<SEC-DOCUMENT>0001437749-17-020153.txt : 20171205
<SEC-HEADER>0001437749-17-020153.hdr.sgml : 20171205
<ACCEPTANCE-DATETIME>20171205080048
ACCESSION NUMBER:		0001437749-17-020153
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20171204
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20171205
DATE AS OF CHANGE:		20171205

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AVALON HOLDINGS CORP
		CENTRAL INDEX KEY:			0001061069
		STANDARD INDUSTRIAL CLASSIFICATION:	REFUSE SYSTEMS [4953]
		IRS NUMBER:				341863889
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14105
		FILM NUMBER:		171238666

	BUSINESS ADDRESS:	
		STREET 1:		ONE AMERICAN WAY
		CITY:			WARREN
		STATE:			OH
		ZIP:			44484
		BUSINESS PHONE:		3308568800
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>awx20171204_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>UNITED STATES</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Washington, DC 20549</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>FORM 8-K</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>CURRENT REPORT</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">Date of Report (Date of earliest event reported)<font style="font-family:Times New Roman, Times, serif;font-size:10pt;"> December 5, 2017 (December 4, 2017) </font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>AVALON HOLDINGS CORPORATION</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Exact Name of Registrant as Specified in its Charter)</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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		<tr>
			<td style="width: 26%; text-align: center; border-bottom: thin solid rgb(0, 0, 0);">Ohio</td>
			<td style="width: 11%;">&nbsp;</td>
			<td style="width: 26%; text-align: center; border-bottom: thin solid rgb(0, 0, 0);"><font style="font-family:Times New Roman, Times, serif; font-size:10pt">1-14105</font></td>
			<td style="width: 11%;">&nbsp;</td>
			<td style="width: 26%; text-align: center; border-bottom: thin solid rgb(0, 0, 0);"><font style="font-family:Times New Roman, Times, serif; font-size:10pt">34-1863889</font></td>
		</tr>
		<tr>
			<td style="text-align: center; width: 26%;">(State or Other Jurisdiction</td>
			<td style="width: 11%;">&nbsp;</td>
			<td style="text-align: center; width: 26%;"><font style="font-family:Times New Roman, Times, serif; font-size:10pt">(Commission File&nbsp;</font></td>
			<td style="width: 11%;">&nbsp;</td>
			<td style="text-align: center; width: 26%;"><font style="font-family:Times New Roman, Times, serif; font-size:10pt">(IRS Employer</font></td>
		</tr>
		<tr>
			<td style="text-align: center; width: 26%;"><font style="font-family:Times New Roman, Times, serif; font-size:10pt">of Incorporation)</font></td>
			<td style="width: 11%;">&nbsp;</td>
			<td style="text-align: center; width: 26%;"><font style="font-family:Times New Roman, Times, serif; font-size:10pt">Number)</font></td>
			<td style="width: 11%;">&nbsp;</td>
			<td style="text-align: center; width: 26%;"><font style="font-family:Times New Roman, Times, serif; font-size:10pt">Identification No.)</font></td>
		</tr>

</table>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>One American Way, Warren, Ohio 44484</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Address of Principal Executive Offices) (Zip Code)</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin: 0pt; text-align: center;"><b>Registrant&#39;s telephone number, including area code: (330) 856-8800 </b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

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<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Former name and address, if changed since last report)</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">[&nbsp; ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">[&nbsp; ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">[&nbsp; ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">[&nbsp; ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e4(c))</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Emerging growth company <font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&#9744;</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. <font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&#9744;</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>ITEM 1.01 Entry into a Material Definitive Agreement</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">On December 4<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">, 2017 Avalon Holdings Corporation and certain direct and indirect wholly owned subsidiaries entered into an amendment to its existing Loan and Security Agreement dated December 20, 2016, with Laurel Capital Corporation (the &ldquo;Lender&rdquo;). </font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">The amendment<font style="font-family:Times New Roman, Times, serif;font-size:10pt;"> restates the definition of &ldquo;Total Fixed Charges&rdquo; in Section 1.1 of the Loan and Security Agreement in its entirety to read as follows:</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:72pt;margin-right:0pt;margin-top:0pt;text-align:justify;text-indent:3pt;">&quot;<font style="font-family:Times New Roman, Times, serif;font-size:10pt;"><i><b>Total Fixed Charges</b></i>&quot; means the sum of interest expense, regularly scheduled payments of principal made on long term debt and capitalized lease obligations during the period being measured, and dividends and distributions.</font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">The amendment also amends Section 10.1 of the <font style="font-family:Times New Roman, Times, serif;font-size:10pt;">Loan and Security Agreement by restating the notice addresses for the Lender.</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 36pt; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0);">In addition, page 1 of the Loan and Security Agreement was amended by replacing, in the first and second lines of the first paragraph, the words &quot;30<font style="font-family:Times New Roman, Times, serif;font-size:10pt;"><sup>th</sup> day of November, 2016&quot; with &quot;20<sup>th</sup> day of December, 2016&quot;.</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">The forgoing description of the amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the amendment, which is filed with this report as Exhibit 10.1 and is incorporated herein by reference.</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">The other mate<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">rial terms of the Loan and Security Agreement, dated December 20, 2016, with the Lender are described in the Current Report on Form 8-K filed with the Securities and Exchange Commission on December 21, 2016, of which is incorporated herein by reference.</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:43.5pt;margin-right:0pt;margin-top:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>ITEM 9.01 Financial Statements and Exhibits</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

