Document:

exv4w2

 

Exhibit 4.2

 

FIRST SUPPLEMENTAL INDENTURE

between

U.S. BANCORP

and

DELAWARE TRUST COMPANY, NATIONAL ASSOCIATION,

TRUSTEE

DATED AS OF AUGUST 3, 2005

 

supplementing that certain

Junior Subordinated Indenture

dated as of April 28, 2005

 

 

 

     FIRST SUPPLEMENTAL INDENTURE, dated as of August 3, 2005, between U.S. BANCORP, a
Delaware corporation (hereinafter called the “Company”) having its principal office at 800 Nicollet
Mall, Minneapolis, Minnesota 55402, and DELAWARE TRUST COMPANY, NATIONAL ASSOCIATION, a national
banking association organized and existing under the laws of the United States of America, as
Trustee (hereinafter called the “Trustee”).

RECITALS

     The Company and the Trustee have entered into that certain Junior Subordinated Indenture,
dated as of April 28, 2005 (hereinafter called the “Indenture”; capitalized terms not otherwise
defined herein shall have the meanings set forth in the Indenture), providing for the issuance from
time to time of Securities;

     WHEREAS, Section 9.1 of the Indenture provides that a supplemental indenture may be entered
into by the Company and the Trustee without the consent of any Holder of any Securities to change
or eliminate any of the provisions of the Indenture, provided that any such change or elimination
shall become effective only when there is no Security outstanding of any series created prior to
the execution of such supplemental indenture which is entitled to the benefit of such provision;

     WHEREAS, Section 9.1 of the Indenture provides that a supplemental indenture may be entered
into by the Company and the Trustee without the consent of any Holder of any Securities to
establish the form or terms of Securities of any series as permitted by Sections 2.1 or 3.1 of the
Indenture, and pursuant thereto the Company has determined to establish certain provisions of the
form and terms of Securities in each series issued on or after the date hereof;

     WHEREAS, the conditions set forth in the Indenture for the execution and delivery of this
Supplemental Indenture have been satisfied; and

     WHEREAS, all things necessary to make this Supplemental Indenture a valid agreement of the
Company and the Trustee, in accordance with its terms, and a valid amendment of, and supplement to,
the Indenture have been done.

     NOW, THEREFORE, in consideration of the premises and the purchase of the Securities by the
Holders thereof from time to time on or after the date hereof, it is mutually covenanted and
agreed, for the equal and proportionate benefit of all such Holders, that the Indenture is
supplemented and amended, to the extent and for the purposes expressed herein, as follows:

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ARTICLE I

AMENDMENTS

     Section 1.1.
The definition of “Senior and Subordinated Debt” contained in Section 1.1 of the
Indenture is hereby amended in its entirety to read as follows:

     “‘Senior and Subordinated Debt’ means the principal of (and premium, if any)
and interest, if any (including interest accruing on or after the filing of any
petition in bankruptcy or for reorganization relating to the Company whether or not
such claim for post-petition interest is allowed in such proceeding), on Debt of the
Company, whether incurred on or prior to the date of this Indenture or thereafter
incurred, unless, in the instrument creating or evidencing the same or pursuant to
which the same is outstanding, it is provided that such obligations are not superior
in right of payment to the Securities.”

     Section 1.2. The following definition of “Default” is hereby added to Section 1.1 of the
Indenture:

     “‘Default’ has the meaning specified in Section 5.3”

     Section 1.3. The following paragraph is hereby added to the end of Section 2.3 of the
Indenture:

     “THIS SECURITY IS NOT A DEPOSIT OR A SAVINGS ACCOUNT BUT IS AN UNSECURED DEBT
OBLIGATION OF THE COMPANY. THIS SECURITY IS NOT INSURED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY.”

     Section 1.4. Section 3.11 of the Indenture is hereby amended by adding the following before
the final period of the first paragraph thereof:

     “; provided, however, that in no event will the Company be required to give
notice more than 15 Business Days prior to the next succeeding date on which
Distributions on the Capital Securities of such USB Trust would be payable but for
the election to begin or extend such Extension Period.”

