Document:

First Supplemental Indenture

 Exhibit 4.32 
  
 BANK OF AMERICA CORPORATION 
  
 FIRST SUPPLEMENTAL INDENTURE 
  
 Dated as of December 21, 2005 
  
 Supplementing the Indenture, dated as of September 29, 1992, 
 between MBNA Corporation 
 and Bankers Trust Company, as Trustee. 

 THIS FIRST SUPPLEMENTAL INDENTURE, dated as of December 21, 2005 (the “First
Supplemental Indenture”), is made by and among BANK OF AMERICA CORPORATION, a Delaware corporation (the “Corporation”), MBNA CORPORATION, a Maryland corporation (“MBNA”), and DEUTSCHE BANK TRUST COMPANY
AMERICAS, a New York banking corporation and successor to Bankers Trust Company, as Trustee (the “Trustee”) under the Indenture referred to herein. 
  
 WITNESSETH: 
  
 WHEREAS, MBNA and Bankers Trust Company (“Bankers Trust”), as trustee, were parties to an Indenture dated as of September 29, 1992
(the “Indenture”), providing for the issuance of Senior Debt Securities of MBNA; 
  
 WHEREAS, under the terms of the Indenture, the Trustee is successor to Bankers Trust; 
  
 WHEREAS, there is outstanding under the terms of the Indenture one or more series of Senior Debt Securities (the “Securities”);

  
 WHEREAS, MBNA and the Corporation have entered into an
Agreement and Plan of Merger (the “Merger Agreement”), dated as of June 30, 2005, pursuant to which MBNA will merge with and into the Corporation (the “Merger”), with the Corporation as the surviving corporation in the
Merger; 
  
 WHEREAS, the Merger is expected to be
consummated on January 1, 2006; 
  
 WHEREAS,
Section 801 of the Indenture provides that in the case of a merger, the surviving corporation shall expressly assume by supplemental indenture all the obligations, covenants and conditions under the Securities and the Indenture to be kept or
performed by MBNA; 
  
 WHEREAS, Section 901(1) of the
Indenture provides that, when authorized by resolutions of MBNA’s board of directors, MBNA and the Trustee may amend the Indenture without notice to or consent of any holders of the Securities to evidence the succession of another corporation
to MBNA by merger and the assumption by the successor corporation of the obligations, covenants and agreements of MBNA under the Indenture; 
  
 WHEREAS, Section 901(9) of the Indenture provides that, when authorized by resolutions of MBNA’s board of directors, MBNA and the Trustee
may amend the Indenture without notice to or consent of the holders of the Securities in order to supplement any provision contained in the Indenture; 
  
 WHEREAS, this First Supplemental Indenture has been duly authorized by all necessary corporate action on the part of each of MBNA and the
Corporation; and 

 WHEREAS, the Trustee has determined this First Supplemental Indenture is satisfactory in form.

  
 NOW, THEREFORE, in consideration of the premises, MBNA,
the Corporation and the Trustee agree as follows for the equal and ratable benefit of the holders of the Securities: 
  
 ARTICLE I 
 ASSUMPTION BY SUCCESSOR CORPORATION 
 AND SUPPLEMENTAL PROVISIONS 
  
 SECTION 1.1 Assumption of the Securities. 
  
 (a) The Corporation hereby represents and warrants that 
  
 (i) it is a corporation organized and existing under the laws of the State of Delaware and the surviving corporation in the Merger; and

  
 (ii) the execution, delivery and performance
of this First Supplemental Indenture has been duly authorized by the Board of Directors of the Corporation. 
  
 (b) The Corporation hereby expressly assumes the due and punctual payment of the principal of (and premium, if any) and any interest on all of the
Securities of all series in accordance with the terms of each series, according to their tenor, and the performance and observance of all the covenants and conditions of the Indenture with respect to each series or established with respect to such
series to be kept or performed by MBNA. 
  
 SECTION 1.2 The
Company. Effective January 1, 2006, the name of the Company, as the successor corporation to MBNA under the terms of the Indenture, shall be “Bank of America Corporation.” 
  
 SECTION 1.3 Supplemental Provisions. In connection with the issuance
of Securities under the Indenture: 
  
 (a) Definitions in the
present Section 101 are hereby amended as follows: 
  
 (i) The present definition of “Board Resolution” is hereby deleted and replaced with the following: 
  
 “‘Board Resolution’ means a resolution certified by the Secretary or an Assistant Secretary of the Company to have been
adopted by the Board of Directors or a committee acting under the authority of, or appointment by, the Board of Directors and to be in full force and effect on the date of such certification and delivered to the Trustee.” 
  

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 (ii) The present definitions of “Company Request” and “Company Order”
are hereby deleted and replaced with the following: 
  
 “‘Company Request’ and ‘Company Order’ mean, respectively, a written request or order signed in the name of the Company by its Chairman of the Board, Chief Executive Officer, President, Chief Financial Officer,
Executive or Senior Vice President, General Counsel, Deputy or Associate General Counsel or Treasurer and delivered to the Trustee.” 
  
