Document:

Exhibit 10.2

 

GENERAL CONTINUING GUARANTY

 

This GENERAL CONTINUING GUARANTY (this “Guaranty”), dated as of December 20, 2012, is executed and delivered by BOISE CASCADE HOLDINGS, L.L.C., a Delaware limited liability company (“Guarantor”), in favor of WELLS FARGO CAPITAL FINANCE, LLC,  a Delaware limited liability company, as agent for the Lender Group and the Bank Product Providers (in such capacity, together with its successors and assigns, if any, in such capacity, “Agent”), in light of the following:

 

WHEREAS, Boise Cascade, L.L.C., a Delaware limited liability company (“Boise Cascade”), Boise Cascade Building Materials Distribution, L.L.C., a Delaware limited liability company (“Boise Building”), and Boise Cascade Wood Products, L.L.C., a Delaware limited liability company (“Boise Wood Products”) (Boise Cascade, Boise Building, and Boise Wood Products each a “Borrower” and collectively, the “Borrowers”), the below defined Lenders, and Agent entered into that certain Credit Agreement dated as of July 13, 2011 (as amended, restated, modified, renewed or extended from time to time, the “Credit Agreement”);

 

WHEREAS, Guarantor is an Affiliate of Boise Cascade, Boise Building, and Boise Wood Products and, as such, will benefit by virtue of the financial accommodations extended to Borrowers by the Lender Group; and

 

WHEREAS, in order to induce the Lender Group to continue to extend the loans and other financial accommodations to Borrowers pursuant to the Credit Agreement, and in consideration thereof, and in consideration of any loans or other financial accommodations heretofore or hereafter extended by the below defined Lender Group to Borrowers pursuant to the Loan Documents, Guarantor has agreed to guaranty the Guarantied Obligations.

 

NOW, THEREFORE, in consideration of the foregoing, Guarantor hereby agrees as follows:

 

1.                                      Definitions and Construction.

 

(a)                                 Definitions.  Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to them in the Credit Agreement.  The following terms, as used in this Guaranty, shall have the following meanings:

 

“Agent” has the meaning set forth in the preamble to this Guaranty.

 

“Borrowers” has the meaning set forth in the recitals to this Guaranty.

 

“Credit Agreement” has the meaning set forth in the recitals to this Guaranty.

 

“Guarantied Obligations” means all of the Obligations (including any Bank Product Obligations) now or hereafter existing, whether for principal, interest (including any interest that accrues after the commencement of an Insolvency Proceeding, regardless of whether allowed or allowable in whole or in part as a claim in any such Insolvency Proceeding), fees (including the fees provided for in the Fee Letters), Lender Group Expenses (including any fees or expenses that accrue after the commencement of an Insolvency Proceeding, regardless of whether allowed or allowable in whole or in part as a claim in any such Insolvency Proceeding), or otherwise, and any and all expenses (including reasonable counsel fees and expenses) incurred by the Agent, the Lenders or the Issuing Lender (or any of them) in enforcing any rights under this Guaranty.  Without limiting the generality of the foregoing, Guarantied Obligations shall include all amounts that constitute part of the Guarantied Obligations and would be owed by the Borrowers to the Agent, the Lenders or the Issuing Lender but for the fact that they are unenforceable or not allowable, including due to the 

 

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existence of a bankruptcy, reorganization, other Insolvency Proceeding or similar proceeding involving any Borrower or any other guarantor.

 

“Guarantor” has the meaning set forth in the preamble to this Guaranty.

 

“Guaranty” has the meaning set forth in the preamble to this Guaranty.

 

“Lender Group” means, individually and collectively, each of the Lenders and Agent.

 

“Lenders” means, individually and collectively, each of the lenders identified on the signature pages to the Credit Agreement, and shall include any other Person made a party to the Credit Agreement in accordance with the provisions thereof (together with their respective successors and assigns).

 

“Record” means information that is inscribed on a tangible medium or which is stored in an electronic or other medium and is retrievable in perceivable form.

 

“Voidable Transfer” has the meaning set forth in Section 9 of this Guaranty.

 

(b)                                 Construction.  Unless the context of this Guaranty clearly requires otherwise, references to the plural include the singular, references to the singular include the plural, the part includes the whole, the terms “includes” and “including” are not limiting, and the term “or” has, except where otherwise indicated, the inclusive meaning represented by the phrase “and/or.”  The words “hereof,” “herein,” “hereby,” “hereunder,” and other similar terms in this Guaranty refer to this Guaranty as a whole and not to any particular provision of this Guaranty.  Section, subsection, clause, schedule, and exhibit references herein are to this Guaranty unless otherwise specified.  Any reference in this Guaranty to any agreement, instrument, or document shall include all alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements, thereto and thereof, as applicable (subject to any restrictions on such alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements set forth herein).  Neither this Guaranty nor any uncertainty or ambiguity herein shall be construed or resolved against the Lender Group or Borrowers, whether under any rule of construction or otherwise.  On the contrary, this Guaranty has been reviewed by all parties and shall be construed and interpreted according to the ordinary meaning of the words used so as to accomplish fairly the purposes and intentions of Guarantor and Agent.  Any reference herein to the satisfaction, repayment, or payment in full of the Guarantied Obligations shall mean the repayment in full in cash or immediately available funds (or, (a) in the case of contingent reimbursement obligations with respect to Letters of Credit, providing Letter of Credit Collateralization, and (b) in the case of obligations with respect to Bank Products (other than Hedge Obligations), providing Bank Product Collateralization) of all of the Guarantied Obligations (including the payment of any termination amount then applicable (or which would or could become applicable as a result of the repayment of the other Guarantied Obligations) under Hedge Agreements provided by Hedge Providers) other than (i) unasserted contingent indemnification Guarantied Obligations, (ii) any Bank Product Obligations (other than Hedge Obligations) that, at such time, are allowed by the applicable Bank Product Provider to remain outstanding without being required to be repaid or cash collateralized, and (iii) any Hedge Obligations that, at such time, are allowed by the applicable Hedge Provider to remain outstanding without being required to be repaid. Any reference herein to any Person shall be construed to include such Person’s successors and assigns.  Any requirement of a writing contained herein shall be satisfied by the transmission of a Record and any Record transmitted shall constitute a representation and warranty as to the accuracy and completeness of the information contained therein.  The captions and headings are for convenience of reference only and shall not affect the construction of this Guaranty.

