Document:

Exhibit 10.1

 

DEMAND PROMISSORY NOTE

 

	
$363,000.00
    	
As of October 1, 2014
    

 

FOR VALUE RECEIVED, The Bank of New York Mellon Trust Company, N.A., solely in its capacity as trustee for the TEL OFFSHORE TRUST, a trust formed under the laws of the State of Texas, having an address at 919 Congress Avenue, Austin, Texas 78701 (“Borrower”), promises to pay ON DEMAND to the order of THE BANK OF NEW YORK MELLON (“Lender”), whose address is 919 Congress Avenue, Austin, Texas 78701, at said address or such other address as may be designated in writing by the holder hereof from time to time, the principal sum of THREE HUNDRED SIXTY-THREE THOUSAND AND No/100 Dollars ($363,000.00), together with interest on said principal, at a rate equal to one-half percent (0.5%) per annum, provided, however, that in no event shall such rate exceed the maximum legal rate of interest permitted by applicable law.

 

This Note evidences an extension of credit for borrowed money authorized under Section 6.08 of the Trust Agreement dated as of January 1, 1983, by and among Tenneco Offshore Company, Inc., Texas Commerce Bank National Association, Horace C. Bailey, Joseph C. Broadus and F. Arnold Daum.

 

All amounts outstanding under this Note will be due and payable in cash on the earliest to occur of (i) the date written demand for payment is made by Lender or (ii) December 31, 2015.  Borrower promises to pay interest on the outstanding and unpaid principal amount of this Note at a rate per annum equal to one-half percent (0.5%).  All interest due hereunder shall be calculated on the basis of the actual number of days elapsed in the related interest accrual period over a year of 365 or 366 days, as the case may be.

 

Borrower may prepay any outstanding principal and accrued and unpaid interest under this Note, in whole or in part, at any time without penalty.

 

To the extent the maximum non-usurious interest rate which Borrower is permitted by law to contract or agree to pay (the “Maximum Rate”) as provided in this Note is determined by reference to the laws of the State of Texas, the Maximum Rate shall be determined by reference to the indicated (weekly) rate ceiling (as defined and described in Chapter 303 of the Texas Finance Code, as amended) at the applicable time in effect.  For purposes of this Note, Borrower and Lender expressly acknowledge and agree that all agreements by Borrower to pay any amounts under this Note, or contracted for, charged, taken, reserved, or received with respect to the debt, including, without limitation, any interest as provided herein or late charges, which are or are deemed to be interest under applicable law shall in each instance include the agreement of Borrower and Lender that the aggregate of all sums agreed to be paid are hereby expressly limited to, and shall be reduced to an amount equal to the amount of interest at the Maximum Rate (the “Maximum Lawful Amount”).  It is expressly stipulated and agreed to be the intent of Borrower and Lender at all times to comply with applicable state law or applicable United States federal law (to the extent that it permits Lender to contract for, charge, take, reserve, or receive a greater amount of interest than under state law) and that this paragraph shall control every other covenant and agreement in this Note.  If the applicable law (state or federal) is ever judicially 

 

 

interpreted so as to render usurious any amount called for under this Note, or contracted for, charged, taken, reserved, or received with respect to the debt, or if any prepayment results in Borrower having paid any interest in excess of that permitted by applicable law, then it is Lender’s express intent that all excess amounts theretofore collected by Lender shall be credited on the principal balance of this Note and all other debt and the provisions of this Note immediately be deemed reformed and the amounts thereafter collectible hereunder reduced, without the necessity of the execution of any new documents, so as to comply with the applicable law, but so as to permit the recovery of the fullest amount otherwise called for hereunder or thereunder.  All sums paid or agreed to be paid to Lender for the use, forbearance, or detention of the debt shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full stated term of the debt until payment in full so that the rate or amount of interest on account of the debt does not exceed the maximum non-usurious rate from time to time in effect and applicable to the debt for so long as the debt is outstanding.

 

In the event of default in the payment of any installment of principal or interest when due hereunder, or upon failure in performance of any covenant, agreement, or obligation to be performed under any documents executed in connection with this Note, Lender may declare the entirety of this Note, principal and interest, immediately due and payable without further notice, but failure to exercise said option shall not constitute a waiver on the part of Lender of the right to exercise the same at any other time.

 

In the event default is made in the payment of this Note in whatever manner its maturity may be brought about, and it is placed in the hands of an attorney for collection, or is collected through probate, bankruptcy or other proceedings, Borrower promises to pay all reasonable amounts actually incurred by Lender for court costs and attorneys’ fees in connection therewith.

 

Borrower waives grace, notice, demand, presentment for payment, notice of non-payment, protest, notice of protest, notice of intention to accelerate, notice of acceleration of the indebtedness due hereunder and all other notice, filing of suit and diligence in collecting this Note, and the enforcing of any of the security rights of Lender, and consent and agree that the time of payment hereof may be extended without notice at any time and from time to time, and for periods of time, whether or not for a term or terms in excess of the original term hereof, without notice or consideration to, or consent from, any of them.  Time is of the essence hereof.

 

Any liability hereunder is the liability of the TEL Offshore Trust alone and is in no respect whatsoever the obligation of the trustees or owners of units of the TEL Offshore Trust.  Lender is dealing with the TEL Offshore Trust and is doing so in reliance solely upon the assets of the TEL Offshore Trust and not upon the trustees or such owners of units and neither the trustees nor such owners of units of the TEL Offshore Trust shall have any personal liability to Lender.

 

THIS NOTE SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS WITHOUT REFERENCE TO PRINCIPLES OF CONFLICT OF LAWS.

