Document:

Exhibit 10.54

 

PROMISSORY NOTE SECURED BY DEED OF TRUST

 

	
  $21,500,000.00

  	
   

  	
  November 23, 2010

  
	
   

  	
   

  	
  Los Angeles, California

  

 

FOR
VALUE RECEIVED, the undersigned, CT/BH INTERCHANGE LLC, a Delaware limited
liability company,  whose principal
place of business is 65 Enterprise, Suite 150, Aliso Viejo, California
92656 (“Borrower”), promises to pay to the
order of PCCP CAPITAL I, LLC, a Delaware limited liability company (“Lender”), c/o PCCP, LLC, 222 North Sepulveda Boulevard, Suite 2222,
El Segundo, California, 90245, or at such other place as Lender may designate
to Borrower in writing from time to time, the principal sum of up to TWENTY-ONE
MILLION FIVE HUNDRED THOUSAND AND NO/100 DOLLARS ($21,500,000.00), or so much
thereof as may from time to time be owing hereunder by reason of advances made
by Lender to or for the account of Borrower, together with interest on so much
thereof as is from time to time outstanding and unpaid, from the date of the
advance of the principal evidenced hereby, at the Applicable Interest Rate (as
such term is defined in Section 1.1(b) below) in lawful money
of the United States of America, which shall at the time of payment be legal
tender in payment of all debts and dues, public and private.  Initially capitalized terms not otherwise defined
herein shall have the meanings ascribed to such terms in the Loan Agreement (as
defined in Section 1.4 below).

 

ARTICLE I - TERMS AND
CONDITIONS

 

1.1           Accrual and Calculation of
Interest.

 

(a)           Interest shall accrue on the outstanding principal
balance of this Promissory Note Secured by Deed of Trust (this “Note”) based on a rate of interest per annum (the “Applicable Interest Rate”) in effect from time to time equal
to the sum of (A) five percent (5.00%); plus (B) the rate designated
as “LIBOR” for U.S. dollar deposits with
one (1) month maturities as quoted by a national bank as determined by
Lender (in any case, “Bank”) from
Reuters LIBOR01 (as defined below) or any successor thereto, which shall be
that one-month LIBOR rate in effect two (2) New York Banking Days (as
defined below) prior to the beginning of each calendar month, adjusted for any
reserve requirement and any subsequent costs arising from a change in
government regulation, such rate to be reset at the beginning of each
succeeding month; provided, however, that, notwithstanding anything to the
contrary contained in this Note, in no event shall the LIBOR portion of the
Applicable Interest Rate (under clause (ii) above) be less than two and
one-half percent (2.50%) per annum (or the daily equivalent thereof).  As used herein, the term “New York Banking Day” means any day (other than a Saturday
or Sunday) on which commercial banks are open for business in New York, New
York.  If the initial advance under this
Note occurs other than on the first day of the month, the initial one-month
LIBOR rate shall be that one-month LIBOR in effect two (2) New York
Banking Days prior to the date of the initial advance, which one-month LIBOR
rate plus five percent (5.00%) shall be in effect as the Applicable Interest
Rate for the remaining days of the month of the initial advance; such one-month
LIBOR (and the Applicable Interest Rate) to be reset at the 

 

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beginning
of each succeeding month.  Lender’s
internal records of Applicable Interest Rates shall be determinative in the
absence of manifest error.  As used
herein, the term “Reuters LIBOR0I”
means Reuters Screen LIBOR01 Page (or such other page as may replace
Reuters Screen LIBOR01 Page for the purpose of displaying London interbank
offered rates of major banks for United States dollar deposits).

 

(b)           Interest shall be computed hereunder based on a
360-day year, and shall accrue for each and every day (365 days per year, 366
days per leap year) on which any indebtedness remains outstanding
hereunder.  In computing the number of
days during which interest accrues, the day on which funds are initially
advanced shall be included regardless of the time of day such advance is made,
and the day on which funds are repaid shall be included unless repayment is
credited prior to close of business. 
Payments in federal funds immediately available in the place designated
for payment made by Borrower prior to 1:00 p.m. Los Angeles Time, shall be
credited prior to close of business, while other payments may, at the option of
Lender, not be credited until immediately available to Lender in federal funds
in the place designated for payment prior to 1:00 p.m., Los Angeles Time,
at such place of payment on a day on which Lender is open for business.

 

1.2           Payments of Principal and
Interest.

 

(a)           Borrower shall make monthly payments of interest
accruing under this Note, as follows:  on
the first (1st) day of the
first calendar month following the date of this Note, and on the first (1st) day of each calendar month
thereafter (each, a “Payment Date”)
until the Maturity Date (as defined in Section 1.2(b) below),
Borrower shall pay to Lender all interest accrued under this Note at the
Applicable Interest Rate during the immediately preceding calendar month
pursuant to wiring instructions provided by Lender to Borrower; provided,
however, that if the Loan is funded on a date which is within the last five (5) days
of a calendar month, Borrower’s first monthly interest payment shall be on the
first day of the second (2nd) calendar month following the date of this Note (and Lender shall
collect in advance at Loan closing the interest due hereunder for the period
between the date of this Note and the end of the calendar month in which the
Loan is funded).

