Document:

ex101.htm

EXHIBIT 10.1

 

EIGHTH AMENDMENT

Dated as of September 30, 2015

to the

TRANSFER AND ADMINISTRATION AGREEMENT

Dated as of August 31, 2012

This EIGHTH AMENDMENT (this “Amendment”) dated as of September 30, 2015 is entered into among ASHLAND INC., a Kentucky corporation (“Ashland” or “Master Servicer”), CVG CAPITAL III LLC, a Delaware limited liability company (“SPV”), the Originators, the Investors, Letter of Credit Issuers, Managing Agents and Administrators party hereto, THE BANK OF NOVA SCOTIA (“Agent” or “Scotiabank”), as agent for the Investors, ATLANTIC ASSET SECURITIZATION LLC (“Atlantic”), as a Conduit Investor and Uncommitted Investor, and CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK (“CACIB”), as a Managing Agent, an Administrator and a Committed Investor.

 

RECITALS

 

WHEREAS, the parties hereto (other than CACIB and Atlantic) have entered into that certain Transfer and Administration Agreement, dated as of August 31, 2012 (as amended, supplemented or otherwise modified through the date hereof, the “Agreement”);

 

WHEREAS, Atlantic desires to become a party to the Agreement as a Conduit Investor and Uncommitted Investor, and CACIB desires to become a party to the Agreement as a Managing Agent, an Administrator and a Committed Investor, in each case, on the terms set forth herein; and

 

WHEREAS, the parties hereto desire to amend the Agreement as set forth herein.

 

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

SECTION 1.    Definitions.

 

All capitalized terms not otherwise defined herein are used as defined in the Transaction Documents.

 

SECTION 2.    Joinder of Purchasers.

 

(a)            Joinder.  Effective as of the date hereof, (i) Atlantic hereby becomes a party to the Agreement as a Conduit Investor and Uncommitted Investor thereunder with all the rights, interests, duties and obligations of a Conduit Purchaser set forth therein, (ii) CACIB hereby becomes a party to the Agreement  as an Administrator and a Committed Investor thereunder with all the rights, interests, duties and obligations of a Related Committed Purchaser set forth therein and (iii) Atlantic and CACIB shall constitute the members of a single new Investor Group, each of Atlantic and CACIB hereby appoints CACIB as its Managing Agent and CACIB hereby becomes a party to the Agreement and the Master Fee Letter as a Managing Agent thereunder with all the rights, interests, duties and obligations of a Managing Agent set forth 

 

  

  

  

  

therein.  In its capacity as a Committed Investor, CACIB’s Commitment shall be the amount set forth on Schedule V attached hereto.

 

(b)           Consents.  The parties hereby consent to the joinder of Atlantic and CACIB as parties to the Agreement on the terms set forth in clause (a) above.

 

(c)           Credit Decision.  Each of CACIB and Atlantic (i) confirms that it has received a copy of the Agreement, other Transaction Documents, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Amendment and (ii) agrees that it will, independently and without reliance upon the Agent, any other Conduit Investor, any Managing Agent, any Committed Investor or any other Investor, (in any capacity) or any of their Affiliates, based on such documents and information as CACIB or Atlantic (as the case may be) shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Agreement and any other Transaction Document.  None of the Agent, any other Conduit Investor, any Managing Agent, any Committed Investor or any other Investor, (in any capacity) or any of their Affiliates  makes any representation or warranty and assumes no responsibility with respect to (x) any statements, warranties or representations made in or in connection with the Agreement, any other Transaction Document or any other instrument or document furnished pursuant thereto or the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Agreement or the Receivables, any other Transaction Document or any other instrument or document furnished pursuant thereto or (y) the financial condition of any of the SPV, the Master Servicer, the Guarantor or the Originators or the performance or observance by any of the SPV, the Master Servicer, the Guarantor or the Originators of any of their respective obligations under the Agreement, any other Transaction Document, or any instrument or document furnished pursuant thereto.

 

(d)           Notice Addresses.  Notices to Atlantic and CACIB, respective, under the Transaction Documents should be sent to the addresses set forth below, or such other addresses designated by Atlantic and CACIB from time to time in accordance with the Agreement:

 

If to CACIB:

	
Address:

	
Credit Agricole Corporate and Investment Bank

	  	
1301 Avenue of the Americas

	  	
New York, NY  10019

	
Attention:

	
 

	
Telephone:

	
 

	
Facsimile:

	
 

	
Email:

	
 

 

If to Atlantic:

 

	
Address:

	
Atlantic Asset Securitization LLC

	  	
c/o Credit Agricole Corporate and Investment Bank

	  	
1301 Avenue of the Americas

	  	
New York, NY  10019

 

  

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Attention:

	
 

	
Telephone:

	
 

	
Facsimile:

	
 

	
Email:

 

	
 

 

SECTION 3.    Increase of Facility Limit. Effective as of the date hereof, the Facility Limit is hereby increased to $250,000,000.00.

 

SECTION 4.    Amendments to the TAA.