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			<td style="width:36pt;vertical-align:top;">&nbsp;</td>
			<td style="vertical-align:top;">(d) Exhibits</td>
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			<td style="width:36pt;vertical-align:top;">&nbsp;</td>
			<td style="vertical-align:top;">&nbsp;</td>
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			<p style="font-family:Times New Roman, Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">10.<font style="font-size:10pt;font-family:Times New Roman, Times, serif;">1 </font></p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman, Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;"><a href="ex_101400.htm" style="-sec-extract:exhibit;"><font style="font-size:10pt;font-family:Times New Roman, Times, serif;">First Amendment to Loan and Security Agreement, dated as of December 4, 2017, between Avalon Holdings Corporation and certain direct and indirect wholly owned subsidiaries, as borrowers, and Laurel Capital Corporation, as lender.</font></a></p>
			</td>
		</tr>

</table>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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<p style="margin: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>SIGNATURES</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>&nbsp;</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;"><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

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			<p style="margin-top: 0; margin-bottom: 0;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&nbsp;</font></p>
			</td>
			<td valign="top" width="3%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&nbsp;</font></p>
			</td>
			<td valign="top" width="35%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family:Times New Roman, Times, serif; font-size:10pt">AVALON HOLDINGS CORPORATION </font></p>
			</td>
			<td valign="top" width="12%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&nbsp;</font></p>
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			<td style="text-indent: 63pt;" valign="top" width="35%"><font style="font-family:Times New Roman, Times, serif; font-size:10pt">(Registrant)</font></td>
			<td valign="top" width="12%">&nbsp;</td>
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			<p style="margin-top: 0; margin-bottom: 0;">DATED:<font style="font-family:Times New Roman, Times, serif; font-size:10pt"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; &nbsp;&nbsp; December 5, 2017&nbsp;</font></p>
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			<p style="margin-top: 0; margin-bottom: 0;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&nbsp;</font></p>
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			<p style="margin-top: 0; margin-bottom: 0;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">/s/&nbsp;</font><font style="font-family:Times New Roman, Times, serif; font-size:10pt">Bryan P. Saksa</font></p>
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			<p style="margin-top: 0; margin-bottom: 0;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&nbsp;</font></p>
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			<td valign="top" width="3%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&nbsp;</font></p>
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			<p style="margin-top: 0; margin-bottom: 0;">B<font style="font-family:Times New Roman, Times, serif; font-size:10pt">y: &nbsp; &nbsp;&nbsp; &nbsp;&nbsp; Bryan P. Saksa</font></p>
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			<td valign="top" width="12%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&nbsp;</font></p>
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			<p style="margin-top: 0; margin-bottom: 0;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&nbsp;</font></p>
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			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family:Times New Roman, Times, serif; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer and Treasurer</font></p>
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<p style="text-align: center; margin: 0pt;">3</p>
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex_101400.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<p style="margin-bottom: 0px; text-align: right; margin-top: 0px"><font style="font-size: 10pt; font-family: Times New Roman, Times, serif"><b>Exhibit 10.1</b></font></p>

