Document:

exv10w7

 

Exhibit 10.7

Loan No. V_64151

GUARANTY

     THIS GUARANTY (“Guaranty”) is executed as of June 29, 2007, by AMERICA FIRST TAX EXEMPT
INVESTORS, L.P., a Delaware limited partnership (“Guarantor”), for the benefit of JPMORGAN CHASE
BANK, N.A., a banking association chartered under the laws of the United States of America
(“Lender”).

     A. (i) CRESCENT VILLAGE TOWNHOMES LIMITED PARTNERSHIP, an Ohio limited partnership (“Crescent
Village”), (ii) EAGLE RIDGE TOWNHOMES LIMITED PARTNERSHIP, an Ohio limited partnership (“Eagle
Ridge”), (iii) WILLOW BEND TOWNHOMES LIMITED PARTNERSHIP, an Ohio limited partnership (“Willow
Bend”), (iv) POST WOOD TOWNHOMES LIMITED PARTNERSHIP, an Ohio limited partnership (“Post Wood”),
(v) POST WOODS TOWNHOMES II LIMITED PARTNERSHIP, an Ohio limited partnership, (“Post Woods II”),
and (vi) MEADOWBROOK APARTMENTS LIMITED PARTNERSHIP, an Ohio limited partnership (“Meadowbrook”)
(Crescent Village, Eagle Ridge, Willow Bend, Post Wood, Post Woods II, and Meadowbrook are
hereinafter referred to individually as a “Borrower” or collectively, as “Borrower” or “Borrowers”
as the context may require), is indebted to Lender with respect to a loan (“Loan”) pursuant to that
certain Note dated of even date herewith, payable to the order of Lender in the original principal
amount of $19,920,000.00 (together with all renewals, modifications, increases and extensions
thereof, the “Note”), which is secured by the liens and security interests created by the Security
Instrument (as defined in the Note) and further evidenced, secured or governed by the other Loan
Documents;

     B. Lender is not willing to make the Loan, or otherwise extend credit, to Borrower unless
Guarantor unconditionally guarantees payment and performance to Lender of the Guaranteed
Obligations (as hereinafter defined); and

     C. Guarantor is the owner of a direct or indirect interest in Borrower, and Guarantor will
directly benefit from Lender’s making the Loan to Borrower.

     NOW, THEREFORE, as an inducement to Lender to make the Loan to Borrower thereunder, and to
extend such additional credit as Lender may from time to time agree to extend under the Loan
Documents, and for other good and valuable consideration, the receipt and legal sufficiency of
which are hereby acknowledged, the parties do hereby agree as follows:

ARTICLE 1

NATURE AND SCOPE OF GUARANTY

     Section 1.1 GUARANTY OF OBLIGATIONS. Guarantor hereby absolutely, irrevocably and
unconditionally guarantees to Lender (and its successors and assigns), the payment and performance
of the Guaranteed Obligations as and when the same shall be due and payable, whether by lapse of
time, by acceleration of maturity or otherwise. Guarantor hereby absolutely, irrevocably and
unconditionally covenants and agrees that it is liable, jointly and

 

 

severally, for the Guaranteed Obligations as a primary obligor, and that such Guarantor shall
fully perform each and every term and provision hereof.

     Section 1.2 DEFINITION OF GUARANTEED OBLIGATIONS. As used herein, the term
“Guaranteed Obligations” shall (i) mean each of the obligations of Borrower under the Environmental
Indemnity (as defined in the Security Instrument), including without limitation the indemnification
provisions contained therein, and (ii) be deemed to include, and Guarantor shall also be liable
for, and shall indemnify, defend and hold Lender harmless from and against, any and all Losses (as
hereinafter defined) incurred or suffered by Lender and arising out of or in connection with the
matters listed below:

          (a) the misapplication or misappropriation of Rents (as defined in the Security Instrument);

          (b) the misapplication or misappropriation of insurance proceeds or condemnation awards;

          (c) Borrower’s failure to return or to reimburse Lender for all Personal Property (as defined
in the Security Instrument) taken from the Property (as defined in the Security Instrument) by or
on behalf of Borrower and not replaced with Personal Property of the same utility and of the same
or greater value;

          (d) any act of actual waste or arson by Borrower, any principal, affiliate, general partner or
member thereof or by any Indemnitor (as defined in the Security Instrument) or any Guarantor;

          (e) any fees or commissions paid by Borrower to any principal, affiliate, general partner or
member of Borrower, any Indemnitor or any Guarantor in violation of the terms of this Guaranty, the
Security Instrument or the other Loan Documents; or

          (f) Borrower’s failure to comply with the provisions of Section 11 of the Security
Instrument.

     In addition, in the event (i) of any fraud, willful misconduct or material misrepresentation
by Borrower, its general partners, if any, its members, if any, its principals, its affiliates, its
agents or its employees or by any Guarantor or Indemnitor in connection with the Loan, (ii) of a
breach or default under Sections 4.3 or 8.2 of the Security Instrument, or (iii)
the Property or any part thereof becomes an asset in a voluntary bankruptcy or voluntary insolvency
proceeding, then the Guaranteed Obligations shall also include the unpaid balance of the Debt (as
defined in the Security Instrument).

     For purposes of this Guaranty, the term “Losses” includes any and all claims, suits,
liabilities (including, without limitation, strict liabilities), actions, proceedings, obligations,
debts, damages, losses, costs, expenses, diminutions in value, fines, penalties, charges, fees,
expenses, judgments, awards, amounts paid in settlement, punitive damages, foreseeable and
unforeseeable consequential damages, of whatever kind or nature (including but not limited to
attorneys’ fees and other costs of defense).

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     Section 1.3 NATURE OF GUARANTY. This Guaranty is an irrevocable, absolute, continuing
guaranty of payment and performance, is joint and several and is not a guaranty of collection.
This Guaranty shall continue to be effective with respect to any Guaranteed Obligations arising or
created after any attempted revocation by Guarantor and after (if Guarantor is a natural person)
Guarantor’s death (in which event this Guaranty shall be binding upon Guarantor’s estate and
Guarantor’s legal representatives and heirs). The fact that at any time or from time to time the
Guaranteed Obligations may be increased or reduced shall not release or discharge the obligation of
Guarantor to Lender with respect to Guaranteed Obligations. This Guaranty may be enforced by
Lender and any subsequent holder of the Note and shall not be discharged by the assignment or
negotiation of all or part of the Note.

     Section 1.4 GUARANTEED OBLIGATIONS NOT REDUCED BY OFFSET. The Note, the Guaranteed
Obligations, and the liabilities and obligations of Guarantor to Lender hereunder shall not be
reduced, discharged or released because or by reason of any existing or future offset, claim or
defense of Borrower, or any other party, against Lender or against payment of the Guaranteed
Obligations, whether such offset, claim or defense arises in connection with the Guaranteed
Obligations (or the transactions creating the Guaranteed Obligations) or otherwise.

