Document:

cmct_Ex10_16

		
			Exhibit 10.16
		

		
			 
		

		
			INVESTMENT MANAGEMENT AGREEMENT
		

		
			 
		

		
			This INVESTMENT MANAGEMENT AGREEMENT, made as of the 1st day of December, 2015  (the “Effective Date”), between Urban Partners GP, LLC, as the general partner (“General Partner”) of CIM Urban Partners, L.P., a Delaware limited partnership (the “Partnership”), for and on behalf of the Partnership, and CIM Investment Advisors, LLC, a Delaware limited liability company (the “Adviser”). Capitalized terms used but not defined herein shall have the meanings assigned to them in the Partnership’s Second Amended and Restated Agreement of Limited Partnership, dated as of December 22, 2005 (as presently in effect and as amended from time to time, the “Partnership Agreement”).
		

		
			W I T N E S S E T H:
		

		
			WHEREAS, the Partnership desires to retain the Adviser to render investment advisory services to the Partnership, and the Adviser is willing to render such services; and
		

		
			WHEREAS, the Adviser is ready and willing to act as investment adviser to the Partnership, subject to and in accordance with the provisions hereinafter set forth;
		

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

		
			1.Appointment of Adviser
		

		
			The General Partner hereby delegates its duties and responsibilities with respect to the management of the Partnership’s assets to the Adviser and appoints the Adviser to act as investment adviser to the Partnership for the period and on the terms set forth in this Agreement. The Adviser accepts such appointment and agrees to render the services herein set forth for the compensation herein provided. In connection with the Adviser’s appointment as the investment adviser to the Partnership, the rights, duties and obligations of the Investment Manager, as set forth in the Partnership Agreement, shall (to the extent applicable) be deemed to apply in all material respects to the Adviser.
		

		
			The Adviser agrees to notify the Partnership of any change in the ownership of the Adviser within a reasonable time after such change.
		

		
			2.Duties of Adviser
		

		
			(a)Subject to the supervision of the General Partner and the terms of the Partnership Agreement, the Adviser shall be responsible for managing the assets of the Partnership.
		

		
			(b)The Adviser shall perform its duties hereunder with the degree of diligence, prudence and care which a prudent person exercises with respect to his or her own assets.
		

		
			(c)The Adviser shall render to the General Partner such periodic and special reports as it may reasonably request.
		

		
			
		

		 

		

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			(d)The investment management services of the Adviser to the Partnership under this Agreement are not to be deemed exclusive and the Adviser shall be free to render similar services to others.
		

		
			3.Expenses
		

		
			Unless otherwise provided in the Partnership Agreement, the Adviser shall pay all of its costs and expenses relating to the general operation of its business, including administrative expenses, employment expenses,  office expenses, insurance of the Adviser and its employees, rent and all or any part of the Adviser’s travel expenses and legal expenses. 
		

		
			4.Remuneration
		

		
			As of the Effective Date, the Adviser shall be entitled to receive from the Partnership (or its Limited Partners) as compensation for the Adviser’s management services the full amount of the Investment Management Fee, as determined and to be paid in accordance with the Partnership Agreement. 
		

		
			5.Liability and Indemnification of Adviser
		

		
			The Adviser shall not be liable to the Partnership and shall be indemnified by the Partnership, as provided in the Partnership Agreement.  
		

		
			6.Term and Termination
		

		
			This Agreement shall become effective on the Effective Date and shall remain in full force and effect until the Partnership is dissolved, this Agreement is required to be (or is automatically) terminated pursuant to the terms of the Partnership Agreement or the Partnership and the Adviser otherwise mutually agree. 
		

		
			7.Assignment
		

		
			Except as otherwise provided in the Partnership Agreement, the Adviser may not assign its duties hereunder without the consent (whether such consent is actual consent or negative consent) of the Advisory Committee, provided that an “assignment” shall not include any transaction which does not result in a change of actual control or management of the Adviser.  The Partnership may not assign its duties hereunder without the written consent of the Adviser.
		

		
			8.Amendment
		

		
			This Agreement may not be amended without the consent of the Adviser and the REIT (with the consent of at least sixty-six and two thirds percent (66-2/3%) of the Class A Percentage Interests of the Class A Members (excluding the Class A Percentage Interest of any Affiliate of the General Partner)).
		