<p style="margin-bottom: 0px; text-align: left; margin-top: 0px"><font style="font-size: 10pt; font-family: Times New Roman, Times, serif">&nbsp;</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>FIRST AMENDMENT TO <font style="font-family:Times New Roman, Times, serif;font-size:10pt;">LOAN AND SECURITY AGREEMENT</font></b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">THIS <font style="font-family:Times New Roman, Times, serif;font-size:10pt;">FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT (this &quot;<i><b>Amendment</b></i>&quot;) is made as of December 4th, 2017 by and among AVALON HOLDINGS CORPORATION<font style="text-transform:uppercase;">, </font><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">an Ohio corporation (&quot;<i><b>Avalon Holdings</b></i>&quot;), AVALON RESORTS AND CLUBS, INC., an Ohio corporation (&quot;<i><b>Avalon Resorts and Clubs</b></i>&quot;), AVALON CLUBS, INC., an Ohio corporation (&quot;<i><b>Avalon Clubs</b></i>&quot;), AVALON RESORTS, INC., an Ohio corporation (&quot;<i><b>Avalon Resorts</b></i>&quot;), AVALON GOLF AND COUNTRY CLUB, INC., an Ohio corporation (&quot;<i><b>Avalon Golf and CC</b></i>&quot;), AVALON LAKES GOLF, INC., an Ohio corporation (&quot;<i><b>Avalon Lakes Golf</b></i>&quot;), AVALON COUNTRY CLUB AT SHARON, INC., a Pennsylvania corporation (&quot;<i><b>Avalon CC at Sharon</b></i>&quot;), AVALON RESORT AND SPA, LLC, an Ohio limited liability company (&quot;<i><b>Avalon Resort and Spa</b></i>&quot;), THE HAVANA CIGAR SHOP, INC., an Ohio corporation (&quot;<i><b>Havana</b></i>&quot;), AVALON TRAVEL, INC. an Ohio corporation (&quot;<i><b>Avalon Travel</b></i>&quot;), and TBG, INC., an Ohio corporation (&quot;<i><b>TBG</b></i>&quot; and, together with Avalon Holdings, Avalon Resorts and Clubs, Avalon Clubs, Avalon Golf and CC, Avalon Lakes Golf, Avalon CC at Sharon, Avalon Resort and Spa, Havana and Avalon Travel, the &quot;<i><b>Borrower</b></i><i><b>s</b></i>&quot;), and LAUREL CAPITAL CORPORATION, a Pennsylvania business corporation (the &quot;<i><b>Lender</b></i>&quot;), and amends the Loan and Security Agreement dated December 20, 2016 among the Borrowers and the Lender (the &quot;<i><b>Original Loan Agreement</b></i>&quot; and, together with this Amendment, the &quot;<i><b>Agreement</b></i>&quot;. Capitalized terms used herein and not otherwise defined herein shall have the respective meanings set forth in the Original Agreement.</font></font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">RECITALS:</p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">A.<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Original Agreement, the Lender has made a term loan to the Borrowers in the principal amount of $12,000,000 (the &quot;<i><b>2016 </b></i><i><b>Loan</b></i>&quot;).</font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">B.<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The 2016 Loan was used by the Borrowers to finance the costs of a project consisting of (i) repaying and retiring the Borrowers&#39; existing secured line of credit from Home Savings and Loan Company of Youngstown, Ohio (the &quot;<i><b>Existing </b></i><i><b>Line of Credit</b></i>&quot;), (ii) paying the costs of renovating and expanding the Avalon Inn and Resort facility, and (iii) paying the transaction costs relating to the 2016 Loan. </font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">C<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Borrowers and the Lender wish to amend the Original Agreement as hereinafter set forth.</font></p>

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<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">NOW, THEREFORE, the parties hereto, in consideration of the mutual covenants and agreements hereinafter set forth and intending to be legally bound hereby, covenant and agree as follows:</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>&nbsp;</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">1.<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendment to Section 1.1 of Original Agreement</u>. Section 1.1 of the Original Agreement (&quot;Definitions&quot;) is hereby amended by restating the definition of &quot;Total Fixed Charges&quot; in its entirety to read as follows:</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">&nbsp;</p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: 27pt;">&quot;<font style="font-family:Times New Roman, Times, serif;font-size:10pt;"><i><b>Total Fixed Charges</b></i>&quot; means the sum of interest expense, regularly scheduled payments of principal made on long term debt and capitalized lease obligations during the period being measured, and dividends and distributions.</font></p>

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<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">2<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">.&nbsp; &nbsp; &nbsp; <u>Amendment to Section 1</u><u>0</u><u>.1 of Original Agreement</u>. Section 10.1 of the Original Agreement (&quot;Notices&quot;) is hereby amended by restating the notice addresses for the Lender to read as follows:</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>