 

(b)           As used herein, the term “Maturity
Date” shall mean, initially, the Original Maturity Date, which shall
be subject to extension to the Extended Maturity Date on the terms and
conditions set forth in Section 2.13 of the Loan Agreement.

 

(c)           On the Maturity Date, the entire outstanding
principal balance of this Note, together with all accrued and unpaid interest
thereon, shall be due and payable in full.

 

(d)           All payments due under this Note shall be payable
without setoff, counterclaim or any other deduction whatsoever.

 

1.3           Prepayment.

 

(a)           The principal indebtedness evidenced by this Note
may be prepaid, in whole or in part, subject to strict compliance with the
provisions of Section 2.17 of the Loan Agreement.

 

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(b)           In the event that Borrower shall, for any reason or
at any time, prepay all or any portion of the principal evidenced by this Note
other than on the first day of a calendar month, then Borrower shall pay, in
addition to all other amounts required to be paid hereunder or under the Loan
Documents (including, without limitation, the Exit Fee), a prepayment premium
equal to the amount of any LIBOR breakage fee (or similar charge) incurred by
Lender as a result of prepaying the corresponding LIBOR contract (the “Breakage Prepayment Premium”).  The prepayment premium provided for in this Section 1.3(b) shall
be due, to the extent applicable and permitted by applicable law, whether such
prepayment is voluntary or involuntary, even if such prepayment results from
Lender’s exercise of its rights upon Borrower’s default and acceleration of the
Maturity Date of this Note (irrespective of whether foreclosure proceedings
have been commenced), and shall be in addition to any other sums due hereunder
or under any of the other Loan Documents. 
No tender of a prepayment of this Note with respect to which a Breakage
Prepayment premium is due shall be effective unless such prepayment is
accompanied by the applicable Breakage Prepayment Premium.

 

(c)           TO THE FULLEST EXTENT
PERMITTED BY LAW, BORROWER HEREBY EXPRESSLY (i) WAIVES ANY RIGHTS IT MAY HAVE
UNDER CALIFORNIA CIVIL CODE SECTION 2954.10 TO PREPAY THIS NOTE, IN
WHOLE OR IN PART, WITHOUT PAYMENT OF A PREPAYMENT FEE, UPON ACCELERATION OF THE
MATURITY DATE, AND (ii) AGREES THAT IF, FOR ANY REASON, A PREPAYMENT OF
ALL OR ANY PORTION OF THE PRINCIPAL AMOUNT OF THIS NOTE IS MADE UPON OR
FOLLOWING ANY ACCELERATION OF THE MATURITY DATE BY LENDER ON ACCOUNT OF ANY
DEFAULT BY BORROWER INCLUDING, WITHOUT LIMITATION, ANY TRANSFER, DISPOSITION,
OR FURTHER ENCUMBRANCE PROHIBITED OR RESTRICTED BY THE LOAN DOCUMENTS, THEN
BORROWER SHALL BE OBLIGATED TO PAY CONCURRENTLY WITH SUCH PREPAYMENT THE
PREPAYMENT FEE SPECIFIED IN THE FOREGOING PARAGRAPHS AND THE LOAN AGREEMENT.  BY INITIALING THE PROVISION IN THE SPACE
PROVIDED BELOW, BORROWER HEREBY DECLARES THAT THE AGREEMENT TO MAKE THE LOAN
EVIDENCED BY THIS NOTE AT THE INTEREST RATE AND FOR THE TERM SET FORTH IN THIS
NOTE CONSTITUTES ADEQUATE CONSIDERATION, GIVEN INDIVIDUAL WEIGHT BY BORROWER
FOR THIS WAIVER AND AGREEMENT.   FURTHER, BY INITIALING BELOW,
BORROWER EXPRESSLY ACKNOWLEDGES AND AGREES THAT NOTWITHSTANDING ANY APPLICABLE
LAW TO THE CONTRARY, PURSUANT TO THE TERMS OF THE LOAN AGREEMENT AND OF THIS
NOTE, BORROWER HAS AGREED THAT BORROWER HAS NO RIGHT TO REPAY THIS NOTE WITHOUT
THE PAYMENT OF THE EXIT FEE AND THAT BORROWER SHALL BE LIABLE FOR THE PAYMENT
OF THE EXIT FEE IN CONNECTION WITH THE REPAYMENT OF THIS NOTE DUE TO THE
ACCELERATION OF THIS NOTE IN ACCORDANCE WITH ITS TERMS AND/OR THE TERMS OF THE
LOAN AGREEMENT.  FURTHERMORE, BY
INITIALING BELOW, BORROWER EXPRESSLY ACKNOWLEDGES AND AGREES THAT LENDER HAS
MADE THE LOAN IN RELIANCE ON THESE AGREEMENTS OF BORROWER AND THAT LENDER WOULD
NOT HAVE MADE THE LOAN WITHOUT SUCH AGREEMENTS OF BORROWER.

