Document:

ALP NON-COMPETE AGREEMENT 12-14-05

    Exhibit
      10.1

    

    NON-COMPETITION
      AGREEMENT

    

    

    THIS
      AGREEMENT,
      made as of December 14, 2005, between Albert L. Prillaman (the “Former
      Executive”) and STANLEY FURNITURE COMPANY, INC., a Delaware corporation (the
“Company”).

    WHEREAS,
      the
      Company desires to preserve its competitive status in the industry and to
      protect the future of the Company by obtaining a covenant not to compete from
      the Former Executive who served as chairman of the Company until April 2005,
      and
      the Former Executive is willing to enter into an agreement to such end upon
      the
      terms and conditions set forth in this Agreement. In consideration of the
      foregoing and the mutual agreements herein contained, the parties agree as
      follows:

    1.  Term.
      The term of this
      Agreement (the “Term”) shall commence on the date hereof and end on December 31,
      2008.

    2.  Consideration.
      The Company shall
      pay the Former Executive $250,000 promptly after the date hereof as
      consideration for the covenants contained herein.

    3.  Restrictive
      Covenants.

    (a)  Non-competition
      Restriction.
      During the Term,
      the Former Executive shall not directly or indirectly manage, operate, control,
      be employed by, participate in, invest in or be connected in any manner with
      the
      management, operation, ownership or control of any business or venture which
      is
      in competition in the United States with the business of the Company, provided
      that nothing herein shall prohibit the Former Executive from owning securities
      of the Company or up to 5% of the outstanding voting securities of any issuer
      which is listed on the New York or American Stock Exchange or as to which
      trading is reported or quoted on the NASDAQ System. 

    (b)  Non-solicitation
      Agreement.
      During the Term,
      the Former Executive shall not directly or indirectly hire or employ in any
      capacity or solicit the employment of or offer employment to or entice away
      or
      in any other manner persuade or attempt to persuade any person employed by
      the
      Company or any of its subsidiaries to leave the employ of any of them.

    (c)  Specific
      Enforcement.
      It is agreed and
      understood by the parties hereto that, in view of the nature of the business
      of
      the Company, the restrictions in subsections (a) and (b) above are reasonable
      and necessary to protect the legitimate interests of the Company, monetary
      damages alone are not an adequate remedy for any breach of such provisions,
      and
      any violation thereof would result in irreparable injuries to the Company.
      The
      Former Executive therefore acknowledges that, in the event of his violation
      of
      any of such restrictions, the Company shall be entitled to obtain from any
      court
      of competent jurisdiction preliminary and permanent injunctive relief as well
      as
      damages and an equitable accounting of all earnings, profits and other benefits
      arising from such violation, which rights shall be cumulative and in addition
      to
      any other rights or remedies to which the Company may be entitled.

    (d)  Severability
      and
      Extension.
      If the period of
      time or the area specified in subsection (a) above is determined to be
      unreasonable in any proceeding, such period shall be reduced by such number
      of
      months or the area shall be reduced by the elimination of such portion thereof,
      or both, so that such restrictions may be enforced for such time and in such
      area as is determined to be reasonable. If the Former Executive violates any
      of
      the restrictions contained in subsection (a) above, the restrictive period
      shall
      not run in favor of the Former Executive from the time of the commencement
      of
      any such violation until such time as such violation shall cease.

    4.  Notice.
      All notices,
      requests, demands and other communications hereunder shall be in writing and
      shall be effective upon the mailing thereof by registered or certified mail,
      postage prepaid, and addressed as set forth below:

    (a)  If
      to the
      Company:

    

    Stanley
      Furniture
      Company, Inc.

    1641
      Fairystone
      Park Highway

    Stanleytown,
      Virginia 24168

    

    Attention:
      Chairman
      and Chief Executive Officer

    

    (b)  If
      to the Former
      Executive:

     

    Albert
      L.
      Prillaman

    10
      Gracefield Road

    Hilton
      Head Island,
      SC 29928

    

    Any
      party may
      change the address to which notices are to be addressed by giving the other
      party written notice in the manner herein set forth.

