Document:

pjt-ex102_210.htm

 

Exhibit 10.2

renewal AGREEMENT

This Renewal Agreement (this “Agreement”), dated as of October 10, 2016 for reference purposes only, is made by and between PJT Partners Holdings LP (“Borrower”) and First Republic Bank (the “Lender”), with reference to the following facts:

A.The Lender has previously made or committed to make revolving loans in the aggregate maximum principal amount of $60,000,000.00 (with a provision for an increase to $80,000,000 at certain times of the year) to Borrower (the “Loan”).

B.The Loan arises out of that certain Loan Agreement dated October 1, 2015 (as amended, the “Loan Agreement”) to which Borrower and the Lender are parties.  All terms with an initial capital letter that are used but not defined in this Agreement shall have the respective meanings given to such terms in the Loan Agreement.

C.Borrower has requested that Lender extend the maturity date of the Note from October 2, 2017 to October 2, 2018, and Lender has agreed to do so on the terms set forth herein.

THEREFORE, for valuable consideration, the Lender and Borrower agree as follows:

1.Extension of Line of Credit Note Maturity Date.  The Maturity Date of the Note is extended to October 2, 2018, at which time the entire unpaid principal balance of the Note, all accrued and unpaid interest and any other outstanding amounts due Lender under the Loan Documents shall be due and payable.  The Note and the Loan Documents are amended accordingly.

2.Representations and Warranties.  As a material inducement to the Lender’s execution of this Agreement, Borrower makes the following warranties and representations to the Lender:

2.1Borrower has the full power and authority to enter into and perform all of its obligations under this Agreement, and this Agreement, when executed by the Persons signing this Agreement on behalf of Borrower, shall constitute a legal, valid and binding obligation of Borrower enforceable in accordance with its terms (except as enforcement may be limited by equitable principles and by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to creditors’ rights generally and regardless of whether enforcement is sought in equity or at law).  The Persons executing this Agreement on behalf of Borrower have been duly authorized to execute this Agreement by all required action on the part of Borrower.

2.2There are no Liens affecting all or part or the Collateral, except for the Liens in favor of the Lender and the Permitted Liens.

2.3No Event of Default has occurred and is continuing.

3.No Modification of Loan Documents.  Nothing contained in this Agreement shall be construed to obligate the Lender to extend the time for payment of the Note or otherwise modify any of the Loan Documents in any respect, except as expressly set forth in this Agreement.

4.No Waiver.  No waiver by the Lender of any of its rights or remedies in connection with the Loan Documents shall be effective unless such waiver is in writing and signed by the Lender.  The Lender’s rights and remedies under this Agreement are cumulative with and in addition to any and  all other legal and equitable rights and remedies which the Lender may have in connection with the Loans.

5.Entire Agreement.  This Agreement and the other Loan Documents contain the entire agreement and understanding among the parties concerning the matters covered by this Agreement and other Loan Documents and supersede all prior and contemporaneous agreements, statements, understandings, terms, conditions, negotiations, representations and warranties, whether written or oral, made by the Lender or Borrower concerning the matters covered by this Agreement and the other Loan Documents.

6.Modifications.  This Agreement may be modified only by a written agreement signed by Borrower and the Lender.

7.Descriptive Headings; Interpretation.  The headings to sections of this Agreement are for convenient reference only and shall not be used in interpreting this Agreement.  For purposes of this Agreement, the term “including” shall be deemed to mean “including without limitation.”

 

 

8.Fees.  Pursuant to the Loan Documents, Borrower shall pay to the Lender (a) a loan modification fee of $60,000.00, (b) a documentation fee of $1,000.00, and (c) all reasonable and documented out-of-pocket costs, charges, and expenses paid or incurred by the Lender in connection with the preparation of this Agreement and the transactions contemplated hereby, including reasonable attorneys’ fees (all of which amounts will be debited from Borrower’s account number 80003241551).  Borrower shall pay all reasonable and documented out-of-pocket costs and expenses, including reasonable attorneys’ fees and costs, incurred by the Lender in enforcing any of the terms of this Agreement or the other Loan Documents, whether or not any legal proceedings are instituted by the Lender. 

9.Indemnification.  Borrower shall indemnify and hold the Lender and its officers, directors, agents, employees, representatives, shareholders, affiliates, successors and assigns (collectively, the “Indemnified Parties”) harmless from and against any and all claims, demands, damages, liabilities, actions, causes of action, suits, reasonable costs and expenses, including reasonable attorneys’ fees and costs, directly arising out of or relating to any commission or brokerage fee or charge claimed to be due or owing to any Person in connection with the transactions contemplated by this Agreement as a result of any act or agreement by the Borrower.

