Document:

exhibit101.htm

 

JPMORGAN CHASE BANK, N.A.

383 Madison Avenue, 24th Floor

New York, New York 10179

October 24, 2013

LETTER AGREEMENT

 

Standard Pacific Corp.

15360 Barranca Parkway

Irvine, CA  92618

Attn:        John P. Babel

 Jeff J. McCall

	
  

	
RE:

	
Amended and Restated Credit Agreement, dated as of October 19, 2012, among Standard Pacific Corp. (“Borrower”), the lenders party thereto (“Lenders”) and JPMorgan Chase Bank, N.A., as administrative agent for the Lenders (“Administrative Agent”), as amended by the First Amendment to Amended and Restated Credit Agreement, dated as of September 26, 2013 (as so amended, and as the same may be further amended, modified and supplemented and in effect from time to time, the “Credit Agreement”)

Ladies and Gentlemen:

 

Reference is made to the Credit Agreement.  Capitalized terms used but not defined herein are used with the meanings assigned to such terms in the Credit Agreement.

 

Borrower has elected to increase the Commitments in accordance with Section 2.21 of the Credit Agreement, and in connection therewith, Administrative Agent, the Required Lenders and Borrower desire to modify the maximum Leverage Ratio requirements in Section 7.12 of the Credit Agreement as set forth in this letter agreement (this “Letter Agreement”). The parties hereto agree as follows:

 

A. Agreement.    Section 7.12 of the Credit Agreement is hereby amended and restated to read as follows:

 

7.12           Leverage Ratio.

 

As of any Test Date, commencing with September 30, 2012, the Leverage Ratio shall not be in excess of the ratio set forth opposite such date below:

 

	
Date

	 	
Leverage Ratio

	
December 31, 2012 thru December 31, 2013

	 	
2.50 to 1.00

	
March 31, 2014 thru December 31, 2014

	 	
2.25 to 1.00

	
March 31, 2015 and thereafter

	 	
2.00 to 1.00

 

  

  

  

 

B. Representations and Warranties. In order to induce Administrative Agent and the Required Lenders to enter into this Letter Agreement, Borrower hereby represents and warrants to Administrative Agent and the Lenders as follows:

 

1. As of the date hereof, no Default or Event of Default has occurred and is continuing under the Loan Documents; and

 

2. Borrower has the power and authority to enter into this Letter Agreement.  This Letter Agreement has been duly executed and delivered, and constitutes the legal, valid and binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, or similar laws affecting the enforcement of creditors’ rights generally, or by equitable principles relating to enforceability.

 

C.           Conditions to Effectiveness.  It shall be a condition precedent to the effectiveness of this Letter Agreement that each of the following conditions are satisfied:

 

1. The parties hereto shall have executed and delivered counterparts of this Letter Agreement to the Administrative Agent; and

 

2. Guarantors shall have executed and delivered to Administrative Agent the Reaffirmation of Guaranty attached hereto as Exhibit A.

 

D.           Miscellaneous.

 

1. This Letter Agreement is a Loan Document.

 

2. The Credit Agreement and the Loan Documents are in all respects ratified and confirmed, and except as otherwise expressly provided herein, nothing contained in this Letter Agreement shall, or shall be construed to, modify, waive or otherwise affect any provision of the Credit Agreement or the Loan Documents or any right of the Administrative Agent and the Lenders arising thereunder.

 

3. This Letter Agreement may not be amended or any provision hereof waived or modified except by an instrument executed in writing by Administrative Agent and the Required Lenders and accepted in writing by the Borrower.  This Letter Agreement shall be governed by, and construed in accordance with, the laws of the State of New York.  This Letter Agreement may be executed in any number of counterparts, each of which shall be an original, and all of which, when taken together, shall constitute one and the same agreement.  Delivery of an executed signature page of this Letter Agreement by facsimile transmission or electronic transmission (e.g. “pdf” or “tif”) shall be as effective as delivery of a manually executed counterpart thereof.

 

 

[Signatures appear on next page.]

 

 

 

 

	
 

  

  

  

IN WITNESS WHEREOF, the parties hereto have caused this Letter Agreement to be duly executed and delivered as of the day and year first above written.

 

 

	 	
JPMORGAN CHASE BANK, N.A., 

as Administrative Agent and Class A Lender

	 	  	  
	 	
By:

	
/s/ MOHAMMAD HASAN

	 	  	
Name: Mohammad Hasan

	 	  	
Title:   Vice President

 

 

 

[Signatures continue on next page.]