     Section 1.5 PAYMENT BY GUARANTOR. If all or any part of the Guaranteed Obligations
shall not be punctually paid when due, whether at maturity or earlier by acceleration or otherwise,
Guarantor shall, immediately upon demand by Lender, and without presentment, protest, notice of
protest, notice of non-payment, notice of intention to accelerate the maturity, notice of
acceleration of the maturity, or any other notice whatsoever, pay in lawful money of the United
States of America, the amount due on the Guaranteed Obligations to Lender at Lender’s address as
set forth herein. Such demand(s) may be made at any time coincident with or after the time for
payment of all or part of the Guaranteed Obligations, and may be made from time to time with
respect to the same or different items of Guaranteed Obligations. Such demand shall be deemed
made, given and received in accordance with the notice provisions hereof.

     Section 1.6 NO DUTY TO PURSUE OTHERS. It shall not be necessary for Lender (and
Guarantor hereby waives any rights which Guarantor may have to require Lender), in order to enforce
this Guaranty against Guarantor, first to (i) institute suit or exhaust its remedies against
Borrower or others liable on the Loan or the Guaranteed Obligations or any other person, (ii)
enforce Lender’s rights against any collateral which shall ever have been given to secure the Loan,
(iii) enforce Lender’s rights against any other guarantors of the Guaranteed Obligations, (iv) join
Borrower or any others liable on the Guaranteed Obligations in any action seeking to enforce this
Guaranty, (v) exhaust any remedies available to Lender against any collateral which shall ever have
been given to secure the Loan, or (vi) resort to any other means of obtaining payment of the
Guaranteed Obligations. Lender shall not be required to mitigate damages or take any other action
to reduce, collect or enforce the Guaranteed Obligations.

     Section 1.7 WAIVERS. Guarantor agrees to the provisions of the Loan Documents, and
hereby waives notice of (i) any loans or advances made by Lender to Borrower, (ii) acceptance of
this Guaranty, (iii) any amendment or extension of the Note or of any other Loan Documents, (iv)
the execution and delivery by Borrower and Lender of any other loan or credit agreement or of
Borrower’s execution and delivery of any promissory notes or other documents

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arising under the Loan Documents or in connection with the Property, (v) the occurrence of any
breach by Borrower or Event of Default (as defined in the Security Instrument), (vi) Lender’s
transfer or disposition of the Guaranteed Obligations, or any part thereof, (vii) sale or
foreclosure (or posting or advertising for sale or foreclosure) of any collateral for the
Guaranteed Obligations, (viii) protest, proof of non-payment or default by Borrower, or (ix) any
other action at any time taken or omitted by Lender, and, generally, all demands and notices of
every kind in connection with this Guaranty, the Loan Documents, any documents or agreements
evidencing, securing or relating to any of the Guaranteed Obligations and the obligations hereby
guaranteed.

     Section 1.8 PAYMENT OF EXPENSES. In the event that Guarantor should breach or fail to
timely perform any provisions of this Guaranty, Guarantor shall, immediately upon demand by Lender,
pay Lender all costs and expenses (including court costs and reasonable attorneys’ fees) incurred
by Lender in the enforcement hereof or the preservation of Lender’s rights hereunder. The covenant
contained in this section shall survive the payment and performance of the Guaranteed Obligations.

     Section 1.9 EFFECT OF BANKRUPTCY. In the event that, pursuant to any insolvency,
bankruptcy, reorganization, receivership or other debtor relief law, or any judgment, order or
decision thereunder, Lender must rescind or restore any payment, or any part thereof, received by
Lender in satisfaction of the Guaranteed Obligations, as set forth herein, any prior release or
discharge from the terms of this Guaranty given to Guarantor by Lender shall be without effect, and
this Guaranty shall remain in full force and effect. It is the intention of Borrower and Guarantor
that Guarantor’s obligations hereunder shall not be discharged except by Guarantor’s performance of
such obligations and then only to the extent of such performance.

     Section 1.10 DEFERMENT OF RIGHTS OF SUBROGATION, REIMBURSEMENT AND CONTRIBUTION.

          (a) Notwithstanding any payment or payments made by any Guarantor hereunder, no Guarantor will
assert or exercise any right of Lender or of such Guarantor against Borrower to recover the amount
of any payment made by such Guarantor to Lender by way of subrogation, reimbursement, contribution,
indemnity, or otherwise arising by contract or operation of law, and such Guarantor shall not have
any right of recourse to or any claim against assets or property of Borrower, whether or not the
obligations of Borrower have been satisfied, all of such rights being herein expressly waived by
such Guarantor. Each Guarantor agrees not to seek contribution or indemnity or other recourse from
any other guarantor. If any amount shall nevertheless be paid to a Guarantor by Borrower or
another Guarantor prior to payment in full of the Obligations (hereinafter defined), such amount
shall be held in trust for the benefit of Lender and shall forthwith be paid to Lender to be
credited and applied to the Obligations, whether matured or unmatured. The provisions of this
paragraph shall survive the termination of this Guaranty, and any satisfaction and discharge of
Borrower by virtue of any payment, court order or any applicable law.

          (b) Notwithstanding the provisions of Section 1.10(a), each Guarantor shall have and
be entitled to (1) all rights of subrogation otherwise provided by applicable law in respect of any
payment it may make or be obligated to make under this Guaranty and (2) all claims it would have
against any other Guarantor in the absence of Section 1.10(a) and to assert

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and enforce same, in each case on and after, but at no time prior to, the date (the
“Subrogation Trigger Date”) which is 91 days after the date on which all sums owed to Lender under
the Loan Documents (the “Obligations”) have been paid in full, if and only if (x) no Event of
Default of the type described in Section 9.1(d) or Section 9.1(e) of the Security
Instrument with respect to Borrower or any other Guarantor has existed at any time on and after the
date of this Guaranty to and including the Subrogation Trigger Date and (y) the existence of each
Guarantor’s rights under this Section 1.10(b) would not make such Guarantor a creditor (as
defined in the Bankruptcy Code, as such term is hereinafter defined) of Borrower or any other
Guarantor in any insolvency, bankruptcy, reorganization or similar proceeding commenced on or prior
to the Subrogation Trigger Date.

     Section 1.11 BANKRUPTCY CODE WAIVER. It is the intention of the parties that the
Guarantor shall not be deemed to be a “creditor” or “creditors” (as defined in Section 101 of the
Bankruptcy Code [hereinafter defined]) of Borrower, or any other guarantor, by reason of the
existence of this Guaranty, in the event that Borrower or any other guarantor, becomes a debtor in
any proceeding under the Bankruptcy Code, and in connection herewith, Guarantor hereby waives any
such right as a “creditor” under the Bankruptcy Code. This waiver is given to induce Lender to
make the Loan evidenced by the Note to Borrower. After the Loan is paid in full and there shall be
no obligations or liabilities under this Guaranty outstanding, this waiver shall be deemed to be
terminated.

     Section 1.12 “BORROWER.” The term “Borrower” as used herein shall include any new or
successor corporation, association, partnership (general or limited), limited liability company,
joint venture, trust or other individual or organization formed as a result of any merger,
reorganization, sale, transfer, devise, gift or bequest of Borrower or any interest in Borrower.

