credit Document, except, in each case, as expressly required pursuant to this Section 2.15(c).</span></div><div style="margin-bottom:12pt;text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(iv)&#160;&#160;&#160;&#160;</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Unavailability of Tenor of Benchmark</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">.  Notwithstanding anything to the contrary herein or in any other Credit Document, at any time (including in connection with the implementation of a Benchmark Replacement), (A) if the then-current Benchmark is a term rate (including the Term SOFR Reference Rate) and either (1) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by Agent in its reasonable discretion or (2) the administrator of such Benchmark or the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is not or will not be representative or in compliance with or aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks, then Agent may modify the definition of &#8220;Interest Period&#8221; (or any similar or analogous definition) for any Benchmark settings at or after such time to remove such unavailable, non-representative, non-compliant or non-aligned tenor and (B) if a tenor that was removed pursuant to clause (A) above either (1) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (2) is not, or is no longer, subject to an announcement that it is not or will not be representative or in compliance with or aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks for a Benchmark (including a Benchmark Replacement), then Agent may modify the definition of &#8220;Interest Period&#8221; (or any similar or analogous definition) for all Benchmark settings at or after such time to reinstate such previously removed tenor.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(e)&#160;&#160;&#160;&#160;</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">New Definitions</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">.  The following definitions are added to Section 1.1 of the Loan Agreement:</span></div><div style="text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#8220;</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Available Tenor</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (a) if such Benchmark is a term rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the length of an interest period pursuant to this Agreement or (b) otherwise, any payment period for interest calculated with reference to such Benchmark (or component thereof) that is or may be used for determining any frequency of making payments of interest calculated with reference to such Benchmark, in each case, as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of &#8220;Interest Period&#8221; pursuant to Section 2.15(d).</span></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span><br/></span></div><div><span style="color:#000000;font-family:'Garamond',serif;font-size:9pt;font-weight:400;line-height:100%">116549.01097/129793355v.3</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:72pt;width:100%"><div><span><br/></span></div></div><div style="margin-bottom:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">&#8220;</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Benchmark</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; means, initially, the Term SOFR Reference Rate; provided that if a Benchmark Transition Event has occurred with respect to the Term SOFR Reference Rate or the then-current Benchmark, then &#8220;Benchmark&#8221; means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to Section 2.15(a).</span></div><div style="margin-bottom:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">&#8220;</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Benchmark Replacement</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; means, with respect to any Benchmark Transition Event, the sum of: (a) the alternate benchmark rate that has been selected by Agent and Borrowers giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement to the then-current Benchmark for Dollar-denominated syndicated credit facilities and (b) the related Benchmark Replacement Adjustment; </span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">provided</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%"> that, if such Benchmark Replacement as so determined would be less than the Floor, such Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Credit Documents.</span></div><div style="margin-bottom:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">&#8220;</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Benchmark Replacement Adjustment</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for the Interest Period, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by Agent and Borrowers giving due consideration to (a) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (b) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar-denominated syndicated credit facilities.</span></div><div style="margin-bottom:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">&#8220;</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Benchmark Replacement Date</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; means the earliest to occur of the following events with respect to the then-current Benchmark:</span></div><div style="margin-bottom:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;(a)&#160;&#160;&#160;&#160;in the case of clause (a) or (b) of the definition of &#8220;Benchmark Transition Event,&#8221; the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); or</span></div><div style="margin-bottom:12pt;text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(b)&#160;&#160;&#160;&#160;in the case of clause (c) of the definition of &#8220;Benchmark Transition Event,&#8221; the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by or on behalf of the administrator of such Benchmark (or such component thereof) or the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be non-representative or non-compliant with or non-aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks; </span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">provided</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%"> that such non-representativeness, non-compliance or non-alignment will be determined by reference to the most recent statement or publication referenced in such clause (c) and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date.