Document:

EXHIBIT 10.13

 

	
 
    

 

SERIES 20  -   ACCOUNT CONTROL AGREEMENT

 

among

 

FORD CREDIT FLOORPLAN MASTER OWNER TRUST A,
 as Grantor

 

                                                                         ,
  as Secured Party

 

and

 

                                                                         ,
  as Financial Institution

 

Dated as of              , 20   

 

	
 
    

 

 

TABLE OF CONTENTS

 

	
ARTICLE I   USAGE AND DEFINITIONS
    	
2
    
	
Section 1.1.
    	
Usage and Definitions
    	
2
    
	
 
    	
 
    	
 
    
	
ARTICLE II   ESTABLISHMENT OF COLLATERAL ACCOUNTS
    	
2
    
	
Section 2.1.
    	
Description of Accounts
    	
2
    
	
Section 2.2.
    	
Account Changes
    	
3
    
	
Section 2.3.
    	
Account Types
    	
3
    
	
Section 2.4.
    	
Securities Accounts
    	
3
    
	
 
    	
 
    	
 
    
	
ARTICLE III   SECURED PARTY CONTROL
    	
3
    
	
Section 3.1.
    	
Control of Collateral   Accounts
    	
3
    
	
Section 3.2.
    	
Investment Instructions
    	
3
    
	
Section 3.3.
    	
Conflicting Orders or   Instructions
    	
4
    
	
 
    	
 
    	
 
    
	
ARTICLE IV   SUBORDINATION OF LIEN; WAIVER OF SET-OFF
    	
4
    
	
Section 4.1.
    	
Subordination
    	
4
    
	
Section 4.2.
    	
Set-off and Recoupment
    	
4
    
	
 
    	
 
    	
 
    
	
ARTICLE V   REPRESENTATIONS, WARRANTIES AND COVENANTS
    	
4
    
	
Section 5.1.
    	
Financial Institution’s   Representations and Warranties
    	
4
    
	
Section 5.2.
    	
Financial Institution’s   Covenants
    	
5
    
	
 
    	
 
    	
 
    
	
ARTICLE VI   OTHER AGREEMENTS
    	
5
    
	
Section 6.1.
    	
Location of Financial   Institution
    	
5
    
	
Section 6.2.
    	
Reliance by Financial   Institution
    	
5
    
	
Section 6.3.
    	
Termination and   Replacement of Financial Institution
    	
5
    
	
Section 6.4.
    	
No Petition
    	
5
    
	
Section 6.5.
    	
Limitation of Liability
    	
6
    
	
Section 6.6.
    	
Conflict With Other   Agreement
    	
6
    
	
Section 6.7.
    	
Termination
    	
6
    
	
 
    	
 
    	
 
    
	
ARTICLE VII   MISCELLANEOUS
    	
6
    
	
Section 7.1.
    	
Amendment
    	
6
    
	
Section 7.2.
    	
Benefit of Agreement
    	
7
    
	
Section 7.3.
    	
Notices
    	
7
    
	
Section 7.4.
    	
GOVERNING LAW
    	
7
    
	
Section 7.5.
    	
Submission to   Jurisdiction
    	
8
    
	
Section 7.6.
    	
WAIVER OF JURY TRIAL
    	
8
    
	
Section 7.7.
    	
No Waiver; Remedies
    	
8
    
	
Section 7.8.
    	
Severability
    	
8
    
	
Section 7.9.
    	
Headings
    	
8
    
	
Section 7.10.
    	
Counterparts
    	
8
    

 

i

 

SERIES 20  -   ACCOUNT CONTROL AGREEMENT, dated as of           , 20   (this “Agreement”), among FORD CREDIT FLOORPLAN MASTER OWNER TRUST A, a Delaware statutory trust, as grantor (the “Grantor”),                         , a             , as Indenture Trustee for the benefit of the Series 20  -   Noteholders (in this capacity, the “Secured Party”), and                         , a            in its capacity as both a “securities intermediary” as defined in Section 8-102 of the UCC and a “bank” as defined in Section 9-102 of the UCC (in these capacities, the “Financial Institution”).

