Document:

Amended and Restated Base Indenture

 AMENDMENT NO. 1 TO AMENDED AND RESTATED BASE INDENTURE 

THIS AMENDMENT NO. 1 TO BASE INDENTURE, dated as of February 10, 2012 (this “Amendment”), is entered into by and
among Cofina Funding, LLC, as the Issuer (the “Issuer”), and U.S. Bank National Association, as the Trustee (the “Trustee”). 
 RECITALS 
 WHEREAS, Cofina Funding, LLC and U.S. Bank National Association
are parties to that certain Amended and Restated Base Indenture dated as of December 23, 2010 (as amended and supplemented through the date hereof, the “Indenture”); 

WHEREAS, Section 14.2 of the Indenture requires the consent of the Required Noteholders to any amendment to the Indenture not
described in Section 14.1 of the Indenture; 
 WHEREAS, the Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as
Funding Agent for the related purchasers with respect to Series 2008-A, and Cooperatieve Centrale Raiffeisen-Boerenleenbank, B.A. “Rabobank Nederland”, New York Branch, as the Funding Agent for the related purchasers with respect to Series
2010-A, constitute the “Required Noteholders” under the Indenture because they constitute all of the Noteholders of all currently outstanding Series; and 
 WHEREAS, the Issuer desires and the Trustee is willing to amend the Indenture as hereinafter set forth. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

SECTION 1. Certain Defined Terms. Each capitalized term used but not defined herein shall have the meaning ascribed thereto
in the Indenture. 
 SECTION 2. Amendments to Indenture. The Indenture is hereby amended as follows: 

(a) The following definitions of “Liquidity Test” and “Lockbox” are added to Section 1.1 as
alphabetically appropriate: 
 “Liquidity Test” means, at any date of determination, a test that shall be deemed
satisfied if the sum of (A) the aggregate amount (without duplication) available to be borrowed by the Issuer under all outstanding Series at such time given the then-current Borrowing Base and (B) the aggregate amount available to be
drawn by CHS Inc. under its then-current debt facilities exceeds $50 million. 
 “Lockbox” means, collectively,
(i) the lockbox related to the Lockbox Account at M&I and (ii) the Cofina Lockbox established in compliance with Section 5.4(a). 

 (b) The definition of “Lockbox Account” is corrected to read as
follows: 
 “Lockbox Account” initially, account number 0034677852 at M&I. 

(c) Section 5.4(a) of the Indenture is amended in its entirety to read as follows: 

(a) Collections in General. Until this Indenture is terminated pursuant to Section 13.1, the Issuer shall or shall cause the
Servicer under the Servicing Agreement to cause all Collections due and to become due, as the case may be, and all other amounts required by this Indenture and the other Transaction Documents to be paid to the Lockbox Account or the Collection
Account; provided, however, that within 90 days of February __, 2012 the Issuer (or the Servicer on its behalf) shall establish a lockbox with the United States Postal Service in the name of Cofina Funding, LLC (the “Cofina
Lockbox”) and direct all Obligors who will not remit payments by wire transfer to the Lockbox Account or the Collection Account to send their payments to such Cofina Lockbox. Once the Cofina Lockbox is established, (i) in each Monthly
Servicer Report delivered thereafter, the Servicer shall be deemed to have represented that the level of payments received in the Cofina Lockbox (including, to the extent payments are sent directly to the Servicer’s offices, the amount of such
payments) during the related calendar month did not exceed $15 million (except for those months for which the Servicer reports the actual level of payments received in the Lockbox (and received directly by the Servicer)) and that all such payments
received were deposited into the Collection Account within one (1) Business Day of identification (but in no event later than the second Business Day after receipt) as required by the Base Indenture and the Servicing Agreement, (ii) on a
quarterly basis, the Servicer shall report the level of payments received in the Cofina Lockbox (and received directly by the Servicer) (which reporting will be included in the applicable Monthly Servicer Report as a line item) and (iii) the
scope of the annual audit of the Servicer shall include confirmation of such quarterly reporting. The Issuer acknowledges and agrees that following the occurrence of any Servicer Default, Early Amortization Event or Event of Default, the Trustee
shall have sole dominion and control over the Cofina Lockbox. The Issuer agrees to promptly execute any documentation or power of attorney required to effectuate such change in control to the Trustee. Any Collections received directly by the Issuer
or the Servicer (or in the Cofina Lockbox) shall be deposited by the Issuer or the Servicer, as applicable, into the Lockbox Account or the Collection Account within one (1) Business Day of identification of such Collections, but in no event
later than the second Business Day following such date of receipt. All monies, instruments, cash and other proceeds received by the Servicer in respect of the Trust Estate pursuant to this Indenture shall be deposited in the Collection Account as
specified herein and shall be applied as provided in this Article 5 and in Article 6. 

