Exhibit 10.9.1
LIMITED WAIVER
     This LIMITED WAIVER is entered into as of February 10, 2009 (this “Limited
Waiver”), by and among CAPITALSOURCE INC., a Delaware corporation (the “Initial
Borrower”), the other Credit Parties party hereto, the Lenders party hereto and
WACHOVIA BANK, NATIONAL ASSOCIATION, a national banking association, as
administrative agent for the Lenders hereunder (in such capacity, the
“Administrative Agent”), amending the Credit Agreement referred to below.
     WHEREAS, the Initial Borrower, the other Credit Parties party thereto, the
Lenders, the Administrative Agent, the Swingline Lender and the Issuing Lender
have entered into that certain Credit Agreement dated as of March 14, 2006 (as
amended as of June 30, 2006, December 20, 2006, June 29, 2007, December 19,
2007, June 26, 2008 and December 23, 2008 and as further amended, amended and
restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”);
     WHEREAS, the Initial Borrower has requested that the Required Lenders grant
a limited waiver as specified herein; and
     WHEREAS, the Required Lenders are willing to grant such limited waiver on
the terms and conditions set forth herein.
     NOW, THEREFORE, the parties hereto hereby agree as follows:
     1. Definitions. Capitalized terms used and not defined herein shall have
the respective meanings given to them in the Credit Agreement.
     2. Limited Waiver under Credit Agreement. The Required Lenders hereby waive
any Default or Event of Default that may arise under Section 5.32(f) of the
Credit Agreement as a result of a failure to comply with the financial covenant
set forth in such Section in respect of the four quarter period ended
December 31, 2008; provided, however, that such waiver shall expire and be of no
further force or effect on and after March 31, 2009.
     3. Conditions to Effectiveness. This Limited Waiver shall become effective
as of the date hereof when the Administrative Agent shall have received
counterparts of this Limited Waiver executed by the Initial Borrower, each other
Credit Party and the Required Lenders.
     4. Representation of Credit Parties. Each Credit Party represents and
warrants to the Administrative Agent and each Lender that, except as specified
in Section 2 above, after giving effect to this Limited Waiver, (a) each
representation and warranty made by such Credit Party in the Credit Agreement
and other Credit Documents is true and correct in all respects on the date
hereof (or on the date to which it relates, in the case of any representation or
warranty that specifically relates to another date), and (b) no Default or Event
of Default has occurred and is continuing.
     5. Limited Effect. The waiver contained herein is expressly limited in
effect to the specific waiver set forth in Section 2 above.
     6. Counterparts. This Limited Waiver may be executed in several
counterparts and by the different parties hereto on separate counterparts, all
of which taken together shall constitute but one and

 

--------------------------------------------------------------------------------

 

the same Limited Waiver. Delivery of an executed counterpart of a signature page
of this Limited Waiver by electronic transmission shall be effective as delivery
of a manually executed counterpart of this Limited Waiver.
     7. Governing Law. THIS LIMITED WAIVER SHALL BE CONSTRUED IN ACCORDANCE WITH
AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE
CONFLICTS OF LAW PRINCIPLES THEREOF OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE
NEW YORK GENERAL OBLIGATIONS LAW.
     8. Credit Documents Remain in Effect.
          (a) Except as expressly provided herein, all provisions, terms and
conditions of the Credit Documents shall remain in full force and effect.
          (b) Nothing contained herein shall constitute a waiver of any other
rights or remedies that the Administrative Agent or any Lender may have, except
as expressly set forth herein.
          (c) As temporarily modified hereby, the Credit Agreement is ratified
and confirmed in all respects. During the period of the limited waiver set forth
in Section 2 above, whenever the “Credit Agreement” is referred to in the Credit
Agreement, any other Credit Document or any of the exhibits, schedules or
annexes thereto or any other instrument or document executed in connection
therewith, it shall be deemed to mean the Credit Agreement as temporarily
modified hereby. The other Credit Documents are and shall continue to be in full
force and effect and are hereby ratified and confirmed in all respects.
     9. No Other Agreements. This Limited Waiver sets forth the entire agreement
among the parties with respect to the subject matter hereof, and supercedes any
prior agreements, written or oral, relating thereto.
[Remainder of page left blank intentionally; signatures follow.]

-2-

--------------------------------------------------------------------------------

 

     IN WITNESS WHEREOF, the parties hereto have caused this Limited Waiver to
be duly executed as of the date first above written.

          BORROWER AND GRANTOR:  CAPITALSOURCE INC.,
a Delaware corporation
      By:   /S/ JEFFREY A. LIPSON         Name:   Jeffrey A. Lipson       
Title:   Vice President & Treasurer        CAPITALSOURCE FINANCE LLC,
a Delaware limited liability company
      By:   /S/ JEFFREY A. LIPSON         Name:   Jeffrey A. Lipson       
Title:   Vice President & Treasurer      GUARANTORS AND GRANTORS: CAPITALSOURCE
TRS LLC,
a Delaware limited liability company
      By:   /S/ JEFFREY A. LIPSON         Name:   Jeffrey A. Lipson       
Title:   Vice President & Treasurer        CSE MORTGAGE LLC,
a Delaware limited liability company
      By:   /S/ JEFFREY A. LIPSON         Name:   Jeffrey A. Lipson       
Title:   Vice President & Treasurer        CAPITALSOURCE SF TRS LLC,
a Delaware limited liability company
      By:   /S/ JEFFREY A. LIPSON         Name:   Jeffrey A. Lipson       
Title:   Vice President & Treasurer     