 

(a)           Section 1.1 of the TAA is hereby amended by inserting the following definitions in appropriate alphabetical order:

 

“Atlantic” means Atlantic Asset Securitization LLC.

 

“Atlantic Administrator” means CACIB or an Affiliate thereof, as administrator for Atlantic, or CACIB or an Affiliate thereof, as administrator for any Conduit Assignee of Atlantic.

 

“Atlantic Committed Investor” means each financial institution party to this Agreement as an Atlantic Committed Investor.

 

“CACIB” means Credit Agricole Corporate And Investment Bank.

 

“CACIB Investor Group” is defined in the definition of Investor Group.

 

“CRR” means Regulation (EU) No. 575/2013 of the European Parliament and the Council of June 26, 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No. 648/2012, together with the related implementing technical standards and regulatory technical standards and any related regulatory guidance published by the European Banking Authority and adopted by the European Commission.

 

(b)           The following definitions are amended and restated in their entirety:

 

“Administrators” means the Liberty Street Administrator, the Gotham Administrator, the Atlantic Administrator and any other Person that becomes a party to this Agreement as an “Administrator”.

 

“Committed Investors” means (a) for the Scotiabank Investor Group, the Liberty Street Committed Investors, (b) for the PNC Investor Group, the PNC Committed Investors, (c) for the BTMU Investor Group, the Gotham Committed Investors, (d) for the CACIB Investor Group, the Atlantic Committed Investors and (e) for any other Investor Group, each of the Persons executing this Agreement in the capacity of a “Committed Investor” for such Investor Group in accordance with the terms of this Agreement, and, in each case, successors and permitted assigns.

 

  

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“Conduit Investor” means Liberty Street, Gotham, Atlantic, and any other Person that shall become a party to this Agreement in the capacity as a “Conduit Investor” and any Conduit Assignee of any of the foregoing.

 

 “Investor Group” means each of the following groups of Investors:

 

(a)           Liberty Street, any Conduit Assignee thereof, Scotiabank, as Administrator and Managing Agent, and the Liberty Street Committed Investors from time to time party hereto (the “Scotiabank Investor Group”);

 

(b)           PNC, as Managing Agent, and the PNC Committed Investors from time to time party hereto (the “PNC Investor Group”);

 

(c)           Gotham, any Conduit Assignee thereof, BTMU, as Administrator and Managing Agent, and the Gotham Committed Investors from time to time party hereto (the “BTMU Investor Group”);

 

(d)           Atlantic, any Conduit Assignee thereof, CACIB, as Administrator and Managing Agent, and the Atlantic Committed Investors from time to time party hereto (the “CACIB Investor Group”); and

 

(e)           any Conduit Investor, if applicable, its Administrator, if applicable, Managing Agent and the related Committed Investors from time to time party hereto.

 

“Letter of Credit Issuer” means Scotiabank, PNC, or any other Investor or Affiliate of Scotiabank, PNC, or such other Investor so designated, and which accepts such designation, by the SPV, and which is approved by the Agent (such approval not to be unreasonably withheld, conditioned or delayed).

 

"Letter of Credit Sublimit" means, at any time, an amount equal to $250,000,000.00.

 

“Uncommitted Investor” means Liberty Street, Gotham, Atlantic and any other Conduit Investor designated as an “Uncommitted Investor” for any Investor Group and any of their respective Conduit Assignees.

 

(c)           Section 2.7 of the TAA is hereby amended and restated in its entirety with the following:

 

Payments and Computations, Etc.  All amounts to be paid or deposited by the SPV or the Master Servicer hereunder shall be paid or deposited in accordance with the terms hereof no later than 12:00 noon on the day when due in immediately available funds without set-off or counterclaim; if such amounts are payable to the Agent or any Managing Agent (whether on behalf of any Investor or otherwise) they shall be paid or deposited in the account indicated under the heading “Payment Information” in Section 11.3, until otherwise notified by the Agent or any Managing Agent.  The SPV shall, to the extent permitted by Law, 

 

  

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pay to the Agent or the applicable Managing Agent, for the benefit of the Investors, upon demand, interest on all amounts not paid or deposited when due hereunder at the Default Rate.  All computations of per annum fees hereunder shall be made on the basis of a year of 360 days for the actual number of days (including the first but excluding the last day) elapsed.  Any computations made by the Agent or any Managing Agent of amounts payable by the SPV hereunder shall be binding upon the SPV absent manifest error.

 

(d)           Section 11.8 of the TAA is hereby amended by inserting the following language as new paragraph (i):

 

(i)            Certain Permitted Pledges.  Notwithstanding anything to the contrary set forth herein, (i) any Investor may at any time pledge or grant a security interest in all or any portion of its interest in, to and under this Agreement (including, without limitation, rights to payment of Net Investment and Yield) and any other Transaction Document to secure its obligations to a Federal Reserve Bank without notice to or the consent of any Person, and (ii) any Conduit Investor may at any time pledge or grant a security interest in all or any portion of its interest in, to and under this Agreement (including, without limitation, rights to payment of Net Investment and Yield) and any other Transaction Document to any collateral trustee, collateral agent or secured party acting on behalf of the holders of the commercial paper notes issued by such Conduit Investor, in each case, without notice to or consent from any other Person; provided, however, that no such pledge or grant described in this paragraph shall (x) relieve the applicable pledgor or grantor of its obligations under this Agreement or (y) substitute the recipient of such pledge or grant for the applicable pledgor or grantor as a party hereunder.

