Document:

exhibit10_26.htm

 

EXHIBIT 10.26

 

 

AMENDMENT TO

AMENDED AND RESTATED HYPOTHECATION AGREEMENT

AND

US$100,000,000 LETTER OF CREDIT FACILITY

THIS AMENDMENT TO AMENDED AND RESTATED HYPOTHECATION AGREEMENT AND US$100,000,000 LETTER OF CREDIT FACILITY (this “Amendment”) is executed as of this 16th day of December, 2011, by and among Greenlight Reinsurance, Ltd., (“GRL”), Greenlight Reinsurance Ireland, Ltd. (“GRIL”), Bank of America, N.A., (“BANA”) and Merrill Lynch Professional Clearing Corp. (“ML Pro”).

Reference is made herein to that certain letter agreement dated January 18, 2011, by and among BANA, GRL and GRIL, regarding a $100,000,000 letter of credit facility provided by BANA to GRL and GRIL in accordance with the terms thereof (as amended, modified or restated prior to the date hereof, the “Facility Letter”).

Reference is further made herein to that certain Amended and Restated Hypothecation Agreement dated as of January 18, 2011, entered into in connection with the Facility Letter by and among GRL, BANA and ML Pro (as amended, modified or restated prior to the date hereof, the “Hypothecation Agreement”).

WHEREAS, GRL and GRIL have requested that the commitment under the Facility Letter be increased to $200,000,000;

WHEREAS, certain amendments to the Hypothecation Agreement are necessary to reflect therein the amendments made to the Facility Letter; and

WHEREAS, BANA and ML Pro have agreed to increase the commitment and make such other requested amendments subject to the terms and conditions set forth herein.

NOW THEREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, GRL, GRIL, BANA and ML Pro hereby agree as follows:

	
1.  

	
Amendment to Facility Letter.

	
(a)  

	
Effective as of the date of this Amendment, the reference to “US$100,000,000” in the definition of “Commitment” in the first paragraph of the Facility Letter is hereby replaced with “$200,000,000.”

 

	
2.  

	
Amendment to Hypothecation Agreement.

	
(a)  

	
Effective as of the date of this Amendment, the reference to “$100,000,000” in the introductory paragraph of the Hypothecation Agreement is hereby replaced with “$200,000,000.”

	
(b)  

	
Effective as of the date of this Amendment, the reference to “$100,000,000” in clause (g) of Section III of the Hypothecation Agreement is hereby replaced with “$200,000,000.”

 

	
3.  

	
Miscellaneous.

	
(a)  

	
Effective as of the date of this Amendment, all references in the Facility Letter, Hypothecation Agreement or any documents executed in connection therewith to either the Facility Letter or the Hypothecation Agreement shall mean the Facility Letter or the Hypothecation Agreement, as applicable, as amended by this Amendment.

	
(b)  

	
Except as otherwise set forth expressly herein, the terms of the Facility Letter and the Hypothecation Agreement shall remain unchanged and GRL and GRIL hereby ratify and confirm all provisions thereof, as amended by this Amendment.

	
(c)  

	
This Amendment shall be governed by, and construed and interpreted in accordance with the laws of the State of New York.

 

	
(d)  

	
This Amendment may be executed in any number of counterparts with the same effect as if all signatories had signed the same document, and all of such counterparts shall be construed together to constitute the same document.

 

	
(e)  

	
This Amendment represents the final agreement between the parties with respect to the subject matter hereof and may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the parties. There are no unwritten oral agreements between the parties.

[Signature Page Follows]

  

  

  

EXECUTED as of the date first written above by:

Greenlight Reinsurance, Ltd.

By: /s/ Tim Courtis                      

Name: Tim Courtis                       

Title: Chief Financial Officer             

Greenlight Reinsurance Ireland, Ltd.

By: /s/ Tim Courtis                             

Name: Tim Courtis                        

Title: Chief Financial Office  r          

Bank of America, N.A.

By: /s/ Ana Morales Gillard              

Name: Ana Morales Gillard             

Title: Vice President                   

Merrill Lynch Professional Clearing Corp.

