Document:

exhibit.htm

Exhibit 10.1

 

 

SECOND AMENDMENT TO AMENDED AND RESTATED

SUBACCOUNTING AGREEMENT

THIS SECOND AMENDMENT TO THE AMENDED AND RESTATED SUBACCOUNTING AGREEMENT (this "Amendment") is made and entered into as of this 7th day of May, 2010 (the “Effective Date”), by and between, UNITED WESTERN BANK®, a federal savings bank (“Bank”), EQUITY TRUST COMPANY, a South Dakota trust company (“ETC”), EQUITY ADMINISTRATIVE SERVICES, INC., an Ohio corporation (“EAS”), and STERLING ADMINISTRATIVE SERVICES, LLC, a Texas limited liability company (“SAS” and, collectively with EAS, the “Companies”), (the Companies, ETC and Bank referred to herein each as a “Party” and collectively the “Parties”).  Capitalized terms used and not defined in this Amendment shall have the meanings ascribed to them in the Subaccounting Agreement (as defined below).

 

WITNESSETH

WHEREAS, Bank, ETC and the Companies are parties to that certain AMENDED AND RESTATED SUBACCOUNTING AGREEMENT dated June 27, 2009, as amended by that First Amendment to Amended and Restated Subaccounting Agreement dated February 24, 2010 (the “Subaccounting Agreement”), whereby, among other things, EAS and the Companies maintain Bank Accounts at Bank for the benefit of Custodial Account Holders and the Companies act as agent for Bank to provide Custodial Account Holder record keeping and certain other services with respect to the account activity by Custodial Accounts and balances maintained in the Bank Accounts by the individual Custodial Accounts.

WHEREAS, Bank has proposed that ETC and the Companies deposit $350 million of funds in Custodial Accounts currently deposited in the Bank Accounts (the “Third Party Bank Deposit Funds”) with a Third Party Bank in accordance with the second paragraph of Section 10 of the Subaccounting Agreement (such paragraph, the “Third Party Bank Deposit Provision”).

WHEREAS, in connection with such deposit of the Third Party Bank Deposit Funds with such Third Party Bank, the Parties desire to further amend the Subaccounting Agreement as described herein.

NOW, THEREFORE, in exchange for the payment by Bank to ETC of $1,200,000 and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree to amend the Subaccounting Agreement in the following respects:

1. The second-to-last sentence of Section 1 of the Subaccounting Agreement shall be deleted in its entirety and replaced with the following:

“The aggregate balances in the Bank Accounts of the Companies, ETC and their affiliates shall not exceed $700 million (the “Cap”) without the prior written approval of Bank.”

The Third Party Bank Deposit Funds as deposited with the Third Party Bank shall not apply against the Cap, notwithstanding anything in the Subaccounting Agreement to the

  

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contrary.  The rights and obligations of the Parties under the third-to-last and second-to-last sentences of the Third Party Bank Deposit Provision shall not apply in any way to the Third Party Bank Deposit Funds as deposited with the Third Party Bank.

2. The following paragraph shall be added as a third paragraph to Section 10 of the Subaccounting Agreement:

“Notwithstanding the foregoing, ETC and the Companies shall have the unilateral right to participate out up to $150 million of funds deposited in the Bank Accounts without Bank’s consent to any depository institution that ETC may select with or without Bank’s approval (so long as such depository institution otherwise meets the definition of Third Party Bank), provided that the participation out of any such funds pursuant to this paragraph shall not be subject to the rights and obligations of the Parties under the third-to-last and second-to-last sentences of the immediately preceding paragraph.  Any funds participated out pursuant to this paragraph shall not apply against the Cap, notwithstanding anything herein to the contrary.  Notwithstanding anything to the contrary herein, ETC and the Companies may not exercise their unilateral right to participate funds as discussed in this paragraph to the extent that such participation would reduce the cash balances of Custodial Deposits below an amount equal to the Final Deposit Amount (as defined by and finally determined in accordance with the Purchase Agreement). In addition to the foregoing, the Parties shall use good faith efforts to negotiate from time to time in an attempt to agree on further participation to one or more Third Party Banks of funds deposited in the Bank Accounts.”

The Parties agree that all other terms or conditions of the Subaccounting Agreement shall remain in full force and effect and the Parties reaffirm the same.  This Amendment shall be binding upon and inure to the benefit of and be enforceable by the Parties and their respective successors, assigns (including any direct or indirect successor by merger or consolidation) and administrators.

[Signature page follows.]

  

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IN WITNESS WHEREOF, the Parties hereto have entered into this Amendment as of the date first written above.

	  	
EQUITY ADMINISTRATIVE SERVICES, INC.

	  	  
	  	
By:        /s/ Michael Dea                                                      

	  	
Name:   Michael Dea

	  	
Title:     CFO

	  	  
	  	
STERLING ADMINISTRATIVE SERVICES, LLC

	  	  
	  	
By:        /s/ Michael Dea                                                      

	  	
Name:   Michael Dea

	  	
Title:     CFO

	  	  
	  	
EQUITY TRUST COMPANY

	  	  
	  	
By:        /s/ Michael Dea                                                      

	  	
Name:   Michael Dea

	  	
Title:     CFO

	  	  
	  	
UNITED WESTERN BANK

	  	  
	  	
By:        /s/ James R. Peoples                                                                

	  	
Name:   James R. Peoples

	  	
Title:     Chairman, President and CEO

	  	  

3exv10w1

Exhibit 10.1

GENERAL GUARANTEE AGREEMENT

          This General Guarantee Agreement, dated March 2, 2010 (the “Guarantee”), is made by The
Goldman Sachs Group, Inc. (the “Guarantor”), a corporation duly organized under the laws of the
State of Delaware, in favor of each person (each, a “Party”) to whom Goldman Sachs Execution &
Clearing, L.P., a New York limited partnership and a subsidiary of the Guarantor (the “Company”),
may owe any Obligations (as defined below) from time to time.