</span></div><div style="margin-bottom:12pt;text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">For the avoidance of doubt, the &#8220;Benchmark Replacement Date&#8221; will be deemed to have occurred in the case of clause (a) or (b) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).</span></div><div style="margin-bottom:12pt;text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#8220;</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Benchmark Transition Event</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:700;line-height:100%"> </span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">means the occurrence of one or more of the following events with respect to the then-current Benchmark:</span></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span><br/></span></div><div><span style="color:#000000;font-family:'Garamond',serif;font-size:9pt;font-weight:400;line-height:100%">116549.01097/129793355v.3</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:72pt;width:100%"><div><span><br/></span></div></div><div style="margin-bottom:12pt;text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(a)&#160;&#160;&#160;&#160;a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely; </span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">provided</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%"> that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);</span></div><div style="margin-bottom:12pt;text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(b)&#160;&#160;&#160;&#160;a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the FRB, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely; </span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">provided</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%"> that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or</span></div><div style="margin-bottom:12pt;text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(c)&#160;&#160;&#160;&#160;a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) or the regulatory supervisor for the administrator of such Benchmark (or such component thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are not, or as of a specified future date will not be, representative or in compliance with or aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks.</span></div><div style="margin-bottom:12pt;text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">For the avoidance of doubt, a &#8220;Benchmark Transition Event&#8221; will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).</span></div><div style="margin-bottom:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">&#8220;</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Benchmark Transition Start Date</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; means, in the case of a Benchmark Transition Event, the earlier of (a) the applicable Benchmark Replacement Date and (b) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the ninetieth (90</span><span style="color:#000000;font-family:'Garamond',serif;font-size:7.8pt;font-weight:400;line-height:100%;position:relative;top:-4.2pt;vertical-align:baseline">th</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">) day prior to the expected date of such event as of such public statement or publication of information (or if the expected date of such prospective event is fewer than ninety (90) days after such statement or publication, the date of such statement or publication).</span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">&#8220;</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Benchmark Unavailability Period</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; means the period (if any) (x) beginning at the time that a Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Credit Document in accordance with </span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Section 2.15(a)</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%"> and (y) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Credit Document in accordance with </span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Section 2.15(a)</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">.</span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">&#8220;</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Conforming Changes</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; means, with respect to either the use or administration of Term SOFR or the use, administration, adoption or implementation of any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of the definition of &#8220;Business Day,&#8221; the definition of &#8220;U.S. Government Securities Business Day,&#8221; the definition of &#8220;Interest Period&#8221; or any similar or analogous definition (or the addition of a concept of &#8220;interest period&#8221;), timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods, the applicability of Section 2.15 and other technical, administrative or </span></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span><br/></span></div><div><span style="color:#000000;font-family:'Garamond',serif;font-size:9pt;font-weight:400;line-height:100%">116549.01097/129793355v.3</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:72pt;width:100%"><div><span><br/></span></div></div><div style="text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">operational matters) that Agent decides may be appropriate to reflect the adoption and implementation of any such rate or to permit the use and administration thereof by Agent in a manner substantially consistent with market practice (or, if Agent decides that adoption of any portion of such market practice is not administratively feasible or if Agent determines that no market practice for the administration of any such rate exists, in such other manner of administration as Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Credit Documents).</span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">&#8220;</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Relevant Governmental Body</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; means the FRB or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the FRB or the Federal Reserve Bank of New York, or any successor thereto.</span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="margin-bottom:12pt;text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#8220;</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">SOFR</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; means a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.</span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">&#8220;</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">SOFR Administrator</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).