FORBEARANCE AGREEMENTForbearance Agreement • November 1st, 2019 • HG Holdings, Inc. • Wood household furniture, (no upholstered)
THIS FORBEARANCE AGREEMENT, dated as of October 31, 2019 (this “Agreement”), is entered into by and among STANLEY FURNITURE COMPANY LLC, a Delaware limited liability company (the “Borrower”), STANLEY INTERMEDIATE HOLDINGS LLC, a Delaware limited liability company (“Stanley Intermediate”), STANLEY FURNITURE COMPANY 2.0, LLC, a Virginia limited liability company (“SFC 2.0”), and CHURCHILL DOWNS HOLDINGS LTD., a British Virgin Islands business company (“Holdings” and, together with the Borrower, Stanley Intermediate and SFC 2.0, the “Loan Parties”), and HG HOLDINGS, INC., a Delaware corporation (the “Lender”). Capitalized terms used but not defined herein shall have the meanings ascribed to such term in the Secured Promissory Note (as defined below).