 

	
   

  	
  Borrower’s
  Initials:

  	
   

  	
   

  

 

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1.4           Security.  The Loan and the obligations created hereby
are secured by, among other things, that certain Deed of Trust, Assignment of
Leases and Rents, Security Agreement and Fixture Filing, dated as of the date
hereof, by Borrower in favor of Lender (the “Deed of
Trust”).  The Deed of Trust,
together with this Note, that certain Loan Agreement of even date herewith
between Borrower and Lender (the “Loan Agreement”)
and all other documents to or of which Lender is a party or beneficiary now or
hereafter evidencing, securing, guarantying, modifying or otherwise relating to
the indebtedness evidenced hereby, are herein referred to collectively as the “Loan Documents”.  All
of the terms and provisions of the Loan Documents are incorporated herein by
reference.  Some of the Loan Documents
are to be filed for record on or about the date hereof in the appropriate
public records.

 

1.5           Late Charge.  If any sum (other than the outstanding
principal balance of the Note upon the Maturity Date or an acceleration
thereof) payable under this Note is not paid prior to the date that is five (5) days
after the date such sum is due, then, subject to the provisions hereof limiting
interest to the maximum amount allowed by applicable law, Borrower shall pay to
Lender on demand an amount equal to five percent (5.00%) of such past due sum
to defray the expenses incurred by Lender in handling and processing such
delinquent payment and to compensate Lender for the loss of use of such
delinquent payment, and such amount shall be secured by the Deed of Trust and
the other Loan Documents.

 

1.6           Default; Default Interest
Rate.  Lender and Borrower hereby
expressly agree that should any payment of principal or interest required under
this Note not be made within five (5) days after such payment is due (it
being understood and agreed, however, that no grace period is provided for the
payment of principal and interest due on the Maturity Date), should an Event of
Default (as defined in the Loan Agreement) occur under any of the Loan
Documents, which Event of Default is not cured within any applicable grace or
cure period, each hereunder, an “Event of Default”),
and in such event the indebtedness evidenced hereby, including all sums
advanced or accrued hereunder or under any other Loan Document, and all unpaid
interest accrued thereon, shall, at the option of Lender and without notice to
Borrower, at once become due and payable and may be collected forthwith,
whether or not there has been a prior demand for payment and regardless of the
stipulated date of maturity.  So long as
any Event of Default exists hereunder, regardless of whether or not there has
been an acceleration of the indebtedness evidenced hereby, and at all times
after maturity of the indebtedness evidenced hereby (whether by acceleration or
otherwise), interest shall accrue on the outstanding principal balance of this
Note at a rate per annum (the “Default Interest Rate”)
equal to five percent (5.00%) plus the Applicable Interest Rate, or if such
increased rate of interest may not be collected under applicable law, then at
the maximum rate of interest, if any, which may be collected from Borrower
under applicable law.  Any interest that
accrues at the Default Interest Rate shall be due and payable on the first day
of each month; provided, however, that the amount of interest payable to Lender
hereunder during a particular calendar month while an Event of Default exists
shall be reduced by the amount, if any, actually received by Lender from the
Counterparty under the Interest Rate Protection Agreement for such calendar
month.  Borrower acknowledges that it
would be extremely difficult or impracticable to determine Lender’s actual
damages resulting from any late payment or default, and such late charges and
default interest are reasonable estimates of those damages and do not
constitute a penalty.  The remedies of
Lender in this Note or in the Loan Documents, or at law or in equity, shall be
cumulative and concurrent, and may be pursued singly, successively or together
in Lender’s discretion.  In the event
that this Note, or 

 

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any
part hereof, is collected by or through an attorney-at-law, Borrower agrees to
pay all costs of collection, including, but not limited to, attorneys’ fees and
expenses.

