Document:

Exhibit

        

TERMINATION AGREEMENT 

AMONG

FEDERAL DEPOSIT INSURANCE CORPORATION,
RECEIVER OF COLONIAL BANK
MONTGOMERY, ALABAMA

FEDERAL DEPOSIT INSURANCE CORPORATION

and

BRANCH BANKING & TRUST COMPANY

DATED AS OF

SEPTEMBER 14, 2016

TERMINATION AGREEMENT

THIS TERMINATION AGREEMENT (the “Agreement”), is made and entered into as of the fourteenth day of September, 2016, by and among the FEDERAL DEPOSIT INSURANCE CORPORATION, as RECEIVER OF COLONAL BANK, MONTGOMERY, ALABAMA (the “Receiver”), BRANCH BANKING & TRUST COMPANY, organized under the laws of the State of North Carolina and having its principal place of business in Winston-Salem, North Carolina (the “Assuming Institution”), and the FEDERAL DEPOSIT INSURANCE CORPORATION, organized under the laws of the United States of America and having its principal office in Washington, D.C., acting in its corporate capacity (the “Corporation”). The Receiver, the Corporation and the Assuming Institution may each be referred to herein as a “Party” or collectively as the “Parties”.

RECITALS

A.The Receiver, the Assuming Institution and the Corporation entered into a Purchase and Assumption Agreement dated as of August 14, 2009 (the “P&A Agreement”) with respect to certain assets and liabilities of Colonial Bank (the “Failed Bank”). The Parties also entered into an Addendum to the P&A Agreement dated as of August 14, 2009 (the “Addendum”).

.     B.    The Receiver, the Assuming Institution and the Corporation desire to terminate the Single Family Shared-Loss Agreement, Exhibit 4.15A of the P&A Agreement (the “SFSLA”), the Commercial Shared-Loss Agreement, Exhibit 4.15 B of the P&A Agreement (the “CSLA”) and the Addendum. 

NOW, THEREFORE, in consideration of the mutual promises herein set forth and other valuable consideration, the parties hereto agree as follows:

ARTICLE I

CLOSING

Except as noted below in Section 2.1 and subject to the satisfaction, or waiver in writing of the conditions precedent set forth in Article III, the transactions contemplated by this Agreement shall be consummated at a closing (the “Closing”) to be held in person or by electronic means, as the Receiver shall direct, on September 14, 2016, or such earlier or later date, or in such other manner, as the parties hereto may agree in writing (the “Closing Date”). 

ARTICLE II
PAYMENTS AND TERMINATION

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2.1    Payment of Termination Amount.  Within two Business Days after the Closing Date, subject to the satisfaction or waiver in writing of the conditions precedent set forth herein, 
the Assuming Institution shall pay or cause to be paid to the Receiver by wire transfer in immediately available funds, Two Hundred Thirty Million, Two Hundred Eighty Eight Thousand, Nine Hundred Sixty One Dollars ($230,288,961) (the “Termination Amount”). The Assuming Institution and the Receiver hereby acknowledge that the amount of shared-loss claims filed by the Assuming Institution but not yet paid by the Receiver were accounted for in the calculation of the Termination Amount.  

2.2    Termination of the SFSLA and the CSLA.  Upon the occurrence of the Closing and subsequent payment of the Termination Amount all rights and obligations of the parties to make and receive payments pursuant to the SFSLA and the CSLA and all rights and obligations of the parties thereto, shall terminate effective as of the Closing Date. 

2.3.    Termination of the Addendum. Upon the occurrence of the Closing all rights and obligations of the Parties to make and receive payments pursuant to the Addendum and all rights and obligations of the Parties thereto, shall terminate effective as of the Closing Date.

2.4     Legal Action; Utilization of Special Receivership Powers.  As of the Closing Date, the Assuming Institution’s right, under Article III of the SFSLA and Article III of the CSLA, to request to utilize any special legal power or right which the Assuming Institution derived as a result of having acquired an asset from the Receiver shall terminate; provided, however, any prior requests to utilize such special powers or rights that were granted by the Receiver shall not be affected hereby, and the Assuming Institution may continue to use such special legal rights or powers in the litigation in which the permission to use those special legal powers or rights was given.  Notwithstanding the foregoing, the Assuming Institution shall continue to have all rights and remedies available to it under applicable state and federal laws, which shall not be limited or altered by this Agreement.