 

BACKGROUND

 

The Grantor is engaging in a securitization transaction in which it will issue the Series 20  -   Notes under an Indenture Supplement to an Indenture and the Secured Party will hold funds in bank accounts for the benefit of the Series 20  -   Noteholders.

 

The parties are entering into this Agreement to perfect the security interest in the bank accounts.

 

The parties agree as follows:

 

ARTICLE I
 USAGE AND DEFINITIONS

 

Section 1.1.                                 Usage and Definitions.  Capitalized terms used but not defined in this Agreement are defined in (a) Appendix A to the Series 20  -   Indenture Supplement, dated as of         , 20   (the “Indenture Supplement”), between the Grantor, as Issuer, and                         , as Indenture Trustee, or (b) Appendix A to (i) the Fifth Amended and Restated Sale and Servicing Agreement, dated as of August 1, 2001, as amended and restated as of December 1, 2010, among Ford Credit Floorplan Corporation, as Depositor, the Grantor, as Issuer, and Ford Motor Credit Company LLC, as Servicer, and (ii) the Fifth Amended and Restated Sale and Servicing Agreement, dated as of August 1, 2001, as amended and restated as of December 1, 2010, among Ford Credit Floorplan LLC, as Depositor, the Issuer and the Servicer.  Each Appendix A also contains usage rules that apply to this Agreement.  Each Appendix A is incorporated by reference into this Agreement.  References to the “UCC” mean the Uniform Commercial Code as in effect in the State of New York.

 

ARTICLE II
 ESTABLISHMENT OF COLLATERAL ACCOUNTS

 

Section 2.1.                                 Description of Accounts.  The Financial Institution has established the following accounts (each, a “Collateral Account”):

 

“Series 20  -   Principal Funding Account —                          as Indenture Trustee, as secured party for Ford Credit Floorplan Master Owner Trust A for Series 20  -  ” with account number      .

 

“Series 20  -   Reserve Account —                          as Indenture Trustee, as secured party for Ford Credit Floorplan Master Owner Trust A for Series 20  -  ” with account number      .

 

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“Series 20  -   Accumulation Period Reserve Account —                       as Indenture Trustee, as secured party for Ford Credit Floorplan Master Owner Trust A for Series 20  -  ” with account number      .

 

Section 2.2.                                 Account Changes.  Neither the Financial Institution nor the Grantor will change the name or account number of a Collateral Account without the consent of the Secured Party.  The Financial Institution will promptly notify the Servicer of any changes.  This Agreement will apply to each successor account to a Collateral Account, which will also be a Collateral Account.

 

Section 2.3.                                 Account Types.  The Financial Institution agrees that each Collateral Account is, and will be maintained as, either a “securities account” (as defined in Section 8-501 of the UCC) or a “deposit account” (as defined in Section 9-102(a)(29) of the UCC).

 

Section 2.4.                                 Securities Accounts.  If a Collateral Account is a securities account, the Financial Institution agrees that:

 

(a)                                 Financial Assets.  It will promptly credit each item of property (whether cash, investment property, security, instrument or other financial asset) delivered to the Financial Institution under the Indenture Supplement to the Collateral Account and treat each item of property as a “financial asset” (within the meaning of Section 8-102(a)(9) of the UCC); and

 

(b)                                 Registration and Indorsement.  It will ensure that all financial assets (other than cash) credited to the Collateral Account are registered in the name of the Financial Institution, indorsed to the Financial Institution or in blank or credited to another securities account maintained in the name of the Financial Institution and that no financial asset credited to the Collateral Account is registered in the name of the Grantor, payable to the order of the Grantor or specially indorsed to the Grantor unless it has been indorsed to the Financial Institution or in blank.

 

ARTICLE III
 SECURED PARTY CONTROL

 

Section 3.1.                                 Control of Collateral Accounts.  To establish “control” of the Collateral Accounts by the Secured Party under Sections 9-104 and 9-106 of the UCC, the Financial Institution agrees to comply with any order or instruction from the Secured Party directing the deposit, withdrawal, transfer or redemption of the cash or other financial assets credited to a Collateral Account (a “Secured Party Order”) without the need for consent by the Grantor or any other Person.