Signature page to Letter Agreement

	
 

  

  

  

 

	 	
CITICORP NORTH AMERICA, INC.,

as a Class A Lender

	 	  	  
	 	
By:

	
/s/ JOHN C. ROWLAND

	 	  	
Name: John C. Rowland

	 	  	
Title:   Vice President

 

 

 

 

 

 

 

 

Signature page to Letter Agreement

	
 

 

  

  

  

	 	
BANK OF AMERICA, N.A.,

as a Class A Lender

	 	  	  
	 	
By:

	
/s/ ANN E. KENZIE

	 	  	
Name: Ann E. Kenzie

	 	  	
Title:   Vice President

 

 

 

 

 

 

 

 

Signature page to Letter Agreement

	
 

 

  

  

  

	 	
CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,

as a Lender

	 	  	  
	 	
By:

	
/s/ BILL O'DALY

	 	  	
Name: Bill O'Daly

	 	  	
Title:   Authorized Signatory

	 	 	 
	 	By:	/s/ VIPUL DHADDA
	 	 	Name: Vipul Dhadda
	 	 	Title: Authorized Signatory

 

 

 

 

 

 

 

 

Signature page to Letter Agreement

	
 

 

  

  

  

ACKNOWLEDGED AND AGREED TO BY BORROWER

AS OF THIS 24th DAY OF OCTOBER, 2013

 

 

	 	STANDARD PACIFIC CORP., as Borrower
	 	  	  
	 	
By:

	
/s/ JEFF J. MCCALL

	 	  	
Name: Jeff J. McCall

	 	  	
Title:   Chief Financial Officer

	 	 	 
	 	
By:

	/s/ DAVID VAZQUEZ
	 	 	Name: David Vazquez
	 	 	Title:   Vice President - Treasury

Signature page to Letter Agreement

	
 

 

  

  

  

EXHIBIT A

REAFFIRMATION OF GUARANTY

As consideration for the agreements and covenants contained in the within Letter Agreement, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, each of the undersigned (“Guarantor”), as a guarantor under that certain Amended and Restated Guaranty, dated as of October 19, 2012, as reaffirmed by that certain Reaffirmation of Amended and Restated Guaranty dated as of September 26, 2013 (as reaffirmed, the “Guaranty”), delivered to the Administrative Agent in connection with the extension of credit made by the Lenders pursuant to the Credit Agreement referred to above, hereby acknowledges, covenants and agrees as follows: (a) consents to the terms of the Letter Agreement, (b) ratifies, confirms, and acknowledges its obligations under the Guaranty which shall remain in full force and effect for all the obligations of such Guarantor now or hereafter owing to Administrative Agent (on behalf of the Lenders) pursuant to the terms and conditions of the Guaranty, and (c) agrees that the Guaranty remains in full force and effect, undiminished by the Letter Agreement.

 

This Reaffirmation of Guarantor Documents may be executed in one or more counterparts, each of which shall, for all purposes, be deemed an original and all such counterparts, taken together, shall constitute one and the same instrument.

 

 

[SIGNATURES APPEAR ON NEXT PAGE]

 

	
 

 

  

  

  

IN WITNESS WHEREOF, each Guarantor has caused this Reaffirmation of Guaranty to be duly executed and delivered as of this October 24, 2013.

 

GUARANTORS:

STANDARD PACIFIC OF COLORADO, INC.;

HSP ARIZONA, INC.;

HWB INVESTMENTS, INC.;

STANDARD PACIFIC OF ARIZONA, INC.;

STANDARD PACIFIC OF FLORIDA GP, INC.;

STANDARD PACIFIC OF LAS VEGAS, INC.;

STANDARD PACIFIC OF ORANGE COUNTY, INC.;

STANDARD PACIFIC OF SOUTH FLORIDA GP, INC.;

STANDARD PACIFIC OF TAMPA GP, INC.;

STANDARD PACIFIC OF TEXAS, INC.;

STANDARD PACIFIC OF WALNUT HILLS, INC.;

STANDARD PACIFIC INVESTMENT CORP.;

STANDARD PACIFIC 1, INC.;

WESTFIELD HOMES USA, INC.

 

 

	 	
By:

	
/s/ JEFF J. MCCALL

	 	Name:	
Jeff J. McCall

	 	Title:	
Principal Financial & Accounting Officer

 

HILLTOP RESIDENTIAL, LTD

By:           Residential Acquisition GP, LLC

By:           Standard Pacific of South Florida

By:           Standard Pacific of South Florida GP, Inc.