 

2.                                      Guarantied Obligations.  Guarantor hereby irrevocably and unconditionally guaranties to Agent, for the benefit of the Lender Group and the Bank Product Providers, as and for its own debt, until the final payment in full thereof (other than with respect to indemnities and other contingent Obligations not yet due and payable), in cash, has been made, (a) the due and punctual payment of the Guarantied Obligations, 

 

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when and as the same shall become due and payable, whether at maturity, pursuant to a mandatory prepayment requirement, by acceleration, or otherwise; it being the intent of Guarantor that the guaranty set forth herein shall be a guaranty of payment and not a guaranty of collection; and (b) the punctual and faithful performance, keeping, observance, and fulfillment by Borrowers of all of the agreements, conditions, covenants, and obligations of Borrowers contained in the Credit Agreement and under each of the other Loan Documents.

 

3.                                      Continuing Guaranty.  This Guaranty includes Guarantied Obligations arising under successive transactions continuing, compromising, extending, increasing, modifying, releasing, or renewing the Guarantied Obligations, changing the interest rate, payment terms, or other terms and conditions thereof, or creating new or additional Guarantied Obligations after prior Guarantied Obligations have been satisfied in whole or in part.  To the maximum extent permitted by law, Guarantor hereby waives any right to revoke this Guaranty as to future Guarantied Obligations.  If such a revocation is effective notwithstanding the foregoing waiver, Guarantor acknowledges and agrees that (a) no such revocation shall be effective until written notice thereof has been received by Agent, (b) no such revocation shall apply to any Guarantied Obligations in existence on the date of receipt by Agent of such written notice (including any subsequent continuation, extension, or renewal thereof, or change in the interest rate, payment terms, or other terms and conditions thereof), (c) no such revocation shall apply to any Guarantied Obligations made or created after such date to the extent made or created pursuant to a legally binding commitment of the Lender Group in existence on the date of such revocation, (d) no payment by Guarantor, any Borrower, or from any other source, prior to the date of Agent’s receipt of written notice of such revocation shall reduce the maximum obligation of Guarantor hereunder, and (e) any payment by any Borrower or from any source other than Guarantor subsequent to the date of such revocation shall first be applied to that portion of the Guarantied Obligations as to which the revocation is effective and which are not, therefore, guarantied hereunder, and to the extent so applied shall not reduce the maximum obligation of Guarantor hereunder.

 

4.                                      Performance Under this Guaranty.  In the event that Borrowers fail to make any payment of any Guarantied Obligations, on or prior to the due date thereof, or if Borrowers shall fail to perform, keep, observe, or fulfill any other obligation referred to in clause (b) of Section 2 of this Guaranty in the manner provided in the Credit Agreement or any other Loan Document, Guarantor immediately shall cause, as applicable, such payment in respect of the Guarantied Obligations to be made or such obligation to be performed, kept, observed, or fulfilled.

 

5.                                      Primary Obligations.  This Guaranty is a primary and original obligation of Guarantor, is not merely the creation of a surety relationship, and is an absolute, unconditional, and continuing guaranty of payment and performance which shall remain in full force and effect without respect to future changes in conditions.  Guarantor hereby agrees that it is directly, jointly and severally with any other guarantor of the Guarantied Obligations, liable to Agent, for the benefit of the Lender Group and the Bank Product Providers, that the obligations of Guarantor hereunder are independent of the obligations of Borrowers or any other guarantor, and that a separate action may be brought against Guarantor, whether such action is brought against any Borrower or any other guarantor or whether any Borrower or any other guarantor is joined in such action.  Guarantor hereby agrees that its liability hereunder shall be immediate and shall not be contingent upon the exercise or enforcement by any member of the Lender Group or any Bank Product Provider of whatever remedies they may have against any Borrower or any other guarantor, or the enforcement of any lien or realization upon any security by any member of the Lender Group or any Bank Product Provider.  Guarantor hereby agrees that any release which may be given by Agent to any Borrower or any other guarantor, or with respect to any property or asset subject to a Lien, shall not release Guarantor.  Guarantor consents and agrees that no member of the Lender Group nor any Bank Product Provider shall be under any obligation to marshal any property or assets of any Borrower or any other guarantor in favor of Guarantor, or against or in payment of any or all of the Guarantied Obligations.

 

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6.                                      Waivers.

 

(a)                                 To the fullest extent permitted by Applicable Law, Guarantor hereby waives: (i) notice of acceptance hereof; (ii) notice of any loans or other financial accommodations made or extended under the Credit Agreement, or the creation or existence of any Guarantied Obligations; (iii) notice of the amount of the Guarantied Obligations, subject, however, to Guarantor’s right to make inquiry of Agent to ascertain the amount of the Guarantied Obligations at any reasonable time; (iv) notice of any adverse change in the financial condition of Borrowers or of any other fact that might increase Guarantor’s risk hereunder; (v) notice of presentment for payment, demand, protest, and notice thereof as to any instrument among the Loan Documents; (vi) notice of any Default or Event of Default under any of the Loan Documents; and (vii) all other notices (except if such notice is specifically required to be given to Guarantor under this Guaranty or any other Loan Documents to which Guarantor is a party) and demands to which Guarantor might otherwise be entitled.

 

(b)                                 To the fullest extent permitted by Applicable Law, Guarantor hereby waives the right by statute or otherwise to require any member of the Lender Group or any Bank Product Provider, to institute suit against any Borrower or any other guarantor or to exhaust any rights and remedies which any member of the Lender Group or any Bank Product Provider, has or may have against any Borrower or any other guarantor.  In this regard, Guarantor agrees that it is bound to the payment of each and all Guarantied Obligations, whether now existing or hereafter arising, as fully as if the Guarantied Obligations were directly owing to Agent, the Lender Group, or the Bank Product Providers, as applicable, by Guarantor.  Guarantor further waives any defense arising by reason of any disability or other defense (other than the defense that the Guarantied Obligations shall have been fully and finally performed and indefeasibly paid in full in cash, to the extent of any such payment) of any Borrower or by reason of the cessation from any cause whatsoever of the liability of any Borrower in respect thereof.