 

Section 3.2.                                 Investment Instructions.  If (a) the Financial Institution has not received a Secured Party Order for the investment of funds in a Collateral Account by 11:00 a.m. New York time (or another time agreed to by the Financial Institution) on the Business Day before a Payment Date or (b) the Financial Institution receives notice from the Indenture Trustee that a Default or Event of Default has occurred and is continuing for the Series 20  -   Notes, the Financial Institution will invest and reinvest funds in the Collateral Account according to the last investment instruction received, if any.  If no prior investment instructions have been received or

 

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if the instructed investments are no longer available or permitted, the Indenture Trustee will notify the Servicer and request new investment instructions.

 

Section 3.3.                                 Conflicting Orders or Instructions.  If the Financial Institution receives conflicting orders or instructions from the Secured Party and the Grantor or any other Person, the Financial Institution will follow the orders or instructions of the Secured Party and not the Grantor or such other Person.

 

ARTICLE IV
 SUBORDINATION OF LIEN; WAIVER OF SET-OFF

 

Section 4.1.                                 Subordination.  If the Financial Institution has a security interest in a Collateral Account, the Financial Institution agrees that the security interest will be subordinate to the security interest of the Secured Party.

 

Section 4.2.                                 Set-off and Recoupment.  The cash, investment property, security, instrument or other financial assets credited to a Collateral Account will not be subject to deduction, set-off, recoupment, banker’s lien, or other right in favor of a Person other than the Secured Party.  However, the Financial Institution may set off (a) the customary fees and expenses for the routine maintenance and operation of the Collateral Account due to the Financial Institution, (b) the face amount of checks credited to the Collateral Account but subsequently returned unpaid due to uncollected or insufficient funds and (c) advances made to settle an investment of funds in the Collateral Account.

 

ARTICLE V
 REPRESENTATIONS, WARRANTIES AND COVENANTS

 

Section 5.1.                                 Financial Institution’s Representations and Warranties.  The Financial Institution represents and warrants to the Grantor and the Secured Party as follows:

 

(a)                                 Enforceability.  This Agreement is the legal, valid and binding obligation of the Financial Institution.

 

(b)                                 No Agreements with Grantor.  There are no agreements between the Financial Institution and the Grantor relating to a Collateral Account other than this Agreement, the Indenture Supplement and the other Series 20  -   Transaction Documents.

 

(c)                                  No Other Agreements.  The Financial Institution has not entered into an agreement relating to a Collateral Account in which it has agreed to comply with “entitlement orders” (as defined in Section 8-102(a)(8) of the UCC) or “instructions” (within the meaning of Section 9-104 of the UCC) of any Person other than the Secured Party.

 

(d)                                 No Limitations.  The Financial Institution has not entered into an agreement limiting or conditioning the Financial Institution’s obligation to comply with any Secured Party Order.

 

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(e)                                  No Liens.  Except for the claims and interests of the Secured Party and the Grantor, the Financial Institution does not know of a lien on, or claim to, or interest in, a Collateral Account or in the cash or other financial assets credited to a Collateral Account.

 

Section 5.2.                                 Financial Institution’s Covenants.

 

(a)                                 Statements, Confirmations and Other Correspondence.  The Financial Institution will promptly deliver copies of statements, confirmations and correspondence about the Collateral Accounts and the cash or other financial assets credited to a Collateral Account to the Grantor and the Secured Party.

 

(b)                                 Notice of Claim.  If a Person asserts a lien, encumbrance or claim against a Collateral Account (or in the cash or other financial assets credited to a Collateral Account), the Financial Institution will promptly notify the Secured Party.

 

(c)                                  Negative Covenants.  Until the termination of this Agreement, the Financial Institution will not enter into (i) an agreement relating to a Collateral Account in which it agrees to comply with entitlement orders or instructions of any Person other than the Secured Party or (ii) an agreement limiting or conditioning the Financial Institution’s obligation to comply with Secured Party Orders.

