Document:

ex-10_1.htm

Exhibit 10.1

FIRST AMENDMENT TO

AGREEMENT AND PLAN OF MERGER

This First Amendment is made as of July 31, 2012 by and among Tompkins Financial Corporation, a New York corporation (“Tompkins”), TMP Mergeco. Inc., a New York corporation (“Merger Sub”), TMP Mergeco. I LLC, a New York limited liability company (“LLC”)  and VIST Financial Corp., a Pennsylvania corporation (“VIST”).  Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Merger Agreement, as that term is defined below.

RECITALS

WHEREAS, Tompkins, Merger Sub and VIST are parties to that certain Agreement and Plan of Merger, dated as of January 25, 2012 (the “Merger Agreement”), pursuant to which VIST would be merged with and into Merger Sub (the “Merger”), and

WHEREAS, Section 2.7 of the Merger Agreement provides that the structure of the Merger can be revised, subject to certain conditions, and

WHEREAS, to better assure that the Merger shall constitute a reorganization within the meaning of Section 368(a) of the Code, as contemplated by Section 2.6 of the Merger Agreement, the parties agree that reliance upon a merger of VIST with and into a limited liability company, rather than a corporation, is in the interests of the parties,

NOW, THEREFORE, in consideration of the respective covenants and promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows, intending to be legally bound thereby:

1. Substitution of LLC for Merger Sub.  LLC shall be deemed a party to the Merger Agreement, in substitution in all respects for Merger Sub, so that at the Closing contemplated by the Merger Agreement, VIST will be merged with and into LLC, with LLC as the resulting surviving entity.  Any references to Merger Sub shall become references to LLC and LLC, by its execution hereof, hereby assumes and agrees to perform all of Merger Sub’s obligations pursuant to the Merger Agreement.

2. Representations and Warranties.   (a)  Section 5.1(c) of the Merger Agreement is hereby deleted in its entirety and replaced with the following:

“(c)  LLC is a limited liability company, duly organized, validly existing and in good standing under the laws of the State of New York.  LLC has full power and authority to carry on its business as now conducted and is duly qualified to do business in the states of the United States and foreign jurisdictions where its ownership or leasing of property or the conduct of its business requires such qualification.

  

  

  

(b)  Section 5.1(b) of the Merger Agreement is deleted in its entirety and replaced with the following:

“(b) All of the membership interests of LLC are fully paid and nonassessable and owned by Tompkins.”

3. Scope.  Except as expressly amended hereby, the Merger Agreement shall remain in full force and effect.

4. Counterparts.  This Amendment may be signed in any number of counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute one and the same Amendment.

IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed and delivered as of the date first written above.

 

	
TOMPKINS FINANCIAL CORPORATION 

	  	
VIST FINANCIAL CORP.

	  	  	  	  	  
	
By:

	

/s/ Francis M. Fetsko 

	  	
By:

	

/s/ Robert Davis

	
Name:

	Francis M. Fetsko   	  	
Name:

	Robert Davis
	
Title:

	Executive Vice President and CFO   	  	
Title:

	President and CEO

	
TMP MERGECO. Inc. 

	 	
TMP MERGECO. I LLC

	 	 	 	 	 
	
By:

	

/s/ Francis M. Fetsko 

	 	
By:

	

/s/ Francis M. Fetsko

	
Name:

	Francis M. Fetsko 	 	
Name:

	Francis M. Fetsko
	
Title:

	Executive Vice President	 	
Title:

	Managerex4-1.htm

 

Exhibit 4.1

 

AMENDMENT NO. 1 TO WARRANT AGREEMENT

This AMENDMENT NO. 1 ("Amendment"), dated September 5, 2012, to the Warrant Agreement (the "Warrant Agreement"), dated October 5, 2010, between Mission Community Bancorp, a California Corporation (the "Company") and Computershare, Inc., a Delaware corporation and its wholly-owned subsidiary Computershare Trust Company, N.A., a federally chartered, limited purpose trust company (collectively, the "Warrant Agent").

