Hall of Fame Resort & Entertainment Company Enters into Second Amendment to Note and Security Agreement

On January 24, 2025, Hall of Fame Resort & Entertainment Company (“HOFV”) and its subsidiaries, including HOF Village Newco, LLC, and HOF Village Retail I, LLC, entered into a Second Amendment to Note and Security Agreement with CH Capital Lending, LLC. This amendment modifies a previously disclosed agreement dated November 14, 2024, and further amended on January 10, 2025.

The Second Amendment entails the enhancement of the “Facility Amount” under the original note, increasing it from $2,000,000 to $4,150,000. This adjustment enables Borrowers to request an additional loan of up to $2,150,000 for general corporate purposes with specific limitations. Additionally, the definition of “Maturity Date” has been amended, outlining conditions related to the take-private proposal of the Company.

As part of the agreement, Borrowers have committed to establishing a springing deposit account control agreement for a control account designed to hold cash collateral. This account allows Borrowers to utilize funds for routine business initiatives within the parameters of the agreement.

Further, Borrowers have agreed to provide additional security to the Lender, including equity interests in HOF Village Retail I, LLC and HOF Village Retail II, LLC, net income from operating the Gridiron Gastropub restaurant, and rights under certain sponsorship agreements.

It’s worth noting that the description provided is a summary and not exhaustive. Interested parties can refer to the complete text of the Second Amendment, attached as Exhibit 10.3 to the Current Report on Form 8-K, along with the original Note and Security Agreement and the First Amendment.

This announcement aligns with HOFV’s strategic financial endeavors and partnerships, aimed at bolstering the company’s operational capabilities and solidifying its financial standing within the market.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Hall of Fame Resort & Entertainment’s 8K filing here.

About Hall of Fame Resort & Entertainment

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Hall of Fame Resort & Entertainment Co is a resort and entertainment company, which leverages the power and popularity of professional football and its legendary players in partnership with the Pro Football Hall of Fame. The company was founded in 2015 and is headquartered in Canton, OH.

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