Document:

exhibit10_2.htm

    
      

      

    

    Exhibit 10.2

    

      

    

    
      	 
      	
              Amendment
      to Credit Agreement

            

    

    

    

    This
agreement is dated as of June 29, 2009 (the "Effective Date"), by and
between United Western Bancorp, Inc. (the "Borrower") and JPMorgan Chase
Bank, N.A. (together with its successors and assigns the "Bank"). The provisions of
this agreement are effective as of the Effective Date on the date that the
Borrower has satisfied all the conditions precedent in Section 7 of this
agreement.

    

    WHEREAS, the Borrower and the
Bank entered into that certain Credit Agreement dated as of June 29, 2007, as
amended by that certain Amendment to Credit Agreement dated as of June 30, 2008
(the "Credit Agreement");
and

    

    WHEREAS, the Borrower has
requested and the Bank has agreed to amend the Credit Agreement as set forth in
this agreement;

    

    NOW, THEREFORE, in mutual
consideration of the agreements contained herein and for other good and valuable
consideration, the parties agree as follows:

    

    
      	
              1.

            	
              DEFINED TERMS.
      Capitalized terms used in this agreement shall have the same
      meanings as in the Credit Agreement, unless otherwise defined in this
      agreement.

            

    

    

    
      	
              2.

            	
              CONSENT TO SALE OF STERLING
      TRUST COMPANY. Pursuant to the Sections of Article 5 of the Credit
      Agreement listed below, the Borrower agreed that, without the prior
      written consent of the Bank, the Borrower will not and no Material
      Subsidiary of the Borrower will do any of the
  following;

            

    

    

    
      	
               
      

            	
              5.3

            	
              Disposal of Equity Interest in
      any Subsidiary. Pledge, sell, convey, assign, or otherwise dispose
      of or permit to exist any Lien on any Equity Interest in any Subsidiary
      other than in favor of the Bank.

            

    

    

    
      	
               
      

            	
              5.4

            	
              Merger or Consolidations.
      (1) Dissolve; (2) merge or consolidate with any Person; (3) lease,
      sell or otherwise convey a material part of its assets or business outside
      the ordinary course of its business; (4) lease, purchase, or otherwise
      acquire a material part of the assets of any other Person, except in the
      ordinary course of its business; or (5) agree to do any of the foregoing;
      provided, however, that notwithstanding the foregoing, any Subsidiary
      other than United Western Bank may merge or consolidate with any other
      Subsidiary, or with the Borrower, so long as the Borrower is the
      survivor.

            

    

    

    
      	
               
      

            	
              5.6

            	
              Negative Pledge of
      Assets. Enter into any agreement with any Person other than the
      Bank which prohibits or limits its ability to create or permit to exist
      any Lien on any of its property, assets or revenues, whether now owned or
      hereafter acquired.

            

    

    

    
      	
               
      

            	
              5.8

            	
              Continuity of Operations.
      (1) Engage in any business activities substantially different from
      those in which it is presently engaged; or (2) cease operations,
      liquidate, change its name, dissolve, or sell any assets out of the
      ordinary course of business.

            

    

    

    The
Borrower has informed the Bank of its intent to sell the majority of the assets
of Sterling Trust Company, a wholly owned Subsidiary of the Borrower, to Equity
Trust Company (the "Sale")
and has requested that the Bank consent to the Sale (the "Request"). The Bank consents
to the Request, provided that the Borrower agrees to do each and all of the
following: (1) on or before September 30,2009, the Borrower shall make one or
more payments on that certain Line of Credit Note dated as of the Effective Date
in the original principal amount of $30,000,000.00 (the "Note") in amounts sufficient
to reduce the outstanding principal balance of the Note to an amount not to
exceed $25,000,000.00 (the "Paydown"); (2) if the Paydown
results in the payment of all or any portion of any LIBOR Rate Advance (as
defined in the Note) on a date other than the last day of the Interest Period
(as defined in the Note) for the advance, the Borrower shall pay the Bank
amounts sufficient (in the Bank's reasonable opinion) to compensate the Bank for
any loss, cost or expense incurred as a result thereof; and (3) after the
Paydown is made, the Borrower agrees that the maximum amount available under the
Note shall be reduced to $25,000,000.00.

    

    
      	
              3.