 

ARTICLE VI
 OTHER AGREEMENTS

 

Section 6.1.                                 Location of Financial Institution.  For purposes of the UCC, New York will be the location of (i) the bank for purposes of Sections 9-301, 9-304 and 9-305 of the UCC and (ii) the securities intermediary for purposes of Sections 9-301 and 9-305 and Section 8-110 of the UCC.

 

Section 6.2.                                 Reliance by Financial Institution.  The Financial Institution is not obligated to investigate or inquire whether the Secured Party may deliver a Secured Party Order.  The Financial Institution may rely on communications (including Secured Party Orders) believed by it in good faith to be genuine and given by the proper party.

 

Section 6.3.                                 Termination and Replacement of Financial Institution.  The Financial Institution may terminate its rights and obligations under this Agreement if the Secured Party resigns or is removed as Indenture Trustee under the Indenture Supplement and the Indenture.  The Grantor may terminate the rights and obligations of the Financial Institution if the Financial Institution ceases to be a Qualified Institution.  No termination of the Financial Institution will be effective until new Collateral Accounts are established with, and the cash and other financial assets credited to the Collateral Accounts are transferred to, another securities intermediary who has agreed to accept the obligations of the Financial Institution under this Agreement or a similar agreement.

 

Section 6.4.                                 No Petition.  Each party agrees that, before the date that is one year and one day (or, if longer, any applicable preference period) after payment in full of (a) all securities issued by either Depositor or by a trust for which either Depositor was a depositor or (b) the Notes, it will not start or pursue against, or join any other Person in starting or pursuing against,

 

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(i) either Depositor or (ii) the Issuer, respectively, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar law.  This Section 6.4 will survive the termination of this Agreement.

 

Section 6.5.                                 Limitation of Liability.

 

(a)                                 Financial Institution.  The Financial Institution will not be liable under this Agreement, except for (i) its own willful misconduct, bad faith or negligence or (ii) breach of its representations and warranties in this Agreement.  The Financial Institution will not be liable for special, indirect or consequential losses or damages (including lost profit), even if the Financial Institution has been advised of the likelihood of the loss or damage and regardless of the form of action.

 

(b)                                 Secured Party.  In performing its obligations under this Agreement, the Secured Party is subject to, and entitled to the benefits of, the terms of the Indenture Supplement and the Indenture that apply to the Indenture Trustee.

 

(c)                                  Owner Trustee.  This Agreement has been signed on behalf of the Grantor by                      , not in its individual capacity, but solely in its capacity as Owner Trustee of the Grantor.  In no event will                       in its individual capacity or a beneficial owner of the Grantor be liable for the Grantor’s obligations under this Agreement.  For all purposes under this Agreement, the Owner Trustee is subject to, and entitled to the benefits of, the Trust Agreement.

 

Section 6.6.                                 Conflict With Other Agreement.  If there is conflict between this Agreement and any other agreement relating to a Collateral Account, this Agreement will govern.

 

Section 6.7.                                 Termination.  This Agreement will terminate on the date the security interests of the Secured Party in each Collateral Account are terminated under the Indenture Supplement and the Indenture and the Secured Party has notified the Financial Institution of the termination of the security interest.  The termination of this Agreement will not terminate a Collateral Account or change the obligations of the Financial Institution to the Grantor relating to a Collateral Account.

 

ARTICLE VII
 MISCELLANEOUS

 

Section 7.1.                                 Amendment.

 

(a)                                 Amendments.  The parties may amend this Agreement:

 

(i)                                     to clarify an ambiguity, correct an error or correct or supplement any term of this Agreement that may be defective or inconsistent with the other terms of this Agreement, in each case without the consent of the Series 20  -   Noteholders or any other Person;

 

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(ii)                                  to add, change or eliminate terms of this Agreement, in each case without the consent of the Series 20  -   Noteholders or any other Person, if the Administrator delivers an Officer’s Certificate to the Grantor, the Owner Trustee and the Indenture Trustee stating that the amendment will not have a material adverse effect on the Series 20  -   Noteholders; or

 

(iii)                               to add, change or eliminate terms of this Agreement for which an Officer’s Certificate is not or cannot be delivered under Section 7.1(a)(ii), with the consent of the Series 20  -   Noteholders of a majority of the Note Balance of each Class of Series 20  -   Notes Outstanding (with each affected Class voting separately, except that all Series 20  -   Noteholders of Class A Notes will vote together as a single class).

