Document:

Exhibit 4.2

 Exhibit 4.2 
  

 

 WEBSITE PROS, INC. 
  
 The Corporation will furnish without charge to each stockholder who so requests a statement of the powers, designations,
preferences and relative, participating, optional or other special rights of each class of stock of the corporation or series thereof and the qualifications, limitations or restrictions of such preferences and/or rights. Such requests shall be made
to the Corporations’s Secretary at the Principal office of the Corporation. 
  
 The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulation; 
  

											
	TEN COM	 	—	  	as tenants in common	  	UNIF GIFT MIN ACT	  	—	  	_________Custodian ________
	TEN ENT	 	—	  	as tenants by the entireties	  	 	  	 	  	        (Cust)                  (Minor)
	JT TEN	 	—	  	as joint tenants with right of survivorship and not as tenants in common	  	 	  	 	  	 under Uniform ___ to Minors
 Act
________________

	 	 	 	  	  	  	  	                     (____)

	COM PROP	 	—	  	as community property	  	UNIF TRF MIN ACT	  	—	  	______Custodian (Unit age ______)
	 	 	 	  	 	  	 	  	 	  	__________ under Uniform Transfers
	 	 	 	  	 	  	 	  	 	  	    (Minor)
	 	 	 	  	 	  	 	  	 	  	to Minors Act ____________
	 	 	 	  	 	  	 	  	 	  	(____)

  
 Additional
abbreviations may also be used through not in the above ___. 
  
 FOR VALUE
RECEIVED, ______________ hereby sell, assign and transfer unto 
  

			
	 PLEASE INSERT SOCIAL SECURITY OR OTHER
 IDENTIFYING NUMBER OF ASSIGNEE
	  	 
	 	  	 

  

 (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE) 
  

 

  
 _____________________________________________________________________________________ Shares 
 of the capital stock represented by the within Certificate, and do hereby irrevocably constitute and appoint 
  
 _________________________________________________________________________________ Attorney 
 to transfer the said stock on the books of the within named Corporation with full power of substitution in the premises. 

									
				
	 	 	 	 	X	 	 
				
	Dated _____________________________	 	 	 	X	 	 
	 	 	 	 	 	 	NOTICE 	 	 
	 	 	 	 	 	 	 	 	THE SIGNATURE(S) TO THIS ASSIGNMENT MUST CORRESPOND NAME(S) AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE

  
 Signature(s) Guaranteed 
  

			
		
	By	 	 
	THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS STOCKBROKER SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE
GUARANTEE MEDALLION PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15.Restated Waiver Letter Agreement

 Exhibit 4.1 
  

					
	 	  	 	  	    Selco Service Corporation
	 	  	 	  	    c/o Key Equipment Finance
	 	  	 	  	    66 South Pearl Street
	 	  	 	  	    Albany, NY 12207

  
 October 4, 2005

  
 VIA FACSIMILE TRANSMISSION 
  
 Pope & Talbot, Inc. 
 1500 S.W. First Avenue 
 Portland, Oregon 97201 
  

			
	 Attn:
	  	Richard Atkinson
	 	  	Vice President & Chief Financial Officer

  

			
	 Re:
	  	That certain (i) CLO2 Participation Agreement and (ii) Facility Lease, both as defined in Annex I to that certain Amended and Restated Participation Agreement dated as of
December 27, 2001 among Pope &Talbot, Inc., the Owner Participant and the Owner Trustee among others (the “Participation Agreement”)

  
 Dear Mr. Atkinson: 
  