            	
              MODIFICATION OF CREDIT
      AGREEMENT. From and after the Effective Date, the Credit Agreement
      is hereby amended as follows:

            

    

    

    
      	
               
      

            	
              3.1

            	
              Section
      1.4 of the Credit Agreement captioned "Non-Usage Fee" is
      amended and restated to read as
follows:

            

    

    

    
      	
               
      

            	
              1.4

            	
              Non-Usage Fee. The
      Borrower shall pay to the Bank a non-usage fee (the "Non-usage Fee") with
      respect to each calendar quarter during the term of Facility B, calculated
      on the average daily unused portion
of

            

    

    
      
         

      

      
        - 1
-

        
          

        

      

      
         

      

    

     

    Facility
B at a rate of 0.25% per annum. Each Non-Usage Fee shall be due and payable to
the Bank quarterly, in arrears, within fifteen (15) days of the end of each
calendar quarter for which the Non-Usage Fee is owing. The Bank may begin to
accrue the Non-Usage Fee on the date the Borrower signs or otherwise
authenticates this agreement.

    

    
      	
               
      

            	
              3.2

            	
              Section
      4.13 of the Credit Agreement captioned "Non-Performing Assets Plus
      OREO Ratio" is amended and restated to read as
    follows:

            

    

    

    
      	
               
      

            	
              4.11

            	
              Non-Performing Assets Plus OREO
      Ratio. The Borrower shall cause United Western Bank to maintain at
      all times a Non-Performing Assets Plus OREO Ratio of not greater than four
      and two quarters of one percent (4.50%) commencing March 31, 2009, and at all
      times thereafter. As used in this Section, the term "Non-Performing Assets Plus
      OREO Ratio" means the ratio, determined on a consolidated basis for
      United Western Bank, of the sum of Non-Performing Assets plus OREO, to the
      sum of Total Loans and Repossessed Assets plus OREO. As used in this
      Section, (A) "Non-Performing Assets"
      means the sum of (1) all loans classified
      as past due 90 days or more and still accruing interest, (2) all loans
      classified as "non-accrual" and no longer accruing interest, (3) all loans classified
      as "restructured loans and leases", (4) total investment in restructured
      assets (net of specific valuation allowances), (5) total repossessed
      assets (net of general valuation allowances) and (6) all other
      "non-performing loans", excluding the guaranteed portion of any loan
      guaranteed by the U.S. government; (B) "Total Loans and Repossessed
      Assets" means the total of all performing and non-performing loans,
      valuation allowances on all loans, and allowances for loan and lease
      losses on all loans; and (C) "OREO" means the book
      value (net of accumulated depreciation) of all other real estate owned by
      United Western Bank, excluding (1) all real estate which is occupied and
      used by United Western Bank in the ordinary course of business and (2)
      repossessed property where the full value at par of
      such property is guaranteed or insured by the U.S. government. The ratio
      set forth in this Section shall be measured quarterly and shall be
      determined from the applicable Call Report filed with the applicable
      Governmental Authority.

            

    

    

    
      	
               
      

            	
              3.3

            	
              Exhibit
      A to the Credit Agreement is amended and replaced with the Exhibit A
      attached hereto and incorporated in this agreement by reference for all
      purposes.

            

    

    

    
      	
              4.

            	
              RATIFICATION. The
      Borrower ratifies and reaffirms the Credit Agreement and the Credit
      Agreement shall remain in full force and effect as modified by this
      agreement.

            

    

    

    
      	
              5.

            	
              BORROWER REPRESENTATIONS AND
      WARRANTIES. The Borrower represents and warrants that (a) the
      representations and warranties contained in the Credit Agreement are true
      and correct in all material respects as of the date of this agreement, (b)
      no condition, event, act or omission which could constitute a default or
      an event of default under the Credit Agreement, as modified by this
      agreement, or any other Related Document exists, and (c) no condition,
      event, act or omission has occurred and is continuing that with the giving
      of notice, or the passage of time or both, would constitute a default or
      an event of default under the Credit Agreement, as modified by this
      agreement, or any other Related
Document.

            

    

    

    
      	
              6.

            	
              FEES AND EXPENSES. The
      Borrower agrees to pay all fees and out-of-pocket disbursements incurred
      by the Bank in connection with this agreement, including legal fees
      incurred by the Bank in the preparation, consummation, administration and
      enforcement of this agreement. Additionally, the Borrower shall pay to the
      Bank a fee in the amount of $10,000.00 (the "Fee") as consideration
      for the Bank's review of the Request and for providing the consent to the
      Request and in connection with the renewal, extension and modification of
      Facility B. To effectuate payment of the Fee, the Borrower hereby
      authorizes the Bank to initiate a debit entry to Account Number
      ________________ at the Bank and to debit the same to such account. The
      Borrower represents that the Borrower is and will be the owner of all
      funds in such account.

