Document:

Unassociated Document

Exhibit 10.2

Assignment and Assumption of Liabilities Agreement, dated February 27, 2015

between Simmons First National Corporation and Community First Bancshares, Inc.

 

 

 

 

 

 

 

 

 

  

  

  

ASSIGNMENT AND ASSUMPTION

OF LIABILITIES AGREEMENT

THIS ASSIGNMENT AND ASSUMPTION OF LIABILITIES AGREEMENT (the "Agreement") is made and entered into this 27th day of February, 2015, by and between SIMMONS FIRST NATIONAL CORPORATION, an Arkansas corporation ("Assignee"), and COMMUNITY FIRST BANCSHARES, INC., a Tennessee corporation ("Assignor") and is as follows:

RECITALS

WHEREAS, Assignee entered into an Agreement and Plan of Merger (the "Merger") with Assignor dated May 6, 2014, by which Assignor would be merged with and into Assignee;

WHEREAS, Assignor is a participant in the Department of the Treasury’s ("Treasury") Small Business Lending Fund ("SBLF");

WHEREAS, as part of Assignor’s participation in the SBLF, it entered into a Securities Purchase Agreement, dated August 18, 2011 (the "2011 SPA") with the Treasury;

WHEREAS, as part of Assignor's participation in the SBLF, it issued 30,852 shares of Senior Non-Cumulative Perpetual Preferred Stock, Series C, with a liquidation value of $1,000 per share to the Treasury ("Assignor Preferred Shares") in exchange for $30,852,000 in SBLF funds;

WHEREAS, in connection with the Merger, Assignee has agreed to issue 30,852 shares of Senior Non-Cumulative Perpetual Preferred Stock, Series A, with a par value of $0.01 and liquidation value of $1,000 per share having the same rights, preferences, privileges, and voting powers and limitations and restrictions as the rights, privileges, and voting powers and limitations  and restrictions as the Assignor Preferred Shares ("Assignee Preferred Shares") and to exchange the Assignor Preferred Shares with the Treasury;

WHEREAS, effective as of the effective date of the Merger (the “Effective Date”), Assignee shall assume all rights and obligations of the Assignor in and to the 2011 SPA and all other obligations of Assignor as participant in the SBLF all in accordance with Section 5.8 of the 2011 SPA;

NOW, THEREFORE, for Ten Dollars ($10.00) and other good and valuable consideration paid, the receipt and sufficiency of which is acknowledged, Assignor and Assignee agree as follows:

1.           Incorporation of Recitals.  The recitals above are not mere statements of fact but are

contractual in nature and are incorporated herein by this reference.

2.           The Assignment.  Assignor does absolutely and irrevocably SELL, TRANSFER, ASSIGN, AND DELIVER unto Assignee, its successors and assigns, all of Assignor's rights, interests, and obligations in and to the 2011 SPA and all other rights and obligations of Assignor as a participant in the SBLF (collectively, the "Assumed Liabilities").

  

  

  

3.           The Assumption.  Assignee assumes and accepts all duties, obligations, and liabilities under the Assumed Liabilities and all other matters first accruing from and after the Effective Date.

4.           Definitions. As of the Effective Date of the Merger, each reference to Community First Bancshares, Inc. in the 2011 SPA shall mean the Assignee and each reference to the Preferred Shares shall mean the Assignee Preferred Shares issued to the Secretary of the Treasury at the Effective Date.  Notwithstanding the Effective Date all references in the 2011 SPA to the “Closing Date” shall continue to mean August 18, 2011.

5.           Representations and Warranties.  Each of the Assignee and Assignor represents and warrants to the other that each party has all necessary power and authority to execute, deliver and perform this Agreement and carry out its obligations hereunder. The Assignee represents and warrants to Treasury that the representations and warranties of the Assignee set forth in the updated Disclosure Schedule attached hereto, are true and correct as of the Effective Date.  The Assignee further represents and warrants to Treasury that, as of the Effective Date, the Assignee's, and its consolidated subsidiaries', financial information contained in Assignee's annual reports for the last three completed fiscal years, as filed with the Securities and Exchange Commission, are true and correct, and there are no undisclosed liabilities, except for (a) liabilities that have arisen since the last fiscal year end in the ordinary and usual course of business and consistent with past practice and (b) liabilities that, individually or in the aggregate, have not had and would not reasonably be expected to have a Material Adverse Effect.

