Document:

Exhibit 10.6

 

 

AMENDMENT No. 002

TO

MASTER LOAN AND SECURITY AGREEMENT

 

This Amendment No. 002 dated June 29, 2010
amends that certain Master Loan and Security Agreement (the “Agreement”) dated
as of August 31, 2009 by and between FIFTH
THIRD BANK, (the “Lender”), and STELLARIS
LLC, and JAMES CONSTRUCTION GROUP,
L.L.C., (collectively,  “Borrowers” and each individually a
“Borrower”). Unless otherwise specified herein, all capitalized terms shall
have the meanings ascribed to them in the Agreement.

 

In consideration of the sum of Ten Dollars ($10.00) in hand paid, and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, Lender and each of the undersigned hereby agree that from
and after the date hereof, the Master Loan and Security Agreement and each
Schedule thereto will be amended as follows:

 

In Section 3 (Security), in order to remove the
blanket grant of security interest, the subsection 3(b) which presently
states:

 

(b)           To further secure the payment and performance of all of
the Obligations, the Collateral shall also include, and Borrower hereby grants
to Lender a continuing security interest in and assigns to Lender all assets
and property of Borrower, including, but not limited to, all of Borrower’s
right, title and interest in and to all accounts, accounts receivable, chattel
paper, commercial tort claims, contract rights, deposit accounts, documents,
instruments, investment property, equipment, fixtures, general intangibles,
goods, inventory, letter of credit rights, and all other personal and real
property, whether now owned or hereafter acquired, and all products and
proceeds thereof.

 

Will be restated to read as follows:

 

(b) INTENTIONALLY DELETED

 

EXCEPT AS MODIFIED HEREBY, ALL OF THE TERMS, COVENANTS
AND CONDITIONS OF THE AGREEMENT SHALL REMAIN IN FULL FORCE AND EFFECT AND ARE
IN ALL RESPECTS HEREBY RATIFIED AND AFFIRMED. This Amendment is not
binding or effective with respect to the Agreement until executed on behalf of
Lender and Borrower by authorized representatives of Lender and Borrower,
respectively.

 

Remainder
of page intentionally
left blank. Signature page follows.

 

1

 

IN WITNESS WHEREOF, Lender
and Borrower have executed this Amendment to the Master Loan and Security
Agreement as of the day and year first above written, and by such execution
hereby ratify and affirm all terms and conditions set forth in the Master
Agreement.

 

	
   

  	
  LENDER:

  
	
   

  	
  FIFTH THIRD BANK

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ William R. Osmun Jr.

  
	
   

  	
  Name:

  	
  William R. Osmun, Jr.

  
	
   

  	
  Title: 

  	
  Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BORROWER:

  
	
   

  	
  STELLARIS LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Alfons Theeuwes

  
	
   

  	
  Name:

  	
  Alfons Theeuwes

  
	
   

  	
  Title: 

  	
  CFO

  
	
   

  	
  State of Incorporation: NEVADA

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BORROWER:

  
	
   

  	
  JAMES CONSTRUCTION GROUP, L.L.C.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John M. Perisich

  
	
   

  	
  Name:

  	
  John M. Perisich

  
	
   

  	
  Title:

  	
  Manager

  
	
   

  	
  State of Incorporation: FLORIDA

  

 

 

2Exhibit 10.7

 

 

PROMISSORY
NOTE

 

	
  $10,000,000.00

  	
   

  	
  Promissory Note Date: June 16, 2010

  
	
  Date
  of Advance:  06/25/2010

  	
   

  	
   

  

 

FOR
VALUE RECEIVED, STELLARIS LLC, a limited liability
company organized under the laws of the State of Nevada and having a principal
place of business at 26000 Commercentre Drive, Lake Forest, California 92630,
and JAMES CONSTRUCTION GROUP, L.L.C., a
limited liability company organized under the laws of the State of Florida and
having a principal place of business at 11000 Industriplex Blvd., Suite 150,
Baton Rouge, Louisiana, 70809 (collectively, “Borrowers” and each individually
a “Borrower”) hereby promises to pay to the order of FIFTH THIRD
BANK, an Ohio corporation, for itself and as agent for any affiliate
of Fifth Third Bancorp (together
with its successors and assigns, the “Lender”) the principal amount of Ten
Million and 00/100 Dollars ($10,000,000.00), with interest at the Interest Rate
(as defined below) and all other Obligations on or before July 1, 2017 (“Maturity
Date”) pursuant to the Loan Agreement (as defined below).

 

Lender
and Borrowers have entered into that certain Master Loan and Security Agreement
dated as of August 31, 2009 (the “Loan Agreement”), pursuant to which
Lender has agreed to make the Loan to Borrowers.  The Obligations of Borrowers are secured by
the Collateral as provided in the Loan Agreement and this Note shall be subject
to the terms and conditions of the Loan Agreement.  Capitalized terms used herein and not otherwise
defined shall have the meaning attributed thereto in the Loan Agreement.  This Note relates to the Equipment described
on Schedule A hereto.

 

Each
Borrower agrees that Lender may insert the date(s) of “Advance” (above)
after Borrowers execute this Promissory Note as the date(s) on which the
proceeds of this Note are disbursed by Lender.

