Document:

exv10w2

 

Ex. 10.2

Execution Copy

AMENDMENT NO. 1 TO INVENTORY AND RECEIVABLES

REVOLVING CREDIT AGREEMENT

     This AMENDMENT NO. 1 TO INVENTORY AND RECEIVABLES REVOLVING CREDIT AGREEMENT (this
“Amendment”) is dated as of July 1, 2005 by and among (i) Silverleaf Resorts, Inc., a Texas
corporation (the “Borrower”), (ii) Sovereign Bank, a federally chartered savings bank
(“Sovereign”), and any other lending institutions from time to time party thereto (collectively,
the “Banks”), and (iii) Sovereign Bank, a federally chartered savings bank, as agent for itself and
the other Banks (the “Agent”).

W I T N E S S E T H:

     WHEREAS, the Borrower, the Banks, and the Agent have entered into that certain Inventory and
Receivables Revolving Credit Agreement, dated as of July 30, 2004 (the “Credit Agreement”),
pursuant to which the Banks have extended credit to the Borrower on the terms set forth therein;

     WHEREAS, the Borrower has requested that the Banks and the Agent agree to delete the covenant
in the Credit Agreement concerning the Standby Management Agreement and amend certain other
provisions; and

     WHEREAS, the Banks, the Agent and the Borrower have agreed to such deletion and amendments,
subject to and on the terms and conditions set forth herein.

     NOW, THEREFORE, in consideration of the foregoing, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
hereby agree as follows:

     1. Definitions. All capitalized terms used herein and not expressly defined herein
shall have the same respective meanings given to such terms in the Credit Agreement.

     2. Amendments to Credit Agreement.

     2.1. Amendments to Section 1.1 of the Credit Agreement.

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     2.1.1. The definition of the term “Collateral” is hereby amended and restated in its
entirety as follows:

     “Collateral. All the property, rights and interests of the Borrower and its
Subsidiaries that are or are intended to be subject to the security interests and mortgages
created by the Security Documents, including, without limitation, the Consumer Loan
Collateral, the Inventory Mortgages, the Standby Servicing Agreement, and all the
Receivables Loan Collateral.”

     2.1.2. The definition of the term “Loan Documents” is hereby amended by adding the
words “the Negative Pledges,” immediately after the words “the Servicing Agreement,”.

     2.1.3. Section 1.1 of the Credit Agreement is hereby amended by inserting the
following definitions in proper alphabetical order:

     “CapitalSource. CapitalSource Finance LLC, a Delaware limited liability
company.”

     “CapitalSource Documents. The documents listed on Schedule 1.1(g) hereto.”

     “CapitalSource Facility. Those certain credit facilities provided by
CapitalSource to the Borrower pursuant to the CapitalSource Documents.”

     “Intercreditor Agreement. The Amended and Restated Intercreditor Agreement,
dated as of May 26, 2005, among the Agent, Textron, CapitalSource and Resort Funding.”

     “Negative Pledges. The documents listed in Schedule 1.1(f) hereto.”

     “Resort Funding. Resort Funding LLC, a Delaware limited liability company.”

     “Resort Funding Documents. The documents listed on Schedule 1.1(h) hereto.”

     “Resort Funding Facility. That certain credit facility provided by Resort
Funding to the Borrower pursuant to the Resort Funding Documents.”

     2.1.4. The definition of the “Required Consumer Loan Documents” is hereby amended by
adding to the end of clause (1) thereof the following:

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“In the case of any promissory note or comparable instrument of indebtedness signed by a
consumer borrower in respect of an Interval at the Oak ‘N Spruce Resort, such promissory
note or comparable instrument shall include the language required by 16 C.F.R. § 433.”

     2.1.5. The definition of “Security Documents” is hereby amended by deleting the words
“the Standby Management Agreement Assignment,”.

