Document:

Document

Exhibit 10.2
September 30, 2020

EXTENSION REQUEST

Truist Bank,
    as Administrative Agent
3333 Peachtree Road
Atlanta, GA 30326
Attention: Bank Loan Syndications
Reference is made to (i) the Credit Agreement dated as of February 3, 2014 (as amended, supplemented, amended and restated or otherwise modified from time to time, the “Credit Agreement”) among First Huntingdon Finance Corp. (the “Borrower”), Toll Brothers, Inc., the Lenders (as defined in the Credit Agreement), and Truist Bank (as successor by merger to SunTrust Bank), as administrative agent for the Lenders (the “Administrative Agent”) and (ii) the form of Response to Extension Request delivered with this Extension Request.  Terms defined in the Credit Agreement are used herein with the same meaning, and all references to Sections herein are references to Sections of the Credit Agreement.
Pursuant to Section 2.17, the Borrower hereby provides notice of its desire to extend the Term Loan Facility Maturity Date from November 1, 2024 to November 1, 2025 (the “Term Loan Facility Extension”).
The Borrower hereby instructs the Administrative Agent to notify each of the Lenders of the receipt of this Extension Request by providing each such Lender with a copy of this Extension Request and the Response to Extension Request, and to further instruct each Lender to indicate its acceptance of this Extension Request by executing and delivering the Response to Extension Request to the Administrative Agent (each such Lender, a “Consenting Lender”) on or before October 23, 2020 (or such longer or shorter period as shall be agreed by the Borrower and the Administrative Agent). 
By executing and delivering the Response to Extension Request to the Administrative Agent, each Consenting Lender shall have irrevocably agreed to the Term Loan Facility Extension.  The Term Loan Facility Extension shall be effective on October 31, 2020, with respect to each Consenting Lender, if the Consenting Lenders as of such date constitute at least the Required Lenders (the “Term Loan Facility Extension Effective Date”). 

As required by Section 2.17, the Borrower hereby confirms that as of the date of this Extension Request no Default or Unmatured Default has occurred and is continuing and that all of the representations and warranties in Article VI of the Credit Agreement are true and correct in all material respects (except to the extent already qualified by materiality, in which case said representations and warranties are true and correct in all respects), except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty was true and correct in all material respects (except to the extent already qualified by materiality, in which case said representation and warranty was true and correct in all respects) on and as of such earlier date.

FIRST HUNTINGDON FINANCE CORP.

By/s/ Gregg Ziegler     
Name:  Gregg Ziegler
Title:  Senior Vice President and Treasurer

cc:     Brad Bowen
200 W 2nd St Fl 16
    Winston Salem, NC 27101

    2

October __, 2020
RESPONSE TO EXTENSION REQUEST
Truist Bank,
    as Administrative Agent
3333 Peachtree Road
Atlanta, GA 30326

Attention: Bank Loan Syndications
Reference is made to (i) the Credit Agreement dated as of February 3, 2014 (as amended, supplemented, amended and restated or otherwise modified from time to time, the “Credit Agreement”) among First Huntingdon Finance Corp. (the “Borrower”), Toll Brothers, Inc., the Lenders (as defined in the Credit Agreement), and Truist Bank (as successor by merger to SunTrust Bank), as administrative agent for the Lenders (the “Administrative Agent”) and (ii) the Extension Request dated September 30, 2020.  Terms defined in the Credit Agreement or in the Extension Request are used herein with the same meaning, as applicable, and all references to Sections herein are references to Sections of the Credit Agreement.
Pursuant to Section 2.17, the Lender named below hereby notifies the Administrative Agent as follows:
The Lender named below hereby agrees to extend the Term Loan Facility Maturity Date with respect to all of its Term Loans from November 1, 2024 to November 1, 2025 (the “Term Loan Facility Extension”).
This Response to Extension Request is subject in all respect to the terms of the Credit Agreement, is irrevocable and the Term Loan Facility Extension shall be effective as of the Term Loan Facility Extension Effective Date. If the Term Loan Facility Extension Effective Date does not occur this Response to Extension Request shall be deemed to be terminated. 
									
