Document:

SECOND AMENDMENT TO

Exhibit 10(ii)(l)

 

SECOND AMENDMENT TO

PURCHASE AND SALE CONTRACT

 

This
Second Amendment to Purchase and Sale Contract (this “Second
Amendment”) is dated as of June 15, 2009 ("Second Amendment
Date"), by and between SHELTER PROPERTIES V LIMITED PARTNERSHIP, a South
Carolina limited partnership (“Seller”), and PRG LAKE JOHNSON MEWS
ASSOCIATES, LLC, a North Carolina limited liability company
(“Purchaser”).

 

RECITALS:

 

WHEREAS,
Seller and Pennsylvania Realty Group, Inc., a Pennsylvania corporation, entered
into that certain Purchase and Sale Contract dated May 1, 2009, as amended by
that certain First Amendment to Purchase and Sale Contract dated June 3, 2009,
and as assigned by Pennsylvania Realty Group, Inc. to Purchaser on June 9, 2009
(as amended and assigned, the “Contract”), for certain real
property situated in the County of Wake, State of North Carolina, commonly known
as Lake Johnson Mews, and more specifically described in the Contract (the
"Property"); and

 

WHEREAS,
Seller and Purchaser desire to amend the Contract on the terms and conditions
set forth below.

 

AGREEMENT:

 

NOW,
THEREFORE, in consideration of the mutual covenants set forth in the Contract
and herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Seller and Purchaser agree to
amend the Contract as follows: 

           

1.                 
Loan Approval Period Extension.  The Loan Approval
Period, as such term is defined in Section 4.5.9 of the Agreement is
hereby extended to and shall expire upon June 19,
2009.      

2.                 
Ratification of Contract.  All terms and provisions of
the Contract not specifically modified or amended by this Second Amendment shall
remain in full force and effect, and the Contract, as expressly modified herein,
is hereby ratified, confirmed and approved in all respects by the parties
hereto.

3.                 
General Provisions.  The following provisions shall apply
with respect to this Second Amendment:

(a)               
Capitalized terms used, but not otherwise defined, herein shall have the
same meaning as ascribed to such terms in the Contract.

(b)              
In the event of any conflict between the Contract and this Second
Amendment, the terms and conditions of this Second Amendment shall control.

(c)               
This Second Amendment may be executed in counterparts, each of which (or
any combination of which) when signed by all of the parties shall be deemed an
original, but all of which when taken together shall constitute one
agreement.  Executed copies hereof may be delivered by telecopier or
electronic mail and upon receipt shall be deemed originals and binding upon the
parties hereto, and actual originals shall be promptly delivered thereafter.

 

 

[REMAINDER OF PAGE LEFT INTENTIONALLY BLANK]

           
NOW, THEREFORE, the parties hereto have executed this Second Amendment as of the
Second Amendment Date.

 

 

SELLER:

 

SHELTER PROPERTIES V LIMITED PARTNERSHIP,

a South Carolina limited partnership 

 

By:       SHELTER REALTY V
CORPORATION,

           
a South Carolina corporation,

           
its corporate general partner

 

 

           
By:  /s/ Brian J. Bornhorst

           
Name:  Brian J. Bornhorst

           
Title:  Vice President

 

 

 

PURCHASER:

 

 

PRG
LAKE JOHNSON MEWS ASSOCIATES, LLC,

a
North Carolina limited liability company

 

By: 
/s/Steven A. Berger

Name: 
Steven A. Berger

Title: 
Vice Presidentex10_99.htm

Exhibit 10.9.9

    

    AMENDMENT NO. 1 TO CREDIT
AGREEMENT

    

    

    This
AMENDMENT NO. 1 TO CREDIT AGREEMENT (“Amendment No. 1”) is
dated as of June 17, 2009 by and among RAYMOND JAMES FINANCIAL, INC., a Florida
corporation (the “Borrower”), the
Lenders named on the signature pages hereto (the “Lenders”), and
JPMORGAN CHASE BANK, N.A., individually and as administrative agent (the “Agent”) for the
Lenders.