 

(b)                                 Notice of Amendments.  The Administrator will notify the Rating Agencies in advance of any amendment.  Promptly after the execution of an amendment, the Administrator will deliver a copy of the amendment to the Rating Agencies.

 

Section 7.2.                                 Benefit of Agreement.  This Agreement is for the benefit of and will be binding on the parties and their permitted successors and assigns.  No other Person will have any right or obligation under this Agreement.

 

Section 7.3.                                 Notices.

 

(a)                                 Notices to Parties.  Notices, requests, demands, consents, waivers or other communications to or from the parties must be in writing and will be considered received by the recipient:

 

(i)                                     for overnight mail, on delivery or, for registered first class mail, postage prepaid, three days after deposit in the mail properly addressed to the recipient;

 

(ii)                                  for a fax, when receipt is confirmed by telephone, reply email or reply fax from the recipient;

 

(iii)                               for an email, when receipt is confirmed by telephone or reply email from the recipient; and

 

(iv)                              for an electronic posting to a password-protected website to which the recipient has access, on delivery of an email (without the requirement of confirmation of receipt) stating that the electronic posting has been made.

 

(b)                                 Notice Addresses.  A notice, request, demand, consent, waiver or other communication must be addressed to the recipient at its address stated in Schedule B to the Sale and Servicing Agreements, which address the party may change by notifying the other parties.

 

Section 7.4.                                 GOVERNING LAW.  THIS AGREEMENT AND EACH COLLATERAL ACCOUNT WILL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAWS OF THE STATE OF NEW YORK.

 

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Section 7.5.                                 Submission to Jurisdiction.  Each party submits to the nonexclusive jurisdiction of the United States District Court for the Southern District of New York and of any New York State Court sitting in New York, New York for legal proceedings relating to this Agreement.  Each party irrevocably waives, to the fullest extent permitted by law, any objection that it may now or in the future have to the venue of a proceeding brought in such a court and any claim that the proceeding was brought in an inconvenient forum.

 

Section 7.6.                                 WAIVER OF JURY TRIAL.  EACH PARTY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN LEGAL PROCEEDINGS RELATING TO THIS AGREEMENT.

 

Section 7.7.                                 No Waiver; Remedies.  No party’s failure or delay in exercising a power, right or remedy under this Agreement will operate as a waiver.  No single or partial exercise of a power, right or remedy will preclude any other or further exercise of the power, right or remedy or the exercise of any other power, right or remedy.  The powers, rights and remedies under this Agreement are in addition to any powers, rights and remedies under law.

 

Section 7.8.                                 Severability.  If a part of this Agreement is held invalid, illegal or unenforceable, then it will be deemed severable from the remaining Agreement and will not affect the validity, legality or enforceability of the remaining Agreement.

 

Section 7.9.                                 Headings.  The headings in this Agreement are included for convenience and will not affect the meaning or interpretation of this Agreement.

 

Section 7.10.                          Counterparts.  This Agreement may be executed in multiple counterparts.  Each counterpart will be an original and all counterparts will together be one document.

 

[Remainder of Page Left Blank]

 

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EXECUTED   BY:
    	
 
    
	
 
    	
 
    
	
 
    	
FORD   CREDIT FLOORPLAN MASTER OWNER
    
	
 
    	
TRUST A, as Grantor
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    	
,   not in its
    
	
 
    	
 
    	
individual capacity but solely as Owner Trustee of   Ford Credit Floorplan Master Owner Trust A
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
,
    
	
 
    	
 
    	
as   Secured Party
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
,
    
	
 
    	
 
    	
as   Financial Institution
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
					

 

[Signature Page to Series 20    -      Account Control Agreement]Exhibit 10.1

 

FIRST AMENDMENT TO 364-DAY REVOLVING
CREDIT AGREEMENT

 

THIS FIRST AMENDMENT
TO 364-DAY REVOLVING CREDIT AGREEMENT (this “First Amendment”) is dated as of the 13th day of November,
2015 by and between BNC BANCORP, a North Carolina corporation (the “Borrower”), and SYNOVUS BANK,
as Lender (the “Lender”).