 (iii) The present definition of “Officers’ Certificate” is hereby deleted and replaced with the following: 
  
 “‘Officers’ Certificate’ means a
certificate signed by the Chairman of the Board, the Chief Executive Officer, President, Chief Financial Officer, Executive or Senior Vice President, General Counsel, Deputy or Associate General Counsel or Treasurer of the Company and delivered to
the Trustee.” 
  
 SECTION 1.4 Trustee’s Determination
and Acceptance. The Trustee has determined that this First Supplemental Indenture is satisfactory in form and hereby accepts this First Supplemental Indenture and agrees to perform the same under the terms and conditions set forth in the
Indenture. 
  
 ARTICLE II 
 MISCELLANEOUS 
  
 SECTION 2.1 Effect of Supplemental Indenture. Upon the later to occur of (i) the execution and delivery of this First Supplemental Indenture
by the Corporation, MBNA and the Trustee and (ii) the effective time of the Merger, the Indenture shall be supplemented in accordance herewith, and this First Supplemental Indenture shall form a part of the Indenture for all purposes, and every
holder of Securities heretofore or hereafter authenticated and delivered under the Indenture shall be bound thereby. 
  
 SECTION 2.2 Indenture Remains in Full Force and Effect. Except as supplemented hereby, all provisions in the Indenture shall remain in full force
and effect. 
  
 SECTION 2.3 Indenture and Supplemental
Indentures Construed Together. This First Supplemental Indenture is an indenture supplemental to and in implementation of the Indenture, and the Indenture and this First Supplemental Indenture shall henceforth be read and construed together.

  
 SECTION 2.4 Confirmation and Preservation of Indenture.
The Indenture as supplemented by this First Supplemental Indenture is in all respects confirmed and preserved. 
  
 SECTION 2.5 Conflict with Trust Indenture Act. If any provision of this First Supplemental Indenture limits, qualifies or conflicts with any
provision of the Trust Indenture Act (the “TIA”) that is required under the TIA to be part of and govern any provision of this First Supplemental Indenture, the provision of the TIA shall control. If any provision of this First
Supplemental Indenture modifies or excludes any provision of 
  

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 the TIA that may be so modified or excluded, the provision of the TIA shall be deemed to apply to the Indenture as so
modified or to be excluded by this First Supplemental Indenture, as the case may be. 
  
 SECTION 2.6 Severability. In case any provision in this First Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not
in any way be affected or impaired thereby. 
  
 SECTION 2.7
Terms Defined in the Indenture. All capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Indenture. 
  
 SECTION 2.8 Addresses for Notice, etc., to the Corporation and Trustee. Any notice or demand which by any provisions of this First Supplemental
Indenture or the Indenture is required or permitted to be given or served by the Trustee or by the holders of Securities to or on the Corporation may be given or served by postage prepaid first class mail addressed (until another address is filed by
the Corporation with the Trustee) as follows: 
  
 Bank of America
Corporation 
 Corporate Treasury Division, NC1-007-07-06 
 100 North Tryon Street 
 Charlotte, North Carolina 28255-0001 
 Attention: Karen A. Gosnell, Senior Vice President 
  
 With a copy to: 
  
 Bank of America Corporation 
 Legal
Department, NC1-007-20-01 
 100 North Tryon Street 
 Charlotte, North Carolina 28255-0065 
 Attention: Teresa M. Brenner, Associate General Counsel 
  
 Any notice, direction, request or demand by any holder of Securities to or upon the Trustee
shall be deemed to have been sufficiently given or made, for all purposes, if given or made in writing at the principal office of the Trustee, which shall be as follows: 
  
 Deutsche Bank Trust Company Americas 
 60 Wall Street 
 26th Floor 
 NYC-60-2606 
 New York, New York 10005 
 Attention: Michele Voon. 
  
 SECTION 2.8 Headings. The Article and Section headings of this First Supplemental Indenture have been inserted for convenience of reference only,
are not to be considered part of this First Supplemental Indenture and shall in no way modify or restrict any of the terms or provisions hereof. 
  

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 SECTION 2.9 Benefits of First Supplemental Indenture, etc. Nothing in this First Supplemental
Indenture or the Securities, express or implied, shall give to any Person, other than the parties hereto and thereto and their successors hereunder and thereunder and the holders of the Securities, any benefit of any legal or equitable right, remedy
or claim under the Indenture, this First Supplemental Indenture or the Securities. 
  
 SECTION 2.10 Certain Duties and Responsibilities of the Trustees. In entering into this First Supplemental Indenture, the Trustee shall be entitled to the benefit of every provision of the Indenture relating to
the conduct or affecting the liability or affording protection to the Trustee, whether or not elsewhere herein so provided. The Trustee makes no representations as to the validity or sufficiency of this First Supplemental Indenture. The recitals and
statements in this First Supplemental Indenture are deemed to be those of the Corporation and MBNA and not of the Trustee. 
  
 SECTION 2.11 Counterparts. The parties may sign any number of copies of this First Supplemental Indenture. Each signed copy shall be an original,
but all of them together represent the same agreement. 
  