     2.1.6. Section 1.1 of the Credit Agreement is hereby amended by deleting each of the
following defined terms in their entirety:

     “Standby Management Agreement Assignment. The Assignment of Standby
Management Agreement, dated as of April 30, 3002, among the Borrower, the Standby Manager,
and the Agent, as amended by Amendment No. 1 of even date herewith, pursuant to which the
Borrower assigns all of its rights under the Standby Management Agreement to the Agent.

     Standby Management Agreement. The Consulting Agreement, executed by the
parties on April 27, 2002 and April 29, 2002, between the Standby Manager and the Borrower,
as amended by the letter agreement, dated March 22, 2004, pursuant to which the Standby
Manager (1) monitors the operations of the Borrower and the Silverleaf Club and the
Borrower’s compliance with the Business Plan, (2) assists the Borrower with the preparation
of the reports deliverable to the Banks by the Borrower pursuant to this Credit Agreement,
and (3) assumes the management of the Eligible Projects upon the occurrence of an Event of
Default in accordance with the terms of this Credit Agreement.

     Standby Manager. J&J Limited, Inc., or such other Person selected by the
Borrower and acceptable to the Agent, in its sole discretion, to act as standby manager in
accordance with the Standby Management Agreement.”

     2.2. Amendment to Section 5.9 of the Credit Agreement. Section 5.8 of the Credit Agreement is
hereby amended and restated in its entirety as set forth below:

     “5.9. Cross Collateralization. The Collateral also secures the obligations
of the Borrower under the Receivables Facility. Upon repayment of the Loan and the
satisfaction by the Borrower of all of the Obligations, the Collateral shall continue to
secure the Receivables Facility, as provided in the documents evidencing and securing the
Receivables Facility. The Borrower further acknowledges and agrees

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that upon repayment in full of the Receivables Facility, the Agent’s security interest
in the collateral securing such facility shall automatically become a first priority
security interest securing the Borrower’s Obligations hereunder and the Borrower shall take
such steps as the Agent may request to deliver such collateral to the Agent and to confirm
the Agent’s first priority security interest therein. The Agent hereby acknowledges and
agrees that it will release and terminate its interest in and rights under the Standby
Servicing Agreement upon Textron’s release and termination (in form and substance
satisfactory to the Agent) of Textron’s rights under and interests in the servicing
agreement between Textron and the Standby Servicer.”

     2.3. Amendment to Section 6.10 of the Credit Agreement. The penultimate sentence of Section
6.10 of the Credit Agreement is hereby amended and restated in its entirety as follows:

“The Borrower has no knowledge of any default or event of default under any of the Textron
Documents, the CapitalSource Documents, the Resort Funding Documents, or any other
documents evidencing any other material Indebtedness of the Borrower or any of its
Subsidiaries, except as disclosed to the Banks in writing, and none of Textron,
CapitalSource, Resort Funding or any other lender has accelerated any loan obligation of
the Borrower or any of its Subsidiaries on account of any such specified default or event
of default.”

     2.4. Amendment to Section 6.29 of the Credit Agreement. Section 6.29 of the Credit Agreement
is hereby amended and restated in its entirety as set forth below:

     “6.29. Standby Servicer. The Standby Servicing Agreement is in full force
and effect and has not been modified, amended, or terminated, other than the First
Amendment to Backup Servicing Agreement, dated as of April 19, 2002, and Amendment No. 2 to
Backup Servicing Agreement dated May 4, 2005.”

     2.5. Amendment to Section 6.32. Section 6.32 is hereby amended and restated in its entirety
as follows:

     “6.32. Other Facilities. There is no event of default or event which, with
the passage of time, notice or both, would constitute an event of default under any of the
Textron Facility, the CapitalSource Facility, the Resort Funding Facility or any other
facility representing material Indebtedness of the Borrower or any of its Subsidiaries and

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each of the Borrower and its Subsidiaries is in good standing under all of such
facilities.”