10.No Third Party Beneficiaries.  This Agreement is entered into for the sole benefit of the Lender and Borrower, and no other Person shall have any right of action under this Agreement.

11.NO CLAIMS.  BORROWER ACKNOWLEDGES AND AGREES THAT (A) IT HAS NO OFFSETS OR DEDUCTIONS OF ANY KIND AGAINST ANY OR ALL OF THE OBLIGATIONS; AND (B) IT HAS NO DEFENSES OR OTHER CLAIMS OR CAUSES OF ACTION OF ANY KIND AGAINST THE LENDER IN CONNECTION WITH THE LOANS OR THE COLLATERAL.

12.Continuing Effect of Documents.  The Note and the other Loan Documents, as modified by this Agreement, shall remain in full force and effect in accordance with their terms and are affirmed by Borrower.

13.Counterparts; Successors.  This Agreement may be executed in counterparts, each of which shall constitute an original, and all of which together shall constitute one and the same agreement.  This Agreement shall be binding upon and shall inure to the benefit of the parties and their respective permitted successors and assigns.

IN WITNESS WHEREOF, the parties hereto have executed this Renewal Agreement as of the date first above written.

 

		
	

BORROWER:
	
LENDER:

	
PJT Partners Holdings LP

 

By:PJT Partners Inc.,
its General Partner

By:  /s/ Helen T. Meates

Name:  Helen T. Meates

Title:  Chief Financial Officer
	
First Republic Bank

 

By:  /s/ Thomas Ehrhardt

Name:  Thomas Ehrhardt

 

Title:  VP and Senior Credit Officer

 

 

 

 

ACKNOWLEDGMENT OF RENEWAL AND 
REAFFIRMATION OF THIRD PARTY SECURITY AGREEMENT

 

Section 1. The undersigned Pledgor hereby acknowledges and confirms that it has reviewed and approves the terms and conditions of the Renewal Agreement dated on or about even date herewith between PJT Partners Holdings LP (“Borrower”) and First Republic Bank (“Lender”) (the “Amendment”).

Section 2.The undersigned Pledgor hereby consents to the Amendment and agrees that all obligations covered by the Third Party Security Agreement executed by the Pledgor in favor of Lender shall continue in full force and effect, shall be valid and enforceable and shall not be impaired or otherwise affected by the execution of the Amendment or any other document or instrument delivered in connection herewith.

Section 3. The undersigned Pledgor represents and warrants that, after giving effect to the Amendment, all representations and warranties contained in said Third Party Security Agreement are true, accurate and complete as if made the date hereof.

Dated as of October 10, 2016

PLEDGOR

Park Hill Group LLC

 

	
By:
	
PHG Holdings LLC, its sole member

By: PJT Partners Holdings LP, its
managing member

 

	
 
	
By:
	
PJT Partners Inc., its
general partner

By:/s/ Helen T. Meates

Name: Helen T. Meates

Title: CFO

 

 

 

 

ACKNOWLEDGMENT OF RENEWAL AND 
REAFFIRMATION OF THIRD PARTY SECURITY AGREEMENT

 

Section 1. The undersigned Pledgor hereby acknowledges and confirms that it has reviewed and approves the terms and conditions of the Renewal Agreement dated on or about even date herewith between PJT Partners Holdings LP (“Borrower”) and First Republic Bank (“Lender”) (the “Amendment”).

Section 2.The undersigned Pledgor hereby consents to the Amendment and agrees that all obligations covered by the Third Party Security Agreement executed by the Pledgor in favor of Lender shall continue in full force and effect, shall be valid and enforceable and shall not be impaired or otherwise affected by the execution of the Amendment or any other document or instrument delivered in connection herewith.

Section 3. The undersigned Pledgor represents and warrants that, after giving effect to the Amendment, all representations and warranties contained in said Third Party Security Agreement are true, accurate and complete as if made the date hereof.

Dated as of October 10, 2016

PLEDGOR

PJT PARTNERS LP

 

	
By:
	
PJT Management, LLC, its
general partner

By: PJT Partners Holdings LP, its
sole member

 

	
 
	
By:
	
PJT Partners Inc., its
general partner

By:/s/ Helen T. Meates

Name: Helen T. Meates

Title: CFOExhibit 10.1

 

AMENDMENT TO TAX ASSET PRESERVATION
PLAN

 

This Amendment to Tax Asset Preservation
Plan, dated as of October 13, 2016 (this “Amendment”), is made between Concurrent Computer Corporation, a Delaware
corporation (the “Company”), and American Stock Transfer & Trust Company, LLC, as rights agent (the “Rights
Agent”).