ARTICLE 2

EVENTS AND CIRCUMSTANCES NOT REDUCING

OR DISCHARGING GUARANTOR’S OBLIGATIONS

     Guarantor hereby consents and agrees to each of the following, and agrees that Guarantor’s
obligations under this Guaranty shall not be released, diminished, impaired, reduced or adversely
affected by any of the following, and waives any common law, equitable, statutory or other rights
(including without limitation rights to notice) which Guarantor might otherwise have as a result of
or in connection with any of the following:

     Section 2.1 MODIFICATIONS. Any renewal, extension, increase, modification, alteration
or rearrangement of all or any part of the Guaranteed Obligations, Note, Loan Documents, or other
document, instrument, contract or understanding between Borrower and Lender, or any other parties,
pertaining to the Guaranteed Obligations or any failure of Lender to notify Guarantor of any such
action.

     Section 2.2 ADJUSTMENT. Any adjustment, indulgence, forbearance or compromise that
might be granted or given by Lender to Borrower or any Guarantor.

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     Section 2.3 CONDITION OF BORROWER OR GUARANTOR. The insolvency, bankruptcy,
arrangement, adjustment, composition, liquidation, disability, dissolution or lack of power of
Borrower, Guarantor or any other party at any time liable for the payment of all or part of the
Guaranteed Obligations; or any dissolution of Borrower or Guarantor, or any sale, lease or transfer
of any or all of the assets of Borrower or Guarantor, or any changes in the shareholders, partners
or members of Borrower or Guarantor; or any reorganization of Borrower or Guarantor.

     Section 2.4 INVALIDITY OF GUARANTEED OBLIGATIONS. The invalidity, illegality or
unenforceability of all or any part of the Guaranteed Obligations, or any document or agreement
executed in connection with the Guaranteed Obligations, for any reason whatsoever, including
without limitation the fact that (i) the Guaranteed Obligations, or any part thereof, exceed the
amount permitted by law, (ii) the act of creating the Guaranteed Obligations or any part thereof,
is ultra vires, (iii) the officers or representatives executing the Note or the other Loan
Documents or otherwise creating the Guaranteed Obligations acted in excess of their authority, (iv)
the Guaranteed Obligations violate applicable usury laws, (v) Borrower has valid defenses, claims
or offsets (whether at law, in equity or by agreement) which render the Guaranteed Obligations
wholly or partially uncollectible from Borrower, (vi) the creation, performance or repayment of the
Guaranteed Obligations (or the execution, delivery and performance of any document or instrument
representing part of the Guaranteed Obligations or executed in connection with the Guaranteed
Obligations, or given to secure the repayment of the Guaranteed Obligations) is illegal,
uncollectible or unenforceable, or (vii) the Note or any of the other Loan Documents have been
forged or otherwise are irregular or not genuine or authentic, it being agreed that Guarantor shall
remain liable hereon regardless of whether Borrower or any other person be found not liable on the
Guaranteed Obligations or any part thereof for any reason.

     Section 2.5 RELEASE OF OBLIGORS. Any full or partial release of the liability of
Borrower on the Guaranteed Obligations, or any part thereof, or of any co-guarantors, or any other
person or entity now or hereafter liable, whether directly or indirectly, jointly, severally, or
jointly and severally, to pay, perform, guarantee or assure the payment of the Guaranteed
Obligations, or any part thereof, it being recognized, acknowledged and agreed by Guarantor that
Guarantor may be required to pay the Guaranteed Obligations in full without assistance or support
of any other party, and Guarantor has not been induced to enter into this Guaranty on the basis of
a contemplation, belief, understanding or agreement that other parties will be liable to pay or
perform the Guaranteed Obligations, or that Lender will look to other parties to pay or perform the
Guaranteed Obligations.

     Section 2.6 OTHER COLLATERAL. The taking or accepting of any other security,
collateral or guaranty, or other assurance of payment, for all or any part of the Guaranteed
Obligations.

     Section 2.7 RELEASE OF COLLATERAL. Any release, surrender, exchange, subordination,
deterioration, waste, loss or impairment (including without limitation negligent, willful,
unreasonable or unjustifiable impairment) of any collateral, property or security, at any time
existing in connection with, or assuring or securing payment of, all or any part of the Guaranteed
Obligations.

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     Section 2.8 CARE AND DILIGENCE. The failure of Lender or any other party to exercise
diligence or reasonable care in the preservation, protection, enforcement, sale or other handling
or treatment of all or any part of such collateral, property or security, including but not limited
to any neglect, delay, omission, failure or refusal of Lender (i) to take or prosecute any action
for the collection of any of the Guaranteed Obligations, or (ii) to foreclose, or initiate any
action to foreclose, or, once commenced, prosecute to completion any action to foreclose upon any
security therefor, or (iii) to take or prosecute any action in connection with any instrument or
agreement evidencing or securing all or any part of the Guaranteed Obligations.

     Section 2.9 UNENFORCEABILITY. The fact that any collateral, security, security
interest or lien contemplated or intended to be given, created or granted as security for the
repayment of the Guaranteed Obligations, or any part thereof, shall not be properly perfected or
created, or shall prove to be unenforceable or subordinate to any other security interest or lien,
it being recognized and agreed by Guarantor that Guarantor is not entering into this Guaranty in
reliance on, or in contemplation of the benefits of, the validity, enforceability, collectibility
or value of any of the collateral for the Guaranteed Obligations.

     Section 2.10 MERGER. The reorganization, merger or consolidation of Borrower into or
with any other corporation or entity.

     Section 2.11 PREFERENCE. Any payment by Borrower to Lender is held to constitute a
preference under bankruptcy laws, or for any reason Lender is required to refund such payment or
pay such amount to Borrower or someone else.

     Section 2.12 OTHER ACTIONS TAKEN OR OMITTED. Any other action taken or omitted to be
taken with respect to the Loan Documents, the Guaranteed Obligations, or the security and
collateral therefor, whether or not such action or omission prejudices Guarantor or increases the
likelihood that Guarantor will be required to pay the Guaranteed Obligations pursuant to the terms
hereof, it is the unambiguous and unequivocal intention of Guarantor that Guarantor shall be
obligated to pay the Guaranteed Obligations when due, notwithstanding any occurrence, circumstance,
event, action, or omission whatsoever, whether or not contemplated, and whether or not otherwise or
particularly described herein, which obligation shall be deemed satisfied only upon the full and
final payment and satisfaction of the Guaranteed Obligations.

ARTICLE 3

REPRESENTATIONS AND WARRANTIES

     To induce Lender to enter into the Loan Documents and extend credit to Borrower, Guarantor
represents and warrants to Lender as follows:

     Section 3.1 BENEFIT. Guarantor is an affiliate of Borrower, is the owner of a direct
or indirect interest in Borrower, and has received, or will receive, direct or indirect benefit
from the making of this Guaranty with respect to the Guaranteed Obligations.