            

    

    

    
      	
              7.

            	
              EXECUTION AND DELIVERY.
      This agreement shall become effective only after: (A) it is fully executed
      by the Borrower and the Bank; (B) the Bank shall have received the Note
      duly executed by the Borrower; and (C) the Borrower shall have paid the
      Fee to the
      Bank.

            

    

    

    
      	
              8.

            	
              ACKNOWLEDGEMENTS OF BORROWER /
      RELEASE. The Borrower acknowledges that as of the date of this
      agreement it has no offsets with respect to all amounts owed by the
      Borrower to the Bank arising under or related to the Credit Agreement, as
      modified by this agreement, or any other Related Document on or prior to
      the date of this agreement. The Borrower fully, finally and forever
      releases and discharges the Bank, its successors and assigns and their
      respective directors, officers, employees, agents and representatives
      (each a "Bank Party")
      from any and all claims, causes of action, debts, demands and
      liabilities, of whatever kind or nature, in law or in equity, of the
      Borrower, whether now known or unknown to the Borrower, which may have
      arisen in connection with the Credit Agreement or the actions or
      omissions of any Bank Party related to the Credit Agreement on or prior to
      the date hereof. The Borrower acknowledges and agrees that this agreement
      is limited to the terms outlined above, and shall not be construed as an
      agreement to change any other terms
or

            

    

    
      
         

      

      
        - 2
-

        
          

        

      

      
         

      

    

     

    provisions
of the Credit Agreement. This agreement shall not establish a course of dealing
or be construed as evidence of any willingness on the Bank's part to grant other
or future agreements, should any be requested.

    

    
      	
              9.

            	
              INTEGRATION, ENTIRE AGREEMENT,
      CHANGE, DISCHARGE, TERMINATION, OR WAIVER. The Credit Agreement, as
      modified by this agreement, and the other Related Documents contain the
      complete understanding and agreement of the Borrower and the Bank in
      respect of the Credit Facilities and supersede all prior understandings
      and negotiations. No provision of the Credit Agreement, as modified by
      this agreement, or the other Related Documents, may be changed,
      discharged, supplemented, terminated, or waived except in a writing signed
      by the party against whom it is being
enforced.

            

    

    

    
      	
              10.

            	
              NOT A NOVATION. This
      agreement is a modification only and not a novation. Except as expressly
      modified by this agreement, the Credit Agreement, any other Related
      Documents, and all the terms and conditions thereof, shall be and remain
      in full force and effect with the changes herein deemed to be incorporated
      therein. This agreement is to be considered attached to the Credit
      Agreement and made a part thereof. This agreement shall not release or
      affect the liability of any guarantor of any promissory note or credit
      facility executed in reference to the Credit Agreement or release any
      owner of collateral granted as security for the Credit Agreement. The
      validity, priority and enforceability of the Credit Agreement shall not be
      impaired hereby. To the extent that any provision of this agreement
      conflicts with any term or condition set forth in the Credit Agreement, or
      any other Related Documents, the provisions of this agreement shall
      supersede and control. The Bank expressly reserves all rights against all
      parties to the Credit Agreement and the other Related
      Documents.

            

    

    

    

    
      	 
      	
              Borrower:

            
	 
      	 
      	 	 
      	 
      
	 
      	
              United
      Western Bancorp, Inc.

            
	 
      	 
      	 	 
      	 
      
	 
      	
              By:

            	/s/
      Scot Weizel	 
      
	 
      	 
      	Scot
      Weizel	
              CEO

            
	 
      	 	Printed
      Name	
              Title

            
	 
      	 
      	 	 
      	 
      
	 
      	 
      	 	 
      	 
      
	 
      	
              Date 

            	Signed:	
              6-22-2009

            
	 
      	 
      	 	 
      	 
      
	 
      	 
      	 	 
      	 
      
	 
      	
              Bank:

            	 
      	 
      
	 
      	 
      	 	 
      	 
      
	 
      	
              JP
      Morgan Chase Bank, N.A.