 

1.7           Increased Cost.

 

If any Regulatory Change (as defined below):

 

(a)           shall subject Lender to any tax, duty or other
charge with respect to its loans with respect to which the interest rate is
determined by reference to LIBOR (“LIBOR Loans”)
or its obligation to make LIBOR Loans, or shall change the basis of taxation of
payment to Lender of the principal of or interest on LIBOR Loans or any other
amounts due in respect of such loans or its obligation to make such loans
(except for changes in the rate of tax on the overall net income of Lender
imposed by the jurisdiction in which Lender’s principal office is located); or

 

(b)           shall impose, modify or deem applicable any reserve
, special deposit, capital or similar requirement (including, without
limitation, any such requirement imposed by the Board of Governors of the
Federal Reserve System, but excluding any such requirement to the extent
included in calculating the then applicable LIBOR under this Note) against
assets of, deposits with or for the account of, or credit extended by, Lender
or shall impose on Lender or on the interbank LIBOR market any other condition
affecting its LIBOR Loans or its obligation to make such loans,

 

and
the result of any of the foregoing is to actually increase the out-of-pocket
cost to Lender of making or maintaining any such loans, or to reduce the amount
of any sum received or receivable by Lender under any such loans, so that the
spread between Lender’s cost of funds and the amounts received by Lender with
respect to any such loans is actually reduced, then, within thirty (30) days
after demand by Lender, Borrower shall pay to Lender such additional amount or
amounts as would compensate Lender, dollar for dollar, for such increased cost
or reduction on a LIBOR Loan in the outstanding principal amount of, and having
the same terms as the Loan during the period commencing on a date ninety (90)
days prior to the date of said demand and continuing until the date on which
this Note is paid in full (“Decreased Net Yield”).  A certificate of Lender claiming compensation
under this Section, setting forth the additional amount or amounts to be paid
to it hereunder and stating in reasonable detail the basis for the charge and
the method of computation, shall be conclusive in the absence of error.  In determining such amount, Lender may use
any reasonable averaging and attribution methods.  Failure on the part of Lender to demand
compensation for any Decreased Net Yield with respect to any disbursement under
this Note shall not constitute a waiver of Lender’s right to demand
compensation for any Decreased Net Yield with respect to any other disbursement
under this Note.

 

1.8           Illegality.  If any Regulatory Change shall make it
unlawful or impossible for Lender to make, maintain or fund LIBOR Loans, Lender
shall notify Borrower, whereupon the accrual of interest hereunder based upon
LIBOR shall be suspended until Lender notifies Borrower that the circumstances
giving rise to such suspension no longer exist. 
If Lender determines that such suspension must become effective prior to
the end of the applicable calendar month, the 

 

5

 

Applicable
Interest Rate under this Note shall be automatically converted, effective as of
the date of Lender’s notice to Borrower, to a varying rate per annum equal to
the Prime Rate (as defined below) plus a percentage necessary to cause the
Applicable Interest Rate following the conversion based on the Prime Rate to be
equal to the Applicable Interest Rate under this Note immediately prior to such
conversion.  As used herein, the term “Prime Rate” shall mean the rate of interest from time to
time publicly announced by Bank as its “prime rate” or “reference rate”.  Lender may lend to its customers at rates
that are at, above or below the Prime Rate. 
For the purpose of determining the foregoing interest rate based on the
Prime Rate, such interest rate shall change as and when the Prime Rate shall
change.

 

1.9           Interest Rate Not
Ascertainable, Etc.  If,
on or prior to the date for Lender’s determination of LIBOR in respect of any
calendar month, Lender shall have determined (which determination shall be conclusive
and binding, absent manifest error) that:

 

(a)           deposits in dollars (in the applicable amount) are
not being made available to Lender in the relevant market for a period or
periods of one month, or

 

(b)           LIBOR will not adequately and fairly reflect the
cost to Lender of funding or maintaining LIBOR Loans for such calendar month at
such rate,

 

Lender
shall forthwith give notice to Borrower of such determination, whereupon the
accrual of interest hereunder, based upon LIBOR shall be suspended until Lender
notifies Borrower that the circumstances giving rise to such suspension no
longer exist.  While any such suspension
continues, the converted interest rate set forth in Section 1.8
above shall be applicable.  No such
suspension shall affect the Applicable Interest Rate then in effect during the
applicable calendar month for any principal amount of this Note outstanding at
the time such suspension is imposed.

 

1.10         Funding Losses.  Borrower shall compensate Lender, upon its
written request, for all actual losses, expenses and liabilities (including any
interest paid by Lender to lenders of funds borrowed by it to make or carry the
Loan to the extent not recovered by Lender in connection with the reemployment
of such funds) which Lender may sustain if for any reason, other than a default
by Lender, a funding under this Note does not occur on the date specified
therefor in the Loan Agreement.

 

1.11         Discretion of Lender as to
Manner of Funding.  Lender
shall be entitled to fund and maintain its funding under this Note in any
manner it may elect, it being understood, however, that for the purposes of
this Note, all such determinations hereunder (excluding determinations that
Lender may elect to make from the Reuters screen and determinations of Lender’s
damages) shall be made as if Lender had actually funded and maintained amounts
disbursed under this Note during each calendar month through the purchase of
deposits having a maturity corresponding to a period of one month and bearing
an interest rate equal to LIBOR for such calendar month.

