Amendment to Promissory Note between Stein Mart, Inc. and SunTrust (March 7, 2018)
Stein Mart, Inc. and SunTrust have agreed to amend their existing promissory note, originally dated February 2, 2018, for a principal amount of $13,738,318.06. This amendment extends the payment due date to July 1, 2018. Stein Mart, Inc. agrees to repay the principal and interest by this new date. The amendment is signed by representatives of both parties and witnessed.
EXHIBIT 10.40
Amendment to Promissory Note
Stein Mart, Inc. (“Borrower”)
SunTrust (“Lender”)
This Amendment to the Promissory Note (“Note”) dated February 2, 2018 in the principle amount of $13,738,318.06 by and between STEIN MART, INC. (“Borrower”) and SUNTRUST, as trustee (“Lender”) is entered into this 7th day of March, 2018.
In consideration of their mutual undertakings, Borrower has requested and Lender has agreed to extend the payment due date on the Note to July 1, 2018.
Accordingly, the Note is hereby modified, and Borrower agrees to repay the principal amount with interest as stated in the Note by July 1, 2018.
Signed Under Penalty of Perjury, this 7th day of March, 2018.
| STEIN MART, INC. (“BORROWER”) |
| /s/ D. Hunt Hawkins |
Signed in the presence of:
| /s/ Chris Himebauch |
| Witness |
| Chris Himebauch |
| Printed Name |
SunTrust, as Trustee u/t/a dated September 1, 1999 by and between Suntrust, Central Florida, N.A. or its successor in interest, and Borrower:
| /s/ Gregory W. Kleffner |
| Signature |
| Gregory W. Kleffner |
| Printed Name |
| CFO |
| Title |