 

 

	 	
By:

	
/s/ JEFF J. MCCALL

	 	Name:	
Jeff J. McCall

	 	Title:	
Principal Financial & Accounting Officer

[Signatures Continued on Next Page]

	
 

 

Signature page to Reaffirmation of Guaranty

  

  

  

SP TALEGA, LLC

By:           Standard Pacific of Orange County, Inc.

 

	 	
By:

	
/s/ JEFF J. MCCALL

	 	Name:	
Jeff J. McCall

	 	Title:	
Principal Financial & Accounting Officer

STANDARD PACIFIC OF THE CAROLINAS, LLC

By:           Westfield Homes USA, Inc.

 

	 	
By:

	
/s/ JEFF J. MCCALL

	 	Name:	
Jeff J. McCall

	 	Title:	
Principal Financial & Accounting Officer

STANDARD PACIFIC OF FLORIDA;

STANDARD PACIFIC OF SOUTH FLORIDA

By:           Standard Pacific of Florida GP, Inc.

 

	 	
By:

	
/s/ JEFF J. MCCALL

	 	Name:	
Jeff J. McCall

	 	Title:	
Principal Financial & Accounting Officer

STANDARD PACIFIC OF TAMPA

By:           Standard Pacific of Tampa GP, Inc.

 

	 	
By:

	
/s/ JEFF J. MCCALL

	 	Name:	
Jeff J. McCall

	 	Title:	
Principal Financial & Accounting Officer

[Signatures Continued on Next Page]

	
 

 

Signature page to Reaffirmation of Guaranty

  

  

  

 

TERRA/WINDING CREEK, LLC

By:           Standard Pacific of Texas, Inc.

 

 

	 	
By:

	
/s/ JEFF J. MCCALL

	 	Name:	
Jeff J. McCall

	 	Title:	
Principal Financial & Accounting Officer

 

BARRINGTON ESTATES, LLC;

CAMARILLO VILLAGE PARK, LLC;

HARBOR HIGHLANDS GROUP, LLC;

LAGOON VALLEY RESIDENTIAL, LLC;

MENIFEE DEVELOPMENT, LLC;

LB/L-DUC III ANTIOCH 330, LLC;

STANDARD PACIFIC OF TONNER HILLS, LLC

By:           Standard Pacific Corp.

 

 

	 	
By:

	
/s/ JEFF J. MCCALL

	 	Name:	
Jeff J. McCall

	 	Title:	
Executive Vice President and Chief Financial Officer

 

[End of Signature Pages]

 

 

 

	
 

 

Signature page to Reaffirmation of GuarantyEXHIBIT 10.1

AMENDMENT NO. 1 TO AGREEMENT

 

This Amendment No. 1 to Agreement (the “Amendment”)
is made and entered into as of October 23, 2013, by and among Qumu Corporation (f/k/a Rimage Corporation) (the “Company”)
and Dolphin Limited Partnership III, L.P., Dolphin Associates III, LLC, and Dolphin Holdings Corp. III (collectively, “Dolphin”)
(each of the Company and Dolphin, a “Party” to this Amendment, and collectively, the “Parties”).

WHEREAS, the Parties
are each a party to that certain Agreement made and entered into as of March 18, 2013 (the “Agreement”)
relating to the appointment of one Dolphin candidate to the Company’s Board of Directors,
one observer to the Board of Directors and certain other governance matters, as provided in the Agreement;

WHEREAS, by this Amendment the parties desire
to amend the Agreement to extend certain time periods relating to their respective rights and obligations;

NOW, THEREFORE, in consideration of the foregoing
premises and the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Parties hereto, intending to be legally bound hereby, agree as follows:

1.                  
Definitions. The following terms shall have the following respective meanings:

a.                  
The “2014 Annual Meeting” shall mean the annual meeting of shareholders
of the Company to be held in 2014 including any other meeting of shareholders held in lieu thereof, and any adjournments, postponements,
reschedulings or continuations thereof.

b.                  
The “2015 Annual Meeting” shall mean the annual meeting of shareholders
of the Company to be held in 2015 including any other meeting of shareholders held in lieu thereof, and any adjournments, postponements,
reschedulings or continuations thereof.

c.                   
“Amended Standstill Period” shall mean the period from the date of the
Agreement until the date that is ten (10) business days prior to the deadline for the submission of shareholder nominations for
the 2015 Annual Meeting pursuant to the Company’s bylaws.