		Very truly yours,
			
		TRUIST BANK, successor by merger to SunTrust Bank as Administrative Agent and a Lender
		
			
		By	/s/ Toby Coons
			Name: Toby Coons
			Title: Vice President

[COPIES OF RESPONSES THAT ARE SUBSTANTIALLY IDENTICAL IN ALL MATERIAL RESPECTS WERE EXECUTED BY THE ENTITIES IDENTIFIED BELOW]
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		Very truly yours,
			
		
		SUMITOMO MITSUI BANKING CORPORATION 
			
		By	/s/ Michael Maguire
			Name: Michael Maguire
			Title: Managing Director

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		Very truly yours,
			
		
		WELLS FARGO BANK, N.A.
			
		By	/s/ Elena Bennett
			Name: Elena Bennett
			Title: Senior Vice President

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		Very truly yours,
			
		
		U.S. BANK NATIONAL ASSOCIATION, as a Lender
			
		By	/s/ Leonard E. Olsavsky
			Name: Leonard E. Olsavsky
			Title: Senior Vice President

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		Very truly yours,
			
		
		CAPITAL ONE, NATIONAL ASSOCIATION
			
		By	/s/ Jeff Wallace
			Name: Jeff Wallace
			Title: Senior Vice President

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		Very truly yours,
			
		
		THE BANK OF NEW YORK MELLON
			
		By	/s/ Carol Murray
			Name: Carol Murray
			Title: Director

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		Very truly yours,
			
		
		FIFTH THIRD BANK
			
		By	/s/ Talianna Carlson-Manne
			Name: Talianna Carlson-Manne
			Title: Senior Vice President

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		Very truly yours,
			
		
		PNC BANK, NATIONAL ASSOCIATION
			
		By	/s/ J. Richard Litton 
			Name: J. Richard Litton
			Title: Senior Vice President

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		Very truly yours,
			
		
		COMERICA BANK
			
		By	/s/ Charles Weddell
			Name: Charles Weddell
			Title: Vice President

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		Very truly yours,
			
		
		PEOPLE'S UNITED BANK, N.A.
			
		By	/s/ Ted Dalton
			Name: Ted Dalton
			Title: Senior Vice President

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		Very truly yours,
			
		
		TD BANK, N.A.
			
		By	/s/ Brian Gallagher
			Name: Brian Gallagher
			Title: Vice President

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		Very truly yours,
			
		
		TEXAS CAPITAL BANK NA
			
		By	/s/ Daniel McClurkin
			Name: Danial McClurkin
			Title: Senior Vice PresidentEX-10.1

 Exhibit 10.1 
  

 
 HSBC BANK USA, NATIONAL ASSOCIATION 

452 Fifth Avenue 
 New York, New York 10018 

October 28, 2020 
 GRAHAM CORPORATION 

20 Florence Avenue 
 Batavia, New York 14020 

Ladies and Gentlemen: 
 HSBC Bank USA, National Association (the
“Bank”) is pleased to advise you that, subject to the terms and conditions set forth herein, we are prepared to extend to Graham Corporation, a Delaware corporation (the “Company”), an uncommitted discretionary demand line of
credit up to an aggregate amount of $15,000,000.00 to be used solely for Performance standby letters of credit (the “Facility”). 
 This letter
agreement amends and restates in its entirety that certain facility letter dated May 1, 2020 (as amended, supplemented or otherwise modified from time to time prior to the date hereof, and referred to herein as the “Existing Line
Letter”), between Company and Bank. Nothing in this letter agreement shall constitute a novation or termination of the obligations or liabilities under the Existing Line Letter. 

