Document:

exv10w2

Exhibit 10.2

CHANGE IN TERMS AGREEMENT

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	Principal

$10,000,000.00
	 	Loan Date

03-01-2011
	 	Maturity

03-01-2013
	 	Loan No

155354101
	 	Call / Coll

CLS 07 / 240
	 	Account

600714
	 	Officer

765
	 	Initials

References in the boxes above are for Lender’s use only and do not limit the applicability of this document to any particular loan or item.

Any item above containing “***” has been omitted due to text length limitations.

	 	 	 	 	 	 	 

	Borrower:

	 	BISCO INDUSTRIES, INC.
	 	Lender:
	 	COMMUNITY BANK
	 

	 	1500 NORTH LAKEVIEW AVENUE
	 	 	 	ANAHEIM BRANCH
	 

	 	ANAHEIM, CA 92807
	 	 	 	1750 S. STATE COLLEGE BLVD.
	 

	 	 	 	 	 	ANAHEIM, CA 92806
	 

	 	 	 	 	 	(800) 788-9999

			
	 	 	 
	Principal Amount: $10,000,000.00

DESCRIPTION OF EXISTING INDEBTEDNESS.
	 	Date of Agreement: March 1, 2011

A loan to Borrower evidenced by a Promissory Note dated November 15, 2000, as modified by Change
in Terms Agreements dated May 1, 2001; July 1, 2001; September 1, 2001; October 19, 2001; April
30, 2002; June 17, 2002; August 28, 2002; September 16, 2002; October 28, 2002; January 24, 2003;
March 27, 2003; June 1, 2003; October 1, 2003; December 1, 2003; February 1, 2004; May 1, 2004;
June 23, 2004; August 1, 2004; February 1, 2005; April 1, 2005; April 1, 2006; March 28, 2007;
June 1, 2007; July 13, 2007; March 27, 2008, May 15, 2008; March 3, 2009; March 23, 2010; April
16, 2010; October 1, 2010 and January 3, 2011 (“Note”).

DESCRIPTION OF COLLATERAL.

A security interest in personal property assets as described in two (2) Commercial Security
Agreements each dated March 23, 2010 and a security interest in personal property assets as
described in a Commercial Security Agreement dated August 1, 2004 (“Security Agreement”).

DESCRIPTION OF CHANGE IN TERMS.

MODIFICATION OF BUSINESS LOAN AGREEMENT. The Business Loan Agreement dated June 1, 2007 (“Loan
Agreement”) is hereby modified and amended as follows:

1) The covenant entitled “Effective Tangible Net Worth” is hereby deleted in its entirety and
replaced with the following:

Effective Tangible Net Worth. Maintain an Effective Tangible Net Worth of not less than
$5,210,000.00 to be measured at the end of fiscal quarter May 31, 2011 and $7,000,000.00 to be
measured at fiscal year end August 31, 2011. The term “Effective Tangible Net Worth” means
Borrower’s total assets, less intangibles [i.e., goodwill, trademarks, patents, copyrights,
organizational expenses, and similar intangible items, but including leaseholds and leasehold
improvements], less amounts due from officers, partners, stockholders, directors, affiliates, and
subsidiaries, less total liabilities, plus amounts subordinated to Lender, as evidenced by a
subordination agreement, if any.

2) The covenant entitled “Debt to Effective Tangible Net Worth” is hereby deleted in its entirety
and replaced with the following:

Debt to Effective Tangible Net Worth. Maintain a maximum Debt to Effective Tangible Net Worth
Ratio of 3.55 to 1.00 to be measured at the end of fiscal quarter May 31, 2011 and 2.50 to 1.00
to be measured at fiscal year end August 31, 2011. The term “Debt to Effective Tangible Net
Worth” means Borrower’s total liabilities, less amounts subordinated to Lender, as evidenced by a
subordination agreement, if any divided by Borrower’s Effective Tangible Net Worth. The term
“Effective Tangible Net Worth” means Borrower’s total assets, less intangibles [i.e. goodwill,
trademarks, patents, copyrights, organizational expenses, and similar intangible items, but
including leaseholds and leasehold improvements], less amounts due from officers, partners,
stockholders, directors, affiliates, and subsidiaries, less total liabilities, plus amounts
subordinated to Lender, as evidenced by a subordination agreement, if any.