</span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="margin-bottom:12pt;text-align:justify"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#8220;</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Term SOFR Administrator</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by Agent in its reasonable discretion).</span></div><div style="margin-bottom:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">&#8220;</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Term SOFR Reference Rate</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; means the forward-looking term rate based on SOFR.</span></div><div style="margin-bottom:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">&#8220;</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">U.S. Government Securities Business Day</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; means any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.</span></div><div style="margin-bottom:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">&#8220;</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">U.S. Special Resolution Regime</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.</span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">&#8220;</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Unadjusted Benchmark Replacement</span><span style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.</span></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span><br/></span></div><div><span style="color:#000000;font-family:'Garamond',serif;font-size:9pt;font-weight:400;line-height:100%">116549.01097/129793355v.3</span></div></div></div></body></html>
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{"company-data": {"conformed-name": "1st FRANKLIN FINANCIAL CORP", "cik": "0000038723", "assigned-sic": "6141", "irs-number": "580521233", "state-of-incorporation": "GA", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "002-27985", "film-number": "221382316"}, "business-address": {"street1": "135 E TUGALO ST", "street2": "P O BOX 880", "city": "TOCCOA", "state": "GA", "zip": "30577", "phone": "7068867571"}, "mail-address": {"street1": "135 EAST TUGALO STREET", "street2": "PO  BOX  880", "city": "TOCCOA", "state": "GA", "zip": "30577"}, "former-company": [{"former-conformed-name": "FIRST FRANKLIN FINANCIAL CORP", "date-changed": "19920703"}, {"former-conformed-name": "FRANKLIN DISCOUNT CO", "date-changed": "19840115"}]}
na-20221114
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported):
NOVEMBER 14, 2022
1st FRANKLIN FINANCIAL CORPORATION
(Exact name of Registrant, as specified in its charter)
Georgia
2-27985
58-0521233
(State or other jurisdiction of incorporation)
(Commission File Number)
(I.R.S. Employer Identification Number)
Mailing address:
135 East Tugalo Street
,
P.O. Box 880
,
Toccoa
,
GA
30577
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code:
(
706
)
886-7571
Former name or address, if changed since last report:
n/a
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
None
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item1.01          Entry into Material Definitive Agreement
On November 7, 2022, 1
st
Franklin Financial Corporation (the "Company") entered into a Fourth Amendment (the "Fourth Amendment") to the Amended and Restated Loan and Security Agreement dated as of November 19, 2019 (as amended from time to time, the "Amended Loan and Security Agreement"), by and among the Company, Wells Fargo Bank, N.A., as agent for the lenders ("the Agent"), and the other financial institutions from time to time party thereto.
The Forth Amendment, among other things, amends the definition of "Interest" to mean a rate equal to the secured overnight financing rate ("SOFR") plus the "Term SOFR Adjustment", a percentage equal to 0.10% per annum, plus the Applicable Margin.  The Fourth Amendment also amends the definition of "Adjustable Tangible Net Worth" to exclude any mark-to-market non-cash gain or losses with respect to municipal bonds characterized as "other comprehensive income" and extends the maturity date of the Amended Loan and Security Agreement to February 28, 2025.  The Company's obligations under the Amended Loan and Security Agreement are secured by the finance receivables of the Company.  As of October 31, 2022, and giving effect to the Fourth Amendment, the amount outstanding under the Amended Loan and Security Agreement was $49.6 million and available borrowings under the Amended Loan and Security Agreement were $180.4 million, at an interest rate of 5.89%.
The foregoing description of the Fourth Amendment is qualified in its entirety by reference to the full text of the Fourth Amendment, which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.
Item 2.03 – Creation of Direct Financial Obligation or an Obligation under the Off-Balance Sheet Arrangement of a Registrant.
The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.
Item 9.01 – Financial Statements and Exhibits
.
10.1
Fourth Amendment to Amended and Restated Loan and Security Agreement, dated as of November 7, 2022, by and among the Company, Wells Fargo Bank, N.A., as agent for the lenders, and the other financial institutions from time to time party thereto.
104
Cover Page Interactive Data File (embedded with the Inline XBRL document).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
By:
/s/ Brian J. Gyomory
Name:
Brian J Gyomory
Title:
Executive Vice President and CFO
Date:  November 14, 2022
2
Exhibit 10.1
FOURTH AMENDMENT TO AMENDED AND RESTATED
LOAN AND SECURITY AGREEMENT
This Fourth Amendment to Amended and Restated Loan and Security Agreement ("
Amendment
") is dated as of November 7, 2022 by and among 1
ST
FRANKLIN FINANCIAL CORPORATION ("
Borrower
"), WELLS FARGO BANK, N.A., as agent for Lenders (in such capacity, "
Agent
") and the financial institutions a party hereto as lenders (collectively, the "
Lenders
" and each is a "
Lender
").
BACKGROUND
a.
Borrower, Lenders, and Agent are parties to a certain Amended and Restated Loan and Security Agreement dated as of November 19, 2019 (as amended or modified from time to time, the "
Loan Agreement
").  Capitalized terms used but not otherwise defined in this Amendment shall have the meanings respectively ascribed to them in the Loan Agreement.
b.
Borrower has requested and Agent and Lenders have agreed to amend the Loan Agreement in certain respects, all on the terms and conditions set forth herein.
NOW, THEREFORE, the parties hereto, intending to be legally bound, hereby promise and agree as follows:
i.
Amendments
.