 

(c)                                  To the fullest extent permitted by Applicable Law, Guarantor hereby waives: (i) any right to assert against any member of the Lender Group or any Bank Product Provider, any defense (legal or equitable), set-off, counterclaim, or claim which Guarantor may now or at any time hereafter have against any Borrower or any other party liable to any member of the Lender Group or any Bank Product Provider; (ii) any defense, set-off, counterclaim, or claim, of any kind or nature, arising directly or indirectly from the present or future lack of perfection, sufficiency, validity, or enforceability of the Guarantied Obligations or any security therefor; (iii) any right or defense arising by reason of any claim or defense based upon an election of remedies by any member of the Lender Group or any Bank Product Provider including any defense based upon an impairment or elimination of Guarantor’s rights of subrogation, reimbursement, contribution, or indemnity of Guarantor against Borrowers or other guarantors or sureties; (iv) the benefit of any statute of limitations affecting Guarantor’s liability hereunder or the enforcement thereof, and any act which shall defer or delay the operation of any statute of limitations applicable to the Guarantied Obligations shall similarly operate to defer or delay the operation of such statute of limitations applicable to Guarantor’s liability hereunder.

 

(d)                                 Until the Guarantied Obligations have been paid in full in cash (other than with respect to indemnities and other contingent Obligations not yet due and payable), (i) Guarantor hereby postpones and agrees not to exercise any right of subrogation Guarantor has or may have as against Borrowers with respect to the Guarantied Obligations; (ii) Guarantor hereby postpones and agrees not to exercise any right to proceed against any Borrower or any other Person now or hereafter liable on account of the Obligations for contribution, indemnity, reimbursement, or any other similar rights (irrespective of whether direct or indirect, liquidated or contingent); and (iii) Guarantor hereby postpones and agrees not to exercise any right it may have to proceed or to seek recourse against or with respect to any property or asset of any Borrower or any other Person now or hereafter liable on account of the Obligations.  Notwithstanding anything to the contrary contained in this Guaranty, Guarantor shall not exercise any rights of subrogation, contribution, indemnity, reimbursement or other similar rights against, and shall not proceed or seek recourse against or with respect to any property or asset of, any Borrower or any other guarantor (including after payment in full of the Guaranteed Obligations) if all or any portion of the Obligations have been satisfied in connection with an 

 

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exercise of remedies in respect of the Stock of any Borrower or such other guarantor whether pursuant to the Security Agreement or otherwise.

 

(e)                                  If any of the Guarantied Obligations or the obligations of Guarantor under this Guaranty at any time are secured by a mortgage or deed of trust upon real property, any member of the Lender Group or any Bank Product Provider may elect, in its sole discretion, upon a default with respect to the Guarantied Obligations or the obligations of Guarantor under this Guaranty, to foreclose such mortgage or deed of trust judicially or nonjudicially in any manner permitted by law, before or after enforcing this Guaranty, without diminishing or affecting the liability of Guarantor hereunder.  Guarantor understands that (a) by virtue of the operation of antideficiency law applicable to nonjudicial foreclosures, an election by any member of the Lender Group or any Bank Product Provider to nonjudicially foreclose on such a mortgage or deed of trust probably would have the effect of impairing or destroying rights of subrogation, reimbursement, contribution, or indemnity of Guarantor against Borrowers or other guarantors or sureties, and (b) absent the waiver given by Guarantor herein, such an election would estop any member of the Lender Group and the Bank Product Providers from enforcing this Guaranty against Guarantor.  Understanding the foregoing, and understanding that Guarantor is hereby relinquishing a defense to the enforceability of this Guaranty, Guarantor hereby waives any right to assert against any member of the Lender Group or any Bank Product Provider any defense to the enforcement of this Guaranty, whether denominated “estoppel” or otherwise, based on or arising from an election by any member of the Lender Group or any Bank Product Provider to nonjudicially foreclose on any such mortgage or deed of trust or as a result of any other exercise of remedies, whether under a mortgage or deed of trust or under any personal property security agreement.  Guarantor understands that the effect of the foregoing waiver may be that Guarantor may have liability hereunder for amounts with respect to which Guarantor may be left without rights of subrogation, reimbursement, contribution, or indemnity against Borrowers or other guarantors or sureties.

 

(f)                                   Without limiting the generality of any other waiver or other provision set forth in this Guaranty, Guarantor waives all rights and defenses that Guarantor may have if all or part of the Guarantied Obligations are secured by real property.  This means, among other things:

 

(i)                                     Any member of the Lender Group or any Bank Product Provider may collect from Guarantor without first foreclosing on any real or personal property collateral that may be pledged by Guarantor, any Borrower, or any other guarantor.

 

(ii)                                  If any member of the Lender Group or any Bank Product Provider forecloses on any real property collateral that may be pledged by Guarantor, any Borrower or any other guarantor:

 

(1)                                 The amount of the Guarantied Obligations or any obligations of any guarantor in respect thereof may be reduced only by the price for which that collateral is sold at the foreclosure sale, even if the collateral is worth more than the sale price.

 

(2)                                 Agent may collect from Guarantor even if any member of the Lender Group or any Bank Product Provider, by foreclosing on the real property collateral, has destroyed any right Guarantor may have to collect from any Borrower or any other Guarantor.

 

This is an unconditional and irrevocable waiver of any rights and defenses Guarantor may have if all or part of the Guarantied Obligations are secured by real property.