     

    
      	
               
      

            	
              W I
      T N E S S E T H:

            

    

     

    WHEREAS,
the Borrower, the Agent and the Lenders are parties to that certain Credit
Agreement dated as of February 6, 2009 (the “Credit Agreement”);
and

     

    WHEREAS,
the parties desire to effect certain amendments to the Credit Agreement as set
forth herein.

     

    NOW,
THEREFORE, in consideration of the premises herein contained, and for other good
and valuable consideration, the receipt of which is hereby acknowledged, the
parties hereby agree as follows:

     

    
      	
              I.  

            	
              Defined
      Terms

            

    

     

    Capitalized
terms used but not defined herein are used with the meanings assigned to them in
the Credit Agreement.

     

    
      	
              II.  

            	
              Amendments to the
      Credit Agreement

            

    

     

    2.1. (a) The
definition of “FDIC-Guaranteed Term Notes” in Section 1.01 of the Credit
Agreement is hereby amended by substituting the date "December 31, 2012" for the
existing date “June 30, 2012.”

     

    (b) The
definitions “TARP” and “TARP Preferred Stock” in Section 1.01 of the Credit
Agreement are hereby deleted, and the following references to “TARP Preferred
Stock” are hereby deleted: the phrase “and (iii) any TARP Preferred Stock,” in
the definition of “Net Cash Capital” and the phrase “(including TARP Preferred
Stock)” in the definition of “Shareholders’ Equity.”  In addition, the
word “and” is hereby inserted before clause (ii) of the definition of “Net Cash
Capital” in Section 1.01 of the Credit Agreement.

     

    2.2. The
condition set forth in Subsection 4.02(a) of the Credit Agreement (required
approval of Borrower's application to participate in the TARP Capital Purchase
Program) is hereby deleted in its entirety and Subsections 4.02(b), (c) and (d)
are hereby redesignated as 4.02(a), (b) and (c), respectively.

     

    2.3. Section
6.02 of the Credit Agreement is hereby amended by modifying subsection (iv) of
the second sentence thereof to read as follows:

     

    “(iv)
fund Subsidiary capital contributions, except for up to $10,000,000 of such
capital contributions where no regulatory limitation on repayment is
applicable.”

     

    2.4. Subsection
6.11(a)(ii) of the Credit Agreement is hereby amended in its entirety to read as
follows:

     

    “(A)
FDIC-Guaranteed Term Notes and (B) other unsecured term Indebtedness of the
Borrower with a minimum maturity of five years in an aggregate principal amount
not exceeding $300,000,000 and containing no covenants or events of default that
are more restrictive than those contained in this Agreement; provided, however, that the
aggregate principal amount of such other term Indebtedness and FDIC-Guaranteed
Term Notes shall not exceed $450,000,000 at any time outstanding.”

     

    2.5. Clause
(b) of Subsection 6.20.7 of the Credit Agreement is hereby amended to read as
follows:

     

    “(b) a
ratio of (i) RJ Bank's allowance for loan losses to (ii) RJ Bank's total
nonperforming loans of greater than 75% (seventy-five percent).”

     

    2.6. Section
6.21 of the Credit Agreement is hereby amended in its entirety to read as
follows:

     

    “SECTION
6.21  Borrower and RJ Bank Well
Capitalized.  (a) The Borrower, Raymond James Trust, N.A. and
any other banking Subsidiary of the Borrower shall each at all times after the
date hereof maintain a status of “well capitalized” or any higher required
capital requirement standard as such term or standard is from time to time
defined or imposed by the Board, OTS, OCC and any other regulatory body with
supervisory authority over such entities.