(1)
Definitions
. The following definitions contained in Section 1.1 of the Loan Agreement is hereby amended and restated as follows:
"
Adjusted Tangible Net Worth
" means Tangible Net Worth minus (a) any deficits from the amount required as Allowance for Loan Losses under Section 6.4(c) hereof, and (b) the amount of any accounts to be charged-off, that have not been charged-off, under Section 6.4(e) hereof; provided, the determination of Adjusted Tangible Net Worth shall exclude any the mark-to-market non-cash gains or losses with respect to municipal bonds characterized as "other comprehensive income".
"
Maturity Date
" means February 28, 2025, as such date may be extended from time to time in accordance with the provisions of Section 2.4 of this Agreement.
(2)
New Definitions
.  The following new definitions are added to Section 1.1 of the Loan Agreement (in addition to the new definitions contained on
Exhibit A
attached hereto):
"
Adjusted Term SOFR
" means, for purposes of any calculation, the rate per annum equal to (a) Term SOFR for such calculation,
plus
(b) the Term SOFR Adjustment; provided that if Adjusted Term SOFR as so determined shall ever be less than the Floor, then Adjusted Term SOFR shall be deemed to be the Floor.
"
Floor
" means a rate of interest equal to 0.75%.
"
Interest Period
" means one (1) month.
116549.01097/129793355v.3
"
Term SOFR
" means the Term SOFR Reference Rate for a tenor comparable to the Interest Period on the day (such day, the "
Periodic Term SOFR Determination Day
") that is two (2) U.S. Government Securities Business Days prior to the first day of such Interest Period (unless a different time period is provided via written notice to Borrowers and Lenders from Agent), as such rate is published by the Term SOFR Administrator;
provided
,
however
, that if as of 5:00 p.m. (New York City time) on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such Periodic Term SOFR Determination Day.
"
Term SOFR Adjustment
" means a percentage equal to 0.10% per annum.
(3)
Interest
.  Section 2.6(a) and Section 2.6(b) are amended and restated as follows:
(a)    In the absence of an Event of Default or Default hereunder, and prior to maturity, the outstanding balance of the Loan will bear interest at an annual rate at all times equal to (a) the LIBOR Rate plus the Applicable Margin through and including November 30, 2022 and (b) Adjusted Term SOFR plus the Applicable Margin at all times thereafter.
(b)    Interest shall be payable monthly in arrears on the first day of each month commencing on the first such date after the first Advance under the Loan and continuing until the Commitments are terminated and the Obligations are indefeasibly paid in full.  Interest as provided hereunder will be calculated on the basis of a 360 day year and the actual number of days elapsed.  The rate of interest provided for hereunder is subject to increase or decrease as the Term SOFR increases or decreases in an amount corresponding to the change in the Term SOFR, with such benchmark rate being determined on the Periodic Term SOFR Determination Day, and any such change will become effective on the first (1
st
) day of the immediately following month.
(4)
Financial Covenants
.  Section 6.4(g) and the final paragraph of Section 6.4 the Loan Agreement are hereby amended and restated as follows:
(g)
Funded Debt to Adjusted Tangible Net Worth Ratio
.  As of the end of each calendar month, a Funded Debt to Adjusted Tangible Net Worth Ratio of not more than 3.35 to 1.00.
2
116549.01097/129793355v.3
Notwithstanding the foregoing, (x) Borrowers' failure to comply with Section 6.4(c) or Section 6.4(e) shall not, in itself, constitute an Event of Default so long as such shortfalls or losses are deducted, as contemplated by the terms of this Agreement, in the determination of the other financial covenants contained herein, (y) the determination of the covenants contained in this Section 6.4 shall exclude any asset or liability associated with Statement of Financial Accounting Standard No. 133 and (z) Borrowers' failure to comply with (i) Section 6.4(a) as a result of maintaining an EBITDA Ratio of no more than 25 basis points less than the required EBITDA Ratio, (ii) RESERVED, (iii) Section 6.4(f) as a result of maintaining a minimum Adjusted Tangible Net Worth of not less than 99% of the required minimum Adjusted Tangible Net Worth or (iv) Section 6.4(g) as a result of maintaining a Funded Debt to Adjusted Tangible Net Worth Ratio not more than 25 basis points more than the required Funded Debt to Adjusted Tangible Net Worth Ratio, shall not constitute an Event of Default under Section 8.3(b) unless such failure continues for more than 1 consecutive calendar month; provided, however, clause (z) shall not in any event be effective as an exception to the Event of Default described in Section 8.3(b) more than 2 times per calendar year.
