Document:

exv10w2

 

Exhibit 10.2

AMENDMENT NUMBER 1

TO AMENDED AND RESTATED LOAN AGREEMENT

          THIS AMENDMENT NUMBER 1, dated as of October 15, 2003 (this “Amendment”) to the Amended and
Restated Loan Agreement, dated as of September 18, 2002 and amended and restated as of March 7,
2003 (as amended or supplemented from time to time as permitted thereby, the “Loan Agreement”),
among CF LEASING LTD., a company with limited liability organized and existing under the laws of
Bermuda (together with its successors and permitted assigns, the “Borrower”), FORTIS BANK
(NEDERLAND) N.V., a Naamloze Vennootschap (“Fortis”), as agent on behalf of the Lenders (in such
capacity, the “Agent”), BTM CAPITAL CORPORATION (“BTMCC”), a Delaware corporation and, the
financial institutions from time to time party hereto (each, including Fortis and BTMCC, a “Lender”
and collectively, the “Lenders”).

W I T N E S S E T H:

          WHEREAS, the parties have previously entered into the Loan Agreement, dated as of September
18, 2002 and amended and restated as of March 7, 2003;

          WHEREAS, the parties desire to further amend the Loan Agreement in order to (i) increase the
Class A Commitment with respect to Fortis from Twenty Million Dollars ($20,000,000) to Thirty-Five
Million Dollars ($35,000,000), (ii) increase the portion of the Class A Commitment with respect to
BTMCC from Twenty-Five Million Dollars ($25,000,000) to Forty Million Dollars ($40,000,000), (iii)
exchange the promissory notes issued under the Loan Agreement, dated as of March 7, 2003, for new
Notes and (iv) to make certain other amendments, all upon the terms, and subject to the conditions,
hereinafter set forth, and in reliance on the representations and warranties of Borrower set forth
herein;

          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 Loan Agreement.

          SECTION 2. Full Force and Effect. Other than as specifically modified hereby, the Loan
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 Loan Agreement. Effective upon the date hereof, following
the execution and delivery hereof,

          (a) Section 101 of the Loan Agreement shall be amended by adding the following defined term in
the proper alphabetical order:

     “Effective Date. October 15, 2003.”;

 

 

Exhibit 10.2

          (b) Section 201(b) of the Loan Agreement is hereby amended in its entirety to read as follows:

     “Advances. Prior to the Conversion Date, each of the Class A Notes and Class B Notes
shall be a revolving note with a maximum principal amount equal to the then current Class A
Commitment and Class B Commitment, respectively, for the related Lender, and the Borrower may,
subject to the terms and conditions of this Loan Agreement, borrow, repay and reborrow amounts in
respect of such Class A Commitment and Class B Commitment; provided, however, that if the Aggregate
Class A Principal Balance shall be less than the then current Class A Aggregate Commitment, then
any one or more Lenders may, at the request of the Borrower and in their respective sole
discretion, make one or more Class A Advances in such aggregate amount that the Aggregate Class A
Principal Balance (after giving effect to such Class A Advance(s)) then Outstanding shall not
exceed Seventy-Five Million Dollars ($75,000,000). Each Lender, or the Agent on its behalf, shall
maintain a record of all Advances and repayments made on the Notes and such records shall be
conclusive absent manifest error. On the Original Closing Date, the Borrower issued a note (the
“Closing Date Note”) to Fortis in a maximum principal amount equal to Thirty-Five Million Dollars
($35,000,000). On the Restatement Date, the Borrower issued the following Notes to the respective
Lenders: (i) a Class A Note in the maximum principal balance of Twenty Million Dollars
($20,000,000) (of which Eight Million Eight Hundred Forty-Seven Thousand One Hundred Twenty-Two and
47/100 Dollars ($8,847,122.47) was outstanding after giving effect to the Advances made on the
Restatement Date) to Fortis, (ii) a Class A Note in the maximum principal amount of Twenty-Five
Million Dollars ($25,000,000) (of which Eleven Million Fifty-Eight Thousand Nine Hundred Three and
08/100 Dollars ($11,058,903.08) was outstanding after giving effect to the Advances made on the
Restatement Date) to BTMCC and (iii) a Class B Note in the maximum principal balance of Five
Million Dollars ($5,000,000) (of which Five Million Dollars ($5,000,000) was outstanding after
giving effect to the Advances made on the Restatement Date, and such amount being the maximum
principal balance of such Class B Note permitted hereunder, there were no additional Advances
available to the Borrower with respect to such Class B Note) to Fortis. Immediately thereafter,
the Closing Date Note was cancelled. On the Effective Date, the Borrower will exchange the Class A
Notes issued to Fortis and BTMCC on March 7, 2003 pursuant to the Amended and Restated Loan
Agreement and issue the following Notes to the respective Lenders: (i) a Class A Note in the
maximum principal balance of Thirty-Five Million Dollars ($35,000,000) to Fortis and (ii) a Class A
Note in the maximum principal balance of Forty Million Dollars ($40,000,000) to BTMCC. The
Aggregate Class A Principal Balance with respect to each Lender outstanding as of the Effective
Date is unchanged by this Amendment, shall continue to be valid and shall be evidenced by the new
Notes.”; and