     Section 1.5. Paragraph (1) of Section 5.1 of the Indenture is hereby amended in its entirety
to read as follows:

     “(1) default in the payment of interest in full upon any Security of that
series for a period of 30 days after the conclusion of a period consisting of 20
consecutive quarters, commencing with the earliest quarter for which interest
(including interest payments deferred pursuant to Section 3.11) has not been paid in
full; or”

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     Section 1.6. The first paragraph of Section 5.2 of the Indenture is hereby amended in its
entirety to read as follows:

     “If an Event of Default (other than an Event of Default specified in Section
5.1(2) or 5.1(3)) with respect to Securities of any series at the time Outstanding
occurs and is continuing, then and in every such case the Trustee or the Holders of
not less than 25% in principal amount of the Outstanding Securities of that series
may declare the principal amount (or, if the Securities of that series are Discount
Securities, such portion of the principal amount as may be specified in the terms of
that series) of all the Securities of that series to be due and payable immediately,
by a notice in writing to the Company (and to the Trustee if given by Holders),
provided that, in the case of the Securities of a series issued to a USB Trust, if,
upon an Event of Default, the Trustee or the Holders of not less than 25% in
principal amount of the Outstanding Securities of that series fail to declare the
principal of all the Securities of that series to be immediately due and payable,
the holders of at least 25% in aggregate liquidation amount of the corresponding
series of Capital Securities then outstanding shall have such right by a notice in
writing to the Company and the Trustee; and upon any such declaration such principal
amount (or specified portion thereof) of and the accrued interest (including any
Additional Interest) on all the Securities of such series shall become immediately
due and payable. Payment of principal and interest (including any Additional
Interest) on such Securities shall remain subordinated to the extent provided in
Article XIII notwithstanding that such amount shall become immediately due and
payable as herein provided. If an Event of Default specified in Section 5.1(2) or
5.1(3) with respect to Securities of any series at the time Outstanding occurs, the
principal amount of all the Securities of that series (or, if the Securities of that
series are Discount Securities, such portion of the principal amount of such
Securities as may be specified by the terms of that series) shall automatically, and
without any declaration or other action on the part of the Trustee or any Holder,
become immediately due and payable.”

     Section 1.7. Section 5.3 of the Indenture is hereby amended in its entirety to read as
follows:

     “Section 5.3. Collection of Indebtedness and Suits for Enforcement by
Trustee.

     The Company covenants that if it defaults in the payment of:

     (1) any installment of interest (including any Additional Interest) on any
Security when such interest becomes due and payable and such default continues for a
period of 30 days, or

     (2) the principal of (and premium, if any, on) any Security at the Maturity
thereof,

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     (either such default, a “Default”) the Company will, upon demand of the
Trustee, pay to the Trustee, for the benefit of the Holders of such Securities, the
whole amount then due and payable on such Securities for principal, including any
sinking fund payment or analogous obligations (and premium, if any) and interest
(including any Additional Interest); and, in addition thereto, all amounts owing the
Trustee under Section 6.7.

     If the Company fails to pay such amounts forthwith upon such demand, the
Trustee, in its own name and as trustee of an express trust, may institute a
judicial proceeding for the collection of the sums so due and unpaid, and may
prosecute such proceeding to judgment or final decree, and may enforce the same
against the Company or any other obligor upon the Securities and collect the moneys
adjudged or decreed to be payable in the manner provided by law out of the property
of the Company or any other obligor upon the Securities, wherever situated.

     If an Event of Default or a Default with respect to Securities of any series
occurs and is continuing, the Trustee may in its discretion proceed to protect and
enforce its rights and the rights of the Holders of Securities of such series by
such appropriate judicial proceedings as the Trustee shall deem most effectual to
protect and enforce any such rights, whether for the specific enforcement of any
covenant or agreement in this Indenture or in aid of the exercise of any power
granted herein, or to enforce any other proper remedy.”

     Section 1.8. The phrase “or Default” is hereby added to each of paragraphs (a) and (b) of
Section 6.1 of the Indenture immediately following the reference to “Event of Default” in each such
paragraph.