6.           Governing Law. This Agreement shall be governed by and construed in accordance with the federal law of the United States if and to the extent such law is applicable, and otherwise in accordance with the laws of the State of New York applicable to contracts made and to be performed entirely within such state.

7.           Successors. This Agreement will apply to, and be binding in all respects upon, and inure to the benefit of the successors and assigns of the parties.

8.           Binding Effect. The 2011 SPA as so amended shall remain in full force and effect and be binding upon the parties thereto and hereto until further amended in accordance with its terms.

  

  

  

IN WITNESS WHEREOF, Assignor and Assignee have caused this instrument to be executed as of the date first above written.

 

	 	 	 
ASSIGNOR:

	 
	 	 	 	 
	 	 	 
SIMMONS FIRST NATIONAL CORPORATION

	 	 	 	 
	 	 	 	 
	 	 	By:	 
/s/ George A. Makris, Jr.

	 
	 	 	Name: 	 
George A. Makris, Jr.

	 
	 	 	Title:	 
Chairman and CEO

	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 
ASSIGNEE:

	 
	 	 	 	 	 
	 	 	 
COMMUNITY FIRST BANCSHARES, INC.

	 	 	 	 	 
	 	 	 	 	 
	 	 	By: 	 
/s/ John C. Clark

	 
	 	 	Name: 	 
John C. Clark

	 
	 	 	Title: 	 
President and CEO

	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 
AGREED AND ACCEPTED:

	 
	 	 	 	 	 
	 	 	 
THE SECRETARY OF THE TREASURY

	 	 	 	 	 
	 	 	 	 	 
	 	 	By:	/s/ Jessica A. Milano	 
	 	 	Name: 	 
Jessica A. Milano

	 
	 	 	Title: 	 
Deputy Assistant Secretarytollq1-10Qexh4.1

Exhibit 4.1
THIS TWENTY-SIXTH SUPPLEMENTAL INDENTURE, dated as of January 30, 2015, by and among the parties listed on Schedule A hereto (each an “Additional Guarantor” and collectively, the “Additional Guarantors”) and THE BANK OF NEW YORK MELLON, as successor to J.P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION and BANK ONE TRUST COMPANY, NATIONAL ASSOCIATION, as trustee (the “Trustee”). Capitalized terms used in this Twenty-sixth Supplemental Indenture and not otherwise defined herein (including terms used on Exhibit A attached hereto) shall have the meanings ascribed to them in the Indenture, dated as of November 22, 2002, by and among Toll Brothers Finance Corp., Toll Brothers, Inc., as Guarantor, the other Guarantors identified therein and the Trustee (as more fully described on Exhibit A attached hereto).
RECITALS
WHEREAS, Section 4.04 of the Indenture provides that if in accordance with the provisions of the Bank Credit Facilities the Company adds, or causes to be added, any Subsidiary that was not a Guarantor at the time of execution of the Indenture as a guarantor under the Bank Credit Facilities, such Subsidiary shall contemporaneously become a Guarantor under the Indenture;
WHEREAS, desiring to become a Guarantor under the Indenture, each of the Additional Guarantors is executing and delivering this Twenty-sixth Supplemental Indenture; and 
WHEREAS, the Issuer and the Trustee may modify or amend the Guarantees under the Indenture without notice to or consent of any Holder to add Guarantors, and all other actions required to be taken under the Indenture with respect to this Twenty-sixth Supplemental Indenture have been taken.
NOW, THEREFORE IT IS AGREED:
Section 1.Joinder.  Each Additional Guarantor agrees that by its entering into this Twenty-sixth Supplemental Indenture it hereby unconditionally guarantees all of the Issuer’s obligations under the Securities of any Series that has the benefit of Guarantees of other Subsidiaries of the Company, and the Indenture (as it relates to all such Series) on the terms set forth in the Indenture, as if each such Additional Guarantor was a party to the Indenture.
Section 2.    Ratification of Indenture.  This Twenty-sixth Supplemental Indenture is executed and shall be construed as an indenture supplemental to the Indenture, and as supplemented and modified hereby, the Indenture is in all respects ratified and confirmed, and the Indenture and this Twenty-sixth Supplemental Indenture shall be read, taken and construed as one and the same instrument.
Section 3.    Effect of Headings.  The Section headings herein are for convenience only and shall not affect the construction hereof.
Section 4.    Successors and Assigns.  All covenants and agreements in this Twenty-sixth Supplemental Indenture by each Additional Guarantor shall bind each such Additional Guarantor’s successors and assigns, whether so expressed or not.
Section 5.    Separability Clause.  In case any one or more of the provisions contained in this Twenty-sixth Supplemental Indenture shall for any reason be held to be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

