Document:

EX-10(aa)

 

Exhibit 10(aa)

SECOND MODIFICATION

TO THE AMENDED AND RESTATED MASTER CREDIT AGREEMENT

          THIS SECOND MODIFICATION (this “Agreement”) is made as of the 22nd day of
July, 2004, by and among WACHOVIA BANK, NATIONAL ASSOCIATION (the “Bank”), SEA
PINES ASSOCIATES, INC. and SEA PINES COMPANY, INC. (if more than one,
collectively, the “Borrower”).

WITNESSETH:

          WHEREAS, the Borrower has made and issued to the Bank: (1) a Second
Amended and Restated Revolving Line of Credit Note, dated October 31, 2002,
evidencing an original indebtedness of EIGHTEEN MILLION THREE HUNDRED THOUSAND
AND NO/100 DOLLARS ($18,300,000.00); (2) a Second Amended and Restated Term
Note, dated October 31, 2002, evidencing an original indebtedness of FIFTEEN
MILLION NINE HUNDRED THIRTY-NINE THOUSAND SEVEN HUNDRED FIFTY-EIGHT AND NO/100
DOLLARS ($15,939,758.00); (3) a Second Amended and Restated Seasonal Line of
Credit Note, dated October 31, 2002, evidencing an original indebtedness of
FOUR MILLION FIVE HUNDRED THOUSAND AND NO/100 DOLLARS ($4,500,000.00); and (4)
a Judgment Note dated July 31, 2003 evidencing an original indebtedness of
EIGHT MILLION DOLLARS ($8,000,000.00) (such documents, as same may have been
heretofore amended, being herein referred to as the “Notes”); and

          WHEREAS, the Borrower and the Bank have executed and delivered an Amended
and Restated Master Credit Agreement dated October 31, 2002, made a part hereof
by this reference as fully as if set out herein verbatim (such document, as
same was amended by that First Modification and Waiver Agreement dated July 31,
2003 and as may be further amended, restated, supplemented or otherwise
modified from time to time, being herein referenced to as the “Master Credit
Agreement”), which establishes uniform agreements, obligations, and covenants
and other matters concerning the Notes and other Obligations (as defined in the
Master Credit Agreement) of the Borrower to the Bank; and

          WHEREAS, to secure the Notes and other Obligations, the Borrower has
executed and delivered certain Mortgages, Mortgage Modifications, Assignments
and Assignment Modifications (as those terms are defined in the Master Credit
Agreement) made a part hereof by this reference as fully as if set out herein
verbatim (such documents as same may have been heretofore amended, being herein
referred to as the “Security Instruments”); and

          WHEREAS, the Borrower has requested the Bank make certain modifications to
the Master Credit Agreement; and

          WHEREAS, the Bank, as party to the Master Credit Agreement, and the
Borrower mutually desire to modify and amend the provisions of the same in the
manner hereinafter set out, it being specifically understood that except as
herein modified and amended, the terms and provisions of the Master Credit
Agreement shall remain unchanged and continue in full force and effect as
therein written.

          NOW, THEREFORE, the Bank and the Borrower, in consideration of One Dollar
($1.00) and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged by each, hereby agree that the Master Credit
Agreement should be, and the same hereby is, modified and amended as follows:

     1. Section 1.01 of the Master Credit Agreement is hereby amended by
deleting in its entirety the definition of “Judgment Note Maturity Date” and
inserting in lieu thereof the following:

	 	 	“Judgment Note Maturity Date” means November 15, 2005 or as
extended pursuant to any future commitment letter or modification
hereof executed by the Borrower and the Bank.

The effectiveness of this Agreement shall be conditional upon (a) the Bank’s
receipt of Borrower’s executed counterpart to this Agreement, (b) no occurrence
of any material adverse change in the financial condition of Borrower, and (c)
the Bank’s receipt of a non-refundable loan fee equal to $2,500.00.

 

 

          IT IS MUTUALLY AGREED by and between the parties hereto that this
Agreement shall become a part of the Master Credit Agreement by reference and
that nothing herein contained shall impair the security now held for said
indebtedness, nor shall waive, annul, vary or affect any provision, condition,
covenant or agreement contained in the Notes or Master Credit Agreement except
as herein amended, nor affect or impair any rights, powers or remedies under
the Notes or Master Credit Agreement as hereby amended. Furthermore, the Bank
does hereby reserve all rights and remedies it may have as against all parties
who may be or may hereafter become primarily or secondarily liable for the
repayment of the indebtedness evidenced by the Notes.

          The Borrower promises and agrees to pay the indebtedness evidenced by the
Notes in accordance with the terms thereof and agrees to perform all of the
requirements, conditions and obligations under the terms of the Notes and
Master Credit Agreement as hereby modified and amended, said documents being
hereby ratified and affirmed. The execution and delivery hereof shall not
constitute a novation or modification of the lien, encumbrance or security
title of the security instruments, which security instruments shall retain
their priority as originally filed for record. Borrower expressly agrees that
the Notes are in full force and effect and that Borrower has no right to
setoff, counterclaim or defense to the payment thereof.