  
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 (d) Section 5.4(c)(i) of the Indenture is amended in its entirety to
read as follows: 
 (i) On each Business Day prior to the occurrence of an Early Amortization Event or an Event
of Default, the Trustee will make the following allocations with respect to amounts then on deposit in the Collection Account in the following order of priority: 
  

	 	(1)	To set aside in the Collection Account an amount equal to the Accrued Facility Costs for further transfer on the next Settlement Date; 

 

	 	(2)	To the Spread Maintenance Account, until the amount (after giving effect to all distributions to be made on such Settlement Date) equals the Required Spread Maintenance
Reserve Amount; 

  

	 	(3)	To the Settlement Account for each Series of Warehouse Notes specified by the Servicer in reduction of the principal amount outstanding thereunder in such amounts as
specified by the Servicer; 

  

	 	(4)	To the applicable Seller, an amount equal to the unpaid purchase price payable to the Seller under the Purchase Agreement; 

 

	 	(5)	To the extent both (A) the Liquidity Test would be satisfied after giving effect to such release and (B) no Borrowing Base Deficiency would exist after giving
effect to such release, for release to the Issuer such amounts specified in the Daily Servicer Report; and 

  

	 	(6)	Any remaining amounts shall be retained in the Collection Account for further distribution in accordance with this Section 5.4(c). 

SECTION 3. Effect of Amendment. Except as expressly amended and modified by this Amendment, all provisions of the Indenture
shall remain in full force and effect. After this Amendment becomes effective, all references in the Indenture to “this Base Indenture”, “this Indenture”, “hereof”, “herein” or words of similar effect
referring to the Indenture shall be deemed to be references to the Indenture as amended by this Amendment. This Amendment shall not be deemed to expressly or impliedly waive, amend or supplement any provision of the Agreement other than as set forth
herein. 
 SECTION 4. Effectiveness. This Amendment shall become effective upon receipt by the Noteholder of
counterparts of this Amendment (whether by facsimile or otherwise) executed by each of the parties hereto. 
 SECTION 5.
Reaffirmation of Representations, Warranties and Covenants. Upon the effectiveness of this Amendment, each of the Issuer and the Servicer hereby reaffirms all representations, warranties and covenants made in the Agreements and agrees that
all representations and warranties made in the Agreements shall be deemed to have been remade as of the effective date of this Amendment (except for those representations and warranties limited by their terms to an earlier date, which
representations and warranties shall speak of such date). 

  
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 SECTION 6. Representations and Warranties. Each of the Issuer and the Servicer
hereby represents and warrants that (i) this Amendment constitutes a legal, valid and binding obligation of such Person, enforceable against it in accordance with its terms, and (ii) upon the effectiveness of this Amendment, no Default or
Event of Default shall exist under the Indenture. 
 SECTION 7. Counterparts. This Amendment may be executed by
different parties on any number of separate counterparts, each of which shall be deemed to be an original and all of which shall together constitute but one and the same instrument. 

SECTION 8. Governing Law. This Amendment shall be governed by, and construed in accordance with, the laws of the State of
New York. 
 SECTION 9. Section Headings. The various headings of this Amendment are inserted for convenience only
and shall not affect the meaning or interpretation of this Amendment or the Indenture or any provision hereof or thereof. 

[Signatures Follow] 

  
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 IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by their
respective officers thereunto duly authorized, as of the date first written above. 
  

					
	 COFINA FUNDING, LLC,
 as the Issuer

		
	By:	 	/s/ James M. Grafing
		 	Name:	 	James M. Grafing
		 	Title:	 	Chief Financial Officer

 [Signatures Continue on the Following Page] 

  

			
	S-1
		  	Amendment No. 1 to Cofina Amended and Restated Base Indenture

 
					
	 U.S. BANK NATIONAL ASSOCIATION,
 as the Trustee

		
	By:	 	/s/ Michelle Moeller
		 	Name:	 	Michelle Moeller
		 	Title:	 	Vice President

 [Signatures Continue on the Following Page] 

  

			
	S-2
		  	Amendment No. 1 to Cofina Amended and Restated Base Indenture

 
			
	Consented to and Agreed:
	
	 COFINA FINANCIAL, LLC,
 as the Servicer

		
	By:	 	/s/ James M. Grafing
	Name:	 	James M. Grafing
	Title:	 	Chief Financial Officer

  

					
	 THE BANK OF TOKYO-MITSUBISHI UFJ,
 LTD., NEW YORK BRANCH,
 as the Series 2008-A Noteholder

		
	By:	 	/s/ Aditya Reddy
		 	Name:	 	Aditya Reddy
		 	Title:	 	Managing Director
	
	 COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK, B.A. “RABOBANK NEDERLAND”, NEW YORK BRANCH,

as the Series 2010-A Noteholder

		
	By:	 	/s/ Raymond Dizon
		 	Name:	 	Raymond Dizon
		 	Title:	 	Executive Director
		
