Document:

exv10w9w4

 

Exhibit 10.9.4

SCHEDULE OF PROMISSORY NOTES

Containing Provisions Set Forth in Forms of Promissory Note

Filed as Exhibit 10.9.2 and Exhibit 10.9.3

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Promissory Note No.	 	Type of Promissory Note	 	Date of Issuance	 	Principal Amount	 	Interest Rate
	1

	 	Equipment
	 	March 30, 2005
	 	$	1,601,828.65	 	 	 	10.65	%
	2

	 	Computers and
Software
	 	March 30, 2005
	 	$	513,384.10	 	 	 	10.65	%
	3

	 	Equipment
	 	May 4, 2005
	 	$	833,152.88	 	 	 	10.30	%
	4

	 	Computers and
Software
	 	May 4, 2005
	 	$	119,989.15	 	 	 	10.30	%
	5

	 	Equipment
	 	June 27, 2005
	 	$	127,664.50	 	 	 	10.23	%
	6

	 	Computers and
Software
	 	June 27, 2005
	 	$	63,560.15	 	 	 	10.23	%
	7

	 	Equipment
	 	July 27, 2005
	 	$	197,555.53	 	 	 	10.49	%
	8

	 	Computers and
Software
	 	July 27, 2005
	 	$	48,576.99	 	 	 	10.49	%
	9

	 	Equipment	 	August 30, 2005
	 	$	173,901.92	 	 	 	10.56	%
	10

	 	Computers and Software	 	August 30, 2005
	 	$	25,830.55	 	 	 	10.56	%exv10w1

 

Exhibit 10.1

[Execution Copy]

FIFTH AMENDMENT AGREEMENT

     This Fifth Amendment Agreement (“Amendment”) is executed as of the 7th day of
September, 2005, by and among Pier 1 Funding, L.L.C., a Delaware limited liability company, as
transferor (the “Transferor”), Pier 1 Imports (U.S.), Inc., a Delaware corporation, as servicer
(the “Servicer”), the “Class A Purchasers” parties to the Certificate Purchase Agreement referred
to below, and JPMorgan Chase Bank, N.A. (as successor to Morgan Guaranty Trust Company of New York)
(“JPMorgan Chase”), as agent (in such capacity, the “Administrative Agent”).

W I T N E S S E T H:

     WHEREAS, the Transferor, the Servicer, the Class A Purchases named therein and the
Administrative Agent executed the Certificate Purchase Agreement dated as of September 4, 2001 (as
amended, supplemented or otherwise modified from time to time the “Purchase Agreement”);

     WHEREAS, the sole Class A Purchasers parties to the Purchase Agreement as of the date hereof
are Delaware Funding Company, LLC (as successor to Delaware Funding Corporation), as the Structured
Investor, and JPMorgan Chase, as the sole Committed Investor; and

     WHEREAS, the parties hereto have agreed to amend the Purchase Agreement on the terms and
conditions hereinafter set forth.

     NOW, THEREFORE, the parties hereto agree as follows:

     SECTION 1. Amendment of the Purchase Agreement. Effective on the date hereof and
subject to the satisfaction of the condition precedent set forth in Section 2 below, the Purchase
Agreement is hereby amended by amending and restating in its entirety the definition of
“Commitment Expiration Date” set forth in Section 1.01 of the Purchase Agreement to read as
follows:

     “Commitment Expiration Date” shall mean, for each Committed Investor, the
earlier of (i) September 6, 2006, as such date may be extended with respect to such
Committed Investor from time to time in accordance with Section 2.11 of this Agreement
and (ii) the Business Day specified by the Transferor by at least 30 days prior
written notice to the Administrative Agent and each Committed Investor.

     SECTION 2. Condition Precedent. This Amendment shall become effective as of the date
hereof upon the execution of this Amendment by all of the parties hereto and the execution and
delivery of the Consent to Amendment to Purchase Agreement attached hereto.

     SECTION 3. Miscellaneous.

     3.1 Ratification. As amended hereby, the Purchase Agreement is in all respects
ratified and confirmed and the Purchase Agreement as so supplemented by this Amendment shall be
read, taken and construed as one and the same instrument.

     3.2 Representation and Warranty. Each of the Transferor and the Servicer represents
and warrants that this Amendment has been duly authorized, executed and delivered by it and
constitutes its legal, valid and binding obligation, enforceable in accordance with its terms,
except as such enforceability may be limited by bankruptcy, insolvency, reorganization, fraudulent
transfer, moratorium or other similar laws affecting creditors’ rights generally and by general
principles of equity (regardless of whether such enforceability is considered in a proceeding at
law or in equity).

