Document:

exh_106.htm

EXHIBIT 10.6

 

AMENDED AND RESTATED INTERCREDITOR AGREEMENT

 

THIS AMENDED AND RESTATED INTERCREDITOR AGREEMENT (the “Intercreditor Agreement” or “Agreement”) dated effective as of October 31, 2012, is by and among WELLS FARGO BANK, NATIONAL ASSOCIATION ("WF"),  in its capacity as administrative agent for the lenders party to the Credit Agreement described below ("Agent") and UNION STATE BANK OF EVEREST, d/b/a Bank of Atchison (“Bank of Atchison”) with respect to certain financing arrangements with MGPI PROCESSING, INC., (formerly known as MGP Ingredients, Inc.), a Kansas corporation (the “Borrower”).

 

BACKGROUND

 

A. Agent, Borrower, certain affiliates of Borrower party thereto and the lenders party thereto (the "Lenders") are entering into that certain Amended and Restated Credit Agreement dated on or about the date hereof (as amended, restated or otherwise modified from time to time, the "Credit Agreement"), and certain instruments, documents and other agreements related thereto, defined therein or contemplated thereby (the foregoing, together with all amendments, modifications and restatements thereof now and from time to time hereafter entered into in connection therewith are individually or collectively referred to as the “WF Agreements”), pursuant to which the Lenders  propose to extend credit to the Borrower and certain affiliates of the Borrower in an original principal amount of up to $55,000,000.  The Credit Agreement  amends and restates in its entirety that certain Credit and Security Agreement dated as of July 21, 2009 between WF and MGP Ingredients, Inc. (as amended, restated or otherwise modified prior to the Closing Date, the "Existing Credit Agreement").

 

B. Pursuant to a certain (i) Promissory Note dated as of March 31, 2009 and (ii) promissory note dated as of July 17, 2009, each by Borrower  in favor of Bank of Atchison and certain agreements, instruments, documents and other agreements related thereto, defined therein or contemplated thereby (the foregoing, together with all amendments and modifications thereof now and from time to time hereafter entered into between Bank of Atchison and Borrower are individually or collectively referred to as the “Bank of Atchison Agreements”), Bank of Atchison agreed to extend credit to the Borrower in the aggregate original principal amount of $3,500,000.

 

C. In connection with the Existing Credit Agreement and the Bank of Atchison Documents, WF and Bank of Atchison previously entered into that certain Intercreditor Agreement, dated as of July 21, 2009 (the "Existing Intercreditor").

 

D. WF and Bank of Atchison desire to amend and restate the Existing Intercreditor in its entirety as follows.

 

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants herein contained, and for other good and valuable consideration, it is hereby agreed as follows:

 

  

  

  

1. DEFINITIONS

 

1.1 Account, Chattel Paper, Commercial Tort Claims, Deposit Accounts, Documents, Electronic Chattel Paper, Equipment, Fixtures, General Intangibles, Goods, Instruments, Inventory, Investment Property, Letter-of-Credit Right, Proceeds, Supporting Obligations and Tangible Chattel Paper have the respective meanings assigned to such terms, as of the date of this Agreement, in the Illinois Uniform Commercial Code.

 

1.2 WF Claim shall mean all obligations or indebtedness of the Borrower, now or in the future owing to Agent or any Lender, as set forth in the WF Agreements, including but not limited to, all sums loaned and advanced to or for the benefit of Borrower at any time under the terms of the WF Agreements, any interest thereon, any future advances, any costs of collection or enforcement, including reasonable attorneys’ and paralegal costs, costs, fees, and any prepayment penalties.

 

1.3 Bank of Atchison Claim shall mean all obligations or indebtedness of the Borrower now or in the future owing, to Bank of Atchison as set forth in the Bank of Atchison Agreements, including but not limited to, all sums loaned and advanced to or for the benefit of Borrower at any time under the terms of the Bank of Atchison Agreements, any interest thereon, any future advances, any costs of collection or enforcement, including reasonable attorneys’ fees and paralegals’ costs, fees and any prepayment penalties.

 

1.4 Collateral shall mean all of the Borrower’s now owned or hereafter acquired interest in all assets of every kind or nature, whether now owned or hereafter acquired, including without limitation, all of Borrower’s real and personal property and specifically including without limitation, the property or interests in all and any of the property defined in paragraph 1.1 above, whether now owned or hereafter acquired, and the proceeds and products thereof, and where applicable, the proceeds of insurance or escrow accounts covering any such property.

 

1.5 WF Senior Collateral shall mean the Collateral in which Agent has a senior lien or security interest as described in and provided by paragraph 2.1(a).

 

1.6 Bank of Atchison Senior Collateral shall mean the Collateral in which Bank of Atchison has a senior lien or security interest as described in and provided by paragraph 2.1(b).  Bank of Atchison acknowledges and agrees that except for the Bank of Atchison Senior Collateral, Bank of Atchison does not claim or hold a security interest or lien of any kind on any of the assets of Borrower.

 

1.7 Enforcement shall mean, collectively or individually for one or both of Agent and Bank of Atchison to make demand for payment or accelerate the indebtedness of the Borrower, repossess any material amount of Collateral or commence the judicial or non-judicial enforcement of any of the rights and remedies against the Collateral under the WF Agreements, the Bank of Atchison Agreements, any related agreements or applicable law.

 

  

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1.8 Enforcement Notice shall mean a written notice delivered, at a time when a “Default” or an “Event of Default” (as defined in the WF Agreements or the Bank of Atchison Agreements, respectively and if not so defined, the occurrence of any event or default under any of such agreements, giving rise to the exercise of any Enforcement right or action by Agent or Bank of Atchison, respectively) has occurred and is continuing, by Agent or Bank of Atchison, to another Party hereto, specifying the relevant Default or Event of Default, stating the current balance of the WF Claim or Bank of Atchison Claim, as appropriate, and requesting the current balance of the other parties’ claims.

1.9 Insolvency Proceeding means any receivership, conservatorship, general meeting of creditors, insolvency or bankruptcy proceeding, assignment for the benefit of creditors, or any proceeding or action by or against the Borrower for any relief under any bankruptcy or insolvency law or other laws relating to the relief of debtors, readjustment of indebtedness, reorganizations, dissolution, liquidation, compositions or extensions, or the appointment of any receiver, intervenor or conservator of, or trustee, or similar officer for, the Borrower or any substantial part of its properties or assets, including, without limitation, proceedings under the Bankruptcy Code, or under other federal, state or local statute, laws, rules and regulations, all whether now or hereafter in effect.

1.10 Parties shall mean Agent and Bank of Atchison, and Party shall mean either Agent or Bank of Atchison as the context indicates.

1.11 The word “senior”, when used in conjunction with the words “Collateral”, “collateral”, “priority”, and/or “lien” shall mean and refer to the relative perfection and priority of liens and security interests among the Parties established by the agreement of the Parties in Section 2.1 of this Agreement.

 

2. INTERCREDITOR AGREEMENT

 

2.1 Lien Priorities.  Notwithstanding the date, manner or order of attachment or perfection of the security interests and liens granted to Agent or Bank of Atchison by Borrower and notwithstanding any provisions of the Uniform Commercial Code, the United States Bankruptcy Code (the “Bankruptcy Code”) or any applicable law or decision or the WF Agreements or the Bank of Atchison Agreements, or whether Agent or Bank of Atchison holds possession of all or any part of the Collateral, the following, as between Agent and Bank of Atchison, shall be the relative priority of the security interests and liens of Agent and Bank of Atchison in the Collateral:

 

(a) Agent shall have a first and prior security interest and lien in all property and collateral described on Schedule 2.1(a) hereto (the “WF Senior Collateral”); and

 

(b) Bank of Atchison shall have a first and prior security interest in all property and collateral described on Schedule 2.1(b) hereto (the “Bank of Atchison Senior Collateral”).

 

  

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(c) Agent shall have a second and junior security interest in all property and collateral described on Schedule 2.1(c) hereto (“WF Junior Collateral”).

 

(d) The priorities established hereunder are only as between Agent and Bank of Atchison and to the extent that the operation of the foregoing provisions would otherwise entitle any other person (including a trustee in bankruptcy) to either a priority over the parties herein or a right to avoid the lien of the other Party, then (and only to such extent) this paragraph shall be null and void and Agent and Bank of Atchison shall, from the proceeds received from the other Party’s senior Collateral, sell and/or purchase participation interests in the WF Claim or the Bank of Atchison Claim to effectuate, to the maximum extent possible, the allocative purposes of this Section 2.1 and to maximize the recovery for Agent with respect to WF Senior Collateral and Bank of Atchison with respect to the Bank of Atchison Senior Collateral in accordance with and pursuant to the other terms and provisions of this Agreement.

 

(e) Each Party agrees it will execute any and all agreements and documents which the other Party may reasonably request to evidence the subordination and priority of liens and security interests as established by this Section 2.1 in this Agreement.