 

(g)                                  WITHOUT LIMITING THE GENERALITY OF ANY OTHER WAIVER OR OTHER PROVISION SET FORTH IN THIS GUARANTY, GUARANTOR WAIVES ALL RIGHTS AND DEFENSES ARISING OUT OF AN ELECTION OF REMEDIES BY ANY MEMBER OF THE LENDER GROUP OR ANY BANK PRODUCT PROVIDER, EVEN THOUGH SUCH ELECTION OF REMEDIES, SUCH AS A NONJUDICIAL FORECLOSURE WITH RESPECT TO SECURITY FOR THE 

 

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GUARANTIED OBLIGATIONS, HAS DESTROYED GUARANTOR’S RIGHTS OF SUBROGATION AND REIMBURSEMENT AGAINST ANY BORROWER BY THE OPERATION OF APPLICABLE LAW.

 

(h)                                 Without limiting the generality of any other waiver or other provision set forth in this Guaranty, Guarantor hereby also agrees to the following waivers:

 

(i)                                     Agent’s right to enforce this Guaranty is absolute and is not contingent upon the genuineness, validity or enforceability of the Guarantied Obligations or any of the Loan Documents.  Guarantor agrees that Agent’s rights under this Guaranty shall be enforceable even if Borrowers had no liability at the time of execution of the Loan Documents or the Guarantied Obligations are unenforceable in whole or in part, or any Borrower ceases to be liable with respect to all or any portion of the Guarantied Obligations.

 

(ii)                                  Guarantor agrees that Agent’s rights under the Loan Documents will remain enforceable even if the amount guaranteed hereunder is larger in amount and more burdensome than that for which Borrowers are responsible.  The enforceability of this Guaranty against Guarantor shall continue until all sums due under the Loan Documents have been paid in full and shall not be limited or affected in any way by any impairment or any diminution or loss of value of any security or collateral for Borrowers’ obligations under the Loan Documents, from whatever cause, the failure of any security interest in any such security or collateral or any disability or other defense of any Borrower, any other guarantor of any Borrower’s obligations under any other Loan Document, any pledgor of collateral for any person’s obligations to Agent or any other person in connection with the Loan Documents.

 

(iii)                               Guarantor waives the right to require Agent to (A) proceed against any Borrower, any guarantor of any Borrower’s obligations under any Loan Document, any other pledgor of collateral for any person’s obligations to Agent or any other person in connection with the Guarantied Obligations, (B) proceed against or exhaust any other security or collateral Agent may hold, or (C) pursue any other right or remedy for Guarantor’s benefit, and agrees that Agent may exercise its right under this Guaranty without taking any action against any Borrower, any other guarantor of any Borrower’s obligations under the Loan Documents, any pledgor of collateral for any person’s obligations to Agent or any other person in connection with the Guarantied Obligations, and without proceeding against or exhausting any security or collateral Agent holds.

 

7.                                      Releases.  Guarantor consents and agrees that, without notice to or by Guarantor and without affecting or impairing the obligations of Guarantor hereunder, any member of the Lender Group or any Bank Product Provider may, by action or inaction, compromise or settle, shorten or extend the Maturity Date or any other period of duration or the time for the payment of the Obligations, or discharge the performance of the Obligations, or may refuse to enforce the Obligations, or otherwise elect not to enforce the Obligations, or may, by action or inaction, release all or any one or more parties to, any one or more of the terms and provisions of the Credit Agreement or any of the other Loan Documents or may grant other indulgences to any Borrower or any other guarantor in respect thereof, or may amend or modify in any manner and at any time (or from time to time) any one or more of the Obligations, the Credit Agreement or any other Loan Document (including any increase or decrease in the principal amount of any Obligations or the interest, fees or other amounts that may accrue from time to time in respect thereof), or may, by action or inaction, release or substitute any Borrower or any guarantor, if any, of the Guarantied Obligations, or may enforce, exchange, release, or waive, by action or inaction, any security for the Guarantied Obligations or any other guaranty of the Guarantied Obligations, or any portion thereof.

 

8.                                      No Election.  The Lender Group and the Bank Product Providers shall have the right to seek recourse against Guarantor to the fullest extent provided for herein and no election by any member of the Lender Group or any Bank Product Provider to proceed in one form of action or proceeding, or against any party, or on any obligation, shall constitute a waiver of the Lender Group’s or any Bank Product Provider’s right to proceed in any other form of action or proceeding or against other parties unless Agent, on behalf of 

 

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the Lender Group or the Bank Product Providers, has expressly waived such right in writing.  Specifically, but without limiting the generality of the foregoing, no action or proceeding by the Lender Group or the Bank Product Providers under any document or instrument evidencing the Guarantied Obligations shall serve to diminish the liability of Guarantor under this Guaranty except to the extent that the Lender Group and the Bank Product Providers finally and unconditionally shall have realized indefeasible payment in full of the Guarantied Obligations by such action or proceeding.

 

9.                                      Revival and Reinstatement.  If the incurrence or payment of the Guarantied Obligations or the obligations of Guarantor under this Guaranty by Guarantor or the transfer by Guarantor to Agent of any property of Guarantor should for any reason subsequently be declared to be void or voidable under any state or federal law relating to creditors’ rights, including provisions of the Bankruptcy Code relating to fraudulent conveyances, preferences, or other voidable or recoverable payments of money or transfers of property (collectively, a “Voidable Transfer”), and if the Lender Group is required to repay or restore, in whole or in part, any such Voidable Transfer, or elects to do so upon the reasonable advice of its counsel, then, as to any such Voidable Transfer, or the amount thereof that the Lender Group is required or elects to repay or restore, and as to all reasonable costs, expenses, and attorneys fees of the Lender Group related thereto, the liability of Guarantor automatically shall be revived, reinstated, and restored and shall exist as though such Voidable Transfer had never been made.

 

10.                               Financial Condition of Borrowers.  Guarantor represents and warrants to the Lender Group and the Bank Product Providers that it is currently informed of the financial condition of Borrowers and of all other circumstances which a diligent inquiry would reveal and which bear upon the risk of nonpayment of the Guarantied Obligations.  Guarantor further represents and warrants to the Lender Group and the Bank Product Providers that it has read and understands the terms and conditions of the Credit Agreement and each other Loan Document.  Guarantor hereby covenants that it will continue to keep itself informed of Borrowers’ financial condition, the financial condition of other guarantors, if any, and of all other circumstances which bear upon the risk of nonpayment or nonperformance of the Guarantied Obligations.