The Facility . 
 The Facility, is subject to the
provisions set forth herein and in the Standard Trade Terms (as may be amended, restated, supplemented or otherwise modified from time to time, the “STT”), which STT can be accessed, read and printed by Company at
http://www.gbm.hsbc.com/gtrfstt or alternatively Company can request a copy of the STT from Company’s Relationship Manager at Bank. Any reference to the “Customer” in the STT shall mean Company. By signing this agreement, Company
acknowledges receipt of a copy of the STT and confirms that it has read, understood and accepted such terms and conditions. To the extent that any of the terms of the STT (or any document replacing the STT) conflict with the provisions of this
agreement then the terms of this agreement shall prevail. 
 Additionally each issuance of a letter of credit under the Facility shall be issued only
pursuant to Bank’s standard form of application (the “Application”). Company shall pay the fees specified in the pricing schedule set forth in Schedule A attached hereto and as applicable, quarterly in arrears, in immediately
available funds, to Bank, together with Bank’s customary fees and charges specified therein. 
 Each letter of credit shall have an expiry date
(i) not later than twelve (12) months after such letter of credit’s date of issuance and (ii) not to occur after the expiration date of the Facility, unless Bank has approved in writing such expiry date in its sole and absolute
discretion; provided that (a) if the expiry date of a letter of credit shall occur after the expiration date of the Facility, then within 60 

 

 
  

 
days prior to the expiration date of the Facility (or such shorter period of time as Bank may agree to in writing) or (b) if any LC Obligations (as defined hereinafter) remain outstanding
for any reason after the termination or expiration of the Facility, then immediately (but in no event later than one (1) business day after the termination or expiration of the Facility), Company shall either (in the case of clause (a) or
(b), as applicable) (x) deliver to, and deposit with, Bank cash collateral in an amount equal to (i) 105% of the stated amount of such letter of credit with respect to clause (a) above or (ii) 105% of the LC Obligations with respect to
clause (b) above or (y) cause to be issued an irrevocable standby letter of credit in favor of Bank and issued by a bank or other financial institution acceptable to Bank (in its sole discretion) and in form and substance, and in an
amount, acceptable to Bank (in its sole discretion). Such cash collateral and deposits provided under this paragraph shall be held by Bank as collateral for the payment and performance of the LC Obligations. Company hereby grants to Bank and agrees
to maintain a first priority security interest in all such cash, deposits accounts and all balances therein and in all proceeds of the foregoing to secure the LC Obligations and other obligations for which the cash collateral was so provided, free
and clear of all other security interests and liens. Bank shall have exclusive dominion and control, including the exclusive right of withdrawal, over such deposit account in which the cash collateral is maintained. “LC Obligations” as
used herein shall mean, on any date of determination, the aggregate amount of the undrawn stated amount of all outstanding letters of credit issued under the Facility, plus the aggregate amount drawn under letters of credit issued under the Facility
for which Bank has not received payment or reimbursement. 
 General Terms of the Facility. 

Borrowings and any other extensions of credit and obligations under the Facility shall be secured by cash collateral maintained in a deposit account with the
Bank, as more fully set forth in the security documentation referred to below. 
 The Facility is subject to annual renewal by Bank in its sole and absolute
discretion on July 31st of each year (or if such day is not a business day, then on the next business day thereafter provided, however, THE CONTINUING AVAILABILITY OF THE FACILITY SHALL AT ALL TIMES BE AS DETERMINED BY BANK IN ITS SOLE AND ABSOLUTE
DISCRETION. Either of Company or Bank may terminate all or any portion of the Facility at any time. In the event of termination by either party, Company’s obligations hereunder and under the STT, the Note and the other documentation entered
into in connection with the Facility shall remain in full force and effect until all amounts outstanding under the Facility have been indefeasibly paid in full. 