 

1.12         Regulatory Change.  As used herein, the term “Regulatory Change” shall mean any change after the date of
this Note in United States federal, state or foreign laws or regulations or the
adoption or making after such date of any interpretations, directives or
requests applying to a class of lenders, including Lender, under any United
States federal, state or foreign laws or 

 

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regulations
(whether or not having the force of law) or any governmental or monetary
authority charged with the interpretation or administration thereof.

 

ARTICLE II - GENERAL
CONDITIONS

 

2.1           No Waiver; Amendment.  No failure to accelerate the debt evidenced
hereby by reason of default hereunder, acceptance of a partial or past due
payment, or indulgences granted from time to time shall be construed
(a) as a novation of this Note or as a reinstatement of the indebtedness
evidenced hereby or as a waiver of such right of acceleration or of the right
of Lender thereafter to insist upon strict compliance with the terms of this
Note, or (b) to prevent the exercise of such right of acceleration or any
other right granted hereunder or by any applicable laws; and Borrower hereby
expressly waives the benefit of any statute or rule of law or equity now
provided, or which may hereafter be provided, which would produce a result
contrary to or in conflict with the foregoing. 
No extension of the time for the payment of this Note or any installment
due hereunder, made by agreement with any person now or hereafter liable for
the payment of this Note shall operate to release, discharge, modify, change or
affect the original liability of Borrower under this Note, either in whole or
in part unless Lender agrees otherwise in writing.  This Note may not be changed orally, but only
by an agreement in writing signed by the party against whom enforcement of any
waiver, change, modification or discharge is sought.

 

2.2           Waivers.  Presentment for payment, notice of intention
to accelerate, notice of acceleration, demand, protest and notice of demand,
protest and nonpayment and all other notices are hereby waived by
Borrower.  Borrower hereby further waives
and renounces, to the fullest extent permitted by law, all rights to the
benefits of any statute of limitations and any moratorium, reinstatement,
marshaling, forbearance, valuation, stay, extension, redemption, appraisement,
exemption and homestead now or hereafter provided by the Constitution and laws
of the United States of America and of each state thereof, both as to itself
and in and to all of its property, real and personal, against the enforcement
and collection of the obligations evidenced by this Note or the other Loan
Documents.

 

2.3           Limit of Validity.  The provisions of this Note and of all
agreements between Borrower and Lender, whether now existing or hereafter
arising and whether written or oral, are hereby expressly limited so that in no
contingency or event whatsoever, whether by reason of demand or acceleration of
the maturity of this Note or otherwise, shall the amount paid, or agreed to be
paid to Lender for the use, forbearance or detention of the money loaned under
this Note exceed the maximum amount permissible under applicable law.  If, from any circumstance whatsoever,
performance or fulfillment of any provision hereof or of any agreement between
Borrower and Lender shall, at the time performance or fulfillment of such
provision shall be due, exceed the limit for interest prescribed by law or
otherwise transcend the limit of validity prescribed by applicable law, then
ipso facto the obligation to be performed or fulfilled shall be reduced to such
limit and if, from any circumstance whatsoever, Lender shall ever receive
anything of value deemed interest by applicable law in excess of the maximum
lawful amount, an amount equal to any excessive interest shall be applied to
the reduction of the principal balance owing under this Note in the inverse
order of its maturity (whether or not then due) or at the option of Lender be
paid over to Borrower, and not to the payment of Interest.  All interest (including any amounts or
payments deemed to be interest) paid or agreed to be paid to Lender shall, to
the extent permitted by applicable law, be amortized, prorated, allocated and
spread throughout the full period until 

 

7

 

payment
in full of the principal balance of this Note so that the interest thereof for
such full period will not exceed the maximum amount permitted by applicable
law.  This Section 2.3 will
control all agreements between Borrower and Lender.

 

2.4           Use of Funds.  Borrower hereby warrants, represents and
covenants that all funds disbursed hereunder shall be used for business or
commercial purposes and that no funds disbursed hereunder shall be used for
personal, family or household purposes.

 

2.5           Unconditional Payment.  Borrower is and shall be obligated to pay
principal, interest and any and all other amounts which become payable
hereunder or under the other Loan Documents absolutely and unconditionally and
without any abatement, postponement, diminution or deduction and without any
reduction for counterclaim or setoff.  In
the event that at any time any payment received by Lender hereunder shall be
deemed by a court of competent jurisdiction to have been a voidable preference
or fraudulent conveyance under any bankruptcy, insolvency or other debtor
relief law, then the obligation to make such payment shall survive any
cancellation or satisfaction of this Note or return thereof to Borrower and
shall not be discharged or satisfied with any prior payment thereof or
cancellation of this Note, but shall remain a valid and binding obligation
enforceable in accordance with the terms and provisions hereof, and such
payment shall be immediately due and payable upon demand.  This Section 2.5 shall survive
any cancellation or satisfaction of this Note or return of this Note to
Borrower.

