SECOND AMENDMENT TO SIXTH AMENDED AND RESTATED CREDIT AGREEMENT
EXHIBIT 10.1
SECOND AMENDMENT TO SIXTH AMENDED AND RESTATED CREDIT AGREEMENT
THIS SECOND AMENDMENT TO SIXTH AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is entered into as of January 26, 2021, between FIRST MID BANCSHARES, INC. (f/k/a FIRST MID-ILLINOIS BANCSHARES, INC.), a Delaware corporation (the “Borrower”), and THE NORTHERN TRUST COMPANY, an Illinois state-chartered bank (the “Lender”).
RECITALS
A.The Borrower and the Lender entered into that certain Sixth Amended and Restated Credit Agreement, dated as of April 12, 2019 (the “Original Agreement”), as amended by the First Amendment to Sixth Amended and Restated Credit Agreement, dated as of April 10, 2020 (the Original Agreement, as so amended, the “Agreement”), in which the Lender agreed to extend to the Borrower a revolving loan in the principal amount of up to $15,000,000; and
B.By this Amendment, the Borrower and the Lender have agreed to certain amendments to the Agreement as described herein.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
AGREEMENTS
Section 1.All terms which are capitalized and used herein (which are not otherwise specifically defined herein) shall be used in this Amendment as defined in the Agreement.
Section 2.The following defined terms are hereby added in alphabetic order to Section 1.1 of the Agreement:
“LINCO Bancshares” means LINCO Bancshares, Inc., a Missouri corporation.
“LINCO Merger” has the meaning ascribed to such term in Section 6.1(c).
Section 3.Section 5.12 of the Agreement is hereby amended and restated to read as follows
“5.12 Subsidiaries. Attached hereto as Exhibit B is a correct and complete list of all Subsidiaries of the Borrower, including prior to and following the LINCO Merger, as defined herein.”
Section 4.A new Section 5.20 is hereby inserted into the Agreement to read as follows:
“5.20 LINCO Merger. The parties to the LINCO Merger have received any and all necessary regulatory, governmental, shareholder and other material required approvals to consummate the transaction on or before March 23, 2021. The Borrower intends to consummate the LINCO Merger on or before March 23, 2021, and the Borrower has, nor
with reasonable diligence should have, knowledge of or notice of any condition, circumstance or restriction that would result in any delay of the consummation of the LINCO Merger beyond March 23, 2021.”
Section 5.A new Section 6.1(c), Section 6.1(d) and Section 6.1(e) are hereby inserted into the Agreement to read as follows:
“(c) Eval Sub Inc., a wholly-owned direct subsidiary of the Borrower, may merge with and into LINCO Bancshares (the “LINCO Merger”) and, promptly following the consummation of the LINCO Merger, LINCO Bancshares may be merged with and into, or dissolved into, the Borrower;
(d)Providence Bank, which is a wholly-owned banking subsidiary of LINCO Bancshares prior to the LICO Merger, may merge with and into First Mid Bank & Trust, National Association following the LINCO Merger; and
(e)Each of PBEI Holdings, LLC, PBDIL Holdings, LLC, PBSP Holdings, LLC and PBGD&N Holdings, LLC, each of which is a wholly-owned subsidiary of Providence Bank as of the date hereof, may be may be merged with and into, or dissolved into, Providence Bank or First Mid Bank & Trust, National Association, following the LINCO Merger.”
Section 6.“Exhibit B - Subsidiaries” shall be amended and replaced in the form attached hereto as Exhibit I to this Amendment.
Section 7.The Borrower hereby remakes, as of the date of execution hereof, all of the representations and warranties set forth in Section 5 of the Agreement. The Borrower additionally represents and warrants that: (a) the execution and delivery by the Borrower of this Amendment and the performance by the Borrower of its obligations under this Amendment are within the Borrower’s corporate xxxxxx, xxxx be authorized by all necessary corporate action, have received all necessary governmental approval (if any should be required) and do not and will not contravene or conflict with any provision of law or of the charter or by-laws of the Borrower or any subsidiary or of any agreement binding upon the Borrower or any subsidiary; and (b) the representations and warranties set forth in Section 5 of the Agreement and in Section 7(a) of this Amendment shall be true and correct as of the date hereof, and after giving effect to this Amendment, between the Borrower and the Lender, no Event of Default or Unmatured Event of Default under the Agreement has occurred and is continuing under the Agreement. The Borrower shall have provided to the Lender a certificate of a senior executive officer of the Borrower certifying the provisions of Section 7(a) of this Amendment, in the form of Exhibit II attached hereto.