 SECTION 2.12 Governing Law. This First Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State of New York but without giving effect to applicable principles of conflicts of law to the
extent that the application of the laws of another jurisdiction would be required thereby. 
  
 [Signature Page Follows] 
  

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 IN WITNESS WHEREOF, the parties have caused this First Supplemental Indenture to be duly executed
as of the date first written above. 
  

			
	THE CORPORATION:
	
	Bank of America Corporation
		
	By:	 	 /s/ KAREN A. GOSNELL

	Name:	 	Karen A. Gosnell
	Title:	 	Senior Vice President
	
	MBNA:
	
	MBNA Corporation
		
	By:	 	 /s/ THOMAS D. WREN

	Name:	 	Thomas D. Wren
	Title:	 	Treasurer
	
	THE TRUSTEE:
	
	Deutsche Bank Trust Company Americas
		
	By:	 	 /s/ MICHELE H.Y. VOON

	Name:	 	Michele H. Y. Voon
	Title:	 	Assistant Vice President

  

 6Second Amendment to Amended and Restated Facility Lease

 Exhibit 4.1 
  

SECOND AMENDMENT 
 TO

 AMENDED AND RESTATED FACILITY LEASE 
 (Halsey Lease) 
  
 This SECOND AMENDMENT (this “Amendment”), dated as of December 28, 2005 by and among POPE & TALBOT, INC., a Delaware corporation (the “Lessee” or “Pope & Talbot”), WILMINGTON TRUST
COMPANY not in its individual capacity but solely as Owner Trustee (“Lessor” or “Owner Trustee”), and Wells Fargo Bank Northwest, National Association (the “Indenture Trustee”) amends that certain Amended and Restated
Facility Lease dated as of December 27, 2001 by and between Lessee and Owner Trustee (as amended prior to the date hereof, including by that certain letter agreement dated December 13, 2002 and that certain First Amendment to Facility
Lease dated October 31, 2005, the “Original Agreement”). Lessee, Owner Trustee and Indenture Trustee are referred to individually in this Amendment as a “Party” and collectively as the “Parties.”

  
 WITNESSETH: 
  
 WHEREAS, Lessee and the Owner Trustee entered into the Original
Agreement, which provided for the lease and letting of the Leased Property to the Lessee by the Lessor; 
  
 WHEREAS, the Lessee requested that the Owner Trustee and the Indenture Trustee amend the Original Agreement; and 
  
 WHEREAS, the Parties desire to amend the Original Agreement as
hereinafter set forth. 
  
 NOW THEREFORE, in consideration
of the premises set forth herein and for other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the Parties agree as follows: 
  
 ARTICLE I 
  
 DEFINITIONS 
  
 1.1 Original Agreement Definitions. All capitalized terms used in this Amendment but not defined herein shall have the meanings given
to them in Annex I to the Original Agreement. In the event of a conflict between the definitions contained in this Amendment and those contained in the Original Agreement, the definitions contained herein shall prevail. 

 ARTICLE II 
  
 AMENDMENTS TO ORIGINAL AGREEMENT 
  
 2.1 Annex I to the Original Agreement. Annex I to the Original Agreement shall be amended as follows:

  
 (a) The following definition of “8 3/8%
Note Indenture” is hereby added to the Annex and inserted before the definition of “Adjusted Net Worth:” 
  
 “8 3/8% Note Indenture” shall mean that certain Indenture, dated as of July 30, 2002, between Pope & Talbot
and the 8/38% Note Trustee. 
  
 (b) The following
definition of “8 3/8% Note Trustee” is hereby added to the Annex and inserted between the definitions of “8 3/8% Note Trustee” and “Adjusted Net Worth:” 
  
 “8 3/8% Note Trustee” shall mean J.P. Morgan Trust Company, National Association, as
trustee pursuant to the 8 3/8% Note Indenture. 
  
 (c) The following definition of “Debenture Indenture” is hereby added to the Annex and inserted between the definitions of “County Road Documents” and “Deed of Trust:” 
  
 “Debenture Indenture” shall mean that
certain Debenture Indenture, dated as of June 2, 1993, between Pope & Talbot and the Debenture Trustee. 
  
 (d) The following definition of “Debenture Trustee” is hereby added to the Annex and inserted between the definitions of
“Debenture Indenture” and “Deed of Trust:” 
  
 “Debenture Trustee” shall mean Chemical Trust Company of California, as trustee, pursuant to the Debenture Indenture. 
  
 (e) The following definition of “Indebtedness” is hereby added to the Annex and inserted between
the definitions of “Hazardous Material” and “Indemnified Parties:” 
  
 “Indebtedness” shall mean any item of indebtedness for borrowed money with an outstanding principal amount in excess of
$5,000,000.00 owed by Lessee to any Person other than the Owner Trustee and evidenced by a bond, debenture, note or other written agreement. 
  