ANYTHING IN THIS AGREEMENT, THE NOTE OR ANY OTHER DOCUMENTS RELATING TO THE FACILITY TO THE CONTRARY NOTWITHSTANDING, THE ENUMERATION IN THIS AGREEMENT, THE
NOTE OR IN SUCH OTHER DOCUMENTS OF SPECIFIC OBLIGATIONS TO BANK AND/OR CONDITIONS TO THE AVAILABILITY OF THE FACILITY AND THE NOTE SHALL NOT BE CONSTRUED TO QUALIFY, DEFINE OR OTHERWISE LIMIT BANK’S RIGHT, POWER OR ABILITY, AT ANY TIME, UNDER
APPLICABLE LAW, TO MAKE DEMAND FOR PAYMENT OF THE ENTIRE OUTSTANDING PRINCIPAL OF, INTEREST AND OTHER AMOUNTS DUE UNDER THE FACILITY AND THE NOTE OR BANK’S RIGHT NOT TO MAKE ANY EXTENSION OF CREDIT UNDER THE FACILITY AND COMPANY AGREES THAT
COMPANY’S BREACH OF OR DEFAULT UNDER ANY SUCH ENUMERATED OBLIGATIONS OR CONDITIONS IS NOT THE ONLY BASIS FOR DEMAND TO BE MADE OR FOR A REQUEST FOR AN 

 

 
  

 
EXTENSION OF CREDIT TO BE DENIED, AS COMPANY’S OBLIGATION TO MAKE PAYMENT SHALL AT ALL TIMES REMAIN A DEMAND OBLIGATION. NOTWITHSTANDING ANYTHING IN THIS AGREEMENT TO THE CONTRARY, THIS
AGREEMENT DOES NOT CREATE A COMMITMENT OR OBLIGATION BY BANK TO EXTEND CREDIT TO COMPANY AND COMPANY ACKNOWLEDGES THAT BANK HAS NO OBLIGATION TO EXTEND ANY CREDIT UNDER THE FACILITY. 

So long as any obligations, liabilities or other amounts payable under, arising from, or with respect to the Facility and the related documents shall remain
unpaid and the Facility has not been terminated, Company shall furnish to Bank each of the following: 
 i. Annual audited financial statements of Company
to be received within 120 days from fiscal year end; 
 ii. Prompt written notice of any default by Company that shall have occurred beyond any applicable
grace period under any other agreement between Company and Bank or any of Bank’s affiliates; and 
 iii. Such other information, including interim
financial statements, concerning Company’s business, affairs, or financial condition as Bank may request from time to time. 
 All payments of
principal, interest and fees payable by Company under the Facility shall be made in U.S. dollars, in immediately available funds without set off, counterclaim or withholding at Bank’s office at 452 Fifth Avenue, New York, New York 10018 and may
be charged to any account Company maintains with Bank. 
 The Facility is further subject to Bank’s receipt in form and substance satisfactory to Bank
of the following, in each case, as applicable, duly executed and delivered on behalf of Company by an authorized person thereof: 
  

	 	i.	 certified copy of resolutions of Company’s board of directors (or equivalent governing body) authorizing
Company’s execution, delivery and performance of this agreement, the Note and each of the other documents herein referred to; 

  

	 	ii.	 signature cards for Company’s authorized signatories; 

 

	 	iii.	 an executed copy of Bank’s standard form of pledge agreement; 

 

	 	iv.	 an executed copy of the Application(s) related to the Facility; 

 

	 	v.	 an executed copy of Bank’s standard form of Trade Finance Services Authorization related to the Facility;
and 

  

	 	vi.	 all other documents, instruments and other agreements or deliverables requested by Bank. 

No amendment, modification or waiver of any provision of this agreement nor any consent to any departure by Bank therefrom shall be effective, irrespective
of any course of dealing, unless the same shall be in writing and signed by Bank and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. 

Further, on the date hereof and on and as of the date any extension of credit is made under the Facility, Company makes the representations and warranties,
and agrees to the provisions, set forth on Schedule B attached hereto. Each request for an extension of credit under the Facility shall be deemed to be a certification by Company both at the time of such request and at the time the related
extension of credit is made that the representations and warranties contained on Schedule B are true and correct at each such time. 