 

(f) Subject only to the relative priorities set forth in this Section 2.1 (including without limitation, the provisions of subsection 2.1(d)), each of the Parties agrees that it will not contest or challenge the validity, legality, enforceability, perfection or avoidability of the respective security interest in, rights or lien of the other Party as set forth in Sections 2.1(a), (b), and (c) above on the Collateral (or any other collateral) of the other Party in any proceeding for any reason.  Each Party acknowledges that a breach of this covenant is likely to cause irreparable harm to the other and shall be specifically enforceable.

 

(g) The lien and security interest priorities (collectively, the “lien priorities”) provided in this Agreement shall not be altered or otherwise affected by any amendment, modification, supplement, extension, renewal, restatement or refinancing of either the WF Agreements or the Bank of Atchison Agreements, nor by any action or inaction which the Agent, any Lender, Bank of Atchison or the Borrower may take or fail to take in respect of the Collateral, nor by the institution or pendency of any Insolvency Proceeding.

 

(h) The undertakings and agreements set forth in this Agreement are solely for the benefit of the Parties and there are no other parties (including, without limitation, the Borrower and affiliates of Borrower) who are intended to be benefited in any way by this Agreement.  Except as otherwise expressly set forth in this Agreement, nothing contained in this Agreement is intended to limit in any way the rights and remedies of the Agent or any Lender or Bank of Atchison under the WF Agreements or Bank of Atchison Agreements, respectively.

 

  

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(i) Until the payment or satisfaction in full of the WF Claim and Bank of Atchison Claim, respectively, each Party further agrees that it shall not make any election, give any consent, commence any action or file any motion or take any other action in any case by or against the Borrower under the Bankruptcy Code which would result in the payment or distribution of the Collateral or other assets of the Borrower contrary to the express provisions of this Agreement, without the prior written consent of the other Party, which consent may be withheld in each others Party’s sole and absolute discretion, provided, however, that the notifying Party shall have the right, at any time and in its sole discretion, to file a proof of claim and defend or refute any objection to such claim in any Insolvency Proceeding.

 

(j) Notwithstanding anything to the contrary contained herein, Bank of Atchison represents and warrants that if does not have any UCC filings against Borrower which cover, in whole or in part, the WF Senior Collateral, other than those filings listed on Schedule 2.1(j) hereof (the “Bank of Atchison Filings”).

 

2.2 Distribution of Proceeds of Collateral.  At any time (whether or not following an Enforcement Notice), all proceeds of Collateral shall be distributed in accordance with the following procedure:

 

(a) The WF Senior Collateral and all proceeds of the WF Senior Collateral shall be applied to the WF Claim.

 

(b) The Bank of Atchison Senior Collateral and all proceeds of the Bank of Atchison Senior Collateral shall be applied to the Bank of Atchison Claim.  After the Bank of Atchison Claim is indefeasibly paid in full and the Bank of Atchison Agreements are terminated and indefeasibly fully paid or otherwise satisfied in Bank of Atchison’s sole discretion, any remaining proceeds of the Bank of Atchison Senior Collateral shall be applied to the WF Claim in accordance with their lien priorities set out in 2.1(a) and 2.1(b), as appropriate.

 

After the WF Claim and the Bank of Atchison Claim have been paid or satisfied in full, the balance of proceeds of Collateral, if any, shall be paid to Borrower or as otherwise required by applicable law.

 

2.3 Enforcement Actions. Bank of Atchison agrees not to commence Enforcement until one hundred eighty (180) days after an Enforcement Notice has been given to Agent (“Bank of Atchison Standstill Period”).  Agent agrees not to commence Enforcement against the Bank of Atchison Senior Collateral until an Enforcement Notice has been given to Bank of Atchison.  Subject to the foregoing, Agent and Bank of Atchison agree that from and after the receipt of an Enforcement Notice, and until such time as Borrower has cured any applicable Default or Event of Default (if permitted to do so by the relevant document), or Bank of Atchison or Agent, as applicable, has waived such Default or Event of Default, and any and all conditions to such waiver have been satisfied:

 

  

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(a) Agent or Lenders may, at their option, take any action to accelerate payment of the WF Claim and to foreclose or realize upon or enforce any of its rights with respect to the WF Senior Collateral, without the prior written notice to or consent of Bank of Atchison, and with Bank of Atchison hereby waiving any rights (to the extent it has such rights) to a “commercially reasonable sale” under the Uniform Commercial Code; and further provided, that Bank of Atchison shall not take any action to foreclose or realize upon or to enforce any of their rights with respect to any of the Collateral in which they have a lien or security interest junior to Agent or without Agent’s prior written consent.

 

(b) Bank of Atchison may, following the Bank of Atchison Standstill Period, at its option, take any action to accelerate payment of the Bank of Atchison Claim and to foreclose or realize upon or enforce any of its rights with respect to the Bank of Atchison Senior Collateral, without the prior written consent of Agent, and with Agent hereby waiving any rights (to the extent it has such rights) to a “commercially reasonable sale” under the Uniform Commercial Code; and further provided, that Agent shall not take any action to foreclose or realize upon or to enforce any of its rights with respect to any of the Collateral in which it has a lien or security interest junior to Bank of Atchison without Bank of Atchison’s prior written consent.

 

(c) If Agent and Bank of Atchison elect to proceed with Enforcement under the WF Agreements and the Bank of Atchison Agreements, respectively, in each case, in accordance with the terms of this Agreement, then each shall proceed with the Enforcement of any security interests in or liens on any Collateral in which it has a senior lien or security interest, but, except as otherwise provided in Section 2.4 below, not against that portion in which it has only a junior and inferior lien and security interest.

 

(d) Bank of Atchison agrees to execute (as applicable) and deliver to Agent, promptly upon Agent’s request, appropriate UCC termination statements or partial releases, or satisfactions or discharges of liens, with respect to any of the WF Senior Collateral being sold or otherwise disposed of (i) in the ordinary course of Borrower’s continuing business or (ii) in connection with the liquidation of Borrower’s assets upon or after the declaration of a Default or an Event of Default by Agent or the Lenders pursuant to the WF Agreements and, in each case, otherwise in accordance with this Agreement.  The proceeds of any WF Senior Collateral so sold or disposed of shall be applied, after the deduction of any and all costs relating to such sale or disposition (including attorneys’ fees, advertising costs and auctioneer’s fees) to the outstanding WF Claim as Agent may, in its discretion, determine and, only if the WF Claim is indefeasibly paid in full, then to all or any part of the Bank of Atchison Claim.

 

(e) Agent agrees to execute and deliver to Bank of Atchison, promptly upon Bank of Atchison’s request, appropriate UCC termination statements or partial releases, or satisfactions or discharges of liens, with respect to any of the Bank of Atchison Senior Collateral being sold or otherwise disposed of (i) in the ordinary course of Borrower’s continuing business or (ii) in connection with the liquidation of Borrower’s assets upon or after the declaration of a Default or an Event of Default by Bank of 

 

  

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Atchison pursuant to the Bank of Atchison Agreements and, in each case, otherwise in accordance with this Agreement.  The proceeds of any Bank of Atchison Senior Collateral so sold or disposed of shall be applied, after the deduction of any and all costs relating to such sale or disposition (including attorneys’ fees, advertising costs and auctioneer’s fees) to the outstanding Bank of Atchison Claim as Bank of Atchison may, in its discretion, determine and, only the Bank of Atchison Claim is indefeasibly paid in full, then to all or any part of the WF Claim.

 

(f) The parties hereto shall execute and deliver such additional documents and take such additional action as may be reasonably necessary to effectuate the provisions and purposes of this Agreement.  If requested, the parties shall authorize filings to be recorded in accordance with Uniform Commercial Code provisions in the appropriate locations reflecting the provisions of this Agreement.

 

(g) If Agent or Bank of Atchison has any security interest in or lien on any of the Collateral as security for payment of any indebtedness of Borrower or of any other party, other than indebtedness incurred pursuant to the WF Agreements or the Bank of Atchison Agreements, then Agent or Bank of Atchison, as the case may be, may not apply the proceeds of any of the Collateral to satisfy such other indebtedness until the WF Claim and the Bank of Atchison Claim are paid in full or otherwise satisfied.

 

2.4 Junior Lien Enforcement.  Agent shall not initiate an Enforcement against the WF Junior Collateral unless Agent has previously commenced an Enforcement against the WF Senior Collateral otherwise in accordance with the terms hereof.  Notwithstanding the foregoing, Agent may participate in an enforcement against the WF Junior Collateral in accordance with the terms hereof to the extent such Enforcement is initiated by the Bank of Atchison or such Enforcement is reasonably necessary in order to preserve Agent's rights in the WF Junior Collateral.

 

2.5 Additional Credit Extensions and Agreements by Bank of Atchison; Modification of WF Agreements.

 

(a) Bank of Atchison shall not, unless it has first obtained the written consent of Agent, except as required (in the reasonable discretion of Bank of Atchison) for the express limited purpose of preserving  and protecting its security interest in the Bank of Atchison Senior Collateral extend additional credit to Borrower beyond the amount outstanding  to Borrower under the Bank of Atchison Agreements as of the date hereof, which is equal to $1,121,717.36.