 

(e)           Section 6.1 of the TAA is hereby amended by inserting the following language as new paragraph (s):

 

(s)        Risk Retention.   Ashland, as originator for purposes of the CRR, shall at all times own a net economic interest in the Receivables (the “Retained Interest”) in an amount at least equal to 5% of the aggregate Net Investment at such time in the form of a first loss tranche under paragraph 1(d) of Article 405 of the CRR.  Ashland shall hold the Retained Interest by means of (i) the SPV’s right to receive residual Collections on the Receivables in accordance with the terms hereof (including Section 2.12(c)), (ii) the Originators’ 100% collective ownership of all the equity interests in the SPV and (iii) Ashland’s 100% direct or indirect ownership of all the equity interests of each Originator (other than Ashland).  Ashland shall not (x) change the manner in which it retains the Retained Interest, or (y) enter into any credit risk mitigation, short position or any other hedge with respect to the Retained Interest, in either case, except to the extent permitted under the CRR.  Ashland will cooperate with each Investor (including by providing such information and entering into or delivering such additional agreements or documents reasonably requested by such Investor or its Managing Agent) to the extent reasonably necessary to permit such Investor to perform its due diligence and monitoring obligations (if any) under the CRR.

 

  

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(f)            Schedule 11.3 to the TAA is hereby amended by inserting the following notice and payment information for Atlantic and CACIB:

 

If to the Atlantic Administrator

	 	
Crédit Agricole Corporate and Investment Bank

	 	
as Administrator

	 	
1301 Avenue of the Americas

	 	
New York, NY 10019

	 	
Attention:

	
 

	 	
Telephone:

	
 

	 	
Facsimile:

	
 

	 	
Email:

 

	
 

Payment Information:

 

	 	
Credit Agricole Corporate and Investment Bank

	 	
ABA:

	
 

	 	
Account name:

	
 

	 	
Account #:

	
 

	 	
Attn:

	
 

	 	
Ref:

 

	
 

 

If to the Managing Agent for the CACIB Investor Group

 

	 	
Crédit Agricole Corporate And Investment Bank

	 	
1301 Avenue of the Americas

	 	
New York, NY 10019

	 	
Attention:

	
 

	 	
Telephone:

	
 

	 	
Facsimile:

	
 

	 	
Email:

 

	
 

Payment Information:

 

	 	
Credit Agricole Corporate and Investment Bank

	 	
ABA:

	
 

	 	
Account name:

	
 

	 	
Account #:

	
 

	 	
Attn:

	
 

	 	
Ref:

 

	
 

 

 

(g)           For the avoidance of doubt, the parties hereto acknowledge and agree that, from and after the date hereof, neither BTMU nor CACIB shall constitute a Letter of Credit Issuer under the TAA and the other Transaction Documents.

 

(h)           Notwithstanding anything to the contrary in the TAA, no Letter of Credit Issuer shall have an obligation to issue or extend any Letter of Credit under the TAA unless and until 

 

 

  

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such Letter of Credit Issuer (in its sole discretion) has notified the Agent, Ashland and the SPV in writing that such Letter of Credit Issuer is thereafter willing to issue Letters of Credit in accordance with the terms of the TAA.

 

SECTION 5.    Representations and Warranties.  Each of Ashland, Ashland Specialty Ingredients, and the SPV, as to itself, hereby represents and warrants to each of the other parties hereto as follows:

 

	
  

	
(i)

	
after giving effect to this Amendment and the transactions contemplated hereby, no Termination Event or Potential Termination Event shall exist;

 

	
  

	
(ii)

	
the representations and warranties of such Person set forth in the Transaction Documents to which it is a party (as amended hereby) are true and correct as of the date hereof (except to the extent such representations and warranties relate solely to an earlier date and then as of such earlier date); and

 

	
  

	
(iii)

	
this Amendment constitutes the legal, valid and binding obligations of such Person enforceable against such Person in accordance with their respective terms, subject to the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditors’ rights generally and to the effect of general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

 

SECTION 6.    Pro Forma Master Servicer Report.  On or prior to the date hereof, the Master Servicer shall deliver to the SPV, the Agent and each Managing Agent a pro forma Master Servicer Report as of August 31, 2015 setting forth the characteristics of the Receivables.