 

 
  

 This agreement shall be governed by and construed in accordance with the laws of the State of New York.
Please note that to the extent any of the terms or provisions of this agreement conflict with those contained in the Note or any of the other above-mentioned documents (other than the STT), the terms and provisions of such Note and of such other
documents shall govern. 
 COMPANY AND BANK AGREE THAT ANY ACTION, SUIT OR PROCEEDING IN RESPECT OF OR ARISING OUT OF THIS AGREEMENT, THE NOTE OR ANY
OTHER DOCUMENTS RELATING TO THE FACILITY MAY BE INITIATED AND PROSECUTED IN THE STATE OR FEDERAL COURTS, AS THE CASE MAY BE, LOCATED IN NEW YORK COUNTY, NEW YORK. 

EACH OF COMPANY AND BANK HEREBY WAIVES TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY OR AGAINST IT IN ANY MATTERS WHATSOEVER, IN
CONTRACT OR IN TORT, ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS AGREEMENT, THE NOTE OR ANY OTHER DOCUMENTS RELATING TO THE FACILITY. COMPANY ALSO HEREBY WAIVES THE RIGHT TO INTERPOSE ANY DEFENSE BASED UPON ANY CLAIM OF LACHES OR SET-OFF OR COUNTERCLAIM OF ANY NATURE OR DESCRIPTION, ANY OBJECTION BASED ON FORUM NON CONVENIENS OR VENUE, AND ANY CLAIM FOR INDIRECT, CONSEQUENTIAL, PUNITIVE, INCIDENTAL, EXEMPLARY OR SPECIAL DAMAGES. 

Bank hereby notifies Company that pursuant to the requirements of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept
and Obstruct Terrorism Act of 2001 (Pub. L. 107-56, 115 Stat. 272 (Oct. 26, 2001)) (the “USA Patriot Act”) and the requirements of 31 C.F.R. Sec. 1010.230 (the “Beneficial Ownership
Regulation”), Bank is required to obtain, verify and record information that identifies Company, which information includes the name, address and beneficial ownership of Company and other information that will allow Bank to identify Company in
accordance with the USA Patriot Act and the Beneficial Ownership Regulation, and Company agrees to provide such information and any applicable certifications from time to time to Bank. 

This agreement may be executed in counterparts, each of which shall constitute an original, but all of which when taken together shall constitute a single
contract. Delivery by a party of its executed signature page of this agreement, by telecopy, electronic transmission (e.g., a “pdf” or “tif” file transmitted by e-mail) or other electronic
means, shall be effective execution and delivery of this agreement by such party, the same as if an original manually executed counterpart were delivered by such party. 

[Remainder of page intentionally left blank] 

 

 
  

 If this agreement is acceptable to you, please sign and return this agreement and the other documents
referred to above within two weeks from the date of this agreement. 
 Very truly yours, 

 

			
	HSBC Bank USA, National Association
		
	By:	 	 /s/ Joseph W. Burden

	Name:	 	Joseph W. Burden
	Title:	 	Vice President

 AGREED TO AND ACCEPTED: 
  

			
	Graham Corporation
		
	By:	 	 /s/ Jeffrey Glajch

	Name:	 	Jeffrey Glajch
	Title:	 	CFO

 

 
  

 SCHEDULE A 

Pricing* 
  

			
	Performance Standby	  	 75 basis points per annum, if tenor is less than 24 months from the date of issuance through the maturity date, payable annually

80 basis points per annum, if tenor is 25 to 48 months from the date of issuance through the maturity date, payable annually

85 basis points per annum if tenor is over 48 months from the date of issuance through the maturity date, payable annually

- Minimum commission of USD 500

		
	Annual Facility Fee	  	$5,000.00
		
	Default Interest	  	3% plus the Prime Rate

  

	*	 Please see Annex I to Schedule A, attached hereto, for other relevant fees. 

Pricing is subject to change upon thirty (30) days’ prior written notice to Company. 