 

(b) Agent and Lenders may at any time and from time to time without the consent of or notice to Bank of Atchison, without incurring liability to Bank of Atchison and without impairing or releasing the obligations of Bank of Atchison under this Agreement, change the manner or place of payment, extend the time of payment, advance additional funds, or renew or alter any of the terms of the WF Agreements, or amend in any manner any agreement, note, guaranty or other instrument evidencing or securing or otherwise relating to the WF Claim.

 

  

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2.6 Accountings.  Agent and Bank of Atchison each agree upon request to provide information to the other reasonably sufficient to track and demonstrate the application to the indebtedness of Borrower of payments received by or on behalf of Borrower  to the other Party hereto upon request, giving effect to the application of proceeds of Collateral as hereinbefore provided.

 

2.7 Notices of Defaults.  Bank of Atchison agrees to give Agent copies of any notice of the occurrence or existence of an Event of Default sent to Borrower simultaneously with the sending of such notice to Borrower.  The sending of such notice shall give Agent the right but not the obligation to cure such Event of Default.

 

2.8 Agency for Perfection.  Agent and Bank of Atchison each hereby appoint each other as agent solely for purposes of perfecting the respective security interests and liens on the Collateral.  To the extent that any Party obtains possession of the other Party’s senior Collateral, the Party having possession shall notify the other Party of such fact and shall deliver such Collateral to the senior Party upon request of the senior Party.

 

2.9 Actions Upon Repayment of Claims.  If the WF Claim or the Bank of Atchison Claim is paid in full, but  the Claim of the other Party has not been paid in full, then each Party whose Claim is thus fully paid shall transfer any Collateral (but not any guaranties given to Agent or the Lenders or Bank of Atchison) or proceeds therefrom held by it to the other Party, unless otherwise required to remit the proceeds according to law, and shall assign its security interest and all of its rights under financing statements to the other Party hereto, unless otherwise agreed to in writing by the other Party.  Any such transfer or assignment shall be without recourse or warranty.

 

2.10 Insurance.  Notwithstanding anything to the contrary herein, Borrower shall obtain satisfactory lender’s Loss Payable Endorsement(s) naming Agent and Bank of Atchison, as their interests may appear, with respect to policies which insure Collateral hereunder, or with such other designation as the parties hereto may agree.  The Party having a senior security interest or lien in the Collateral shall, subject to such parties rights under its agreements with Borrower, have the sole and exclusive right, as against the other parties, to adjust settlement of such insurance policy in the event of any loss.  All proceeds of such policy for any portion of Collateral shall be paid to the Party having the senior priority with respect to such Collateral under this Agreement. After payment of such senior Party’s Claim and all expenses of collection, including reasonable attorneys’ and costs, fees and expenses, any remaining proceeds shall be promptly remitted to the other Party or parties hereto for application on their Claim.

 

2.11 UCC Notices.  In the event that Agent or Bank of Atchison shall be required by the Uniform Commercial Code or any other applicable law to give notice to the other of intended disposition of Collateral, such notice shall be given in accordance with paragraph 3.1 hereof and ten (10) days’ notice shall be deemed to be commercially reasonable.

 

2.12 Insolvency Proceeding.  In the event of an Insolvency Proceeding, no Party shall (i) object to or oppose any efforts by the other Party to obtain relief from the automatic stay 

  

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under Section 362 of the Bankruptcy Code, (ii) seek to cause the Borrower’s bankruptcy estate to abandon that portion of the Collateral (or any portion thereof) in which the other Party has a first and senior priority position under Section 2.1 above; (iii) vote in any Insolvency Proceeding in favor of any plan of reorganization or liquidation that contains any provision inconsistent with the priority as provided in Section 2.1 of this Agreement; or (iv) seek the substantive consolidation of the assets of the Borrower with the assets of any affiliate of the Borrower; provided that nothing in this clause (iv) shall prohibit the other Party from exercising its remedies under the Bank of Atchison Agreements and WF Agreements against any guarantor in the event of any Insolvency Proceeding.

 

In the event a Party is required, under the Bankruptcy Code or any similar bankruptcy or insolvency law, to return to the Borrower, the estate in bankruptcy thereof, any trustee, receiver or other similar representative of the Borrower, any payment or distribution of assets, whether in cash, property or securities previously received by such Party on account of any portion of the Collateral in which it holds a first and senior priority under Section 2.1 (a “Reinstatement Distribution”), then to the maximum extent permitted by law, this Agreement and the priority and subordination provisions of Section 2.1 and any lien or security interest securing it shall be reinstated with respect to any such Reinstatement Distribution.

2.13 Liquidations.  In the event of any distribution of the assets or readjustments of the obligations and indebtedness of the Borrower whether by reason of sale, liquidation, bankruptcy, arrangement, receivership, assignment for the benefit of creditors or any other similar action or proceeding, or the application of the assets of the Borrower to the payment or liquidation thereof, Agent shall not be entitled to any proceeds of the WF Junior Collateral unless and until the Bank of Atchison Claim has been paid and performed in full; provided, however, that each Party shall be entitled to retain all assets (including cash, securities, notes or other properties) that it receives pursuant to a confirmed plan of reorganization under Chapter 11 of the United States Bankruptcy Code or liquidation of the Borrower.  In the event that a Party shall have received in any such proceedings any payment or distribution of assets in violation of the preceding sentence, such payment or distribution shall be held in trust for the other Party and shall promptly be paid or given over to such Party by the other Party in exactly the form received.

 

3. MISCELLANEOUS

 

3.1 Notices.  All notices hereunder shall be effective upon receipt, and shall be in writing and sent by either certified mail, return receipt requested, or overnight courier of national reputation,, to the addresses as set forth above, but to the attention of the following at the addresses set forth herein:  (a) Wells Fargo Bank, National Association, Attention:  Business Finance Division Manager, 150 S. Wacker Drive, Suite 2200, Chicago, Illinois 60606; with a copy to Goldberg Kohn Ltd., Attention: David Dranoff, 55 E. Monroe, Suite 3300, Chicago, Illinois 60603, and (b) Bank of Atchison, 701 Kansas Avenue, Atchison, Kansas 66002, Attn: Jeff Caudle, or to such other address or person as any of the parties hereto may designate in writing to the other parties.  Notice shall be deemed received upon actual receipt.

 

  

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3.2 Contesting Liens or Security Interests.  Agent and Bank of Atchison shall not contest the validity, perfection, priority or enforceability of any lien or security interest granted to any other Party hereto and each Party agrees to cooperate in the defense of any action contesting the validity, perfection, priority or enforceability of such liens or security interest.

 

3.3 No Additional Rights for Borrower Hereunder.  If any Party hereto shall enforce its rights or remedies in violation of the terms of this Agreement, Borrower (and each party designated a Borrower) agrees that it shall not use such violation as a defense to the Enforcement by any Party hereto under the WF Agreements and/or the Bank of Atchison Agreements nor assert such violation as a counterclaim or basis for setoff or recoupment against any Party hereto provided only that such lender who fails to give such notice may, if required by the other two lenders entitled to receive such notice, be liable to such other lender(s) to the extent of any actual monetary damages suffered by reason of such failure to give such notice and opportunity to cure.

 

3.4 Independent Credit Investigations.  None of the parties hereto nor any of their respective directors, officers, agents, attorneys or employees shall be responsible to any other or to any other person, firm or corporation, for Borrower’s solvency, financial condition or ability to repay the WF Claim or the Bank of Atchison Claim, or for statements of Borrower, oral or written, or for the validity, sufficiency or enforceability of the WF or the Bank of Atchison Claim, the WF Agreements and the Bank of Atchison Agreements, or any liens or security interests granted by Borrower to the parties hereto in connection therewith.  Each Party hereto has entered into its respective financing agreements with Borrower based upon its own independent investigation, and makes no warranty or representation to any other Party hereto nor does it rely upon any representation of any other Party hereto with respect to matters identified or referred to in this paragraph.

 

3.5 Limitation on Liability of Parties to Each Other.  Except as provided in this Agreement, none of the Parties shall have any liability to the other Party except for gross negligence or willful misconduct.

 

3.6 Amendments to Financing Arrangements or to this Agreement.  Agent and Bank of Atchison shall use their best efforts to notify the other Party hereto of any amendment or modification in the WF Agreements or the Bank of Atchison Agreements, but the failure to do so shall not create a cause of action against the Party failing to give such notice or create any claim or right on behalf of any third party.  Agent and Bank of Atchison shall, upon request of the other Party, provide copies of all such modifications or amendments and copies of all other documentation relevant to the Collateral hereunder.  All modifications or amendments of this Agreement must be in writing and duly executed by an authorized officer of each Party to be binding and enforceable.

