Document:

Exh 10.2-Form 10Q-3/31/12

EXHIBIT 10.2

GUARANTY AGREEMENT

      THIS GUARANTY AGREEMENT (this "Guaranty") is given as of the 9th day of January, 2011, by INTEST CORPORATION, a Delaware corporation ("Guarantor"), to and for the benefit of COLUMBIA CALIFORNIA WARM SPRINGS INDUSTRIAL, LLC, and its successors and assigns (collectively, "Landlord").

R E C I T A L S

      A.   Landlord and INTEST SILICON VALLEY CORPORATION ("Tenant") are parties to that certain lease agreement dated concurrently herewith (the "Lease"), pursuant to which Landlord leased to Tenant, and Tenant accepted from Landlord, certain premises described in the Lease (the "Premises") located at 47777 Warm Springs Boulevard, Fremont, California.

      B.   As a condition to entering into the Lease, Landlord is requiring Guarantor to guaranty and become surety for the payment and performance of all of the covenants, representations, obligations and liabilities of Tenant under the Lease.

      NOW, THEREFORE, for and in consideration of Landlord's agreement to allow Guarantor to purchase the shares of Tenant, and the covenants of Guarantor herein contained, and intending to be legally bound hereby, Guarantor hereby covenants as follows: 

      1.   Guarantor hereby irrevocably and unconditionally guarantees and becomes surety for the prompt and faithful payment and performance of all of the covenants, obligations and liabilities of Tenant, its successors and assigns, under the Lease, including, but not limited to, the payments of all installments of Rent (as defined in the Lease), all damages in the event of any uncured Event of Default (as defined in the Lease), and other sums due Landlord thereunder, and also for all representations of Tenant under the Lease. All of such obligations are incorporated herein. 

      2.   Guarantor expressly consents to any extension of time, leniency, amendment, modification, waiver, forbearance or any changes which may be made in any terms and conditions of the Lease by written agreement of Landlord and Tenant and in accordance with the Lease, and no such change, modification, extension, waiver or forbearance shall release Guarantor from any liability or obligation hereby incurred or assumed. Guarantor further expressly waives any notice of default in or under any of the terms of the Lease, as amended, and waives all setoffs and counterclaims; provided, however, that Guarantor shall be entitled to receive copies of any notices of default sent by Landlord to Tenant, if but only if the named Tenant shall have assigned its interest in the Lease to a person or entity not affiliated with Guarantor, and shall be given the same right concurrently to cure any default as that afforded Tenant under the Lease (excluding any defaults which, by their nature, are not susceptible of cure by Guarantor).

      3.   It is specifically understood and agreed that if an uncured Event of Default by Tenant occurs under the Lease, Landlord shall be entitled to commence any action or proceeding against Guarantor, or otherwise exercise any available remedies at law or in equity to enforce the provisions of this Guaranty without first commencing any action or otherwise proceeding against Tenant or any other party, or otherwise exhausting all of its available remedies against Tenant.

      4.   In the event that any action is commenced by Landlord to enforce the provisions of this Guaranty, Landlord shall, if it prevails in such action, be entitled to recover from Guarantor the reasonable costs of such action including reasonable attorneys' fees.

      5.   No payment by Guarantor to Landlord during the term of this Guaranty shall entitle Guarantor, by subrogation or otherwise, to any payment from Tenant under or out of the property of Tenant, including but not limited to the revenues derived from the demised premises under the Lease, except after payment in full to Landlord of all amounts due and payable by Tenant to Landlord pursuant to the Lease.

      6.   The liability of the Guarantor shall not be deemed to be waived, released, discharged, impaired or affected by reason of the release or discharge of Tenant or any assignee in any condition, receivership, bankruptcy (including Chapter VII or Chapter XI bankruptcy proceedings or other reorganization proceedings under the Bankruptcy Code) or other insolvency proceeding, or the rejection or disaffirmation of Tenant or any assignee in any such insolvency proceeding, and shall continue with respect to all obligations which would have accrued under the Lease absent such rejection or disaffirmation of the Lease.

      7.   Guarantor acknowledges that it is financially interested in Tenant.

      8.   Following the termination of this Guaranty, Landlord will, at the request of Guarantor, execute such documents as Guarantor may reasonably request to acknowledge that this Guaranty is terminated and the Guarantor has no further liability or obligation hereunder.

      9.   This Guaranty shall inure to the benefit of Landlord, its heirs, personal representatives, successors and assigns and shall be binding upon the heirs, personal representatives, successors and assigns of the Guarantor.

      10.  This Guaranty shall be enforced in accordance with the laws of the State of California.

      11.  This Guaranty shall be irrevocable and shall continue notwithstanding any assignment, sublease or other transfer of the Lease or the Premises or any interest therein. The obligations of Guarantor, if more than one person or entity, shall be the joint and several obligations of such parties.