 

SECTION 7.    Effectiveness.  This Amendment shall become effective as of the date first above written upon receipt by the Agent of:

 

	
  

	
(i)

	
counterparts of this Amendment duly executed by each of the parties hereto;

 

	
  

	
(ii)

	
the pro forma Master Servicer Report described in Section 6 above;

 

	
  

	
(iii)

	
a letter from in-house counsel to Ashland, in form and substance reasonably acceptable to CACIB, providing that CACIB and Atlantic may rely on the opinions of counsel previously delivered by such Person in connection with the transactions contemplated by the Transaction Documents; and

 

	
  

	
(iv)

	
a letter from Squire Patton Boggs (US) LLP, in form and substance reasonably acceptable to CACIB, providing that CACIB and Atlantic may rely on the opinions of counsel previously delivered by such firm in connection with the transactions contemplated by the Transaction Documents.

 

SECTION 8.    Reference to the Effect on the Transaction Documents.

 

(a)           On and after the effectiveness of this Amendment, each reference in the Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Agreement, and 

 

 

  

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each reference in each of the other Transaction Documents to “the Transfer and Administration Agreement” or “the TAA,” “thereunder”, “thereof” or words of like import referring to the Agreement, shall mean and be a reference to the Agreement, as amended by this Amendment.

 

(b)           The Agreement and each of the related documents, as specifically amended by this Amendment, is and shall continue to be in full force and effect and is hereby in all aspects ratified and confirmed.  The covenants and other obligations of the SPV, Master Servicer, and each Originator (each in any capacity) shall continue under the Transaction Documents.

 

(c)           The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of Agent, any of the Investors or any Indemnified Party under the Agreement or any other Transaction Document, nor constitute a waiver of any provision of the Agreement or any other Transaction Document.

 

SECTION 9.    Counterparts.  This Amendment may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument.  Delivery by facsimile or email of an executed signature page of this Amendment shall be effective as delivery of an executed counterpart hereof.

 

SECTION 10.    Governing Law.  THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401-1 AND 5-1401-2 OF THE GENERAL OBLIGATIONS LAW, BUT WITHOUT REGARD TO ANY OTHER CONFLICTS OF LAW PROVISIONS THEREOF).

 

SECTION 11.    Transaction Document.  This Amendment shall be deemed to be a Transaction Document for all purposes of the Agreement and each other Transaction Document.

 

SECTION 12.    Severability.  If any one or more of the agreements, provisions or terms of this Amendment shall for any reason whatsoever be held invalid or unenforceable, then such agreements, provisions or terms shall be deemed severable from the remaining agreements, provisions and terms of this Amendment and shall in no way affect the validity or enforceability of the provisions of this Amendment or the Agreement.

 

SECTION 13.    Section Headings.  The various headings of this Amendment are included for convenience only and shall not affect the meaning or interpretation of this Amendment, the Agreement or any provision hereof or thereof.

 

[Signature pages follow.]

 

  

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

 

	 	
ASHLAND INC.

	 	  
	 	  
	 	
By:  /s/  Lynn P. Freeman

	 	
Name:  Lynn P. Freeman

	 	
Title:  Assistant Treasurer

 

	 	
ASHLAND SPECIALTY INGREDIENTS G.P.

	 	  
	 	  
	 	
By:  /s/  Lynn P. Freeman

	 	
Name:  Lynn P. Freeman

	 	
Title:  VP & Treasurer

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

  

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CVG CAPITAL III LLC

	 	  
	 	  
	 	
By:  /s/  Asad P. Lodhi

	 	
Name:  Asad P. Lodhi

	 	
Title:  President

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

  

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LIBERTY STREET FUNDING LLC, as a 

Conduit Investor and an Uncommitted Investor

	 	  
	 	  
	 	
By:  /s/  John L. Fridlington

	 	
Name:  John L. Fridlington

	 	
Title: Vice President

	 	  

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

  

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GOTHAM FUNDING CORPORATION, as a 

Conduit Investor and an Uncommitted Investor

	 	  
	 	  
	 	
By:  /s/  David V. DeAngelis

	 	
Name:  David V. DeAngelis

	 	
Title:  Vice President

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

  

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ATLANTIC ASSET SECURITIZATION LLC, as a 

Conduit Investor and an Uncommitted Investor

	 	  
	 	
By: /s/  Kostantina Kourmpetis

	 	Name:  Kostantina Kourmpetis
	 	Title:  Managing Director
	 	 
	 	
By: /s/  Sam Pilcer

	 	Name:  Sam Pilcer
	 	Title:  Managing Director
	 	  

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

  

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THE BANK OF NOVA SCOTIA, as Agent, a 

Letter of Credit Issuer, a Committed Investor, a 

Managing Agent and an Administrator

	 	  
	 	  
	 	
By:  /s/  Darren Ward

	 	
Name:  Darren Ward

	 	
Title:  Director

	 	  

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

  

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THE BANK OF TOKYO-MITSUBISHI UFJ, 

LTD., as a Managing Agent and Administrator

for the BTMU Investor Group

	 	  
	 	 
	 	
By: /s/  Eric Williams

	 	Name:  Eric Williams
	 	Title:  Managing Director
	 	 
	 	
THE BANK OF TOKYO-MITSUBISHI UFJ, 

LTD., as Committed Investor for the

BTMU Investor Group

	 	 
	 	