 

11.                               Payments; Application.  All payments to be made hereunder by Guarantor shall be made in Dollars, in immediately available funds, and without deduction (whether for taxes or otherwise) or offset and shall be applied to the Guarantied Obligations in accordance with the terms of the Credit Agreement.

 

12.                               Attorneys’ Fees and Costs.  Guarantor agrees to pay, on demand, all attorneys fees and all other costs and expenses which may be incurred by Agent or the Lender Group in connection with the enforcement of this Guaranty or in any way arising out of, or consequential to, the protection, assertion, or enforcement of the Guarantied Obligations (or any security therefor), irrespective of whether suit is brought.

 

13.                               Notices.  All notices and other communications hereunder to Agent shall be in writing and shall be mailed, sent, or delivered in accordance Section 11 of the Credit Agreement.  All notices and other communications hereunder to Guarantor shall be in writing and shall be mailed, sent, or delivered in care of Borrowers in accordance with Section 11 of the Credit Agreement.

 

14.                               Cumulative Remedies.  No remedy under this Guaranty, under the Credit Agreement, or any other Loan Document is intended to be exclusive of any other remedy, but each and every remedy shall be cumulative and in addition to any and every other remedy given under this Guaranty, under the Credit Agreement, or any other Loan Document, and those provided by law.  No delay or omission by the Lender Group or Agent on behalf thereof to exercise any right under this Guaranty shall impair any such right nor be construed to be a waiver thereof.  No failure on the part of the Lender Group or Agent on behalf thereof to exercise, and no delay in exercising, any right under this Guaranty shall operate as a waiver thereof; nor shall any single or partial exercise of any right under this Guaranty preclude any other or further exercise thereof or the exercise of any other right.

 

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15.                               Severability of Provisions.  Each provision of this Guaranty shall be severable from every other provision of this Guaranty for the purpose of determining the legal enforceability of any specific provision.

 

16.                               Entire Agreement; Amendments.  This Guaranty constitutes the entire agreement between Guarantor and the Lender Group pertaining to the subject matter contained herein.  This Guaranty may not be altered, amended, or modified, nor may any provision hereof be waived or noncompliance therewith consented to, except by means of a writing executed by Guarantor and Agent, on behalf of the Lender Group.  Any such alteration, amendment, modification, waiver, or consent shall be effective only to the extent specified therein and for the specific purpose for which given.  No course of dealing and no delay or waiver of any right or default under this Guaranty shall be deemed a waiver of any other, similar or dissimilar, right or default or otherwise prejudice the rights and remedies hereunder.

 

17.                               Successors and Assigns.  This Guaranty shall be binding upon Guarantor and its successors and assigns and shall inure to the benefit of the successors and assigns of the Lender Group and the Bank Product Providers; provided, however, Guarantor shall not assign this Guaranty or delegate any of its duties hereunder without Agent’s prior written consent and any unconsented to assignment shall be absolutely null and void.  In the event of any assignment, participation, or other transfer of rights by the Lender Group or the Bank Product Providers, the rights and benefits herein conferred upon the Lender Group and the Bank Product Providers shall automatically extend to and be vested in such assignee or other transferee.

 

18.                               No Third Party Beneficiary.  This Guaranty is solely for the benefit of each member of the Lender Group, each Bank Product Provider, and each of their successors and assigns and may not be relied on by any other Person.

 

19.                               CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER.

 

THE VALIDITY OF THIS GUARANTY, THE CONSTRUCTION, INTERPRETATION, AND ENFORCEMENT HEREOF, AND THE RIGHTS OF THE PARTIES HERETO WITH RESPECT TO ALL MATTERS ARISING HEREUNDER OR RELATED HERETO SHALL BE DETERMINED UNDER, GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

THE PARTIES AGREE THAT ALL ACTIONS OR PROCEEDINGS ARISING IN CONNECTION WITH THIS GUARANTY SHALL BE TRIED AND LITIGATED ONLY IN THE STATE AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, FEDERAL COURTS LOCATED IN THE COUNTY OF NEW YORK, STATE OF NEW YORK, PROVIDED, HOWEVER, THAT ANY SUIT SEEKING ENFORCEMENT AGAINST ANY COLLATERAL OR OTHER PROPERTY MAY BE BROUGHT, AT AGENT’S OPTION, IN THE COURTS OF ANY JURISDICTION WHERE AGENT ELECTS TO BRING SUCH ACTION OR WHERE SUCH COLLATERAL OR OTHER PROPERTY MAY BE FOUND.  GUARANTOR AND EACH MEMBER OF THE LENDER GROUP WAIVE, TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, ANY RIGHT EACH MAY HAVE TO ASSERT THE DOCTRINE OF FORUM NON CONVENIENS OR TO OBJECT TO VENUE TO THE EXTENT ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS SECTION 19.

 

GUARANTOR AND EACH MEMBER OF THE LENDER GROUP HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS GUARANTY OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS.  GUARANTOR AND EACH MEMBER OF THE LENDER GROUP REPRESENT THAT EACH HAS REVIEWED THIS WAIVER AND EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL 

 

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RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.  IN THE EVENT OF LITIGATION, A COPY OF THIS SECTION MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

 

20.                               Counterparts; Telefacsimile Execution.  This Guaranty may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same Guaranty.  Delivery of an executed counterpart of this Guaranty by telefacsimile shall be equally as effective as delivery of an original executed counterpart of this Guaranty.  Any party delivering an executed counterpart of this Guaranty by telefacsimile also shall deliver an original executed counterpart of this Guaranty but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Guaranty.

