SEC Contract Filing

Filing Date: 2017-06-30

Document Content:
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<TYPE>EX-10.1
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<FILENAME>d375187dex101.htm
<DESCRIPTION>EX-10.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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 </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>SECOND AMENDMENT TO LOAN AGREEMENT </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS SECOND AMENDMENT TO LOAN AGREEMENT (the &#147;Second Amendment&#148;) dated as of the 30th day of June, 2017, to the Loan Agreement (the
&#147;Loan Agreement&#148;), made and entered into as of June&nbsp;30, 2013, by and among <B>FIRST FINANCIAL BANKSHARES, INC.</B>, a Texas corporation (the &#147;Borrower&#148;) and <B>FROST BANK, </B>a Texas state bank (the &#147;Lender&#148;). All
capitalized terms not otherwise defined herein shall have the meaning ascribed to each of them in the Loan Agreement. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>W I T N E S S E T
H: </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Borrower executed the Loan Agreement to govern that certain promissory note from Lender in the original principal amount
of $25,000,000.00 (the &#147;Note&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Borrower and Lender executed a First Amendment to Loan Agreement dated as of
June&nbsp;30, 2015, which among other things renewed and modified the Note; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Borrower desires to amend the Loan Agreement and
renew and extend the Note; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Lender agrees to amend the Loan Agreement and renew and extend the Note, on terms and
conditions as hereinafter provided. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Borrower and Lender do hereby agree as follows: </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>ARTICLE I </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Amendment to Loan Agreement </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.1 <U>Amendment to Section&nbsp;2.02 of the Loan Agreement</U>. Borrower and Lender agree to, and do hereby, amend the Loan Agreement by
deleting Section&nbsp;2.02 of the Loan Agreement in its entirety and substituting therefore the following paragraph: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>2.02 <U>The Note</U></B>. The obligation of Borrower to pay the Loan shall be evidenced by a promissory note (the
&#147;Note&#148;) executed by Borrower and payable to the order of Lender, in the principal amount of $25,000,000.00 bearing interest at the variable rate set forth in the Note. The Borrower shall pay principal and interest in accordance with the
terms of the Note, with the maturity date being as set forth in the Note. From Closing Date and continuing at all times through June&nbsp;30, 2019 (the &#147;Revolving Credit Period&#148;) the Loan evidenced by the Note shall be a revolving credit
facility which will allow the Borrower to request such amounts as Borrower may elect from time to time (each such amount being herein called an &#147;Advance&#148;) so long as the aggregate amount of Advances outstanding at any time under the Note
does not exceed Twenty Five Million and No/100 Dollars ($25,000,000.00) provided however, the minimum Advance must be at least $500,000.00. The Borrower shall have the right to borrow, repay, and borrow again
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during the Revolving Credit Period. The outstanding principal balance of the Note on July&nbsp;1, 2019 shall convert to a term facility and shall be payable quarterly in accordance with the terms
of the Note, with all unpaid principal plus all accrued and unpaid interest being due and payable on June&nbsp;30, 2024.&#148; </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>ARTICLE II </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Conditions of Effectiveness </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.1 <U>Effective Date</U>. This Second Amendment shall become effective as of June&nbsp;30, 2017, when, and only when, each of the following
conditions shall have been met, all in form, substance, and date satisfactory to Lender: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Closing Documents</U>.
Borrower shall have executed and delivered to Lender (i)&nbsp;a Renewal Promissory Note (the &#147;Renewal Promis