Document:

Amendment Number One to Credit Agreement (CNB)

 Exhibit 10.16 
 AMENDMENT NUMBER ONE 
 TO CREDIT AGREEMENT

 THIS AMENDMENT NUMBER ONE TO CREDIT AGREEMENT (this “Amendment”), dated as of December 17,
2007, is entered into by and between JMP GROUP LLC, a Delaware limited liability company (“Borrower”) and CITY NATIONAL BANK, a national banking association (“Lender”) in light of the following:

 W I T N E S S E T H 
 WHEREAS, Borrower and Lender are party to that certain Credit Agreement, dated as of August 3, 2006 (as so amended and as
otherwise amended, restated, supplemented, or otherwise modified from time to time, the “Credit Agreement”); 
 WHEREAS, Borrower has requested that Lender amend the Credit Agreement as set forth herein; and 
 WHEREAS, subject to the terms and conditions set forth herein, Lender is willing to provide the amendment as set forth herein. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree to amend the Credit Agreement as follows: 
 1. DEFINITIONS. Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to them in the Credit
Agreement, as amended hereby. 
 2. AMENDMENTS TO CREDIT AGREEMENT. 
 (a) Section 1.1 of the Credit Agreement is hereby amended by inserting the following new definitions in proper alphabetical
order: 
 ““First Amendment” means that certain Amendment Number One to Credit Agreement,
dated as of December 17, 2007, by and between Borrower and Lender.” 
 ““First Amendment
Effective Date” means the date that all of the conditions set forth in Section 4 of the First Amendment shall be satisfied (or waived by Lender in its sole discretion).” 
 (b) Section 1.1 of the Credit Agreement is hereby amended by amending and restating the definition of “Fixed
Charges” in its entirety as follows: 
 ““Fixed Charges” means with respect to
Borrower and its Subsidiaries for any period, the sum, without duplication, of (a) Interest Expense during such period, (b) principal payments required to be paid in respect of Debt of Borrower and its Subsidiaries during such period
(provided that, solely for the purpose of this clause (b) of this definition, in the case of the Obligations, the amount of such payments with respect thereto shall be deemed to be equal to 1/20th of the outstanding principal balance of the
Obligations), and (c) all federal, state, and local income taxes accrued for such period.” 
 (c)
Section 6.14(b) of the Credit Agreement is hereby amended by amending and restating such section in its entirety as follows: 
 “(b) Minimum EBITDA. Fail to maintain EBITDA for Borrower and its Subsidiaries, measured as of the last day of each fiscal quarter of Borrower, for each twelve month period ending on such
date, of at least $12,000,000.” 

 (d) Section 6.14(c) of the Credit Agreement is hereby amended by amending and
restating such section in its entirety as follows: 
 “(c) Minimum Net Worth. Fail to maintain Net
Worth for Borrower and its Subsidiaries, as of the last day of each fiscal quarter of Borrower, of at least $75,000,000.” 
 (e) Section 6.1 is hereby amended by adding a section (n) as follows: 
 “(n) Debt
associated with the purchase of repos or other government securities in a form or fashion similar to arrangements made with certain financial institutions disclosed to the Lender and other similar financial institutions for the purchase of United
States government repos.” 
 3. REPRESENTATIONS AND WARRANTIES. Borrower hereby represents and warrants to Lender as follows:

 (a) Borrower has the requisite power and authority to execute and deliver this Amendment and the authority to perform its
obligations hereunder and under the Loan Documents to which it is a party. The execution, delivery, and performance of this Amendment and the performance by Borrower of each Loan Document to which it is a party (i) have been duly approved by
all necessary action and no other proceedings are necessary to consummate such transactions; and (ii) are not in contravention of (A) any law, rule, or regulation, or any order, judgment, decree, writ, injunction, or award of any
arbitrator, court or governmental authority binding on it, (B) the terms of its organizational documents, or (C) any provision of any contract or undertaking to which it is a party or by which any of its properties may be bound or
affected; 
 (b) This Amendment has been duly executed and delivered by Borrower. This Amendment will, upon its effectiveness in
accordance with the terms hereof, and each Loan Document to which Borrower is a party is the legal, valid and binding obligation of Borrower, enforceable against Borrower in accordance with its terms, and is in full force and effect except as such
validity and enforceability is limited by the laws of insolvency and bankruptcy, laws affecting creditors’ rights and principles of equity applicable hereto; 
 (c) No injunction, writ, restraining order, or other order of any nature prohibiting, directly or indirectly, the consummation of the transactions contemplated herein has been issued and remains in force
by any Governmental Authority against Borrower; 
 (d) Borrower does not have any actual or potential claim or cause of action
against Lender for any actions or events occurring on or before the date hereof, and Borrower hereby waives and releases any right to assert same; 
 (e) No Default or Event of Default has occurred and is continuing on the date hereof or as of the date of the effectiveness of this Amendment after giving effect to this Amendment; and 
 (f) The representations and warranties in the Credit Agreement and the other Loan Documents (i) that are qualified by materiality,
shall be true and correct, and (ii) that are not qualified by materiality, shall be true and correct in all material respects, in each case, on and as of the date hereof, as though made on such date (except to the extent that such
representations and warranties relate solely to an earlier date, in which case they shall be true and correct as of such earlier date). 
 4.
CONDITIONS PRECEDENT TO THIS AMENDMENT. The satisfaction of each of the following shall constitute conditions precedent to the effectiveness of this Amendment and each and every provision hereof: 
 (a) Lender shall have received this Amendment, duly executed by Borrower, and the same shall be in full force and effect; 
 (b) The representations and warranties in the Credit Agreement and the other Loan Documents (i) that are qualified by materiality,
shall be true and correct, and (ii) that are not qualified by materiality, shall be true and

  

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correct in all material respects, in each case, on and as of the date hereof, as though made on such date (except to the extent that such representations and warranties relate solely to an
earlier date, in which case they shall be true and correct as of such earlier date); 
 (c) No Default or Event of Default shall
have occurred and be continuing as of the date of the effectiveness of this Amendment after giving effect to this Amendment; and 
 (d) No injunction, writ, restraining order, or other order of any nature prohibiting, directly or indirectly, the consummation of the transactions contemplated herein shall have been issued and remain in force by any Governmental Authority
against Borrower. 
 5. CONSTRUCTION. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE
OF CALIFORNIA APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED IN THE STATE OF CALIFORNIA. 
 6. ENTIRE AMENDMENT; EFFECT OF
AMENDMENT. This Amendment, and terms and provisions hereof, constitute the entire agreement among the parties pertaining to the subject matter hereof and supersedes any and all prior or contemporaneous amendments relating to the subject
matter hereof. Except for the amendments to the Credit Agreement expressly set forth in Section 2 hereof, the Credit Agreement and other Loan Documents shall remain unchanged and in full force and effect. Except as expressly set forth
herein, the execution, delivery, and performance of this Amendment shall not operate as a waiver of or as an amendment of any right, power, or remedy of the Lenders as in effect prior to the date hereof. The amendments set forth herein are limited
to the specifics hereof, shall not apply with respect to any facts or occurrences other than those on which the same are based, shall not excuse future non-compliance with the Credit Agreement, and shall not operate as a consent to any further or
other matter, under the Loan Documents. To the extent any terms or provisions of this Amendment conflict with those of the Credit Agreement or other Loan Documents, the terms and provisions of this Amendment shall control. This Amendment is a Loan
Document. 
 7. COUNTERPARTS; TELEFACSIMILE EXECUTION. This Amendment may be executed in any number of counterparts, all of which
taken together shall constitute one and the same instrument and any of the parties hereto may execute this Amendment by signing any such counterpart. Delivery of an executed counterpart of this Amendment by telefacsimile shall be equally as
effective as delivery of an original executed counterpart of this Amendment. Any party delivering an executed counterpart of this Amendment by telefacsimile also shall deliver an original executed counterpart of this Amendment, but the failure to
deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Amendment. 
 8.
MISCELLANEOUS 
 (a) Upon the effectiveness of this Amendment, each reference in the Credit Agreement to “this
Agreement”, “hereunder”, “herein”, “hereof” or words of like import referring to the Credit Agreement shall mean and refer to the Credit Agreement as amended by this Amendment. 
 (b) Upon the effectiveness of this Amendment, each reference in the Loan Documents to the “Credit Agreement”,
“thereunder”, “therein”, “thereof” or words of like import referring to the Credit Agreement shall mean and refer to the Credit Agreement as amended by this Amendment. 
  

