Document:

exv10w6

 

Exhibit 10.6

PROMISSORY NOTE

	 	 	 
	Borrower:

	 	Sidhu Special Purpose Capital Corp.
	 
	 	 
	Lender:

	 	WNH Holdings, LLC
	 
	 	 
	Principal Amount:

	 	 $200,000

     1. FOR VALUE RECEIVED, Sidhu Special Purpose Capital Corp., a Delaware corporation
(“Borrower”), promises to pay to WNH Holdings, LLC, a Pennsylvania limited liability
company (“Lender”), the principal amount of $200,000 in United States Dollars, without
interest.

     2. All payments of principal on this Note shall be made by wire transfer of immediately
available funds to an account designated by Lender in writing. If any payment of principal on this
Note is due on a day that is not a Business Day, such payment shall be due on the next succeeding
Business Day. “Business Day” means any day other than a Saturday, Sunday or legal holiday in the
State of Delaware.

     3. This Note will be required to be repaid in full on the earlier of March 2, 2009 and sixty
(60) days after the date on which Borrower consummates an underwritten initial public offering of
its units.

     4. Borrower may pay the outstanding principal balance and accrued and unpaid interest thereon
then owing under this Note to Lender without premium or penalty at any time.

     5. The occurrence of any one or more of the following events with respect to Borrower shall
constitute an event of default hereunder (each, an “Event of Default”):

	 	i)	 	Borrower shall fail to pay when due any payment of principal on this Note and
such failure continues for 15 days after Lender notifies Borrower thereof in writing;
	 
	 	ii)	 	Pursuant to or within the meaning of the United States Bankruptcy Code or any
other federal or state law relating to insolvency or relief of debtors (a
“Bankruptcy Law”), Borrower shall (i) commence a voluntary case or proceeding;
(ii) consent to the entry of an order for relief against it in an involuntary case;
(iii) consent to the appointment of a trustee, receiver, assignee, liquidator or
similar official; (iv) make an assignment for the benefit of its creditors; or (v)
admit in writing its inability to pay its debts as they become due; or
	 
	 	iii)	 	A court of competent jurisdiction shall enter an order or decree under any
Bankruptcy Law that (i) is for relief against Borrower in an involuntary case, (ii)
appoints a trustee, receiver, assignee, liquidator or similar official for Borrower or
substantially all of Borrower’s properties, or (iii) orders the liquidation of
Borrower, and in each case the order or decree is not dismissed within 120 days.

     6. Upon the occurrence of an Event of Default hereunder (unless all Events of Default have
been cured by Borrower or waived in writing by Lender), Lender may, at its option,

 

(i) by written notice to Borrower, declare the entire unpaid principal balance of this Note
immediately due and payable, and (ii) exercise any and all rights and remedies available to it
under applicable law, including, without limitation, the right to collect from Borrower all sums
due under this Note.

     7. This Note will be construed in accordance with and governed by the laws of the State of
Delaware, without regard to conflicts of laws principles thereof.

     8. If any term, covenant, condition or provision of this Note is held by a court of competent
jurisdiction to be invalid, void or unenforceable, it is the parties’ intent that such provision be
reduced in scope by the court only to the extent deemed necessary by that court to render the
provision reasonable and enforceable and the remainder of the provisions of this Note will in no
way be affected, impaired or invalidated as a result.

     9. All costs, expenses and expenditures in enforcing this Note as a result of any default by
Borrower, will be added to the principal then outstanding and will immediately be paid by Borrower

     10. Neither Borrower nor Lender may assign this Note or any interest in this Note without the
prior written consent of the other party.

     11. This Note will inure to the benefit of and be binding upon the respective heirs,
executors, administrators and successors of Borrower and Lender.

     IN WITNESS WHEREOF, Borrower has caused this Note to be duly executed by the authorized
officer named below this 3rd day of March, 2008.