            
	 
      	 
      	 	 
      	 
      
	 
      	
              By:

            	/s/
      Tim Franen	 
      
	 
      	 
      	Tim
      Franen	
              VP

            
	 
      	 	Printed
      Name	
              Title

            
	 
      	 
      	 	 
      	 
      
	 
      	 
      	 	 
      	 
      
	 
      	
              Date
      

            	Signed:	
              6-23-2009

            

    

     

    - 3 -Consulting
Agreement

    

    This agreement (the “Agreement”)
is effective as of the 1st day of July, 2009 by and between Bunge Limited, a
Bermuda company (“Bunge” or
the “Company”)
and Joao Fernando Kfouri (the “Consultant”).

    

    The
parties agree as follows:

    

    
      	
              1)

            	
              Engagement

            

    

    

    Subject
to the terms and conditions set forth herein, Bunge hereby engages the
Consultant and the Consultant hereby agrees to provide the Consulting Services
(as defined herein) to the Company.

    

    
      	
              2)

            	
              Term

            

    

    

    Unless
otherwise extended by Bunge and the Consultant in writing, the term of this
Agreement shall commence on July 1, 2009 and end on December 31, 2009, both
inclusive; provided, however, that this
Agreement may be terminated prior to such termination date by mutual written
agreement of the parties (the “Term”).

    

    
      	
              3)

            	
              Services
      Contracted

            

    

    

    The
Consultant is being retained by Bunge to provide advice and counsel with respect
to the Company’s global Food and Ingredients business strategy and the
transition of the duties and responsibilities of the position of Managing
Director of Food and Ingredients to a successor (the “Consulting
Services”).

    

    
      	
              4)

            	
              Workload,
      Schedule and Coordination

            

    

    

    The
Consultant is expected to dedicate an appropriate amount of his time to the
performance of the Consulting Services in accordance with the terms of this
Agreement.  However, he will have no set or fixed work
schedule.  He will report to and coordinate his workload directly with
the Chief Executive Officer of Bunge.

    

    Nothing
in this Agreement shall prohibit the Consultant from rendering services to any
company not affiliated with the Bunge Group (as defined below) so long as such
activities do not interfere with the Consulting Services to be provided pursuant
to this Agreement and do not violate the terms of this Agreement.

    

    
      	
              5)

            	
              Consulting
      Fees

            

    

    

    As
compensation for the performance of the Consulting Services, Bunge shall pay the
Consultant US$22,500 per month through the end of the Term, payable monthly, in
arrears.  This amount shall be paid no later than fifteen calendar
days after the end of each elapsed month.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    In order
to enable the Consultant to perform the Consulting Services, the Company will
reimburse the Consultant for the cost of reasonable business expenses incurred
in the performance of the Consulting Services, subject to the submission of
appropriate documentation by the Consultant, in accordance with the Company’s
business expense reimbursement policies.  Reimbursement shall be made
within 45 days after complete documentation is provided to the
Company.

    

    

    
      	
              6)

            	
              Status;
      Taxes

            

    

    

    
      	
               
      

            	
              (a)

            	
              Status. 
      It is expressly agreed that the Consultant shall be acting as an
      independent contractor in the performance of the Consulting Services
      hereunder and not as an employee of the Company or any of its subsidiaries
      or affiliates (the “Bunge
      Group”) and, in such capacity, shall not be eligible to participate
      in any employee benefit plan or program of the Bunge Group.  The
      Consultant shall have no authority to act as an agent of the Company and
      he shall not represent to the contrary to any
  person. 

            

    

    

    
      	
               
      

            	
              (b)

            	
              Taxes.  It
      is intended that the fees paid hereunder shall constitute revenue to the
      Consultant.  To the extent consistent with applicable law, the
      Company will not withhold any amounts therefrom as federal income or
      employment tax withholdings or under any other state or federal
      laws.  The Consultant shall be solely responsible for the withholding
      and/or payment of any federal, state or local income or payroll taxes and
      shall hold the Company, its officers, directors and employees harmless
      from any liability arising from the failure to withhold such
      amounts.

            

    

    

    
      	
              7)

            	
              Protective
      Covenants

            

    

    

    
      	
               
      

            	
              (a)

            	
              Confidentiality.  The
      Consultant agrees with the Company that he shall not at any time during or
      subsequent to the end of the Term, except with the prior written consent
      of the Company, directly or indirectly, disclose or appropriate for his
      own use, or for the use of a third party, any proprietary or confidential
      information of or related to the Bunge Group.  The Consultant
      confirms that all such proprietary and confidential information is and
      shall remain the exclusive property of the Bunge Group.  All
      business records, papers and documents kept or made by the Consultant
      relating to the business of the Bunge Group shall be and remain the
      property of the Bunge Group.