     3.3 Governing Law; Parties; Severability. This Amendment shall be governed by and
construed in accordance with the laws and decisions (as opposed to the conflicts of law provisions)
of the State of New York. Whenever in this Amendment there is a reference made to any of the
parties hereto, such reference shall also be a reference to the successors and assigns of such
party, including, without limitation, any debtor-in-possession or trustee. The provisions of this
Amendment shall be binding upon and shall inure to the benefit of the successors and
assigns of the parties hereto. Whenever possible, each provision of this Amendment shall be
interpreted in such a manner as to be effective and valid under applicable law, but if any
provision of this Amendment shall be prohibited by or invalid under applicable law, such provision
shall be ineffective to the extent of such prohibition or invalidity without invalidating the
remainder of such provision or the remaining provisions of this Amendment.

     3.4 Counterparts. This Amendment may be executed in one or more counterparts, each
of which shall be deemed to be an original, but all of which together shall constitute one and the
same instrument.

 

 

     IN WITNESS WHEREOF, the Transferor, the Servicer and the Trustee have caused this Amendment to
be fully executed by their respective officers as of the day and year first above written.

	 	 	 	 	 
	 	PIER 1 FUNDING, L.L.C., as the Transferor

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	PIER 1 IMPORTS (U.S.), INC., as the Servicer

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	PARK AVENUE RECEIVABLES COMPANY, LLC (as successor to
Delaware Funding Company, LLC), as the sole Structured
Investor

By JPMorgan Chase Bank, N.A., as attorney-in-fact

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A., as the sole Committed
Investor and the Administrative Agent

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[Consent to Amendment to Purchase Agreement Attached]

 

 

CONSENT TO AMENDMENT TO PURCHASE AGREEMENT

     The undersigned, as the Trustee under the “Supplement” (as defined in the Certificate Purchase
Agreement dated as of September 4, 2001 (as amended, the “Purchase Agreement”), among Pier 1
Funding, L.L.C., as the transferor, Pier 1 Imports (U.S.), Inc., as the servicer, the Class A
Purchasers named therein and JPMorgan Chase Bank, N.A. (as successor to JPMorgan Chase Bank), as
the administrative agent), hereby consents to the terms and conditions of the Fifth Amendment
Agreement dated as of September 7, 2005, relating to the Purchase Agreement.

	 	 	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION (successor by
merger to Wells Fargo Bank Minnesota, National
Association), as the Trustee

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:exv10w2

 

Exhibit 10.2

[Execution Copy]

FIFTH AMENDMENT AGREEMENT

     This Fifth Amendment Agreement (“Amendment”) is executed as of the 7th day of
September, 2005, by and among Pier 1 Funding, L.L.C., a Delaware limited liability company, as
transferor (the “Transferor”), Pier 1 Imports (U.S.), Inc., a Delaware corporation, as servicer
(the “Servicer”), and Wells Fargo Bank, National Association (successor by merger to Wells Fargo
Bank Minnesota, National Association), a national banking association, as trustee (the “Trustee”).

W I T N E S S E T H:

     WHEREAS, the Transferor, the Servicer and the Trustee executed the Series 2001-1 Supplement
dated as of September 4, 2001 (as heretofore amended, the “Supplement”), to the Pooling and
Servicing Agreement dated as of February 12, 1997, among such parties (as heretofore amended, the
“Agreement;” unless otherwise defined herein, capitalized terms used herein shall have the meanings
assigned to such terms in the Agreement or the Supplement, as applicable); and

     WHEREAS, the parties hereto have agreed to amend further the Supplement on the terms and
conditions hereinafter set forth.