     Section 1.9. A new Section 10.7 of the Indenture is hereby added as follows:

     “Section 10.7. Payment of USB Trust Costs and Expenses.

     Since each USB Trust is formed solely to facilitate an investment in
the Securities, the Company, in its capacity as the issuer of the
Securities, hereby covenants to pay all debts and obligations (other than
with respect to the Preferred Securities and Common Securities) and all
costs and expenses of each USB Trust (including, but not limited to, all
costs and expenses relating to the organization of the USB Trust, the fees
and expenses of the Trustees and all costs and expenses relating to the
operation of the USB Trust) and to pay any and all taxes, duties,
assessments or governmental charges of whatever nature (other than
withholding taxes) imposed on the USB Trust by the United States, or any
other taxing authority, on such debts, obligations, costs and expenses so
that the net amounts received and retained by the USB Trust and the Property
Trustee after paying any such debts, obligations, costs, expenses, taxes,
duties, assessments or other governmental charges will be equal to the
amounts the USB Trust and the Property Trustee would have received

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had no
such debts, obligations, costs, expenses, taxes, duties, assessments or
other governmental charges been incurred by or imposed on the USB Trust.
The obligations of the Company to pay all debts, obligations, costs,
expenses, taxes, duties, assessments or other governmental charges of each
USB Trust (other than with respect to the Preferred Securities and Common
Securities) shall constitute additional indebtedness hereunder and shall
survive the satisfaction and discharge of this Indenture.”

ARTICLE II

MISCELLANEOUS

     Section 2.1. If any provision of this Supplemental Indenture limits, qualifies or conflicts
with the duties imposed by any of Sections 310 to 317, inclusive, of the Trust Indenture Act of
1939 through operation of Section 318(c) thereof, such imposed duties shall control.

     Section 2.2. The Article headings herein are for convenience only and shall not effect the
construction hereof.

     Section 2.3. All covenants and agreements in this Supplemental Indenture by the Company shall
bind its successors and assigns, whether so expressed or not.

     Section 2.4. In case any provision of this 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 2.5. Nothing in this Supplemental Indenture is intended to or shall provide any rights
to any parties other than those expressly contemplated by this Supplemental Indenture.

     Section 2.6. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK.

     Section 2.7. The Trustee makes no representations as to the validity or sufficiency of this
Supplemental Indenture. The recitals and statements herein are deemed to be those of the Company
and not of the Trustee.

* * * *

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     This instrument may be executed in any number of counterparts, each of which so executed shall
be deemed to be an original, but all such counterparts shall together constitute but one and the
same instrument.

     IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed, and
their respective corporate seals to be hereunto affixed and attested, all as of the day and year
first above written.

	 	 	 	 	 	 	 
	 	 	 	 	U.S. BANCORP
	 
	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Kenneth Nelson
	 

	 	 	 	 	 	 
	 

	 	 	 	Its:
	 	Senior Vice President
	 
	 	 	 	 	 	 
	Attest:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	By

	 	/s/ Laura F. Bednarski	 	 	 	 
	 

	 	 	 	 	 	 
	Its

	 	Assistant Secretary	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	DELAWARE TRUST COMPANY,
	 	 	 	 	NATIONAL ASSOCIATION
	 	 	 	 	as Trustee
	 
	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Steven A. Finklea
	 

	 	 	 	 	 	 
	 

	 	 	 	Its:
	 	Vice President
	 
	 	 	 	 	 	 
	Attest:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	By

	 	Sterling Correia	 	 	 	 
	 

	 	 	 	 	 	 
	Its

	 	Vice President	 	 	 	 

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Exhibit 10.1

AMENDMENT NUMBER 1 TO AMENDED AND RESTATED 

MANAGEMENT AGREEMENT

     THIS AMENDMENT NUMBER 1, dated as of June 15, 2005 (this “Amendment”) to the Amended and
Restated Management Agreement, dated as of June 15, 2004 (as amended, modified, restated or
otherwise supplemented from time to time in accordance with the terms thereof, the “Management
Agreement”), each by and between CF LEASING LTD., a company organized and existing under the laws
of the Islands of Bermuda (the “Borrower”), and CRONOS CONTAINERS (CAYMAN) LTD., a corporation
organized and existing under the laws of the Cayman Islands (the “Manager”).