2.                  
Amendments. The Agreement is hereby amended as follows:

a.                  
In Sections 1(b), 1(c) and 1(e) of the Agreement, each reference to the “2013 Annual
Meeting” shall be a reference to the “2014 Annual Meeting.”

b.                  
Section 1(d) shall be amended and restated to read in its entirety as follows:

    	 

    	 

    

 

Until the date on which Dolphin has sold shares
of Common Stock such that it ceases to beneficially own in the aggregate at least 5.0% of the then outstanding Common Stock, the
Company agrees that if the Dolphin Director resigns as a director or is removed from the Board for any reason or dies, Dolphin
shall have the right to replace the Dolphin Director with a qualified substitute director, with the qualifications and appointment
of such substitute director subject to the provisions of this subsection. Each substitute director must qualify as “independent”
pursuant to NASDAQ listing standards. Unless there is a material adverse change in the qualifications of Justin A. Orlando, Donald
T. Netter, or Daniel T. Englander, each of Messrs. Orlando, Netter and Englander is deemed to be qualified as a substitute director
and upon Dolphin’s identification of Mr. Orlando, Mr. Netter or Mr. Englander as a substitute director, the Board shall appoint
Mr. Orlando, Mr. Netter or Mr. Englander, as the case may be, as a member of the Board to replace the Dolphin Director. If for
some reason Mr. Netter, Mr. Orlando or Mr. Englander, as the case may be, cannot serve as a substitute director, the Board shall
appoint a qualified substitute director recommended by Dolphin, subject to the approval of the Governance Committee in good faith
after exercising its fiduciary duties, provided that the Company may not unreasonably withhold consent of such qualified substitute
candidate and provided further that in the event the Governance Committee does not approve of a substitute director recommended
by Dolphin, Dolphin will have the right to recommend additional persons as a substitute director. Upon the appointment of a substitute
director to the Board, the Board will also appoint such substitute director to each of the Compensation Committee and Governance
Committee. Any such substitute director appointed to the Board shall be deemed to be a “Dolphin Director” hereunder.

c.                   
In Sections 1(f) of the Agreement, each reference to the “2014 Annual Meeting”
shall be a reference to the “2015 Annual Meeting.”

d.                  
Each reference in the Agreement to the “Standstill Period” shall be a reference
to the “Amended Standstill Period.”

3.                  
No Implied Amendments. Except as herein amended, all of the terms of the Agreement
shall remain in full force and effect and are ratified in all respects. On and after the effectiveness of this Amendment, each
reference in the Agreement to “this Agreement”, “hereunder”, “hereof”, “herein”
or words of like import shall mean and be a reference to the Agreement, as amended by this Amendment.

4.                  
Governing Law. This Amendment shall be governed by and construed and enforced in accordance
with the laws of the State of Minnesota without reference to the conflict of laws principles thereof.  

5.                  
Counterparts. This Amendment may be executed by facsimile and in separate counterparts,
all of which, taken together, shall constitute one original document and shall become effective when one or more counterparts have
been signed by the Parties and delivered to each Party.

    	 

    	 

    

IN WITNESS WHEREOF, this Amendment has been duly executed and delivered
by the duly authorized signatories of the Parties as of the date hereof.

 

 

	 	QUMU CORPORATION
	 	 	 
	 	 	 
	 	By:	/s/  Sherman L. Black
	 	 	Sherman L. Black

Chief Executive Officer

 

 

DOLPHIN LIMITED PARTNERSHIP III, L.P.

 

By:  Dolphin Associates III, LLC, its General Partner

 

By:  Dolphin Holdings Corp. III, its Managing Member

 

	By:	 /s/  Donald T. Netter	 
	 	Donald T. Netter	 
	 	Senior Managing Director	 

 

 

DOLPHIN ASSOCIATES III, LLC

 

By:  Dolphin Holdings Corp. III, its Managing Member

 

	By:	 /s/  Donald T. Netter	 
	 	Donald T. Netter	 
	 	Senior Managing Director	 

 

 

DOLPHIN HOLDINGS CORP. III

 

	By:	 /s/  Donald T. Netter	 
	 	Donald T. Netter	 
	 	Senior Managing Director	 

 

 

 

 

 

[Signature Page to Amendment]

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