By: /s/ Peter Melz                                            

Name: Peter Melz                                              

Title: President & Chief Operating Officerexhibit10_27.htm

 

EXHIBIT 10.27

 

JPMorgan Chase Bank, N.A.

277 Park Avenue, Floor 11

New York, New York 10179

         December 16, 2011

Greenlight Reinsurance, Ltd.

65 Market Street, Suite 1207

Jasmine Court

Camana Bay

PO Box 31110

Grand Cayman KY1-1205

Cayman Islands

 

 

Ladies and Gentlemen :

Reference is hereby made to the letter agreement dated January 28, 2011 between Greenlight Reinsurance, Ltd. and JPMorgan Chase Bank, N.A. (as heretofore and hereafter amended from time to time, the “Letter Agreement”).  Unless otherwise defined herein, capitalized terms shall have the meanings assigned to them in the Letter Agreement.

The Applicant and the Bank hereby desire to amend the Letter Agreement as set forth below:

	
(a)  

	
in Section 1, the “Commitment” is increased from $50,000,0000 to $100,000,000; and

	
(b)  

	
in Section 8(i), the minimum statutory surplus is amended from being at least equal to U.S. $430,000,000 to $500,000,000.

 

The Applicant represents and warrants that:

(a)           no Default or Event of Default under any Transaction Document has occurred and is continuing;

(b)           the representations and warranties made by the Borrowers in Section 7 of the Letter Agreement are true and correct, in all material respects, on and as of the date hereof with the same force and effect as if made on and as of such date (or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date);

(c)           the execution and delivery of this letter amendment and the performance by the Applicant of its obligations under the Transaction Documents as amended hereby are within its organizational power and have been duly authorized by all necessary organizational action and do not and will not contravene its organizational documents, any applicable law or any contractual provisions binding on or affecting itself.

On and after the date this letter amendment becomes effective in accordance with Section 5 hereof, each reference in the Letter Agreement to “this Agreement”, or “hereunder”, “hereof”, or words of like import referring to the Letter Agreement shall mean the Letter Agreement mean as amended by this letter amendment.  The letter agreement and the Transaction Documents, as amended by this Amendment, are and shall continue to be in full force and effect and is hereby ratified and confirmed in all respects.

This letter amendment (a) shall be effective as of the date hereof) on the date when counterparts of this letter amendment shall have been executed by the Applicant and the Bank and (b) may be executed in one or more counterparts by the parties hereto, delivery of which by telecopy or emailed pdf. shall be effective as delivery of a manually executed counterpart of this letter amendment; and, (c) shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, and (d) shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York.

IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this letter amendment to be duly executed and delivered as of the date first above written.

              JPMORGAN CHASE BANK, N.A.

	
  

	
By: /s/ Melvin D. Jackson       

	
  

	
Name: Melvin D. Jackson

	
  

	
Title: Vice President

Agreed and Accepted:

GREENLIGHT REINSURANCE, LTD.

By: /s/ Tim Courtis      

      Name: Tim Courtis

      Title: Chief Financial Officerex-10_1.htm

FS Investment Corporation 8-K

 

Exhibit 10.1

 

AMENDMENT NO. 1, dated as of February 15, 2012 (this “Amendment”), between FS Investment Corporation (the “Seller”) and Locust Street Funding LLC (the “Issuer”), to the Asset Transfer Agreement, dated as of July 20, 2011 (the “Asset Transfer Agreement”), between the Seller and the Issuer.

 

WHEREAS, the Seller and the Issuer desire to enter into this Amendment to effect certain amendments to the Asset Transfer Agreement as set forth herein;

 

WHEREAS, pursuant to Section 16 of the Asset Transfer Agreement, the Seller and the Issuer may amend or modify the Asset Transfer Agreement by an instrument in writing signed by the Seller and the Issuer;

 

WHEREAS, pursuant to Section 7.10(xi) of the Indenture, dated as of July 21, 2011 (as amended, supplemented and modified from time to time, the “Indenture”), between the Issuer and Citibank, N.A., as trustee, with the consent of not less than a Majority of the Controlling Class, the Issuer may amend the Asset Transfer Agreement; and

 

WHEREAS, the Seller and the Issuer desire to amend the Asset Transfer Agreement in accordance with the terms and conditions set forth below.