 

2.6           Savings Clause.  This Note is subject to the express condition
that at no time shall Borrower be obligated or required to pay interest on the
principal balance due hereunder at a rate which could subject Lender to either
civil or criminal liability as a result of being in excess of the maximum
interest rate which Borrower is permitted by applicable law to contract or
agree to pay.  If by the terms of this
Note, Borrower is at any time required or obligated to pay interest on the
principal balance due hereunder at a rate in excess of such maximum rate, the
Applicable Interest Rate or the Default Interest Rate, as the case may be,
shall be deemed to be immediately reduced to such maximum rate and all previous
payments in excess of the maximum rate shall be deemed to have been payments in
reduction of principal and not on account of the interest due hereunder.  All sums paid or agreed to be paid to Lender
for the use, forbearance, or detention of the Loan, shall, to the extent
permitted by applicable law, be amortized, prorated, allocated, and spread
throughout the full stated term of this Note until payment in full so that the
rate or amount of interest on account of the Loan does not exceed the maximum
lawful rate of interest from time to time in effect and applicable to the Loan
for so long as the Loan is outstanding. 
Notwithstanding anything to the contrary contained herein or in any of
the other Loan Documents, it is not the intention of Lender to accelerate the
maturity of any interest that has not accrued at the time of such acceleration
or to collect unearned interest at the time of such acceleration.

 

2.7           SUBMISSION TO JURISDICTION;
WAIVER OF JURY TRIAL; JUDICIAL
REFERENCE IN THE EVENT OF JURY TRIAL WAIVER UNENFORCEABILITY.

 

(a)           BORROWER,
TO THE FULL EXTENT PERMITTED BY LAW, HEREBY KNOWINGLY, INTENTIONALLY AND
VOLUNTARILY, WITH AND UPON THE ADVICE OF COMPETENT COUNSEL, (A) SUBMITS TO
PERSONAL JURISDICTION IN THE STATE OF CALIFORNIA OVER ANY SUIT, ACTION OR
PROCEEDING BY 

 

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ANY PERSON ARISING FROM OR RELATING TO THIS NOTE,
(B) AGREES THAT ANY SUCH ACTION, SUIT OR PROCEEDING MAY BE BROUGHT IN
ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE CITY AND COUNTY OF
LOS ANGELES, CALIFORNIA, (C) SUBMITS TO THE JURISDICTION OF SUCH COURTS
AND, (D) TO THE FULLEST EXTENT PERMITTED BY LAW, AGREES THAT BORROWER WILL
NOT BRING ANY ACTION, SUIT OR PROCEEDING IN ANY OTHER FORUM.  BORROWER FURTHER CONSENTS AND AGREES TO
SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER LEGAL PROCESS IN ANY SUCH SUIT,
ACTION OR PROCEEDING BY REGISTERED OR CERTIFIED U.S. MAIL, POSTAGE PREPAID, TO
BORROWER AT THE ADDRESS FOR NOTICES DESCRIBED IN THE LOAN AGREEMENT, AND
CONSENTS AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE IN EVERY RESPECT VALID
AND EFFECTIVE SERVICE (BUT NOTHING HEREIN SHALL AFFECT THE VALIDITY OR
EFFECTIVENESS OF PROCESS SERVED IN ANY OTHER MANNER PERMITTED BY LAW).

 