 

WHEREAS, the Borrower
and the Lender entered into that certain 364-Day Revolving Credit Agreement dated as of November 14, 2014 (as in effect prior to
the date hereof, the “Credit Agreement”);

 

WHEREAS, the Borrower
has requested that the Maturity Date be extended to November 12, 2016;

 

WHEREAS, the Borrower
has further requested that the Revolving Commitment be increased from $15,000,000 to $25,000,000; and

 

WHEREAS, the Lender
is willing to amend the Credit Agreement on the terms and conditions contained in this First Amendment;

 

NOW, THEREFORE, in
consideration of the promises and the mutual covenants contained in the Credit Agreement as amended by this First Amendment, the
Borrower and the Lender agree as follows:

 

Section 1. Definitions.
Capitalized terms used in this First Amendment and not otherwise defined herein shall have the respective meanings given such terms
in the Credit Agreement.

 

Section 2. References
Generally. References in the Credit Agreement (including references to the Credit Agreement as amended hereby) to “this
Agreement” (and indirect references such as “hereunder”, “hereby”, “herein” and “hereby”)
shall be deemed to be references to the Credit Agreement as amended hereby.

 

Section 3. Specific
Amendments. Subject to the satisfaction of the conditions precedent specified in Section 5 below, but effective as of
the date hereof, the Credit Agreement shall be amended as follows:

 

3.01. Recitals.
The first recital of the Credit Agreement is hereby amended by replacing the reference to “$15,000,000” with “$25,000,000”.

 

3.02. Maturity
Date. Section 1.1 of the Credit Agreement is hereby amended by amending the definition of “Maturity Date” contained
therein to read in its entirety as follows:

 

“‘Maturity Date’
shall mean November 12, 2016.”

 

     

     

    

  

3.03. Revolving
Commitment. Section 1.1 of the Credit Agreement is hereby amended by amending the definition of “Revolving Commitment”
contained therein to read in its entirety as follows:

 

“‘Revolving Commitment’
shall mean the obligation of the Lender to make Revolving Loans hereunder in an aggregate principal amount not exceeding $25,000,000
at any time outstanding.”

 

3.04. Revolving
Credit Note. Section 1.1 of the Credit Agreement is hereby amended by amending the definition of “Revolving Credit Note”
contained therein to read in its entirety as follows:

 

“‘Revolving Credit
Note’ shall mean a promissory note of the Borrower made payable to the order of the Lender in the principal amount
of $25,000,000, in substantially the form of Exhibit B.”

 

3.05. Commitment
Fees. Section 2.9 of the Credit Agreement is hereby amended to read in its entirety as follows:

 

“Section 2.9. Commitment Fees.
The Borrower shall pay to the Lender a commitment fee for the period from and including November 13, 2015 through and
including the then current Maturity Date (the “Commitment Fee Period”), computed on a per annum basis and the
actual number of days elapsed, equal to 0.125% multiplied by the amount on each day by which the Revolving Commitment
exceeds the aggregate outstanding principal amount of Revolving Loans on such day. The commitment fee shall accrue at all times
during the Commitment Fee Period, including at any time during which one or more of the conditions to borrowing set forth in Article III
is not satisfied, and shall be due and payable monthly in arrears on the last day of each month and on the Maturity Date.”

 

Section 4. Other
Documents. All other Loan Documents executed and delivered in connection with the Credit Agreement are hereby amended solely
to the extent necessary to conform to this First Amendment.