 

3.7 Marshalling of Assets.  Agent hereby waives any and all rights to have the Bank of Atchison Senior Collateral, or any part hereof, marshaled upon any foreclosure of any of the Bank of Atchison liens.  Bank of Atchison hereby waives any and all rights to have the WF Senior Collateral, or any part thereof, marshaled upon any foreclosure of any of the Agent's liens.

 

  

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3.8 Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of the respective successors and assigns of all of the Parties hereto, but does not otherwise create, and shall not be construed as creating, any rights enforceable by any person not a party to this Agreement.

 

3.9 Governing Law, Jurisdiction, Jury Trial Waiver, Etc.  This Agreement shall be governed by and construed in accordance with the substantive laws (other than conflict laws) of the State of Illinois. The parties hereto hereby (i) consent to the personal jurisdiction of the state and federal courts located in the State of Illinois in connection with any controversy related to this Agreement; (ii) waive any argument that venue in any such forum is not convenient, (iii) agree that any litigation initiated by Agent or Bank of Atchison in connection with this Agreement may be venued in either the State or Federal courts located in Cook County, Illinois; and (iv) agree that a final judgment in any such suit, action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

 

3.10 Schedules.  The terms and conditions of all Schedules attached hereto and described herein are, by this reference incorporated herein as if fully set forth.

 

3.11 Schedules Attached.  The following Schedules are attached hereto and by this reference incorporated herein:

 

Schedule 2.1(a)

Schedule 2.1(b)

Schedule 2.1(c)

Schedule 2.1 (j)

3.12 Bankruptcy Survival.  This Agreement shall remain in full force and effect notwithstanding the filing of any petition by or against the Borrower under the federal Bankruptcy Code, and the priority of payments as between the Parties shall continue to be made on the same basis that payments were to be applied prior to the date of filing the petition.

 

3.13 No Fiduciary Duties.  Except as expressly set forth in this Agreement, neither Party shall have any duty or obligation to the other Party, and neither Party shall have a fiduciary relationship in respect of the other Party.

 

3.14 Miscellaneous.

 

  

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a.           The section titles contained in this Agreement are and shall be without substance or meaning and are not a part of the agreement between the Parties.  This Agreement contains the entire agreement between the Parties with respect to the matters set forth herein and may not be altered, modified or amended in any respect, nor may any right, power or privilege of any Party be waived, released or discharged except in a writing executed by all Parties.

b.           This Agreement will be binding upon and inure to the benefit of the Parties and their respective successors and assigns.

c.           This Agreement is the entire agreement of the Parties and may not be amended or modified except by an instrument in writing signed by Agent and Bank of Atchison.

d.           If any provision of this Agreement or the application thereof is held invalid or unenforceable, the remainder of this Agreement will not be affected thereby.

e.           If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced because of any law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner adverse to any Party hereto. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible.

f.           This Agreement may be executed in one or more counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.  Delivery of an executed counterpart of a signature page to this Agreement by facsimile shall be effective as delivery of a manually executed counterpart of this Agreement.

g.           The exchange of copies of this Agreement and of signature pages by PDF through email or facsimile transmission shall constitute effective execution and delivery of this Agreement as to the parties and may be used in lieu of the original Agreement for all purposes.  Electronic signatures of the parties transmitted as set forth herein shall deemed to be original signatures for all purposes.

h.           THE PARTIES EACH KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHT THEY MAY HAVE TO A TRIAL BY JURY IN ANY LITIGATION IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT.

3.15 Effect of Amendment and Restatement.  Upon the effectiveness of this Intercreditor Agreement, the Existing Intercreditor Agreement shall be amended and restated in its entirety by this Agreement.

 

  

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13

  

IN WITNESS WHEREOF, the lender parties have executed this Agreement as of the day and year first above written.

 

	 	
WELLS FARGO BANK,  NATIONAL

ASSOCIATION, as Agent

	 	 	 
	 	 	 
	 	By:	/s/ Chris Heckman
	 	Name:	Chris Heckman
	 	Its:	Vice President
	 	 	 
	 	 	 
	 	
UNION STATE BANK OF EVEREST, D/B/A

BANK OF ATCHISON USB

	 	 	 
	 	 	 
	 	By:	/s/ Jeff Caudle
	 	Name:	Jeff Caudle
	 	Its:	
Senior Vice President

 

  

Signature Page to Amended and Restated Intercreditor Agreement

  

(WF/BANK OF ATCHISON)

(Intercreditor Agreement)

Acknowledgment of Borrower

The undersigned acknowledges and agrees to the foregoing terms and provisions of the Amended and Restated Intercreditor Agreement (the "Intercreditor Agreement") as they relate solely to the rights, duties and obligations of Agent and Bank of Atchison as between such parties.  By executing this Agreement, the undersigned agrees to be bound by the provisions of such Intercreditor Agreement as they relate to the relative rights of Agent and Bank of Atchison as between such parties; provided, however, that nothing in the Intercreditor Agreement shall amend, modify, change or supersede the respective terms of the WF Agreements or the Bank of Atchison Agreements (or any other document to which the undersigned may be a party) as between the parties and the undersigned, and in the event of any conflict or inconsistency between the terms of this Intercreditor Agreement and the WF Agreements or the Bank of Atchison Agreements (or any such other documents as the case may be), the terms of the WF Agreements and the Bank of Atchison Agreements (and such other documents) shall govern.  The undersigned further agrees that the terms of the Intercreditor Agreement shall not give the undersigned any substantive rights vis-à-vis Agent or Bank of Atchison and shall not give Agent or Bank of Atchison any substantive rights vis-à-vis the undersigned.

 

 

 

	
BORROWER:

	 
	 	 	 
	
MGP PROCESSING, INC.,

a Kansas corporation

	 
	 	 	 
	By:	/s/ Don Tracy	 
	Print Name:	Don Tracy	 
	Title:	Chief Financial Officer	 

 

 

 

 

 

 

  

Acknowledgment Page to Amended and Restated Intercreditor Agreement

  

Schedule 2.1(a)

WF Senior Collateral

All of Borrower’s assets, real and personal of every kind or nature whether now owned or hereafter acquired, including without limitation, all of the Borrower’s Accounts, Chattel Paper, Tangible Chattel Paper, Investment Property, Deposit Accounts, Documents, Equipment, General Intangibles, Goods, Instruments, Inventory, Investment Property, Letter-of-Credit rights, letters of credit, Proceeds, Supporting Obligations, all sums on deposit in any collateral account, and any items in any lockbox; together with (i) all substitutions and replacements for and products of any of the foregoing; (ii) in the case of all Goods, all accessions; (iii) all accessories, attachments, parts, equipment and repairs now or hereafter attached or affixed to or used in connection with any goods; (iv) all warehouse receipts, bills of lading and other documents of title now or hereafter covering such goods; (v) all collateral subject to the lien of any Loan Document (as defined in the WF Agreements); (vi) any money, or other assets of the Borrower that now or hereafter come into the possession, custody, or control of WF; (vii) all sums on deposit in any deposit account; (viii) any life insurance policies to which Borrower is a beneficiary; (ix)  proceeds of any and all of the foregoing; (x) books and records of the Borrower, including all mail or electronic mail addressed to the Borrower (subject to Borrower’s normal and customary retention procedures); and (xi) all of the foregoing, whether now owned or existing or hereafter acquired or arising or in which the Borrower now has or hereafter acquires any rights, EXCEPT that the Bank of Atchison Senior Collateral described on Schedule 2.1(b) of this Agreement is expressly excluded from the WF Senior Collateral.

 

 

  

 

  

Schedule 2.1(b)

Bank of Atchison Senior Collateral

1.           Liens on the real property and fixtures described in that certain Real Estate Mortgage dated March 31, 2009, recorded April 1, 2009 in Book 571, Page 782 of the office of the Register of Deeds of Atchison County, Kansas (the “Flour Mill Real Estate”).

 

2.           Liens on the real property and fixtures described in that certain Real Estate Mortgage dated March 31, 2009, recorded April 9, 2009 in Book 553, Page 100 of the office of the Register of Deeds of Pottawatomie County, Kansas, (the “Onaga Real Estate”).

 

3.           Liens on the real property and fixtures described in that certain Real Estate Mortgage dated July 17, 2009, recorded July 21, 2009 in Book 575, Page 835-851 of the office of the Register of Deeds of Atchison County, Kansas (the “Atchison Plant Real Estate”).

 

4.           All Equipment, parts, accessories, repairs, replacements, substitutions and improvements of and to such Equipment and all proceeds of the foregoing located upon the Flour Mill Real Estate, Onaga Real Estate and Atchison Plant Real Estate.

 

For purposes of clarity, Bank of Atchison expressly acknowledges and agrees that the Bank of Atchison Senior Collateral expressly excludes any and all of (i) Borrower’s Accounts, Goods and Inventory and (ii) Borrower’s Equipment other than Equipment located upon the Flour Mill Real Estate, Onaga Real Estate or the Atchison Plant Real Estate.