     2.6. Amendment to Section 7.2 of the Credit Agreement. Section 7.2 of the Credit Agreement is
hereby amended and restated in its entirety as set forth below:

     “7.2. Maintenance of Office; Management. The Borrower will maintain its
chief executive office at 1221 Riverbend, Suite 120, Dallas, Texas or at such other place
in the United States of America as the Borrower shall designate upon written notice to the
Agent, where notices, presentations and demands to or upon the Borrower in respect of the
Loan Documents may be given or made. Unless replaced by another manager in accordance with
the terms of the Loan Documents, the Borrower shall remain engaged in the active management
of the Eligible Projects and shall continue to perform duties substantially similar to
those presently performed as provided in the management agreement relating to each Eligible
Project.”

     2.7. Amendment to Section 7.18.1. Section 7.18.1 of the Credit Agreement is hereby amended by
deleting the words “, subject to the Intercreditor Agreement”.

     2.8. Amendment to Section 7.20 of the Credit Agreement. Section 7.20 of the Credit Agreement
is hereby amended and restated in its entirety as set forth below:

     “7.20. Standby Servicing Agreement. The Borrower will maintain the Standby
Servicing Agreement in full force and effect.”

     2.9. Amendment to Section 7.24 of the Credit Agreement. Section 7.24 of the Credit Agreement
is hereby amended and restated in its entirety as follows:

     “7.24. Textron Facility, CapitalSource Facility, Resort Funding Facility, DZ
Bank Securitization, Textron Securitization, Bond Holder Exchange Transaction and Other
Indebtedness. The Borrower and its Subsidiaries will comply with each of the
terms and conditions of the Textron Documents, the CapitalSource Documents, the Resort
Funding Documents, the DZ Bank Documents, the Textron Securitization Documents, the Bond
Holder Exchange Documents, and the documents evidencing any other material Indebtedness of
the Borrower or any of it Subsidiaries and will promptly deliver to the Banks, upon receipt
by Borrower or any of its Subsidiaries, copies of any notices received by Borrower or any
of its Subsidiaries in connection with any of the foregoing credit facilities.”

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     2.10. Amendment to Section 8.21 of the Credit Agreement. Section 8.21 of the Credit Agreement
is hereby amended by deleting the words “the Standby Management Agreement,”.

     2.11. Amendment to Section 9.3 of the Credit Agreement. Section 9.3 of the Credit Agreement
is hereby amended by inserting the following words after the reference to the “Heller Facility” in
the first sentence thereof: “, the CapitalSource Facility, the Resort Funding Facility”.

     2.12. Amendment to Section 10.18 of the Credit Agreement. Section 10.17 of the Credit
Agreement is hereby amended and restated in its entirety as set forth below:

     “10.18. Servicing Agreements. Each of the Servicing Agreement and the
Standby Servicing Agreement shall be in full force and effect.”

     2.13. Amendment to Section 12.1. Clauses (f) and (g) of Section 12.1 of the Credit Agreement
are hereby amended and restated in their entirety as follows:

     “(f) the Borrower or any of its Subsidiaries shall fail to pay when due, or within any
applicable period of grace, any obligation for borrowed money (including, without
limitation, any obligation under the Textron Facility, the CapitalSource Facility, the
Resort Funding Facility, the New Notes, the Receivables Facility, the DZ Bank
Securitization, or the Textron Securitization), or credit received in respect of any
Capitalized Leases in excess of $100,000, or fail to observe or perform any material term,
covenant or agreement contained in any agreement by which it is bound, evidencing or
securing borrowed money or credit received (including, without limitation, the New Notes
and the agreements and instruments entered into by the Borrower in connection with the
CapitalSource Facility, the Resort Funding Facility, the Textron Facility, the Receivables
Facility, the DZ Bank Securitization, the Textron Securitization, or the New Notes), or in
respect of any Capitalized Leases in excess of $100,000 for such period of time as would
permit (assuming the giving of appropriate notice if required) the holder or holders
thereof or of any obligations issued thereunder to accelerate the maturity thereof, or any
such holder or holders shall rescind or shall have a right to rescind the purchase of any
such obligations;