     

    (b) The
Borrower shall cause RJ Bank at all times after the date hereof to maintain the
greater of (i)
a status of “well capitalized” as such term is from time to time defined by the
OTS, OCC, Board  and any other regulatory body with supervisory
authority over RJ Bank, or (ii) a minimum of
(A) a total risk-based capital ratio of 10.00% from June 17, 2009 to September
30, 2009, 10.50% from September 30, 2009 to December 31, 2009, and 10.75% from
December 31, 2009 to the Maturity Date (or such higher total risk-based capital
ratio percentage as may be required during any such period by the OTS, OCC and
any other regulatory body with supervisory authority over RJ Bank); and (B) a Tier I
capital ratio of at least 7% (or such higher Tier I capital ratio percentage as
may be required from time to time by the OTS, OCC and any other regulatory body
with supervisory authority over RJ Bank); and (C) a Tier I
leverage ratio of at least 6% (or such higher Tier 1 leverage ratio percentage
as may be required from time to time by the OTS, OCC and any other regulatory
body with supervisory authority over RJ Bank).

     

    2.7. Section
6.22 of the Credit Agreement entitled “Restricted Payments” is hereby amended in
its entirety as follows:

     

    “The
Borrower shall not declare or pay dividends on or purchase, redeem, retire,
defease or otherwise acquire for value, any of its capital stock now or
hereafter outstanding, or return any capital or make any distribution of assets
to such capital stockholders in an amount that exceeds $60,000,000 (or
$65,000,000 if the Borrower consummates a new common stock offering after June
17, 2009 that exceeds 10% of its then outstanding common shares) per Fiscal Year
plus the amount
of any common stock repurchases used to fund the Borrower’s incentive stock
option, restricted stock and stock purchase plans.”

     

    2.8.                      Subsection
9.02(b) of the Credit Agreement is hereby amended by inserting the word “or”
before clause (v) and deleting the following clause (vi):  “, or (vi)
waive or amend the condition set forth in Section 4.02(a)
without the written consent of each Lender.”

     

    
      	
              III.  

            	
              Borrower
      Representations

            

    

     

    In order
to induce the Lenders and the Agent to execute and deliver this Amendment
No. 1, the Borrower represents and warrants to the Lenders that, both
before and after giving effect to this Amendment No. 1, (a) there exists no
Default or Event of Default on the date hereof; (b) each of the representations
and warranties contained in Article V of the Credit Agreement is true and
correct on the date hereof, except for the matters disclosed in Part II, Item 1.
“Legal Proceedings” in the Borrower’s Quarterly Report on Form 10-Q for the
Fiscal Quarter ended March 31, 2009 (the “3/31/09 10-Q Report”)
that relate to (i) the Borrower’s Turkish affiliate, (ii) Sirchie Acquisition
Company, LLC and (iii) auction rate securities; (c) the execution and delivery
by the Borrower of this Amendment No. 1 have been duly authorized by all
requisite corporate proceedings; (d) this Amendment No. 1 and the other Loan
Documents to which the Borrower is a party constitute the legal, valid and
binding obligations of the Borrower enforceable in accordance with their
respective terms; (e) no authorization or approval of, and no notice to or
filing with, any Governmental Authority or other Person is required for the due
execution, delivery or performance of this Amendment No. 1 by the Borrower; and
(f) other than publicly disclosed in the 3/31/09 10-Q Report, no material
adverse change in the business, Property, condition (financial or otherwise) or
results of operations of the Borrower and its Subsidiaries taken as a whole has
occurred since September 30, 2008 and, as of March 31, 2009, RJ Bank was
“well capitalized” within the meaning of Section 6.21 of the Credit
Agreement.

     

    
      	
              IV.  

            	
              Effectiveness

            

    

     

    This
Amendment No. 1 shall become effective as of the date first above written upon
fulfillment of the following conditions (and when notice thereof shall have been
given by the Agent to the Borrower and the Lenders):

     

    (i) the Agent
shall have received counterparts of this Amendment No. 1 duly executed by the
Borrower and each Lender;

     

    (ii) the Agent
shall have received in payment from the Borrower for the ratable account of each
Lender that delivers its executed signature pages hereto as directed by, and by
such time as is requested by the Agent, an amendment fee of 0.05% of such
Lender’s Commitment;

     

    (iii) the
Borrower shall have delivered to the Agent a certificate of Borrower’s Secretary
and a certificate of Borrower’s Chief Financial Officer in form and substance
satisfactory to the Agent and its counsel; and

     

    (iv) all
accrued fees and expenses of the Agent (including the accrued fees and expenses
of counsel to the Agent invoiced on or prior to the date hereof) shall have been
paid by the Borrower.