 Reference is hereby made to the CLO2 Participation Agreement and the
Facility Lease, as modified by that certain amendatory letter agreement dated December 13, 2002. All capitalized terms used herein and not defined herein shall have the meaning ascribed to such terms in the Participation Agreement. Reference is
also made to that certain letter dated September 30, 2005 from the undersigned to you concerning the subject matter hereof (the “9/30 Waiver Letter”). Prior to 5:00 pm on Friday September 30, 3005 the Owner Participant was
provided with a copy of a proposed waiver letter from the Noteholder Parties, as hereinafter defined (the “Draft Noteholder Waiver Letter”). In accordance with the second paragraph of the 9/30 Waiver Letter (that paragraph immediately
following the sub provision designated “C.”), the 9/30 Waiver Letter was conditioned in part upon “the CLO2 Note Purchasers, the Note Purchasers, the CLO2 Indenture Trustee and the Indenture Trustee...[(collectively the
“Noteholder Parties”) issuing] the [Draft] Noteholder Waiver Letter”. It has come to the attention of the Owner Participant that the form of waiver letter issued by the Noteholder Parties (the “Noteholder Parties Waiver”)
differs from the form of the Draft Noteholder Waiver Letter. Therefore the condition to the effectiveness of the Owner Participant’s waiver has not been satisfied. The Owner Participant is only willing to issue and authorize and instruct the
Owner Trustee to issue a waiver of the Covenants, as defined in the 9/30 Waiver Letter, if the parameters of its waiver of these Covenants conform to the terms and limitations contained in the Noteholder Parties Waiver. Therefore, this letter shall

 Pope & Talbot, Inc. 
 October 4, 2005 
 Page 2 
  

 
constitute an amendment and restatement of the 9/30 Waiver Letter effective as of September 30, 2005 and the 9/30 Waiver Letter is null and void and the
terms and provisions of this letter shall govern the subject matter hereof and of the 9/30 Waiver Letter. You, as the Chief Financial Officer of Pope & Talbot, Inc. (“P&T”) and on behalf of P&T, have requested the Owner
Participant waive compliance with certain financial covenants contained in the CLO2 Participation Agreement and the Facility Lease, as modified by the afore noted amendatory letter, for the period ending September 30, 2005. Subject to the terms
and provisions of this letter, Selco Service Corporation, as Owner Participant, hereby waives compliance with those financial covenants identified in Schedule “A”, hereto (the “Covenants”), for P&T’s fiscal quarter
ending September 30, 2005. In connection with this waiver, P&T, by acceptance of this letter, hereby acknowledges, represents and warrants to Selco Service Corporation that: 
  
 A. The waivers herein contained are specifically limited to the covenants set forth in Schedule “A” and are not a
waiver of any other term or condition contained in the CLO2 Participation Agreement, the Facility Lease, the other CLO2 Operative Agreements or the other Operative Agreements (such non waived provisions including, but not limited to, the obligations
contained in Section 18 (Financial Statements and Reports; Inspection and Certificates) of the Facility Lease), nor to be considered an indication that the Owner Participant would be willing to waive the financial covenants identified in
Schedule “A”, any other financial covenants or any other covenants or provisions set forth in any of the CLO2 Operative Agreements, the Operative Agreements or otherwise in the future. 
  
 B. As of the date hereof each of the CLO2 Operative Agreements and each of
the Operative Agreements is in full force and effect without offset, defense or counterclaim of any type. 
  
 C. As of the date hereof and after giving effect to this waiver there exists no event which with the passage of time, the giving of notice, or both, would
constitute an Event of Default under any of the CLO2 Operative Agreements or the Operative Agreements. 
  
 D. P&T shall comply with the Covenants as of October 31, 2005, such determination to be based on unaudited interim financial statements signed by
the chief financial officer of P&T for the month and period ending October 31, 2005 to be delivered by P&T to the Owner Trustee and the Owner Participant as soon as available but in any event not later than November 30, 2005.

  
 As a condition to (i) the Owner Participant executing and delivering this
letter agreement executed by the Owner Participant and the Owner Trustee and (ii) the effectiveness hereof, P&T shall (a) remit a waiver fee to Selco Service Corporation in the amount of $100,000.00 and (b) reimburse the Owner
Trustee and the Owner Participant for the reasonable costs and expenses and any reasonable legal fees (including their outside counsel) incurred in connection with this letter and these agreements. 

 Pope & Talbot, Inc. 
 October 4, 2005 
 Page 3 
  

 This waiver letter may be executed in one or more counterparts, each of which when so executed shall
be deemed an original and when taken together shall constitute one letter agreement. 

 Pope & Talbot, Inc. 
 October 4, 2005 
 Page 4 
  

 Please acknowledge your agreement to the foregoing by signing and returning a copy of this letter.