 

21.                               Agreement to be Bound.  Guarantor hereby agrees to be bound by each and all of the terms and provisions of the Credit Agreement applicable to Guarantor.  Without limiting the generality of the foregoing, by its execution and delivery of this Guaranty, Guarantor hereby:  (a) makes to the Lender Group each of the representations and warranties set forth in the Credit Agreement applicable to Guarantor fully as though Guarantor were a party thereto, and such representations and warranties are incorporated herein by this reference, mutatis mutandis; and (b) agrees and covenants (i) to do each of the things set forth in the Credit Agreement that Borrowers agree and covenant to cause a Subsidiary and/or a Loan Party to do, and (ii) to not do each of the things set forth in the Credit Agreement that Borrowers agree and covenant to cause a Subsidiary and/or a Loan Party not to do, in each case, fully as though Guarantor was a party thereto, and such agreements and covenants are incorporated herein by this reference, mutatis mutandis.

 

[Signature page to follow]

 

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IN WITNESS WHEREOF, the undersigned has executed and delivered this Guaranty as of the date first written above.

 

 

	
 
    	
BOISE   CASCADE HOLDINGS, L.L.C.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Kelly Hibbs
    
	
 
    	
Name:
    	
Kelly   Hibbs
    
	
 
    	
Title:
    	
Vice   President and Controller
    

 

[SIGNATURE PAGE TO GUARANTY]Exhibit 10.1

 

EXECUTION COPY

 

SEPARATION AGREEMENT

 

This Separation Agreement (“Separation Agreement”) is entered into by and between Walker & Dunlop, Inc. (the “Company”) and Deborah A. Wilson (“Executive”) as of December 17, 2012 (the “Effective Date”).

 

RECITALS

 

WHEREAS, Executive and the Company are parties to an Employment Agreement dated October 17, 2010, pursuant to which Executive serves as Executive Vice President, Chief Financial Officer and Treasurer of the Company (the “Employment Agreement”);

 

WHEREAS, Executive has decided to resign from the Company effective March 31, 2013 for personal reasons;

 

WHEREAS, the Company has decided to accept Executive’s resignation on the terms and conditions set forth herein; and

 

WHEREAS, the Company has agreed to provide certain benefits to Executive in recognition of Executive’s service on behalf of the Company and in exchange for the Release (as defined in Section 4 below).

 

NOW, THEREFORE, in consideration of the foregoing, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and Executive agree as follows.

 

1.     Separation Date. The Company will continue to employ Executive, and Executive will continue to serve as Executive Vice President, Chief Financial Officer and Treasurer of the Company through March 31, 2013 (the “Separation Date”).  Executive’s resignation shall be effective on the Separation Date. Executive hereby resigns from all boards and committees of the Company, its subsidiaries and affiliates, effective on the Separation Date.  Except as provided in this Separation Agreement, Executive will not be entitled to any other compensation, remuneration, deferred bonus, equity participation, benefits or other payments from the Company; provided, however, that nothing in this Separation Agreement shall affect any rights Executive may have under any retirement plan.

 

2.     Salary and Benefits Payable Through Separation Date. Executive will continue to receive the compensation and benefits described in Section 4 of the Employment Agreement through the Separation Date. Specifically, through the Separation Date, the Company shall:

 

(i)            continue to pay Executive’s Base Salary (as defined in the Employment Agreement) on the Company’s scheduled payroll dates;

 

(ii)           pay Executive a 2012 bonus in the amount of Three Hundred Thousand dollars ($300,000) on the date on which other senior executives in the

 

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Company receive payment of their 2012 bonuses, which bonus shall be in lieu of any cash bonus to which the Executive would otherwise be entitled for her performance in 2012, including without limitation, under the Company’s 2012 Annual Incentive Bonus Plan adopted by the Company’s Compensation Committee on March 30, 2012;

 

(iii)          reimburse Executive for reasonable business expense she incurs prior to the Separation Date in connection with, or related to, the performance of her duties, responsibilities or services under the Employment Agreement in accordance with Company policy;

 

(iv)          continue to provide life, health and disability insurance benefits and other similar benefit programs to Executive consistent with the terms of the Company’s benefit plans for 2012 and the relevant portion of 2013, as applicable; and

 

(v)           pay any vested but unpaid rights as required under the Employment Agreement or by the terms of any bonus or other incentive pay or equity plan, or any other employee benefit plan or program of the Company.

 

3.     Severance Payment. In exchange for Executive’s execution, non-revocation of, and compliance with this Separation Agreement, including the Release described in Section 4 below, the Company agrees to provide the following severance payments (the “Severance Payments”), to which Executive would not otherwise be entitled:

 

(i)            continued payment of Executive’s Base Salary, at the rate in effect on the Separation Date (but in no event in an annual amount less than Three Hundred Thousand Dollars ($300,000) as set forth in Section 4(a) of the Employment Agreement) for a period of twelve (12) months after the Separation Date. Such amount shall be paid in approximately equal installments on the Company’s regularly scheduled payroll dates beginning on the first payroll date following the Release Date (as defined in Section 4 below). The first installment payment shall include all amounts that would otherwise have been paid to Executive during the period beginning on the Separation Date and ending on the first payment date. Notwithstanding anything to the contrary in this Section 3(i), the final installment payment of Base Salary (for the month of March 2014) will be paid to Executive no later than March 15, 2014;

 

(ii)           continued payment by the Company for Executive’s life and health insurance coverage for twelve (12) months after the Separation Date (the “Continuation Period”) to the same extent that the Company paid for such coverage immediately prior to the Separation Date and subject to the eligibility requirements and other terms and conditions of such insurance coverage; provided, however, that if continued payment by the Company of Executive’s health insurance coverage would result in a violation of the nondiscrimination rules of Section 105(h)(2) of the Internal Revenue Code

 

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of 1986, as amended, or any statute or regulation of similar effect (including, without limitation, the 2010 Patient Protection and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation Act), then in lieu of providing such continued payment, the Company will instead pay Executive on the first day of each month a fully taxable cash payment equal to the Company’s premiums for that month (the “Monthly Premium”) and a corresponding Tax Indemnity Payment (defined below), subject to applicable tax withholdings, for the remainder of the Continuation Period;

 

(iii)          a lump sum payment of Six Hundred Twenty-five Thousand dollars, ($625,000), within ten (10) days after the Release Date, as a one time severance payment;

 

(iv)          payment to Executive for any accrued but unused paid time off (“PTO”), subject to a cap of eighty (80) hours; and

 

(v)           vesting as of the Separation Date in any unvested portion of any option and restricted stock previously granted to Executive by the Company.  The Company will amend Executive’s existing stock option agreements to provide that Executive’s stock options may be exercised through December 31, 2013.