	 	 	 	 	 	 	 
	 	 	SIDHU SPECIAL PURPOSE CAPITAL CORP.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Jay S. Sidhu	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Jay S. Sidhu	 	 
	 

	 	 	 	Title: Chairman, President and	 	 
	 

	 	 	 	          Chief Executive Officer	 	 

Acknowledged and Agreed this 3rd day of March, 2008:

	 	 	 	 	 	 	 
	 	 	WNH HOLDINGS, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Jay S. Sidhu	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Jay S. Sidhu	 	 
	 

	 	 	 	Title: Manager	 	 

2exv10w7

 

EXHIBIT 10.7

Griffin Holdings Group, LLC

April 9, 2008

Sidhu Special Purpose Capital Corp.

485 Madison Avenue

20th Floor

New York, New York 10022

     Re: Administrative Services

Ladies and Gentlemen:

     This letter will confirm our agreement that, commencing on the closing date (the “Closing
Date”) of the initial public offering of the securities of Sidhu Special Purpose Capital Corp.
(the “Company”) pursuant to a registration statement on Form S-1, File No. 333-149504,
filed with the Securities and Exchange Commission (the “Registration Statement”) and
continuing until the earlier of the consummation by the Company of a business combination or the
Company’s liquidation (in each case as described in the Registration Statement) (such earlier date
hereinafter referred to as the “Termination Date”), Griffin Holdings Group, LLC shall make
available to the Company, at Center City Executive Centre, 607 Washington Street, Reading,
Pennsylvania 19601 and 485 Madison Avenue, 20th Floor, New York, New York 10022 (or any other or
successor location of Griffin Holdings), certain office space, utilities, administrative and
technological services and secretarial support as may be reasonably required by the Company to
carry on its business as described in the Registration Statement. In exchange therefor, the
Company shall pay Griffin Holdings Group, LLC the sum of $7,500 per month payable in advance
commencing on the Closing Date and on each one month anniversary thereafter until the Termination
Date.

     This letter agreement constitutes the entire agreement and understanding of the parties hereto
in respect of its subject matter and supersedes all prior understandings, agreements or
representations by or among the parties hereto, written or oral, to the extent they relate in any
way to the subject matter hereof or the transactions contemplated hereby.

     This letter agreement may not be amended, modified or waived as to any particular provision,
except by a written instrument executed by all parties hereto.

     No party hereto may assign either this letter agreement or any of its rights, interests or
obligations hereunder without the prior written approval of the other party. Any purported
assignment in violation of this paragraph shall be void and ineffectual and shall not operate to
transfer or assign any interest or title to the purported assignee.

 

 

     This letter agreement shall be governed by and construed in accordance with the laws of the
Commonwealth of Pennsylvania, without regard to the principles of conflicts of laws thereof.

	 	 	 	 	 
	 	Very Truly Yours,

GRIFFIN HOLDINGS GROUP, LLC

 	 
	 	By:  	/s/  Joseph M. Harenza
 	 
	 	Name: 	       Joseph M. Harenza 	 
	 	Title: 	      Manager, President and

Chief Executive Officer 	 
	 

ACCEPTED AND AGREED:

SIDHU SPECIAL PURPOSE CAPITAL CORP.

	 	 	 	 	 	 	 
	By:	 	/s/ Jay S. Sidhu	 	 
	 	 	 	 	 
	 

	 	Name:
	 	Jay S. Sidhu	 	 
	 

	 	Title:
	 	Chairman of the Board, President
	 	 
	 

	 	 	 	and Chief Executive OfficerCONSENT AND AMENDMENT

TO

SUBORDINATION AGREEMENT AND RELEASE

 

This Amendment to Subordination Agreement and Release (the “Amendment”) is made as of the 11th day of October, 2007 (“Effective Date”), by and among William M. Beard and Lu Beard, as Trustees of The William M. Beard and Lu Beard 1988 Charitable Unitrust (“Unitrust”), Boatright Family, L.L.C. (“Boatright”), and McElmo Dome Nominee, LLC, a limited liability company (“Nominee”).  

Reference is made to Subordination Agreement and Release dated as of June 8, 2007 (the “2007 Subordination Agreement”), by and among Unitrust, Boatright, and Nominee.  Unless otherwise defined in this Amendment, capitalized terms used in this Amendment have the meanings set forth in the 2007 Subordination Agreement. 