  

			
	 Very truly yours,

	
	 SELCO SERVICE CORPORATION

		
	 By:
	 	 /s/ Keith M. Behrens

	 Title:
	 	 Vice President

  
 Read, Acknowledged, Accepted and
Agreed to: 
  

			
	 POPE & TALBOT, INC.

		
	 By:
	 	 /s/ Richard K. Atkinson

	 Its:
	 	 Vice President and Chief Financial Officer

 Pope & Talbot, Inc. 
 October 4, 2005 
 Page 5 
  

 The Owner Trustee does hereby grant and issue a waiver of the Covenants as defined in and under the same terms and
conditions as set forth in the foregoing letter. 
  

			
	 WILMINGTON TRUST COMPANY,

	 	 	 not is its individual capacity but

	 	 	 Solely as Owner Trustee

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

	 Title:
	 	 Assistant Vice President

 Pope & Talbot, Inc. 
 October 4, 2005 
 Page 6 
  

 SCHEDULE “A” 
  
 Fixed Charge Coverage Ratio as set forth in Section 6.3 (a) of the
CLO2 Participation Agreement and Facility Lease. 
  
 Minimum
Adjusted New Worth as set forth in Section 6.3(c) of the CLO2 Participation Agreement and the Facility Lease.Waiver Letter Agreement

 Exhibit 4.2 
  
 September 30, 2005 
  
 Pope & Talbot, Inc. 
 Attn: Richard K. Atkinson, Chief Financial
Officer 
 1500 SW First Avenue, Suite 200 
 Portland, OR 97201

  

	Re:	Halsey Lease - Request for Waiver of Financial Covenant Compliance 

  
 Dear Mr. Atkinson: 
  
 You have asked Wells Fargo Bank Northwest, National Association, as Indenture Trustee1 and Mill Indenture Trustee (in such capacities, the “Indenture Trustee”), and each of the Note Purchasers and the Mill Note Purchasers, to waive compliance by Pope & Talbot, Inc. (“Pope &
Talbot”) with the financial covenants contained in Sections 6.3(a) and (c) of the Participation Agreement and Sections 6.3(a) and (c) of the Mill Lease (collectively, the “Covenants”) for the quarter and period ended
September 30, 2005. In consideration of the understandings and agreements of Pope & Talbot in this letter, the waiver is granted on the terms and subject to the conditions and agreements set forth herein. This waiver shall apply only
to compliance with the specified covenants for Pope & Talbot’s fiscal quarter and period ending September 30, 2005; shall not waive any other noncompliance with or breach or default under the Participation Agreement, the Mill
Lease or any other Operative Agreement or Mill Operative Agreement; shall not constitute an amendment of any terms or conditions of the Participation Agreement, the Mill Lease or any other Operative Agreement or Mill Operative Agreement; and shall
not create course of dealing, course of performance or right in favor of Pope & Talbot with respect to future requests for amendments to or waivers under the Participation Agreement or the Mill Lease nor considered an indication that the
parties would be willing to grant a waiver in the future. 
  
 In consideration of
the foregoing waiver, Pope & Talbot (a) agrees that it shall not create, incur, assume or permit to exist any lien, security inertest or other monetary encumbrance (“Liens”) on its sawmill facility in Spearfish, South Dakota
(the “Spearfish Facility”), other than Liens which (i) in the aggregate do not exceed $70,000, (ii) are not reasonably foreseeable to lead to foreclosure or sale of the Spearfish Facility, and (iii) arise in the ordinary
course of business and do not materially interfere with Pope & Talbot’s business or operation of the Spearfish Facility or 

	1	Capitalized terms used but not defined in this letter shall have the meanings given in Annex I to the Participation Agreement dated as of December 27, 2001
among Halsey CLO2 Limited Partnership, as Lessee, Pope & Talbot Inc., Selco Service Corporation, as Owner
Participant, the Note Purchasers named therein, Wilmington Trust Company, as Owner Trustee, and Wells Fargo Bank Northwest, National Association as Indenture Trustee (the “Participation Agreement”). 