(5)
Benchmark Replacement Setting
.  Section 2.15 is amended and restated on
Exhibit A
attached hereto.
ii.
Effectiveness Conditions
.  This Amendment shall be effective upon the completion of the following conditions precedent (all agreements, documents and instruments to be in form and substance satisfactory to Agent and Agent's counsel):
(6)
Execution and delivery by Borrower, Guarantors and Lenders of this Amendment to Agent;
(7)
Payment by Borrower to Agent, for the benefit of Lenders pro rata based upon Commitment Percentages, in immediately available funds of a fully earned and non-refundable amendment fee in the amount of $69,000; and
(8)
Execution and/or delivery by the parties of all other agreements, instruments and documents requested by Agent to effectuate and implement the terms hereof and the Credit Documents.
iii.
Representations and Warranties
.  Borrower represents and warrants to Agent and Lenders that:
(1)
All warranties and representations made to Agent and Lenders under the Loan Agreement and the Credit Documents are true and correct in all material respects.
(2)
The execution and delivery by Borrowers and Guarantors of this Amendment and the performance by each of them of the transactions herein and therein contemplated do not and will not violate any provisions of any law, rule, regulation, judgment, order, writ, decree, determination or award or breach any provisions of the charter, bylaws or other organizational documents of any Borrower or any Guarantor, or constitute a default or result in the creation or imposition of any security interest in, or lien or encumbrance upon, any assets of any Borrower or any Guarantor (immediately or with the passage of time or with the
3
116549.01097/129793355v.3
giving of notice and passage of time, or both) under any other contract, agreement, indenture or instrument to which a Borrower or a Guarantor is a party or by which a Borrower or a Guarantor or its property is bound with failure to comply resulting in a material adverse change in the business, operations, property (including the Collateral), prospects or financial condition of any Borrower or any Guarantor.
(3)
This Amendment and any assignment, instrument, document, or agreement executed and delivered in connection herewith will be valid, binding and enforceable in accordance with its respective terms.
(4)
No Event of Default or Default has occurred under the Loan Agreement.
iv.
Representations and Release of Claims
.  Except as otherwise specified herein, the terms and provisions hereof shall in no manner impair, limit, restrict or otherwise affect the obligations of Borrower, any Guarantor or any third party to Agent and Lenders as evidenced by the Credit Documents.  Borrower and each Guarantor hereby acknowledge, agree, and represent that (a) as of the date of this Amendment, there are no known claims or offsets against, or defenses or counterclaims to, the terms or provisions of the Credit Documents or the other obligations created or evidenced by the Credit Documents; (b) as of the date of this Amendment, neither Borrower nor any Guarantor has any known claims, offsets, defenses or counterclaims arising from any of Agent's acts or omissions with respect to the Credit Documents or Agent's performance under the Credit Documents; (c) as of the date of this Amendment, Borrower has reviewed and reconciled all Advances, calculations of interest due and principal owing, and agrees with and has no claims regarding any such matters and (d) Borrower promises to pay to the order of Agent and Lenders the indebtedness evidenced by the Note according to the terms thereof.  In consideration of the modification of certain provisions of the Credit Documents, all as herein provided, and the other benefits received by Borrower hereunder, Borrower and each Guarantor hereby RELEASE, RELINQUISH and forever DISCHARGE Agent and Lenders, and their predecessors, successors, assigns, shareholders, principals, parents, subsidiaries, agents, officers, directors, employees, attorneys and representatives (collectively, the "
Released Parties
"), of and from any and all present known claims, demands, actions and causes of action of any and every kind or character, which Borrower or Guarantors, or any of them, has or may have against Released Parties arising out of or with respect to any and all transactions relating to the Loan Agreement, the Note, the Guaranties, and the other Credit Documents occurring prior to the date hereof.  Further, Borrower and Guarantors warrant and represent that they are not now aware of any claims or potential claims against Agent or Lenders pursuant to the Loan Agreement.
v.
Collateral
.  As security for the payment of the Obligations to Agent and Lenders under the Loan Agreement and satisfaction by Borrower of all covenants and undertakings contained in the Loan Agreement and the Credit Documents, Borrower reconfirms the prior security interest and lien on, upon and to, its Collateral, whether now owned or hereafter acquired, created or arising and wherever located.  Borrower hereby confirms and agrees that all security interests and Liens granted to Agent for the ratable benefit of Lenders continue in full force and effect and shall continue to secure the Obligations.  All Collateral remains free and clear of any Liens other than Permitted Liens.  Nothing herein contained is intended to in any manner impair or limit the validity, priority and extent of Agent's existing security interest in and Liens upon the Collateral.
vi.