3) The following Affirmative Covenants entitled “Debt to Effective Tangible Net Worth Ratio (EACO
Corporation)” and “Debt Service Coverage Ratio (EACO Corporation)” are hereby added:

Debt to Effective Tangible Net Worth Ratio (EACO Corporation). EACO Corporation shall maintain a
maximum Debt to Effective Tangible Net Worth Ratio of 3.25 to 1.00 on a consolidated basis to be
measured at the end of each fiscal quarter. The term “Debt to Effective Tangible Net Worth” means
Borrower’s total liabilities, less amounts subordinated to Lender, as evidenced by a
subordination agreement, if any divided by Borrower’s Effective Tangible Net Worth. The term
“Effective Tangible Net Worth” means Borrower’s total assets, less intangibles [i.e. goodwill,
trademarks, patents, copyrights, organizational expenses, and similar intangible items, but
including leaseholds and leasehold improvements], less amounts due from officers, partners,
stockholders, directors, affiliates, and subsidiaries, less total liabilities, plus amounts
subordinated to Lender, as evidenced by a subordination agreement, if any. The first measurement
will be as of May 31, 2011.

Debt Service Coverage Ratio (EACO Corporation). EACO Corporation shall maintain a Debt Service
Coverage Ratio of not less than 1.25 to 1.00 on a consolidated basis, to be measured at the end
of each fiscal year. Debt Service Coverage Ratio” is defined as net income plus depreciation
expense, amortization expense and any other non-cash expense less cash distributions, cash
withdrawals, cash dividends and any non-cash income all divided by the sum of current maturities
of long-term debt and current maturities of capital lease obligations, which sum shall not be
less than $1. The first measurement will be as of May 31, 2011.

4) The paragraph entitled “Additional Provision” is hereby deleted in its entirety and replaced
with the following:

Additional Provision. Bisco Industries, Inc. has advanced funds to EACO Corporation for which it
expects repayment in the future, Bisco Industries, Inc. will require EACO Corporation to pay down
advances from any proceeds received from the sale of real estate in Florida. Bisco Industries,
Inc. agrees to pay the term loan first and the line of credit second at Community Bank from any
proceeds received from EACO Corporation from the sale of the real estate in Florida.

5) The following Negative Covenant is hereby deleted in its entirety:

Except for non-recurring accounting and legal fees associated with the completion of Borrower’s
merger with EACO Corporation (“EACO”), Borrower will not transfer any funds to EACO exceeding
$60,000 in the aggregate in a single calendar month without Lender’s prior written approval.
Moreover, the non-recurring merger costs must be paid from the sale of Borrower’s securities and
not from Borrower line #155354101 and shall not exceed $250,000 in the aggregate.

6) The following Negative Covenant is hereby added:

 

 

					
	 

Loan No: 155354101
	 	CHANGE IN TERMS AGREEMENT

(Continued)
	 	
Page 2

Additional Negative Covenant. Borrower will not transfer any funds to EACO exceeding $60,000 in the
aggregate in a single calendar month without Lender’s prior written approval.

MODIFICATION OF NOTE. The Note is hereby modified and amended as follows:

1) The maturity date of the Note is hereby extended from March 1, 2011 to March 1, 2013.

2) The provision entitled “PRIMARY BANKING RELATIONSHIP” is hereby added:

PRIMARY BANKING RELATIONSHIP. Borrower and Lender acknowledge and agree that Borrower now maintains
or will maintain its primary banking relationship, including its primary deposit account
relationship (“Primary Banking Relationship”), with Lender. In the event Borrower ceases to
maintain its Primary Banking Relationship with Lender (as determined by Lender in its sole
discretion), the interest rate margin set forth in this Note shall be increased by one percent
(1.00%) from zero percent (0.00%) to one percent (1.00%), at Lender’s option, following a five (5)
day written notice to the Borrower.