     (g) an event of default shall occur under the DZ Bank Securitization, the Textron
Securitization, the Textron Facility, the

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CapitalSource Facility, the Resort Funding Facility, the New Notes or the Receivables
Facility;”

     2.14. Amendment to Section 12.4 of the Credit Agreement. Section 12.4 of the Credit Agreement
is hereby amended and restated in its entirety as set forth below:

     “12.4. Standby Servicer. Upon an Event of Default, the Agent may, without
demand or notice of any nature whatsoever, terminate any then existing servicing agreement
and replace any then existing servicer with the Standby Servicer or such other servicer as
the Agent may select in its sole and absolute discretion. Upon an Event of Default, at the
election of the Agent, the Borrower agrees that the Standby Servicer or such other servicer
as the Agent may select in its sole and absolute discretion may assume control over the
servicing of the Consumer Loan Collateral or any other consumer loans pledged to the Agent,
reporting to the Banks.”

     2.15. Amendment to Schedules to the Credit Agreement. Exhibits A, B and C to this Amendment
shall be attached to the Credit Agreement as Schedule 1.1(f), Schedule 1.1(g) and Schedule 1.1(h),
respectively.

     3. Representations and Warranties; No Default. The Borrower hereby represents and
warrants to the Banks and the Agent as follows:

     (a) Representations and Warranties in Credit Agreement. Each of the
representations and warranties of the Borrower contained in the Credit Agreement, as
amended by this Amendment, or in any document or instrument delivered pursuant to or in
connection with the Credit Agreement (including, without limitation, this Amendment) are
true as of the date hereof and no Default or Event of Default has occurred and is
continuing.

     (b) Authority, No Conflicts, Etc. The execution, delivery and performance of
this Amendment (i) are within the corporate authority of the Borrower, (ii) have been duly
authorized by all necessary corporate proceedings on behalf of the Borrower, (iii) do not
conflict with or result in any material breach or contravention of any provision of law,
statute, rule, or regulation to which the Borrower is subject or any judgment, order, writ,
injunction, license, or permit applicable to the Borrower so as to materially adversely
affect the assets, business, or any activity of the Borrower, and (iv) do not conflict with
any provision of the corporate charter or bylaws of the Borrower or any

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agreement or other instrument binding upon the Borrower. The execution, delivery, and
performance of this Amendment will result in a valid and legally binding obligation of the
Borrower enforceable against it in accordance with the terms and provisions hereof.

     4. Effect of Amendment. Except as expressly set forth herein, this Amendment does not
constitute an amendment or waiver of any term or condition of the Credit Agreement or any other
Loan Document, and all such terms and conditions shall remain in full force and effect and are
hereby ratified and confirmed in all respects. Nothing contained in this Amendment shall be
construed to imply a willingness on the part of the Agent or any Bank to grant any similar or other
future amendments of any of the provisions of the Credit Agreement or the other Loan Documents.
Nothing contained herein shall in any way prejudice, impair or otherwise adversely affect any
rights or remedies of the Agent and the Banks under the Credit Agreement or any other Loan
Document.

     5. Counterparts. This Amendment may be executed in any number of counterparts, each
of which taken together shall constitute one agreement.

     6. Successors and Assigns. This Amendment shall be binding upon and inure to the
benefit of the successors and permitted assigns of the parties hereto.