     

    
      	
              V.  

            	
              Ratification

            

    

     

    Except as
specifically provided herein, (a) the Credit Agreement shall otherwise remain
unaltered and in full force and effect, and the respective terms, conditions and
covenants thereof are hereby ratified and confirmed in all respects as
originally executed, and (b) this Amendment No. 1 shall not operate as a waiver
of any right, power or remedy of any Lender or the Agent under any of the Loan
Documents.  Upon the effectiveness of this Amendment No. 1, each
reference in the Credit Agreement to “this Agreement”, “hereof”, “herein”,
“hereunder” or words of like import shall mean and be a reference to the Credit
Agreement as amended hereby.

     

    
      	
              VI.  

            	
              Governing
      Law

            

    

     

    THIS
AMENDMENT NO. 1 SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
INTERNAL LAWS OF THE STATE OF NEW YORK, BUT GIVING EFFECT TO FEDERAL LAWS
APPLICABLE TO NATIONAL BANKS.

     

    
      	
              VII.  

            	
              Execution in
      Counterparts

            

    

     

    This
Amendment No. 1 may be executed in any number of counterparts, each of which
when so executed and delivered shall be deemed to be an original and all of
which taken together shall constitute one and the same agreement.

     

    [signature
pages follow]

     

    
      
        
          
            	 
      	 
      	 
      

          

          

          

          CHI:2263033.7

        

         

      

      
         

        
          

        

      

      
         

      

    

    IN WITNESS WHEREOF, the Borrower, the
Lenders and the Agents have executed this Amendment No. 1 as of the date first
above written.

     

     

    RAYMOND
JAMES FINANCIAL, INC.

     

    By:              /s/ Jeffrey P.
Julien

     

    Title:                         SVP &
CFO

     

    Address
for Notices:

    
      	
               
      

            	
              880
      Carillon Parkway

            

    

    
      	
               
      

            	
              St.
      Petersburg, Florida 33716

            

    

    
      	
               
      

            	
              Attention:

            	
              Jeffrey
      P. Julien

            

    

    
      	
               
      

            	
              Telephone:

            	
              (727)
      567-5021

            

    

    
      	
               
      

            	
              Facsimile:

            	
              (727)
      573-8915

            

    

     

    

     

    JPMORGAN
CHASE BANK, N.A.,

    Individually
and as Administrative Agent

     

    By:             /s/ Thomas I.
Poz

     

    Title:                       Vice
President

     

    Address
for General Notices:

    
      	
               
      

            	
              Financial
      Institutions-Broker-Dealer Group

            

    

    
      	
               
      

            	
              277
      Park Avenue

            

    

    
      	
               
      

            	
              36th
      Floor

            

    

    
      	
               
      

            	
              New
      York, NY  10172

            

    

    
      	
               
      

            	
              Attention:

            	
              Thomas
      I. Poz

            

    

    
      	
               
      

            	
              Telephone:

            	
              (212)
      270-1236

            

    

    
      	
               
      

            	
              Facsimile:

            	
              (212)
      270-1511

            

    

    

    
      	
               
      

            	
              Address
      for Funding Matters:

            

    

    
      	
               
      

            	
              Loan
      and Agency Services

            

    

    
      	
               
      

            	
              1111
      Fannin, 10th
      Floor

            

    

    
      	
               
      

            	
              Houston,
      TX  77002

            

    

    
      	
               
      

            	
              Attention:

            	
              Carla
      Kinney

            

    

    
      	
               
      

            	
              Telephone:

            	
              (713)
      750-3560

            

    

    
      	
               
      

            	
              Facsimile:

            	
              (713)
      750-2223

            

    

    
      
        
           