 

As
used herein, “Interest Rate” shall mean the percentage per annum equal to four
and 71/100 percent (4.71%); provided,
however,  noting that Borrowers have
rate-locked this Note through and including June 30, 2010, that in the
event that the Advance date occurs after June 30, 2010, then (A) such
Interest Rate is based on the US dollar, a 30/360 day year, with Semi-Annual
Settlement and a term approximating the weighted average life of this Note as
quoted in the Bloomberg SWAP Rate report as of the day preceding the date of
this Note and (B) such Interest Rate may be adjusted by Lender based upon
a corresponding increase in the interest rate swap rate quoted in such report
as of the day preceding the date of the Advance.  Lender will provide Borrower with written
notice of any such adjustment.  In either
event, interest shall be computed on the basis of a year of 360 days consisting
of twelve 30-day months, compounded monthly, and shall accrue on the
outstanding principal amount hereunder from and including the date each Advance
is made to but excluding the date the entire principal amount hereunder is paid
in full.

 

Lender
may charge, and Borrowers agree to pay on the Advance date, a note processing
fee in the amount of $800.00.  Lender may
deduct the amount of the note processing fee from the proceeds of this Note or
debit any deposit account of Borrowers with Lender to collect the note
processing fee.

 

Except
as otherwise provided in the Loan Agreement, principal and interest due
hereunder shall be payable as follows:

 

(b)          principal and interest shall be
payable in eighty-four (84) equal monthly installments, each on the 1st day of each calendar month, of $139,998.69
commencing on the 1st day of August, 2010, with the entire unpaid principal
amount hereof, together with all accrued and unpaid interest, charges,

 

 

fees
or other Advances, if any, due on the Maturity Date.  Interest that accrues from the date of each
Advance through but not including the above payment commencement date shall be
payable in arrears on the first day of the calendar month following the date of
Advance.

 

Upon
the occurrence of an Event of Default, Lender shall have all the rights and
remedies specified in the Loan Agreement.

 

Each
Borrower waives presentment for payment, demand, notice of demand, notice of
nonpayment or dishonor, protest and notice of protest of this Note, and all
other notices in connection with the delivery, acceptance, performance, default
or enforcement of the payment of this Note.

 

This
Note shall be governed by and construed in accordance with the laws of the
State of Ohio.  Any judicial proceeding
arising out of or relating to this Note may be brought in any court of
competent jurisdiction in Hamilton County, Ohio and each of the parties hereto (i) accepts
the nonexclusive jurisdiction of such courts and any related appellate court
and agrees to be bound by any judgment rendered by any such court in connection
with any such proceeding and (ii) waives any objection it may now or
hereafter have as to the venue of any such proceeding brought in such court or
that such court is an inconvenient forum. 
EACH OF THE BORROWERS AND LENDER HEREBY WAIVES THE RIGHT TO TRIAL BY
JURY IN ANY LAWSUIT OR PROCEEDING ARISING OUT OF OR IN ANY WAY RELATING TO THIS
NOTE.

 

All
notices delivered hereunder shall be made and delivered in accordance with the
terms of the Loan Agreement.

 

Each
Borrower acknowledges and agrees that time is of the essence with respect to
its performance under this Note.  Any
failure of Lender to require strict performance by Borrowers or any waiver by
Lender of any provision herein shall not be construed as a consent or waiver of
any provision of this Note.  This Note
shall be binding upon, and inure to the benefit of, the parties hereto, their
permitted successors and assigns; provided, however that Borrowers may not
assign or transfer any of their rights, interest or obligations hereunder
without the prior written consent of Lender.

 

Notwithstanding
any provision to the contrary in this Note, in no event shall the interest rate
charged on this Note exceed the maximum rate of interest permitted under
applicable state and/or federal usury law. 
Any payment of interest that would be deemed unlawful under applicable
law for any reason shall be deemed received on account of, and will
automatically be applied to reduce, the principal sum outstanding and any other
sums (other than interest) due and payable to Lender under this Note, and the
provisions hereof shall be deemed amended to provide for the highest rate of
interest permitted under applicable law.

 

Any
provision of this Note which is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such
prohibition or unenforceability without invalidating the remaining provisions
hereof, and any such prohibition or unenforceability shall not invalidate or
render unenforceable such provision in any other jurisdiction.  Captions are intended for convenience or
reference only, and shall not be construed to define, limit or describe the
scope or intent of any provisions hereof.

 

{Remainder of page intentionally left blank. Signature page follows.}

 

2

 

IN WITNESS WHEREOF, the Borrowers have executed this
Note as of the 16th day of June, 2010.

 

	
   

  	
  BORROWERS:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  STELLARIS
  LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Alfons Theeuwes

  
	
   

  	
  Name:

  	
  Alfons
  Theeuwes

  
	
   

  	
  Title:

  	
  CFO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  JAMES
  CONSTRUCTION GROUP, L.L.C.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Peter J. Moerbeek

  
	
   

  	
  Name:

  	
  Peter
  J. Moerbeek

  
	
   

  	
  Title:

  	
  Member

  

 

3

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