Section 6.    Governing Law.  This Twenty-sixth Supplemental Indenture shall be governed by and construed in accordance with the laws of the State of New York.  This Twenty-sixth Supplemental Indenture is subject to the provisions of the TIA that are required to be part of this Twenty-sixth Supplemental Indenture and shall, to the extent applicable, be governed by such provisions.
Section 7.    Counterparts.  This Twenty-sixth Supplemental Indenture may be executed in any number of counterparts, and each of such counterparts shall for all purposes be deemed to be an original, but all such counterparts shall together constitute one and the same instrument.
Section 8.    Role of Trustee.  The recitals contained herein shall be taken as the statements of the Company, and the Trustee assumes no responsibility for their correctness.  The Trustee makes no representations as to the validity or sufficiency of this Twenty-sixth Supplemental Indenture.
IN WITNESS WHEREOF, the parties hereto have caused this Twenty-sixth Supplemental Indenture to be duly executed as of the date first above written. 
	
			
	 
	THE ADDITIONAL GUARANTORS NAMED

	 
	ON SCHEDULE A HERETO, as Guarantors

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Martin P. Connor

	 
	 
	Name: Martin P. Connor

	 
	 
	Title: Designated Officer

	 
	 
	 

	
			
	THE BANK OF NEW YORK MELLON,

	as Trustee
	 

	 
	 
	 

	 
	 
	 

	By:
	/s/ Francine Kincaid
	 

	 
	Name: Francine Kincaid
	 

	 
	Title: Vice President
	 

	 
	 
	 

[SIGNATURE PAGE TO TWENTY-SIXTH SUPPLEMENTAL INDENTURE
TO INDENTURE DATED AS OF NOVEMBER 22, 2002]

2

SCHEDULE A

Additional Guarantors as of January 30, 2015

Toll FL XIII Limited Partnership, a Florida limited partnership
Toll MI VI Limited Partnership, a Michigan limited partnership
Toll PA XIX, L.P., a Pennsylvania limited partnership