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			<td style="width: 350px;">To the Lender:<font style="font-family:Times New Roman, Times, serif; font-size:10pt">&nbsp;</font></td>
			<td style="width: 595px;"><font style="font-family:Times New Roman, Times, serif; font-size:10pt">Laurel Capital Corporation</font></td>
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			<td style="width: 95px;">&nbsp;</td>
			<td style="width: 350px;">&nbsp;</td>
			<td style="width: 595px;"><font style="font-family:Times New Roman, Times, serif; font-size:10pt">6600 Brooktree Court, Suite 3000</font></td>
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			<td style="width: 95px;">&nbsp;</td>
			<td style="width: 350px;">&nbsp;</td>
			<td style="width: 595px;"><font style="font-family:Times New Roman, Times, serif; font-size:10pt">Wexford, PA 15090-0839</font></td>
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			<td style="width: 95px;">&nbsp;</td>
			<td style="width: 350px;">&nbsp;</td>
			<td style="width: 595px;"><font style="font-family:Times New Roman, Times, serif; font-size:10pt">Attn.:&nbsp; William C. Zopf, Jr.</font></td>
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			<td style="width: 95px;">&nbsp;</td>
			<td style="width: 350px;">&nbsp;</td>
			<td style="width: 595px;">&nbsp;</td>
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			<td style="width: 95px;">&nbsp;</td>
			<td style="width: 350px;">&nbsp;</td>
			<td style="width: 595px;"><font style="font-family:Times New Roman, Times, serif; font-size:10pt">With a copy to:</font></td>
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			<td style="width: 350px;">&nbsp;</td>
			<td style="width: 595px;">&nbsp;</td>
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			<td style="width: 95px;">&nbsp;</td>
			<td style="width: 350px;">&nbsp;</td>
			<td style="width: 595px;">Eckert Seamans Cherin &amp; Mellott, LLC</td>
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			<td style="width: 95px;">&nbsp;</td>
			<td style="width: 350px;">&nbsp;</td>
			<td style="width: 595px;">600 Grant Street, 44<font style="font-family:Times New Roman, Times, serif; font-size:10pt"><sup>th</sup> Floor</font></td>
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			<td style="width: 95px;">&nbsp;</td>
			<td style="width: 350px;">&nbsp;</td>
			<td style="width: 595px;">Pittsburgh, PA<font style="font-family:Times New Roman, Times, serif; font-size:10pt">&nbsp; 15219</font></td>
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			<td style="width: 95px;">&nbsp;</td>
			<td style="width: 350px;">&nbsp;</td>
			<td style="width: 595px;"><font style="font-family:Times New Roman, Times, serif; font-size:10pt">Attn:&nbsp; Christopher J. Rayl, Esquire&quot;</font></td>
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<p style="margin: 0pt;">&nbsp;</p>

<p style="margin: 0pt;">&nbsp;</p>

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			<td style="width: 595px; text-indent: 36pt;"><div style="font-size:10pt"><div style="font-family:Times New Roman, Times, serif">3.<font style="font-family:Times New Roman, Times, serif; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Amendment to Page 1 of Original Agreement</u></font><font style="font-family:Times New Roman, Times, serif; font-size:10pt">.&nbsp; Page 1 of the Original Agreement is hereby amended by replacing, in the first and second lines of the first paragraph, the words &quot;30th day of November, 2016 &quot; with &quot;20<sup>th</sup> day of December, 2016&quot;.</font></div></div></td>
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			<td style="width: 595px;">&nbsp;</td>
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			<td style="width: 595px; text-indent: 36pt;"><div style="font-size:10pt"><div style="font-family:Times New Roman, Times, serif">4.<font style="font-family:Times New Roman, Times, serif; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Confirmation of Original Agreement</u></font><font style="font-family:Times New Roman, Times, serif; font-size:10pt">.&nbsp; All other provisions of the Original Agreement shall remain in full force and effect except as expressly modified hereby:</font></div></div></td>
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<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">IN WITNESS WHEREOF,<font style="font-family:Times New Roman, Times, serif;font-size:10pt;"> this First Amendment to Loan and Security Agreement has been duly executed and delivered as of the date first written above.</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

