Case File
efta-efta00787676DOJ Data Set 9OtherAMENDMENT NUMBER 1 TO PROMISSORY NOTE OF PLAN D, LLC,
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DOJ Data Set 9
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efta-efta00787676
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AMENDMENT NUMBER 1 TO PROMISSORY NOTE OF PLAN D, LLC,
DATED MARCH 30, 2017, PAYABLE TO THE ORDER OF BV70 LLC
THIS AMENDMENT NUMBER 1 TO PROMISSORY NOTE OF PLAN D, LLC,
DATED MARCH 30, 2017, PAYABLE TO THE ORDER OF BV70 LLC is made
effective this 3151 day of March 2017 by Plan D, LLC, a United States Virgin Islands
limited liability company with an address at 6100 Red Hook Quarter, B3, St. Thomas,
United States Virgin Islands (the "Maker"), and BV70 LLC, a New York limited liability
company with an address at do Elysium Management LLC, 445 Park Avenue, Suite
1401, New York, New York 10022 (the "Holder").
WHEREAS, the Maker is the Maker under that certain promissory noted dated
March 30, 2017 payable to the order of the Holder in the principal amount of Twenty-
Two Million Five Hundred Thousand Dollars ($22,500,000.00) (the "Note");
WHEREAS, Section 6 of the Note provides that the Note may be amended by a
written agreement signed by the Maker and the Holder; and
WHEREAS, the Maker and the Holder desire to amend the Note as hereinafter
provided;
NOW, THEREFORE, in consideration of the foregoing premises and for good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged by the parties hereto, the Maker and the Holder hereby agree to amend the
Note as follows:
1.
The first paragraph of the Note is revised to read:
"FOR VALUE RECEIVED, the undersigned, Plan D, LLC, a U.S. Virgin
Islands limited liability company (the "Maker"), hereby unconditionally
promises to pay to the order of BV70 LLC, a New York limited liability
company with an address at do Elysium Management LLC, 445 Park
Avenue, Suite 1401, New York, NY 10022 (the "Holder"), the principal
amount of Twenty-Two Million Five Hundred Thousand Dollars
($22,500,000.00), together with interest on the unpaid principal balance at
an initial rate per annum equal to the Federal short-term rate, as published
by the Internal Revenue Service pursuant to Section 1275(d) of the
Internal Revenue Code, compounded semiannually (the "Short-Term
Rate") in effect for the month first above written. The interest rate on the
unpaid principal amount of this Note shall be adjusted as of January 1 and
July 1 of each year to the Short-Term Rate in effect for such January and
July, as the case may be."
2.
Section 5 of the Note is amended by inserting the following provisions at
the end of that Section:
"The Maker hereby consents to the Holder's sale, assignment, transfer or
other disposition at any time or times hereafter, of this Note, or any right
or interest herein contained to any "affiliate" of the Holder. For purposes
EFTA00787676
hereof, the term "affiliate" shall mean any person beneficially owning a
majority of the ownership interests of the Holder or any entity beneficially
owned by such person. Upon such permitted assignment, the permitted
assignee shall have all of the rights of the Holder to enforce any of the
provisions of this Note. The Maker agrees not to assert as against any
such permitted assignee any claims, offsets, deductions or defenses it may
have against the Holder for breach of this Note or otherwise."
3.
The following provision is added to the Note as a new Section 11:
"Section 11. No Right of Offset. The Maker agrees that it shall have no
right to assert against the Holder any offset or deduction from any amount
due and payable under this Note by reason of any right or claim against
the Holder arising from any cause or circumstance whatsoever, whether
previously existing or hereafter arising."
4.
The following provision is added to the Note as a new Section 12:
"Section 12.
The Maker's Due Authorization.
The Maker hereby
represents and warrants to the Holder that (a) the Maker has full power
and authority to borrow the sum of Twenty-Two Million Five Hundred
Thousand Dollars ($22,500,000.00) from BV70 LLC on the terms and
conditions provided in the Note (the "Borrowing"), and to execute and
deliver the Note to the Holder, (b) the Borrowing and the execution and
delivery of the Note by the Maker have been duly authorized by all
necessary limited liability company action of the Maker, and (c) the Note
has been duly executed and delivered by the Maker, and constitutes a
valid, legal and binding obligation of the Maker, enforceable in
accordance with its terms, except as such enforceability may be limited by
bankruptcy, insolvency, reorganization or similar laws affecting the rights
of creditors generally and subject to general principles of equity."
5.
All other terms and provisions of the Note shall remain in full force and
effect.
2
EFTA00787677
IN WITNESS WHEREOF, the Maker and the Holder have caused this
Amendment Number 1 to Promissory Note of Plan D, LLC, dated March 30, 2017,
Payable to the Order of BV70 LLC to be executed on the 31st day of March, 2017.
PLAN D, LLC
BV70 LLC
By:
By:
Jeffrey Epstein
Sole Member
Name: Leo n 1), rgi osidC
Title: iMeollee,
3
EFTA00787678
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