          Any reference contained in the Notes, security instruments or Master
Credit Agreement, as amended herein, to the Master Credit Agreement shall
hereinafter be deemed to be a reference to such document as amended hereby.

          Borrower acknowledges that Bank may reproduce (by electronic means or
otherwise) any of the documents evidencing and/or securing the Notes and
thereafter may destroy the original documents. Borrower does hereby agree that
any document so reproduced shall be the binding obligation of Borrower,
enforceable and admissible in evidence against it to the same extent as if the
original documents had not been destroyed; provided, however, any original of a
document executed by the parties shall be conclusive evidence as to the terms
of that document.

          This Agreement shall be closed without cost to the Bank and all expenses
incurred in connection with this closing (including, without limitation, all
attorneys’ fees) are to be paid by the Borrower. The Bank is not providing
legal advice or services to the Borrower.

          This Agreement shall be governed by and construed in accordance with the
laws of the State of South Carolina without regard to principles of conflict of
laws.

          This Agreement shall be binding upon and inure to the benefit of any
assignee or the respective heirs, executors, administrators, successors and
assigns of the parties hereto.

          This Agreement may be executed in any number of counterparts, each of
which shall be an original but all of which taken together shall constitute one
and the same instrument, and any of the parties hereto may execute any of such
counterparts.

          All capitalized terms used but not defined herein shall have the meanings
assigned thereto in the Master Credit Agreement.

[Signature Page Follows.]

2

 

          IN WITNESS WHEREOF, this instrument has been executed under seal by the
parties hereto and delivered on the date and year first above written.

	 	 	 	 	 
	 	 	BANK:
	 
	 	 	 	 
	 	 	WACHOVIA BANK, NATIONAL ASSOCIATION
	 
	 	 	 	 
	[CORPORATE SEAL]

	 	By:
	 	/s/ R. Ross Campbell, Jr.
	

	 	 	 	
 
	

	 	 	 	Its: Vice President
	 
	 	 	 	 
	 	 	SEA PINES ASSOCIATES, INC.
	 
	 	 	 	 
	[CORPORATE SEAL]

	 	By:
	 	/s/ Michael E. Lawrence
	

	 	 	 	
 
	

	 	 	 	Its: Chief Executive Officer
	 
	 	 	 	 
	 	 	SEA PINES COMPANY, INC.
	 
	 	 	 	 
	[CORPORATE SEAL]

	 	By:
	 	/s/ Steven P. Birdwell
	

	 	 	 	
 
	

	 	 	 	Its: Chief Financial Officer

3EX-10(bb)

 

Exhibit 10(bb)

CONSENT

     WHEREAS, Sea Pines Associates, Inc. (the “Company”) and Sea Pines Company,
Inc., both corporations organized and existing under the laws of the State of
South Carolina (collectively, the “Borrower”), and Wachovia Bank, N.A., a
national banking association (the “Bank”), are parties to the Amended and
Restated Master Credit Agreement dated as of October 31, 2002, as amended by
that certain First Modification and Waiver Agreement dated as of July 31, 2003
(the “Agreement”); and

     WHEREAS, the Company desires to enter into an Agreement and Plan of Merger
(the “Merger Agreement”), pursuant to which the Company would become a wholly
owned subsidiary of The Riverstone Group, LLC (“Riverstone”); and

     WHEREAS under Article IX, Borrower’s Negative Covenants, of the Agreement,
the Company has agreed not to enter into any merger unless the Bank shall have
consented in writing; and

     WHEREAS, the Bank is willing on the terms set forth herein to consent to
the Company’s execution and delivery of the Merger Agreement and to the
consummation of the transactions contemplated thereby, including the merger
pursuant to which the Company would become (subject to the conditions in the
Merger Agreement) a subsidiary of Riverstone.

     NOW, THEREFORE, in consideration of the foregoing, the sum of $1 paid, and
other good and valuable consideration, the receipt and sufficiency of which the
Bank hereby acknowledges, the Bank hereby (i) consents to the Company’s
execution and delivery of the Merger Agreement and to the consummation of the
transactions contemplated thereby, including the merger pursuant to which a
subsidiary of Riverstone will merge with and into the Company and the Company
will survive and become a wholly owned subsidiary of Riverstone and (ii) agrees
that the execution, delivery and performance of the Merger Agreement and the
consummation of the transactions contemplated thereby, including (a) the
merger, and (b) following the effective time of the merger, the payment of all
accrued dividends on, and the redemption of, the Company’s Series A Preferred
Stock, and the payment in full of all amounts owed under the Company’s junior
subordinated debentures will not result in an Event of Default (as defined in
the Agreement) or limit in any way the Borrower’s ability to borrow under the
Facilities (as defined in the Agreement). This Consent is limited to the
execution and delivery of the Merger Agreement and the consummation of the
transactions contemplated thereby and shall not be effective with respect to
any other transactions.

     IN WITNESS WHEREOF, the Bank has executed and delivered this Consent this
24th day of June, 2004.

	 	 	 	 	 
	 	 	WACHOVIA BANK, N.A.
	 
	 	 	 	 
	

	 	By:
	 	/s/ Donald R. Sanders
	

	 	 	 	
 
	

	 	Its:
	 	Senior Vice President

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