		
			 
		

		
			
		

		 

		

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			9.Independent Contractor Status
		

		
			The Adviser shall for all purposes herein be deemed to be an independent contractor. Nothing contained herein shall be deemed to constitute the parties hereto members of any partnership, joint venture, association, syndicate or other entity. The parties further agree that any amounts paid to the Adviser pursuant to this Agreement shall constitute payments for services rendered.
		

		
			10.Non-Exclusivity
		

		
			Nothing in this Agreement shall limit or restrict the right of any partner, officer or employee of the Adviser to engage in any other business or to devote his time and attention in part to any other business. Nothing in this Agreement shall limit or restrict the right of the Adviser to engage in any other business or to render services of any kind to any other corporation, firm, individual or association.
		

		
			11.Notices
		

		
			Notices of any kind to be given to the Adviser shall be in writing and shall be duly given if mailed or delivered to the Adviser at 4700 Wilshire Boulevard, Los Angeles, CA 90010, Attention: Eric Rubenfeld, or at such other address or to such other individual as shall be specified by the Adviser to the Partnership in accordance with this paragraph 11. Notices of any kind to be given to the Partnership shall be in writing and shall be duly given if mailed or delivered to the Partnership at 4700 Wilshire Boulevard, Los Angeles, CA 90010, Attention: Avraham Shemesh, or at such other address or to such other individual as shall be specified by the Partnership to the Adviser in accordance with this paragraph 11.
		

		
			12.Representations and Warranties of the Adviser
		

		
			The Adviser represents and warrants to the Partnership that, as of the Effective Date:
		

		
			(a)The Adviser has been duly formed and is validly existing in good standing as a corporation under the laws of the State of Delaware with full power and authority to enter into and perform this Agreement and to conduct its business as required pursuant to this Agreement.
		

		
			(b)This Agreement has been duly and validly executed and delivered by the Adviser and, assuming the due and valid authorization, execution and delivery on behalf of the Partnership, constitutes a valid and binding agreement of the Adviser, enforceable against it in accordance with its terms, except as may be limited by (a) any bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect relating to creditors, rights, (b) general equity principles, (c) the law of fraudulent conveyance, (d) public policy and (e) judicial imposition of any implied covenant of good faith and fair dealing. The person signing this Agreement on behalf of the Adviser has been duly authorized by the Adviser to do so.
		

		
			(c)The Adviser is not in default in the performance or observance of any obligation, agreement, covenant or condition contained in any contract, indenture, mortgage, loan agreement, note, lease or other agreement or instrument to which it is a party or by which it or any of its properties is bound which, in the aggregate, would have a material adverse effect on the Adviser; 
		

		
			
		

		 

		

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			the execution by the Adviser of this Agreement and the performance by the Adviser of its obligations under this Agreement do not and will not result in any violation of the certificate of incorporation of the Adviser, and do not and will not conflict with, or result in a breach of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the Adviser under, any indenture, mortgage, loan agreement, note lease or other agreement or instrument to which the Adviser is a party or by which any of its properties is bound or any existing applicable law, rule, regulation, judgment, order or decree of any governmental instrumentality or court, domestic or foreign, having jurisdiction over the Adviser or any of its properties. There is no litigation, investigation or other proceeding pending or, to the knowledge of the Adviser, threatened against the Adviser or any of its Affiliates which, if adversely determined, would materially adversely affect the business or financial condition of the Adviser or would impair the ability of the Adviser to perform its obligations hereunder.
		

		
			(d)The Adviser has obtained all authorizations, consent, approvals, licenses and clearances of all courts, governmental agencies and authorities, and any other Person, if any, required for the Adviser to enter into this Agreement and to perform its obligations hereunder.
		

		
			(e)The Adviser is registered with the U.S. Securities and Exchange Commission as an investment adviser under the Investment Advisers Act of 1940, as amended.  
		

		
			13.Headings
		

		
			The headings of the Sections of this Agreement are for convenience of reference only and are not to be considered in construing the terms and provisions of this Agreement.
		

		
			14.Governing Law
		

		
			THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE.
		

		
			15.Counterparts
		

		
			This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument.
		

		
			[Signature Page Follows]
		

		
			 
		

		
			

		 

		

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the Effective Date.
		