 

For purposes of Section 3(ii), the “Tax Indemnity Payment” shall equal the aggregate amount of additional payments necessary to deliver to Executive the Monthly Premium amount in full on a net after-tax basis with the amount of each such Tax Indemnity Payment to be based upon the Tax Rate in effect when the corresponding Monthly Premium amount is paid. For purposes of the foregoing, “Tax Rate” means Executive’s current tax rate based upon the combined federal and state and local income, earnings, Medicare and any other tax rates applicable to Executive, all at the highest marginal rates of taxation in the county and state of Executive’s residence on the date of determination, net of the reduction in federal income taxes that could be obtained by deduction of such state and local taxes.

 

4.     Release. None of the Severance Payments will be payable unless (a) Executive has signed and delivered (and thereafter does not revoke) the Waiver and Release Agreement (in the form attached hereto as Exhibit A) (the “Release”), which Release shall become effective and be legally binding and irrevocable in accordance with its terms, by no later than twenty-one (21) days after the Effective Date; (b) Executive has signed and delivered (and thereafter does not revoke) a second Release, which Release shall become effective and be legally binding and irrevocable in accordance with its terms, by no later than twenty-one (21) days after the Separation Date (the date on which the second Release is effective, legally binding and irrevocable shall be the “Release Date”); and (c) Executive remains employed by the Company through the Separation Date as provided in the Employment Agreement; provided, however, that at the option of the Company, the Company may place Executive on paid leave through the Separation Date, provided such leave period cannot commence prior to January 2, 2013.

 

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5.     Conditions to Receipt of Severance Payments. Notwithstanding anything to the contrary in this Separation Agreement, this Separation Agreement will be null and void and Executive will not be entitled to receive any of the Severance Payments unless prior to the Separation Date: (i) the Company receives an unqualified audit opinion for 2012 from KPMG LLP; (ii) the Company timely files its Form 10-K for the year ended December 31, 2012; and (iii) Executive continues to represent the Company with respect to Fannie Mae DUS capital requirements through the Separation Date.

 

6.     Withholding.  All payments to be made to Executive under this Separation agreement, or otherwise by the Company, shall be subject to withholding to satisfy required withholding taxes and other required deductions.

 

7.     Return of Property. On or before the Separation Date, Executive will return to the Company any and all property of the Company, including any credit cards, expense reports and receipts, cellular telephones, blackberries, computers, computer discs, computer programs, keys, files, and any documents, hard or electronic copy, prepared for or by, or received by, the Company that Executive has in her possession or control. The Company will not make any Severance Payments due Executive after the Separation Date unless and until Executive has returned all such property to the Company.  Executive shall retain her current iPhone and the phone number associated with the device, which shall be transferred to Executive on or about the Separation Date.  The Company will provide Executive with an electronic copy of Executive’s Outlook Contacts on or about the Separation Date.

 

8.     Non-disparagement.  Executive and the Company, on behalf of its managers and supervisors, mutually agree that Executive and the Company will not communicate to anyone any adverse, disparaging or derogatory statements or information concerning Executive, the Company, or any current or former director, officer, or employee of the Company.  Nothing in this Separation Agreement shall restrict Executive or the Company from making truthful disclosures as required by law.

 

9.     Agreement’s Terms. This Separation Agreement and the obligations of the parties hereunder in no way constitute an admission, agreement, consent, statement, acquiescence, or declaration on the part of either party as to any wrongdoing, breach of contract, or violation of any law in connection with the past employment relationship between the parties.

 

10.       Enforcement and Attorney’s Fees/Costs. Executive agrees that, in any action related to Executive’s employment or the enforcement of this Separation Agreement, the prevailing party will be entitled to payment of its reasonable attorney’s fees and costs by the other party. Nothing in this Section 10 will affect the ability of either party to enforce rights or entitlements specifically provided for under this Separation Agreement, nor will it affect any rights with respect to any future claims arising out of events that may occur after the execution of this Separation Agreement.

 

11.       Effect on Employment Agreement.  The Employment Agreement (including, without limitation Section 7 — Confidentiality, and Section 8 — Noncompetition) shall remain in full force and effect in accordance with its terms; provided, however, that the provisions of

 

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Section 6(c) regarding termination of Executive by the Company without Cause or by Executive with Good Reason (each as defined in the Employment Agreement) are hereby cancelled, rendered null and void, and of no further effect as of the Effective Date.  In the event of termination of Executive by the Company without Cause or by Executive with Good Reason between the Effective Date and the Separation Date, Executive will receive the Severance Payments set forth in Section 3 of this Separation Agreement, provided that Executive provides the Company with the Release.

 

12.  Successors. This Separation Agreement shall be binding upon and inure to the benefit of any successor or assigns of the parties hereto.

 

13.  Governing Law and Venue. This Separation Agreement has been entered into, and will be interpreted and enforced in accordance with, the laws of the State of Maryland. Executive agrees that a federal or state court sitting in Maryland will be a proper venue for any action to enforce this Separation Agreement.

 

Executive hereby acknowledges that she has had the opportunity to discuss the content of this Separation Agreement with an attorney. Once signed, this Separation Agreement shall become effective and it shall constitute the parties’ complete and entire understanding on the subject of Executive’s termination. It may not be modified except by a new written agreement signed by both parties.

 

Executive’s signature below will confirm that Executive is entering into this Separation Agreement freely and with a full understanding of its terms, conditions, and effects, including the terms, conditions and effects of the Release. In addition, Executive’s signature below will confirm that Executive has not relied on any representation or statement not set forth in this Separation Agreement.

 

The obligations of the Company under this Separation Agreement are contingent upon Executive’s acceptance of its terms as signified by Executive’s signature below. Executive’s signature below further warrants that Executive has had reasonable time to consider the provisions of this Agreement. Should Executive choose not to accept this offer, however, Executive will not be provided with the Severance Payments.