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

							
	BORROWER:	 	 	 	JMP GROUP LLC,
		 		 	a Delaware limited liability company
				
		 		 	By:	 	 /s/ Thomas B. Killian

		 		 	Title:	 	 Chief Financial Officer

  

							
	LENDER:	 	 	 	CITY NATIONAL BANK,
		 		 	a national banking corporation
				
		 		 	By:	 	 /s/ Aaron Cohen

		 		 	Title:	 	 Senior Vice PresidentThird Amendment and Note Modification Agreeement

 Exhibit 10.16 
 THIRD AMENDMENT AND NOTE MODIFICATION AGREEMENT 
 THIS AGREEMENT is made as of the 20 day of August, 2007, by and among KVH Industries, Inc., a Delaware corporation with its principal place of business located at 50 Enterprise Center, Middletown, Rhode Island (the
“Borrower”), and Bank of America, N.A. (successor-by-merger with Fleet National Bank and assignee of Banc of America Leasing & Capital, LLC [itself a successor-by-merger with Fleet Capital Corporation]), a national banking
association with a place of business located at 111 Westminster Street, Providence, Rhode Island (the “Bank”). 
 PURPOSE: 
 On July 17, 2003, the Borrower, Fleet Capital Corporation
(predecessor-in-interest to Banc of America Leasing & Capital, LLC) and Fleet National Bank (predecessor-in-interest to the Bank, as issuing lender and cash management bank) entered into, among other things, that certain Amended and
Restated Credit and Security Agreement (the “Credit Agreement”) providing for a $15,000,000 line of credit (the “Line”) to the Borrower. 
 As further evidence of the Line, the Borrower executed and delivered to Fleet Capital Corporation that certain Revolving Credit Note dated July 17, 2003, in the amount of $15,000,000 (the
“Note”). 
 Banc of America Leasing & Capital, LLC assigned all of its rights in and to the Credit Agreement
and the Note, together with any and all other documents executed and/or prepared in connection therewith (collectively, the “Financing Documents”), to the Bank pursuant to that certain Assignment and Assumption and Amendment and Note
Modification Agreement dated as of July 17, 2006, by and among the Borrower, Banc of America Leasing & Capital, LLC and the Bank (the “First Amendment”), which First Amendment also amended certain terms and conditions
contained in the Financing Documents. 
 On December 28, 2006, the parties hereto entered into that certain Second
Amendment and Note Modification Agreement (the “Second Amendment”) which provided for an extension of the maturity date of the Line to December 31, 2008. 
 The Bank and the Borrower are desirous of further amending the Credit Agreement to provide for the issuance of a letter of credit that will, among other things, expire after the aforementioned maturity
date. 