Section 8.The effectiveness of this Amendment is subject to the conditions precedent that the Lender shall have received all of the following, each duly executed and dated the date hereof, in form and substance satisfactory to the Lender and its counsel, at the expense of the Borrower, and in such number of signed counterparts as the Lender may request:
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this Amendment; |
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the Third Amendment to Pledge Agreement; |
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a certificate in the form of Exhibit II attached hereto; |
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a copy of a resolution of the Board of Directors of the Borrower authorizing or ratifying the execution, delivery and performance, respectively, of this Amendment and of the other documents provided for in this Amendment, certified by the Secretary of the Borrower; and |
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such other documents and certificates as the Lender may reasonably request. |
Section 9.This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall constitute but one and the same instrument.
Section 10.Except as previously amended hereby and except as amended by this Amendment, the Agreement is hereby ratified and confirmed and shall continue in full force and effect.
Section 11.This Amendment shall become effective when it shall have been executed by the Borrower and the Lender and thereafter shall be binding upon and inure to the benefit of the Borrower and the Lender and their respective successors and assigns.
Section 12.Without limiting the obligations of the Borrower under the Agreement, the Borrower agrees to pay, or to reimburse on demand, all reasonable costs and expenses incurred by the Lender in connection with the negotiation, preparation, execution, delivery, modification, amendment or enforcement of this Amendment, the Agreement and any other agreements, documents and instruments referred to herein, including the reasonable fees and expenses of legal counsel engaged by the Lender for such purposes.
Signature page follows.
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the date first above written.
(f/k/a FIRST MID-ILLINOIS BANCSHARES, INC.)
By: /s/ Xxxxxxx X. Xxxxxx
Title: SEVP and COO
Address for notices:
0000 Xxxxxxxxxx Xxxxxx
Xxxxxxx, Xxxxxxxx 00000
Attention: Chief Operating Officer
Telephone: 217/000-0000
Fax No.: 217/000-0000
THE NORTHERN TRUST COMPANY
By: /s/ Xxxxx Xxxxxx
Title: Vice President
Address for notices:
00 Xxxxx XxXxxxx Xxxxxx
Xxxxxxx, XX 00000
Attention: Xx. Xxxxx X. Xxxxxx, Corporate Banking
Telephone: 312/000-0000
Fax No.: 312/000-0000
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EXHIBIT I
Subsidiaries of Borrower prior to the closing of the LINCO Merger
First Mid Bank & Trust, National Association (a national banking association)
First Mid Wealth Management Company (an Illinois corporation)
First Mid Insurance Group, Inc. (an Illinois corporation)
Mid-Illinois Data Services, Inc. (a Delaware corporation)
First Mid Captive, Inc. (a Nevada corporation)
First Mid-Illinois Statutory Trust II (a Delaware business trust)
Clover Leaf Statutory Trust I (a Delaware business trust)
FBTC Statutory Trust I (a Delaware business trust)
Eval Sub Inc. (a Missouri corporation)
Subsidiaries of Borrower following the closing of the LINCO Merger
First Mid Bank & Trust, National Association (a national banking association)
First Mid Wealth Management Company (an Illinois corporation)
First Mid Insurance Group, Inc. (an Illinois corporation)
Mid-Illinois Data Services, Inc. (a Delaware corporation)
First Mid Captive, Inc. (a Nevada corporation)
First Mid-Illinois Statutory Trust II (a Delaware business trust)
Clover Leaf Statutory Trust I (a Delaware business trust)
FBTC Statutory Trust I (a Delaware business trust)
LINCO Bancshares, Inc. (a Missouri corporation)
Providence Bank (a Missouri state-chartered depository trust company)
PBEI Holdings, LLC (a Missouri limited liability company)
PBDIL Holdings, LLC (a Missouri limited liability company)
PBSP Holdings, LLC (a Missouri limited liability company)
PBGD&N Holdings, LLC (a Missouri limited liability company)
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EXHIBIT II
Officer’s Certificate
January 26, 2021
The Northern Trust Company
00 Xxxxx XxXxxxx Xxxxxx
Xxxxxxx, Xxxxxxxx 00000
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Re: |
Second Amendment to Sixth Amended and Restated Credit Agreement (the “Second Amendment”), between First Mid Bancshares, Inc. (f/k/a First Mid-Illinois Bancshares, Inc.) (the “Borrower”) and The Northern Trust Company (the “Lender”). |
Ladies and Gentlemen:
This certificate is being delivered to the Lender pursuant to Section 7 of the Second Amendment. Terms used in this certificate which are defined in the Sixth Amended and Restated Credit Agreement (as amended, the “Agreement”) shall have the same meanings given to them in the Agreement.
In connection with the execution and delivery of the Second Amendment, the undersigned officer of the Borrower hereby certifies as follows:
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After giving effect to the Second Amendment, no Event of Default or Unmatured Event of Default under the Agreement, as amended by the Second Amendment, has occurred and is continuing; and |
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After giving effect to the Second Amendment, the representations and warranties in Section 5 of the Agreement and in Section 7 of the Second Amendment are true and correct in all material respects as of the date hereof. |
Very truly yours,
FIRST MID BANCSHARES, INC. (f/k/a FIRST MID-ILLINOIS BANCSHARES, INC.)
By:
Title:
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