     Section 3.2 FAMILIARITY AND RELIANCE. Guarantor is familiar with, and has
independently reviewed books and records regarding, the financial condition of Borrower and is
familiar with the value of any and all collateral intended to be created as security for the
payment

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of the Note or Guaranteed Obligations; provided, however, Guarantor is not relying on such
financial condition or the collateral as an inducement to enter into this Guaranty.

     Section 3.3 NO REPRESENTATION BY LENDER. Neither Lender nor any other party has made
any representation, warranty or statement to Guarantor in order to induce Guarantor to execute this
Guaranty.

     Section 3.4 GUARANTOR’S FINANCIAL CONDITION. As of the date hereof, and after giving
effect to this Guaranty and the contingent obligation evidenced hereby, Guarantor is, and will be,
solvent, and has and will have assets which, fairly valued, exceed its obligations, liabilities
(including contingent liabilities) and debts, and has and will have property and assets sufficient
to satisfy and repay its obligations and liabilities.

     Section 3.5 LEGALITY. The execution, delivery and performance by Guarantor of this
Guaranty and the consummation of the transactions contemplated hereunder do not, and will not,
contravene or conflict with any law, statute or regulation whatsoever to which Guarantor is subject
or constitute a default (or an event which with notice or lapse of time or both would constitute a
default) under, or result in the breach of, any indenture, mortgage, deed of trust, charge, lien,
or any contract, agreement or other instrument to which Guarantor is a party or which may be
applicable to Guarantor. This Guaranty is a legal and binding obligation of Guarantor and is
enforceable in accordance with its terms, except as limited by bankruptcy, insolvency or other laws
of general application relating to the enforcement of creditors’ rights.

     Section 3.6 SURVIVAL. All representations and warranties made by Guarantor herein
shall survive the execution hereof.

     Section 3.7 REVIEW OF DOCUMENTS. Guarantor has examined the Note and all of the Loan
Documents.

     Section 3.8 LITIGATION. Except as otherwise disclosed to Lender, there are no
proceedings pending or, so far as Guarantor knows, threatened before any court or administrative
agency which, if decided adversely to Guarantor, would materially adversely affect the financial
condition of Guarantor or the authority of Guarantor to enter into, or the validity or
enforceability of this Guaranty.

     Section 3.9 TAX RETURNS. Guarantor has filed all required federal, state and local
tax returns and has paid all taxes as shown on such returns as they have become due. No claims
have been assessed and are unpaid with respect to such taxes.

ARTICLE 4

SUBORDINATION OF CERTAIN INDEBTEDNESS

     Section 4.1 SUBORDINATION OF ALL GUARANTOR CLAIMS. As used herein, the term
“Guarantor Claims” shall mean all debts and liabilities of Borrower to Guarantor, whether such
debts and liabilities now exist or are hereafter incurred or arise, or whether the obligations of
Borrower thereon are direct, contingent, primary, secondary, several, joint and several, or
otherwise, and irrespective of whether such debts or liabilities be evidenced by note,

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contract, open account, or otherwise, and irrespective of the person or persons in whose favor
such debts or liabilities may, at their inception, have been, or may hereafter be created, or the
manner in which they have been or may hereafter be acquired by Guarantor. The Guarantor Claims
shall include, without limitation, all rights and claims of Guarantor against Borrower (arising as
a result of subrogation or otherwise) as a result of Guarantor’s payment of all or a portion of the
Guaranteed Obligations to the extent the provisions of Section 1.10 hereof are
unenforceable. Any indebtedness of Borrower to Guarantor now or hereafter existing (including, but
not limited to, any rights to subrogation Guarantor may have as a result of any payment by
Guarantor under this Guaranty), together with any interest thereon, shall be, and such indebtedness
is, hereby deferred, postponed and subordinated to the prior payment in full of the Debt. Until
payment in full of the Debt (and including interest accruing on the Note after the commencement of
a proceeding by or against Borrower under the Bankruptcy Reform Act of 1978, as amended, 11 U.S.C.
Sections 101 et seq., and the regulations adopted and promulgated pursuant thereto
(collectively, the “Bankruptcy Code”) which interest the parties agree shall remain a claim that is
prior and superior to any claim of Guarantor notwithstanding any contrary practice, custom or
ruling in cases under the Bankruptcy Code generally), Guarantor agrees not to accept any payment or
satisfaction of any kind of indebtedness of Borrower to Guarantor and hereby assigns such
indebtedness to Lender, including the right to file proof of claim and to vote thereon in
connection with any such proceeding under the Bankruptcy Code, including the right to vote on any
plan of reorganization.

     Section 4.2 CLAIMS IN BANKRUPTCY. In the event of receivership, bankruptcy,
reorganization, arrangement, debtor’s relief, or other insolvency proceedings involving Guarantor
as debtor, Lender shall have the right to prove its claim in any such proceeding so as to establish
its rights hereunder and receive directly from the receiver, trustee or other court custodian
dividends and payments which would otherwise be payable upon Guarantor Claims. Guarantor hereby
assigns such dividends and payments to Lender. Should Lender receive, for application upon the
Guaranteed Obligations, any such dividend or payment which is otherwise payable to Guarantor, and
which, as between Borrower and Guarantor, shall constitute a credit upon the Guarantor Claims, then
upon payment to Lender in full of the Guaranteed Obligations, Guarantor shall become subrogated to
the rights of Lender to the extent that such payments to Lender on the Guarantor Claims have
contributed toward the liquidation of the Guaranteed Obligations, and such subrogation shall be
with respect to that portion of the Guaranteed Obligations which would have been unpaid if Lender
had not received dividends or payments upon the Guarantor Claims.

     Section 4.3 PAYMENTS HELD IN TRUST. In the event that, notwithstanding anything to
the contrary in this Guaranty, Guarantor should receive any funds, payment, claim or distribution
which is prohibited by this Guaranty, Guarantor agrees to hold in trust for Lender an amount equal
to the amount of all funds, payments, claims or distributions so received, and agrees that it shall
have absolutely no dominion over the amount of such funds, payments, claims or distributions so
received except to pay them promptly to Lender, and Guarantor covenants promptly to pay the same to
Lender.

     Section 4.4 LIENS SUBORDINATE. Guarantor agrees that any liens, security interests,
judgment liens, charges or other encumbrances upon Borrower’s assets securing payment of the
Guarantor Claims shall be and remain inferior and subordinate to any liens, security interests,
judgment liens, charges or other encumbrances upon Borrower’s assets

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securing payment of the Guaranteed Obligations, regardless of whether such encumbrances in
favor of Guarantor or Lender presently exist or are hereafter created or attach. Without the prior
written consent of Lender, Guarantor shall not (i) exercise or enforce any creditor’s right it may
have against Borrower, or (ii) foreclose, repossess, sequester or otherwise take steps or institute
any action or proceedings (judicial or otherwise, including without limitation the commencement of,
or joinder in, any liquidation, bankruptcy, rearrangement, debtor’s relief or insolvency
proceeding) to enforce any liens, mortgages, deeds of trust, security interest, collateral rights,
judgments or other encumbrances on assets of Borrower held by Guarantor.