ARTICLE III 
CONDITIONS PRECEDENT

The obligations of the parties to this Agreement are subject to the Receiver and the Corporation having received at or before the Closing Date evidence reasonably satisfactory to each of any necessary approval, waiver, or other action by any governmental authority, the board of directors of the Assuming Institution, or other third party, with respect to this Agreement and the transactions contemplated hereby, and any agreements, documents, matters or proceedings contemplated hereby or thereby.

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ARTICLE IV
MISCELLANEOUS

4.1     No Third Party Beneficiary.  Nothing expressed or referred to in this Agreement is intended or shall be construed to give any Person other than the Receiver, the Corporation and the Assuming Institution (and their respective successors and assigns)  any legal or equitable right, remedy or claim under or with respect to this Agreement or any provisions contained herein, it being the intention of the parties hereto that this Agreement, the obligations and statements of responsibilities hereunder, and all other conditions and provisions hereof are for the sole and exclusive benefit of the Receiver, the Corporation and the Assuming Institution and that there be no other third party beneficiaries.   

4.2     Rights Cumulative.  Except as otherwise expressly provided herein, the rights of each of the parties under this Agreement are cumulative, may be exercised as often as any party considers appropriate and are in addition to each such party’s rights under this Agreement, any of the agreements related thereto or under applicable law.  Any failure to exercise or any delay in exercising any of such rights, or any partial or defective exercise of such rights, shall not operate as a waiver or variation of that or any other such right, unless expressly otherwise provided.  

4.3    Entire Agreement.  This Agreement embodies the entire agreement of the parties hereto in relation to the subject matter herein and supersedes all prior understandings or agreements, oral or written, between the parties.

4.4     Counterparts.  

(a)This Agreement may be executed in any number of counterparts and by the duly authorized representative of a different party hereto on separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same Agreement.

(b)Each counterpart of this Agreement will be treated in all manner and respects as an original agreement and will be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. No signatory to this Agreement may raise the use of a facsimile machine or other electronic means to deliver an executed document or the fact that any signature or agreement was transmitted or communicated through the use of a facsimile machine or other electronic means as a defense to the formation or enforceability of a contract and each party hereto forever waives any such defense.

4.5     GOVERNING LAW.  THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS HEREUNDER AND THEREUNDER SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE FEDERAL LAW OF THE UNITED STATES OF AMERICA, AND IN THE ABSENCE OF CONTROLLING FEDERAL LAW, IN 

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ACCORDANCE WITH THE LAWS OF THE STATE IN WHICH THE MAIN OFFICE OF THE FAILED BANK WAS LOCATED.

4.6     Successors.  All terms and conditions of this Agreement shall be binding on the successors and assigns of the Receiver, the Corporation and the Assuming Institution. 

4.7     Modification.  No amendment or other modification, rescission or release of any part of this Agreement shall be effective except pursuant to a written agreement subscribed by the duly authorized representatives of the parties hereto.

4.8     Manner of Payment.  All payments due under this Agreement shall be in lawful money of the United States of America in immediately available funds as each party hereto may specify to the other parties; provided that in the event the Receiver or the Corporation is obligated to make any payment hereunder in the amount of $25,000.00 or less, such payment may be made by check.

4.9     Waiver.  Each of the Receiver, the Corporation and the Assuming Institution may waive its respective rights, powers or privileges under this Agreement; provided that such waiver shall be in writing; and further provided that no failure or delay on the part of the Receiver, the Corporation or the Assuming Institution to exercise any right, power or privilege under this Agreement shall operate as a waiver thereof, nor will any single or partial exercise of any right, power or privilege under this Agreement preclude any other or further exercise thereof or the exercise of any other right, power or privilege by the Receiver, the Corporation, or the Assuming Institution under this Agreement, nor will any such waiver operate or be construed as a future waiver of such right, power or privilege under this Agreement. 