			
					
						 

					
					
						CIM URBAN PARTNERS, L.P.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						CIM Urban Partners GP, LLC, its General Partner

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Eric Rubenfeld

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Eric Rubenfeld

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Vice President and Secretary

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						CIM INVESTMENT ADVISORS, LLC

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Eric Rubenfeld

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Eric Rubenfeld

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Vice President, Secretary and Chief Compliance Officer

				

		
			 
		

		 

		

			Signature Page to Investment Management Agreementfelp-ex41_1031.htm

Exhibit 4.1

SUPPLEMENTAL INDENTURE 

 Supplemental Indenture (this “Supplemental Indenture”), dated as of September 8, 2014, among Foresight Energy LP, a Delaware limited partnership (the “MLP Guarantor”), Foresight Energy LLC, a Delaware limited liability company and wholly owned Subsidiary of the MLP Guarantor (the “Company”), Foresight Energy Finance Corporation, a Delaware corporation (the “Co‐Issuer,” and, together with the Company, the “Issuers”) and The Bank of New York Mellon Trust Company, N.A., as trustee under the Indenture referred to below (the “Trustee”).

 

W I T N E S S E T H

 

          WHEREAS, the Issuers have heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of August 23, 2013, providing for the issuance of 7.875% Senior Notes due 2021 (the “Notes”);

 

          WHEREAS, the Indenture provides that under certain circumstances the MLP Guarantor shall execute and deliver to the Trustee a supplemental indenture pursuant to which the MLP Guarantor shall unconditionally guarantee all of the Issuers’ Obligations under the Notes and the Indenture on the terms and conditions set forth herein (the “Note Guarantee”); 

 

          WHEREAS, pursuant to Section 4.13 of the Indenture, this Supplemental Indenture shall be delivered to the Trustee within 45 days of the consummation of the Qualified MLP IPO; 

 

          WHEREAS, this Supplemental Indenture is delivered to the Trustee after the proscribed 45 day period following the consummation of the Qualified MLP IPO; and  

 

          WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture.

 

          NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the MLP Guarantor and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:

 

ARTICLE I

 

DEFINITIONS

 

          Section 1.01.  Capitalized Terms.  Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

 

ARTICLE II

 

GUARANTEES

 

 

          Section 2.01.  The Guarantees.  Subject to the provisions of this Article II, the MLP Guarantor hereby irrevocably and unconditionally guarantees, on an unsecured basis, the full and punctual payment (whether at maturity, upon any redemption, by declaration or acceleration, or otherwise) of the principal of, premium, if any, and interest on, and all other amounts payable under the Notes, and the full and punctual payment of all other amounts payable by the Issuers under the Indenture.  Upon failure by the Issuers to pay punctually any such amount, the MLP Guarantor shall forthwith on demand pay the amount not so paid at the place and in the manner specified in the Indenture.  The MLP Guarantor further agrees to pay any and all expenses (including reasonable counsel fees and expenses) incurred by the Trustee or the Paying Agent in enforcing or exercising any rights under this Note Guarantee.

 

          Section 2.02.  Guarantee Unconditional.  (a) The obligations of the MLP Guarantor hereunder are direct, unsubordinated, unconditional and absolute and, without limiting the generality of the foregoing, shall not be released, discharged or otherwise affected by:

 

     (1) any extension, renewal, settlement, compromise, failure to enforce, waiver or release in respect of any obligation of the Issuers under the Indenture, this Supplemental Indenture or under the Notes, by operation of law or otherwise;

 

     (2) any rescission, waiver or, subject to Section 10.03 of the Indenture, any modification or amendment of or supplement to, the Indenture or the Notes;

 

     (3) the occurrence or notice of any default or event of default under the Indenture or under any other agreement,

 

     (4) any change in the corporate existence, structure or ownership of an Issuer, or any insolvency, bankruptcy, reorganization or other similar proceeding affecting an Issuer or their assets or any resulting release or discharge of any obligation of an Issuer contained under the Indenture or under the Notes;

 

     (5) the existence of any claim, set‐off or other rights which the MLP Guarantor may have at any time against an Issuer, the Trustee or any other Person, whether in connection with the Indenture or any unrelated transactions, provided that nothing herein prevents the assertion of any such claim by separate suit or compulsory counterclaim;

 

     (6) any invalidity or unenforceability relating to or against an Issuer for any reason of the Indenture or any Note, or any provision of applicable law or regulation purporting to prohibit the payment by an Issuer of the principal of or interest on the Notes or any other amount payable by an Issuer under the Indenture; or

 

     (7) any other act or omission to act or delay of any kind by an Issuer, the Trustee or any other Person or any other circumstance whatsoever which might, but for the provisions of this paragraph, constitute a legal or equitable discharge of or defense to such MLP Guarantor’s obligations hereunder.