  

 

  

Schedule 2.1(c)

WF Junior Collateral

The WF Junior Collateral is the Bank of Atchison Senior Collateral.

  

 

  

Schedule 2.1(j)

	
Jurisdiction

	
Date Filed

	
Filing Number

	  	  	  
	
State of Kansas

	
4/2/2009

	
6582787ex10-1.htm

Exhibit 10.1

 

REGISTRATION RIGHTS AND LOCK-UP AGREEMENT

 

   This REGISTRATION RIGHTS AND LOCK-UP AGREEMENT (this “Agreement”) dated as of September 14, 2012 by and between American Campus Communities, Inc., a Maryland corporation (the “Company”), American Campus Communities Operating Partnership LP, a Maryland limited partnership (the “Operating Partnership”), and each of the persons who are signatories hereto (each, a “Stockholder” and collectively, the “Stockholders”).

 

    WHEREAS, each Stockholder on the date of this Agreement received the number of common units of limited partnership interest (“OP Units”) in the Operating Partnership set forth next to such Stockholder’s name on Schedule A hereto pursuant to an Agreement of Merger and Contribution dated as of June 7, 2012 by and among Campus Acquisitions Holdings, LLC, a Delaware limited liability company, Campus Acquisitions Management, LLC, a Delaware limited liability company, the Property Entities (as defined therein), the Development Entities (as defined therein), Campus Acquisitions Investment Management, LLC, the Company and the Operating Partnership, as amended (the “Merger Agreement”);

 

    WHEREAS, under the Amended and Restated Agreement of Limited Partnership of the Operating Partnership dated as of August 17, 2004, as amended (the “Partnership Agreement”), the holders of OP Units may present such OP Units to the Operating Partnership for redemption, the consideration for which redemption will be either cash or, at the option of the general partner of the Operating Partnership, shares of common stock, par value $.01 per share (the “Common Stock”), of the Company; and

 

    WHEREAS, the Company has agreed in the Merger Agreement to provide certain registration rights to the Stockholders in respect of the Common Stock on the terms and subject to the conditions set forth in this Agreement.

   

    NOW, THEREFORE, in consideration of the mutual covenants herein contained and other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound, the parties hereto hereby agree as follows:

 

    1.    Certain Definitions.

 

    As used in this Agreement, the following terms shall have the following meanings:

 

    “Affiliate” shall mean with respect to any Person any direct or indirect subsidiary of such Person and any other Person directly or indirectly controlling, controlled by, or under common control with such Person.  As used in this definition, “control” (including the terms “controlling,” “controlled by” and “under common control with”) means possession, direct or indirect, of the power to direct or cause the direction of management or policies or the power to appoint and remove a majority of the board or other governing body (whether through ownership of securities or partnership or other ownership interests, by contract or otherwise) of a Person.

 

    “Allowed Delay” has the meaning set forth in Section 3(c)(ii).

 

    “Business Day” shall mean a day other than a Saturday, Sunday or other day on which commercial banks in New York City are required by law to close.  Any event the scheduled occurrence of which would fall on a day that is not a Business Day shall be deferred until the next succeeding Business Day.

 

  

  

  

  

 

     “Common Stock” has the meaning set forth in the Recitals.

 

    “Company” has the meaning set forth in the Preamble.

 

    “Effectiveness Period” has the meaning set forth in Section 4(a).

 

    “Holder Indemnitee” has the meaning set forth in Section 6(a).

 

    “Indemnified Party” has the meaning set forth in Section 6(c).

 

    “Indemnifying Party” has the meaning set forth in Section 6(c).

 

    “Issuer Free Writing Prospectus” has the meaning set forth in Section 3(e).

 

    “Merger Agreement” has the meaning set forth in the Recitals.

 

    “Operating Partnership” has the meaning set forth in the Preamble.

 

    “OP Units” has the meaning set forth in the Recitals.

 

    “Partnership Agreement” has the meaning set forth in the Recitals.

 

    “Person” shall mean any individual, corporation, partnership, limited liability company, firm, joint venture, association, joint-stock company, trust, unincorporated organization, governmental authority or other entity.

 

    “Prospectus” shall mean the prospectus included in any Registration Statement, as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement and by all other amendments and supplements to the prospectus, including post-effective amendments and all material incorporated by reference or deemed to be incorporated by reference in such prospectus.

 

    “Register,” “registered” and “registration” refer to a registration made by preparing and filing with the SEC a Registration Statement or similar document in compliance with the 1933 Act, and the declaration or ordering of effectiveness of such Registration Statement or document.

 

    “Registrable Securities” shall mean the Shares and any other securities issued or issuable in exchange for the Shares; provided, however, that a security shall cease to be a Registrable Security upon sale pursuant to a Registration Statement or Rule 144 under the 1933 Act, or such security becoming eligible for sale by a Stockholder pursuant to Rule 144 without being subject to a volume limitation.

 

    “Registration Statement” shall mean any registration statement of the Company filed with the SEC under the 1933 Act that covers the resale of any of the Registrable Securities pursuant to the provisions of this Agreement, amendments and supplements to such registration statement, including post-effective amendments, all exhibits and all material incorporated by reference or deemed to be incorporated by reference in such registration statement, including the Shelf Registration Statement.

 

  

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    “SEC” shall mean the U.S. Securities and Exchange Commission.

 

    “Shares” shall mean the shares of Common Stock issued or to be issued to the Stockholders by the Company upon the Stockholders’ redemption of their Units.

 

    “Shelf Registration Statement” has the meaning set forth in Section 3(a).

 

    “Stockholder” has the meaning set forth in the Preamble.

 

    “Underwritten Offering” has the meaning set forth in Section 3(d)(i).

 

    “Units” shall mean the OP Units issued to the Stockholders by the Operating Partnership pursuant to the Merger Agreement.

 

    “WKSI” shall mean a well-known seasoned issuer as defined under Rule 405 of the 1933 Act.

 

    “1933 Act” shall mean the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

    “1934 Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

    2.   Lock-up Agreement.  Each Stockholder shall have the right to require the Partnership to redeem all or a portion of the Units held by such Stockholder pursuant to Section 8.6 of the Partnership Agreement commencing on the one-year anniversary of the date hereof, and no Stockholder shall have the right of Redemption (as defined in the Partnership Agreement) prior to such date.

 

    3.   Registration.

 

      (a)    Shelf Registration Statement.  Within 12 months of the date hereof, the Company shall prepare and file with the SEC one or more Registration Statements on Form S-3, or shall file one or more Prospectus supplements under the Company’s existing Form S-3 automatic shelf registration statement (or, if Form S-3 is not then available to the Company, on such form of registration statement as is then available to effect a registration for resale of the Registrable Securities), pursuant to Rule 415 under the 1933 Act, covering the resale of the Registrable Securities on a delayed or continuous basis (the “Shelf Registration Statement”) to the extent not already registered on a previously filed and effective Registration Statement.  Such Shelf Registration Statement or Prospectus supplement shall provide for the resale from time to time, and pursuant to any method or combination of methods legally available (including, without limitation, a sale to an underwriter or underwriters for reoffering to the public, a direct sale to purchasers or a sale through brokers or agents, which may include sales over the internet) to a Stockholder.  Such Shelf Registration Statement or Prospectus supplement also shall cover, to the extent allowable under the 1933 Act (including Rule 416), such indeterminate number of additional Registrable Securities resulting from stock splits, stock dividends or similar transactions with respect to the Registrable Securities.  The Shelf Registration Statement or Prospectus supplement (and each amendment or supplement thereto, and each request for acceleration of effectiveness thereof) shall be provided in accordance with Section 4(c) to the Stockholders, the Stockholders’ designated counsel, and their designated underwriters if any, at a reasonable time prior to its filing or other submission.

 

  

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         (b)   Expenses.  The Company will pay all expenses incurred by it in connection with each registration, including filing and printing fees, the Company’s counsel and accounting fees and expenses, costs associated with clearing the Registrable Securities for sale under applicable state securities laws and listing fees, but excluding discounts, commissions, fees of underwriters, selling brokers, dealer managers or similar securities industry professionals with respect to the Registrable Securities being sold and fees of the Stockholders’ counsel.

 

          (c)   Effectiveness.

 

(i)   If the Company is eligible as a WKSI, the Shelf Registration Statement shall utilize the automatic shelf registration process under Rule 415 and Rule 462.  If the Company is not a WKSI or is otherwise ineligible to utilize the automatic shelf registration process, the Company shall use commercially reasonable efforts to have each Shelf Registration Statement declared effective as soon as practicable following the filing thereof, but in any event within 60 days after the one-year anniversary of the date hereof.  The Company shall notify the Stockholders by facsimile or e-mail (in each case, with receipt confirmed) as promptly as practicable after any Shelf Registration Statement is declared effective and shall as soon as reasonably practicable provide the Stockholders, without charge, with a copy of any related Prospectus (including any amendments, supplements and exhibits thereto) and such other documents (including any documents incorporated into the Registration Statement by reference) as the Stockholders may reasonably request in order to facilitate the sale or other disposition of the securities covered thereby.  The Company represents and warrants that it is a WKSI as of the date hereof.