      IN WITNESS WHEREOF, Guarantor has duly executed this Guaranty as of the day and year first above written.

	
 
	
INTEST CORPORATION

	

Witness: /s/ Susan M. Dawson
	

By: /s/ Hugh T. Regan, Jr.

Names: Hugh T. Regan, Jr.

Title: CFO

	
 
	
Address:
	
804 East Gate Drive, Suite 200

Mt. Laurel, NJ 08054

	
 
	
Tax ID No.:
	
22-2370659Exhibit 10.15

 

TERMINATION AND RELEASE ACKNOWLEDGMENT

 

Dated as of May 11, 2012

 

Reference is made to the Guarantee dated as of August 11, 2011 (the “Guarantee”) by FS Energy and Power Fund (the “Guarantor”) in favor of Citibank, N.A. (the “Beneficiary”).

 

Capitalized terms used but not defined herein have the respective meanings given to such terms in the Guarantee.

 

Release of Guarantee

 

1.             Each of the Guarantor and the Beneficiary hereby acknowledges and agrees that, as of the date of this Termination and Release Acknowledgement, the Guarantor is hereby released from all obligations under the Guarantee.

 

2.             Each of the Guarantor and the Beneficiary hereby acknowledges and agrees that the Guarantee shall be terminated and of no further force or effect.

 

Miscellaneous

 

1.             This Termination and Release Acknowledgement may be executed in any number of counterparts and on separate counterparts, each of which is an original, but all of which together constitute one and the same instrument.  Delivery of an executed counterpart of this Termination and Release Acknowledgement by e-mail (PDF) or telecopy shall be effective as delivery of a manually executed counterpart of this Termination and Release Acknowledgement.

 

2.             This Termination and Release Acknowledgement shall be construed in accordance with, and this Termination and Release Acknowledgement and all matters arising out of or relating in any way whatsoever to this Termination and Release Acknowledgement (whether in contract, tort or otherwise) shall be governed by, the law of the State of New York.

 

 

Please confirm that the foregoing correctly sets forth the terms of our agreement by having a duly authorized officer of Guarantor execute this Termination and Release Acknowledgement and return the same by e-mail (PDF) to the attention of Victoria Chant at Citibank.

 

	
Very truly yours,
    	
 
    
	
 
    	
 
    
	
CITIBANK, N.A.
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/   Victoria Chant
    	
 
    
	
 
    	
Name:   Victoria Chant
    	
 
    
	
 
    	
Title:   Vice President
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
ACKNOLWEDGED AND AGREED
    	
 
    
	
AS OF THE DATE FIRST ABOVE WRITTEN:
    	
 
    
	
 
    	
 
    	
 
    
	
FS ENERGY AND POWER FUND
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/   Gerald F. Stahlecker
    	
 
    
	
 
    	
Name:   Gerald F. Stahlecker
    	
 
    
	
 
    	
Title:   Executive Vice President
    	
 
    

 

2Exhibit 10.16

 

AMENDMENT AGREEMENT

 

dated as of May 11, 2012

 

Reference is made to the ISDA Master Agreement dated as of August 11, 2011, including the Schedule and Credit Support Annex thereto (collectively, the “Master Agreement”) between Citibank, N.A. (“Party A”) and EP Investments LLC (“Party B”), as the same may be amended, modified, supplemented or otherwise modified from time to time.  The Master Agreement incorporates any Confirmation exchanged thereunder (each, a “Confirmation”).  Capitalized terms used but not defined herein have the respective meanings given to such terms in the Master Agreement.  For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties have now agreed to amend the Master Agreement by this Amendment Agreement (this “Agreement”) and to enter into such other agreements set out herein.

 

Accordingly, the parties agree as follows:

 

1.                                      Amendment of the Schedule.

 

Upon execution and delivery of this Agreement by both parties, the  Master Agreement is hereby amended as follows:

 

(a)                                  Part 4(f)(ii) of the Schedule is deleted in its entirety and replaced with the following:

 

“(ii)                            In relation to Party B, (1) the Credit Support Annex dated as of the date hereof and attached hereto between the parties hereto and (2) the Deposit Account Control Agreement referred to in said Credit Support Annex.”

 

(b)                                 Part 4(g)(ii) of the Schedule is deleted in its entirety and replaced with the following:

 

“(ii)                            In relation to Party B, none.”

 

Except as herein provided, the Master Agreement shall remain unchanged and in full force and effect.  In addition, each reference to the Schedule and words of similar import in the Master Agreement shall be a reference to the Schedule as amended hereby and as the same may be further amended, supplemented and otherwise modified and in effect from time to time.