     1. Guarantee. For value received, the Guarantor hereby unconditionally and, subject to the
provisions of paragraphs number six and seven, irrevocably guarantees to each Party, the complete
payment when due, whether by acceleration or otherwise, of all payment obligations, whether now in
existence or hereafter arising (other than non-recourse payment obligations) of the Company,
including, without limitation, all payment obligations (other than non-recourse payment
obligations) arising under any swap, futures, option, forward or other derivative instrument (the
“Obligations”). This Guarantee is one of payment and not of collection.

     2. Waiver of Notice, etc. Except as may be required by the contract, agreement or instrument
creating the Obligations, the Guarantor hereby waives notice of acceptance of this Guarantee and
notice of the Obligations, and waives proof of reliance, diligence, presentment, demand for
payment, protest, notice of dishonor or non-payment of the Obligations, suit, and the taking of any
other action by any Party against, and any other notice to, the Company, the Guarantor or others.

     3. Nature of Guarantee. This Guarantee shall be construed as a continuing, absolute and
unconditional guarantee of payment without regard to (a) the validity or enforceability of any
Obligation or right of offset with respect thereto at any time and from time to time held by any
Party or (b) any other circumstance whatsoever (with or without notice to or knowledge of the
Company or the Guarantor) which might constitute an equitable or legal discharge of the Company for
the Obligations, or of the Guarantor under this Guarantee, in bankruptcy or in any other instance;
provided, however, that under no circumstances will the Guarantor be liable to any Party hereunder
for any amount in excess of the amount which the Company actually owes to such Party and that the
Guarantor may assert any defense to payment available to the Company, other than those arising in a
bankruptcy or insolvency proceeding.

          A Party may at any time and from time to time without notice to or consent of the Guarantor
and without impairing or releasing the obligations of the Guarantor hereunder: (1) agree with the
Company to make any change in the terms of the Obligations; (2) take or fail to take any action of
any kind in respect of any security for any obligation or liability of the Company to such Party,
(3) exercise or refrain from exercising any rights against the

 

 

Company or others in respect of the Obligations; or (4) compromise or subordinate the
Obligations. Any other suretyship defenses are hereby waived by the Guarantor.

     4. Reinstatement. The Guarantor further agrees that this Guaranty shall continue to be
effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of any
of the Obligations, or interest thereon is rescinded or must otherwise be restored or returned by
such Party upon the bankruptcy, insolvency, dissolution or reorganization of the Company.

     5. Subrogation. The Guarantor will not exercise any rights which it may acquire hereunder by
way of subrogation, as a result of a payment hereunder, until all due and unpaid Obligations to
such Party shall have been paid in full. Any amount paid to the Guarantor in violation of the
preceding sentence shall be held by Guarantor for the benefit of such Party and shall forthwith be
paid to such Party to be credited and applied to the due and unpaid Obligations. Subject to the
foregoing, upon payment of all such due and unpaid Obligations, the Guarantor shall be subrogated
to the rights of such Party against the Company with respect to such Obligations, and such Party
agrees to take at the Guarantor’s expense such steps as the Guarantor may reasonably request to
implement such subrogation.

     6. Amendment and Termination. This guarantee may be amended or terminated, as to one Party,
all Parties or a group of specified Parties and as to one Obligation, all Obligations or specified
Obligations, at any time by (i) issuance by the Guarantor of a press release reported by the Dow
Jones News Service, the Associated Press or a comparable national news service, or (ii) written
notice signed by the Guarantor, with such amendment or termination effective with respect to a
Party on the opening of business on the fifth New York business day after earlier of the issuance
of such press release or the receipt of such written notice, as applicable; provided, however, that
no such amendment or termination may adversely affect the rights of any Party relating to any
Obligations incurred prior to the effectiveness of such amendment or termination; provided further,
that any such amendment or termination may become effective as to one Party whether or not it
becomes effective with respect to another Party.

     7. Assignment. The Guarantor may not assign its rights nor delegate its obligations under
this Guarantee with respect to a Party, in whole or in part, without prior written consent of such
Party, and any purported assignment or delegation absent such consent is void, except for an
assignment and delegation of all of the Guarantor’s rights and obligations hereunder in whatever
form the Guarantor determines may be appropriate to a partnership, corporation, trust or other
organization in whatever form that succeeds to all or substantially all of the Guarantor’s assets
and business and that assumes such obligations by contract, operation of law or otherwise. Upon
any such delegation and assumption of obligations, the Guarantor shall be relieved of and fully
discharged from all obligations hereunder, whether such obligations arose before or after such
delegation and assumption.

     8. Governing Law and Jurisdiction. THIS GUARANTEE SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICTS
OF LAW. GUARANTOR AGREES TO THE EXCLUSIVE JURISDICTION OF COURTS LOCATED IN THE STATE OF NEW YORK,

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UNITED STATES OF AMERICA, OVER ANY DISPUTES ARISING UNDER OR RELATING TO THIS GUARANTEE.

IN WITNESS WHEREOF, the Guarantor has duly executed this Guarantee as of the day and year first
above written.

	 	 	 	 	 
	 	THE GOLDMAN SACHS GROUP, INC.

 	 
	 	By:  	/s/
Elizabeth E. Beshel	 
	 	 	Name:  	Elizabeth E. Beshel	 
	 	 	Title:  	Authorized Officer 	 
	 

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