 

W I T N E S S E T H:

 

WHEREAS, in order to facilitate the future exercise of the Warrants, the Company desires to extend the term of the Warrants, currently set to expire on December 17, 2015 to March 21, 2017, subject to the effectiveness of this Amendment No. 1 to Warrant Agreement;

 

WHEREAS, the amendments as provided herein shall not adversely affect the interests of the holders of the Warrants under the Warrant Agreement;

 

WHEREAS, capitalized terms not otherwise defined herein shall have the meaning set forth in the Warrant Agreement;

 

NOW, THEREFORE, in consideration of the premises and the agreements hereinafter set forth, the parties hereto agree as follows:

 

1.           Extension of Term of Warrants.  From and after October 1, 2012 Section 3.2 of the Warrant Agreement shall be amended to read in full as follows:

 

"3.2  Duration of Warrants.  A Warrant may be exercised only during the period ("Exercise Period") commencing on 9:00 a.m., Eastern Time on the date of issuance of the Warrant and terminating at 5:00 p.m., Eastern Time on March 21, 2017 (the "Expiration Date").  Each Warrant not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease at the close of business on the Expiration Date."

 

2.           The Company agrees to indemnify and hold harmless the Warrant Agent against any and all loss, liability, claim, damage and expense whatsoever (including without limitation reasonable attorneys' fees and expenses) arising out of or based upon any false representation of warranty of, or breach of or failure by the Company to comply with any covenant made by, the Company herein.  The parties hereto agree that this indemnity is intended to augment, and not supersede or replace, any indemnity terms included in the Warrant Agreement, which terms shall remain in full force and effect.

 

3.           The Warrant Agent makes no representations as to the validity or sufficiency of this Amendment.  The recitals above are statements of the Company and the Warrant Agent assumes no responsibility for their correctness.

 

  

  

  

 

4.           Except as specifically provided herein, (i) the Warrant Agreement shall continue to be in full force and effect and is hereby in all respects ratified and confirmed, (ii) the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the parties under the Warrant Agreement, nor constitute a waiver of any provision of any of the Warrant Agreement except as specified herein, and (iii) all references to this Agreement in the Warrant Agreement and this Amendment shall refer to the Warrant Agreement as amended from time to time.

 

5.           This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, and all of which shall constitute one and the same instrument.  This Amendment No. 1 to the Warrant Agreement shall be accepted, effective and binding, for all purposes, when the parties shall have signed and transmitted to each other, by fax, e-mail transmission or otherwise, executed copies of this Amendment No. 1 to Warrant Agreement.  Except as expressly amended hereby, the Warrant Agreement shall remain in full force and effect and is hereby ratified by the parties.

 

  

2

  

 

IN WITNESS WHEREOF, this Amendment No. 1 to Warrant Agreement has been duly executed by the parties hereto as of the date and year first above written.

 

	  	
COMPANY:

 

MISSION COMMUNITY BANCORP

 

 

 

By:  /s/ Mark R. Ruh                                                   

Name: Mark R. Ruh

Title: EVP/CFO

 

 

	  	
WARRANT AGENT:

 

COMPUTERSHARE TRUST COMPANY, N.A.

 

 

 

By: /s/ Dennis V. Moccia                                             

Name: Dennis V. Moccia

Title: Manager, Contract Adminiistration

 

 

 

