EXHIBIT 10.1
AMENDMENT NO. 7 TO BRIDGE LOAN
AGREEMENT
AMENDMENT NO. 7 TO BRIDGE LOAN
AGREEMENT (“Amendment”), dated effective
December 16, 2009, is made by and among Granite City
Food & Brewery Ltd. (“Granite City”), and
Granite City Restaurant Operations, Inc. (“GCROI”)
and Harmony Equity Income Fund, L.L.C. and Harmony Equity Income
Fund II, L.L.C., each South Dakota limited liability
companies.
RECITALS
A.
This Amendment amends the Bridge
Loan Agreement by and among the foregoing parties dated
March 30, 2009 (as amended, the
“Agreement”).
B.
All capitalized terms used in this
Amendment and not otherwise defined shall have the meanings set
forth in the Agreement.
C.
The parties hereto desire to amend
the Agreement as hereinafter set forth.
For valuable consideration, the
parties hereto agree as follows:
1.
Amendment to
Section 1.1 .
The definition of “Aggregate Loan Commitment” in
Section 1.1 is hereby amended to change the amount therein to
Eight Hundred Thousand Dollars ($800,000.00), from One Million
Dollars ($1,000,000.00).
2.
Amendment to Maturity Dates of
Notes .
Section 2.4(a) is hereby amended to read as
follows:
(a)
Scheduled Payments
. The principal amount
outstanding under the Loans shall be payable as follows:
(i) six installments of Nine Thousand Dollars (9,000.00) each
shall be payable on January 1, 2010, and on the first day of
each month thereafter including June 1, 2010; (ii) the
remaining principal amount outstanding shall be payable in twelve
(12) equal monthly installments commencing on January 1, 2011
and on the first day of each month thereafter, with the final
installment of any unpaid principal due on December 1,
2011.
Section 2.5(c) of the Agreement is
hereby amended to read as follows:
(c)
Payments and
Computation .
Interest accrued hereunder shall be treated as follows:
(i) accrued and unpaid interest shall be added to the
principal amount outstanding under the Loans on July 1, 2009,
October 1, 2009 and January 1, 2010; (ii) accrued
interest shall be payable quarterly in arrears on April 1,
2010, October 1, 2010 and January 1, 2011; and
(iii) accrued interest shall be payable monthly in arrears
commencing on February 1, 2011 and on t
