Third Amendment to Business Loan Agreement between Solesence, Inc. and Beachcorp, LLC

Contract Categories: Business Finance Loan Agreements
Summary

This amendment updates the terms of a revolving loan agreement between Solesence, Inc. (formerly Nanophase Technologies Corporation) and Beachcorp, LLC. The amendment increases the maximum loan amount to $10 million, extends the maturity date to April 30, 2027, and updates the related promissory note. Solesence, Inc. confirms it has no claims against Beachcorp, LLC and releases the lender from any liabilities related to the loan. All other terms of the original agreement remain in effect.

EX-10.3 4 ex10-3.htm REVOLVING LOAN AGREEMENT AMENDMENT

 

 

Solesence, Inc. 8-K

Exhibit 10.3

 

THIRD AMENDMENT TO BUSINESS LOAN AGREEMENT

 

This Third Amendment is dated as of May 27, 2025 and is by and between SOLÉSENCE, INC., a Delaware corporation (F/K/A NANOPHASE TECHNOLOGIES CORPORATION) (“Borrower”) in favor of BEACHCORP, LLC, a Delaware limited liability company (“Lender”) and amends that certain Business Loan Agreement dated as of January 28, 2022 ( as amended, “Loan Agreement”) between Borrower and Lender (the “Loan Agreement”).

 

1.            Borrower and Lender hereby agree to amend the Loan Agreement as follows:

 

(a)        Section 1.1(b) is hereby amended in its entirety to read as follows:

 

(b)       Revolving Loans. Lender will make Loans on a revolving basis (individually a “Revolving Loan” and collectively the “Revolving Loans”) to Borrower until the Revolving Maturity Date in such amounts as Borrower may request in accordance with this Agreement; provided that the aggregate outstanding principal amount of Revolving Loans may not exceed at any time the lesser of (i) the $10,000,000.00 and (ii) the Borrowing Base, as calculated using the Borrower’s inventory balances calculated in conjunction with the closing of its financial statements for each month. Each Revolving Loan shall be in the minimum amount of $10,000.00. Borrower shall pay interest on the Loans in accordance with Section 1.5 hereof, with payment thereof in arrears to be made on the last day of each calendar quarter, with the first such payment due on June 30, 2025. Each Revolving Loan shall be repaid in full on the sooner of (a) a determination that the Revolving Loans exceed the Borrowing Base established based on the most recently provided Borrowing Base Certificate, and (b) the Revolving Maturity Date. The Revolving Loans shall be evidenced by the Revolving Note. The Revolving Loans may be prepaid at any time without penalty or fee. 

 

(b)       Section 7.1 is hereby amended by amending the definition of “Revolving Maturity Date” in its entirety to read as follows:

 

Revolving Maturity Date. The words “Revolving Maturity Date” mean “April 30, 2027.”

 

(c)       Section 7.1 is hereby amended by amending the definition of “Revolving Note” in its entirety to read as follows:

 

Revolving Note. The words “Revolving Note” mean the Second Replacement Promissory Note (Revolving Note) from Borrower to Lender dated as of May 27, 2025 in the principal amount of $10,000,000.00, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions for such promissory note.”

 

2.            Borrower represents to the Lender that it has no defenses, setoffs, claims or counterclaims of any kind or nature whatsoever against Lender in connection with the Loan Agreement or any Related Documents (as defined therein (collectively with the Loan Agreement, the “Loan Documents”), and any amendments to said documents or any action taken or not taken by the Lender with respect thereto or with respect to the collateral. Without limiting the generality of the foregoing, Borrower hereby releases and forever discharges Lender, its affiliates, and each of its officers, managers, agents, employees, attorneys, insurers, successors and assigns, from any and all liabilities, or causes of action, known or unknown, arising out of any action or inaction with respect to the Loan Documents.

 

 

 

 

3.            Except as modified hereby, the Loan Agreement is hereby ratified and affirmed in all respects.

 

SOLÉSENCE, INC.   BEACHCORP, LLC  
(F/K/A NANOPHASE TECHNOLOGIES CORPORATION)        
           
By: /S/ JESS JANKOWSKI   By: /S/ BRADFORD T. WHITMORE  
  Jess Jankowski     Bradford T. Whitmore  
  President & Chief Executive Officer     Manager  

 

Acknowledged:

 

SOLÉSENCE, LLC

 

By: /S/ JESS JANKOWSKI  
Name: Jess Jankowski  
Its: President & Chief Executive Officer