3Exhibit 10.1

AMENDMENT NO. 1 TO
LOAN AND SERVICING AGREEMENT
This AMENDMENT NO. 1 TO LOAN AND SERVICING AGREEMENT, effective as of August 31, 2012 (this “Amendment”), is executed by and among DT WAREHOUSE, LLC, a Delaware limited liability company (together with its successors and assigns, the “Borrower”), DT CREDIT COMPANY, LLC, an Arizona limited liability company, as servicer (in such capacity, the “Servicer”), WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as Backup Servicer, Paying Agent and Securities Intermediary, DEUTSCHE BANK TRUST COMPANY AMERICAS, as a Committed Lender, DEUTSCHE BANK AG, NEW YORK BRANCH, as Program Agent for the Conduit Lenders and the Committed Lenders and as a Managing Agent.  Capitalized terms used, but not otherwise defined herein, shall have the meanings ascribed thereto in the “Loan and Servicing Agreement” (defined below).
WITNESSETH:
WHEREAS, the Borrower, the Servicer, the Program Agent, the Backup Servicer, the Securities Intermediary, the Paying Agent, the Conduit Lenders party thereto, and the Committed Lenders party thereto are parties to that certain Loan and Servicing Agreement dated as of December 28, 2011 (the “Loan and Servicing Agreement”);
WHEREAS, as provided herein, the parties hereto have agreed to amend certain provisions of the Loan and Servicing Agreement as described below;
NOW, THEREFORE, in consideration of the premises and the mutual agreements hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
SECTION 1.Amendment to the Loan and Servicing Agreement.  Effective as of the date hereof, and subject to the satisfaction of the conditions precedent and subsequent set forth in Section 2 hereof, the Loan and Servicing Agreement is hereby amended as follows:
1.1 The following definitions of “60+ Delinquency Measurement Contract”, “60+ Delinquency Measurement Ratio (Managed Portfolio Contracts)” and “Rolling Average 60+ Delinquency Ratio (Managed Portfolio Contracts)” are hereby added to Section 1.01 of the Loan and Servicing Agreement in appropriate alphabetical order therein:
“60+ Delinquency Measurement Contract” means, as of any date of determination, a Contract, other than a Charged-Off Contract, as to which all or any portion of any Scheduled Payment in excess of 10.00% of such Scheduled Payment is due and unpaid for more than 60 days but less than 121 days.
“60+ Delinquency Measurement Ratio (Managed Portfolio Contract)” means, as of any Measurement Date, with respect to the Managed Portfolio Contracts, the quotient (expressed as a percentage) of (a) the Principal Balance of all of the Managed Portfolio Contracts which are 60+ Delinquency Measurement Contracts as of such Measurement Date, divided by (b) the aggregate Principal Balance of all Managed Portfolio Contracts as of such Measurement Date.
“Rolling Average 60+ Delinquency Ratio (Managed Portfolio Contracts)” means, as of any Measurement Date with respect to the 60+ Delinquency Measurement Contracts, the average of the 60+ Delinquency Measurement Ratios (Managed Portfolio Contract) for the DT Entities On A Consolidated Basis for the three (3) consecutive Accounting Periods most recently ended.

1.2 The definition of Delinquency Measurement Ratio set forth in Section 1.01 of the Loan and Servicing Agreement is hereby amended and restated as follows:
“Delinquency Measurement Ratio” means, as of any Measurement Date, with respect to the Pledged Contracts, the quotient (expressed as a percentage) of (a) the Principal Balance of the Pledged Contracts which are Delinquency Measurement Contracts as of such Measurement Date, divided by (b) the aggregate Principal Balance of all Pledged Contracts as of such Measurement Date.
1.3 The definition of “Level One Trigger Event” set forth in Section 1.01 of the Loan and Servicing Agreement is hereby amended and restated as follows:
“Level One Trigger Event” means, as of any date of determination, the occurrence of any of the following:
(a)    the Rolling Average Delinquency Ratio (Pledged Contracts) for the Accounting Period immediately preceding such date shall exceed the percentage set forth for such Accounting Period in the table below;
	
		
	Accounting Period
	Rolling Average Delinquency Ratio (Pledged Contracts)

