Document:

exv4w1

Exhibit 4.1

OTTER TAIL CORPORATION

 

SECOND AMENDMENT

 

Dated as of September 11, 2008

to

NOTE PURCHASE AGREEMENT

Dated as of August 20, 2007

$33,000,000 5.95% Senior Unsecured Notes, Series A, due 2017

$30,000,000 6.15% Senior Unsecured Notes, Series B, due 2022

$42,000,000 6.37% Senior Unsecured Notes, Series C, due 2027

$50,000,000 6.47% Senior Unsecured Notes, Series A, due 2037

 

 

SECOND AMENDMENT TO NOTE PURCHASE AGREEMENT

     This Second Amendment dated as of September 11, 2008 (the or this “Second Amendment”) to the
Note Purchase Agreement dated as of August 20, 2007 is between OTTER TAIL CORPORATION, a Minnesota
corporation (the “Company”), and each of the institutions which is a signatory to this Second
Amendment (collectively, the “Noteholders”).

RECITALS:

     A. The Company and each of the Noteholders have heretofore entered into that certain Note
Purchase Agreement dated as of August 20, 2007 between the Company and each of the Noteholders
listed on Schedule A thereto, as amended by a First Amendment dated as of December 14, 2007
between the Company and the institutions signatory thereto (as so amended, the “Note Purchase
Agreement”). The Company has heretofore issued (a) $33,000,000 aggregate principal amount of 5.95%
Senior Unsecured Notes, Series A, due 2017 (the “Series A Notes”); (b) $30,000,000 aggregate
principal amount of 6.15% Senior Unsecured Notes, Series B, due 2022 (the “Series B Notes”); (c)
$42,000,000 aggregate principal amount of 6.37% Senior Unsecured Notes, Series C, due 2027 (the
“Series C Notes”); and (d) $50,000,000 aggregate principal amount of 6.47% Senior Unsecured Notes,
Series D, due 2037 (the “Series D Notes” and together with the Series A Notes, the Series B Notes
and the Series C Notes, collectively, the “Notes”) pursuant to the Note Purchase Agreement.

     B. The Company and the Noteholders now desire to amend the Note Purchase Agreement in the
respects, but only in the respects, hereinafter set forth.

     C. Capitalized terms used herein shall have the respective meanings ascribed thereto in the
Note Purchase Agreement unless herein defined or the context shall otherwise require.

     D. All requirements of law have been fully complied with and all other acts and things
necessary to make this Second Amendment a valid, legal and binding instrument according to its
terms for the purposes herein expressed have been done or performed.

     NOW, THEREFORE, upon the full and complete satisfaction of the conditions precedent to the
effectiveness of this Second Amendment set forth in Section 3.1 hereof, and in consideration of
good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the
Company and the Noteholders do hereby agree as follows:

SECTION 1. AMENDMENT.

     1.1. Section 12.9 of the Note Purchase Agreement shall be and is hereby amended in its
entirety to read as follows:

     Section 12.9. Subsidiary Guarantees. The Company will not permit any Subsidiary to
either (a) endorse, guarantee, contingently agree to purchase or to provide funds for the
payment of, or otherwise become contingently liable upon, any obligation of any other
Person, except by the endorsement of negotiable instruments for deposit or collection (or
similar transactions) in the ordinary course of business, or (b) agree to maintain the net
worth or working capital of, or provide funds to satisfy any other financial test applicable
to, any other Person, except (in the case of (a) or (b) above) for (i) guaranties by one or
more Subsidiaries of the Company or Varistar of obligations of the Company or Varistar in
respect of Indebtedness identified in

 

 

Schedule 7.15 hereto, (ii) guaranties by one or more Subsidiaries of the Company or Varistar
of obligations of the Company in respect of Indebtedness of the Company pursuant to that
certain Note Purchase Agreement, dated as of February 23, 2007, between the Company and
Cascade Investment L.L.C., (iii) guaranties by any Subsidiaries of Varistar in respect of
indebtedness incurred by Varistar under a credit facility with U.S. Bank National
Association entered into after the date hereof, if any (a “Varistar Credit Facility”), and
in connection therewith Varistar agrees to a covenant restricting itself or its Subsidiaries
from guaranteeing indebtedness of any other Person (subject to the exceptions provided for
therein) (a “Subsidiary Guarantee Covenant”), (iv) guaranties by the Company or any
Subsidiary of obligations of any Subsidiary as lessee under any lease that is not a Capital
Lease, and (v) other guaranties limited as to principal of recovery to not more than
$10,000,000 in the aggregate. Notwithstanding the foregoing, in the event Varistar enters
into a Varistar Credit Facility, then (i) in the event such Varistar Credit Facility is
terminated or expires by its terms, the provisions of this Section 12.9 shall be deemed
deleted and shall no longer be in effect and (ii) in the event that the Subsidiary Guarantee
Covenant does not apply to any particular Subsidiary or Subsidiaries, the provisions of this
Section 12.9 shall be deemed deleted and shall no longer be in effect with respect to such
particular Subsidiary or Subsidiaries.