EXHIBIT A
For purposes of this Twenty-sixth Supplemental Indenture, the term “Indenture” shall mean that certain Indenture dated as of November 22, 2002 (the “Original Indenture”) by and among Toll Brothers Finance Corp. (the “Issuer”), Toll Brothers, Inc. (the “Company”) as Guarantor, the other Guarantors identified therein and the Trustee, as supplemented by: (i) the Authorizing Resolutions, related to the issuance of $300,000,000 aggregate principal amount of 6.875% Senior Notes due 2012 (the “6.875% Senior Notes”) by the Issuer and the issuance of related guarantees by the Company and the other Guarantors, attached as Exhibit A to the Joint Action of the Persons Authorized to Act on Behalf of Each of the Issuer, the Company and Each of the Entities listed on Schedule I thereto dated as of November 22, 2002; (ii) the First Supplemental Indenture dated May 1, 2003 (the “First Supplemental  Indenture”), by and among the parties listed on Schedule A thereto (who, pursuant to such First Supplemental Indenture, thereby became Guarantors) and the Trustee; (iii) the Authorizing Resolutions related to the issuance of $250,000,000 aggregate principal amount of 5.95% Senior Notes due 2013 (the “5.95% Senior Notes”) by the Issuer and the issuance of related guarantees by the Company and the other Guarantors, attached as Exhibit A to the Joint Action of the Persons Authorized to Act on Behalf of Each of the Issuer, the Company and Each of the Entities listed on Schedule I thereto dated as of September 3, 2003; (iv) the Second Supplemental Indenture dated November 3, 2003 (the “Second Supplemental Indenture”), by and among the parties listed on Schedule A thereto (who, pursuant to such Second Supplemental Indenture, thereby became Guarantors) and the Trustee; (v) the Third Supplemental Indenture dated January 26, 2004 (the “Third Supplemental Indenture”), by and among the parties listed on Schedule A thereto (who, pursuant to such Third Supplemental Indenture, thereby became Guarantors) and the Trustee; (vi) the Fourth Supplemental Indenture dated March 1, 2004 (the “Fourth Supplemental Indenture”), by and among the parties listed on Schedule A thereto (who, pursuant to such Fourth Supplemental Indenture, thereby became Guarantors) and the Trustee; (vii) the Authorizing Resolutions related to the issuance of $300,000,000 aggregate principal amount of 4.95% Senior Notes due 2014 (the “4.95% Senior Notes”) by the Issuer and the issuance of related guarantees by the Company and the other Guarantors attached as Exhibit A to the Joint Action of the Persons Authorized to Act on Behalf of Each of the Issuer, the Company and Each of the Entities listed on. Schedule I thereto dated as of March 9, 2004; (viii) the Fifth Supplemental Indenture dated September 20, 2004 (the “Fifth Supplemental Indenture”), by and among the parties listed on Schedule A thereto (who, pursuant to such Fifth Supplemental Indenture, thereby became Guarantors) and the Trustee; (ix) the Sixth Supplemental Indenture, dated as of October 28, 2004 (the “Sixth Supplemental Indenture”), by and among the parties listed on Schedule A thereto (who, pursuant to such Sixth Supplemental Indenture, thereby became Guarantors) and the Trustee; (x) the Seventh Supplemental Indenture, dated as of October 31, 2004 (the “Seventh Supplemental Indenture”), by and among the parties listed on Schedule A thereto (who, pursuant to such Seventh Supplemental Indenture, thereby became Guarantors) and the Trustee; (xi) the Eighth Supplemental Indenture, dated as of January 31, 2005 (the “Eighth Supplemental Indenture”), by and among the parties listed on Schedule A thereto (who, pursuant to such Eighth Supplemental Indenture, thereby became Guarantors) and the Trustee; (xii) the Authorizing Resolutions, related to the issuance of $300,000,000 aggregate principal amount of 5.15% Senior Notes due 2015 (the “5.15% Senior Notes”) by the Issuer and the issuance of related guarantees by the Company and the other Guarantors attached as Exhibit A to the Joint Action of the Persons Authorized to Act on Behalf of Each of the Issuer, the Company and Each of the Entities listed on Schedule I thereto dated as of May 26, 2005; (xiii) the Ninth Supplemental Indenture, dated as of June 6, 2005 (the “Ninth Supplemental Indenture”), by and among the parties listed on Schedule A thereto (who, pursuant to such Ninth Supplemental Indenture, thereby became Guarantors) and the Trustee; (xiv) the Tenth Supplemental Indenture, dated as of August 1, 2005 (the “Tenth Supplemental Indenture”), by and among the parties listed on Schedule A thereto (who, pursuant to such Tenth Supplemental Indenture, thereby became Guarantors) and the Trustee; (xv) the Eleventh Supplemental Indenture, dated as of January 31, 2006 (the 