Whereas, subject to the execution and delivery of this Amendment, the Company and the Lender intend to enter into a Change in Terms Agreement dated as of the 11th day of October, 2007 (the “Note Amendment”) attached hereto as Exhibit A, under which the payment obligations of the Company under the 2007 Note will be modified; and 

Whereas, prior to execution and delivery of the 2007 Subordination Agreement, the Company executed and delivered to Unitrust that certain Third Replacement Renewal and Extension Promissory Note, dated February 14, 2005 (the “2005 Unitrust Note”), in renewal and extension of the obligations of the Company to Unitrust under the Prior Unitrust Note.  As of June 8, 2007, the unpaid principal balance of the 2005 Unitrust Note was $2,782,900.59; and

Whereas, Unitrust and Boatright desire to consent to the modification of the 2007 Note and to modify the 2007 Subordination Agreement to reflect such consent and to correctly identify the obligations of the Company to Unitrust that are affected by the 2007 Subordination Agreement. 

Now, therefore, in consideration of the foregoing premises, the mutual covenants and agreements contained in this Agreement, and other good and valuable considerations, the receipt and adequacy of which are hereby acknowledged, the Company, Unitrust, Boatright, and Nominee hereby agree as follows:

1.          Consent.  Boatright hereby consents to the modifications of the 2007 Note as provided in the Note Amendment, and agrees that the subordination of the Company Boatright Note and the lien created by the 2005 Deed of Trust as provided in Section 3 of the 2007 Subordination Agreement shall remain in full force and effect notwithstanding such modifications. 

	
             
 	
            2.
 	
            Amendment.  Section 2 of the 2007 Subordination Agreement is hereby amended to read as follows:
 

2.         Subordination of Prior Unitrust Note.  Unitrust agrees that the 2005 Unitrust Note and the lien created by the 2005 Deed of Trust, and all obligations for payment of the loan evidenced and secured thereby, and all obligations for performance contained in the 2005 Unitrust Note and the 2005 Deed of Trust, are and shall be subordinate to the 2007 Note, the lien created by the 2007 Deed of Trust, and all obligations for performance contained in the 2007 Note and the 2007 Deed of Trust.

3.         Effect.  Except as specifically modified by the terms of this Amendment, the 2007 Subordination Agreement remains in full force and effect.

4.         Counterparts.  This Amendment may be executed in any number of counterparts, each of which shall be deemed as original, but all of which together shall constitute one and the same agreement.

IN WITNESS WHEREOF, the parties hereto have executed this Consent and Amendment of Subordination Agreement as of the date written above.

 

	
            “UNITRUST”
 	
            THE WILLIAM M. BEARD AND LU BEARD 1988 CHARITABLE UNITRUST
 

 

/s/ William Beard

	
             
 	
            By
 

William Beard, Trustee

	
             
 	
            s/ Lu Beard
 

	
             
 	
            By
 

Lu Beard, Trustee

	
            “NOMINEE”
 	
            MCELMO DOME NOMINEE, LLC, an Oklahoma limited liability company
 

/s/ William Beard

	
             
 	
            By
 

William Beard, Member

 

	
             
 	
            By:
 	
            BOATRIGHT FAMILY L.L.C., Member
 

 

	
             
 	
            /s/ Peter Boatright
 

	
             
 	
            By___________________________
 

	
             
 	
            Peter Boatright, Manager
 

 

 

	
            “BOATRIGHT”
 	
            BOATRIGHT FAMILY L.L.C., an Oklahoma limited liability company
 

/s/ Peter Boatright

	
             
 	
            By
 

Peter Boatright, Manager

 

ACKNOWLEDGED by The Beard Company this 11th day of October, 2007.

	
             
 	
            /s/ Herb Mee, Jr.
 

Herb Mee, Jr., President

 

 

Exhibit A

CHANGE IN TERMS AGREEMENT

 

	
            Principal
 	
            Date of Modification
 	
            Maturity

Date
 	
            Loan No.
 	
            Call. / Coll.
 	