     7. Governing Law. THIS AMENDMENT AND EACH OF THE OTHER LOAN DOCUMENTS, EXCEPT AS
OTHERWISE SPECIFICALLY PROVIDED THEREIN, ARE CONTRACTS UNDER THE LAWS OF THE STATE OF NEW YORK AND
SHALL FOR ALL PURPOSES BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF SAID STATE OF
NEW YORK. THE BORROWER AGREES THAT ANY SUIT FOR THE ENFORCEMENT OF THIS AMENDMENT OR ANY OF THE
OTHER LOAN DOCUMENTS MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR ANY FEDERAL COURT
SITTING THEREIN AND CONSENT TO THE NONEXCLUSIVE JURISDICTION OF SUCH COURT AND SERVICE OF PROCESS
IN ANY SUCH SUIT BEING MADE UPON THE BORROWER BY MAIL AT THE ADDRESS SPECIFIED IN §18 OF THE CREDIT
AGREEMENT. THE BORROWER HEREBY WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE
OF ANY SUCH SUIT OR ANY SUCH COURT OR THAT SUCH SUIT IS BROUGHT IN AN INCONVENIENT COURT.

[Remainder of page intentionally left blank.]

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     IN WITNESS WHEREOF, the parties hereto have executed this Amendment effective as of the date
first above written.

	 	 	 
	 

	 	BORROWER:
	 
	 

	 	SILVERLEAF RESORTS, INC.
	 
	 	 
	 

	 	By: /S/ HARRY J. WHITE, JR.
	 

	 	 
	 

	 	Name: Harry J. White, Jr.
	 

	 	Title: CFO
	 
	 	 
	 

	 	AGENT AND BANK:
	 
	 	 
	 

	 	SOVEREIGN BANK
	 
	 	 
	 

	 	By: /S/ JOHN BAER
	 

	 	 
	 

	 	Name: John Baer
	 

	 	Title: Vice President

Exhibits attached to Agreement and not filed herewith:

Exhibit A: Schedule 1.1(f) Negative Pledges

Exhibit B: Schedule 1.1(g) CapitalSource Documents

Exhibit C: Schedule 1.1(h) Resort Funding Documents

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Exhibit 10.1

INDEMNIFICATION AGREEMENT

     THIS INDEMNIFICATION AGREEMENT (“Agreement”) is entered into as of July 28, 2005 (the
“Effective Date”), among Activant Solutions Holdings Inc., a Delaware corporation formerly
known as Cooperative Computing Holdings Company, Inc. (“ASHI”), Activant Solutions Inc., a
Delaware corporation formerly known as Cooperative Computing, Inc. (“ASI” and, together
with ASHI, the “Indemnitors”), and Mr. Robert Shaw (“Indemnitee”).

RECITALS

     A. Highly competent and experienced persons are becoming more reluctant to serve corporations
as directors, executive officers or in other capacities unless they are provided with adequate
protection through insurance and adequate indemnification against inordinate risks of claims and
actions against them arising out of their service to and activities on behalf of the corporation.

     B. The Board of Directors of each of the Indemnitors has determined that the inability to
attract and retain such persons would be detrimental to the best interests of the Indemnitors and
their respective subsidiaries (collective, the “Company”).

     C. The Board has also determined that it is reasonable, prudent and necessary for the Company
contractually to obligate itself to indemnify such persons to the fullest extent permitted by
applicable law so that they will serve or continue to serve the Company free from undue concern
that they will not be so indemnified.

     In consideration of the foregoing and the mutual covenants herein contained, and other good
and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the
parties hereby agree as follows:

ARTICLE I

INDEMNIFICATION

     Section 1.1 General. The Indemnitors shall indemnify, and advance expenses to,
Indemnitee, to the fullest extent provided in their respective Certificates of Incorporation, as
the same is in effect on the date hereof and, subject to Section 1.2, as the same may be amended or
modified from time to time.

     Section 1.2 Non-Exclusivity. The rights of Indemnitee to receive indemnification and
advancement of expenses under this agreement shall not be deemed exclusive of any other rights to
which Indemnitee may at any time be entitled under applicable law, the Bylaws of either ASHI or
ASI, or any other agreement, vote of stockholders or a resolution of directors, or otherwise.
Except as required by law, neither Indemnitor shall, without the prior written consent of
Indemnitee, adopt any amendment to their respective Certificates of Incorporation which would have
the effect of adversely affecting Indemnitee’s rights to indemnification set forth herein.