ARTICLE 5

FINANCIAL REPORTS

     (a) Guarantor shall keep adequate books and records of account in accordance with methods
acceptable to Lender, consistently applied and furnish to Lender:

     (i) an annual balance sheet and income statement of Guarantor in the form
required by Lender, prepared and certified by Guarantor, within ninety (90) days
after the close of each fiscal year of Guarantor;

     (ii) copies of all federal tax returns filed by Guarantor, within ninety (90)
days after the filing thereof; and

     (iii) such other financial statements as may, from time to time, be required by
Lender.

     (b) Lender and its accountants shall have the right to examine the records, books, management
and other papers of any Guarantor which reflect upon its financial condition, at the Property or at
any office regularly maintained by any Guarantor where the books and records are located. Lender
and its accountants shall have the right to make copies and extracts from the foregoing records and
other papers. In addition, Lender and its accountants shall have the right to examine and audit
the books and records of any Guarantor pertaining to the income, expenses and operation of the
Property during reasonable business hours at any office of Guarantor where the books and records
are located.

ARTICLE 6

MISCELLANEOUS

     Section 6.1 WAIVER. No failure to exercise, and no delay in exercising, on the part
of Lender, any right hereunder shall operate as a waiver thereof, nor shall any single or partial
exercise thereof preclude any other or further exercise thereof or the exercise of any other right.
The rights of Lender hereunder shall be in addition to all other rights provided by law. No
modification or waiver of any provision of this Guaranty, nor consent to departure therefrom, shall
be effective unless in writing and no such consent or waiver shall extend beyond the particular
case and purpose involved. No notice or demand given in any case shall constitute a waiver of the
right to take other action in the same, similar or other instances without such notice or demand.

10

 

     Section 6.2 NOTICES. All notices or other written communications hereunder shall be
deemed to have been properly given (i) upon delivery, if delivered in person or by facsimile
transmission with receipt acknowledged, (ii) one (1) Business Day (hereinafter defined) after
having been deposited for overnight delivery with any reputable overnight courier service, or (iii)
three (3) Business Days after having been deposited in any post office or mail depository regularly
maintained by the U.S. Postal Service and sent by registered or certified mail, postage prepaid,
addressed as follows:

	 	 	 	 	 
	 

	 	Guarantor:
	 	America First Tax Exempt Investors, L.P.
	 

	 	 	 	1004 Farnam Street, Suite 400
	 

	 	 	 	Omaha, Nebraska 68102
	 

	 	 	 	Facsimile No.: (402) 930-3047
	 
	 	 	 	 
	 

	 	Lender:
	 	JPMorgan Chase Bank, N.A.
	 

	 	 	 	c/o Centerline Servicing Inc.
	 

	 	 	 	5221 North O’Connor Boulevard, Suite 600
Irving, Texas 75039
	 

	 	 	 	Attention: Wesley Wolf
	 

	 	 	 	Senior Vice President, Asset Management
	 

	 	 	 	Facsimile No.: (972) 868-5493
	 
	 	 	 	 
	 

	 	With a copy to:
	 	Stites & Harbison
	 

	 	 	 	400 W. Market Street
	 

	 	 	 	Suite 1800
	 

	 	 	 	Louisville, Kentucky 40202
	 

	 	 	 	Attention: Barry A. Hines, Esq.
	 

	 	 	 	Facsimile No.: (502) 587-6391

or addressed as such party may from time to time designate by written notice to the other parties.
For purposes of this Section 6.2, the term “Business Day” shall mean a day on which
commercial banks are not authorized or required by law to close in New York, New York.

     Any party by notice to the other parties may designate additional or different addresses for
subsequent notices or communications.

     Section 6.3 GOVERNING LAW; JURISDICTION. This Guaranty shall be governed by and
construed in accordance with the laws of the State of Ohio and the applicable laws of the United
States of America. Guarantor hereby irrevocably submits to the jurisdiction of any court of
competent jurisdiction located in the state of Ohio in connection with any proceeding out of or
relating to this Guaranty.

     Section 6.4 INVALID PROVISIONS. If any provision of this Guaranty is held to be
illegal, invalid, or unenforceable under present or future laws effective during the term of this
Guaranty, such provision shall be fully severable and this Guaranty shall be construed and enforced
as if such illegal, invalid or unenforceable provision had never comprised a part of this Guaranty,
and the remaining provisions of this Guaranty shall remain in full force and effect and shall not
be affected by the illegal, invalid or unenforceable provision or by its severance from

11

 

this Guaranty, unless such continued effectiveness of this Guaranty, as modified, would be
contrary to the basic understandings and intentions of the parties as expressed herein.

     Section 6.5 AMENDMENTS. This Guaranty may be amended only by an instrument in writing
executed by the party or an authorized representative of the party against whom such amendment is
sought to be enforced.

     Section 6.6 PARTIES BOUND; ASSIGNMENT. This Guaranty shall be binding upon and inure
to the benefit of the parties hereto and their respective successors, assigns and legal
representatives; provided, however, that Guarantor may not, without the prior written consent of
Lender, assign any of its rights, powers, duties or obligations hereunder.

     Section 6.7 HEADINGS. Section headings are for convenience of reference only and
shall in no way affect the interpretation of this Guaranty.

     Section 6.8 RECITALS. The recital and introductory paragraphs hereof are a part
hereof, form a basis for this Guaranty and shall be considered prima facie evidence
of the facts and documents referred to therein.

     Section 6.9 COUNTERPARTS. To facilitate execution, this Guaranty may be executed in
as many counterparts as may be convenient or required. It shall not be necessary that the
signature or acknowledgment of, or on behalf of, each party, or that the signature of all persons
required to bind any party, or the acknowledgment of such party, appear on each counterpart. All
counterparts shall collectively constitute a single instrument. It shall not be necessary in
making proof of this Guaranty to produce or account for more than a single counterpart containing
the respective signatures of, or on behalf of, and the respective acknowledgments of, each of the
parties hereto. Any signature or acknowledgment page to any counterpart may be detached from such
counterpart without impairing the legal effect of the signatures or acknowledgments thereon and
thereafter attached to another counterpart identical thereto except having attached to it
additional signature or acknowledgment pages.

     Section 6.10 RIGHTS AND REMEDIES. If Guarantor becomes liable for any indebtedness
owing by Borrower to Lender, by endorsement or otherwise, other than under this Guaranty, such
liability shall not be in any manner impaired or affected hereby and the rights of Lender hereunder
shall be cumulative of any and all other rights that Lender may ever have against Guarantor. The
exercise by Lender of any right or remedy hereunder or under any other instrument, or at law or in
equity, shall not preclude the concurrent or subsequent exercise of any other right or remedy.

