SEVENTH AMENDMENT TO CREDIT AGREEMENT
Exhibit 10.2
SEVENTH AMENDMENT TO CREDIT AGREEMENT
THIS SEVENTH AMENDMENT TO CREDIT AGREEMENT dated as of August 31, 2008 (this “Amendment”), is
entered into by and between WINTRUST FINANCIAL CORPORATION (the “Borrower”) and LASALLE
BANK NATIONAL ASSOCIATION (in its individual capacity, “Lender”).
RECITALS
A. The Borrower and the Bank entered into that certain Credit Agreement dated as of November
1, 2005, as amended by that certain First Amendment to Credit Agreement dated as of June 1, 2006,
as amended by that certain Second Amendment to Credit Agreement dated as of July 27, 2006, as
amended by that certain Third Amendment to Credit Agreement dated as of January 1, 2007, as amended
by that certain Fourth Amendment to Credit Agreement dated as of March 9, 2007, as amended by that
certain Fifth Amendment to Credit Agreement dated as of June 1, 2007, and as amended by that
certain Sixth Amendment to Credit Agreement dated as of June 1, 2008 (collectively, with all
amendments thereto, the “Agreement”);
B. The parties hereto have agreed to extend the maturity date on the Term A Note from August
31, 2008 to August 31, 2009 and make other modifications to the Agreement.
NOW, THEREFORE, in consideration of the premises and other good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:
1. DEFINITIONS. All capitalized terms used herein without definition shall have the
respective meanings set forth in the Agreement.
2. AMENDMENTS TO THE AGREEMENT.
2.1 Amendment to Section 3(b) of the Agreement. Section 3(b) of
the Agreement is hereby amended as of the date hereof by deleting the date “August
31, 2008” and inserting the date “August 31, 2009”.
2.2 Amendment to Section 3(d) of the Agreement. Section 3(d) of the
Agreement is hereby deleted in its entirety and in lieu thereof is inserted the following:
(d) The amounts outstanding under the Term A Notes and the Term B Note
from time to time shall bear interest calculated on the actual number of
days elapsed on the basis of a 360 day year, at a rate equal, at the
Borrower’s option, to either (i) the London Inter-Bank offered Rate
(“LIBOR”) plus 200 basis points; or (ii) the greater of (a) the
Prime Rate, or (b) the Federal Funds Rate plus 50 basis points. The rate so
selected is hereafter referred to as the “Interest Rate”.
2.3 Amendment to Section 7(h) of the Agreement. Section 7(h)
of the Agreement is hereby deleted in its entirety and in lieu thereof is inserted
the following:
(h) cause the Borrower’s return on assets, measured at the end of each
fiscal quarter hereafter for the one year period then ending and determined
on the basis of information filed in the Borrower’s Call Report, to be at
least thirty five hundredths of one percent (.35%);
2.4 Term A Note. All references in the Loan Agreement to the form of the Term
A Note in the form of Exhibit “1” to the Loan Agreement shall be deemed to be
references to the form of the Term A Note in the form of Exhibit “A-1” attached
hereto and made a part hereof.
3. WARRANTIES. To induce Lender to enter into this Amendment, the Borrower warrants that:
3.1 Authorization. The Borrower is duly authorized to execute and deliver this
Amendment and is and will continue to be duly authorized to borrow monies under the Agreement, as
amended hereby, and to perform its obligations under the Agreement, as amended hereby.
3.2 No Conflicts. The execution and delivery of this Amendment and the performance by
the Borrower of its obligations under the Agreement as amended hereby, do not and will not conflict
with any provision of law or of the charter or by-laws of the Borrower or of any agreement binding
upon the Borrower.
3.3 Validity and Binding Effect. The Agreement, as amended hereby, is a legal, valid
and binding obligation of the Borrower, enforceable against the Borrower in accordance with its
terms, except as enforceability may be limited by bankruptcy, insolvency or other similar laws of
general application affecting the enforcement of creditors’ rights or by general principles of
equity limiting the availability of equitable remedies.
3.4 No Default. As of the date hereof, no Event of Default under Section 9 of
the Agreement, as amended by this Amendment or event or condition which, with the giving of notice
or the passage of time, shall constitute an Event of Default, has occurred or is continuing.
3.5 Warranties. As of the date hereof, the representations and warranties in
Section 5 of the Agreement are true and correct as though made on such date, except for
such changes as are specifically permitted under the Agreement,
4. CONDITIONS PRECEDENT. This Amendment shall become effective as of the date above first
written after receipt by the Administrative Agent of the following documents:
| (a) | This Amendment duly executed by the Borrower; | ||
| (b) | The execution of a Term A Revolving Note in favor of LaSalle Bank National Association in the amount of $100,000,000; and |
| (c) | Such other documents and instruments as the Bank reasonably requests. |
5. GENERAL.
5.1 Law. This Amendment shall be construed in accordance with and governed by the
laws of the State of Illinois.