SECTION 2. REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

     2.1. To induce the Noteholders to execute and deliver this Second Amendment (which
representations shall survive the execution and delivery of this Second Amendment), the Company
represents and warrants to the Noteholders that:

     (a) this Second Amendment has been duly authorized, executed and delivered by it and
this Second Amendment constitutes the legal, valid and binding obligation, contract and
agreement of the Company enforceable against it in accordance with its terms, except as
enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or similar
laws or equitable principles relating to or limiting creditors’ rights generally;

     (b) the Note Purchase Agreement, as amended by this Second Amendment, constitutes the
legal, valid and binding obligation, contract and agreement of the Company enforceable
against it in accordance with its terms, except as enforcement may be limited by bankruptcy,
insolvency, reorganization, moratorium or similar laws or equitable principles relating to
or limiting creditors’ rights generally;

     (c) the execution, delivery and performance by the Company of this Second Amendment (i)
has been duly authorized by all requisite corporate action and, if required, shareholder
action, (ii) does not require the consent or approval of any governmental or regulatory body
or agency, and (iii) will not (A) violate (1) any provision of law, statute, rule or
regulation or its articles of incorporation or bylaws, (2) any order of any court or any
rule, regulation or order of any other agency or government binding upon it, or (3) any
provision of any indenture, mortgage, deed of trust, loan, purchase or credit agreement or
other Material agreement or instrument to which it is a party or by which its properties or
assets are or may be bound, or (B) result in a breach or constitute (alone or with due
notice or lapse of time or both) a default under any indenture, agreement or other
instrument referred to in clause (iii)(A)(3) of this Section 2.1(c);

     (d) as of the date hereof and after giving effect to this Second Amendment, no Default
or Event of Default has occurred which is continuing; and

 

 

     (e) all the representations and warranties contained in Section 7 of the Note Purchase
Agreement are true and correct in all material respects with the same force and effect as if
made by the Company on and as of the date hereof.

SECTION 3. CONDITIONS TO EFFECTIVENESS OF THIS SECOND AMENDMENT.

     3.1. This Second Amendment shall not become effective until, and shall become effective when,
each and every one of the following conditions shall have been satisfied:

     (a) executed counterparts of this Second Amendment, duly executed by the Company and
the Required Holders, shall have been delivered to the Noteholders;

     (b) the representations and warranties of the Company set forth in Section 2 hereof are
true and correct on and with respect to the date hereof; and

     (c) the Company shall have paid to the holders of the outstanding Notes, ratably, an
agreed-upon fee.

     Upon receipt of all of the foregoing, this Second Amendment shall become effective.

SECTION 4. PAYMENT OF NOTEHOLDERS’ COUNSEL FEES AND EXPENSES.

     4.1. The Company agrees to pay upon demand, the reasonable fees and expenses of Winston &
Strawn LLP, counsel to the Noteholders, in connection with the negotiation, preparation, approval,
execution and delivery of this Second Amendment.

SECTION 5. MISCELLANEOUS.

     5.1. This Second Amendment shall be construed in connection with and as part of the Note
Purchase Agreement, and except as modified and expressly amended by this Second Amendment, all
terms, conditions and covenants contained in the Note Purchase Agreement and the Notes are hereby
ratified and shall be and remain in full force and effect.

     5.2. Any and all notices, requests, certificates and other instruments executed and delivered
after the execution and delivery of this Second Amendment may refer to the Note Purchase Agreement
without making specific reference to this Second Amendment but nevertheless all such references
shall include this Second Amendment unless the context otherwise requires.

     5.3. The descriptive headings of the various Sections or parts of this Second Amendment are
for convenience only and shall not affect the meaning or construction of any of the provisions
hereof.

     5.4. This Second Amendment shall be governed by and construed in accordance with the laws of
the State of New York.

[Remainder of Page Intentionally Left Blank]

 

 

     The execution hereof by you shall constitute a contract between us for the uses and purposes
hereinabove set forth, and this Second Amendment may be executed in any number of counterparts,
each executed counterpart constituting an original, but all together only one agreement.