Acknowledgment of Indebtedness and Obligations
.  Borrower and Guarantors hereby acknowledge and confirm that as of the date hereof, Borrower is indebted to Agent and Lenders, without known defense, setoff or counterclaim, for all Obligations under the Loan Agreement (in addition to any other indebtedness or obligations owed by Borrowers to Wells Fargo Affiliates), plus continually accruing interest and all fees, costs, and expenses, including reasonable attorneys' fees, incurred through the date hereof.
4
116549.01097/129793355v.3
vii.
Ratification of Credit Documents
.  This Amendment shall be incorporated into and deemed a part of the Loan Agreement.  Except as expressly set forth herein, all of the terms and conditions of the Loan Agreement and Credit Documents are hereby ratified and confirmed and continue unchanged and in full force and effect.  All references to the Loan Agreement shall mean the Loan Agreement as modified by this Amendment.
viii.
Acknowledgment of Guarantors
.  By execution of this Amendment, each Guarantor hereby acknowledges the terms and conditions of this Amendment and confirms that such Guarantor guarantees, as surety, all of Borrower's Obligations to Agent and Lenders pursuant to and subject to the terms, conditions and limitations contained in its respective Guaranty.
ix.
Governing Law
.
THIS AMENDMENT, THE LOAN AGREEMENT AND THE EXISTING CREDIT DOCUMENTS SHALL BE DEEMED TO HAVE BEEN MADE AND TO BE PERFORMABLE IN THE STATE OF NEW YORK AND SHALL, TOGETHER WITH ALL MATTERS ARISING HEREUNDER OR RELATED HERETO, BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK
.
x.
Counterparts
.  This Amendment may be executed in any number of counterparts, and by the different parties on different counterpart signature pages, all of which taken together shall constitute one and the same agreement.  This Amendment may be executed by means of (a) an electronic signature that complies with the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, or any other relevant and applicable electronic signatures law; (b) an original manual signature; or (c) an e-mail transmission of a Portable Document Format File (also known as an "
PDF
" file), faxed, scanned, or photocopied manual signature.  Each electronic signature or PDF, faxed, scanned, or photocopied manual signature shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature.
SIGNATURES ON FOLLOWING PAGE
IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by their respective duly authorized officers as of the date first above written.
5
116549.01097/129793355v.3
BORROWER:
1
ST
FRANKLIN FINANCIAL CORPORATION
By:
/s/ Brian J. Gyomory
__________________
Name:    Brian J. Gyomory
Title:    Executive Vice President and CFO
GUARANTORS:
FRANDISCO LIFE INSURANCE COMPANY
By:
/s/ Brian J. Gyomory
__________________
Name:    Brian J. Gyomory
Title:    President
FRANDISCO PROPERTY & CASUALTY LIFE INSURANCE COMPANY
By:
/s/ Brian J. Gyomory
__________________
Name:    Brian J. Gyomory
Title:    President
[SIGNATURE PAGE TO FOURTH AMENDMENT
TO AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT]
116549.01097/129793355v.3
AGENT:
WELLS FARGO BANK, N.A.
By:
/s/ Merle Becker _____________________
Name:
Merle Becker
________________________
Title:
Vice President
_______________________
LENDERS:
WELLS FARGO BANK, N.A.
By:
/s/ Merle Becker _____________________
Name:
Merle Becker
________________________
Title:
Vice President
_______________________
FIRST HORIZON BANK
By:
/s/ Daniel J McCarthy_______________ __
Name:
Daniel J McCarthy_____________________
Title:
Senior Vice President___________________
RENASANT BANK
By:
/s/ Sean M. Schumacher________________
Name:
Sean M. Schumacher
__________________
Title:
Senior Vice President_ _________________
116549.01097/129793355v.3
Exhibit A
Section 2.15
Benchmark Replacement Setting
.