4.10     Severability.  If any provision of this Agreement is declared invalid or unenforceable, then, to the extent possible, all of the remaining provisions of this Agreement shall remain in full force and effect and shall be binding upon the parties hereto.

4.11      Survival of Covenants.  The covenants, representations, and warranties in this Agreement shall survive the execution of this Agreement and the consummation of the transactions contemplated hereunder.

        4.12      Capitalized Terms. Capitalized terms not otherwise defined herein shall have the meanings given such terms in the P&A Agreement, the SFSLA or the CSLA, as applicable.

[Signature Page Follows]

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IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed by themselves or their respective officers, as the case may be, as of the day and year first above written. 

        
FEDERAL DEPOSIT INSURANCE CORPORATION, 
RECEIVER OF COLONIAL BANK
                    
BY:      /s/ Robert Stoner                
NAME:  Robert Stoner
TITLE:  Manager, Strategic Programs

Attest:

_/s/ Philip Mangano                      

FEDERAL DEPOSIT INSURANCE CORPORATION

BY:      /s/ Philip Mangano                 
NAME:  Philip Mangano
TITLE:  Deputy Director, AMM

Attest:

  /s/ Robert Stoner            

        

BRANCH BANKING & TRUST COMPANY

BY:     /s/ Brent Hicks                 
NAME:  Brent Hicks
TITLE:  SVP - Risk Executive

Attest:

/s/ Regina Lisa Gause                                     

6EX-10.1

 Exhibit 10.1 
 

 
 09/06/2016 
 Rubicon
Technology, Inc. 
 900 E Green Street Unit A 
 Bensenville, IL
60106 
 Attn: Mardel Graffy 

Re: Pay-Off Letter 
 Dear Mardel: 

We refer to the Loan and Security Agreement dated as of 01/02/2013 (as the same may from time to time have been amended, restated, or otherwise modified, the
“Loan Agreement”) by and between Rubicon Technology, Inc & RubiconWorldwide, LLC, a (“Borrower”) and Silicon Valley Bank (“Bank”). Capitalized terms used but not otherwise defined herein shall have the meanings
given them in the Loan Agreement.
 Borrower has advised Bank that it intends to repay all amounts due and owing under the Loan Agreement and has requested
that Bank provide Borrower with appropriate pay-off amounts for the principal, interest, and other amounts owing by Borrower to Bank under the Loan Documents (as defined below) (such amounts, collectively, the “Obligations”). The
pay-off amounts for Borrower as of 09/09/2016 (the “Computation Date”) under the Loan Documents are as follows (collectively, together with any additional interest accruing after the Computation Date that must be repaid by Borrower, the
“Pay-Off Amount”): 
  

					
	 Principal
	  	$	0.00	  
	 Interest
	  	$	0.00	  
	 Unused Line Fee
	  	$	            2,739.73	  
	 Legal Expense
	  	$	TBD	  
	 Statement Fee
	  	$	15.00	  
		
	 Total Amount Owing
	  	$	2,754.73	  

 From and after the Computation Date and until 12:00 pm Pacific time on the Pay-Off Date (as defined below), interest shall
continue to accrue on the unpaid principal amount at the rate set forth in the Loan Agreement. The per diem accrual of interest on the unpaid principal amount is $342.47. Upon request of Borrower, Bank shall provide Borrower with a revised
figure for the amount of interest to be paid as a part of the Pay-Off Amount. The foregoing accrued interest amount assumes no change in the operative interest rates after the date hereof. The foregoing principal balance assumes
(1) no additional credit extensions under the Loan Agreement, and (2) that collections received by Bank in the normal course of business from the account debtors of Borrower are cleared by their respective banks. 