    5.  Waiver
      of
      Breach.
      Waiver by either
      party of a breach of any provision of this Agreement by the other shall not
      operate as a waiver of any subsequent breach by such other party.

    6.  Entire
      Agreement.
      This Agreement
      contains the entire agreement of the parties in this matter and supersedes
      any
      other agreement, oral or written, concerning the subject matter hereof. It
      may
      be changed only by an agreement in writing signed by both parties
      hereto.

    7.  Governing
      Law.
      This Agreement
      shall be governed by the laws of the Commonwealth of Virginia.

    8.   Benefit.
      This Agreement
      shall be binding upon and inure to the benefit of and shall be enforceable
      by
      and against the Company, its successors and assigns, and the Former Executive,
      his heirs, beneficiaries and legal representatives.

     

    IN
      WITNESS WHEREOF, the Former Executive and the Company have executed this
      Agreement as of the day and year above written.

    

    
      	
                                                                                                  
                STANLEY FURNITURE COMPANY, INC.

            
	 	 
	 	 
	
                                                 By:

            	/s/
              Jeffrey R. Scheffer   
	 	Jeffrey R.
              Scheffer
	 	Chairman and Chief
              Executive Officer
	 	 
	 	/s/ Albert L.
              Prillaman
	 	Albert
              L.
              PrillamanAMENDMENT NUMBER ONE

to the

 

POOLING AND SERVICING AGREEMENT

SACO I Trust 2005-5

Mortgage Pass-Through Certificates, Series 2005-5, 

 

Dated as of July 1, 2005

 

among

 

BEAR STEARNS ASSET BACKED SECURITIES I LLC, 

Depositor

 

EMC MORTGAGE CORPORATION,

 Seller and Company,

 

LASALLE BANK NATIONAL ASSOCIATION,

Master Servicer and Securities Administrator,

 

and

 

CITIBANK, N.A.,

Trustee

 

This AMENDMENT NUMBER ONE is made and entered into this 15th day of December, 2005, by and among BEAR STEARNS ASSET BACKED SECURITIES I LLC, a Delaware limited liability company, as depositor (the “Depositor”), EMC MORTGAGE CORPORATION, a Delaware corporation, as seller (in such capacity, the “Seller”) and as company (in such capacity, the “Company”), LASALLE BANK NATIONAL ASSOCIATION, a national banking association, as master servicer (in such capacity, the “Master Servicer”) and as securities administrator (in such capacity, the “Securities Administrator”) and CITIBANK, N.A., a national banking association, not in its individual capacity but solely as trustee (the “Trustee”), in connection with the Pooling and Servicing Agreement, dated as of July 1, 2005, among the above mentioned parties (the
“Agreement”), and the issuance of SACO I Trust 2005-5 Mortgage Pass-Through Certificates, Series 2005-5. This amendment is made pursuant to Section 12.01 of the Agreement.

 

1.           Capitalized terms used herein and not defined herein shall have the meanings assigned to such terms in the Agreement.

 

	
             
 	
            2.
 	
            Section 11.01(a) of the Agreement is hereby amended effective as of the date hereof by adding the following third paragraph:
 

 

 

 