            Account
 	
            Officer
 	
            Initials
 

 

	
            $1,500,000.00
 	
            10-11-07
 	
            12-31-2008
 	
            72818
 	
            220 / 220
 	
            T006773
 	
            DBL
 	
             
 

 

 

	
            Borrower:
 	
            The Beard Company

5600 N May Ave Suite 320

Oklahoma City, OK  73112
 	
            Lender:
 	
            First Fidelity Bank N A

Northwest Business Office

P O Box 32282

Oklahoma City, OK  73123-0482

(405) 416-2222
 

 

	
            Original Principal Amount:  $1,500,000.00
 	
            Interest Rate as of   6/08/2007:  9.750%
 	
            Date of Agreement:  June 8, 2007
 

 

DESCRIPTION OF EXISTING INDEBTEDNESS.  A Promissory Note dated June 8, 2007 in the original principal amount of $1,500,000.

DESCRIPTION OF COLLATERAL.  Security interest in the Beard Company’s interest in the McElmo Dome Unit Montezuma and Delores Counties Colorado dated 6/8/07 will be modified as follows: 

DESCRIPTION OF CHANGE IN TERMS. The following term as outlined in the "Definitions" section of the Business Loan Agreement dated 6/8/07 will be modified as follows:

"Reducing Commitment Amount" shall mean (i) the modified principal amount of $1,500,000, and (ii) the principal amount resulting from the monthly reductions to occur throughout the term of the loan on the last day of each month, as outlined in the following schedule:

 

	
             
 	
            Date of Principal Reduction
 	
            Amount of Principal Reduction
 

 

	
             
 	
            July 2007
 	
            $ 0
 

	
             
 	
            August 2007
 	
            $ 0
 

	
             
 	
            September 2007
 	
            $ 0
 

	
             
 	
            October 2007
 	
            $ 0
 

	
             
 	
            November 2007
 	
            $ 25,000
 

	
             
 	
            December 2007
 	
            $ 25,000
 

	
             
 	
            January 2008
 	
            $ 50,000
 

	
             
 	
            February 2008
 	
            $ 50,000
 

	
             
 	
            March 2008
 	
            $ 75,000
 

	
             
 	
            April 2008
 	
            $ 75,000
 

	
             
 	
            May 2008
 	
            $ 75,000
 

	
             
 	
            June 2008
 	
            $ 75,000
 

	
             
 	
            July 2008
 	
            $ 75,000
 

	
             
 	
            August 2008
 	
            $ 75,000
 

	
             
 	
            September 2008
 	
            $ 75,000
 

	
             
 	
            October 2008
 	
            $ 75,000
 

	
             
 	
            November 2008
 	
            $ 75,000
 

	
             
 	
            December 2008
 	
            $ 75,000
 

CONTINUING VALIDITY.  Except as expressly changed by this Agreement, the terms of the original obligation or obligations, including all agreements evidenced or securing the obligation(s), remain unchanged and in full force and effect.  Consent by Lender to this Agreement does not waive Lender's right to strict performance of the obligation(s) as changed, nor obligate Lender to make any future change in terms.  Nothing in this Agreement will constitute a satisfaction of the obligation(s).  It is the intention of Lender to retain as liable parties all makers and endorsers of the original obligation(s), including accommodation parties, unless a party is expressly released by Lender in writing.  Any maker or endorser, including accommodation makers, will not be released by virtue of this Agreement.  If any person who signed the original obligation does not sign
this Agreement below, then all persons signing below acknowledge that this Agreement is given conditionally, based on the representation to Lender that the non-signing party consents to the changes and provisions of this Agreement or otherwise will not be released by it.  This waiver applies not only to any initial extension, modification or release, but also to all such subsequent actions.

PRIOR TO SIGNING THIS AGREEMENT, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS AGREEMENT.  BORROWER AGREES TO THE TERMS OF THE AGREEMENT.

BORROWER:

 

 

 

THE BEARD COMPANY

 

By: _____________________________________________

Herb Mee, President 

LENDER:

FIRST FIDELITY BANK N A

 

 

X _____________________________________________

Danny Lawson, Executive Vice President

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