 

Section 5. Conditions.
The effectiveness of this First Amendment is subject to the satisfaction of the following conditions precedent (other than the
condition set forth in paragraph (h) below (which may be satisfied after the date hereof)):

 

(a) the Lender
shall have received a counterpart of this First Amendment duly executed by all signatories hereto;

 

(b) the Borrower
shall have paid to the Lender an upfront fee equal to 0.50% of the Revolving Commitment, as increased by this First Amendment,
such fee to be non-refundable and fully earned upon receipt;

 

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(c) the Lender
shall have received a written opinion of Troutman Sanders LLP addressed to the Lender and covering substantially all of the matters
set forth in the opinion rendered on the Closing Date of the Credit Agreement but as they relate to this First Amendment and otherwise
in form and substance satisfactory to the Lender;

 

(d) the Lender
shall have received a certificate of the Secretary or Assistant Secretary of the Borrower, attaching and certifying resolutions
of its board of directors authorizing the execution, delivery and performance of this First Amendment and certifying the name,
title and true signature of each officer of the Borrower executing the Loan Documents and otherwise in form and substance satisfactory
to the Lender;

 

(e) the Lender
shall have received a certificate dated the date hereof and signed by a Responsible Officer, certifying that (w) no Default or
Event of Default exists, (x) all representations and warranties of the Borrower set forth in the Loan Documents remain true and
correct on and as of the date hereof (except to the extent such representations and warranties relate to an earlier date (in which
case such representations and warranties shall be true and correct as of such earlier date), (y) since June 30, 2015, there shall
have been no change, event or other circumstance which has had or could reasonably be expected to have a Material Adverse Effect
and (z) no consents, approvals, authorizations, registrations, filings or orders of the type described in section 5(f) below are
required to be made or obtained in connection with the execution, delivery, performance, validity and enforceability of the Loan
Documents or any transaction contemplated thereby, other than those that have been obtained;

 

(f) the Lender
shall have received certified copies of all consents, approvals, authorizations, registrations and filings and orders required
to be made or obtained under any applicable laws, or by any contractual obligation of the Borrower, in connection with the execution,
delivery, performance, validity and enforceability of this First Amendment or any of the transactions contemplated hereby, and
such consents, approvals, authorizations, registrations, filings and orders shall be in full force and effect and all applicable
waiting periods shall have expired, and no investigation or inquiry by any Governmental Authority regarding the Revolving Loans
or any transactions being financed with the proceeds thereof shall be ongoing;

 

(g) the Lender
shall have received a duly executed Revolving Credit Note payable to the Lender in a face amount equal to the Revolving Commitment,
as increased hereby;

 

(h) the Lender
shall have received the results of a recent UCC, tax, judgment and lien searches in respect of the Borrower, and such searches
shall reveal no Liens of record other than Liens permitted pursuant to Section 7.2 of the Credit Agreement;

 

(i) the Borrower
shall have paid all fees and expenses contemplated by Section 8 hereof; and

 

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  (j) the Lender shall have received such other documents, instruments and agreements as the Lender may reasonably request relating to the transactions contemplated herein.

  

Section 6. Representations
and Warranties. To induce the Lender to enter into this First Amendment, the Borrower hereby represents and warrants to the
Lender that:

 

(a)Authorization.
The Borrower has the right and power, and has taken all necessary action to authorize it, to execute and deliver this First Amendment
and to perform its obligations hereunder and under the Credit Agreement, as amended by this First Amendment, and the other Loan
Documents to which it is a party in accordance with their respective terms. This First Amendment has been duly executed and delivered
by a duly authorized officer of the Borrower and each of this First Amendment and the Loan Agreement, as amended by this First
Amendment, is a legal, valid and binding obligation of the Borrower enforceable against the Borrower in accordance with its respective
terms.

 

(b)Compliance
with Laws. The execution and delivery by the Borrower of this First Amendment and the performance by the Borrower of this First
Amendment and the Credit Agreement, as amended by this First Amendment, in accordance with their respective terms, do not and will
not, by the passage of time, the giving of notice or otherwise: (i) require any consent or approval of, registration or filing
with, or any action by, any Governmental Authority (other than any filings required by applicable securities laws) or violate any
law, rule or regulation applicable to the Borrower or any judgment, order or ruling of any Governmental Authority; (ii) violate
or result in a default under any indenture, material agreement or other material instrument binding on the Borrower or any of its
assets or give rise to a right thereunder to require any payment to be made by the Borrower; or (iii) result in the creation
or imposition of any Lien on any asset of the Borrower.