 

(ii)   Notwithstanding anything to contrary, the Company may, following the effectiveness of a Shelf Registration Statement, suspend the use of the Shelf Registration Statement if (1) a majority of the independent members of the Board of Directors of the Company in good faith determine that any such use of such Shelf Registration Statement would materially and adversely affect any material corporate transaction involving the Company or would otherwise require, based on the advice of counsel, disclosure of nonpublic information not otherwise required to be disclosed under applicable law, which disclosure the majority of the independent members of the Board of Directors of the Company determine, in their reasonable judgment, is not in the best interests of the Company at such time, or, (2) if a majority of the independent members of the Board of Directors of the Company determine, in their reasonable judgment, that an event described in Section 4(j) has occurred (each such event under the preceding (1) or (2), an “Allowed Delay”); provided, however, that the Company shall promptly (a) notify the Stockholders in writing of the existence of the event giving rise to an Allowed Delay, (b) advise the Stockholders in writing that all sales must cease under the Registration Statement or any Prospectus or Prospectus supplement until the end of the Allowed Delay and (c) use commercially reasonable efforts to terminate an Allowed Delay as promptly as practicable by taking any action necessary to make resumed use of the Registration Statement compatible with the Company’s best interests so as to permit each Stockholder to resume sales of the Registrable Securities as promptly as practicable.  Notwithstanding anything herein to the contrary, (A) the Company shall not be required to disclose material nonpublic information to the Stockholders and (B) the Company’s rights to suspend the use of any Registration Statement or qualification of Registrable Securities during the pendency of any Allowed Delay shall not, in the aggregate, cause the Stockholders to be required to suspend sales of the Shares pursuant to the Registration Statement or relieve the Company of its obligation to amend or supplement and maintain the effectiveness of a Registration Statement for a period exceeding (i) 30 days during any rolling 90-day period or (ii) 60 days during any rolling 12-month period.

 

          (d)   Underwritten Offerings.

 

(i)   At any time after the one-year anniversary of the date hereof and while any Units or Registrable Securities are outstanding and a Shelf Registration Statement applicable to Stockholders under Section 3(a) is not effective, the Company shall (A) notify the Stockholders in writing at least 10 Business Days prior to the filing of any registration statement, prospectus or prospectus supplement under the 1933 Act (excluding a registration or prospectus relating solely to employee benefit plans, or a registration relating to a corporate reorganization or other transaction on Form S-4, or a registration on any registration form that does not permit secondary sales) for purposes of a firm commitment underwritten public offering of Common Stock by the Company for its own account and/or for stockholders of the Company for their account  (an “Underwritten Offering”) and (B) (i) include in such Underwritten Offering all or part of the Registrable Securities held by or then issuable to the Stockholders to the extent and on the terms and conditions set forth herein and (ii) use commercially reasonable efforts to cause the managing underwriter or underwriters of the Underwritten Offering to permit the Registrable Securities requested to be included in the Underwritten Offering to be included on the same terms and conditions as any other shares of Common Stock and to permit the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof.  If the Stockholder elects to include in any such Underwritten Offering all or a portion of the Registrable Securities, the Stockholders shall, within five Business Days after the above-described notice from the Company, so notify the Company in writing.

 

  

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ii)   The right of the Stockholders to include Registrable Securities in an Underwritten Offering pursuant to this Section 3(d) shall be conditioned upon the Stockholders’ participation in such underwriting and the inclusion of the Stockholders’ Registrable Securities in the underwriting to the extent provided herein.  In order to distribute its Registrable Securities through such Underwritten Offering, the Stockholders shall enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by the Company, and shall deliver all such documents and materials reasonably requested by the underwriters and the Company on a timely basis.  Notwithstanding any other provision of this Agreement, if the underwriter determines in good faith that marketing factors require a limitation of the number of shares to be underwritten in an Underwritten Offering, the number of shares that may be included in such Underwritten Offering shall be allocated as follows:  (A) to the extent the Company is selling shares in the Underwritten Offering, the Company shall be entitled to priority in registration with respect to shares generating the first $250 million of gross proceeds; and (B) the remaining shares to be included in such Underwritten Offering shall be allocated equally between the Company (to the extent the Company is selling shares in the Underwritten Offering) on the one hand and the Stockholders and other stockholders of the Company (to the extent shares held by other stockholders are to be included in the Underwritten Offering) on the other, with the number of Registrable Securities and shares held by other stockholders to be included in the Underwritten Offering allocated on a pro rata basis based on the total number of Registrable Securities or shares which each such Stockholder or other stockholder has actually requested to be included in such Underwritten Offering.  The Company shall have the right to terminate any Underwritten Offering initiated by it under this Section 3(d) prior to execution of an underwriting agreement whether or not the Stockholders have elected to include securities in such registration.

 

            (iii)   In connection with any Underwritten Offering in which the Stockholders participate or are invited to participate in accordance with this Section 3(d):

 

        (A)   the Stockholders hereby agree that they will agree in writing to any restrictions on sale of the Registrable Securities owned by the Stockholders that are requested by the managing underwriter for a period not to exceed 90 days; provided, however, that such restrictions shall not be imposed unless restrictions as least as burdensome are imposed on each executive officer and director of the Company, and each other stockholder participating in the offering;

 

         (B)   the Company represents and agrees that, unless it obtains the prior consent of Stockholders of a majority of Registrable Securities that are registered under a Registration Statement at such time or the consent of the managing underwriter in connection with any underwritten offering, including an Underwritten Offering, of Registrable Securities, and each Stockholder represents and agrees that, unless it obtains the prior consent of the Company and any such underwriter, it will not make any offer relating to the Shares that would constitute an “issuer free writing prospectus,” as defined in Rule 433 under the 1933 Act (an “Issuer Free Writing Prospectus”), or that would otherwise constitute a “free writing prospectus,” as defined in Rule 405 under the 1933 Act, required to be filed with the SEC.

 

       4.    Company Obligations.  The Company will use commercially reasonable efforts to effect the registration of the Registrable Securities in accordance with the terms hereof, and pursuant thereto the Company will, as expeditiously as possible:

 

  

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          (a)   use commercially reasonable efforts to cause such Registration Statement to remain continuously effective for a period that will terminate upon the date on which all Registrable Securities cease to be Registrable Securities (the “Effectiveness Period”);

 

          (b)   prepare and file with the SEC such amendments, Prospectus supplements or post-effective amendments to the Registration Statement and the Prospectus as may be necessary to keep the Registration Statement effective for the Effectiveness Period and to timely comply with the provisions of the 1933 Act and the 1934 Act with respect to the distribution of all of the Registrable Securities covered thereby and, upon ten Business Days’ notice, shall file any supplement or amendment to the Registration Statement and Prospectus with respect to the plan of distribution or the Stockholders’ ownership interests in its Registrable Securities that is reasonably necessary to permit the sale of such Registrable Securities pursuant to the Registration Statement;

 

          (c)   provide copies to and permit the Stockholders, Stockholders’ counsel, and its underwriters, if any, to review each Registration Statement and all amendments and supplements thereto no fewer than five Business Days prior to their filing with the SEC and not file any document to which such counsel reasonably objects based upon such counsel’s belief that such Registration Statement is not in compliance with applicable laws, rules or regulations or contains a material misstatement or omission or any underwriters or Stockholders reasonably object;

 

          (d)   furnish to the Stockholders, Stockholders’ counsel, and any underwriters, promptly after the same is prepared and publicly distributed, filed with the SEC, or received by the Company (but not later than three Business Days after the filing date, receipt date or sending date, as the case may be), (A) one copy of any Registration Statement and any amendment thereto, and (B) such number of copies of each preliminary Prospectus and Prospectus and each amendment or supplement thereto, and each letter written by or on behalf of the Company to the SEC or the staff of the SEC, and each item of correspondence from the SEC or the staff of the SEC, in each case relating to such Registration Statement (other than any portion of any thereof which contains information for which the Company has sought confidential treatment) as the Stockholders may reasonably request in order to facilitate the disposition of the Registrable Securities owned by the Stockholders that are covered by each Registration Statement;

 

          (e)   use commercially reasonable efforts to (A) prevent the issuance of any stop order or other suspension of effectiveness and (B) if such order is issued, obtain the withdrawal of any such order at the earliest possible moment;

 

          (f)   prior to any public offering of Registrable Securities, use commercially reasonable efforts to register or qualify, or exempt therefrom, or cooperate with the Stockholders, their counsel, and any underwriters in connection with the registration or qualification, or exemption therefrom, of such Registrable Securities for offer and sale under the securities or blue sky laws of such jurisdictions requested by the Stockholders and do any and all other commercially reasonable acts or things necessary or advisable to enable the distribution in such jurisdictions of the Registrable Securities covered by the Registration Statement; provided, however, that the Company shall not be required in connection therewith or as a condition thereto to (A) qualify to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 4(f), (B) subject itself to general taxation in any jurisdiction where it would not otherwise be so subject but for this Section 4(f), or (C) file a general consent to service of process in any such jurisdiction;