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			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>BORROWERS:</b></p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">AVALON HOLDINGS CORPORATION</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">By: <font style="font-family:Times New Roman, Times, serif;font-size:10pt;"><u>/s/ </u><u>Bryan P. Saksa </u><u>&nbsp;</u></font></p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Name:<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;Bryan P. Saksa</font></p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Title<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">: Chief Financial Officer and Treasurer</font></p>
			</td>
			<td style="vertical-align:top;width:50.6%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">AVALON CLUBS, INC.</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">B<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">y:</font><font style="font-family:Times New Roman, Times, serif;font-size:10pt;"><u> /s/ </u><u>Bryan P. Saksa</u></font></p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Name:<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;Bryan P. Saksa</font></p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Title<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">: Treasurer</font></p>
			</td>
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			<td style="vertical-align:top;width:50.6%;">&nbsp;</td>
			<td style="vertical-align:top;width:50.6%;">&nbsp;</td>
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			<td style="vertical-align:top;width:50.6%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">AVALON RESORTS, INC.</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">B<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">y:</font><font style="font-family:Times New Roman, Times, serif;font-size:10pt;"><u> /s/ </u><u>Bryan P. Saksa</u></font></p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Name:<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;Bryan P. Saksa</font></p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Title<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">: Treasurer</font></p>
			</td>
			<td style="vertical-align:top;width:50.6%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">AVALON GOLF AND COUNTRY CLUB, INC.</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">B<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">y:</font><font style="font-family:Times New Roman, Times, serif;font-size:10pt;"><u> /s/ </u><u>Bryan P. Saksa</u></font></p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Name:<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;Bryan P. Saksa</font></p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Title<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">: Treasurer</font></p>
			</td>
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			<td style="vertical-align:top;width:50.6%;">&nbsp;</td>
			<td style="vertical-align:top;width:50.6%;">&nbsp;</td>
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			<td style="vertical-align:top;width:50.6%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">AVALON LAKES GOLF, INC.</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">B<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">y:</font><font style="font-family:Times New Roman, Times, serif;font-size:10pt;"><u> /s/ </u><u>Bryan P. Saksa</u></font></p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Name:<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;Bryan P. Saksa</font></p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Title<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">: Treasurer</font></p>
			</td>
			<td style="vertical-align:top;width:50.6%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">AVALON COUNTRY CLUB AT SHARON, INC.</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">B<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">y:</font><font style="font-family:Times New Roman, Times, serif;font-size:10pt;"><u> /s/ </u><u>Bryan P. Saksa</u></font></p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Name:<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;Bryan P. Saksa</font></p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Title<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">: Treasurer</font></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:50.6%;">&nbsp;</td>
			<td style="vertical-align:top;width:50.6%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:50.6%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">AVALON RESORT AND SPA, LLC</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">B<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">y:</font><font style="font-family:Times New Roman, Times, serif;font-size:10pt;"><u> /s/ </u><u>Bryan P. Saksa</u></font></p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Name:<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;Bryan P. Saksa</font></p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Title<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">: Treasurer</font></p>
			</td>
			<td style="vertical-align:top;width:50.6%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">THE HAVANA CIGAR SHOP, INC.</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">B<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">y:</font><font style="font-family:Times New Roman, Times, serif;font-size:10pt;"><u> /s/ </u><u>Bryan P. Saksa</u></font></p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Name:<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;Bryan P. Saksa</font></p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Title<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">: Treasurer</font></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:50.6%;">&nbsp;</td>
			<td style="vertical-align:top;width:50.6%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:50.6%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">AVALON TRAVEL, INC.</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">B<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">y:</font><font style="font-family:Times New Roman, Times, serif;font-size:10pt;"><u> /s/ </u><u>Bryan P. Saksa</u></font></p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Name:<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;Bryan P. Saksa</font></p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Title<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">: Treasurer</font></p>
			</td>
			<td style="vertical-align:top;width:50.6%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">TBG, INC.</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">B<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">y:</font><font style="font-family:Times New Roman, Times, serif;font-size:10pt;"><u> /s/ </u><u>Bryan P. Saksa</u></font></p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Name:<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;Bryan P. Saksa</font></p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Title<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">: Treasurer</font></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:50.6%;">&nbsp;</td>
			<td style="vertical-align:top;width:50.6%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:50.6%;">&nbsp;</td>
			<td style="vertical-align:top;width:50.6%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-transform:uppercase;"><b>lender:</b></p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-transform:uppercase;">&nbsp;</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-transform:uppercase;">LAUREL CAPITAL CORPORATION</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-transform:uppercase;">&nbsp;</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-transform:uppercase;">&nbsp;</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">By: <font style="font-family:Times New Roman, Times, serif;font-size:10pt;"><u>/s/ William C. Zopf, Jr.</u></font></p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Name:<font style="font-family:Times New Roman, Times, serif;font-size:10pt;"> William C. Zopf, Jr.</font></p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Title:<font style="font-family:Times New Roman, Times, serif;font-size:10pt;"> Chief Executive Officer</font></p>
			</td>
		</tr>

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