WITNESSETH:

     WHEREAS, the Borrower and the Manager have previously entered into the Management Agreement;
and

     WHEREAS, the parties desire to amend the Management Agreement in order to modify certain
provisions of the Management Agreement;

     NOW THEREFORE, in consideration of the premises and mutual covenants herein contained, the
parties hereto agree as follows:

     SECTION 1. Defined Terms. Capitalized terms used in this Amendment and not otherwise
defined herein shall have the meanings assigned in the Management Agreement and if not set forth
therein, then in the Amended and Restated Loan Agreement, dated as of March 7, 2003, among the
Borrower, Fortis Bank (Nederland) N.V., BTM Capital Corporation, HSH Nordbank AG, New York Branch,
WestLB AG, New York Branch, NIB Capital Bank N.V. and the other financial institutions from time to
time party thereto (as amended, modified, restated or otherwise supplemented from time to time in
accordance with the terms thereof).

     SECTION 2. Full Force and Effect. Other than as specifically modified hereby, the
Management Agreement shall remain in full force and effect in accordance with the terms and
provisions thereof and is hereby ratified and confirmed by the parties hereto.

     SECTION 3. Amendment to the Management Agreement. Effective on the date hereof,
following the execution and delivery hereof, the Management Agreement is hereby amended as follows:

	 	(a)	 	The defined term Consolidated Tangible Net Worth Leverage Ratio in
Section 1 of the Management Agreement is hereby amended and restated in its
entirety as follows:
	 
	 	 	 	““Consolidated Tangible Net Worth Leverage Ratio” means, for The Cronos Group,
the ratio of (i) the sum of (x) The Cronos Group’s Total Debt plus Capital Lease
Obligations (without duplication) and (y) 50% of the Total

E1

 

 

Exhibit 10.1

	 	 	 	Debt of the Borrower, to (ii) The Cronos Group’s Consolidated Tangible Net
Worth.”
	 
	 	(b)	 	The defined term Capital Lease Obligations is hereby added to Section 1
of the Management Agreement:
	 
	 	 	 	““Capital Lease Obligations” means, for The Cronos Group, at the time any
determination is to be made, the amount of the liability in respect of a capital
lease that would at that time be required to be capitalized on The Cronos
Group’s balance sheet in accordance with GAAP.”
	 
	 	(c)	 	The defined Total Debt is hereby added to Section 1 of the Management
Agreement:
	 
	 	 	 	““Total Debt” means, for any Person at the end of each fiscal quarter of such
Person, the sum of all of such Person’s indebtedness, as determined in
accordance with GAAP and as reported on the most recently available quarterly
financial statements of such Person.”
	 
	 	(d)	 	Clause (ii) of Section 7.13 of the Management Agreement is hereby
amended and restated in its entirety as follows:
	 
	 	 	 	“(ii) a certificate setting forth the financial calculations for The Cronos
Group with respect to Sections 11.1(p), 11.1(r) and 11.1(t) hereof as of such
quarter end; and”
	 
	 	(e)	 	Section 11.1(p) of the Management Agreement is hereby amended and
restated in its entirety as follows:
	 
	 	 	 	“(p) the Consolidated Tangible Net Worth of The Cronos Group (as reflected in
the most recently available financial statements of The Cronos Group delivered
pursuant to Section 7.12 hereof) shall be less than an amount equal to the sum
of (i) Fifty Million Dollars ($50,000,000) and (ii) the product of (x) fifty
percent (50%) and (y) all consolidated net income (but not reduced for net
losses), determined in accordance with GAAP, of The Cronos Group and its
consolidated Subsidiaries for all periods commencing after December 31, 2004;”
	 
	 	(f)	 	Section 11.1(t) of the Management Agreement is hereby amended and
restated in its entirety as follows:
	 
	 	 	 	“(t) the Consolidated Tangible Net Worth Leverage Ratio of The Cronos Group
shall be greater than 4.50:1.00.”