 

  

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          (g)         cause all Registrable Securities covered by a Registration Statement to be listed on each securities exchange, interdealer quotation system or other market on which similar securities issued by the Company are then listed;

 

          (h)          provide and cause to be maintained a CUSIP number for all Registrable Securities;

 

          (i)   provide and cause to be maintained a registrar and transfer agent for all Registrable Securities;

 

          (j)   promptly notify the Stockholders in writing, at any time when a Prospectus relating to Registrable Securities is required to be delivered under the 1933 Act (including during any period when the Company is in compliance with Rule 172), upon discovery that, or upon the happening of any event or the passage of time as a result of which, the Prospectus (including any supplements or amendments thereto) or the related Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing, and promptly prepare and furnish to the Stockholders a reasonable number of copies of a supplement to or an amendment of such Prospectus or such Registration Statement as may be necessary so that such Prospectus, as thereafter delivered to the purchasers of such Registrable Securities, and such Registration Statement shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing;

 

          (k)   timely make and keep public information available, as that term is understood and defined in, and required under, Rule 144 under the 1933 Act, at all times; and

 

          (l)            comply with all applicable rules and regulations of the SEC under the 1933 Act and the 1934 Act and take such other actions as may be reasonably necessary to facilitate the registration and resale of the Registrable Securities as contemplated hereunder.

 

    5.       Obligations of the Stockholders.

 

          (a)   Each Stockholder shall furnish in writing to the Company such information regarding itself and the Registrable Securities held by it as shall be reasonably required to effect the registration of such Registrable Securities and shall execute such documents in connection with such registration as the Company may reasonably request.  At least 10 Business Days prior to the first anticipated filing date of any Registration Statement or Prospectus, the Company shall notify each Stockholder of the information the Company requires in order to have the Registrable Securities included in the Registration Statement.  Each Stockholder shall provide such information in writing to the Company at least five Business Days after receipt of the above-described notice from the Company.  Each Stockholder that has delivered the requested information to the Company shall be named a selling security-holder in the Registration Statement and related Prospectus in such a manner as to permit such Stockholder to deliver such Prospectus to purchasers of Registrable Securities in accordance with applicable law.  The Company may exclude the Registrable Securities held by any Stockholder that has not furnished the required information to the Company within five Business Days after receipt of the above-described notice.

 

  

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          (b)   The Stockholders agree that, upon receipt of any written notice  from the Company of either (i) the commencement of an Allowed Delay pursuant to Section 3(c)(ii), or (ii) the happening of an event pursuant to Section 4(j), the Stockholders will immediately discontinue the disposition of Registrable Securities pursuant to the Registration Statement covering such Registrable Securities, until otherwise notified in writing by the Company or until the Stockholders’ receipt of the copies of the supplemented or amended Prospectus filed with the SEC and, if so directed by the Company, the Stockholders shall deliver or cause to be delivered to the Company (at the expense of the Company) or destroy or cause to be destroyed (and deliver to the Company a certificate of destruction) all copies in the Stockholders’ possession of the Prospectus covering the Registrable Securities current at the time of receipt of notice of an event described in Section 4(j).  The address of the Stockholders are as set forth on Schedule A hereto.

 

          (c)   The Stockholders covenant and agree that they will comply with the prospectus delivery requirements of the 1933 Act as applicable in connection with sales of Registrable Securities pursuant to the Registration Statement.

 

    6.    Indemnification.

 

          (a)   Indemnification by the Company and the Operating Partnership.  The Company and the Operating Partnership will, jointly and severally, indemnify and hold harmless, each Stockholder, its Affiliates, and their respective officers, directors, members, employees, representatives and agents, successors and assigns, and each other Person, if any, who controls the Stockholder within the meaning of the 1933 Act (each, a “Holder Indemnitee” and collectively, the “Holder Indemnitees”), from and against any losses, claims, damages or liabilities, joint or several, and expenses (including attorneys’ fees and disbursements and other expenses incurred in connection with investigating, preparing or defending any action, claim or proceeding, pending or threatened, and the costs of enforcement thereof) to which they may become subject under the 1933 Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon:  (A) any untrue statement or alleged untrue statement of any material fact contained in any Registration Statement, any preliminary Prospectus or final Prospectus contained therein, or any amendment or supplement thereof, or any Issuer Free Writing Prospectus, or any amendment or supplement thereof, or any “road show” as defined in Rule 433 under the 1933 Act or any blue sky application or other document executed by the Company specifically for that purpose or based upon written information furnished by the Company filed in any state or other jurisdiction in order to qualify any or all of the Registrable Securities under the securities laws thereof; (B) any omission or alleged omission to state in any Registration Statement, any preliminary Prospectus or final Prospectus contained therein, or any amendment or supplement thereof, or any Issuer Free Writing Prospectus, or any amendment or supplement thereof, or any “road show” as defined in Rule 433 of the 1933 Act a material fact required to be stated therein or necessary to make the statements therein not misleading; (C) any violation by the Company or its agents of any rule or regulation promulgated under the 1933 Act applicable to the Company or its agents and relating to action or inaction required of the Company in connection with such registration; or (D) any failure to register or qualify the Registrable Securities included in any such Registration Statement in any state where the Company or its agents has affirmatively undertaken or agreed in writing that the Company will undertake such registration or qualification; provided, however, that the Company and the Operating Partnership will not be liable in any such case if and to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in conformity with information regarding a Holder Indemnitee furnished by any Holder Indemnitee in writing specifically for use in such Registration Statement or Prospectus, or in the case of an occurrence of an Allowed Delay or of an event of the type specified in Section 4(k), the use by such Holder Indemnitee of an outdated or defective Prospectus after such Holder Indemnitee has received actual notice from the Company that the Prospectus is outdated or defective and prior to the receipt by each Stockholder of an amended or supplemented Prospectus, but only if and to the extent that following the receipt of such amended or supplemented Prospectus the misstatement or omission giving rise to such liability would have been corrected.

 

  

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          (b)   Indemnification by the Stockholders.  Each Stockholder agrees, severally and not jointly, to indemnify and hold harmless, the Company, its Affiliates, and their respective directors, officers, employees, stockholders and each Person who controls the Company (within the meaning of the 1933 Act) against any losses, claims, damages, liabilities and expense (including attorneys’ fees and disbursements and other expenses incurred in connection with investigating, preparing or defending any action, claim or proceeding, pending or threatened, and the costs of enforcement thereof) resulting from any untrue statement of a material fact or any omission of a material fact required to be stated in any Registration Statement, any preliminary Prospectus or final Prospectus contained therein, or in any amendment or supplement thereof, or any Issuer Free Writing Prospectus, or any amendment or supplement thereof, or necessary to make the statements therein not misleading, to the extent that such untrue statement or omission is contained in any information regarding a Holder Indemnitee furnished in writing by a Holder Indemnitee to the Company specifically for inclusion in such Registration Statement, Prospectus, or amendment or supplement thereof, Issuer Free Writing Prospectus, or amendment or supplement thereof, or in the case of an occurrence of an Allowed Delay or an event of the type specified in Section 4(k), the use by such Holder Indemnitee of an outdated or defective Prospectus after such Holder Indemnitee has received actual notice from the Company that the Prospectus is outdated or defective and prior to the receipt by each Stockholder of an amended or supplemented Prospectus, but only if and to the extent that following the receipt of the amended or supplemented Prospectus the misstatement or omission giving rise to such liability would have been corrected.  The liability of any Stockholder pursuant to this paragraph shall in no event exceed the net proceeds received by such Stockholder from sales of Registrable Securities pursuant to such Registration Statement or Prospectus or preliminary Prospectus or Issuer Free Writing Prospectus or amendment or supplement thereto.

 

  

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          (c)   Conduct of Indemnification Proceedings.  Any Person entitled to indemnification under this Agreement (each, an “Indemnified Party” and collectively, the “Indemnified Parties”) shall (i) give prompt notice to such Person against whom such indemnity may be sought (each, an “Indemnifying Party” and collectively, the “Indemnifying Parties”) of any claim with respect to which it intends to seek indemnification and (ii) permit the Indemnifying Party to assume the defense of such claim with counsel reasonably satisfactory to the Indemnified Party; provided, however, that the Indemnified Party shall have the right to employ separate counsel and to participate in the defense of such claim, but the fees and expenses of such counsel shall be at the expense of the Indemnified Party unless (A) the Indemnifying Party has agreed to pay such fees or expenses, or (B) the Indemnifying Party shall have failed to promptly assume the defense of such claim and employ counsel reasonably satisfactory to the Indemnified Party or (C) in the reasonable judgment of the Indemnified Party, based upon advice of its counsel, a conflict of interest exists between the Indemnified Party and the Indemnifying Party with respect to such claims (in which case, if the Indemnified Party notifies the Indemnifying Party in writing that the Indemnified Party elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall not have the right to assume the defense of such claim on behalf of the Indemnified Party); and provided, further, that the failure of any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its obligations hereunder, except to the extent that such failure to give notice shall materially adversely affect the Indemnifying Party in the defense of any such claim or litigation.  It is understood that the Indemnifying Party shall not, in connection with any proceeding in the same jurisdiction, be liable for fees or expenses of more than one separate firm of attorneys at any time (in addition to any local counsel) for all such Indemnified Parties except to the extent that based upon advice of counsel, a conflict of interest exists between the Indemnified Parties.  No Indemnifying Party will, except with the prior written consent of the Indemnified Party, consent to entry of any judgment or enter into any settlement that (i) does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect of such claim or litigation or (ii) includes a statement as to or an admission of, fault, culpability or a failure to act by or on behalf of the Indemnified Party.