 (f) The following definition of “Liquidity” is hereby added to the Annex and inserted between the definitions of “Limited
Partnership Interest” and “Maintenance Capital Expense Constant:” 
  

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 “Liquidity” shall mean, at any date of determination, the
aggregate total of (1) Availability, as defined pursuant to the Wells Fargo Credit Agreement, plus (2) the total amount that the Operating Borrowers (as defined pursuant to the Toronto-Dominion Credit Agreement) would be permitted to
request as Borrowings (as defined pursuant to the Toronto-Dominion Credit Agreement) or other revolving advances, plus (3) the amounts that Lessee or any of its Subsidiaries are permitted to borrow on a revolving or similar basis under any
other credit facility, plus (4) the aggregate amount of all cash and cash equivalents held by Lessee and its Subsidiaries. 
  
 (g) The following definition of “Spearfish Assignment” is hereby added to the Annex and inserted between the definitions of
“Site Lease Term” and “Specified Investment:” 
  
 “Spearfish Assignment” shall mean that certain Assignment of Mortgage, Assignment of Leases and Rents, Security Agreement and Financing Statement (with Fixture Filing) by and between Wilmington Trust
Company, not in its individual capacity, except as expressly stated therein, but solely as Owner Trustee under Trust 1 and Trust 2 (as provided therein), and Wells Fargo Bank Northwest, National Association, in its capacity as Trustee under the
Trust Indenture and Security Agreement dated as of December 27, 2001. 
  
 (h) The following definition of “Spearfish Facility” is hereby added to the Annex and inserted between the definitions of “Spearfish Assignment” and “Specified Investment:” 
  
 “Spearfish Facility” shall mean
Pope & Talbot’s sawmill facility located in Spearfish, South Dakota. 
  
 (i) The following definition of “Spearfish Mortgage” is hereby added to the Annex and shall be inserted between the definitions
of Spearfish Facility and Specified Investment:” 
  
 “Spearfish Mortgage” shall mean that certain Mortgage, Assignment of Leases and Rents, Security Agreement and Financing Statement (with Fixture Filing) by and between Pope & Talbot, as Grantor, and the Owner
Trustee, as Beneficiary, dated as of December 29, 2005. 
  
 (j) The following definition of “Toronto-Dominion Credit Agreement” is hereby added to the Annex and inserted between the definitions of “Title Policy” and “Total Adjusted
Capitalization:” 
  
 “Toronto-Dominion Credit Agreement” shall mean that certain Third Amended and Restated Credit Agreement among Pope & Talbot, Ltd., P&T Factoring Limited Partnership, Mackenzie Pulp Land Ltd., P&T Finance
Two Limited Partnership, the Toronto-Dominion Bank, Bank of Montreal, the Bank of Nova Scotia, Canadian Western Bank, HSBC Bank Canada and Caisse Centrale Desjardins, dated as of November 30, 

  

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2004, as the same may be amended, supplemented or restated from time to time, or any other agreement, indenture or instrument pursuant to which the
obligations under such credit agreement are refinanced. 
  
 (k) The following definition of “Wells Fargo Credit Agreement” is hereby added to the Annex and inserted after the definition of “Voting Stock:” 
  
 (l) “Wells Fargo Credit Agreement” shall
mean that certain Credit and Security Agreement among Pope & Talbot, Inc., Pope & Talbot Pulp Sales U.S., Inc., Pope & Talbot Lumber Sales, Inc. and Wells Fargo Business Credit, Inc., dated as of March 26, 2004, as
the same may be amended, supplemented or restated from time to time, or any other agreement, indenture or instrument pursuant to which the obligations under such credit agreement are refinanced. 
  
 2.2 Section 6.3 of Original Agreement.
Section 6.3 of the Original Agreement is hereby amended and restated in its entirety as follows: 
  
 “Section 6.3. Lessee Financial Covenants. Lessee covenants and agrees that it shall: 
  
 (a) maintain a Fixed Charge Coverage Ratio of at least 1.05
to 1, as measured by reference to the amounts reported for Pope & Talbot’s immediately preceding four fiscal quarters on a rolling basis; provided, however, that if as of the end of any such fiscal quarter Pope & Talbot does
not meet the Fixed Charge Coverage Ratio, then Pope & Talbot must maintain, until such time as Pope & Talbot regains compliance with such Fixed Charge Coverage Ratio, on a consolidated basis, a minimum balance of $25,000,000
(denominated in United States Dollars), consisting of one or more of the following: (i) United States cash or cash equivalents; (ii) Canadian cash or cash equivalents; or (iii) immediately available and unused loan commitments from
one or more lenders. For purposes of denominating in United States Dollars any Canadian cash, cash equivalents or loan commitments and availability, the parties will use the “Exchange Rates” in the “Currency Trading” table
appearing from time to time in the Wall Street Journal; 
  
 (b) maintain a ratio of Total Funded Debt to Total Adjusted Capitalization of no more than (i) 67.5% for the fiscal years ending December 31, 2002 and December 31, 2003, (ii) 65.0% for the fiscal
year ending December 31, 2004, (iii) 62.5% for the fiscal year ending December 31, 2005 and (iv) 55.0% thereafter; 
  