 “No later than two (2) Business Days following the purchase by the Majority Class I-C Certificateholder of all of the Group I Loans (and REO Properties) as described above, the Majority Class I-C Certificateholder shall solicit, or cause to be solicited, good faith bids for the Group I Loans (and REO Properties) from at least three institutions that are regular purchasers and/or sellers in the secondary market of residential whole mortgage loans similar to the Group I Loans (“Auction Participants”).  Each Minority Class I-C Certificateholder shall have the right to designate a third party entity of its choosing to participate in the auction as an Auction Participant.  This entity (i) shall act independently from any such Minority Class I-C Certificateholder in all respects, (ii) shall make, in its sole discretion, any and all decisions with respect to its participation in
the auction, and, if applicable, the ownership of the Group I Loans, and (iii) shall not be an agent of any such Minority Class I-C Certificateholder under any circumstances.  If the Majority Class I-C Certificateholder receives at least one bid for the Group I Loans (and REO Properties) that is greater than the Mortgage Loan Purchase Price, the Majority Class I-C Certificateholder must sell the Group I Loans (and REO Properties) to the related bidder (the “Auction Purchaser”) at such price offered by such Auction Purchaser (the “Auction Purchase Price”); provided, however, prior to acceptance of any offer from an Auction Purchaser, the Majority Class I-C Certificateholder shall give each Minority Class I-C Certificateholder or its designee, with respect to such offer, written notice thereof and each Minority Class I-C Certificateholder or its designee shall have the option for a period of five (5) Business Days after
receipt of such notice to purchase the Group I Loans (and REO Properties) at the Auction Purchase Price (the “Last Look Option”).  Should more than one Minority Class I-C Certificateholder, or its designee, choose to exercise the Last Look Option, the Minority Class I-C Certificateholder, or its designee, offering the highest purchase price shall be awarded the Group I Loans (and REO Properties).  If none of the Minority Class I-C Certifiteholders who choose to exercise the Last Look Option, or their designees, should choose to raise their purchase price above the Auction Purchase Price, then the Group I Loans (and REO Properties) shall be awarded to the Minority Class I-C Certificateholder, or its designee, that has held an interest in the Class I-C Certificate the longest.  An amount equal to the difference between (a) the Auction Purchase Price obtained either by the exercise of the Last Look Option, or, in the event that the Last Look Option is not exercised, by the sale
of the Group I Loans (and REO Properties) to the Auction Purchaser, or, if the exercise of the Last Look Option results in a price higher than the Auction Purchase Price, such price and (b) the Mortgage Loan Purchase Price shall be divided, pro rata, based on such Holders’ respective Percentage Interests in the Class I-C Certificates, and distributed between the Majority Class I-C Certificateholder and the Minority Class I-C Certificateholders (other than the Minority Class I-C Certificateholder that exercised the Last Look Option, if applicable). If the Majority Class I-C Certificateholder does not receive any bid that is equal to or greater than the Mortgage Loan Purchase Price, it shall be under no obligation to sell the Group I Loans (and REO Properties).  For the avoidance of doubt, the rights and obligations described in this paragraph of the Majority Class I-C Certificateholder and any Minority Class I-C Certificateholder
relating to the auction of Group I Loans (and REO Properties) and the sharing of auction proceeds shall represent a contractual arrangement between such Certificateholders that is separate from, and outside of, any REMIC created hereunder and that does not arise in respect of any Regular Interest in a REMIC the ownership of which is represented by the Class I-C Certificates.  Thus, each Class I-C Certificate shall be treated as representing not only ownership of a Regular Interest in REMIC III, but also ownership of an interest in, and obligations with respect to, such contractual arrangement.  Any 

 

auction proceeds received by a Minority Class I-C Certificateholder or the Majority Class I-C Certificateholder pursuant to this paragraph shall not be a payment with respect to a Regular Interest in a REMIC within the meaning of Section 860(G)(a)(1) of the Code.”

 

	
             
 	
            3.
 	
            Section 1.01 of the Agreement is hereby amended effective as of the date hereof by adding the following definitions to such Section:
 

 

“Minority Class I-C Certificateholder: Any Holder of the Class I-C Certificates who is not the Majority Class I-C Certificateholder.”

4.            For the avoidance of doubt, none of the Depositor, the Master Servicer, the Securities Administrator, the Seller or the Trustee shall have any responsibility in connection with the procedures contemplated by Section 1 of this amendment.

 

5.            The Trustee is hereby authorized and directed to enter into the Swap Administration Agreement and any subsequent amendments thereto and restatements thereof.

 

6.            Except as amended above, the Agreement shall continue to be in full force and effect in accordance with its terms.

 

7.            The obligations of the Securities Administrator and the Trustee under this amendment are subject to each of the Securities Administrator’s and the Trustee’s receipt of an Opinion of Counsel, satisfactory to each of the Securities Administrator and the Trustee (i) that this amendment is permitted and is not prohibited by the Agreement and (ii) that all requirements for amending the Agreement have been complied with.