 

2

 

EXECUTED to be effective the day and year first written above.

 

	
 
    	
TEL OFFSHORE TRUST
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
The Bank of New York Mellon Trust Company, N.A, its trustee
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Michael J. Ulrich
    
	
 
    	
 
    	
Michael J. Ulrich
    
	
 
    	
 
    	
Vice President
    

 

3EX-4.4

 Exhibit 4.4 

Execution Copy 
 AMENDMENT TWO

 TO 
 NORTH VALLEY
BANCORP 
 AMENDED AND RESTATED 

SHAREHOLDER PROTECTION RIGHTS AGREEMENT 

This AMENDMENT TWO, dated as of October 3, 2014 (this “Amendment Two”), to the Amended and Restated Shareholder Protection
Rights Agreement, dated as of March 26, 2009, as amended on January 21, 2014 (the “Rights Agreement”), between North Valley Bancorp, a California corporation (the “Company”), and Computershare Inc., a Delaware
corporation, as Rights Agent (the “Rights Agent”). Terms used but not defined herein shall, unless the context otherwise requires, have the meanings assigned to such terms in the Rights Agreement. 

WHEREAS, Section 27 of the Rights Agreement provides that the Company may from time to time supplement or amend the Rights Agreement, as
the Company may deem necessary or desirable, in a writing signed by the Company and the Rights Agent, without the approval of the holders of Rights Certificates; and 

WHEREAS, concurrently with the execution and delivery of this Amendment Two, the Company and TriCo Bancshares, a California corporation
(“TriCo”) are consummating the transactions contemplated by their Agreement and Plan of Merger and Reorganization dated January 21, 2014 (the “Merger Agreement”), including the merger of the Company with and into TriCo (the
“Merger”); and 
 WHEREAS, the Board of Directors of the Company has approved the Merger Agreement and the Merger and has
determined that an amendment of the Rights Agreement in the form of this Amendment Two is necessary and desirable in order to give effect to the Merger Agreement and the Merger; and 

WHEREAS, in accordance with Section 27 of the Rights Agreement, the Company and the Rights Agent desire to evidence such amendment in the
form of this Amendment Two; 
 NOW THEREFORE, in consideration of the foregoing and the mutual agreements set forth herein, the parties
hereto agree as follows: 
 1. The Company hereby certifies to the Rights Agent that this Amendment Two will not change or increase the
duties, liabilities or obligations of the Rights Agent to the Company. The Rights Agent is entitled to rely upon this certification in forming an opinion as to whether this Amendment Two would affect the duties, liabilities or obligations of the
Rights Agent to the Company. 

 2. Amendment to Section 7(a). Section 7(a) of the Rights Agreement is hereby
amended by replacing the Section in its entirety with the following: 
 “(a) The registered holder of any Rights
Certificate may exercise the Rights evidenced thereby (except as otherwise provided herein) in whole or in part at any time after the Distribution Date upon surrender of the Rights Certificate, with the form of election to purchase on the reverse
side thereof properly completed and duly executed, to the Rights Agent at the designated office of the Rights Agent, together with payment of the Purchase Price for each one one-hundredth of a Preferred Share as to which the Rights are exercised,
and an amount equal to any tax or charge required to be paid under Section 9(e) hereof, by certified check, cashier’s check, bank draft or money order payable to the order of the Company, at or prior to the earliest of (i) the Close
of Business on October 3, 2014 (the “Final Expiration Date”), (ii) the time at which the Rights are redeemed as provided in Section 23 hereof (the “Redemption Date”), or (iii) the time at which such Rights are
exchanged as provided in Section 24 hereof. Except for those provisions herein which expressly survive the termination of this Agreement, this Agreement shall terminate at such time as the Rights are no longer exercisable hereunder.” 

3. This Amendment Two is conditioned upon effectiveness of the Merger and shall be effective immediately prior to the Effective Time of the
Merger; provided, however, that this Amendment Two will be of no further force or effect upon the termination of the Merger Agreement in accordance with its terms. The Company will provide the Rights Agent with prompt written notice of the
consummation of the transactions contemplated by the Merger Agreement or the termination of this Amendment Two pursuant to this section, as applicable. 

5. This Amendment Two shall be governed by and construed in accordance with the laws of the State of California applicable to contracts made
and to be performed entirely within the State of California, provided, however, that all provisions regarding the rights, duties and obligations of the Rights Agent shall be governed by and construed in accordance with the laws of the State of New
York applicable to contracts made and to be performed entirely within the State of New York. In all respects not inconsistent with the terms and provisions of this Amendment Two, the Rights Agreement is hereby ratified, adopted, approved and
confirmed. If any term of this Amendment Two is held by a court of competent jurisdiction or other competent authority to be invalid or unenforceable, the remainder of the terms hereof shall remain in full force and effect, and this Amendment Two
shall be construed in order to give the maximum effect to the remaining terms and intent hereof. This Amendment Two may be executed in one or more counterparts (including by facsimile, PDF or other electronic means), each of such counterparts shall
for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 

[Signature page follows] 

  
 2 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment Two to be executed by their
duly authorized officers as of the date first written above. 
  

			
	NORTH VALLEY BANCORP
		
	By:	 	 /s/ Michael J. Cushman

	Name:	 	Michael J. Cushman
	Title:	 	President and CEO
	
	 COMPUTERSHARE INC.,
 as
Rights Agent

		
	By:	 	 /s/ Dennis V. Moccia

	Name:	 	Dennis V. Moccia
	Title:	 	Manager, Contract Administration

 [Signature Page to Amendment Two to North Valley Bancorp Amended and Restated 

Shareholder Protection Rights Agreement] 

  
 3

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