CONTINUING VALIDITY. Except as expressly changed by this Agreement, the terms of the original
obligation or obligations, including all agreements evidenced or securing the obligation(s), remain
unchanged and in full force and effect. Consent by Lender to this Agreement does not waive Lender’s
right to strict performance of the obligation(s) as changed, nor obligate Lender to make any future
change in terms. Nothing in this Agreement will constitute a
satisfaction of the obligation(s). It
is the intention of Lender to retain as liable parties all makers and endorsers of the original
obligation(s), including accommodation parties, unless a party is expressly released by Lender in
writing. Any maker or endorser, including accommodation makers, will not be released by virtue of
this Agreement. If any person who signed the original obligation does not sign this Agreement
below, then all persons signing below acknowledge that this Agreement is given conditionally, based
on the representation to Lender that the non-signing party consents to the changes and provisions
of this Agreement or otherwise will not be released by it. This waiver applies not only to any
initial extension, modification or release, but also to all such subsequent actions.

PRIOR TO SIGNING THIS AGREEMENT, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS AGREEMENT.
BORROWER AGREES TO THE TERMS OF THE AGREEMENT.

BORROWER:

	 	 	 	 	 
	 	BISCO INDUSTRIES, INC.

 	 
	 	By:  	/s/ GLEN F. CEILEY
 	 
	 	 	GLEN F. CEILEY, 	 
	 	 	Chairman and CEO of BISCO INDUSTRIES, INC. 	 

LASER PRO Landing, Ver. 5.55.00.002 Copr. Harland Financial Solutions, Inc. 1997, 2011. All Rights Reserved. CA G:[ILLEGIBLE] TR-12288 PR-TRADASST

 

 

NOTICE TO GUARANTOR(S)

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	Principal

$10,000,000.00
	 	Loan Date

03-01-2011
	 	Maturity

03-01-2013
	 	Loan No

155354101
	 	Call / Coll

CLS 07 / 240
	 	Account

600714
	 	Officer

765
	 	Initials

References in the boxes above are for Lender’s use only and do not limit the applicability of this document to any particular loan or item.

Any item above containing “***” has been omitted due to text length limitations.

	 	 	 	 	 	 	 

	Borrower:
	 	BISCO INDUSTRIES, INC.	 	Lender:	 	COMMUNITY BANK
	 
	 	1500 NORTH LAKEVIEW AVENUE	 	 	 	ANAHEIM BRANCH
	 
	 	ANAHEIM, CA 92807	 	 	 	1750 S. STATE COLLEGE BLVD.
	 
	 	 	 	 	 	ANAHEIM, CA 92806
	 
	 	 	 	 	 	(800) 788-9999

This NOTICE TO GUARANTOR(S) is attached to and by this reference is made a part of the
Disbursement Request and Authorization, dated March 1, 2011, and executed in connection with a
loan or other financial accommodations between COMMUNITY BANK and BISCO INDUSTRIES, INC.

The above referenced loan represents a renewal of debt under the
conditions of your Commercial Guaranty.

	 	 	 	 	 
	 	Guarantor(s):

 	 
	 	  	/s/ GLEN F. CEILEY
 	 
	 	 	GLEN F. CEILEY 	 
	 
	 	GLEN F. CEILEY AND BARBARA A. CEILEY REVOCABLE TRUST

 	 
	 	BY:  	/s/ GLEN F. CEILEY
 	 
	 	 	GLEN F. CEILEY, Trustee 	 
	 
	 	BY:  	/s/ BARBARA A. CEILEY
 	 
	 	 	BARBARA A. CEILEY, Trustee 	 
	 
	 	EACO CORPORATION

 	 
	 	BY:  	/s/ GLEN F. CEILEY
 	 
	 	 	GLEN F. CEILEY, Authorized Officer 	 
	 

	 	 	 	 	 
	 	THIS
NOTICE TO GUARANTOR(S) IS EXECUTED ON MARCH 1, 2011.