     4. Representations, Warranties and Covenants. The Manager hereby confirms that each
of the representations, warranties and covenants set forth in Sections 14 and 20.1, and the
Borrower hereby confirms that each of the representations and warranties set forth in Section 20.2,
of the Management Agreement are true and correct as of the date first written above with

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Exhibit 10.1

the same effect as though each had been made as of such date, except to the extent that any of
such representations, warranties and covenants expressly relate to earlier dates.

     SECTION 5. Effectiveness of Amendment.

     (a) This Amendment shall become effective as of June 15, 2005.

     (b) This Amendment shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns.

     (c) On and after the execution and delivery hereof, (i) this Amendment shall be a part
of the Management Agreement, and (ii) each reference in the Management Agreement to “this
Agreement” and “hereof”, “hereunder” or words of like import, and each reference in any
other document to the Management Agreement shall mean and be a reference to the Management
Agreement as amended or modified hereby.

     SECTION 6. Execution in Counterparts. This Amendment may be executed by the parties
hereto in separate counterparts, each of which shall be deemed to be an original and all of which
shall constitute together but one and the same agreement.

     SECTION 7. Governing Law. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES; PROVIDED THAT SECTIONS
5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY, AND THE OBLIGATIONS, RIGHTS
AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK.

     SECTION 8. Consent to Jurisdiction. Any legal suit, action or proceeding against
Borrower or Manager arising out of or relating to this Agreement, or any transaction contemplated
hereby, may, be instituted in any federal or state court in the City of New York, State of New
York, and each of the Borrower and the Manager hereby waive any objection which it may now or
hereafter have to the laying of venue of any such suit, action or proceeding, and, solely for the
purposes of enforcing this Agreement, Borrower and Manager each hereby irrevocably submits to the
jurisdiction of any such court in any such suit, action or proceeding. Each of Borrower and Manager
hereby irrevocably appoints and designates CT Corporation System, having an address at 111 Eighth
Avenue, New York, New York, 10011, its true and duly authorized agent for the limited purpose of
receiving and forwarding legal process in any such suit, action or proceeding, and each of
Borrower and Manager agrees that service of process upon such party shall constitute personal
service of such process on such Person. Each of Borrower and Manager shall maintain the designation
and appointment of such authorized agent until the termination of this Agreement; provided,
however, if such agent shall cease to so act, each of Borrower and Manager shall immediately
designate and appoint another such agent and each shall promptly deliver to the other evidence in
writing of such other agent’s acceptance of such appointment.

[Signature pages follow]

E3

 

 

Exhibit 10.1

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered by their respective officers thereunto duly authorized, all as of the day and year first
above written.

	 	 	 	 	 
	 	 	CF LEASING LTD., as Borrower
	 
	 	 	 	 
	 

	 	By:
	 	/s/ PETER J. YOUNGER
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Name:
	 	Peter J. Younger
	 
	 	 	 	 
	 

	 	Title:
	 	Director
	 
	 	 	 	 
	 	 	CRONOS CONTAINERS (CAYMAN) LTD., as Manager
	 
	 	 	 	 
	 

	 	By:
	 	/s/ DENNIS J. TIETZ
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Name:
	 	Dennis J. Tietz
	 
	 	 	 	 
	 

	 	Title:
	 	Director

The undersigned hereby consents to the
amendment of the Management Agreement:

	 	 	 	 
	FORTIS BANK (NEDERLAND) N.V., as Agent	 
	 
	 	 	 
	By:

	 	/s/ R. J. VAN DAM	 
	 

	 	 	 
	 
	 	 	 
	Name:

	 	R. J. Van Dam	 
	 
	 	 	 
	Title:

	 	Deputy Director	 
	 
	 	 	 
	By:

	 	/s/ H. P. DE KOOL	 
	 

	 	 	 
	 
	 	 	 
	Name:

	 	H. P. De Kool	 
	 
	 	 	 
	Title:

	 	Manager	 

E4

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