This letter confirms that Borrower has waived the right to seek any additional credit extensions, and Bank shall not be obligated to make, and Bank shall not
make, any further credit extensions or other financial accommodations under the Loan Agreement to or for the benefit of Borrower. 
 Borrower hereby
authorizes Bank to deduct the Pay-Off Amount from Borrower’s account, account number xxxxxxxxxx maintained with Bank. 
 Effective immediately upon
Bank’s receipt of payment in full in cash of the Pay-Off Amount (the date of Bank’s receipt of the Pay-Off Amount being the “Pay-Off Date”; should Bank receive payment of the Pay-Off Amount in the form of a check made payable to
Bank, the Pay-Off Date shall be the date that is ten (10) Business Days following Bank’s receipt of such check), without 

 
further action on the part of the parties hereto (i) all Obligations under the Loan Agreement and any other related loan and collateral security documents that may have been issued by
Borrower to Bank in connection with the transaction evidenced by the Loan Agreement (collectively, the “Loan Documents”; provided, however, “Loan Documents” shall not include any Bank Services Agreement (as defined below) or any
warrant executed by Borrower in favor of Bank and subsequently assigned to SVB Financial Group) shall be paid and discharged in full; (ii) all unfunded commitments to make credit extensions or financial accommodations to Borrower or any other
person under the Loan Agreement shall be terminated; (iii) except as otherwise provided below, all security interests and other liens of every type at any time granted to or held by Bank as security for the Obligations shall be terminated and
automatically released without further action by Bank; (iv) all guaranties supporting the Loan Agreement shall be released without further action by Bank; and (v) all other obligations of Borrower shall be deemed terminated; provided,
however, those obligations, liabilities, covenants, and terms that are expressly specified in any Loan Document as surviving that respective agreement’s termination, including without limitation, Borrower’s indemnity obligations set
forth in the Loan Agreement, shall continue to survive notwithstanding this termination. 
 Notwithstanding the terms and conditions stated in this Pay-Off
Letter, the Obligations do not include the amounts (such amounts, the “Bank Services Obligations”) that currently are or that may later be due and payable for services and products Bank shall continue to provide to Borrower after the Pay
Off Date pursuant to the terms of those agreements listed on Exhibit A attached hereto (each such agreement, a “Bank Services Agreement”). 
 Bank
authorizes Borrower, or any other party on behalf of Borrower, upon or after the Pay-Off Date, to prepare and file any UCC-3 Termination Statements or other documents necessary to evidence the release of Bank’s security interests in any of
Borrower’s property or assets that secured the Obligations and in any third party and any of such third party’s property or assets that guarantied the Obligations or provided collateral security therefore. Within three (3) business
days following the Pay-Off Date, Bank shall (i) if required by any third party, deliver to such third party such termination notices relating to any deposit or securities account control agreements or other notices terminating Bank’s security
interest arising under the Loan Documents, and (ii) if applicable, return any pledged stock in Bank’s possession to the pledgor; provided, that any costs or expenses incurred by Bank with respect to such items (including all reasonable
attorneys’ fees and expenses) shall be reimbursed promptly by Borrower on demand. From and after the Pay-Off Date, Bank further agrees to procure, deliver, or execute and deliver to Borrower, from time to time, all further releases not
specified above, certificates, instruments, and documents as may be reasonably requested by Borrower or which are required to evidence the consummation of the payoff contemplated hereby, in each case at the expense of Borrower (including all
reasonable attorneys’ fees and expenses). 
 This letter may be executed by any of the parties hereto on separate counterparts, and all of said
counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature page of this Pay-Off Letter by facsimile or other electronic transmission shall be effective as delivery of a manually
executed counterpart hereof. 
 This letter shall be governed by the laws of the State of California and shall become effective only when signed by Bank and
accepted by Borrower by its due execution in the space provided below. 
  

			
	 Very truly yours,
  

SILICON VALLEY BANK
  

By:         /s/ Kyle
Larrabee                                    

Name:         Kyle
Larrabee                                    

Title:           Vice
President                                    

 
	  	 Acknowledged by:
  

RUBICON TECHNOLOGY INC
 RUBICONWORLDWIDE, LLC

 
 By:     /s/ Mardel A.
Graffy                                    

Name:     Mardel A.
Graffy                                    

Title:        CFO                
                                        

  9-9-16

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