Definitions: 
 “Financial Standby Letter of
Credit” means a letter of credit or similar arrangement, issued, confirmed or paid, or in respect of which value is transferred (including acceptance of a draft), by Bank and/or an affiliate of Bank (or correspondent bank), for account of
one or more applicants, that represents an irrevocable obligation to a third-party beneficiary: (a) to repay money borrowed by, or advanced to, or for the account of, a second party (the account party); or (b) to make payment on behalf of
the account party, in the event that the account party fails to fulfill its obligation to the beneficiary. The determination that a letter of credit or similar arrangement is a Financial Standby Letter of Credit shall be made by Bank in its sole and
absolute discretion. 
 “Performance Standby Letter of Credit” means a letter of credit or similar arrangement, however named or described,
other than a Financial Standby Letter of Credit, issued, confirmed or paid, or in respect of which value is transferred (including acceptance of a draft), by Bank and/or an affiliate of Bank (or correspondent bank), for account of one or more
applicants, that represents an irrevocable obligation to the beneficiary on the part of the issuer to make payment on account of any default by the account party in the performance of a non-financial or
commercial obligation. The determination that a letter of credit or similar arrangement is a Performance Standby Letter of Credit shall be made by Bank in its sole and absolute discretion. 

 

 
  

 “Prime Rate” means the rate of interest publicly announced by Bank from time to time as its
prime rate and is a base rate for calculating interest on certain loans. In no event shall the interest rate under this agreement exceed the maximum rate authorized by applicable law. Any change in the interest rate resulting from a change in the
Prime Rate shall be effective on the date of such change. 

 

 
  

 Annex I to Schedule A 

 
 

 

 SCHEDULE B 

Representations and Warranties 

Anti-money Laundering 
 Company represents and
warrants that each of Company and its subsidiaries is in compliance, in all material respects, with all applicable anti-money laundering rules and regulations. 

Sanctions 
 Company represents and warrants that
none of Company, any of its subsidiaries, or any director, officer, employee, agent, or affiliate of Company or any of its subsidiaries, is an individual or entity (“Person”) that is, or is owned or controlled by Persons that are:
(i) the target of any sanctions administered or enforced by the U.S. Department of the Treasury’s Office of Foreign Assets Control, the U.S Department of State, the United Nations Security Council, the European Union, Her Majesty’s
Treasury, the Hong Kong Monetary Authority or other relevant sanctions authority (collectively, “Sanctions”) or (ii) located, organized or resident in a country or territory that is the target of Sanctions, including,
currently, the Crimea region, Cuba, Iran, North Korea and Syria. Company will not, directly or indirectly, use the proceeds of the Facility, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture
partner or other Person, (i) to fund any activities or business of or with any Person, or in any country or territory, that, at the time of such funding, is the target of Sanctions, or (ii) in any other manner that would result in a
violation of Sanctions by any Person (including any Person participating in the Facility, whether as underwriter, advisor, investor, or otherwise).  

Anti-Bribery and Corruption 
 Company represents
and warrants that none of Company, nor to the knowledge of Company, any director, officer, agent, employee, affiliate or other Person acting on behalf of Company or any of its subsidiaries is aware of or has taken any action, directly or
indirectly, that would result in a violation by such Persons of any applicable anti-bribery law, including but not limited to, the United Kingdom Bribery Act 2010 (the “UK Bribery Act”) and the U.S. Foreign Corrupt Practices
Act of 1977 (the “FCPA”). Furthermore, Company represents and warrants that Company and, to the knowledge of Company, its affiliates have conducted their businesses in compliance with the UK Bribery Act, the FCPA and similar laws,
rules or regulations and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith. No part of the proceeds of the Facility will be used, directly
or indirectly, for any payments that could constitute a violation of any applicable anti-bribery law. 
 USA Patriot Act and Beneficial Ownership
Regulation 
 Company represents and warrants that any information, documentation or certification provided by Company as required by the USA Patriot
Act, the Beneficial Ownership Regulation or any other anti-money laundering rules and regulations is true and correct in all respects.

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