(a)
Circumstances Affecting Benchmark Availability
.  Subject to clause (c) below, if for any reason (i) Agent shall determine (which determination shall be conclusive and binding absent manifest error) that reasonable and adequate means do not exist for ascertaining Term SOFR for the applicable Interest Period on or prior to the first day of a calendar month, (ii) the Required Lenders shall determine (which determination shall be conclusive and binding absent manifest error) that Term SOFR does not adequately and fairly reflect the cost to such Lenders of making or maintaining Loans, or (iii) upon the commencement of a Benchmark Unavailability Period, then, in each case, Agent shall promptly give notice thereof to Borrowers.  Upon notice thereof by Agent to Borrowers, until such time as a Benchmark Replacement has been determined pursuant to clause (c) below, Agent may select a replacement index rate and spread adjustment in good faith and in its commercially reasonable discretion giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement to the then-current Benchmark for Dollar-denominated syndicated credit facilities;
provided
that any comparable or successor rate shall be applied by Agent, if administratively feasible, in a manner consistent with market practice.
(b)
Laws Affecting SOFR Availability
.  If, after the date hereof, the introduction of, or any change in, any applicable law or regulation or any change in the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by any Lender (or any of their respective lending offices) with any request or directive (whether or not having the force of law) of any such Governmental Authority, central bank or comparable agency, shall make it unlawful or impossible for any Lender (or any of their respective lending offices) to determine or charge interest based upon SOFR or Term SOFR, such Lender shall promptly give notice thereof to Agent and Agent shall promptly give notice to Borrowers and the other Lenders.  Thereafter, until Agent notifies the Borrower that such circumstances no longer exist or until such time as a Benchmark Replacement has been determined pursuant to clause (c) below, Agent may select a replacement index rate and spread adjustment in good faith and in its commercially reasonable discretion giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement to the then-current Benchmark for Dollar-denominated syndicated credit facilities;
provided
that any comparable or successor rate shall be applied by Agent, if administratively feasible, in a manner consistent with market practice.
(c)
Benchmark Replacement Setting
.
(i)
Benchmark Replacement
.
(A)    Notwithstanding anything to the contrary herein or in any other Credit Document, upon the occurrence of a Benchmark Transition Event, Agent and Borrowers may amend this Agreement to replace the then-current Benchmark with a Benchmark Replacement.  Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. on the fifth (5
th
) Business Day after Agent has posted such proposed amendment to all affected Lenders and Borrowers so long as Agent has not received, by such time, written notice of objection to such amendment from Lenders comprising the Required Lenders.  No replacement of a Benchmark with a Benchmark Replacement pursuant to this
Section 2.15(c)(i)(A)
will occur prior to the applicable Benchmark Transition Start Date.
116549.01097/129793355v.3
(B)    No Hedge Agreement shall be deemed to be a "Credit Document" for purposes of this
Section 2.15(c)
.
(ii)
Benchmark Replacement Conforming Changes
. In connection with the use, administration, adoption or implementation of a Benchmark Replacement, Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Credit Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Credit Document.
(iii)
Notices; Standards for Decisions and Determinations
. Agent will promptly notify Borrowers and Lenders of (A) the implementation of any Benchmark Replacement and (B) the effectiveness of any Conforming Changes in connection with the use, administration, adoption or implementation of a Benchmark Replacement.  Agent will promptly notify Borrowers of the removal or reinstatement of any tenor of a Benchmark pursuant to Section 2.15(c)(iv).  Any determination, decision or election that may be made by Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 2.15(c), including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Credit Document, except, in each case, as expressly required pursuant to this Section 2.15(c).
(iv)
Unavailability of Tenor of Benchmark
.  Notwithstanding anything to the contrary herein or in any other Credit Document, at any time (including in connection with the implementation of a Benchmark Replacement), (A) if the then-current Benchmark is a term rate (including the Term SOFR Reference Rate) and either (1) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by Agent in its reasonable discretion or (2) the administrator of such Benchmark or the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is not or will not be representative or in compliance with or aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks, then Agent may modify the definition of "Interest Period" (or any similar or analogous definition) for any Benchmark settings at or after such time to remove such unavailable, non-representative, non-compliant or non-aligned tenor and (B) if a tenor that was removed pursuant to clause (A) above either (1) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (2) is not, or is no longer, subject to an announcement that it is not or will not be representative or in compliance with or aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks for a Benchmark (including a Benchmark Replacement), then Agent may modify the definition of "Interest Period" (or any similar or analogous definition) for all Benchmark settings at or after such time to reinstate such previously removed tenor.