 

 

     Section 1.3 Duration of Agreement. This Agreement shall continue for so long as
Indemnitee serves as a director or officer of the Company or, at the request of the Company, as a
director or officer of another corporation, partnership, joint venture, trust, employee benefit
plan or other enterprise, and thereafter shall survive until and terminate upon the latest to occur
of (a) the expiration of six (6) years after the latest date that Indemnitee shall have ceased to
serve in any such capacity; (b) the final termination of all pending proceedings in respect of
which Indemnitee is granted rights of indemnification or advancement of expenses hereunder; or (c)
the expiration of all statutes of limitation applicable to possible claims arising out of
Indemnitee’s status as an officer or director of the Company or of any other corporation,
partnership, joint venture, trust, employee benefit plan or other enterprise which such Indemnitee
is or was serving at the request of the Company.

     Section 1.4 Notice by Each Party. Indemnitee shall promptly notify the Indemnitors in
writing upon being served with any summons, citation, subpoena, complaint, indictment, information
or other document or communication relating to any claim which Indemnitee may be entitled to
indemnification or advancement of expenses hereunder; provided, however, that any failure of
Indemnitee to so notify the Indemnitors shall not adversely affect Indemnitee’s rights under this
Agreement except to the extent the Company shall have been materially prejudiced as a direct result
of such failure.

ARTICLE II

MISCELLANEOUS

     Section 2.1 Enforcement. The Indemnitors agree that its execution of this Agreement
shall constitute a stipulation by which it shall be irrevocably bound in any court or arbitration
in which a proceeding by Indemnitee for enforcement of his rights hereunder shall have been
commenced, continued or appealed, that its obligations set forth in this Agreement are unique and
special, and that failure of any Indemnitor to comply with the provisions of this Agreement will
cause irreparable and irremediable injury to Indemnitee, for which a remedy at law will be
inadequate. As a result, in addition to any other right or remedy he may have at law or in equity
with respect to breach of this Agreement, Indemnitee shall be entitled to injunctive or mandatory
relief directing specific performance by the Indemnitors of their respective obligations under this
Agreement.

     Section 2.2 Successors and Assigns. All of the terms and provisions of this Agreement
shall be binding upon, shall inure to the benefit of and shall be enforceable by the parties hereto
and their respective successors, assigns, heirs, executors, administrators, legal representatives.
In the event any Indemnitor or any of their respective successors or assigns (a) consolidates or
merges into any other person and shall not be the continuing or surviving corporation or entity of
such consolidation or merger or (b) transfers all or substantially all of its properties and assets
to any person, then in each such case, proper provision shall be made so that the successors and
assigns

 

 

of the applicable Indemnitor shall assume the obligations set forth herein; provided, however, that
in the event ASI engages in a transaction of the type described in clauses (a) or (b) of this
sentence pursuant to which ASHI is not acquired in such transaction, then ASHI shall be released
from its obligations hereunder effective upon the assumption of the obligations set forth herein by
ASI’s successors and assigns pursuant to this sentence.

     Section 2.3 Amendment. This Agreement may not be modified or amended except by a
written instrument executed by or on behalf of the parties hereto.

     Section 2.4 Waivers. The observance of any term of this Agreement may be waived
(either generally or in a particular instance and either retroactively or prospectively) by the
party entitled to enforce such term only by a writing signed by the party against which such waiver
is to be asserted. Unless otherwise expressly provided herein, no delay on the part of any party
hereto in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor
shall any waiver on the part of any party hereto of any right, power or privilege hereunder operate
as a waiver of any other right, power or privilege hereunder nor shall any single or partial
exercise of any right, power or privilege hereunder preclude any other or further exercise thereof
or the exercise of any other right, power or privilege hereunder.;

     Section 2.5 Entire Agreement. This Agreement and the documents expressly referred to
herein constitute the entire agreement between the parties hereto with respect to the matters
covered hereby, and any other prior or contemporaneous or oral or written understandings or
agreements with respect to the matters covered hereby are expressly superseded by this Agreement.