 

          (d)   Contribution.  If for any reason the indemnification provided for in the preceding paragraphs (a) and (b) is unavailable to an Indemnified Party or insufficient to hold it harmless, other than as expressly specified therein, then the Indemnifying Party shall contribute to the amount paid or payable by the Indemnified Party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect the relative fault of the Indemnified Party and the Indemnifying Party, as well as any other relevant equitable considerations.  Notwithstanding the provisions of this Section 6(d), in no event shall a Holder Indemnitee be required to contribute any amount in excess of the amount by which the net proceeds received by such Holder Indemnitee from sales of Registrable Securities exceeds the amount of any damages that such Holder Indemnitee has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission.  No Person guilty of fraudulent misrepresentation within the meaning of Section 11(f) of the 1933 Act shall be entitled to contribution from any Person not guilty of such fraudulent misrepresentation.

 

    7.    Limitation on Subsequent Registration Rights.  After the date of this Agreement, the Company shall not, without the prior written consent of Stockholders beneficially owning not less than a majority of the then outstanding Units and Registrable Securities, enter into any agreement with any holder or prospective holder of any securities of the Company that would allow such holder or prospective holder to include such securities in any Registration Statement filed pursuant to the terms hereof, unless, under the terms of such agreement, such holder or prospective holder may include such securities in any such registration only to the extent that the inclusion of its securities will not reduce the amount of Registrable Securities of the Stockholders that is included.

 

  

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    8.   Miscellaneous.

 

          (a)   Notices.  All notices or other communications permitted or required under this Agreement shall be in writing and shall be sufficiently given if and when hand delivered or sent by facsimile (in each case, with receipt confirmed) to the Persons set forth below or if sent by documented overnight delivery service (with signature confirming receipt) or certified mail, postage prepaid, return receipt requested, addressed as set forth below or to such other Person or Persons and/or at such other address or addresses (or facsimile number) as shall be furnished in writing by any party hereto to the others. Any such notice or communication shall be deemed to have been given as of the date received, in the case of personal delivery, or on the date shown on the receipt or confirmation therefor in all other cases.

 

	 	
To the Company and the Operating Partnership:

	  

 

	 	
American Campus Communities, Inc.

	  
	 	
12700 Hill Country Boulevard, Suite T-200

	  
	 	
Austin, Texas  78738

	  
	 	
Attention:  Jonathan A. Graf

	  
	 	
Facsimile:  (512) 732-2450

	  

 

	 	
With a copy to:

	

Locke Lord LLP

	
 

	 	
2200 Ross Avenue, Suite 200

	  
	 	
Dallas, Texas 75201

	  
	 	
Attention:  Toni Weinstein

	  
	 	
Facsimile:  (214) 740-8800

	  

 

	 	
To the Stockholders:

	
As listed on Schedule A hereto

 

	 	
With a copy to:

	

Clifford Chance US LLP

	 	 	 
31 West 52nd Street

	 	 	 
New York, New York 10019

	 	 	 
Attention: John A. Healy

	 	 	 
Facsimile: 212-878-8375

 

          (b)   Construction.  Within this Agreement, the singular shall include the plural and the plural shall include the singular, and any gender shall include all other genders, all as the meaning and the context of this Agreement shall require. The parties have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement. Any reference to any federal, state, local, or foreign statute or law shall be deemed also to refer to all rules and regulations promulgated thereunder and any successor statute or law thereto, unless the context requires otherwise.  Unless otherwise expressly provided, the word “including” does not limit the preceding words or terms.

 

  

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          (c)   Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of the parties and their respective permitted successors and assigns.  Neither this Agreement, nor any of the rights hereunder or thereunder, may be assigned by any party, nor may any party delegate any obligations hereunder or thereunder, without the written consent of the other party hereto or thereto; provided that each Stockholder may, without the consent of the Company or the Operating Partnership and without affecting such Stockholder’s rights and obligations hereunder, assign such Stockholder’s same rights and obligations under this Agreement, to a permitted transferee in connection with a transfer of Units in accordance with the terms of the Partnership Agreement, if such transferee agrees in writing to be bound by all of the provisions hereof.  This Agreement shall not be construed as giving any Person, other than the parties hereto and their permitted successors, heirs and assigns, any legal or equitable right, remedy or claim under or in respect of this Agreement or any of the provisions herein contained, this Agreement and all provisions and conditions hereof being intended to be, and being, for the sole and exclusive benefit of such parties, and their respective permitted successors, heirs and assigns and for the benefit of no other Person or entity.

 

          (d)   Amendment and Waiver.  The parties hereto may amend or modify, or may waive any right or obligation under, this Agreement in any respect, provided that any such amendment, modification or waiver shall be in writing and executed by each of the Company, the Operating Partnership and the Stockholders holding a majority of the Units and Registrable Securities.  No waiver of any breach of any provision of this Agreement shall constitute or operate as a waiver of any other breach of such provision or of any other provision hereof, nor shall any failure to enforce any provision hereof operate as a waiver of such provision or of any other provision hereof.

 

          (e)   Governing Law.  This Agreement is made pursuant to, and shall be construed and enforced in accordance with, the laws of the State of Delaware irrespective of the principal place of business, residence or domicile of the parties hereto, and without giving effect to otherwise applicable principles of conflicts of law that would result in the application of any law other than the laws of the State of Delaware.

 

          (f)   Section Headings and Defined Terms. The section headings contained herein are for reference purposes only and shall not in any way affect the meaning and interpretation of any of the provisions of this Agreement. Except as otherwise indicated, all agreements defined herein refer to the same as from time to time amended or supplemented or the terms thereof waived or modified in accordance herewith and therewith.

 

          (g)   Severability.  If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect.  Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible.

 

  

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          (h)   Counterparts.  This Agreement and the other documents required to consummate the transactions contemplated herein may be executed in one or more counterparts, each of which shall be deemed an original (including facsimile and PDF signatures), and all of which together shall be deemed to be one and the same instrument. The parties hereto may deliver this Agreement and the other documents required to consummate the transactions contemplated herein by telecopier machine/facsimile or via e-mail and each party shall be permitted to rely upon the signatures so transmitted to the same extent and effect as if they were original signatures.

 

          (i)   Entire Agreement. This Agreement constitutes the entire agreement between the parties hereto and is intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto with respect to the subject matter contained herein.  This Agreement supersedes all prior agreements and understandings (written or oral), with respect to such subject matter.

 

          (j)   Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY  OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

 

[Remainder of the page is intentionally left blank.]

 

  

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    IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement or caused their duly authorized officers to execute this Registration Rights Agreement as of the date first above written.

 

 

	 	COMPANY:	 
	 	 	 
	 	
AMERICAN CAMPUS COMMUNITIES, INC., a

Maryland corporation

	 
	 	 	 
	 	 	 	 
	
 

	
By: 

	/s/ William W. Talbot	 
	 	 	William W. Talbot	 
	 	 	Executive Vice President	 
	 	 	 	 
	 	 	 	 
	 	OPERATING PARTNERSHIP:	 
	 	 	 	 
	 	
AMERICAN CAMPUS COMMUNITIES

OPERATING PARTNERSHIP LP, a Maryland

limited partnership

	 
	 	 	 	 
	 	
By: 

	
American Campus Communities Holdings

LLC, its general partner

	 
	 	 	 	 

 

	 	 	
By: 

	/s/ William W. Talbot	 
	 	 	 	William W. Talbot
	 	 	 	Vice President

 

 

 

[Signatures Continued On Following Page]

 

  

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STOCKHOLDERS:

 

CAMPUS ACQUISITIONS INVESTMENT

MANAGEMENT, LLC

	 
	 	 	 	 
	 	 	 	 
	
 

	
By: 

	/s/ Thomas M. Scott	 
	 	 	Thomas M. Scott	 
	 	 	Managing Member	 

 

  

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SCHEDULE A

 

	

NAME

	 	

ADDRESS

	 	

UNITS

	
Campus Acquisitions

Investment Management, LLC

	 	
161 N. Clark Street, Suite 4900

Chicago, Illinois 60601

Attn:  Thomas M. Scott

	 	
325,098

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