5.2 Successors. This Amendment shall be binding upon the Borrower and Lender and
their respective successors and assigns, and shall inure to the benefit of the Borrower and Lender
and the successors and assigns of Lender. No other Person shall be a direct or indirect legal
beneficiary of, or have any direct or indirect cause of action or claim in connection with, this
Amendment or any of the other Loan Documents. The Borrower may not assign or transfer any of its
rights or Obligations under this Amendment without the prior written consent of Lender.
5.3 Counterparts. This Amendment may be executed in any number of counterparts and by
the different parties hereto on separate counterparts and each such counterpart shall be deemed to
be an original, but all such counterparts shall together constitute but one and the same agreement.
Receipt of an executed signature page to this Amendment by facsimile or other electronic
transmission shall constitute effective delivery thereof. Electronic records of executed Loan
Documents maintained by the Lenders shall deemed to be originals.
5.3 Confirmation of the Agreement. Except as amended hereby, the Agreement shall
remain in full force and effect and is hereby ratified and confirmed in all respects.
(remainder of page left intentionally blank; signature page follows)
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the
date first above written.
| WINTRUST FINANCIAL CORPORATION | ||||
By:
|
/s/ Xxxxx X. Xxxxxxx
|
|||
Its:
|
Senior Executive Vice President | |||
000 Xxxxx Xxxx Xxxx
Xxxx Xxxxxx, Xxxxxxxx 00000
Attention: Xxxxxx X. Xxxxxx
Facsimile: (000) 000-0000
Xxxx Xxxxxx, Xxxxxxxx 00000
Attention: Xxxxxx X. Xxxxxx
Facsimile: (000) 000-0000
| TERM LOAN A: $100,000,000.00 | LASALLE BANK NATIONAL ASSOCIATION | |||
PRO RATA SHARE: 100%
|
By: | /s/ Xxxxxxx X. Xxxxxx | ||
| Its: Senior Vice President | ||||
TERM LOAN B: $1,000,000.00 |
||||
PRO RATA SHARE: 100% |
||||
| 000 Xxxxx XxXxxxx Xxxxxx | ||||
| Xxxxxxx, Xxxxxxxx 00000 | ||||
| Attention: Xxxxxxx X. Xxxxxx | ||||
| Facsimile: (000) 000-0000 | ||||
EXHIBIT A-1
Form of Term A Note
TERM A NOTE
| $100,000,000 | Dated as of August 31, 2008 |
FOR VALUE RECEIVED, WINTRUST FINANCIAL CORPORATION, an Illinois corporation (the
“Maker”) promises to pay to the order of LASALLE BANK NATIONAL ASSOCIATION, a national
banking association (the “Bank”) the lesser of the principal sum of ONE HUNDRED MILLION
DOLLARS ($100,000,000), or the aggregate unpaid principal amount outstanding under the Credit
Agreement dated as of November 1, 2005 (as amended from time to time, the “Credit
Agreement”) between the Maker, as Borrower, and LaSalle Bank National Association, as Lender,
at the maturity or maturities and in the amount or amounts as stated on the records of the Bank
together with interest (computed on actual days elapsed on the basis of a 360 day year) on any and
all principal amounts outstanding hereunder from time to time from the date hereof until maturity.
Interest shall be payable at the rates of interest and the times set forth in the Credit Agreement.
All unpaid principal, and accrued interest, if not paid sooner, shall be due and payable in full
on August 31, 2009.
This Note shall be available for direct advances.
Principal and interest shall be paid to the Bank at its office at 000 Xxxxx XxXxxxx Xxxxxx,
Xxxxxxx, Xxxxxxxx 00000, or at such other place as the holder of this Note may designate in writing
to the Maker. This Note may be prepaid in whole or in part as provided for in the Credit Agreement.
This Note evidences indebtedness incurred under the Credit Agreement dated as of November 1,
2005, as amended from time to time, between the Maker, as Borrower, and LaSalle Bank National
Association, to which reference is hereby made for a statement of the terms and conditions under
which the due date of the Note or any payment thereon may be accelerated. The holder of this Note
is entitled to all of the benefits provided for in the Credit Agreement.
The Maker agrees that in action or proceeding instituted to collect or enforce collection of
this Note, the amount on the Bank’s records shall be conclusive and binding evidence, absent
demonstrable error, of the unpaid principal balance of this Note.
| WINTRUST FINANCIAL CORPORATION | ||||
| By: | ||||
| Its: | ||||