     NOW, THEREFORE, the parties hereto agree as follows:

     SECTION 1. Amendment of the Supplement. Effective on the date hereof and subject to
the satisfaction of the condition precedent set forth in Section 2 below, the Supplement is hereby
amended as follows:

     (a) The definition of “Class B Minimum Required Amount” set forth in
Section 1.2 of the Supplement is amended and restated in its entirety to read as
follows:

     “Class B Minimum Required Amount” shall mean, at any time of
determination, (a) if Pier 1 Imports’ senior unsecured debt rating is at least
BB by Standard & Poor’s and Ba2 by Moody’s, the greater of (i) the quotient
obtained by dividing (A) 8.5% of the Class A Invested Amount at such time by
(B) 0.915, and (ii) the sum of (A) 3.0% of the Class A Purchase Limit at such
time and (B) 3.0% of the quotient obtained by dividing (1) 8.5% of the Class A
Purchase Limit at such time by (2) 0.915; (b) if Pier 1 Imports’ senior
unsecured debt rating is below BB by Standard & Poor’s or below Ba2 by
Moody’s, the greater of (i) the quotient obtained by dividing (A) 12.0% of the
Class A Invested Amount at such time by (B) 0.88, and (ii) the sum of (A) 3.0%
of the Class A Purchase Limit at such time and (B) 3.0% of the quotient
obtained by dividing (1) 12.0% of the Class A Purchase Limit at such time by
(2) 0.88.

     (b) Section 1.9(i) of the Supplement is amended and restated in its entirety to
read as follows:

     (i) a downgrade of Pier 1 Imports’ senior unsecured debt rating to below
B+ by Standard & Poor’s or B1 by Moody’s or a withdrawal by either such rating
agency of its rating of Pier 1 Imports’ senior unsecured debt;

     (c) The Transferor hereby confirms that it is the sole Holder of the Class B
Certificates and covenants that it will not sell, assign or otherwise transfer any
Class B Certificate or an interest therein without the prior written consent of the
Administrative Agent.

     (d) If the Class B Minimum Required Amount is increased as a consequence of
Pier 1 Imports’ senior unsecured debt rating falling below BB by Standard & Poor’s or
below Ba2 by Moody’s, then notwithstanding anything to the contrary in the Agreement
or the Supplement, the Transferor shall immediately take action to cause the Class B
Invested Amount to at least equal such increased Class B Minimum Required Amount, as
follows:

 

 

     (i) the maximum face amount of the outstanding Class B Certificates
shall be deemed automatically to have been increased ratably such that after
giving effect to such increase, the aggregate maximum face amount of the
outstanding Class B Certificates equals $13,636,364, it being understood that
the Transferor may surrender the Class B Certificates for replacement Class B
Certificates reflecting the correct maximum face amounts;

     (ii) if the Transferor Amount exceeds the Minimum Transferor Amount, the
Class B Invested Amount shall automatically be increased by an amount equal to
the lesser of (A) the excess of the increased Class B Minimum Required Amount
over the Class B Invested Amount and (B) the largest amount that will not
result in the Transferor Amount being less than the Minimum Transferor Amount,
and the Trustee, in accordance with written instructions from the Servicer, a
copy of which shall be delivered to the Administrative Agent, shall reflect
such increase in its books and records; and

     (iii) if after giving effect to the foregoing increase in the Class B
Invested Amount, if any, the increased Class B Minimum Required Amount still
exceeds the Class B Invested Amount, then the Trustee, in accordance with
written instructions from the Servicer, shall retain all Collections in
respect of Principal Receivables received on each day in the Principal Account
until such time as the amount on deposit therein at least equals an amount
(the “Special Reduction Amount”) that, when applied to reduce the Class A
Invested Amount, will cause the Class B Invested Amount to at least equal the
increased Class B Minimum Required Amount, whereupon, on the next succeeding
Distribution Date, the Trustee, pursuant to written instructions from the
Servicer, shall withdraw the Special Reduction Amount from the Principal
Account and deposit it into the Distribution Account, and the Paying Agent, on
such Distribution Date, shall pay the Special Reduction Amount ratably to the
Class A Certificateholders to reduce the Class A Invested Amount;

provided, however, that the Transferor may take such other steps to
cause the Class B Invested Amount to at least equal the increased Class B Minimum
Required Amount as may be approved in writing by the Administrative Agent.
Notwithstanding anything to the contrary in the Supplement, if within five Business
Days following the date of any reduction of Pier 1 Imports’ senior unsecured debt
rating below BB by Standard & Poor’s or below Ba2 by Moody’s, and the resulting
increase in the Class B Minimum Required Amount, the Class B Invested Amount does not
at least equal such increased Class B Minimum Required Amount, then Series 2001-1
Certificateholders evidencing Undivided Interests aggregating more than 50% of the
Invested Amount of any class of this Series 2001-1, by notice then given in writing to
the Transferor, the Servicer and the Trustee, may declare that a Series 2001-1 Pay Out
Event has occurred as of the date of such notice, it being understood that the Trustee
shall in no event be required to perform any obligation set forth herein, in the
Agreement or in the Supplement resulting from the occurrence of such Pay Out Event,
unless the Trustee has received such written notice. In addition, notwithstanding
anything to the contrary in the Supplement, if at any time the Class B Invested Amount
is less than the Class B Minimum Required Amount, no Principal Collections shall be
paid to the Holder of the Exchangeable Transferor Certificate as contemplated in
Section 4.18(c) of the Supplement, but rather shall be retained in the Collection
Account or the Principal Account for distribution as described in clause (d)(iii)
above or otherwise in accordance with the other terms of the Supplement on the next
succeeding Distribution Date.