(b)           BORROWER,
TO THE FULL EXTENT PERMITTED BY LAW, HEREBY KNOWINGLY, INTENTIONALLY AND
VOLUNTARILY, WITH AND UPON THE ADVICE OF COMPETENT COUNSEL, WAIVES,
RELINQUISHES AND FOREVER FOREGOES THE RIGHT TO A TRIAL BY JURY IN ANY ACTION OR
PROCEEDING BASED UPON, ARISING OUT OF, OR IN ANY WAY RELATING TO THIS NOTE OR
ANY CONDUCT, ACT OR OMISSION OF LENDER OR BORROWER, OR ANY OF THEIR DIRECTORS,
OFFICERS, PARTNERS, MEMBERS, EMPLOYEES, AGENTS OR ATTORNEYS, OR ANY OTHER
PERSONS AFFILIATED WITH LENDER OR BORROWER, IN EACH OF THE FOREGOING
CASES, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE.  NOTWITHSTANDING THE FOREGOING TO
THE CONTRARY, IN THE EVENT THAT THE JURY TRIAL WAIVER CONTAINED HEREIN
SHALL BE HELD OR DEEMED TO BE UNENFORCEABLE, BORROWER HEREBY EXPRESSLY AGREES
TO SUBMIT TO JUDICIAL REFERENCE PURSUANT TO CALIFORNIA CODE OF CIVIL PROCEDURE
SECTIONS 638 THROUGH 645.1 ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING
HEREUNDER FOR WHICH A JURY TRIAL WOULD OTHERWISE BE APPLICABLE OR AVAILABLE
(PROVIDED, HOWEVER, THAT NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED
HEREIN, NO JUDICIAL REFERENCE SHALL BE APPLICABLE WITH RESPECT TO ANY ACTION IN
RESPECT OF THE FORECLOSURE OF THE DEED OF TRUST).  PURSUANT TO SUCH JUDICIAL REFERENCE, THE PARTIES AGREE TO THE APPOINTMENT OF A SINGLE REFEREE AND SHALL USE
THEIR BEST EFFORTS TO AGREE ON THE SELECTION OF A REFEREE.  IF THE PARTIES ARE UNABLE TO AGREE ON A
SINGLE REFEREE, A REFEREE SHALL BE APPOINTED BY THE COURT UNDER CALIFORNIA CODE OF CIVIL PROCEDURE SECTIONS 638 AND 640 TO
HEAR ANY DISPUTES HEREUNDER IN LIEU OF ANY SUCH JURY TRIAL.  BORROWER
ACKNOWLEDGES AND AGREES THAT THE APPOINTED REFEREE SHALL HAVE THE POWER TO
DECIDE ALL ISSUES IN THE APPLICABLE ACTION OR PROCEEDING, WHETHER OF FACT OR
LAW, AND SHALL REPORT A STATEMENT OF DECISION THEREON; PROVIDED, HOWEVER, THAT ANY
MATTERS WHICH WOULD NOT OTHERWISE BE THE SUBJECT OF A JURY 

 

9

 

TRIAL WILL BE UNAFFECTED BY THIS WAIVER.  BORROWER HEREBY AGREES THAT THE PROVISIONS
CONTAINED HEREIN HAVE BEEN FAIRLY NEGOTIATED ON AN ARMS-LENGTH BASIS, WITH
BORROWER AGREEING TO THE SAME KNOWINGLY AND BEING AFFORDED THE OPPORTUNITY TO
HAVE ITS LEGAL COUNSEL CONSENT TO THE MATTERS CONTAINED HEREIN.

 

2.8           Secondary Market
Transactions.  The terms and provisions of Article XIII of the Loan
Agreement are hereby incorporated herein by this reference.

 

2.9           Attorneys’ Fees.  If any legal action is brought by any party
to enforce or defend any provision of this Note, or as a consequence of any
default under this Note, the prevailing party in such legal action shall be
entitled to recover its reasonable attorneys’ fees and costs of the proceeding.

 

2.10         Limitation on Liability.  Notwithstanding anything set forth in this
Note or any other Loan Document or otherwise, except as set forth in the
Carveout Guaranty, the Completion Guaranty and/or the Environmental Indemnity
Agreement, no direct or indirect (through tiered ownership or otherwise) advisor,
trustee, director, officer, employee, beneficiary, shareholder, participant,
partner, member, owner, representative or agent of Borrower shall have any
personal liability, directly or indirectly, under or in connection with this
Note or any other Loan Document or any amendment or amendments to any of the
foregoing made at any time or times, heretofore or hereafter, and the other
parties hereto and their successors and assigns and, without limitation, all
other persons and entities, shall look solely to Borrower’s assets for the
payment of any claim or for any performance, and each other party, on behalf of
itself and its successors and assigns, hereby waives any and all such personal
liability.  Nothing contained in this Section 2.10
shall be construed as prohibiting Lender from enforcing the obligations of
Guarantor under the Carveout Guaranty, the Completion Guaranty or the
Environmental Indemnity Agreement.

 

2.11         Miscellaneous.  This Note shall be interpreted, construed and
enforced according to the substantive laws of the State of California without
giving effect to its principles of choice of law or conflicts of law.  The terms and provisions hereof shall be
binding upon and inure to the benefit of Borrower and Lender and their
respective heirs, executors, legal representatives, successors,
successors-in-title and assigns, whether by voluntary action of the parties or
by operation of law.  As used herein, the
terms “Borrower” and “Lender” shall be deemed to include their respective
heirs, executors, legal representatives, successors, successors-in-title and
assigns, whether by voluntary action of the parties or by operation of
law.  If Borrower consists of more than
one person or entity, each shall be jointly and severally liable to perform the
obligations of Borrower under this Note. 
All personal pronouns used herein, whether used in the masculine,
feminine or neuter gender, shall include all other genders; the singular shall
include the plural and vice versa. 
Titles of articles and sections are for convenience only and in no way
define, limit, amplify or describe the scope or intent of any provisions
hereof.  Time is of the essence with
respect to all provisions of this Note. 
This Note and the other Loan Documents contain the entire agreements between
the parties hereto relating to the subject matter hereof and thereof,

 

10

 

and
any and all prior written agreements and any and all prior and contemporaneous
oral agreements relative hereto and thereto which are not contained herein or
therein are terminated.