 

2.                                      Representations.

 

Each party represents to the other party that:

 

(a)                                  Status.  It is duly organized and validly existing under the laws of the jurisdiction of its organization or incorporation and, if relevant under such laws, in good standing;

 

(b)                                 Powers.  It has the power to execute this Agreement and to perform its obligations under this Agreement and has taken all necessary action to authorize such execution, delivery and performance;

 

(c)                                  No Violation or Conflict.  Such execution, delivery and performance do not violate or conflict with any law applicable to it, any provision of its constitutional documents, any 

 

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order or judgment of any court or other agency of government applicable to it or any of its assets or any contractual restriction binding on or affecting it or any of its assets;

 

(d)                                 Consents.  All governmental and other consents that are required to have been obtained by it with respect to this Agreement have been obtained and are in full force and effect and all conditions of any such consents have been complied with; and

 

(e)                                  Obligations Binding.  Each of this Agreement and the Master Agreement as amended hereby constitutes its legal, valid and binding obligations, enforceable in accordance with its terms (subject to applicable bankruptcy, reorganization, insolvency, moratorium or similar laws affecting creditors’ rights generally and subject, as to enforceability, to equitable principles of general application (regardless of whether enforcement is sought in a proceeding in equity or at law)).

 

3.                                      Non-Reliance.

 

Each party hereby further agrees as follows:

 

(a)                                  Non-Reliance.  It is acting for its own account, and it has made its own independent decisions to enter into this Agreement and as to whether such Agreement and the Master Agreement as amended hereby is appropriate or proper for it based upon its own judgment and upon advice from such advisors as it has deemed necessary.  It is not relying on any communication (written or oral) of the other party as investment advice or as a recommendation to enter into this Agreement; it being understood that information and explanations related to the terms and conditions of this Agreement and the Master Agreement as amended hereby shall not be considered investment advice or a recommendation to enter into this Agreement.  It has not received from the other party any assurance or guarantee as to the expected results of entering into this Agreement;

 

(b)                                 Evaluation and Understanding.  It is capable of evaluating and understanding (on its own behalf or through independent professional advice), and understands and accepts, the terms, conditions and risks of this Agreement and the Master Agreement as amended hereby.  It is also capable of assuming, and assumes, the financial and other risks of this Agreement and the Master Agreement as amended hereby;

 

(c)                                  Status of Parties.  The other party is not acting as a fiduciary or an advisor for it in respect of this Agreement; and

 

(d)                                 Reliance on its Own Advisors.  Without limiting the generality of the foregoing, in making its decision to enter into this Agreement, it will not rely on any communication from the other party as, and it has not received any representation or other communication from the other party constituting, legal, accounting, business or tax advice, and it will consult its own legal, accounting, business and tax advisors concerning the consequences of this Agreement and the Master Agreement as amended hereby.

 

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(4)                                 Evidence of Incumbency.  Each party shall deliver to the other, at the time of its execution of this Agreement, certified evidence of the specimen signature and incumbency of each person who is executing this Agreement on the party’s behalf, unless such evidence has previously been supplied in connection with the  Agreement and remains true and in effect.

 

5.                                      Miscellaneous.

 

(a)                                  Entire Agreement.  This Agreement constitutes the entire agreement and understanding of the parties with respect to its subject matter and supersedes all oral communication and prior writings (except as otherwise provided herein) with respect thereto.

 

(b)                                 Amendments.  No amendment, modification or waiver in respect of this Agreement will be effective unless in writing (including a writing evidenced by a facsimile transmission) and executed by each of the parties.

 

(c)                                  Counterparts.  This Agreement may be executed and delivered in counterparts (including by facsimile transmission), each of which will be deemed an original.

 

(d)                                 Headings.  The headings used in this Agreement are for convenience of reference only and are not to affect the construction of or to be taken into consideration in interpreting this Agreement.

 

(e)                                  Governing Law.  This Agreement will be governed by and construed in accordance with the law of the State of New York (without reference to choice of law doctrine that would result in the application of the laws of any other jurisdiction).

 

[Signature page follows]

 

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IN WITNESS WHEREOF the parties have executed this Agreement with effect from the date specified on the first page of this Agreement.

 

	
CITIBANK, N.A.
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Linda Cook
    	
 
    
	
 
    	
Name:   Linda Cook
    	
 
    
	
 
    	
Title:   Vice President
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
EP INVESTMENTS LLC
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Gerald F. Stahlecker
    	
 
    
	
 
    	
Name:   Gerald F. Stahlecker
    	
 
    
	
 
    	
Title:   Executive Vice President
    	
 
    

 

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