[SIGNATURE PAGE TO WAIVER]

 

--------------------------------------------------------------------------------

 

            CAPITAL SOURCE CF LLC,
a Delaware limited liability company
      By:   /S/ JEFFREY A. LIPSON         Name:   Jeffrey A. Lipson       
Title:   Vice President & Treasurer        CAPITALSOURCE FINANCE II LLC,
a Delaware limited liability company
      By:   /S/ JEFFREY A. LIPSON         Name:   Jeffrey A. Lipson       
Title:   Vice President & Treasurer        CSE CHR HOLDCO LLC,
a Delaware limited liability company
      By:   /S/ JEFFREY A. LIPSON         Name:   Jeffrey A. Lipson       
Title:   Vice President & Treasurer        CSE CHR HOLDINGS LLC,
a Delaware limited liability company
      By:   /S/ JEFFREY A. LIPSON         Name:   Jeffrey A. Lipson       
Title:   Vice President & Treasurer      AGREED & ACCEPTED: CAPITALSOURCE
INTERNATIONAL INC.,
a Delaware corporation
      By:   /S/ JEFFREY A. LIPSON         Name:   Jeffrey A. Lipson       
Title:   Vice President & Treasurer   

 

--------------------------------------------------------------------------------

 

            WACHOVIA BANK, NATIONAL ASSOCIATION, as Administrative Agent, as
Issuing Lender, and as a Lender
      By:   /S/ RAJ SHAH         Name:   Raj Shah        Title:   Managing
Director   

 

--------------------------------------------------------------------------------

 

         

            BANK OF AMERICA, N.A., as Issuing Lender and as a Lender
      By:   /S/ SHELLY HARPER         Name:   Shelly Harper        Title:  
Senior Vice President   

 

--------------------------------------------------------------------------------

 

         

            MORGAN STANLEY BANK, as a Lender
      By:   /S/ MELISSA JAMES         Name:   Melissa James        Title:  
Authorized Signatory   

 

--------------------------------------------------------------------------------

 

         

            CREDIT SUISSE, CAYMAN ISLANDS BRANCH, as a Lender
      By:   /S/ JAY CHALL         Name:   Jay Chall        Title:   Director   
          By:   /S/ KARL STUDER         Name:   Karl Studer        Title:  
Director   

 

--------------------------------------------------------------------------------

 

         

            BMO CAPITAL MARKETS FINANCING, INC., as a Lender
      By:   /S/ AMY K. DUMSER         Name:   Amy K. Dumser        Title:  
Director   

 

--------------------------------------------------------------------------------

 

         

            BEAR STEARNS CORPORATE LENDING INC., as a Lender
      By:   /S/ RICHARD J. POWOROZNEK         Name:   Richard J. Poworoznek     
  Title:   Executive Director   

 

--------------------------------------------------------------------------------

 

         

            BARCLAYS BANK PLC, as a Lender
      By:   /S/ MARK MANSKI         Name:   Mark Manski        Title:   Managing
Director   

 

--------------------------------------------------------------------------------

 

         

            DEUTSCHE BANK AG NEW YORK BRANCH, as a Lender
      By:   /S/ MELISSA CURRY         Name:   Melissa Curry        Title:   Vice
President              By:   /S/ MICHAEL CAMPITE         Name:   Michael
Campite        Title:   Vice President   

 

--------------------------------------------------------------------------------

 

         

            JPMORGAN CHASE BANK, N.A., as a Lender
      By:   /S/ RICHARD J. POWOROZNEK         Name:   Richard J. Poworoznek     
  Title:   Executive Director   

 

--------------------------------------------------------------------------------

 

         

            SOCIÉTÉ GÉNÉRALE, as a Lender
      By:   /S/ SHELLEY YU         Name:   Shelley Yu        Title:   Vice
President   

 

--------------------------------------------------------------------------------

 

         

            FORTIS BANK SA/NV, New York Branch, as a Lender
      By:   /S/ BARRY K. CHUNG         Name:   Barry K. Chung        Title:  
Director              By:   /S/ JACK AU         Name:   Jack Au        Title:  
Director   

 

--------------------------------------------------------------------------------

 

         

            BAYERISCHE HYPO-UND VEREINSBANK AG, as a Lender
      By:   /S/ CRAIG M. PINSLY         Name:   Craig M. Pinsly, CFA       
Title:   Director              By:   /S/ THOMAS LEE         Name:   Thomas Lee 
      Title:   Vice President   

 

--------------------------------------------------------------------------------

 

         

            CHANG HWA COMMERCIAL BANK, LTD., NEW YORK BRANCH, as a Lender
      By:   /S/ JIM C.Y. CHEN         Name:   Jim C. Y. Chen        Title:  
V.P. & General Manager   

 

--------------------------------------------------------------------------------

 

         

            CITIBANK, N.A., as a Lender
      By:   /S/ ROBERT B. GOLDSTEIN         Name:   Robert B. Goldstein       
Title:   Managing Director/Senior Credit Officer