	January
	13.05%

	February
	11.84%

	March
	9.95%

	April
	8.50%

	May
	8.71%

	June
	9.64%

	July
	10.79%

	August
	11.74%

	September
	12.43%

	October
	12.65%

	November
	12.70%

	December
	13.00%

(b)    the Rolling Average 60+  Delinquency Ratio (Managed Portfolio Contracts) for the Accounting Period immediately preceding such date shall exceed the percentage set forth for such Accounting Period in the table below; or

	
		
	Accounting Period
	Rolling Average 60+ Delinquency Ratio (Managed Portfolio Contracts)

	January
	5.35%

	February
	5.35%

	March
	5.35%

	April
	4.35%

	May
	4.35%

	June
	4.35%

	July
	5.35%

	August
	5.35%

	September
	5.35%

	October
	5.35%

	November
	5.35%

	December
	5.35%

 (c)    the Rolling Average Charged-Off Losses Ratio (Managed Portfolio Contracts) for the Accounting Period immediately preceding such date shall exceed the percentage set forth for such Accounting Period in the table below; or
	
		
	Accounting Period
	Rolling Average Charged-Off Losses Ratio (Managed Portfolio Contracts)

	January
	3.16%

	February
	3.09%

	March
	2.88%

	April
	2.47%

	May
	2.22%

	June
	2.13%

	July
	2.35%

	August
	2.62%

	September
	2.89%

	October
	3.07%

	November
	3.12%

	December
	3.15%

(d)    the Rolling Average Charged-Off Losses Ratio (Pledged Contracts) for the Account Period immediately preceding such date shall exceed the percentage set forth for such Accounting Period in the table below; or

	
		
	Accounting Period
	Rolling Average Charged-Off Losses Ratio (Pledged Contracts)

	January
	3.16%

	February
	3.09%

	March
	2.88%

	April
	2.47%

	May
	2.22%

	June
	2.13%

	July
	2.35%

	August
	2.62%

	September
	2.89%

	October
	3.07%

	November
	3.12%

	December
	3.15%

(e)    the average of the Excess Spread Ratios for the three Accounting Periods immediately preceding such date shall be less than 6.00%. 
1.4 The definition of “Level Two Trigger Event” set forth in Section 1.01 of the Loan and Servicing Agreement is hereby amended and restated as follows:
“Level Two Trigger Event” means, as of any date of determination, the occurrence of any of the following:
(a)    the Rolling Average Delinquency Ratio (Pledged Contracts) for the Accounting Period immediately preceding such date shall exceed the percentage set forth for such Accounting Period in the table below;
	
		
	Accounting Period
	Rolling Average Delinquency Ratio (Pledged Contracts)

	January
	14.30%

	February
	13.09%

	March
	11.19%

	April
	9.75%

	May
	9.96%

	June
	10.89%

	July
	12.04%

	August
	12.99%

	September
	13.68%

	October
	13.90%

	November
	13.95%

	December
	14.25%

(b)    the Rolling Average 60+ Delinquency Ratio (Managed Portfolio Contracts) for the Accounting Period immediately preceding such date shall exceed the percentage set forth for such Accounting Period in the table below; or

	
		
	Accounting Period
	Rolling Average 60+ Delinquency Ratio (Managed Portfolio Contracts)

	January
	6.25%

	February
	6.25%

	March
	6.25%

	April
	5.25%

	May
	5.25%

	June
	5.25%

	July
	6.25%

	August
	6.25%

	September
	6.25%

	October
	6.25%

	November
	6.25%

	December
	6.25%

 (c)    the Rolling Average Charged-Off Losses Ratio (Managed Portfolio Contracts) for the Accounting Period immediately preceding such date shall exceed the percentage set forth for such Accounting Period in the table below; or

	
		
	Accounting Period
	Rolling Average Charged-Off Losses Ratio (Managed Portfolio Contracts)

	January
	3.57%

	February
	3.50%

	March
	3.28%

	April
	2.88%

	May
	2.62%

	June
	2.53%

	July
	2.75%

	August
	3.02%

	September
	3.29%

	October
	3.47%

	November
	3.52%

	December
	3.55%

(d)    the Rolling Average Charged-Off Losses Ratio (Pledged Contracts) for the Accounting Period immediately preceding such date shall exceed the percentage set forth for such Accounting Period in the table below.