            

    

    

    
      	
               
      

            	
              (b)

            	
              Nonsolicitation.  The
      Consultant agrees that, during the Term and during the twelve month period
      immediately following the end of the Term, the Consultant shall not,
      directly or indirectly: (i) solicit or contact any customer of the
      Bunge Group (or any other entity that the Consultant knows is a potential
      customer with respect to specific products of the Bunge Group) for any
      commercial pursuit that to the knowledge of the Consultant is (or that is
      contemplated by any corresponding business plan during the Term to be) in
      competition with the Bunge Group; (ii) take away or interfere with or
      attempt to take away or interfere with any trade, business or patronage of
      any of the customers, partners

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      

      
        	
                 
      

              	
                 

              	
                or
      suppliers of the Bunge Group, or induce, or attempt to induce, any
      employees, agents or independent contractors of or to the Bunge Group to
      do anything which the Consultant is restricted from doing under this
      Agreement; or (iii) offer or aid others to offer employment to employees
      of the Bunge Group, or interfere or attempt to interfere with the
      relationship, contractual, employment or otherwise, between the Bunge
      Group and any of its contractors, consultants or
  employees.

              

      

       

    

    
      	
               
      

            	
              (c)

            	
              Cooperation of the
      Consultant.  During and after the Term, the
      Consultant shall reasonably cooperate with the Company in the defense or
      prosecution of any claims or actions which are now in existence or which
      may be brought in the future against or on behalf of the Bunge Group and
      in connection with any investigation or review of any federal, state or
      local regulatory authority as any such investigation or review relates to
      events or occurrences that transpired while the Consultant was providing
      the Consulting Services.  The Company shall reimburse the
      Consultant for all reasonable costs and expenses incurred in connection
      with his performance under this Section, including, without limitation,
      reasonable attorneys’ fees and
costs.

            

    

     

    
      	
               
      

            	
              (d)

            	
              Injunctive
      Relief.  The Consultant acknowledges that damages for any
      breach of this Section 7 will be difficult to determine and inadequate to
      remedy the harm which may be caused and, therefore, consents that the
      restrictions contained in this Section may be enforced by temporary or
      permanent injunction.  Such injunctive relief shall be in addition to
      and not in place of any other remedies available at law or in
      equity.   

            

    

    

    
      	
              8)

            	
              Modifications
      to the Agreement; Notices

            

    

    

    No
amendment, modification or waiver of this Agreement will be effective unless and
until executed in writing by both parties hereto.

    

    Any
notice required or permitted to be given hereunder shall be sufficient if in
writing, and such notices must be sent by registered or certified mail to the
last known addresses specified by the parties.

    

    
      	
              9)

            	
              Miscellaneous

            

    

    

    This
Agreement constitutes the entire understanding of the parties with respect to
the performance by the Consultant of the Consulting Services and shall supersede
and replace all prior agreements and understandings between the parties hereto
with respect to the same subject.

    

    This
Agreement shall be binding upon and inure to the benefit of the Company and its
affiliates, successors and assigns and shall be binding upon and inure to the
benefit of the Consultant and his heirs and legal representatives.  In
no event shall the Consultant’s obligations to perform services for the Company
be delegated or assigned by the Consultant.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    This
Agreement may be executed in one or more counterparts, which shall, collectively
and separately, constitute one Agreement.

    

    This
Agreement shall be construed and enforced in accordance with the laws of the
State of New York.  Any litigation or other proceeding commenced by
either party to this Agreement for the purpose, in whole or in part, of
enforcing this Agreement or the parties’ respective rights or obligations
hereunder shall be commenced in the federal or state courts of New
York.

    

    

    

    Effective
as of July 1, 2009

    

    
       

       

      
      

       

      
        	BUNGE
    LIMITED	CONSULTANT
	 	 
	 	 
	By:/s/ Vicente C.
    Teixeira	By:/s/ Joao Fernando
    Kfouri
	Name:  Vicente
      C. Teixeira	Name:  Joao
      Fernando Kfouri
	      
                Title:    Chief
      Personnel Officer

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