BORROWER:

BISCO INDUSTRIES, INC.

 	 
	 	By:  	/s/ GLEN  F.  CEILEY
 	 
	 	 	GLEN  F.  CEILEY, Chairman and 	 
	 	 	CEO of BISCO INDUSTRIES, INC. 	 

LASER
PRO Lending, Ver. 5.55.00.002 Copr. Harland Financial Solutions, Inc. 1997, 2011. All Rights Reserved.
 CA G:[ILLEGIBLE]
 TR-12288 PR-TRADASSTExhibit 10.1

Exhibit 10.1

ASSUMPTION AGREEMENT, dated as of April 14, 2011, made by PC Consulting, Inc. (d.b.a.
TimeShareWare). (the “Additional Grantor”), in favor of JPMorgan Chase Bank, N.A., as
administrative agent (in such capacity, the “Administrative Agent”) for the banks and other
financial institutions or entities (the “Lenders”) parties to the Credit Agreement referred
to below. All capitalized terms not defined herein shall have the meaning ascribed to them in such
Credit Agreement.

W I T N E S S E T H:

WHEREAS, Sunshine Acquisition II, Inc., (the “Initial US Borrower”), SS&C
Technologies, Inc., (the “Surviving US Borrower”), SS&C Technologies Canada Corp., as CDN
Borrower, the Lenders, JPMorgan Chase Bank, N.A., Toronto Branch, as Canadian administrative agent
(the “Canadian Administrative Agent”) and the Administrative Agent have entered into a
Credit Agreement, dated as of November 23, 2005 (as amended, supplemented or otherwise modified
from time to time, the “Credit Agreement”);

WHEREAS, in connection with the Credit Agreement, the Initial US Borrower, the Surviving US
Borrower and certain of its Affiliates (other than the Additional Grantor) have entered into the
Guarantee and Collateral Agreement, dated as of November 23, 2005 (as amended, supplemented or
otherwise modified from time to time, the “Guarantee and Collateral Agreement”) in favor of
the Administrative Agent for the benefit of the Administrative Agent, the Canadian Administrative
Agent and the Lenders;

WHEREAS, the Credit Agreement requires the Additional Grantor to become a party to the
Guarantee and Collateral Agreement; and

WHEREAS, the Additional Grantor has agreed to execute and deliver this Assumption Agreement in
order to become a party to the Guarantee and Collateral Agreement;

NOW, THEREFORE, IT IS AGREED:

1. Guarantee and Collateral Agreement. By executing and delivering this Assumption
Agreement, the Additional Grantor, as provided in Section 8.14 of the Guarantee and Collateral
Agreement, hereby becomes a party to the Guarantee and Collateral Agreement as a Grantor thereunder
with the same force and effect as if originally named therein as a Grantor and, without limiting
the generality of the foregoing, hereby expressly assumes all obligations and liabilities of a
Grantor thereunder. The information set forth in Annex 1-A hereto is hereby added to the
information set forth in the Schedules to the Guarantee and Collateral Agreement. The Additional
Grantor hereby represents and warrants, to the extent applicable, that each of the representations
and warranties contained in Section 4 of the Guarantee and Collateral Agreement is true and correct
on and as of the date hereof (after giving effect to this Assumption Agreement) as if made on and
as of such date.

2. GOVERNING LAW. THIS ASSUMPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

 

IN WITNESS WHEREOF, the undersigned has caused this Assumption Agreement to be duly executed
and delivered as of the date first above written.

	 	 	 	 	 
	 	PC CONSULTING, INC.

 	 
	 	By:  	/s/ Patrick J. Pedonti
 	 
	 	 	Name:  	Patrick J. Pedonti 	 
	 	 	Title:  	Senior Vice President and Treasurer 	 

[Signature Page to Assumption Agreement]

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