 
materially detract from the value of the Spearfish Facility; (b) agrees that it shall comply with the Covenants as of October 31, 2005, such
determination to be based on unaudited interim financial statements signed by the chief financial officer for the month and period ending October 31, 2005 to be delivered by Pope & Talbot to the Indenture Trustee, the Note Purchasers
and the Mill Note Purchasers as soon as available but in any event not later than November 30, 2005; (c) shall (1) facilitate, by providing access to the Halsey Mill and CLO2 Facility and the Spearfish Facility and all books and
records relating thereto, appraisals and environmental assessments (by appraisers and assessors satisfactory to the Required Lenders) of the Mill and CLO2 Facility and the Spearfish Facility; (2) reimburse the Indenture Trustee for the
reasonable costs and expenses of the appraisals and environmental assessments incurred by the Indenture Trustee; (3) reimburse the Indenture Trustee, the Note Purchasers and the Mill Note Purchasers for the reasonable costs and expenses and any
reasonable legal fees (including their outside counsel) incurred in connection with this letter and these agreements; (4) pay a waiver fee equal to .50% of the principal balance as of September 30, 2005 of the Notes and the Mill Notes held
by the Note Purchasers or Mill Note Purchasers, as applicable, approving this waiver on or before September 30, 2005 (the “Fee”); and (5) pay on or before January 9, 2007 a waiver fee equal to .75% of the principal balance
as of September 30, 2005 of the Notes and the Mill Notes held by the Note Purchasers or Mill Note Purchasers, as applicable, approving this waiver (the “Deferred Fee”); provided, that the Deferred Fee shall not be payable in
the event Pope & Talbot terminates the Lease and the Mill Lease early pursuant to Section 13(d) thereof or purchases the Facility pursuant to Section 14(c) of the Participation Agreement and Section 19(f) of the Mill Lease)
on or before January 8, 2007. This waiver shall become effective upon receipt by the Indenture Trustee of (i) a copy of this letter duly executed by each of Pope & Talbot and the Required Lenders, (ii) a copy of a waiver by
the Owner Trustee, the Owner Participant and the Mill Owner Participant of the Covenants in substantially the form attached as Annex 1 and (iii) payment by Pope & Talbot to the Indenture Trustee of the Fee. 
  
 By executing this letter Pope & Talbot (1) reaffirms the continuing validity
and enforceability of the Operative Agreements and the Mill Operative Agreements and all of its obligations thereunder in accordance with the terms of the documents without offset, defense or counterclaim, and (2) confirms that as of the date
of this letter, there exists no event which with passage of time, giving a notice, or both would constitute an Event of Default under any Operative Agreement or Mill Operative Agreement. 
  
 [Remainder of page intentionally blank; signatures page follows] 

			
	 WELLS FARGO BANK NORTHWEST,

	 NATIONAL ASSOCIATION, as Indenture Trustee

		
	 By:
	 	 /s/ Brett King

  

			
	 AGREED:

	
	 POPE & TALBOT, INC.

		
	 By:
	 	 /s/ Richard K. Atkinson

	 Title:
	 	 Vice President and Chief Financial Officer

  

			
	 HELLER FINANCIAL LEASING, INC.

		
	 By:
	 	 /s/ Jeff Fitts

	 Title:
	 	 Duly Authorized Signatory

  

			
	 BANC OF AMERICA LEASING & CAPITAL, LLC
 successor-by-merger to Fleet Capital Corporation

		
	 By:
	 	 /s/ Pamela J. Grillet

	 Title:
	 	 Vice President

  

			
	 THE CIT GROUP/EQUIPMENT FINANCING INC.

		
	 By:
	 	 /s/ David R. Selden

	 Title:
	 	 Vice President

  
 GENERAL ELECTRIC COMMERCIAL FINANCE
BUSINESS PROPERTY 
 (f/ka General Electric Capital Business Asset Funding Corporation) 
  

			
		
	 By:
	 	 /s/ Steven Thomas 

	 Title:
	 	 Vice President

 ANNEX 1 
 OWNER TRUSTEE WAIVER 
  
 [ Filed as
Exhibit 4.1 to this Current Report on Form 8-K]

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