	
		
	Accounting Period
	Rolling Average Charged-Off Losses Ratio (Pledged Contracts)

	January
	3.57%

	February
	3.50%

	March
	3.28%

	April
	2.88%

	May
	2.62%

	June
	2.53%

	July
	2.75%

	August
	3.02%

	September
	3.29%

	October
	3.47%

	November
	3.52%

	December
	3.55%

1.5 The definition of “Level Three Trigger Event” set forth in Section 1.01 of the Loan and Servicing Agreement is hereby amended and restated as follows:

“Level Three Trigger Event” means, as of any date of determination, the occurrence of any of the following:
(a)    the Rolling Average 60+ Delinquency Ratio (Managed Portfolio Contracts) for the Accounting Period immediately preceding such date shall exceed the percentage set forth for such Accounting Period in the table below; or
	
		
	Accounting Period
	Rolling Average 60+ Delinquency Ratio (Managed Portfolio Contracts)

	January
	4.75%

	February
	4.75%

	March
	4.75%

	April
	3.75%

	May
	3.75%

	June
	3.75%

	July
	4.75%

	August
	4.75%

	September
	4.75%

	October
	4.75%

	November
	4.75%

	December
	4.75%

 (b)    the Rolling Average Charged-Off Losses Ratio (Managed Portfolio Contracts) for the Accounting Period immediately preceding such date shall exceed the percentage set forth for such Accounting Period in the table below; or

	
		
	Accounting Period
	Rolling Average Charged-Off Losses Ratio (Managed Portfolio Contracts)

	January
	2.84%

	February
	2.78%

	March
	2.59%

	April
	2.22%

	May
	2.00%

	June
	1.92%

	July
	2.12%

	August
	2.36%

	September
	2.60%

	October
	2.76%

	November
	2.81%

	December
	2.84%

(c)    the Rolling Average Charged-Off Losses Ratio (Pledged Contracts) for the Accounting Period immediately preceding such date shall exceed the percentage set forth for such Accounting Period in the table below.

	
		
	Accounting Period
	Rolling Average Charged-Off Losses Ratio (Pledged Contracts)

	January
	2.84%

	February
	2.78%

	March
	2.59%

	April
	2.22%

	May
	2.00%

	June
	1.92%

	July
	2.12%

	August
	2.36%

	September
	2.60%

	October
	2.76%

	November
	2.81%

	December
	2.84%

1.6  The definition of “Rolling Average Delinquency Ratio (Managed Portfolio Contracts)” set forth in Section 1.01 of the Loan and Servicing Agreement is hereby deleted in its entirety.
SECTION 2.Conditions to Effectiveness.  This Amendment shall become effective as of the date hereof upon receipt by the Program Agent of counterparts of this Amendment executed by each of the parties hereto.
SECTION 3.Representations, Warranties and Confirmations.  Each of the Servicer and the Borrower hereby represents and warrants that:
3.1 It has the power and is duly authorized, including by all corporate or limited liability company action on its part, to execute and deliver this Amendment.
3.2 This Amendment has been duly and validly executed and delivered by such party.
3.3 This Amendment and the Loan and Servicing Agreement as amended hereby, constitute legal, valid and binding obligations of such parties and are enforceable against such parties in 