 (c) maintain a minimum Adjusted Net Worth as of the end of each fiscal quarter of not less than the sum of (i) U.S. $123,807,000,
plus (ii) 50% of cumulative consolidated positive net income for each fiscal quarter ending after December 31, 2002, plus (iii) 100% of the value (net of underwriters’ discounts and customary out-of-pocket costs and expenses of
issuance) of any Equity Interests issued by the Lessee after December 31, 2002 (such amount, the “Net Equity Issuances”), minus (iv) 100% of the value of any Equity Interests repurchased by Pope & Talbot after
December 31, 2002 in an amount not greater than the sum of (x) the Net Equity Issuances plus (y) 50% of cumulative net 

  

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income for periods commencing on or after January 1, 2003 provided that Pope & Talbot may not repurchase Equity Interests if either an Event of
Default exists or Pope & Talbot has incurred a net loss in its most recently ended fiscal quarter; 
  
 (d) on or before October 31, 2005, the Lessee will deliver to the Lessor as collateral security for the obligations of the Lessee
hereunder and the CLO2 Lessee under the CLO2 Lease an irrevocable standby letter of credit in the stated amount of $7,000,000.00 for the benefit of the Lessor in form and substance satisfactory to the Lessor and issued by a financial institution
selected by the Lessee and approved by the Lessor and having an initial expiry date of no earlier than September 30, 2006 and providing for at least sixty days prior written notice to the Lessor or its transferee in the event the issuer shall
elect not to extend the letter of credit beyond its then current expiry date (the “Initial Letter of Credit”). If the issuer of the Initial Letter of Credit or any Replacement Letter of Credit, as hereinafter defined (the
“Issuer”) shall provide the Lessor or any transferee of the Initial Letter of Credit or Replacement Letter of Credit (the currently effective instrument being referred to herein as the “Letter of Credit”) with notice that the
Issuer has elected not to extend the Letter of Credit beyond its then current expiry date, then within thirty (30) days after the date of such notice and in any event at least thirty days prior to the expiry date of the Letter of Credit either
(i) the Lessee shall cause a replacement letter of credit incorporating the terms and provisions of the Initial Letter of Credit and effective as of the date and time of the expiration of the then current Letter of Credit to be issued by a
financial institution selected by the Lessee and approved by the Lessor (the “Replacement Letter of Credit”) or (ii) the beneficiary under the Letter of Credit shall have been paid $7,000,000.00 on its draft under the Letter of Credit
accompanied by a statement from the beneficiary that such beneficiary has received a notice from the Issuer that the Letter of Credit will not be automatically renewed or extended beyond its current expiration date. The Letter of Credit and all
draws thereon and payments thereunder constitute collateral security for the prompt payment of all amounts due by the Lessee hereunder and the performance and observance by the Lessee of all of the Lessee’s agreements, covenants and obligations
hereunder to pay rent, properly maintain the Leased Property, pay insurance premiums or other similar conventional obligations of a net lease and the Lessee does hereby represent, warrant and acknowledge that all of the obligations of the Lessee
hereunder and the CLO2 Lessee under the CLO2 Lease (collectively the “Obligations”) are and constitute conventional obligations of a lessee under a net lease. Any amounts realized on the Letter of Credit and all proceeds thereof or draws
or payments thereunder shall be collateral for the performance of the Obligations, and shall, upon application of any of the foregoing, reduce pro tanto the Obligations, whether for Rent, Casualty Value, Termination Value or otherwise; and

  
 (e) maintain total Liquidity of not less that
$15,000,000 (denominated in United States Dollars) as of the last Business Day of each fiscal quarter. For the purposes of denominating in United States Dollars any Canadian cash, cash equivalents or loan commitments and availability, the Parties
will use exchange rate in effect as of the last Business Day of the fiscal quarter as determined by reference to the “Exchange Rates” in the “Currency Trading” table appearing from time to time in the Wall Street Journal.

  

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 Notwithstanding anything to the contrary contained herein, compliance with the covenants set forth in the foregoing
Sections 6.3 (a), (b) and (c) are waived and shall not be tested until the fiscal quarter has ended on September 30, 2006; provided, however, that if on or before September 30, 2006, Lessee has notified the Owner
Trustee in writing of its election to purchase the Facility on the Early Purchase Date pursuant to Section 19(f), then the covenants set forth in Sections 6.3 (a), (b) and (c) (1) shall be waived and shall not be tested until the
fiscal quarter has ended on December 31, 2006, and (2) are waived and shall not be tested at all if the Lessee has completed the purchase of the Facility on the Early Purchase Date pursuant to the terms set forth in
Section 19(f).” 
  
 2.3 Section 15 of
the Original Agreement. 
  
 (a)
Section 15 of the Original Agreement is hereby amended by inserting the following new sub-Section 15(a)(xii): 
  
 “(xii) there shall have occurred and be continuing (A) an event of default due to a failure by Lessee to comply with one or more financial
covenants related to any Indebtedness, if such event of default has not been cured, or waived by the obligee, within thirty (30) days of occurrence of such event of default; (B) an event of default due to the failure to pay any
Indebtedness upon the maturity thereof, and the applicable grace period for such payment, if any, shall have expired without such payment having been made; or (C) any other event of default which has resulted in any Indebtedness being declared
due and payable prior to its maturity, unless the acceleration of such Indebtedness has been rescinded or cancelled.” 
  
