Exhibit 10.45
AMENDED AND RESTATED GENERAL
CONTINUING LIMITED GUARANTY
This AMENDED AND RESTATED GENERAL
CONTINUING GUARANTY (this “Guaranty”), dated as
of February 18, 2009, is executed and delivered by FIRSTCITY
FINANCIAL CORPORATION, a Delaware corporation
(“Guarantor”), in favor of WELLS FARGO FOOTHILL, LLC.,
a Delaware limited liability company (“Lender”), in
light of the following:
WHEREAS, American Business
Lending, Inc., a Texas corporation
(“Borrower”), and Lender are parties to that
certain Loan Agreement dated as of December 15, 2006 (as
amended, restated, modified, renewed or extended from time to time,
the “Loan Agreement”) and certain other Loan
Documents, pursuant to which Lender has agreed to make certain
loans or other financial accommodations to or for the benefit of
Borrower;
WHEREAS, Borrower has requested
Lender to enter into a Third Amendment to Loan Agreement dated as
of February 18, 2009, to be effective as of February 1,
2009 (the “Third Amendment”);
WHEREAS, Borrower is a wholly-owned
subsidiary of FirstCity Business Lending Corporation, a Texas
corporation, which is a wholly-owned subsidiary of Guarantor, and
therefore Guarantor will benefit by virtue of the continued
financial accommodations extended to Borrower by Lender pursuant to
the Loan Agreement as amended by the Third Amendment;
WHEREAS, Guarantor has previously
executed and delivered to Lender that certain General Continuing
Limited Guaranty, dated as of February 27, 2007 (the
“Original FCF Guaranty”), pursuant to which
Guarantor guaranteed a portion of Borrower’s Obligations to
Lender;
WHEREAS, a condition precedent to
Lender’s willingness to enter into the Third Amendment is
Guarantor’s agreement to amend and restate the Original FCF
Guaranty to have Guarantor guarantee all of Borrower’s
Obligations to Lender, subject only to the “Guaranty
Limitation” (as hereinafter defined); and
WHEREAS, in order to induce Lender
to enter into the Third Amendment and to continue to extend to
Borrower the additional financial accommodations provided for in
the Loan Agreement as amended by the Third Amendment, Guarantor has
agreed to guaranty the Guarantied Obligations as set forth in this
Guaranty.
NOW, THEREFORE, in consideration of
the foregoing, Guarantor hereby agrees as follows:
1
Definitions and Construction.
(a)
Definitions. Capitalized terms used herein and not otherwise
defined herein shall have the meanings ascribed to them in the Loan
Agreement. The following terms, as used in this Guaranty, shall
have the following meanings:
“Borrower”
has the meaning set forth in the preamble to this
Guaranty.
1
“Enforcement
Costs” has the
meaning set forth in Section 12 of this
Guaranty.
“Guarantied
Obligations” means
the due and punctual payment of the principal of, and interest
(including any interest that, but for the commencement of an
Insolvency Proceeding, would have accrued) on, any and all premium
on, and any and all fees, costs, indemnities, and expenses incurred
in connection with, the Indebtedness owed by Borrower to Lender or
any Bank Product Provider pursuant to the terms of the Loan
Agreement or any other Loan Document.
“Guarantor” has the meaning set forth in the preamble to
this Guaranty.
“Guaranty”
has the meaning set forth in the
preamble to this Guaranty.
“Guaranty
Limitation” has the
meaning set forth in Section 2 of this
Guaranty.
“Indebtedness”
means any and all obligations
(including the Obligations), indebtedness, or liabilities of any
kind or character arising directly or indirectly out of or in
connection with the Loan Agreement or any other Loan Document,
including all such obligations, indebtedness, or liabilities,
whether for principal, interest (including any interest which, but
for the provisions of the Bankruptcy Code, would have accrued on
such amounts), premium, reimbursement obligations, fees, costs,
expenses (including attorneys’ fees), or indemnity
obligations, whether heretofore, now, or hereafter made, incurred,
or created, whether voluntarily or involuntarily made, incurred, or
created, whether secured or unsecured (and if secured, regardless
of the nature or extent of the security), whether absolute or
contingent, liquidated or imliquidated, or determined or
indeterminate, whether individual or joint liability, and whether
recovery is or hereafter becomes barred by any statute of
limitations or otherwise becomes unenforceable for any reason
whatsoever, including any act or failure to act by Lender or any
Bank Product Provider.
“Lender”
has the meaning set forth in the
preamble to this Guaranty.
“Loan
Agreement” has the
meaning set forth in the recitals to this Guaranty.
“Voidable
Transfer” has the
meaning set forth in Section 9 of this
Guaranty.
(b)
Construction. Unless the context of this Guaranty clearly
requires otherwise, references to the plural include the singular,
references to the singular include the plural, the terms
“includes” and “including” are not
limiting, and the term “or” has, except where otherwise
indicated, the inclusive meaning represented by the phrase
“and/or.” The words “hereof,”
“herein,” “hereby,”
“hereunder,” and similar terms in this Guaranty refer
to this Guaranty as a whole and not to any particular provision of
this Guaranty. Section, subsection, clause, schedule, and exhibit
references herein are to this Guaranty unless otherwise specified.