By: /s/  Mark Campbell

	 	Name:  Mark Campbell
	 	Title:  Authorized Signatory
	 	  

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

  

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PNC BANK, NATIONAL ASSOCIATION, as a Letter of Credit Issuer, a Managing Agent, and a Committed Investor

	 	  
	 	  
	 	
By: /s/  Michael Brown

	 	
Name:  Michael Brown

	 	
Title:  Senior Vice President

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

  

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CREDIT AGRICOLE CORPORATE AND

INVESTMENT BANK, as a Committed

Investor, a Managing Agent and an

Administrator

 

	 	  
	 	
By: /s/  Kostantina Kourmpetis

	 	Name:  Kostantina Kourmpetis
	 	Title:  Managing Director
	 	 
	 	
By: /s/  Sam Pilcer

	 	Name:  Sam Pilcer
	 	Title:  Managing Director
	 	  

 

 

  

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SCHEDULE V

 

COMMITMENTS

 

	
Committed Investor.

 

	
Commitment.

 

	 
	
The Bank of Nova Scotia

 

	
 $89,500,000.00

 

	 
	
The Bank Of Tokyo-Mitsubishi UFJ, LTD.

 

	
 $53,500,000.00

 

	 
	
PNC Bank, National Association

 

	
 $53,500,000.00

 

	 
	
Credit Agricole Corporate and Investment Bank

 

	
 $53,500,000.00Exhibit 10.1

 

EXECUTION VERSION

 

Limited Waiver and Amendment

 

As of September 30, 2015

 

KeyBank National Association,

as Agent

1200 Abernathy Road, Suite 1550

Atlanta, Georgia 30328

 

Re:                             Forestar (USA) Real Estate Group Inc. Third Amended and Restated Revolving Credit Agreement

 

Ladies and Gentlemen:

 

Reference is hereby made to that certain Third Amended and Restated Revolving Credit Agreement dated as of May 15, 2014 (as amended, the “Credit Agreement”), executed by Borrower, the Guarantors defined therein, the Lenders defined therein, and KeyBank National Association, as administrative agent (“Agent”) (Agent and Lenders are individually referred to herein as a “Credit Party” and collectively referred to herein as the “Credit Parties”).  Capitalized terms used herein shall, unless otherwise indicated, have the respective meanings set forth in the Credit Agreement.

 

Section 1.                                          Limited Waiver and Amendment.  Subject to the terms and conditions set forth herein, the Lenders hereby agree (a) to waive the requirement to comply with the Consolidated Tangible Net Worth covenant as required by §9.1(e) of the Credit Agreement (the “TNW Covenant”) for the fiscal quarter ending September 30, 2015 (“September Fiscal Quarter”), and (b) that upon the earlier of (i) November 15, 2015 or (ii) the date upon which Forestar Group announces its financial results for the September Fiscal Quarter, together with any quarterly impairments (the “September Financials”), (A) the minimum TNW Covenant will automatically reset such that in §9.1(e)(i) $572,000,000 shall be deleted and replaced with the amount equal to 80% of Consolidated Tangible Net Worth as calculated per the September Financials, and (B) the Effective Date, for the purposes of calculating compliance with §9.1(e) only, shall be changed to September 30, 2015. (the “Limited Waiver and Amendment”).

 

Section 2.                                          Conditions Precedent.  The Limited Waiver is subject to the following terms and conditions:

 

(a)                                 this Limited Waiver and Amendment shall have been executed by each Loan Party, Agent, and the Required Lenders;

 

(b)                                 after giving effect to this Limited Waiver and Amendment, the representations and warranties in this Limited Waiver and Amendment shall be true and correct in all material respects; and

 

(c)                                  after giving effect to this Limited Waiver and Amendment, no Default or Event of Default shall exist.

 

 

Section 3.                                          Ratification.  By execution of this Limited Waiver and Amendment in the space provided below, Borrower (a) represents and warrants that, after giving effect to this Limited Waiver and Amendment, the representations and warranties in the Credit Agreement are true and correct in all material respects, on and as of the date of this Limited Waiver and Amendment, except to the extent that (i) any of them speak to a different specific date, or (ii) the facts on which any of them were based have been changed by transactions contemplated or permitted by the Credit Agreement, and (b) ratifies and confirms that the Credit Agreement and all other Loan Documents, and all renewals, extensions, and restatements of, and amendments and supplements to, any of the foregoing, are and remain in full force and effect in accordance with their respective terms. Borrower affirms its obligation to pay all reasonable fees, expenses and disbursements of Agent (including reasonable attorneys’ fees) incurred by Agent in connection with this Limited Waiver and Amendment pursuant to §15 of the Credit Agreement.