“Eleventh Supplemental Indenture”), by and among the parties listed on Schedule A thereto (who, pursuant to such Eleventh Supplemental Indenture, thereby became Guarantors) and the Trustee; (xvi) the Twelfth Supplemental Indenture, dated as of April 30, 2006 (the “Twelfth Supplemental Indenture”), by and among the parties listed on Schedule A thereto (who, pursuant to such Twelfth Supplemental Indenture, thereby became Guarantors) and the Trustee; (xvii) the Thirteenth Supplemental Indenture, dated as of July 31, 2006 (the “Thirteenth Supplemental Indenture”), by and among the parties listed on Schedule A thereto (who, pursuant to such Thirteenth Supplemental Indenture, thereby became Guarantors) and the Trustee; (xviii) the Fourteenth Supplemental Indenture, dated as of October 31, 2006 (the “Fourteenth Supplemental Indenture”), by and among the parties listed on Schedule A thereto (who, pursuant to such Fourteenth Supplemental Indenture, thereby became Guarantors) and the Trustee; (xix) the Fifteenth Supplemental Indenture, dated as of June 25, 2007 (the “Fifteenth Supplemental Indenture”), by and among the parties listed on Schedule A thereto (who, pursuant to such Fifteenth Supplemental Indenture, thereby became Guarantors) and the Trustee; (xx) the Sixteenth Supplemental Indenture, dated as of June 27, 2007 (the “Sixteenth Supplemental Indenture”), by and among the parties listed on Schedule A thereto (who, pursuant to such Sixteenth Supplemental Indenture, thereby became Guarantors) and the Trustee; (xxi) the Seventeenth Supplemental Indenture, dated as of January 31, 2008 (the “Seventeenth Supplemental Indenture”), by and among the parties listed on Schedule A thereto (who, pursuant to such Seventeenth Supplemental Indenture, thereby became Guarantors) and the Trustee; (xxii) the Eighteenth Supplemental Indenture, dated as of October 27, 2011 (the “Eighteenth Supplemental Indenture”), by and among the parties listed on Schedule A thereto (who, pursuant to such Eighteenth Supplemental Indenture, thereby became Guarantors) and the Trustee; (xxiii) the Nineteenth Supplemental Indenture, dated as of November 1, 2011 (the “Nineteenth Supplemental Indenture”), by and among the parties listed on Schedule A thereto (who, pursuant to such Nineteenth Supplemental Indenture, thereby became Guarantors) and the Trustee, and as may be further supplemented, (xxiv) the Twentieth Supplemental Indenture, dated as of April 27, 2012 (the “Twentieth Supplemental Indenture”), by and among the parties listed on Schedule A thereto (who, pursuant to the Twentieth Supplemental Indenture, thereby became Guarantors) and the Trustee; (xxv) the Twenty-first Supplemental Indenture, dated as of February 1, 2013 (the “Twenty-first Supplemental Indenture”), by and among the parties listed on Schedule A thereto (who, pursuant to the Twenty-first Supplemental Indenture, thereby became Guarantors) and the Trustee; (xxvi) the Twenty-second Supplemental Indenture, dated as of April 30, 2013 (the “Twenty-second Supplemental Indenture”), by and among the parties listed on Schedule A thereto (who, pursuant to the Twenty-second Supplemental Indenture, thereby became Guarantors) and the Trustee; (xxvii) the Twenty-third Supplemental Indenture, dated as of April 30, 2014 (the “Twenty-third Supplemental Indenture”), by and among the parties listed on Schedule A thereto (who, pursuant to the Twenty-third Supplemental Indenture, thereby became Guarantors) and the Trustee; (xxviii) the Twenty-fourth Supplemental Indenture, dated as of July 31, 2014 (the “Twenty-fourth Supplemental Indenture”), by and among the parties listed on Schedule A thereto (who, pursuant to the Twenty-fourth Supplemental Indenture, thereby became Guarantors) and the Trustee; (xxix) the Twenty-fifth Supplemental Indenture, dated as of October 31, 2014 (the “Twenty-fifth Supplemental Indenture”), by and among the parties listed on Schedule A thereto (who, pursuant to the Twenty-fifth Supplemental Indenture, thereby became Guarantors) and the Trustee and as may be further supplemented (including by this Twenty-sixth Supplemental Indenture) and/or amended.

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