Any reference in this Guaranty to any agreement, instrument, or
document shall include all alterations, amendments, changes,
extensions, modifications, renewals, replacements, substitutions,
joinders, and supplements, thereto and thereof, as applicable
(subject to any restrictions on such alterations, amendments,
changes, extensions, modifications, renewals, replacements,
substitutions, joinders, and supplements set forth herein). Neither
this Guaranty nor any uncertainty or ambiguity herein shall be
construed against Lender or Borrower, whether
2
under any rule of construction
or otherwise. On the contrary, this Agreement has been reviewed by
all parties and shall be construed and interpreted according
to the ordinary meaning of the words used so as to accomplish
fairly the purposes and intentions of all parties hereto. Any
reference herein to the satisfaction or payment in full of the
Guarantied Obligations shall mean the payment in full in cash (or
cash collateralization in accordance with the terms of the Loan
Agreement) of all Guarantied Obligations other than any contingent
indemnification Guarantied Obligations and other than any Bank
Product Obligations that, at such time, are allowed by the
applicable Bank Product Provider to remain outstanding and are not
required to be repaid or cash collateralized pursuant to the
provisions of the Loan Agreement. Any reference herein to any
Person shall be construed to include such Person’s successors
and assigns. Any requirement of a writing contained herein shall be
satisfied by the transmission of a Record and any Record
transmitted shall constitute a representation and warranty as to
the accuracy and completeness of the information contained
therein.
2.
Guarantied Obligations. Guarantor hereby irrevocably and unconditionally
guaranties to Lender, for the benefit of Lender and the Bank
Product Providers, as and for its own debt, until final payment in
full thereof has been made, the payment of the Guarantied
Obligations, when and as the same shall become due and payable,
whether at maturity, pursuant to a mandatory prepayment
requirement, by acceleration, or otherwise; it being the intent of
Guarantor that the guaranty set forth herein shall be a guaranty of
payment and not a guaranty of collection; provided, however,
that in no event shall Guarantor’s liability hereunder (the
“Guaranty Limitation”) exceed the sum of
(i) Five Million No/100 Dollars ($5,000,000.00) and
(ii) all of Lender’s Enforcement Costs..
3.
Extension, Modification or Renewal of Guarantied
Obligations. Subject
to the Guaranty Limitation, this Guaranty includes any extension,
modification, or renewal of the Guarantied Obligations, or any
change of the interest rate, payment terms, or other terms and
conditions of the Guarantied Obligations. If Guarantor revokes or
seeks to revoke this Guaranty, Guarantor acknowledges and agrees
that (a) no such revocation shall be effective until written
notice thereof has been received by Lender, and (b) no such
revocation shall apply to any Guarantied Obligations in existence
on such date (including any subsequent continuation, extension, or
renewal thereof, or change in the interest rate, payment terms, or
other terms and conditions thereof).
4.
Performance Under this Guaranty. In the event that Borrower fails to make any
payment of any Guarantied Obligations, on or prior to the due date
thereof, Guarantor immediately shall, subject to the Guaranty
Limitation, cause such payment to be made.
5.
Primary Obligations. This Guaranty is a primary and original
obligation of Guarantor, is not merely the creation of a surety
relationship, and is an absolute, unconditional, and continuing
guaranty of payment and performance which shall, subject to the
Guaranty Limitation, remain in full force and effect without
respect to future changes in conditions. Guarantor hereby agrees
(a) that it is directly, jointly and severally with any other
guarantor of the Guarantied Obligations, liable to Lender, for its
benefit and for the benefit of the Bank Product Providers,
(b) that the obligations of Guarantor hereunder are
independent of the obligations of Borrower or any other guarantor,
and (c) that a separate action may be brought against
Guarantor, whether such action is brought against Borrower or any
other guarantor or
3
whether Borrower or any other
guarantor is joined in such action. Guarantor hereby agrees that
its liability hereunder shall be immediate and shall not be
contingent upon the exercise or enforcement by Lender or any Bank
Product Provider of whatever remedies Lender or any Bank Product
Provider may have against Borrower or any other guarantor, or the
enforcement of any lien or realization upon any security by Lender
or any Bank Product Provider. Guarantor hereby agrees that any
release which may be given by Lender or any Bank Product Provider
to Borrower or any other guarantor shall not release Guarantor.
Guarantor consents and agrees that neither Lender nor any Bank
Product Provider shall be under any obligation to marshal any
property or assets of Borrower or any other guarantor in favor of
Guarantor, or against or in payment of any or all of the Guarantied
Obligations.
6
Waivers.
(a)
To the fullest extent permitted by applicable law, Guarantor hereby
waives: (i) notice of acceptance hereof; (ii) notice of
any loans or other financial accommodations made or extended under
the Loan Agreement, or the creation or existence of any Guarantied
Obligations; (iii) notice of the amount of the Guarantied
Obligations, subject, however, to Guarantor’s right to make
inquiry of Lender to ascertain the amount of the Guarantied
Obligations at any reasonable time; (iv) notice of any adverse
change in the financial condition of Borrower or of any other fact
that might increase Guarantor’s risk hereunder;
(v) notice of presentment for payment, demand, protest, and
notice thereof as to any instrument among the Loan Documents;
(vi) notice of any Default or Event of Default under the Loan
Agreement; and (vii) all other notices (except if such notice
is specifically required to be given to Guarantor under this
Guaranty or any other Loan Documents to which Guarantor is a party)
and demands to which Guarantor might otherwise be
entitled.
(b)
To the fullest extent permitted by applicable law, Guarantor hereby
waives the right by statute or otherwise to require Lender or any
Bank Product Provider to institute suit against Borrower or to
exhaust any rights and remedies which Lender or any Bank Product
Provider has or may have against Borrower. In this regard,
Guarantor agrees that, subject to the Guaranty Limitation., it is
bound to the payment of each and all Guarantied Obligations,
whether now existing or hereafter arising, as fully as if the
Guarant