Document:

KBS RIII PEA no.6 -Exhibit 10.38

Exhibit 10.38

Loan No. 1006987
SECURED PROMISSORY NOTE
	
		
	$60,250,000
	March 27, 2012

FOR VALUE RECEIVED, KBSIII LEGACY TOWN CENTER, LLC, a Delaware limited liability company, (“Borrower”), HEREBY PROMISES TO PAY to the order of WELLS FARGO BANK, NATIONAL ASSOCIATION (“Lender”), the principal sum of Sixty Million Two Hundred Fifty Thousand Dollars ($60,250,000), or if less, the aggregate unpaid principal amount of all disbursements disbursed by Lender pursuant to the requirements set forth in the Loan Agreement dated as of March 27, 2012 (as amended, supplemented or restated from time to time the “Loan Agreement”), among Borrower, Lender, certain other Lenders named therein or made parties thereto and Wells Fargo Bank, National Association, as Administrative Agent, together with interest on the unpaid principal balance hereof at the rate (or rates) determined in accordance with Section 2.7 of the Loan Agreement from the date such principal is advanced until it is paid in full.  It is contemplated that there will be advances and payments under this Note from time to time, but no advances or payments under this Note (including payment in full of the unpaid balance of principal hereof prior to maturity) shall affect or impair the validity or enforceability of this Note as to future advances hereunder.
This Note is one of the Notes referred to in and governed by the Loan Agreement, which Loan Agreement, among other things, contains provisions for the acceleration of the maturity hereof and for the payment of certain additional sums to Lender upon the happening of certain stated events.  Capitalized terms used in this Note without definition have the same meanings as in the Loan Agreement.
The principal amount of this Note, unless accelerated in accordance with Loan Agreement as described below, if not sooner paid, will be due and payable, together with all accrued and unpaid interest and other amounts due and unpaid under the Loan Agreement, on the Maturity Date.
This Note is secured by, among other things, the Deed of Trust referred to in the Loan Agreement.
Interest on the Loan is payable in arrears on the first Business Day of each month during the term of the Loan Agreement, commencing with the first Business Day of the first calendar month to begin after the date of this Note.  Interest will be computed on the basis of the actual number of days elapsed in the period during which interest accrues and a year of three hundred sixty (360) days.  The Loan Agreement provides for the payment by Borrower of various other charges and fees, in addition to the interest charges described in the Loan Agreement, as set forth more fully in the Loan Agreement.
All payments of any amount becoming due under this Note shall be made in the manner provided in the Loan Agreement, in Dollars.
Upon and after the occurrence of a Default, unless such Default is waived as provided in the Loan Agreement, this Note may, at the option of Requisite Lenders and without further demand, notice or legal process of any kind, be declared by Administrative Agent, and in such case immediately shall become, due and payable.  Upon and after the occurrence of certain Defaults, this Note shall, without any action by Lenders and without demand, notice or legal process of any kind, automatically and immediately become due and payable.
Demand, presentment, protest and notice of nonpayment and protest, notice of intention to accelerate maturity, notice of acceleration of maturity and notice of dishonor are hereby waived by Borrower.  Subject to the terms of the Loan Agreement, Lender may extend the time of payment of this Note, postpone the enforcement hereof, grant any indulgences, release any party primarily or secondarily liable hereon or agree to any subordination of Borrower’s obligations hereunder without affecting or diminishing Lender’s right of recourse against Borrower, which right is hereby expressly reserved.

Signature Page - Secured Promissory Note

                                                                                                                                                                                                                             
This Note has been delivered and accepted at Irvine, California.  This Note shall be interpreted in accordance with, and the rights and liabilities of the parties hereto shall be determined and governed by, the laws of the State of California.
All notices or other communications required or permitted to be given pursuant to this Note shall be given to the Borrower or Lender at the address and in the manner provided for in the Loan Agreement.
In no contingency or event whatsoever shall interest charged in respect of the Loan evidenced hereby, however such interest may be characterized or computed, exceed the highest rate permissible under any law that a court of competent jurisdiction shall, in a final determination, deem applicable hereto.  If such a court determines that Lender has received interest hereunder in excess of the highest rate applicable hereto, Lender shall, at Lender’s election, either (a) promptly refund such excess interest to Borrower or (b) credit such excess to the principal balance hereof.  This provision shall control over every other provision of all agreements between Borrower and Lender.
Whenever possible each provision of this Note shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Note shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Note.
The limitations on personal liability of the shareholders, partners and members of Borrower contained in Section 13.27 of the Loan Agreement shall apply to this Note.