 (b) Section 15 of the Original Agreement is hereby amended by inserting the following new sub-Section 15(a)(xiii): 

 
 “(xiii) the Lessee shall have granted to the 8 3/8% Note Trustee or
the Debenture Trustee a lien on and security interest in the Spearfish Facility pursuant to Section 3.1 of the Spearfish Mortgage, unless Lessee previously has delivered to Lessor, as collateral security for the obligations of the Lessee
hereunder and the CLO2 Lessee under the CLO2 Lease, a standby letter of credit, in form and substance reasonably satisfactory to the Lessor, in the stated amount of $10,000,000.00 (the “Second Letter of Credit”). The Second Letter of
Credit shall be in addition to the Letter of Credit delivered by Lessee to Lessor pursuant to Section 6.3(d) of this Lease. The Second Letter of Credit shall be revocable by the Lessee in the event that (i) a court of competent
jurisdiction issues a final, non-appealable order determining that the granting of a lien on and security interest in the Spearfish Facility to the Owner Trustee did not constitute a default under the 8 3/8% Note Indenture or the Debenture Indenture
and (ii) the lien on and security interest in the Spearfish Facility granted by Lessee to the 8 3/8% Note Trustee and the Debenture Trustee becomes void and of no force and effect.” 
  

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 2.4 Section 18 of Original Agreement. Section 18 of the Original Agreement
is hereby amended by inserting the following new Section 18(a)(i)(C): 
  
 “(C) a certificate setting forth Liquidity as of the last Business Day of such quarter and certifying that Lessee is in compliance with Section 6.3(d);” 
  
 ARTICLE III 
  
 WAIVER 
  
 3.1 Waiver. Subject to the terms and conditions of this
Second Amendment, the Owner Trustee and the Indenture Trustee waive any and all Events of Default arising from the failure of Lessee to observe or perform a covenant required to be observed or performed by Lessee pursuant to Section 6.3(a),
(b) or (c) of the Original Agreement prior to the date hereof. 
  
 ARTICLE IV 
  
 REPRESENTATIONS AND
WARRANTIES 
  
 The Lessee represents and warrants to and
agrees with the Owner Trustee and the Indenture Trustee as follows: 
  
 4.1 Representations and Warranties in the Participation Agreement. The representations and warranties of the Lessee contained in the Participation Agreement were true, correct and complete as and when made and,
are true, correct and complete in all material respects as of the date hereof as if made on the date hereof (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct in all
material respects as of such earlier date). 
  
 4.2
Authority, Etc. The execution and delivery by the Lessee of this Amendment and the performance by the Lessee of all of its agreements and obligations under this Amendment, the Original Agreement and the Spearfish Mortgage (i) are
within the authority of the Lessee, (ii) have been duly authorized by all necessary proceedings by the Lessee, (iii) do not conflict with or result in any breach or contravention of any provision of law, statute, rule or regulation to
which the Lessee is subject or any judgment, order, writ, injunction, license or permit applicable to the Lessee, and (iv) do not conflict with any provision of any instrument, document or agreement evidencing the formation or operation of the
Lessee (the “Lessee’s Organic Documents”) or any agreement or other instrument binding upon the Lessee. 
  
 4.3 Enforceability of Obligations. This Amendment, the Original Agreement and the Spearfish Mortgage constitute the legal,
valid and binding obligations of the Lessee, enforceable against it in accordance with their respective terms, except as enforcement of the same may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to
or affecting enforcing of creditors’ rights generally. 
  

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 4.4 No Default. After giving effect to this Amendment and the Spearfish
Mortgage, no condition or event has occurred or exists which constitutes or which, after notice of lapse of time, or both, would constitute a Lease Default or Lease Event of Default. 
  
 4.5 Compliance. After giving effect to this Amendment, the Lessee is in full compliance with all
covenants and agreement contained in the Original Agreement and this Amendment. 
  
 4.6 Good Faith. To the best of the Lessee’s knowledge the Owner Trustee has acted in good faith and in a commercially reasonable manner in negotiating with the Lessee with respect to
this Amendment, the Original Agreement and the other Operative Agreements. 
  
 4.7 Control. The Owner Trustee has not directly or indirectly exercised control over the Lessee and the procedures, if any, followed by the Lessee in its efforts to comply with the terms of
the Original Agreement and/or the other Operative Agreements. 
  
 4.8 Solvency. The Lessee has not: (i) filed a petition seeking relief under any provision of any bankruptcy, reorganization, arrangement or dissolution law of any jurisdiction; (ii) made an assignment
for the benefit of creditors; (iii) had a receiver, custodian, liquidator or trustee of its property, or any part thereof, appointed by court order or otherwise; or (iv) admitted in writing, its inability to pay debts generally as they
become due. 
  