          CHI:2263033.7

        

         

      

      
         

        
          

        

      

      
         

      

    

    REGIONS
BANK,

    Individually
and as Co-Syndication Agent

     

    By:              /s/ Heather L.
Long

     

    Title:                         Vice
President

     

    Address
for Notices:

    
      	
               
      

            	
              100
      N. Tampa Street

            

    

    
      	
               
      

            	
              Suite
      3100

            

    

    
      	
               
      

            	
              Tampa,
      Florida 33602-5145

            

    

    
      	
               
      

            	
              Attention:

            	
              Heather
      L. Long

            

    

    
      	
               
      

            	
              Telephone:

            	
              (813)
      226-1256

            

    

    
      	
               
      

            	
              Facsimile:

            	
              (813)
      226-1260

            

    

     

    

    
      
        
           

          CHI:2263033.7

        

         

      

      
         

        
          

        

      

      
         

      

    

    FIFTH
THIRD BANK, A Michigan Banking Corporation,

    Individually
and as Co-Syndication Agent

    

    

    By:              /s/ John A.
Marian

     

    Title:                         Vice
President

     

    Address
for Notices:

    
      	
               
      

            	
              201
      East Kennedy Boulevard

            

    

    
      	
               
      

            	
              Suite
      1800

            

    

    
      	
               
      

            	
              Tampa,
      Florida 33602

            

    

    
      	
               
      

            	
              Attention:

            	
              John
      A. Marian

            

    

    
      	
               
      

            	
              Telephone:

            	
              (813)
      306-2456

            

    

    
      	
               
      

            	
              Facsimile:

            	
              (813)
      306-2531

            

    

     

    
      
        
           

          CHI:2263033.7

        

         

      

      
         

        
          

        

      

      
         

      

    

    PNC BANK,
NATIONAL ASSOCIATION,

    Individually
and as Co-Syndication Agent

     

    

    By:              /s/ Kirk
Seagers                                                      

     

    Title:                         Vice
President

     

    Address
for Notices:

    
      	
               
      

            	
              1600
      Market Street

            

    

    
      	
               
      

            	
              22nd
      Floor

            

    

    
      	
               
      

            	
              Philadelphia,
      PA 19103

            

    

    
      	
               
      

            	
              Attention:

            	
              Kirk
      Seagers

            

    

    
      	
               
      

            	
              Telephone:

            	
              (215)
      585-6290

            

    

    
      	
               
      

            	
              Facsimile:

            	
              (215)
      585-6987

            

    

     

    

    

    
      
        
           

          CHI:2263033.7

        

         

      

      
         

        
          

        

      

      
         

      

    

     

    CITIBANK,
N.A.

     

    By:              /s/ William
Mandaro

     

    Title:                         Director

     

    Address
for Notices:

    
      	
               
      

            	
              388
      Greenwich Street

            

    

    
      	
               
      

            	
              35th
      Floor

            

    

    
      	
               
      

            	
              New
      York, New York  10013

            

    

    
      	
               
      

            	
              Attention:

            	
              William
      Mandaro

            

    

    
      	
               
      

            	
              Telephone:

            	
              (212)
      816-0852

            

    

    
      	
               
      

            	
              Facsimile:

            	
              (646)
      688-6821

            

    

     

    
      
        
           

          CHI:2263033.7

        

         

      

      
         

        
          

        

      

      
         

      

    

    

    THE BANK OF NEW YORK
MELLON

    

     

    By:             /s/ Thomas
Caruso

     

    Title:                       First Vice
President

     

    Address
for Notices:

    
      	
               
      

            	
              One
      Wall Street

            

    

    
      	
               
      

            	
              19th  Floor

            

    

    
      	
               
      

            	
              New
      York, New York  10286

            

    

    
      	
               
      

            	
              Attention:

            	
              Thomas
      Caruso

            

    

    
      	
               
      

            	
              Telephone:

            	
              (212)
      635-6745

            

    

    
      	
               
      

            	
              Facsimile:

            	
              (212)
      635-1194

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