 

NOW THEREFORE, in consideration of the foregoing premises, the parties mutually agree as follows for the benefit of each other:

 

 

PART I

 

Definitions

 

PART 1.1   Defined Terms.  Terms for which meanings are provided in the Asset Transfer Agreement or the Indenture are, unless otherwise defined herein or the context otherwise requires, used in this Amendment with such meanings.

 

 

PART II

 

Amendments to Asset Transfer Agreement

 

PART 2.1   Amendments to Section 1(a).  The proviso at the end of Section 1(a) of the Asset Transfer Agreement is hereby deleted and replaced with the following:

 

“; provided, that if such Transfer Date occurs on (i) the Closing Date, the purchase price for the applicable Sold Assets shall only consist of the issuance to the Seller by the Issuer of limited liability company interests in the Issuer, and (ii) any Transfer Date on or after the Amendment Date relating to the delivery of Collateral Obligations to the Trustee as set forth in the last sentence of Section 3.2(c)(i) of the Indenture, the consideration received by the Seller for the applicable Sold Assets shall consist of an increase in the value of the Seller’s limited liability company interests in the Issuer as well as any benefit derived in connection with the increase in the aggregate outstanding principal amount of the Class A Notes following the Amendment Date.”

 

  

  

  

 

PART 2.2   Amendment to Section 4.  Section 4 of the Asset Transfer Agreement is hereby amended by adding the following new clause at the end of Section 4:

 

“(g)           Solvency.  Immediately prior to each transfer on any Transfer Date on or after the Amendment Date, the Issuer is able to pay its debts as they come due and the Issuer’s assets at a fair valuation exceeds its liabilities.”

 

 

PART III

 

Miscellaneous

 

PART 3.1.   GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED WHOLLY THEREIN, WITHOUT GIVING EFFECT TO THE PRINCIPLES OF CONFLICTS OF LAW.

 

PART 3.2.   Ratification of Asset Transfer Agreement; Amendment Part of Asset Transfer Agreement.  Except as expressly amended hereby, the Asset Transfer Agreement is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect.  This Amendment shall form a part of the Asset Transfer Agreement for all purposes.

 

PART 3.3.   Counterparts.  The parties hereto may sign one or more copies of this Amendment in counterparts, all of which together shall constitute one and the same agreement.  Delivery by facsimile or other electronic means of an executed signature page of this Amendment shall be effective as delivery of an executed counterpart hereof.

 

PART 3.4.   Execution, Delivery and Validity.  The Seller represents and warrants to the Issuer that this Amendment has been duly and validly executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against such party in accordance with its terms.  The Issuer represents and warrants to the Seller that this Amendment has been duly and validly executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against such party in accordance with its terms.

 

PART 3.6.    Binding Effect.  This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

 

[Signature Pages Follow]

 

 

  

  

  

 

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

 

	  	  	

FS INVESTMENT CORPORATION,

	 	 	  as Seller
	  	  	  
	  	  	
By:

	
/s/Gerald F. Stahlecker

	  	  	
Name:

	Gerald F. Stahlecker
	  	  	
Title:

	Executive Vice President

 

 

	  	  	

LOCUST STREET FUNDING LLC,

	 	 	  as Issuer
	  	  	  
	  	  	
By:

	
/s/Gerald F. Stahlecker

	  	  	
Name:

	Gerald F. Stahlecker
	  	  	
Title:

	Executive Vice President

  

  

  

As consented to by:

 

	JPMORGAN CHASE BANK, N.A.,	 
	  as Majority of the Controlling Class	 
	 	 
	
By:

	

/s/ Louis J. Cerrotta

	  
	
Name:

	Louis J. Cerrotta	  
	
Title:

	 Executive Director

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