accordance with their terms.
3.4 Immediately prior, and after giving all effect, to this Amendment, the covenants, representations and warranties of each such party, respectively, set forth in the Loan and Servicing Agreement and as amended hereby, are true and correct in all material respects as of the date hereof (except to the extent such representations or warranties relate solely to an earlier date and then as of such date).
3.5 Immediately prior, and after giving all effect, to this Amendment, no event, condition or circumstance has occurred and is continuing which constitutes an Event of Termination, Servicer Default, Incipient Event of Termination or Incipient Servicer Default.
SECTION 4.Entire Agreement.  The parties hereto hereby agree that this Amendment constitutes the entire agreement concerning the subject matter hereof and supersedes any and all written and/or oral prior agreements, negotiations, correspondence, understandings and communications.
SECTION 5.Effectiveness of Amendment.  Except as expressly amended by the terms of this Amendment, all terms and conditions of the Loan and Servicing Agreement shall remain in full force and effect and are hereby ratified and confirmed.  This Amendment shall not operate as a consent, waiver, amendment or other modification of any other term or condition set forth in the Loan and Servicing Agreement or any right, power or remedy of any Program Agent under the Loan and Servicing Agreement, except as expressly modified hereby.  Upon the effectiveness of this Amendment, each reference in the Loan and Servicing Agreement to “this Agreement” or “this Loan and Servicing Agreement” or words of like import shall mean and be references to the Loan and Servicing Agreement as amended hereby, and each reference in any other Facility Document to the Loan and Servicing Agreement or to any terms defined in the Loan and Servicing Agreement which are modified hereby shall mean and be references to the Loan and Servicing Agreement or to such terms as modified hereby.
SECTION 6.GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
SECTION 7.Binding Effect.  This Amendment shall be binding upon and shall be enforceable by parties hereto and their respective successors and permitted assigns.
SECTION 8.Headings.  The Section headings herein are for convenience only and will not affect the construction hereof.
SECTION 9.Novation.  This Amendment does not constitute a novation or termination of the Loan and Servicing Agreement or any Facility Document and all obligations thereunder are in all respects continuing with only the terms thereof being modified as provided herein.
SECTION 10.Counterparts.  This Amendment may be executed in any number of counterparts, each of which so executed will be deemed to be an original, but all such counterparts will together constitute but one and the same instrument.  Delivery of an executed counterpart of a signature page to this Amendment by facsimile or by electronic mail in a “.pdf” file shall be effective as delivery of a manually executed counterpart of this Amendment.
[SIGNATURE PAGE TO FOLLOW]

Signature Page to Amendment No 1 to Loan and Servicing Agreement
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their respective authorized officers as of the date first above written.
	
		
	 
	DT WAREHOUSE, LLC,

	 
	as Borrower

	 
	 

	 
	 

	 
	By:    /s/ Jon Ehlinger                                

	 
	Name: Jon Ehlinger

	 
	Title:  Secretary

	 
	 

	 
	 

	 
	DT CREDIT COMPANY, LLC,

	 
	as Servicer

	 
	 

	 
	 

	 
	By:    /s/ Jon Ehlinger                                

	 
	Name: Jon Ehlinger

	 
	Title:  Secretary

	
		
	 
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Backup Servicer, Paying Agent and Securities Intermediary

	 
	 

	 
	 

	 
	By:  /s/ Jeanine C. Casey                                

	 
	Name: Jeanine C. Casey

	 
	Title:  Vice President

	 
	 

	
		
	 
	DEUTSCHE BANK AG, NEW YORK BRANCH

	 
	as a Managing Agent and as

	 
	Program Agent

	 
	 

	 
	 

	 
	By:  /s/ Katherine Bologna                  

	 
	Name: Katherine Bologna                 

	 
	Title:  Vice President

	 
	 

	 
	By:    /s/ Ian Salters                                

	 
	Name:  Ian Salters

	 
	Title:  Director

	 
	 

	 
	 

	 
	Deutsche Bank Trust Company Americas,

	 
	as a Committed Lender

	 
	 

	 
	 

	 
	By:    /s/ Ian Salters                                

	 
	Name:  Ian Salters

	 
	Title:  Director

	 
	

By:    /s/ Robert Sheldon                        

	 
	Name:  Robert Sheldon

	 
	Title:  Managing Director

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