 NOW, THEREFORE, in consideration of the terms and conditions herein contained and for other
good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto agree as follows (capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Credit Agreement): 
 1. Notwithstanding anything in the Credit Agreement to the contrary, the letter of credit the Borrower is seeking to obtain for its account
in the amount of $228,374.60 pursuant to that certain Application and Agreement for Standby Letter of Credit dated August, 2007 (the “Reimbursement Agreement”), shall constitute a Letter of Credit under the Credit Agreement (and for
purposes of this Agreement, shall be referred to as the “Exception Credit”) notwithstanding the fact that the Exception Credit shall expire on April 30, 2010, a date subsequent to the current Revolving Credit Maturity Date. In that
regard: 
 (a) The Reimbursement Agreement shall constitute a Loan Document under the Credit Agreement. 
 (b) Amounts advanced by the Bank under and pursuant to the Exception Credit shall constitute an LC Disbursement. 
 (c) The obligations of the Borrower under the Reimbursement Agreement and the Credit Agreement to reimburse the Bank for amounts drawn under
the Exception Credit shall constitute an Obligation under the Credit Agreement, and thus shall be secured thereby. 
 (d) Under
no circumstances shall the Revolving Credit Maturity Date be interpreted to have been similarly amended; rather, the Revolving Credit Maturity Date shall, unless amended, remain at December 31, 2008; provided however, in the event the Revolving
Credit Maturity Date is not extended to a date subsequent to April 30, 2010, all terms and conditions for the payment in full of all Loans on the Revolving Credit Maturity Date shall remain in full force and effect with the following
exceptions: 
  

	 	(i)	The terms and conditions pertaining to the making of LC Disbursements by the Bank shall remain in full force and effect after the Revolving Credit Maturity Date with
respect to the Exception Credit, and shall expire on April 30, 2010; 

  

	 	(ii)	The terms and conditions pertaining to the repayment in full of all amounts due from the Borrower in respect of Letters of Credit (i.e. Reimbursement Obligations),
including without limitation the accrual of interest thereon as provided in Section 2.3(f) of the Credit Agreement, shall remain in full force and effect after the Revolving Credit Maturity Date with respect to the Exception Credit, which
amounts shall be due and payable by the Borrower at such time as an LC Disbursement in respect thereof shall be made by the Bank, all as provided in Section 2.3(d); provided however, such Reimbursement Obligation shall not be satisfied by the
Bank with the funding of a Base Rate Borrowing. 

  

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 2. It is the intent of the parties hereby to permit the issuance of the Exception Credit as
a Letter of Credit notwithstanding its expiry date, and that the Reimbursement Obligations of the Borrower with respect thereto shall be governed by the Credit Agreement and the Reimbursement Agreement (subject to the last sentence of
Section 2.3(a)), and thus such Reimbursement Obligations shall be secured by the Credit Agreement. In this regard, the terms and conditions of the Credit Agreement as relate to such Reimbursement Obligations, the security therefor and the
Exception Credit shall survive any Revolving Credit Maturity Date occurring prior to April 30, 2010. 
 3. Except as
modified hereby, the Borrower hereby affirms and restates all of the covenants and agreements made and set forth in the Financing Documents, the First Amendment, the Second Amendment and any and all other documents executed in connection therewith.

 4. All references to the Credit Agreement appearing in the Note, the First Amendment, the Second Amendment and any and all
other documents executed in connection therewith, as the Credit Agreement may be otherwise defined or referred to therein, shall be deemed to mean the Credit Agreement as amended hereby. 
 5. Any provision of this Agreement which is prohibited or unenforceable under any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability of such provision in any other jurisdiction. 
 6. This Agreement is intended by the parties hereto as a final expression of this Agreement and is also intended as a complete and exclusive
statement of the terms hereof. No course of dealing, course of performance or trade usage, and no parol or evidence of any nature shall be used to supplement or modify any terms hereof. 
 7. This Agreement has been negotiated, executed, and delivered in, and shall be deemed to have been made in the State of Rhode Island, and
the validity of this Agreement, its construction, interpretation and enforcement, and the rights of the parties hereunder shall be determined under, governed by and construed in accordance with the internal laws (and not the law of conflicts) of the
State of Rhode Island. 
 8. An original of this Agreement shall be attached to and made a part of the Note and shall constitute
an allonge thereto. 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed on the date first above written. 
  

							
	WITNESS:	 		 	KVH Industries, Inc.
				
	
 

	 	    	 	By:	 	
 

			
		 		 	Bank of America, N.A.
				
	
 

	 		 	By:	 	
 

		 		 		 	Scott A. McCaughey, Vice President

  

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