 

[SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS WHEREOF, the undersigned have executed this Separation Agreement effective as of the Effective Date.

 

 

	
EXECUTIVE
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
/s/   Deborah A. Wilson
    	
 
    
	
Deborah   A. Wilson
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
WALKER &   DUNLOP, INC.
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
/s/   William M. Walker
    	
 
    
	
William   M. Walker
    	
 
    
	
Chairman,   President and CEO
    	
 
    

 

6

 

Exhibit A

 

WAIVER AND RELEASE AGREEMENT

 

THIS WAIVER AND RELEASE AGREEMENT (this “Release”) is entered into as of [December     , 2012] [March 31, 2013] (the “Effective Date”), by Deborah A. Wilson (“Executive”) in consideration of severance pay (the “Severance Payment”) provided (or to be provided) to Executive by Walker & Dunlop, Inc., a Maryland corporation (the “Company”), pursuant to the Separation Agreement by and between the Company and Executive dated December     , 2012 (the “Separation Agreement”).

 

1.             Waiver and Release. Subject to the last sentence of the first paragraph of this Section 1, Executive, on her own behalf and on behalf of her heirs, executors, administrators, attorneys and assigns, hereby unconditionally and irrevocably releases, waives and forever discharges the Company and each of its affiliates, parents, successors, predecessors, and the subsidiaries, directors, Directors, owners, members, shareholders, officers, agents, and employees of the Company and its affiliates, parents, successors, predecessors, and subsidiaries (collectively, all of the foregoing are referred to as the “Employer”), from any and all causes of action, claims and damages, including attorneys’ fees, whether known or unknown, foreseen or unforeseen, presently asserted or otherwise arising through the date of her signing of this Release, concerning her employment or separation from employment. Subject to the last sentence of the first paragraph of this Section 1, this Release includes, but is not limited to, any payments, benefits or damages arising under any federal law (including, but not limited to, Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the Employee Retirement Income Security Act of 1974, the Americans with Disabilities Act, Executive Order 11246, the Family and Medical Leave Act, and the Worker Adjustment and Retraining Notification Act, each as amended, and all other employment discrimination laws whatsoever as may be created or amended from time to time); any claim arising under any state or local laws, ordinances or regulations (including, but not limited to, any state or local laws, ordinances or regulations requiring that advance notice be given of certain workforce reductions); and any claim arising under any common law principle or public policy, including, but not limited to, all suits in tort or contract, such as wrongful termination, defamation, emotional distress, invasion of privacy or loss of consortium. Notwithstanding any other provision of this Release to the contrary, this Release does not encompass, and Executive does not release, waive or discharge, the obligations of the Company (a) to make the payments and provide the other benefits contemplated by the Separation Agreement, or (b) under any restricted stock agreement, option agreement or other agreement pertaining to Executive’s equity ownership, or (c) under any indemnification or similar agreement with Executive or indemnification under the Articles of Incorporation, Bylaws or other governing instruments of the Company .

 

Executive understands that by signing this Release, she is not waiving any claims or administrative charges which cannot be waived by law. She is waiving, however, any right to monetary recovery or individual relief should any federal, state or local agency (including the Equal Employment Opportunity Commission) pursue any claim on her behalf arising out of or related to her employment with and/or separation from employment with the Company.

 

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Executive further agrees without any reservation whatsoever, never to sue the Employer or become a party to a lawsuit on the basis of any and all claims of any type lawfully and validly released in this Release.

 

2.             Acknowledgments. Executive is signing this Release knowingly and voluntarily. She acknowledges that:

 

(a)           She is hereby advised in writing to consult an attorney before signing this Release;

 

(b)           She has relied solely on her own judgment and/or that of her attorney regarding the consideration for and the terms of this Release and is signing this Release knowingly and voluntarily of her own free will;

 

(c)           She is not entitled to the Severance Payment unless she agrees to and honors the terms of this Release;

 

(d)           She has been given at least twenty-one (21) calendar days to consider this Release, or she expressly waives her right to have at least twenty-one (21)  days to consider this Release;

 

(e)           She may revoke this Release within seven (7) calendar days after signing it by submitting a written notice of revocation to the Employer. She further understands that this Release is not effective or enforceable until after the seven (7) day period of revocation has expired without revocation, and that if she revokes this Release within the seven (7) day revocation period, she will not receive the Severance Payment;

 

(f)            She has read and understands the Release and further understands that, subject to the limitations contained herein, it includes a general release of any and all known and unknown, foreseen or unforeseen claims presently asserted or otherwise arising through the date of her signing of this Release that she may have against the Employer; and

 

(g)           No statements made or conduct by the Employer has in any way coerced or unduly influenced him to execute this Release.

 

3.             No Admission of Liability. This Release does not constitute an admission of liability or wrongdoing on the part of the Employer, the Employer does not admit there has been any wrongdoing whatsoever against Executive, and the Employer expressly denies that any wrongdoing has occurred.

 

4.             Entire Agreement. There are no other agreements of any nature between the Employer and Executive with respect to the matters discussed in this Release, except as

 

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expressly stated herein, and in signing this Release, Executive is not relying on any agreements or representations, except those expressly contained in this Release.

 

5.             Execution. It is not necessary that the Employer sign this Release following Executive’s full and complete execution of it for it to become fully effective and enforceable.

 

6.             Severability. If any provision of this Release is found, held or deemed by a court of competent jurisdiction to be void, unlawful or unenforceable under any applicable statute or controlling law, the remainder of this Release shall continue in full force and effect.

 

7.             Governing Law. This Release shall be governed by the laws of the State of Maryland, excluding the choice of law rules thereof.

 

8.             Headings. Section and subsection headings contained in this Release are inserted for the convenience of reference only. Section and subsection headings shall not be deemed to be a part of this Release for any purpose, and they shall not in any way define or affect the meaning, construction or scope of any of the provisions hereof.

 

IN WITNESS WHEREOF, the undersigned has duly executed this Release as of the day and year first herein above written.

 

	
 
    	
EXECUTIVE:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Deborah A. Wilson
    

 

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