     Section 2.6 Severability. If any provision of this Agreement (including any provision
within a single section, paragraph or sentence) or the application of such provision to any person
or circumstance, shall be judicially declared to be invalid, unenforceable or void, such decision
will not have the effect of invalidating or voiding the remainder of this Agreement or affect the
application of such provision to other persons or circumstances, it being the intent and agreement
of the parties that this Agreement shall be deemed amended by modifying such provision to the
extent necessary to render it valid, legal and enforceable while preserving its intent, or if such
modification is not possible, by substituting therefore another provision that is valid, legal and
enforceable and that achieves the same objective. Any such finding of invalidity or enforceability
shall not prevent the enforcement of such provision in any other jurisdiction to the maximum extent
permitted by applicable law.

     Section 2.7 Notice. All notices and other communications hereunder shall be in
writing and shall be deemed given upon (a) transmitter’s confirmation of a receipt of a facsimile
transmission, (b) confirmed delivery of a standard overnight courier or when delivered by hand or
(c) the expiration of five business days after the date mailed by certified or registered mail
(return receipt requested), postage prepaid, to the parties at the following addresses (or at such
other addresses for a party as shall be specified by like notice):

 

 

     If to any Indemnitor, to:

c/o Activant Solutions Inc.

804 Las Cimas Parkway, Suite 200

Austin, Texas 78746

Attention: General Counsel

Facsimile: (512) 278-5138

     If to Indemnitee, to the address indicated on the signature page hereof.

     Section 2.8 Certain Construction Rules.

          The article and section headings contained in this Agreement are for reference purposes only
and shall not affect in any way the meaning or interpretation of this Agreement. As used in this
Agreement, unless otherwise provided to the contrary, (i) all references to days shall be deemed
references to calendar days and (ii) any reference to a “Section” or “Article” shall be deemed to
refer to a section or article of this Agreement. The words “hereof,” “herein,” and “hereunder” and
words of similar import referring to this Agreement refer to this Agreement as a whole and not to
any particular provision of this Agreement. Whenever the words “include,” “includes” or
“including” are used in this Agreement, they shall be deemed to be followed with the words “without
limitation.” Unless otherwise specifically provided for herein, the term “or” shall not be deemed
to be exclusive. Whenever the context may require, any pronoun used in this Agreement shall
include the corresponding masculine, feminine or neuter forms, and the singular form of nouns,
pronouns and verbs shall include the plural and vice versa.

     Section 2.9 Governing Law. This Agreement shall be governed by, and construed in
accordance with, the laws of the State of Delaware, without giving effect to the conflicts of laws
principles thereof.

     Section 2.10 Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed to be an original and all of which together shall be
deemed to be one and the same instrument, notwithstanding that both parities are not signatories to
the original or the same counterpart.

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

 

 

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

	 	 	 	 	 
	 	ACTIVANT SOLUTIONS HOLDING 

COMPANY INC.

 	 
	 	By:  	/s/ Richard W. Rew, II
 	 
	 	 	Name:  	Richard W. Rew II 	 
	 	 	Title:  	General Counsel & Secretary 	 
	 

	 	 	 	 	 
	 	ACTIVANT SOLUTIONS INC.

 	 
	 	By:  	/s/ Richard W. Rew, II
 	 
	 	 	Name:  	Richard W. Rew, II  	 
	 	 	Title:  	General Counsel & Secretary 	 
	 

	 	 	 	 	 
	 	INDEMNITEE:

 	 
	 	/s/  Robert Shaw
 	 
	 	Name:  	Robert Shaw 

	 
	 	Address: 	

 P.O. Box 627

68050 Gallatin Road

Gallatin Gateway, MT 59730
 	 
	 	Fax No.: 	
 (408) 342-1615___

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