 

RECITALS

 

A.           The
Company and the Rights Agent are parties to the Tax Asset Preservation Plan, dated as of March 1, 2016 (the “Tax Asset
Preservation Plan”).

 

B.           The
Board of Directors of the Company has determined that it is in the best interests of the Company to amend the Tax Asset Preservation
Plan as set forth in this Amendment to cure any ambiguity related to the definition of the term “Final Expiration Date”
contained in the Tax Asset Preservation Plan.

 

C.           Pursuant
to Section 27 of the Tax Asset Preservation Plan, the Company may, from time to time, amend any provision of the Tax Asset Preservation
Plan without the approval of any holders of Rights.

 

NOW, THEREFORE, in consideration of the
background, agreements and covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the parties hereby agree as follows:

 

Section 1.           Amendment of Tax Asset
Preservation Plan.

 

(a)           Section
7(a) of the Tax Asset Preservation Plan is hereby amended and restated in its entirety to read as follows:

 

(a)           The
registered holder of any Right Certificate may exercise the Rights evidenced thereby (except as otherwise provided herein), in
whole or in part, at any time after the Distribution Date, upon surrender of the Right Certificate, with the form of election to
purchase on the reverse side thereof duly executed, to the Rights Agent at the principal office of the Rights Agent, together with
payment of the Purchase Price for each one one-thousandth of a Preferred Share as to which the Rights are exercised, at or prior
to the earliest of (i) the Close of Business on the fifth (5th) Business Day after the filing by the Company of a Current Report
on Form 8-K reporting the results of the 2016 annual meeting of stockholders of the Company (including any postponement or adjournment
thereof), (ii) the time at which the Board of Directors determines that the NOLs are fully utilized or no longer available under
Section 382 (the earlier of clauses (i) and (ii), the “Final Expiration Date”), (iii) the time at which the
Rights are redeemed as provided in Section 23 (the “Redemption Date”), or (iv) the time at which such Rights
are exchanged as provided in Section 24.

 

(b)           The
exhibits to the Tax Asset Preservation Plan shall be deemed to be restated to reflect this Amendment, including all necessary conforming
changes.

 

     

     

    

 

Section 2.           Direction. By its
execution and delivery hereof, the Company directs the Rights Agent to execute this Amendment.

 

Section 3.           Defined Terms. Unless
otherwise defined in this Amendment, capitalized terms used in this Amendment have the respective meanings given to them in the
Tax Asset Preservation Plan.

 

Section 4.           No Other Modification.
Other than as set forth in this Amendment, the terms and conditions of the Tax Asset Preservation Plan remain in full force and
effect without modification thereto.

 

Section 5.           Counterparts. This
Amendment may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an
original, and all such counterparts shall together constitute but one and the same instrument. A signature to this Amendment transmitted
electronically shall have the same authority, effect, and enforceability as an original signature.

 

Section 6.           Governing Law. This
Amendment shall be deemed to be a contract made under the laws of the State of Delaware and for all purposes shall be governed
by and construed in accordance with the laws of such state applicable to contracts to be made and performed entirely within such
state.

 

Section 7.           Descriptive Headings.
Descriptive headings of the several sections of this Amendment are inserted for convenience only and shall not control or affect
the meaning or construction of any of the provisions of this Amendment.

 

[Signatures follow
on next page]

 

     

     

    

 

In
Witness Whereof, the parties hereto have caused this Amendment to be duly executed and attested, all as of the date first
written above.

 

	Attest:	 	Concurrent Computer Corporation
	 	 	 	 	 
	 	 	 	 	 
	By:	/s/ Sandra Dover	 	By:	/s/ Derek Elder	 
	Name:	Sandra Dover	 	 	Name:	Derek Elder	 
	Title:	Executive Assistant to CEO	 	 	Title:	President & CEO	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Attest:	 	American Stock Transfer & Trust Company, LLC, as Rights Agent
	 	 	 	 	 
	 	 	 	 	 
	By:	/s/ Donna Ansbro	 	By:	/s/ Paula Caroppoli	 
	Name:	Donna Ansbro	 	 	Name:	Paula Caroppoli	 
	Title:	Vice President	 	 	Title:	Senior Vice President

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