	By:	 	/s/ Izumi Fukushima
		 	Name:	 	Izumi Fukushima
		 	Title:	 	Executive Director

  

			
	S-3
		  	Amendment No. 1 to Cofina Amended and Restated Base IndentureForm of Stock Certificate

 Exhibit 4.1 
 7.250% PERPETUAL NON-CUMULATIVE PREFERENCE SHARES 
 FACE OF SECURITY 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC) ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO. HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE CERTIFICATE OF DESIGNATION REFERRED TO BELOW. 
 IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO
THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH REGISTRAR AND TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 

			
	Certificate Number	  	Number of
		  	Preference Shares
	1	  	6,400,000
		
		  	CUSIP NO.: G05384147

 7.250% Perpetual Non-Cumulative Preference Shares 

(liquidation preference U.S.$25 per Preference Share) 
 of 
 ASPEN INSURANCE HOLDINGS LIMITED 

ASPEN INSURANCE HOLDINGS LIMITED, a Bermuda company (the “Company”), hereby certifies that Cede & Co. or its
registered assigns (the “Holder”) is the registered owner of 6,400,000, or such number as is indicated in the records of the Registrar and the Depository, fully paid and non-assessable preference shares of the Company designated the 7.250%
Perpetual Non-Cumulative Preference Shares, with a liquidation preference of U.S.$25 per share (the “Preference Shares”). The Preference Shares are transferable on the books and records of the Registrar, in person or by a duly authorized
attorney, upon surrender of this certificate duly endorsed and in proper form for transfer. The designations, rights, privileges, restrictions, preferences and other terms and provisions of the Preference Shares represented hereby are issued and
shall in all respects be subject to the provisions of the Certificate of Designation dated April 11, 2012, as the same may be amended from time to time (the “Certificate of Designation”). Capitalized terms used herein but not defined
shall have the meaning given them in the Certificate of Designation. The Company will provide a copy of the Certificate of Designation to a holder without charge upon written request to the Company at its principal place of business. 

Reference is hereby made to select provisions of the Preference Shares set forth on the reverse hereof, and to the Certificate of
Designation, which select provisions and the Certificate of Designation shall for all purposes have the same effect as if set forth at this place. 
 Upon receipt of this certificate, the holder is bound by the Certificate of Designation and is entitled to the benefits thereunder. 

Unless the Registrar has properly countersigned, these Preference Shares shall not be entitled to any benefit under the Certificate of
Designation or be valid or obligatory for any purpose. 

 IN WITNESS WHEREOF, the Company has executed this certificate this 11th day of April, 2012.

  

					
	ASPEN INSURANCE HOLDINGS LIMITED
		
	By:	 	 /s/ Julian Cusack

		 	Name:	 	Julian Cusack
		 	Title:	 	Chief Financial Officer

 REGISTRAR’S COUNTERSIGNATURE 

These are Preference Shares referred to in the within-mentioned Certificate of Designation. 

Dated: April 11, 2012 
  

			
	COMPUTERSHARE SHAREOWNER SERVICES LLC, as Registrar
		
	By:	 	  

		 	Authorized Signatory

 REVERSE OF SECURITY 
 Dividends on each Preference Share shall be payable at the rate provided in the Certificate of Designation. 
 The Preference Shares shall be redeemable at the Company’s option in the manner and accordance with the terms set forth in the Certificate of Designation. 

The Company shall furnish without charge to each holder who so requests the powers, designations, preferences and relative,
participating, optional or other special rights of each class or series of share capital and the qualifications, limitations or restrictions of such preferences and/or rights. 

 ASSIGNMENT 
 FOR VALUE RECEIVED, the undersigned assigns and transfers the Preference Shares evidenced hereby to: 

			
	  
	  	
	  
	  	
	  
	  	

 (Insert assignee’s social security or tax identification number) 

			
	  
	  	
	  
	  	
	  
	  	

 (Insert address and zip code of assignee) 
 and irrevocably appoints: 

			
	  
	  	
	  
	  	
	  
	  	

 agent to transfer the Preference Shares evidenced hereby on the books of the Transfer Agent. The agent may substitute
another to act for him or her. 
  

					
	Date:	  	  
	  	

					
			
	Signature:	  	  
	  	

					
	
	(Sign exactly as your name appears on the other side of this Preference Shares Certificate)
			
	Signature Guarantee:	  	  
	  	

  

							
	  
	  		  		  	

 (Signature must be guaranteed by an “eligible guarantor institution” that is a bank,
stockbroker, savings and loan association or credit union meeting the requirements of the Transfer Agent, which requirements include membership or participation in the Securities Transfer Agents Medallion Program (“STAMP”) or such other
“signature guarantee program” as may be determined by the Transfer Agent in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.)

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