     Section 6.11 ENTIRETY. THIS GUARANTY EMBODIES THE FINAL, ENTIRE AGREEMENT OF
GUARANTOR AND LENDER WITH RESPECT TO GUARANTOR’S GUARANTY OF THE GUARANTEED OBLIGATIONS AND
SUPERSEDES ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS, AND UNDERSTANDINGS, WHETHER
WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF. THIS GUARANTY IS INTENDED BY GUARANTOR AND
LENDER AS A FINAL AND COMPLETE EXPRESSION OF THE TERMS OF THE GUARANTY, AND NO COURSE OF DEALING
BETWEEN GUARANTOR AND LENDER, NO COURSE

12

 

OF PERFORMANCE, NO TRADE PRACTICES, AND NO EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT
ORAL AGREEMENTS OR DISCUSSIONS OR OTHER EXTRINSIC EVIDENCE OF ANY NATURE SHALL BE USED TO
CONTRADICT, VARY, SUPPLEMENT OR MODIFY ANY TERM OF THIS GUARANTY AGREEMENT. THERE ARE NO ORAL
AGREEMENTS BETWEEN GUARANTOR AND LENDER.

     Section 6.12 WAIVER OF RIGHT TO TRIAL BY JURY. GUARANTOR HEREBY AGREES NOT TO ELECT A
TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO
THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THIS GUARANTY, THE
MORTGAGE, OR THE OTHER LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN
CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY
GUARANTOR, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE
RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. LENDER IS HEREBY AUTHORIZED TO FILE A COPY OF
THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY GUARANTOR.

     Section 6.12 BENEFICIAL OWNERSHIP. Guarantor represents and warrants that Guarantor
is a publicly-traded partnership and no individual or entity owns or controls more than twenty
percent (20%) of the beneficial ownership interests of the Guarantor.

13

 

EXECUTED as of the day and year first above written.

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	GUARANTOR:	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	AMERICA FIRST TAX EXEMPT INVESTORS, L.P., a Delaware
partnership	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	AMERICA FIRST CAPITAL ASSOCIATES LIMITED
	 	 	 	 	PARTNERSHIP TWO, a Delaware limited partnership,
	 	 	 	 	its General Partner
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	BURLINGTON CAPITAL GROUP, LLC, a Delaware	 	 
	 	 	 	 	 	 	limited liability company, its General	 	 
	 	 	 	 	 	 	Partner, f/k/a AMERICA FIRST COMPANIES	 	 
	 	 	 	 	 	 	L.L.C., a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:
	 	/s/ Lisa Roskens	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Lisa Roskens, President	 	 	 	 

Guaranty AgreementEX-10.1 SECOND AMENDMENT TO CREDIT AGREEMENT

 

EXHIBIT
10.1

SECOND AMENDMENT TO CREDIT AGREEMENT

     THIS SECOND AMENDMENT TO CREDIT AGREEMENT dated as of July 5, 2007 (this
“Amendment”) by and among CRAWFORD & COMPANY, a Georgia corporation (“Crawford”),
and CRAWFORD & COMPANY INTERNATIONAL, INC., a Georgia corporation (“International”;
International and Crawford are collectively referred to herein as the “Borrowers”, and each
individually as a “Borrower”), the LENDERS party hereto (the “Lenders”) and
SUNTRUST BANK (“SunTrust”), as administrative agent for the Lenders (in such capacity,
together with its successors in such capacity, the “Administrative Agent”).

     WHEREAS, the Borrowers, the Lenders and Administrative Agent are parties to that certain
Credit Agreement dated as of October 31, 2006 (as amended and in effect on the date hereof, the
“Credit Agreement”);

     WHEREAS, the Borrowers, the Lenders party hereto and the Administrative Agent desire to amend
certain provisions of the Credit Agreement on the terms and conditions contained herein.

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

     Section 1. Amendments to Credit Agreement. Subject to satisfaction of the conditions
contained in Section 2 below, the parties hereto agree that the Credit Agreement is modified as
follows:

     (a) The Credit Agreement is hereby amended by adding the following new defined terms to
Section 1.1 thereof in the appropriate alphabetic order:

     “‘Second Amendment’ shall mean that certain Second Amendment to Credit
Agreement dated as of July 5, 2007 among the Borrower, International, the Lenders
party thereto and the Administrative Agent.”

     “‘Second Amendment Effective Date’ shall mean the date on which the
Administrative Agent declares that the Second Amendment is effective pursuant to
Section 2 of the Second Amendment.”

     (b) The Credit Agreement is hereby further amended by deleting the definition of
“Applicable Margin” and replacing it with the following:

     “‘Applicable Margin’ shall mean, as of any date, with respect to (a) all
Revolving Loans outstanding on any date and the Revolving LC Participation Fee, as
the case may be, the percentage per annum determined by reference to the applicable
Leverage Ratio in effect on such date as set forth in Section (a) on Schedule
I attached hereto, as adjusted and otherwise determined from time to time in
accordance with Section 2.16, (b) all Term Loans outstanding on any date,
(i) for the period from the Closing Date to but excluding the Second Amendment

 

 

Effective Date, 1.50% on Base Rate Loans and 2.50% on LIBO Rate Loans and (ii)
from and after the Second Amendment Effective Date, the percentage per annum
determined by reference to the applicable Leverage Ratio in effect on such date as
set forth in Section (b) of Schedule I attached hereto, as adjusted and
otherwise determined from time to time in accordance with Section 2.16.”

     (c) The Credit Agreement is hereby further amended by deleting Section 2.16 thereof
and replacing it with the following:

     “Section 2.16 Effective Date for Adjustment to Applicable Percentage and
Applicable Margin.

     The Applicable Percentage and Applicable Margin with respect to Revolving Loans
and Revolving LC Participation Fees and, following the Second Amendment Effective
Date, with respect to the Term Loans, shall be determined and adjusted quarterly on
the date that is two Business Days after the date on which the Borrowers provide the
officer’s certificate in accordance with the provisions of Section 5.1(c)
(each “Margin Calculation Date”); provided, however that (i) the Applicable
Percentage and the Applicable Margin with respect to Revolving Loans and Revolving
LC Participation Fees from the Closing Date until the first Margin Calculation Date
subsequent to the Closing Date shall be at Level I (as set forth in Section (a) of
Schedule I), and, thereafter, such level shall be determined by the then
current Leverage Ratio, and (ii) if the Borrowers fail to provide the officer’s
certificate to the Administrative Agent by the date such certificate is required to
be delivered under Section 5.1(c), the Applicable Percentage and the
Applicable Margin with respect to Revolving Loans and Revolving LC Participation
Fees and, following the Second Amendment Effective Date, with respect to the Term
Loans, from such date shall be at Level I until such time as an appropriate
officer’s certificate is provided, whereupon the level shall be determined by the
then current Leverage Ratio. Except as set forth above, the Applicable Percentage
and the Applicable Margin with respect to Revolving Loans and Revolving LC
Participation Fees and, following the Second Amendment Effective Date, with respect
to the Term Loans, shall be effective from one Margin Calculation Date until the
next Margin Calculation Date.”

     (d) Schedule I of the Credit Agreement is hereby deleted and replaced with
Schedule I attached hereto.