 

Section 4.                                          No Impairment.  The Limited Waiver hereby granted by Lenders does not, other than to the extent expressly waived or amended hereby, (a) constitute a waiver or modification of any other terms or provisions set forth in the Credit Agreement or any other Loan Document, (b) impair any right that any Credit Party may now or hereafter have under or in connection with the Credit Agreement or any other Loan Document, or (c) impair any Credit Party’s rights to insist upon strict compliance with the Credit Agreement, as amended or otherwise modified hereby, or the other Loan Documents.  The Loan Documents continue to bind and inure to the Loan Parties and their respective successors and permitted assigns.

 

Section 5.                                          Counterparts.  This Limited Waiver and Amendment, when countersigned by all required parties, shall be a “Loan Document” as defined and referred to in the Credit Agreement and the other Loan Documents, and may be signed in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  Delivery of an executed counterpart of a signature page of this Limited Waiver and Amendment by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart of this Limited Waiver and Amendment. THIS LIMITED WAIVER AND AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

Section 6.                                          ENTIRE AGREEMENT.  THIS LETTER, THE CREDIT AGREEMENT, THE NOTES, THE SECURITY DOCUMENTS, AND THE OTHER LOAN DOCUMENTS EMBODY THE FINAL, ENTIRE AGREEMENT AMONG THE PARTIES HERETO AND SUPERSEDE ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS, AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF, AND MAY NOT BE CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OF THE PARTIES HERETO.  THERE ARE NO ORAL AGREEMENTS AMONG THE PARTIES HERETO.

 

[Remainder of Page Intentionally Left Blank;

Signature Pages to Follow.]

 

 

Please execute a copy of this Limited Waiver and Amendment in the space provided below to acknowledge your agreement to the foregoing.

 

	
 
    	
Sincerely,
    
	
 
    	
 
    
	
 
    	
FORESTAR (USA) REAL ESTATE   GROUP INC., as Borrower
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Christopher L. Nines
    
	
 
    	
Name:
    	
Christopher L. Nines
    
	
 
    	
Title:
    	
Chief Financial   Officer
    

 

[SIGNATURES CONTINUED ON FOLLOWING PAGE]

 

 

	
 
    	
KEYBANK NATIONAL   ASSOCIATION, as Agent and as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Nathan Weyer
    
	
 
    	
Name:
    	
Nathan Weyer
    
	
 
    	
Title:
    	
Vice President
    

 

[SIGNATURES CONTINUED ON FOLLOWING PAGE]

 

 

To induce the Credit Parties to enter into this Limited Waiver and Amendment, the undersigned jointly and severally (a) consent and agree to this Limited Waiver and Amendment’s execution and delivery, (b) ratify and confirm that all guaranties, assurances, and Liens granted, conveyed, or assigned to the Credit Parties under the Loan Documents are not released, diminished, impaired, reduced, or otherwise adversely affected by this Limited Waiver and Amendment and continue to guarantee, assure, and secure the full payment and performance of all present and future Obligations (except to the extent specifically limited by the terms of such guaranties, assurances, or Liens), and (c) waive notice of acceptance of this consent and agreement, which consent and agreement binds the undersigned and their successors and permitted assigns and inures to the Credit Parties and their respective successors and permitted assigns.

 

	
 
    	
GUARANTORS:  
    
	
 
    	
 
    
	
 
    	
FORESTAR GROUP INC., a   Delaware corporation 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Christopher L. Nines 
    
	
 
    	
 
    	
Name: 
    	
Christopher L. Nines 
    
	
 
    	
 
    	
Title: 
    	
Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
FORESTAR MINERALS LP, a   Delaware limited partnership 
    
	
 
    	
 
    
	
 
    	
By: 
    	
Forestar Minerals GP, LLC, general partner
    
	
 
    	
 
    
	
 
    	
FORESTAR OIL &   GAS LLC, a Delaware limited liability company
    
	
 
    	
 
    
	
 
    	
FORESTAR REALTY INC., a   Delaware corporation
    
	
 
    	
 
    
	
 
    	
FORESTAR HOTEL HOLDING COMPANY INC., a Nevada   corporation
    
	
 
    	
 
    
	
 
    	
CAPITOL OF TEXAS   INSURANCE GROUP INC., a Delaware corporation
    
	
 
    	
 
    
	
 
    	
FORESTAR CAPITAL INC., a   Delaware corporation
    
	
 
    	
 
    
	
 
    	
FORESTAR MINERALS GP LLC, a   Delaware limited liability company
    
	
 
    	
 
    
	
 
    	
JOHNSTOWN FARMS, LLC, a   Delaware limited liability company
    
	
 
    	
 
    
	
 
    	
SAN JACINTO I LLC, a Texas   limited liability company
    

 

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SUSTAINABLE WATER   RESOURCES LLC, a Texas limited liability company
    
	
 
    	
 
    
	
 
    	
SWR HOLDINGS LLC, a   Delaware limited liability company
    
	
 
    	
 
    
	
 
    	
STONEY CREEK PROPERTIES   LLC, a Delaware limited liability company
    
	
 
    	
 
    
	
 
    	
FORCO REAL ESTATE INC., a   Delaware corporation
    
	
 
    	
 
    
	
 
    	
FORESTAR PETROLEUM   CORPORATION, a Delaware corporation
    
	
 