 

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          Section 2.03.  Discharge; Reinstatement.  The MLP Guarantor’s obligations hereunder will remain in full force and effect until the principal of, premium, if any, and interest on the Notes and all other amounts payable by the Issuers under the Indenture have been paid in full.  If at any time any payment of the principal of, premium, if any, or interest on any Note or any other amount payable by the Issuers under the Indenture is rescinded or must be otherwise restored or returned upon the insolvency, bankruptcy or reorganization of an Issuer or otherwise, the MLP Guarantor’s obligations hereunder with respect to such payment will be reinstated as though such payment had been due but not made at such time.

 

          Section 2.04.  Waiver by the MLP Guarantor.  The MLP Guarantor irrevocably waives acceptance hereof, presentment, demand, protest and any notice not provided for under the Indenture or herein, as well as any requirement that at any time any action be taken by any Person against an Issuer or any other Person.

 

          Section 2.05.  Subrogation and Contribution.  Upon making any payment with respect to any obligation of the Issuers under this Article, the MLP Guarantor will be subrogated to the rights of the payee against the Issuers with respect to such obligation, provided that the MLP Guarantor may not enforce either any right of subrogation, or any right to receive payment in the nature of contribution, or otherwise, from any other Guarantor, with respect to such payment so long as any amount payable by the Issuers hereunder or under the Notes remains unpaid.

 

          Section 2.06.  Stay of Acceleration.  If acceleration of the time for payment of any amount payable by an Issuer under the Indenture or the Notes is stayed upon the insolvency, bankruptcy or reorganization of such Issuer, all such amounts otherwise subject to acceleration under the terms of the Indenture are nonetheless payable by the MLP Guarantor hereunder forthwith on demand by the Trustee or the Holders.

 

          Section 2.07.  Limitation on Amount of Guarantee.  Notwithstanding anything to the contrary in this Article II, the MLP Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Note Guarantee of such MLP Guarantor not constitute a fraudulent conveyance under applicable fraudulent conveyance provisions of the United States Bankruptcy Code or any comparable provision of state law.  To effectuate that intention, the Trustee, the Holders and the MLP Guarantor hereby irrevocably agree that the obligations of the MLP Guarantor under its Note Guarantee are limited to the maximum amount that would not render the MLP Guarantor’s obligations subject to avoidance under applicable fraudulent conveyance provisions of the United States Bankruptcy Code or any comparable provision of state law.

 

          Section 2.08.  Execution and Delivery of Guaranty.  The execution by the MLP Guarantor of this Supplemental Indenture evidences the Note Guarantee of the MLP Guarantor, whether or not the person signing as an officer of the MLP Guarantor still holds that office at the time of authentication of any Note.  The delivery of any Note by the Trustee after authentication constitutes due delivery of the Note Guarantee set forth in this Supplemental Indenture on behalf of the MLP Guarantor.

 

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ARTICLE III

CONSOLIDATION OF GUARANTOR

 

          Section 3.01.  MLP Guarantor may Consolidate, etc. on Certain Terms.  (a) The MLP Guarantor shall not (i) consolidate with or merge with or into any Person, or (ii) sell, convey, transfer or dispose of all or substantially all of its assets, in one transaction or a series of related transactions, to any Person, unless:

 

          (i) the other Person is an Issuer or any Restricted Subsidiary that is a Guarantor or becomes a Guarantor concurrently with the transaction; or

 

          (ii) (1) either (x) the MLP Guarantor is the continuing Person or (y) the resulting, surviving or transferee Person expressly assumes by supplemental indenture (or other joinder agreement, as applicable) all of the obligations of the MLP Guarantor under its Note Guarantee; and

 

               (2) immediately after giving effect to the transaction, no Default has occurred and is continuing; or

 

          (iii) the transaction constitutes a sale or other disposition (including by way of consolidation or merger) of the MLP Guarantor or the sale or disposition of all or substantially all the assets of the MLP Guarantor (in each case other than to the Company) otherwise permitted under the terms of the Indenture.