     Section 2. Conditions Precedent. The effectiveness of this Amendment is subject to
receipt by the Administrative Agent of each of the following, each in form and substance
satisfactory to the Administrative Agent:

     (a) This Amendment, duly executed and delivered by the Borrowers, each Term Loan Lender and
the Administrative Agent;

- 2 -

 

     (b) A Reaffirmation of Obligations under Loan Documents (the “Reaffirmation”) duly
executed by the Borrowers and each other Loan Party, in the form of Exhibit A attached hereto; and

     (c) Evidence that all fees and expenses payable to the Administrative Agent, in connection
with this Amendment have been paid; and

     (d) Such other documents as the Administrative Agent on behalf of the Lenders may reasonably
request.

     Section 3. Representations. Each Borrower represents and warrants to the
Administrative Agent and the Lenders that:

     (a) Authorization. Each Borrower has the right and power, and has taken all necessary
action to authorize it, to execute and deliver this Amendment and to perform its obligations
hereunder and under the Credit Agreement, as amended by this Amendment, in accordance with their
respective terms. This Amendment has been duly executed and delivered by a duly authorized officer
of each Borrower and each of this Amendment and the Credit Agreement, as amended by this Amendment,
is a legal, valid and binding obligation of such Borrower enforceable against such Borrower in
accordance with its respective terms except as (i) the enforceability thereof may be limited by
bankruptcy, insolvency or similar laws affecting creditors rights generally and (ii) the
availability of equitable remedies may be limited by equitable principles of general applicability.

     (b) Compliance with Laws, etc. The execution and delivery by each Borrower of this
Amendment and the performance by each Borrower of this Amendment and the Credit Agreement, as
amended by this Amendment, in accordance with their respective terms, do not and will not, by the
passage of time, the giving of notice or otherwise: (i) require any government action or violate
any applicable law relating to either Borrower; (ii) conflict with, result in a breach of or
constitute a default under the organizational documents of either Borrower, or any indenture,
agreement or other instrument to which either Borrower is a party or by which they or any of their
properties may be bound; or (iii) result in or require the creation or imposition of any Lien upon
or with respect to any property now owned or hereafter acquired by either Borrower.

     (c) No Default. No Default or Event of Default has occurred and is continuing as of
the date hereof or will exist immediately after giving effect to this Amendment.

     Section 4. Reaffirmation of Representations by Borrowers. Each Borrower hereby
repeats and reaffirms all representations and warranties made by such Borrower to the
Administrative Agent and the Lenders in the Credit Agreement and the other Loan Documents on and as
of the date hereof after giving effect to this Amendment with the same force and effect as if such
representations and warranties were set forth in this Amendment in full.

     Section 5. Release. In consideration of the amendment contained herein, the
Borrowers hereby waive and release each of the Lenders, the Administrative Agent and the Issuing
Bank

- 3 -

 

from any and all claims and defenses, known or unknown, with respect to the Credit Agreement
and the other Loan Documents and the transactions contemplated thereby

     Section 6. Expenses. The Borrowers jointly and severally agree to reimburse the
Administrative Agent on demand for all reasonable out-of-pocket costs and expenses (including,
without limitation, attorneys’ fees) incurred by it in negotiating, documenting and consummating
this Amendment and the transactions contemplated hereby.

     Section 7. Effect; Ratification. Except as expressly herein amended, the terms and
conditions of the Credit Agreement and the other Loan Documents remain unchanged and continue to be
in full force and effect. The amendments contained herein shall be deemed to have prospective
application only, unless otherwise specifically stated herein. The Credit Agreement is hereby
ratified and confirmed in all respects. Each reference to the Credit Agreement in any of the Loan
Documents (including the Credit Agreement) shall be deemed to be a reference to the Credit
Agreement, as amended by this Amendment. It is the intention and understanding of the parties
hereto that this Amendment shall act as an amendment to the Credit Agreement and shall not act as a
novation of the indebtedness evidenced by the Credit Agreement.

     Section 8. Miscellaneous. This Amendment may be executed in any number of
counterparts, all of which taken together shall constitute one and the same instrument and any of
the parties hereto may execute this Amendment by signing any such counterpart and sending the same
by telecopier, mail, messenger or courier to the Administrative Agent. This Amendment shall be
governed by, and construed in accordance with, the law of the State of New York. This Amendment
shall be binding upon and shall inure to the benefit of the parties hereto and their respective
permitted successors and assigns.

     Section 9. Definitions. All capitalized terms not otherwise defined herein are used
herein with the respective definitions given them in the Credit Agreement.

[Signature Pages Follow]

- 4 -

 

     IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment to Credit
Agreement to be duly executed as of the date first above written.

	 	 	 	 	 	 	 	 	 
	 	 	BORROWERS	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	CRAWFORD & COMPANY	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ J. R. Caporaso	 	 
	 	 	 	 	 	 	
	 

	 	 	 	Name:
	 	Joseph R. Caporaso	 	 
	 

	 	 	 	Title:
	 	Senior Vice President and Treasurer	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	CRAWFORD & COMPANY	 	 
	 	 	    INTERNATIONAL, INC.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ J. R. Caporaso	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Joseph R. Caporaso	 	 
	 

	 	 	 	Title:
	 	 Vice President and Treasurer	 	 

[Signatures Continued on Following Pages]

 

 

[Signature page to Second Amendment to Credit Agreement for

Crawford & Company and Crawford & Company International, Inc.]

	 	 	 	 	 	 	 
	 	 	LENDERS	 	 
	 
	 	 	 	 	 	 
	 	 	SUNTRUST BANK,	 	 
	 	 	     as Administrative Agent, Issuing Bank,	 	 
	 	 	     as Swingline Lender and as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 /s/ Timothy M. O'Leary	 	 
	 

	 	 	 	 

Name: Timothy M. O'Leary

Title: Managing Director
	 	 

[Signatures Continued on Following Pages]

 

 

[Signature page to Second Amendment to Credit Agreement

for Crawford & Company and Crawford & Company International, Inc.]

	 	 	 	 	 	 	 	 	 
	 	 	[REQUIRED LENDER SIGNATURES	 	 
	 	 	  ON FILE WITH REGISTRANT]	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	Title:
	 	 

	 	 
	 

	 	 	 	 	 	 

	 	 

 

 

Schedule I

APPLICABLE MARGIN AND APPLICABLE PERCENTAGE

(a) Applicable Margin for Revolving Loans and Applicable Percentage

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Applicable Margin for	 	Applicable	 	 
	 	 	 	 	LIBO Rate Revolving	 	Margin for Base	 	Applicable
	Pricing	 	 	 	Loans and Revolving LC	 	Rate Revolving	 	Percentage for
	Level	 	Leverage Ratio	 	Participation Fees	 	Loans	 	Commitment Fee
	I
	 	Greater than or equal	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	to 3.25 to 1.00	 	 	2.25	%	 	 	1.25	%	 	 	0.50	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	II
	 	Less than 3.25 to 1.00 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	but greater than	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	or equal to 2.50 to 1.00	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	2.00	%	 	 	1.00	%	 	 	0.375	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	III
	 	Less than 2.50 to 1.00	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	but greater than	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	or equal to 1.75 to 1.00	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	1.75	%	 	 	0.75	%	 	 	0.375	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	IV
	 	Less than 1.75 to 1.00	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	but greater than	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	or equal to 1.00 to 1.00	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	1.375	%	 	 	0.375	%	 	 	0.375	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	V
	 	Less than 1.00 to 1.00	 	 	1.00	%	 	 	0.00	%	 	 	0.25	%