	 	 	 	 	 
	 	OTTER TAIL CORPORATION

 	 
	 	By:  	                                                     /s/ Kevin G. Moug
 	 
	 	 	Name:  	Kevin G. Moug 	 
	 	 	Title:  	CFO & Treasurer 	 

 

 

	 	 	 	 	 

ACCEPTED AND AGREED TO:

TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA

	 	 	 	 	 
	By

	 	/s/ Lisa M. Ferraro
	 	 
	 

	 	 	 	 
	 

	 	Name: Lisa M. Ferraro	 	 
	 

	 	Title: Director	 	 

PROVIDENT LIFE AND ACCIDENT INSURANCE COMPANY

By: Provident Investment Management, LLC

Its: Agent

	 	 	 	 	 
	By

	 	/s/ Ben Vance
	 	 
	 

	 	 	 	 
	 

	 	Name: Ben Vance	 	 
	 

	 	Title: Managing Director	 	 

THE GUARDIAN LIFE INSURANCE COMPANY OF AMERICA

	 	 	 	 	 
	By

	 	/s/ Barry Scheinholtz
	 	 
	 

	 	 	 	 
	 

	 	Name: Barry Scheinholtz	 	 
	 

	 	Title: Senior Director, Private Placements	 	 

THRIVENT FINANCIAL FOR LUTHERANS

	 	 	 	 	 
	By

	 	/s/ Alan D. Onstad
	 	 
	 

	 	 	 	 
	 

	 	Name: Alan D. Onstad	 	 
	 

	 	Title: Senior Director	 	 

PHOENIX LIFE INSURANCE COMPANY

	 	 	 	 	 
	By

	 	 
	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 

 

 

FORT DEARBORN LIFE INSURANCE COMPANY

THE CATHOLIC AID ASSOCIATION

GREAT WESTERN INSURANCE COMPANY

AMERICAN REPUBLIC INSURANCE COMPANY

CINCINNATI INSURANCE COMPANY

COLORADO BANKERS LIFE INSURANCE COMPANY

By: Advantus Capital Management, Inc.

	 	 	 	 	 
	By

	 	/s/ James F. Geiger
	 	 
	 

	 	 	 	 
	 

	 	Name: James F. Geiger	 	 
	 

	 	Title: Vice President	 	 

NAVY MUTUAL AID ASSOCIATION

	 	 	 	 	 
	By

	 	 
	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title: Title:	 	 

NATIONAL GUARDIAN LIFE INSURANCE COMPANY

	 	 	 	 	 
	By

	 	R.A. Mucci
	 	 
	 

	 	 	 	 
	 

	 	Name: R.A. Mucci	 	 
	 

	 	Title: Senior Vice President & Treasurer	 	 

AMERICAN FAMILY LIFE ASSURANCE COMPANY OF COLUMBUS

	 	 	 	 	 
	By

	 	/s/ W.J. Jeffery
	 	 
	 

	 	 	 	 
	 

	 	Name: W.J. Jeffery	 	 
	 

	 	Title: Chief Investment Officer	 	 

AMERICAN FAMILY LIFE ASSURANCE COMPANY OF COLUMBUS (JAPAN BRANCH)

	 	 	 	 	 
	By

	 	/s/ W.J. Jeffery
	 	 
	 

	 	 	 	 
	 

	 	Name: W.J. Jeffery	 	 
	 

	 	Title: Chief Investment OfficerEX-10.1

Exhibit 10.1

[Archway Marketing Holdings, Inc. LETTERHEAD]

September 14, 2008     

Union Street Acquisition Corp.

102 South Union Street

Alexandria, VA 22314

Ladies and Gentlemen:

     We acknowledge that Union Street Acquisition Corp. (“USQ”) had previously entered into that
certain Stock Purchase Agreement, dated February 26, 2008, by and among USQ, Argenbright, Inc.
(“Argenbright”) and Archway Marketing Services, Inc. (“Archway”) (the “Stock Purchase Agreement”),
whereby, among other things, USQ agreed to purchase from Argenbright all of the issued and
outstanding shares of capital stock of Archway. In connection with the negotiation, execution and
delivery of the Stock Purchase Agreement, we acknowledge that USQ had committed its resources, time
and effort in furtherance of trying to consummate the transactions set forth in the Stock Purchase
Agreement, including performing legal and financial due diligence on Archway, which resources, time
and effort have benefited us in connection with our execution and delivery of that certain
Agreement and Plan of Merger, by and among Archway Marketing Holdings, Inc. (“HoldCo”), Archway
Marketing Acquisition, Inc., a wholly-owned subsidiary of HoldCo (“MergerSub”), Argenbright and
Archway (the “Merger Agreement”), whereby MergerSub will merge with and into Archway with Archway
continuing as the surviving entity (the “Alternative Transaction”).

     In consideration of USQ’s efforts and the benefit that such efforts have conferred upon us, we
hereby agree that upon closing of the Alternative Transaction, but only upon the closing of the
Alternative Transaction, we will pay to USQ a fee of $750,000 in immediately available funds.

     If the terms of this letter agreement are acceptable to you, please sign and return a
counterpart to us.

	 	 	 	 	 	 	 
	 	 	Archway Marketing Holdings, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ James S Hoch
 

	 	 
	 

	 	Name:
	 	James S Hoch	 	 
	 

	 	Title:
	 	President	 	 

Accepted and Agreed

as of the date

first written above:

Union Street Acquisition Corp.

	 	 	 	 	 
	By: 

Name:

	 	/s/ Brian H. Burke
 

Brian H. Burke
	 	 
	Title:

	 	Chief Financial Officer

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