    	
 
    
	
 
    	
SECO ENERGY CORPORATION, a Nevada   corporation
    
	
 
    	
 
    
	
 
    	
UNITED OIL CORPORATION, an   Oklahoma corporation 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Christopher L. Nines 
    
	
 
    	
 
    	
Name: 
    	
Christopher L. Nines 
    
	
 
    	
 
    	
Title: 
    	
Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
FORESTAR MINERALS   HOLDINGS LLC, a Delaware limited liability company
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael Quinley 
    
	
 
    	
 
    	
Name: 
    	
Michael Quinley
    
	
 
    	
 
    	
Title: 
    	
President
    

 

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[execution continued from preceding page]

 

	
 
    	
FORESTAR REALTY INC.,
    
	
 
    	
a Delaware corporation
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Christopher L.   Nines
    
	
 
    	
 
    	
Name:
    	
Christopher L. Nines
    
	
 
    	
 
    	
Title:
    	
Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
FORESTAR HOTEL HOLDING COMPANY INC.,
    
	
 
    	
a Nevada corporation
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Christopher L.   Nines
    
	
 
    	
 
    	
Name:
    	
Christopher L. Nines
    
	
 
    	
 
    	
Title:
    	
Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
CAPITOL OF TEXAS INSURANCE GROUP INC., a   Delaware corporation
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Christopher L.   Nines
    
	
 
    	
 
    	
Name:
    	
Christopher L. Nines
    
	
 
    	
 
    	
Title:
    	
Chief Financial Officer
    

 

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FORESTAR CAPITAL INC.,
    
	
 
    	
a Delaware corporation
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Christopher L.   Nines
    
	
 
    	
 
    	
Name:
    	
Christopher L. Nines
    
	
 
    	
 
    	
Title:
    	
Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
FORESTAR MINERALS GP LLC,
    
	
 
    	
a Delaware limited liability company
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Christopher L.   Nines
    
	
 
    	
 
    	
Name:
    	
Christopher L. Nines
    
	
 
    	
 
    	
Title:
    	
Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
FORESTAR MINERALS HOLDINGS LLC, a   Delaware limited liability company
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Christopher L.   Nines
    
	
 
    	
 
    	
Name:
    	
Christopher L. Nines
    
	
 
    	
 
    	
Title:
    	
Chief Financial Officer
    

 

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HARBOR LAKES GOLF CLUB LLC,
    
	
 
    	
a Delaware limited liability company
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Christopher L.   Nines
    
	
 
    	
 
    	
Name:
    	
Christopher L. Nines
    
	
 
    	
 
    	
Title:
    	
Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
HARBOR LAKES CLUB MANAGEMENT LLC, A Texas   limited liability company
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Christopher L.   Nines
    
	
 
    	
 
    	
Name:
    	
Christopher L. Nines
    
	
 
    	
 
    	
Title:
    	
Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
JOHNSTOWN FARMS, LLC, a   Delaware limited liability company
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Christopher L.   Nines
    
	
 
    	
 
    	
Name:
    	
Christopher L. Nines
    
	
 
    	
 
    	
Title:
    	
Chief Financial Officer
    

 

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SAN JACINTO I LLC, a Texas   limited liability company
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Christopher L.   Nines
    
	
 
    	
 
    	
Name:
    	
Christopher L. Nines
    
	
 
    	
 
    	
Title:
    	
Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
SUSTAINABLE WATER RESOURCES LLC, a Texas   limited liability company
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Christopher L.   Nines
    
	
 
    	
 
    	
Name:
    	
Christopher L. Nines
    
	
 
    	
 
    	
Title:
    	
Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
SWR HOLDINGS LLC, a   Delaware limited liability company
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Christopher L.   Nines
    
	
 
    	
 
    	
Name:
    	
Christopher L. Nines
    
	
 
    	
 
    	
Title:
    	
Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
STONEY CREEK PROPERTIES LLC, a   Delaware limited liability company
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Christopher L.   Nines
    
	
 
    	
 
    	
Name:
    	
Christopher L. Nines
    
	
 
    	
 
    	
Title:
    	
Chief Financial   Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
FORCO REAL ESTATE INC., a   Delaware corporation
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Christopher L.   Nines
    
	
 
    	
 
    	
Name:
    	
Christopher L. Nines
    
	
 
    	
 
    	
Title:
    	
Chief Financial   Officer
    

 

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FORESTAR PETROLEUM CORPORATION, a   Delaware corporation
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Christopher L.   Nines
    
	
 
    	
 
    	
Name:
    	
Christopher L. Nines
    
	
 
    	
 
    	
Title:
    	
Chief Financial   Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
SECO ENERGY CORPORATION, a Nevada   corporation
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Christopher L.   Nines
    
	
 
    	
 
    	
Name:
    	
Christopher L. Nines
    
	
 
    	
 
    	
Title:
    	
Chief Financial   Officer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    
	
 
    	
UNITED OIL CORPORATION, an   Oklahoma corporation
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Christopher L.   Nines
    