 

[SIGNATURE APPEARS ON FOLLOWING PAGE]

 

11

 

IN WITNESS WHEREOF, Borrower has executed this
Note as of the date first above written.

 

 

	
  BORROWER:

  	
   

  
	
   

  	
   

  
	
  CT/BH
  INTERCHANGE LLC,

  	
   

  
	
  a
  Delaware limited liability company

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  CT
  INTERCHANGE LLC,

  	
   

  
	
   

  	
  a
  Delaware limited liability company,

  	
   

  
	
   

  	
  its
  Manager

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  CT
  CALIFORNIA FUND VI, LLC,

  	
   

  
	
   

  	
   

  	
  a
  California limited liability company,

  	
   

  
	
   

  	
   

  	
  its
  Sole Member

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  CT
  FUND MANAGER VI, LLC,

  	
   

  
	
   

  	
   

  	
   

  	
  a
  California limited liability company,

  	
   

  
	
   

  	
   

  	
   

  	
  its
  Manager

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:
  

  	
  /s/
  Robert M. Campbell

  	
   

  
	
   

  	
   

  	
   

  	
  Name:
  

  	
  Robert
  M. Campbell

  	
   

  
	
   

  	
   

  	
   

  	
  Title:
  

  	
  Manager

  	
   

  
							

 

12WebFilings | EDGAR view

 

 
Exhibit 4.1
 
FIFTH Amendment to Rights Agreement
 
 
This Fifth Amendment to the Rights Agreement (the “Fifth Amendment”) is dated as of December 16, 2010, between TiVo Inc., a Delaware corporation (the “Company”), and Wells Fargo Shareowner Services (the “Rights Agent”), and amends the Rights Agreement, dated as of January 16, 2001, between the Company and the Rights Agent, as amended by the First Amendment to the Rights Agreement, dated as of February 20, 2001, the Second Amendment to the Rights Agreement, dated as of April 12, 2006, the Third Amendment to the Rights Agreement, dated as of January 26, 2010, and the Fourth Amendment to the Rights Agreement, dated as of March 23, 2010 (as amended, the “Rights Agreement”). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Rights Agreement. All section and exhibit references are to sections and exhibits of the Rights Agreement. 
 
WHEREAS, pursuant to Section 26, the Company and the Rights Agent may from time to time supplement or amend any provision of the Rights Agreement in accordance with the terms of such Section 26. 
 
NOW THEREFORE, in consideration of the foregoing promises and mutual agreements set forth in this Fifth Amendment, the parties hereby amend the Rights Agreement as follows:
 
1.Amendment.
 
(a) Section 1 of the Rights Agreement is hereby amended by inserting the following clause immediately after Section 1.11: 
 
“EchoStar Litigation” shall mean and include all proceedings of any nature and in any court involving the Company or any of its subsidiaries or affiliates, on the one hand, and EchoStar Communications Corporation or any of its subsidiaries or affiliates, on the other hand, including all appeals in connection with any and all such proceedings. 
 
(a)    The text of Section 7.1(i) of the Rights Agreement is amended and restated in its entirety to read as follows: 
 
“the close of business on the date that is six months after the date that a final, non-appealable order or judgment is entered in connection with the EchoStar Litigation fully resolving all outstanding material issues and any judgment(s) that may be executed thereon (the “Final Expiration Date”).”
 
(b)    Exhibit B to the Rights Agreement (Form of Rights Certificate) is amended by replacing each occurrence of the text “January 9, 2011” therein with the text “the close of business on the date that is six months after the date that a final, non-appealable order or judgment is entered fully resolving all outstanding material issues and any judgment(s) that may be executed thereon in connection with all proceedings of any nature and in any court involving the Company or any of its subsidiaries or affiliates, on the one hand, and EchoStar Communications Corporation or any of its subsidiaries or affiliates, on the other hand, including all appeals in connection with any and all such proceedings.”
 
2.This Fifth Amendment shall be effective as of the date hereof and, except as expressly set forth herein, the Rights Agreement shall remain in full force and effect and be otherwise unaffected thereby. 
3.This Fifth Amendment may be executed in any number of counterparts, each of which, when executed, shall be deemed to be an original and all such counterparts shall together constitute one and the same document. 
 
[Signature page follows.]

 

 

 
 
IN WITNESS WHEREOF, the parties hereto have caused this Fifth Amendment to be executed and delivered as of the date first above written. 
 
TIVO INC.
By: /s/ Matt Zinn    
Name: Matt Zinn
Title: SVP, General Counsel, Corporate Secretary, and Chief Privacy Officer 
 
 
WELLS FARGO SHAREOWNER SERVICES
 
 
 
By: /s/ Patti Boyd    
Name: Patti Boyd
Title: Assistant Vice President

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