[Signature Follows on Next Page]

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Loan No. 1006987
IN WITNESS WHEREOF, Borrower has executed this Note as of the date first set forth above.
BORROWER

KBSIII LEGACY TOWN CENTER, LLC,
a Delaware limited liability company

By:    KBSIII REIT ACQUISITION III, LLC,
a Delaware limited liability company,
its sole member

By:    KBS REIT PROPERTIES III, LLC,
a Delaware limited liability company,
its sole member

By:    KBS LIMITED PARTNERSHIP III,
a Delaware limited partnership,
its sole member

By:    KBS REAL ESTATE INVESTMENT TRUST III, INC.,
a Maryland corporation,
its general partner

By:    /s/ Charles J. Schreiber, Jr.
Charles J. Schreiber, Jr.,
Chief Executive Officer

Signature Page - Secured Promissory NoteUnassociated Document

 

Exhibit 4.2

 

AMENDMENT NO. 1

to

CONVERTIBLE NOTES PURCHASE AGREEMENT

 

This AMENDMENT NO. 1 to Convertible Notes Purchase Agreement (the “Amendment”), dated March 29, 2012, is entered into by and between Empire Resources, Inc., a Delaware corporation (the “Company”), and the purchasers identified on the signature page hereto (the “Majority Purchasers”).

 

W I T N E S S E T H :

 

WHEREAS, the Company and the Majority Purchasers have previously entered into that certain Convertible Notes Purchase Agreement, dated as of June 3, 2011 (the “Agreement”);

 

WHEREAS, the Agreement may be amended by a written instrument signed by the Company and the purchasers under the Agreement holding at least a majority in aggregate principal amount of the outstanding Notes (as defined in the Agreement); and

 

WHEREAS, the Company and the Majority Purchasers desire to amend the Agreement as set forth below.

 

NOW, THEREFORE, in consideration of the premises and mutual covenants and obligations hereinafter set forth, the parties hereto, intending legally to be bound, hereby agree as follows:

 

1.           Section 5.13(a) of the Agreement is hereby amended in its entirety to read as follows:

 

“The Company agrees that it shall file with the SEC a registration statement (the “Registration Statement”), for the registration under the Securities Act, of an offering to be made on a continuous basis under the Securities Act covering all of the Common Stock issuable upon conversion of the Notes in accordance with the terms of this Agreement. Furthermore, if, prior to the filing of the Registration Statement with the SEC, the Company proposes to register any of its securities (other than the Common Stock issuable upon conversion of the Notes) under the Securities Act, whether or not for sale for its own account (other than pursuant to Form S-4 or Form S-8 or any successor or similar forms), the Company shall use such registration statement for the registration under the Securities Act of all of the shares of Common Stock issuable upon conversion of the Notes, and such registration statement shall be deemed the Registration Statement for purposes of this Section 5.13. Upon filing of the Registration Statement, the Company shall take all additional actions necessary or appropriate to cause the Registration Statement to become effective by no event later than June 30, 2012 (the “Effectiveness Deadline”), and to cause a current prospectus to be and remain available for delivery in connection with such Common Stock after the Effectiveness Deadline. In addition, the Company agrees to use commercially reasonable efforts to register and qualify for sale such Common Stock under the “blue sky” laws in such states as the Majority Holders shall reasonably request to the extent an exemption is not available.”

 

2.           The Purchasers hereby waive all damages that may have accrued as a result of this Amendment.

 

3.           Except as modified and amended herein, all of the terms and conditions of the Agreement shall remain in full force and effect.

 

4.           This Amendment shall be governed by and construed in accordance with the laws of the State of New York without application of the conflict of laws provisions thereof.

 

 

[Signature pages follow]

 

  

  

  

 

IN WITNESS WHEREOF, this Amendment is executed and entered into effective as of the date first written above.

 

	
COMPANY:

 

EMPIRE RESOURCES, INC.

 

 

By: /s/ Sandra Kahn

        Name: SANDRA KAHN

        Title: Chief Financial Officer

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGE FOR PURCHASER FOLLOWS]

 

 

 

[SIGNATURE PAGE TO AMENDMENT NO. 1 TO CONVERTIBLE NOTES PURCHASE AGREEMENT]

 

  

  

  

 

[PURCHASER SIGNATURE PAGES TO AMENDMENT NO. 1]

Name of Purchaser: The Leon and Toby Cooperman Family Foundation 

Signature of Authorized Signatory of Purchaser: /s/ Leon G. Cooperman 

Name of Authorized Signatory: Leon G. Cooperman 

Title of Authorized Signatory: Trustee 

Number of Notes: ______________________________________________________________

 

 

 

[SIGNATURE PAGE TO AMENDMENT NO. 1 TO CONVERTIBLE NOTES PURCHASE AGREEMENT]

 

  

  

  

 

[PURCHASER SIGNATURE PAGES TO AMENDMENT NO. 1]

Name of Purchaser: Leon G. Cooperman 

Signature of Authorized Signatory of Purchaser: /s/ Leon G. Cooperman 

Name of Authorized Signatory: Leon G. Cooperman 

Title of Authorized Signatory: Investor 

Number of Notes: ______________________________________________________________

 

 

 

[SIGNATURE PAGE TO AMENDMENT NO. 1 TO SECURITIES PURCHASE AGREEMENT]

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