	
 
    	
 
    	
Name:
    	
Christopher L. Nines
    
	
 
    	
 
    	
Title:
    	
Chief Financial   Officer
    

 

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OTHER LENDERS:
    
	
 
    	
AgFIRST FARM CREDIT BANK, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Matthew H. Jeffords
    
	
 
    	
Name:
    	
Matthew H. Jeffords
    
	
 
    	
Title:
    	
Vice President
    

 

 

Address:

 

1401 Hampton Street

Columbia, SC  29201

 

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[Execution of Limited Waiver and Amendment Continued]

 

 

	
 
    	
NORTHWEST FARM CREDIT SERVICES, PCA, as
   a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Candy Casteal
    
	
 
    	
Name:
    	
Candy Casteal
    
	
 
    	
Title:
    	
SVP Credit
    

 

 

Address:

 

1700 South Assembly Street

Spokane, WA  99224

 

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[Execution of Limited Waiver and Amendment Continued]

 

 

	
 
    	
AMEGY BANK NATIONAL ASSOCIATION, as a
    
	
 
    	
Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Barrett Tondre
    
	
 
    	
Name:
    	
Barrett Tondre
    
	
 
    	
Title: 
    	
Assistant Vice President
    

 

 

Address:

 

10001 Reunion Place, Ste 300

San Antonio, TX  78216

 

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[Execution of Limited Waiver and Amendment Continued]

 

	
 
    	
CAPITAL ONE N.A., as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael B. Perrine
    
	
 
    	
Name:
    	
Michael B. Perrine
    
	
 
    	
Title:
    	
Commercial Banking President - Austin
    

 

 

Address:

 

106 East 6th Street

Suite 600

Austin, TX  78701

 

Attn: Michael B. Perrine

Fax #-

 

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[Execution of Limited Waiver and Amendment Continued]

 

 

	
 
    	
TEXAS CAPITAL BANK, NATIONAL
   ASSOCIATION, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Mike McConnell
    
	
 
    	
Name:
    	
Mike McConnell
    
	
 
    	
Title:
    	
Senior Vice President
    

 

 

Address:

 

98 San Jacinto Blvd., Ste. 200

Austin, TX  78701

 

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[Execution of Limited Waiver and Amendment Continued]

 

	
 
    	
GOLDMAN SACHS BANK USA, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michelle Latzoni
    
	
 
    	
Name:
    	
Michelle Latzoni
    
	
 
    	
Title:
    	
Authorized Signatory
    

 

 

Address:

 

200 West Street

New York, NY  10282

Fax # 917-977-3966

 

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[Execution of Limited Waiver and Amendment Continued]

 

 

	
 
    	
JPMORGAN CHASE BANK, NATIONAL
   ASSOCIATION, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Melissa Burnett
    
	
 
    	
Name:
    	
Melissa Burnett
    
	
 
    	
Title:
    	
Senior Commercial Banker
    

 

 

Address:

 

TX3-8211

P.O. Box 550

Austin, TX  78767-0550

 

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[Execution of Limited Waiver and Amendment Continued]

 

	
 
    	
WELLS FARGO BANK, NATIONAL ASSOCIATION, as   a Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Chris M. Garza
    
	
 
    	
Name: Chris M. Garza
    
	
 
    	
Title: Senior Vice President
    

 

 

Address:

 

111 Congress Avenue, Suite 530

Austin, TX  78701

 

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[Execution of Limited Waiver and Amendment Continued]

 

	
 
    	
SYNOVUS BANK, as a Lender and a LC Issuer
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ David W. Bowman
    
	
 
    	
Name: David W. Bowman
    
	
 
    	
Title: Director
    

 

Address:

 

800 Shades Creek Parkway

Birmingham, AL  35209

 

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[Execution of Limited Waiver and Amendment Continued]

 

	
 
    	
UNITED FCS, PCA, d/b/a FCS COMMERCIAL
    
	
 
    	
FINANCE GROUP, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Lisa Caswell
    
	
 
    	
Name: Lisa Caswell
    
	
 
    	
Title: Vice President
    

 

 

Address:

 

600 Highway 169 South, Suite 850

Minneapolis, MN 55426

 

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[Execution of Limited Waiver and Amendment Continued]

 

	
 
    	
CADENCE BANK, N.A.as a Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Melinda N. Jackson
    
	
 
    	
Name: Melinda N. Jackson
    
	
 
    	
Title: Senior Vice President
    

 

Address:

 

3500 Colonnade Pkwy, Ste. 600

Birmingham, AL  35243

 

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[Execution of Limited Waiver and Amendment Continued]

 

	
 
    	
METROPOLITAN LIFE INSURANCE COMPANY, .as a   Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ W. Kirk Purvis
    
	
 
    	
Name: W. Kirk Purvis
    
	
 
    	
Title: Director
    

 

 

Address:

 

6750 Poplar Avenue

Suite 109

Germantown, TN  38138

 

[END OF SIGNATURES]

 

Lender signature pages to Limited Waiver and Amendment

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