 

 

                IN WITNESS WHEREOF, the Depositor, the Seller, the Company, the Master Servicer, the Securities Administrator and the Trustee have caused their names to be signed hereto by their respective officers thereunto duly authorized as of the day and year first above written.

 

BEAR STEARNS ASSET BACKED SECURITIES I LLC

	
             
 	
            as Depositor
 

 

	
             
 	
            By:
 	
            /s/ Baron Silverstein                                
 
	
             
 	
            Name:
 	
            Baron Silverstein
 	
             

	
             
 	
            Title:
 	
            Vice President
 	
             

					

EMC MORTGAGE CORPORATION

	
             
 	
            as Seller and Company
 

 

	
             
 	
            By:
 	
            /s/ Sue Stepanek                                      
 
	
             
 	
      Name:     Sue Stepanek
 	
             

	
             
 	
            Title:
 	
            Executive Vice President
 	
             

					

LASALLE BANK NATIONAL ASSOCIATION

as Master Servicer and Securities Administrator

 

	
             
 	
            By:
 	
            /s/ Susan L. Abbott                                  
 
	
             
 	
            Name:
 	
            Susan L. Abbott
 	
             

	
             
 	
            Title:
 	
            Assistant Vice President
 	
             

					

CITIBANK, N.A.

	
             
 	
            as Trustee
 

 

	
             
 	
            By:
 	
            /s/ John Hannon                                      
 
	
             
 	
            Name:
 	
            John Hannon
 	
             

	
             
 	
            Title:
 	
            Assistant Vice President
 	
             

					

 

 

 

 

	
            STATE OF NEW YORK
 	
            )
 	
             
 
	
             
 	
            )
 	
            ss.:
 
	
            COUNTY OF NEW YORK
 	
            )
 	
             
 

 

On this 15th day of December, 2005, before me, a notary public in and for said State, appeared Baron Silverstein, personally known to me on the basis of satisfactory evidence to be an authorized representative of Bear Stearns Asset Backed Securities I LLC, one of the companies that executed the within instrument, and also known to me to be the person who executed it on behalf of such limited liability company and acknowledged to me that such limited liability company executed the within instrument.

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

/s/ Jeanne Haney                                  

Notary Public

[Notarial Seal]

 

 

	
            STATE OF TEXAS
 	
            )
 	
             
 
	
             
 	
            )
 	
            ss.:
 
	
            COUNTY OF DALLAS
 	
            )
 	
             
 

 

On this 15th day of December, 2005, before me, a notary public in and for said State, appeared Sue Stepanek, personally known to me on the basis of satisfactory evidence to be an authorized representative of EMC Mortgage Corporation, one of the corporations that executed the within instrument, and also known to me to be the person who executed it on behalf of such corporation and acknowledged to me that such corporation executed the within instrument.

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

/s/ Mickie S. Gilmore                          

Notary Public

 

[Notarial Seal]

 

 

	
            STATE OF ILLINOIS
 	
            )
 	
             
 
	
             
 	
            )
 	
            ss.:
 
	
            COUNTY OF COOK
 	
            )
 	
             
 

 

On this 15th day of December, 2005, before me, a notary public in and for said State, appeared Susan L. Abbott, personally known to me on the basis of satisfactory evidence to be an authorized representative of LaSalle Bank National Association that executed the within instrument, and also known to me to be the person who executed it on behalf of such corporation, and acknowledged to me that such corporation executed the within instrument.

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

/s/ A C Hellyer                                    

Notary Public

 

[Notarial Seal]

 

 

 

	
            STATE OF ILLINOIS
 	
            )
 	
             
 
	
             
 	
            )
 	
            ss.:
 
	
            COUNTY OF COOK
 	
            )
 	
             
 

 

On this 15th day of December, 2005, before me, a notary public in and for said State, appeared John Hannon, personally known to me on the basis of satisfactory evidence to be an authorized representative of Citibank, N.A. that executed the within instrument, and also known to me to be the person who executed it on behalf of such corporation, and acknowledged to me that such corporation executed the within instrument.

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

/s/ Nanette Murphy                              

Notary Public

 

[Notarial Seal]

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