 

(c)No
Default. As of the date hereof, no Default or Event of Default shall have occurred and be continuing.

 

Section 7. Reaffirmation
of Representations. The Borrower hereby represents, repeats and reaffirms all representations and warranties made by the Borrower
in the Credit Agreement and the other Loan Documents on and as of the date hereof with the same force and effect as if such representations
and warranties were set forth in this First Amendment in full (except to the extent that any such representation or warranty expressly
relates to an earlier date, in which case, the Borrower hereby represents, repeats and reaffirms such representation and warranty
as of such date).

 

Section 8. Payment
of Expenses. The Borrower agrees to pay or reimburse the Lender, upon demand, for its reasonable out-of-pocket fees, costs
and expenses (including attorneys’ fees) incurred in connection with the preparation, negotiation, execution and delivery
of this First Amendment and the other documents and agreements executed and delivered in connection herewith.

 

    	 	4	 

     

    

  

Section 9. Effect;
Ratification.

 

(a) Except
as expressly herein amended, the terms and conditions of the Credit Agreement and the other Loan Documents remain unchanged and
continue to be in full force and effect. The amendments contained herein shall be deemed to have prospective application only,
unless otherwise specifically stated herein. The Credit Agreement is hereby ratified and confirmed in all respects. Each reference
to the Credit Agreement in any of the Loan Documents shall be deemed to be a reference to the Credit Agreement, as amended by this
First Amendment.

 

(b) Nothing
contained herein shall be deemed to constitute a waiver of compliance with any term or condition contained in the Credit Agreement
or any of the other Loan Documents, or constitute a course of conduct or dealing among the parties. The Lender reserves all rights,
privileges and remedies under the Loan Documents.

 

(c) This
First Amendment constitutes the entire agreement and understanding among the parties hereto with respect to the subject matter
hereof and supersedes any and all prior agreements and understandings, oral or written, relating to the subject matter hereof.
This First Amendment shall for all purposes be deemed to be a “Loan Document” under the Credit Agreement and entitled
to the benefits thereof.

 

Section 10. Further
Assurances. The Borrower agrees to take all further actions and execute such other documents and instruments as the Lender
may from time to time reasonably request to carry out the transactions contemplated by this First Amendment, the Loan Documents
and all other agreements executed and delivered in connection herewith.

 

Section 11. Binding
Effect. This First Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective
permitted successors and assigns.

 

Section 12. Counterparts.
This First Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original and shall be
binding upon all parties, their successors and assigns. The exchange of copies of this First Amendment and of signature pages by
facsimile or .pdf via email transmission shall constitute effective execution and delivery of this Agreement as to the parties.

 

Section 13. Severability;
Headings. Any provision of this First Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability, without invalidating the remaining provisions
hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction. The section and subsection headings used in this First Amendment are for convenience of reference only
and are not to affect the construction hereof or to be taken into consideration in the interpretation hereof.

 

    	 	5	 

     

    

  

Section 14. GOVERNING
LAW. THIS FIRST AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS FIRST AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE
WITH AND BE GOVERNED BY THE LAW (WITHOUT GIVING EFFECT TO THE CONFLICT OF LAW PRINCIPLES THEREOF) OF THE STATE OF GEORGIA.

 

 

[Signature Page Follows]

 

 

    	 	6	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this First Amendment to 364-Day Revolving Credit Agreement to be duly executed by their respective
authorized officers as of the day and year first above written.

 

	 	BNC BANCORP,	 
	 	as Borrower	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Richard D. Callicutt II	 
	 	Name:	Richard D. Callicutt II	 
	 	Title:	President and Chief Executive Officer	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	SYNOVUS BANK,	 
	 	as Lender	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Michael Sawicki	 
	 	Name:	Michael Sawicki	 
		Title:	Senior Vice President and Director LCBG East

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