(e)
New Definitions
.  The following definitions are added to Section 1.1 of the Loan Agreement:
"
Available Tenor
" means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (a) if such Benchmark is a term rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the length of an interest period pursuant to this Agreement or (b) otherwise, any payment period for interest calculated with reference to such Benchmark (or component thereof) that is or may be used for determining any frequency of making payments of interest calculated with reference to such Benchmark, in each case, as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of "Interest Period" pursuant to Section 2.15(d).
116549.01097/129793355v.3
"
Benchmark
" means, initially, the Term SOFR Reference Rate; provided that if a Benchmark Transition Event has occurred with respect to the Term SOFR Reference Rate or the then-current Benchmark, then "Benchmark" means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to Section 2.15(a).
"
Benchmark Replacement
" means, with respect to any Benchmark Transition Event, the sum of: (a) the alternate benchmark rate that has been selected by Agent and Borrowers giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement to the then-current Benchmark for Dollar-denominated syndicated credit facilities and (b) the related Benchmark Replacement Adjustment;
provided
that, if such Benchmark Replacement as so determined would be less than the Floor, such Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Credit Documents.
"
Benchmark Replacement Adjustment
" means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for the Interest Period, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by Agent and Borrowers giving due consideration to (a) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (b) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar-denominated syndicated credit facilities.
"
Benchmark Replacement Date
" means the earliest to occur of the following events with respect to the then-current Benchmark:
(a)    in the case of clause (a) or (b) of the definition of "Benchmark Transition Event," the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); or
(b)    in the case of clause (c) of the definition of "Benchmark Transition Event," the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by or on behalf of the administrator of such Benchmark (or such component thereof) or the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be non-representative or non-compliant with or non-aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks;
provided
that such non-representativeness, non-compliance or non-alignment will be determined by reference to the most recent statement or publication referenced in such clause (c) and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date.
For the avoidance of doubt, the "Benchmark Replacement Date" will be deemed to have occurred in the case of clause (a) or (b) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).
"
Benchmark Transition Event
"
means the occurrence of one or more of the following events with respect to the then-current Benchmark:
116549.01097/129793355v.3
(a)    a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely;
provided
that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);
(b)    a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the FRB, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely;
provided
that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or
(c)    a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) or the regulatory supervisor for the administrator of such Benchmark (or such component thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are not, or as of a specified future date will not be, representative or in compliance with or aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks.
For the avoidance of doubt, a "Benchmark Transition Event" will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).
"
Benchmark Transition Start Date
" means, in the case of a Benchmark Transition Event, the earlier of (a) the applicable Benchmark Replacement Date and (b) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the ninetieth (90
th
) day prior to the expected date of such event as of such public statement or publication of information (or if the expected date of such prospective event is fewer than ninety (90) days after such statement or publication, the date of such statement or publication).
"
Benchmark Unavailability Period
" means the period (if any) (x) beginning at the time that a Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Credit Document in accordance with
Section 2.15(a)
and (y) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Credit Document in accordance with
Section 2.15(a)
.
"
Conforming Changes
" means, with respect to either the use or administration of Term SOFR or the use, administration, adoption or implementation of any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of the definition of "Business Day," the definition of "U.S. Government Securities Business Day," the definition of "Interest Period" or any similar or analogous definition (or the addition of a concept of "interest period"), timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods, the applicability of Section 2.15 and other technical, administrative or
116549.01097/129793355v.3
operational matters) that Agent decides may be appropriate to reflect the adoption and implementation of any such rate or to permit the use and administration thereof by Agent in a manner substantially consistent with market practice (or, if Agent decides that adoption of any portion of such market practice is not administratively feasible or if Agent determines that no market practice for the administration of any such rate exists, in such other manner of administration as Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Credit Documents).
"
Relevant Governmental Body
" means the FRB or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the FRB or the Federal Reserve Bank of New York, or any successor thereto.
"
SOFR
" means a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.
"
SOFR Administrator
" means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).
"
Term SOFR Administrator
" means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by Agent in its reasonable discretion).
"
Term SOFR Reference Rate
" means the forward-looking term rate based on SOFR.
"
U.S. Government Securities Business Day
" means any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.
"
U.S. Special Resolution Regime
" means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.
"
Unadjusted Benchmark Replacement
" means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.
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