     SECTION 2. Condition Precedent. This Amendment shall become effective as of the date
hereof upon the execution of this Amendment by all of the parties hereto and the execution and
delivery of the Consent to Amendment to Supplement attached hereto.

     SECTION 3. Miscellaneous.

     3.1 Ratification. As amended hereby, the Supplement is in all respects ratified and
confirmed and the Supplement as so supplemented by this Amendment shall be read, taken and
construed as one and the same instrument.

     3.2 Representation and Warranty. Each of the Transferor and the Servicer represents
and warrants that this Amendment has been duly authorized, executed and delivered by it and
constitutes its legal, valid and binding

 

 

obligation, enforceable in accordance with its terms, except as such enforceability may be
limited by bankruptcy, insolvency, reorganization, fraudulent transfer, moratorium or other similar
laws affecting creditors’ rights generally and by general principles of equity (regardless of
whether such enforceability is considered in a proceeding at law or in equity).

     3.3 Governing Law; Parties; Severability. This Amendment shall be governed by and
construed in accordance with the laws and decisions (as opposed to the conflicts of law provisions)
of the State of New York. Whenever in this Amendment there is a reference made to any of the
parties hereto, such reference shall also be a reference to the successors and assigns of such
party, including, without limitation, any debtor-in-possession or trustee. The provisions of this
Amendment shall be binding upon and shall inure to the benefit of the successors and assigns of the
parties hereto. Whenever possible, each provision of this Amendment shall be interpreted in such a
manner as to be effective and valid under applicable law, but if any provision of this Amendment
shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the
extent of such prohibition or invalidity without invalidating the remainder of such provision or
the remaining provisions of this Amendment.

     3.4 Counterparts. This Amendment may be executed in one or more counterparts, each
of which shall be deemed to be an original, but all of which together shall constitute one and the
same instrument.

 

 

     IN WITNESS WHEREOF, the Transferor, the Servicer and the Trustee have caused this Amendment to
be fully executed by their respective officers as of the day and year first above written.

	 	 	 	 	 
	 	PIER 1 FUNDING, L.L.C.,

   Transferor

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	PIER 1 IMPORTS (U.S.), INC.,

   Servicer

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION
(successor by merger to Wells Fargo Bank
Minnesota, National Association),

   Trustee

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[Consent to Amendment to Supplement Attached]

 

 

CONSENT TO AMENDMENT TO SUPPLEMENT

     The undersigned, constituting the Majority Investors under and as defined in the Certificate
Purchase Agreement dated as of September 4, 2001 (as heretofore amended, the “Purchase Agreement”),
among Pier 1 Funding, L.L.C., as the transferor, Pier 1 Imports (U.S.), Inc., as the servicer, the
Class A Purchasers named therein and JPMorgan Chase Bank, N.A. (as successor to Morgan Guaranty
Trust Company of New York), as the administrative agent, hereby consent to the terms and conditions
of the Fifth Amendment Agreement dated as of September 7, 2005, among Pier 1 Funding, L.L.C., as
transferor, Pier 1 Imports (U.S.), Inc., as servicer, and Wells Fargo Bank, National Association
(successor by merger to Wells Fargo Bank Minnesota, National Association), as trustee, relating to
the Series 2001-1 Supplement dated as of September 4, 2001, as heretofore amended, among the same
parties.

	 	 	 	 	 
	 	PARK AVENUE RECEIVABLES COMPANY, LLC (as successor to
Delaware Funding Company, LLC), as the sole Structured
Investor

By JPMorgan Chase Bank, N.A., as attorney-in-fact

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	JPMORGAN CHASE BANK, N.A., as the sole Committed
Investor

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:

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