(b) Applicable Margin for Term Loans

	 	 	 	 	 	 	 	 	 	 	 
	Pricing	 	 	 	Applicable Margin for	 	Applicable Margin for
	Level	 	Leverage Ratio	 	LIBO Rate Term Loans	 	Base Rate Term Loans
	I
	 	Greater than or equal to 2.50 to 1.00	 	 	2.25	%	 	 	1.25	%
	 
	 	 	 	 	 	 	 	 	 	 
	II
	 	Less than 2.50 to 1.00	 	 	2.00	%	 	 	1.00	%

 

 

EXHIBIT A

REAFFIRMATION OF OBLIGATIONS UNDER LOAN DOCUMENTS

     Reference is hereby made to that certain Credit Agreement dated as of October 31, 2006 among
Crawford & Company, Crawford & Company International, Inc., the Lenders a party thereto and
SunTrust Bank, as Administrative Agent, (as amended and in effect on the date hereof, the
“Credit Agreement”; capitalized terms used herein and not defined herein have the meanings
ascribed to such terms in the Credit Agreement).

     Each of the undersigned Loan Parties hereby (i) agrees that the amendments contained in the
Second Amendment to Credit Agreement dated as of the date hereof shall not in any way affect the
validity and/or enforceability of any Loan Document, or reduce, impair or discharge the obligations
of such Person thereunder, (ii) reaffirms its continuing obligations owing to the Administrative
Agent and the Lenders under each of the other Loan Document (including, without limitation, the
Security Agreement, the Pledge Agreement, the Collateral Assignment Agreement and the Subsidiary
Guaranty Agreement) to which such Person is a party, and (iii) confirms that the liens and security
interests created by the Loan Documents continue to secure the Obligations.

     Each of the undersigned Loan Parties hereby represents and warrants to the Administrative
Agent and the Lenders that: (a) the execution and delivery by the Loan Parties of this
Reaffirmation is within the power (corporate or otherwise) and authority of the Loan Parties, has
been duly authorized and approved by all requisite action on the part of the Loan Parties, and does
not and will not contravene, breach or conflict with any provision of applicable law or any of the
charter or other organic documents of the Loan Parties, or any indenture, agreement, instrument or
undertaking binding on the Loan Parties; (b) this Reaffirmation has been duly executed by the Loan
Parties; and (c) the Loan Documents remain in full force and effect and constitute the legal, valid
and binding obligations of the Loan Parties, enforceable in accordance with their terms, except as
limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or
affecting generally the enforcement of creditor’s rights.

     This Reaffirmation shall be construed in accordance with and be governed by the law of the
State of New York.

 

 

     IN WITNESS WHEREOF, each of the undersigned has duly executed and delivered this Reaffirmation
of Obligations under Loan Documents as of July 3, 2007.

	 	 	 	 	 	 	 
	 	 	CRAWFORD & COMPANY	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ J. R. Caporaso	 	 
	 

	 	 	 	Name: Joseph R. Caporaso	 	 
	 

	 	 	 	Title: SVP and Treasurer	 	 
	 
	 	 	 	 	 	 
	 	 	CRAWFORD & COMPANY
INTERNATIONAL, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ J. R. Caporaso	 	 
	 

	 	 	 	Name: Joseph R. Caporaso	 	 
	 

	 	 	 	Title: Vice President and Treasurer	 	 
	 
	 	 	 	 	 	 
	 	 	CRAWFORD LEASING SERVICES, INC.	 	 
	 	 	THE PRISM NETWORK, INC.	 	 
	 	 	CALESCO, INC.	 	 
	 	 	CRAWFORD & COMPANY
OF NEW YORK, INC.	 	 
	 	 	CRAWFORD & COMPANY
HEALTHCARE MANAGEMENT, INC.	 	 
	 	 	RISK SCIENCES GROUP, INC.	 	 
	 	 	QIRRA CUSTOM SOFTWARE, INC.	 	 
	 	 	BROCKLEHURST MILLER, INC.	 	 
	 	 	BROCKLEHURSTS, INC.	 	 
	 	 	DENEFAR LTD.	 	 
	 	 	BROADSPIRE SERVICES, INC.	 	 
	 	 	BROADSPIRE MANAGEMENT
SERVICES, INC.	 	 
	 	 	PILLAR SERVICES, INC.	 	 
	 	 	THE GARDEN CITY GROUP, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ J. R. Caporaso	 	 
	 

	 	 	 	Name: Joseph R. Caporaso
	 	 
	 

	 	 	 	Title: Treasurer	 	 

 

 

[Signature page to Crawford / Reaffirmation of Obligations

under Loan Documents dated as of July 3, 2007]

	 	 	 	 	 	 	 
	 	 	E-TRIAGE.COM, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ R. Eric Powers, III	 	 
	 

	 	 	 	Name: R. Eric Powers, III	 	 
	 

	 	 	 	Title: Vice President & Secretary	 	 
	 
	 	 	 	 	 	 
	 	 	CRAWFORD & COMPANY, L.P.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	CRAWFORD & COMPANY,	 	 
	 

	 	 	 	as General Partner
	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ J. R. Caporaso	 	 
	 

	 	 	 	Name: Joseph R. Caporaso	 	 
	 

	 	 	 	Title: SVP & Treasurer	 	 
	 
	 	 	 	 	 	 
	 	 	CRAWFORD HEALTHCARE	 	 
	 	 	   MANAGEMENT OF NORFOLK	 	 
	 	 	   AND BALTIMORE, INC.	 	 
	 	 	CRAWFORD S&R, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ W. L. Beach	 	 
	 

	 	 	 	Name: William L. Beach	 	 
	 

	 	 	 	Title: Vice President & Secretary	 	 

 

 

[Signature page to Crawford / Reaffirmation of Obligations

under Loan Documents dated as of July 3, 2007]

	 	 	 	 	 	 	 
	 	 	CRAWFORD & COMPANY OF ILLINOIS	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ David Stouffer	 	 
	 

	 	 	 	Name: David Stouffer	 	 
	 

	 	 	 	Title: Vice President
	 	 
	 
	 	 	 	 	 	 
	 	 	CRAWFORD & COMPANY OF FLORIDA	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Ronald E. Smith	 	 
	 

	 	 	 	Name: Ronald E. Smith	 	 
	 

	 	 	 	Title: President	 	 
	 
	 	 	 	 	 	 
	 	 	CRAWFORD & COMPANY

     EMPLOYMENT SERVICES, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Matt C. Wilkinson	 	 
	 

	 	 	 	Name: Matt C. Wilkinson	 	 
	 

	 	 	 	Title: President	 	 
	 
	 	 	 	 	 	 
	 	 	CRAWFORD & COMPANY
OF CALIFORNIA	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Jeffrey Van Fleet	 	 
	 

	 	 	 	Name: Jeffrey Van Fleet	 	 
	 

	 	 	 	Title: President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}]]