 4.9 No Offsets or
Counterclaims. The Lessee, as of the date hereof, has no, and hereby waives any, defenses, counterclaims, offsets, cross complaints, claims or demands of any nature whatsoever which can be asserted to reduce or eliminate all or any
part of the Lessee’s obligations under the Original Agreement, this Amendment, the Spearfish Mortgage or any other of the Operative Agreements or to seek relief for damages of any type from the Owner Trustee. 
  
 ARTICLE V 
  
 CONDITIONS TO EFFECTIVENESS 
  
 The effectiveness of this Amendment is conditioned upon satisfaction or
waiver of the following conditions precedent on or before the date hereof: 
  
 5.1 Amendment. The Owner Trustee shall have received this Amendment, executed and delivered by all the Parties. 
  
 5.2 Spearfish Mortgage. The Spearfish Mortgage and the Spearfish Assignment shall have been executed
and filed with the Register of Deeds of Lawrence County, South Dakota and Lessee shall have delivered to the Owner Trustee such opinions and certificates with respect to the Spearfish Mortgage as are reasonably requested by the Owner Trustee;
provided, however, that it is expressly understood by the Parties that the Lessee’s delivery of title insurance with respect to the Spearfish Facility in form reasonably satisfactory to the Owner 

  

 -8- 

 
Trustee, which shall occur on or before January 31, 2006, shall not be a condition to the effectiveness of this Amendment, and further provided,
that if such title insurance, in form and substance reasonably satisfactory to the Owner Trustee, has not been delivered on or before January 31, 2006, this Amendment shall be void and shall be of no force or effect. 
  
 5.3 Resolutions, etc. The Owner Trustee shall have
received from the Lessee (i) a copy of a government issued certificate evidencing that the Lessee is in good standing in the state of its formation, dated a date reasonably close to the date hereof and (ii) a certificate, dated as of the
date hereof, duly executed and delivered by Lessee’s Secretary, or Assistant Secretary, as to: 
  
 (a) resolutions of the Board of Directors of Lessee, then in full force and effect, authorizing, the execution, delivery and performance
of this Amendment and the Spearfish Mortgage by an authorized officer of Lessee and the transactions contemplated hereby; 
  
 (b) the incumbency and signatures of those of persons of the Lessee authorized to act with respect to this Amendment and the Spearfish
Mortgage; and 
  
 (c) with respect to Lessee, the
full force and validity of each of Lessee’s Organic Documents and copies thereof or a representation by the Lessee that such Organic Documents have not been amended or modified. 
  
 5.4 Fees, Expenses etc. The Lessee shall have paid amendment fees in amounts equal to
(1) $27,500.00 to the Owner Participant, and (2) 0.25% of the outstanding principal balance of the Series A Notes to the Indenture Trustee for the ratable benefit of the Note Purchasers, and the Owner Trustee, the Owner Participant, the
Indenture Trustee and the Note Purchasers shall have received all reasonable fees and expenses incurred by such person in connection herewith to the extent copies of the invoices/statements for such fees and expenses have been provided to Lessee.

  
 5.5 Satisfactory Legal Form. All
documents executed or submitted pursuant hereto by or on behalf of the Lessee shall be reasonably satisfactory in form and substance to the Owner Trustee and its counsel and the Owner Trustee and its counsel shall have received all information,
approvals, documents or instruments as the Owner Trustee or its counsel may reasonably request. 
  
 ARTICLE VI 
  
 MISCELLANEOUS 
  
 6.1
Continued Effectiveness. Notwithstanding anything contained herein, the terms of this Amendment are not intended to and do not serve to effect a novation as to the Original Agreement. The Parties expressly do not intend to
extinguish the Original Agreement. Instead, it is the express intention of the Parties to reaffirm the obligations and indemnities created under the Original Agreement, the Operative Agreements and the other documents contemplated 

  

 -9- 

 
thereby and to reaffirm the rights and obligations contained therein. The Original Agreement as amended hereby and each of the other documents contemplated
thereby shall remain in full force and effect. Except as herein amended, the Original Agreement shall remain unchanged and in full force and effect, and is hereby ratified in all respects. All of the representations, warranties and covenants
contained in the Original Agreement and in this Amendment shall survive the execution and delivery of this Amendment. 
  
 6.2 References. Any reference to the Original Agreement contained in any notice, certificate, or other document executed
concurrently with or after the execution and delivery of this Amendment shall be deemed to include the amendments contained in this Amendment unless the context shall otherwise require 
  
 6.3 Headings/Counterparts. The headings in this Amendment are for convenience of reference only
and shall not limit or otherwise affect the meaning hereof. This Amendment may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which when so executed shall be an original, but all the
counterparts shall together constitute one and the same instrument. 
  
 6.4 GOVERNING LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE INTERNAL LAW (AS OPPOSED TO CONFLICTS OF LAW
PROVISIONS) OF THE STATE OF NEW YORK, INCLUDING ALL, MATERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE. 
  
 6.5 Acknowledgments. The Lessee hereby acknowledges that: 
  
 (a) it has been advised by counsel in the negotiation, execution and delivery of this Amendment; and

  
 (b) the Owner Trustee has no fiduciary
relationship with or duty to the Lessee arising out of or in connection with this Amendment or any of the other Operative Agreements. 
  