 

          (b) In case of any consolidation, merger, sale or conveyance of the MLP Guarantor pursuant to Section 5.01(d) of the Indenture, and upon the assumption by the successor Person, by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of a Guarantee and the due and punctual performance of all of the covenants and conditions of the Indenture to be performed by such Guarantor, such successor Person shall succeed to and be substituted for the MLP Guarantor with the same effect as if it had been named herein as a MLP Guarantor.  All the Note Guarantees so issued shall, in all respects, have the same legal rank and benefit under the Indenture as the Note Guarantees theretofore and thereafter issued in accordance with the terms of the Indenture as though all of such Note Guarantees had been issued at the date of the execution of the Indenture.

 

          (c) Except as set forth in Article V of the Indenture, and notwithstanding clauses (a) and (b) above, nothing contained in this Supplemental Indenture or in any of the Notes shall prevent any consolidation or merger of a Guarantor with or into an Issuer or another Guarantor, or shall prevent any sale, conveyance, transfer or disposal of the property of a Guarantor or the MLP Guarantor as an entirety or substantially as an entirety to an Issuer, the MLP Guarantor or another Guarantor.

 

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ARTICLE IV

RELEASES

 

          Section 4.01.  Releases.  The Note Guarantee of the MLP Guarantor shall be released and terminated upon: 

          

          (a) if the Note Guarantee was required pursuant to the terms of Section 4.13 of the Indenture, the cessation of the circumstances requiring the Note Guarantee, or

 

          (b) defeasance or discharge of the Notes, as provided in Article Eight of the Indenture, 

 

          provided that any such event occurs in accordance with all other applicable provisions under the Indenture, as amended from time to time.

 

ARTICLE V

MISCELLANEOUS

 

          Section 5.01.  Incorporators, Stockholders, Officers and Directors of Issuers Exempt from Individual Liability.  No recourse under or upon any obligation, covenant or agreement contained in the Indenture or in this Note Guarantee, or because of any indebtedness evidenced thereby, shall be had against any incorporator, as such or against any past, present or future stockholder, officer or director, as such, of an Issuer or the MLP Guarantor, or of any successor, either directly or through an Issuer, MLP Guarantor or any successor, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the acceptance of the Notes by the Holders thereof and as part of the consideration for the issue of the Notes.

 

          Section 5.02.  Governing Law.  The internal law of the State of New York shall govern and be used to construe this Supplemental Indenture, the Indenture and the Notes.

 

          Section 5.03.  Counterparts.  The parties may sign any number of copies of this Supplemental Indenture.  Each signed copy shall be an original, but all of them together represent the same agreement.  The exchange of copies of this Supplement Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture for all purposes.  Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.  

 

          Section 5.04.  Effect of Headings.  The Section headings herein are for convenience only and shall not affect the construction hereof.

 

          Section 5.05.  The Trustee and Agent.  Neither the Trustee nor the Paying Agent shall be responsible in any manner whatsoever for or in respect of the validity, sufficiency or adequacy of 

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this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the MLP Guarantor and the Issuers.

 

 

[signature pages follow]

 

 

 

 

 

 

 

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     IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of the date first above written.

 

 

				
	
 
	
Foresight Energy LP

	
 
	
 
	
 

	
 
	
By:
	
Foresight Energy GP LLC,

	
 
	
 
	
its general partner

	
 
	
 
	
 

	
 
	
 
	
/s/ Oscar Martinez
	
 

	
 
	
 
	
Oscar Martinez

	
 
	
 
	
Senior Vice President and Chief Financial Officer

	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
/s/ Oscar Martinez
	
 

	
 
	
 
	
Oscar Martinez

	
 
	
 
	
Senior Vice President and Chief Financial Officer

	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
/s/ Oscar Martinez
	
 

	
 
	
 
	
Oscar Martinez

	
 
	
 
	
Senior Vice President and Chief Financial Officer

	
 
	
 
	
 
	
 

	
 
	
The Bank of New York Mellon Trust Company, N.A., as Trustee
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
/s/ Teresa Petta
	
 

	
 
	
 
	
Teresa Petta

	
 
	
 
	
Vice President 

 

 

 

 

[Signature Page to Supplemental Indenture – Foresight Energy LP]

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