 6.6 Severability. Any provision of this Amendment that is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction. 
  
 6.7
Expenses. The Lessee agrees to pay to or as directed by the Owner Trustee, the Owner Participant, the Indenture Trustee and the Note Purchasers the fees and expenses of such person (including its counsel’s fees and
expenses) in connection with or related to this Amendment. 
  
 [Signature Pages to Follow] 
  

 -10- 

 Signature Page to Second Amendment to Facility Lease 
 (Halsey Lease) 
  
 IN WITNESS WHEREOF, the Parties have caused this Amendment to be executed and delivered by their respective officers hereunto duly authorized as of
the date first above written. 
  

					
	POPE & TALBOT, INC.,
		
	 By:
	 	 /s/ Richard K. Atkinson

	 	 	 Name:
	 	 Richard K. Atkinson

	 	 	 Title:
	 	Vice President and Chief Financial Officer

 Signature Page to Second Amendment to Facility Lease 
 (Halsey Lease) 
  
 IN WITNESS WHEREOF, the Parties have caused this Amendment to be executed and delivered by their respective officers hereunto duly authorized as of
the date first above written. 
  

					
	 WILMINGTON TRUST COMPANY,
 Not in its individual capacity but solely
 As Owner Trustee

		
	 By:
	 	 /s/ Robert P. Hines, Jr.

	 	 	 Name:
	 	 Robert P. Hines, Jr.

	 	 	 Title:
	 	 Assistant Vice President

 Signature Page to Second Amendment to Facility Lease 
 (Halsey Lease) 
  
 IN WITNESS WHEREOF, the Parties have caused this Amendment to be executed and delivered by their respective officers hereunto duly authorized as of
the date first above written. 
  

					
	 WELLS FARGO BANK NORTHWEST, NATIONAL ASSOCIATION,
 As Indenture Trustee

		
	 By:
	 	 /s/ Brett R. King

	 	 	 Name:
	 	 Brett R. King

	 	 	 Title:
	 	 Vice President

 Signature Page to Second Amendment to Facility Lease 
 (Halsey Lease) 
  
 IN WITNESS WHEREOF, the Parties have caused this Amendment to be executed and delivered by their respective officers hereunto duly authorized as of
the date first above written. 
  

					
	 SELCO SERVICE CORPORATION,
 As Owner Participant

		
	 By:
	 	 /s/ Andrew G. Mesches

	 	 	 Name:
	 	 Andrew G. Mesches

	 	 	 Title:
	 	 Vice President

 Signature Page to Second Amendment to Facility Lease 
 (Halsey Lease) 
  
 IN WITNESS WHEREOF, the Parties have caused this Amendment to be executed and delivered by their respective officers hereunto duly authorized as of
the date first above written. 
  
 CONSENTED TO, ACKNOWLEDGED AND AGREED:

  

					
	 HELLER FINANCIAL LEASING,
 As Note
Purchaser

		
	 By:
	 	 /s/ Jeff Fitts

	 	 	 Name:
	 	 Jeff Fitts

	 	 	 Title:
	 	 Duly Authorized Signatory

 Signature Page to Second Amendment to Facility Lease 
 (Halsey Lease) 
  
 IN WITNESS WHEREOF, the Parties have caused this Amendment to be executed and delivered by their respective officers hereunto duly authorized as of
the date first above written. 
  
 CONSENTED TO, ACKNOWLEDGED AND AGREED:

  

					
	 BANC OF AMERICA LEASING & CAPITAL, LLC (SUCCESSOR BY MERGER TO FLEET CAPITAL CORPORATION),
 As Note Purchaser

		
	 By:
	 	 /s/ Pamela J. Grillet

	 	 	 Name:
	 	 Pamela J. Grillet

	 	 	 Title:
	 	 Vice President

 Signature Page to Second Amendment to Facility Lease 
 (Halsey Lease) 
  
 IN WITNESS WHEREOF, the Parties have caused this Amendment to be executed and delivered by their respective officers hereunto duly authorized as of
the date first above written. 
  
 CONSENTED TO, ACKNOWLEDGED AND AGREED:

  

					
	 THE CIT GROUP/EQUIPMENT FINANCING, INC.,
 As Note Purchaser

		
	 By:
	 	 /s/ Marilyn Casteel

	 	 	 Name:
	 	 Marilyn Casteel

	 	 	 Title:
	 	 Sr. Credit Analyst

 Signature Page to Second Amendment to Facility Lease 
 (Halsey Lease) 
  
 IN WITNESS WHEREOF, the Parties have caused this Amendment to be executed and delivered by their respective officers hereunto duly authorized as of
the date first above written. 
  
 CONSENTED TO, ACKNOWLEDGED AND AGREED:

  

					
	 GENERAL ELECTRIC COMMERCIAL FINANCE BUSINESS PROPERTY (f/k/a General Electric Capital Business Asset Funding
Corporation)
 As Note Purchaser

		
	 By:
	 	 /s/ Steven Thomas

	 	 	 Name:
	 	 Steven Thomas

	 	 	 Title:
	 	 VP

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