          (c) The Loan Agreement is hereby amended to include Schedule 1 attached hereto as Schedule 1
to the Loan Agreement.

          SECTION 4. Representations, Warranties and Covenants.

          The Borrower hereby confirms that each of the representations, warranties and covenants set
forth in Articles V and VI of the Loan Agreement are true and correct as of the date first written
above with the same effect as though each had been made as of such date,

 

 

Exhibit 10.2

except to the extent that any of such representations and warranties expressly relate to
earlier dates.

          SECTION 5. Effectiveness of Amendment; Terms of this Amendment.

          (a) This Amendment shall become effective on the date that the conditions precedent set forth
below are satisfied, which shall be in no event later than October 15, 2003:

(i) Amendment. The Agent shall have received this Amendment, in
form and substance satisfactory to the Lenders, executed and delivered by
Borrower and all other parties hereto;

(ii) Notes. The Agent shall have received separate Notes executed
by the Borrower in favor of each Lender;

(iii) Certificate of Officer/Secretary; Organizational Documents.
The Agent shall have received separate certificates, each dated the
Effective Date, executed by authorized signatories of each of the Manager
and the Borrower, certifying (A) that attached to such certificate(s) is a
true, correct and complete copy of the Memorandum of Association or other
organizational document of such company certified by proper Secretary of
State or such other Governmental Authority as applicable as of date close to
the Effective Date, (B) that attached to such certificate is a true, correct
and complete copy of the bylaws and each other organizational document of
such company then in full force and effect, (C) that attached to such
certificate is a Certificate of Compliance from the Secretary of State (or
equivalent) of any other jurisdiction where such company is required to be
qualified to do business, dated as of a date close to the Effective Date,
(D) that attached to such certificate is a true, correct and complete copy
of the resolutions adopted by the board of directors of each such company
then in full force and effect authorizing the execution, delivery and
performance by such company of each of the amendment documents to which it
is a party and (E) the name of the officer(s) of such company authorized to
execute amendment documents on behalf of such company;

(iv) Asset Base Certificate. The Borrower shall have delivered to
the Agent and each Lender a duly executed Asset Base Certificate calculated
as of the Effective Date;

(v) Opinions. Conyers Dill & Pearman shall have delivered to the
Agent its corporate matters opinion for the Borrower with regard to the
documents executed on or as of the Effective Date. Maples & Calder shall
have delivered to the Agent its corporate matters opinion for the Manager
with regard to the documents executed on or as of the Effective Date.
Thacher Proffitt & Wood shall have delivered to the Agent its opinion letter
regarding the enforceability of the documents executed on or as of the
Effective Date; and

 

 

Exhibit 10.2

(vi) Payment of Fees. All fees due to the Lenders on or before the
Effective Date shall have been paid to the extent notified to the Borrower
in writing.

          (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
Loan Agreement, and (ii) each reference in the Loan Agreement to “this Agreement” or “hereof”,
“hereunder” or words of like import, and each reference in any other document to the Loan Agreement
shall mean and be a reference to the Loan 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 REFERENCE TO CONFLICT OF LAW PRINCIPLES; PROVIDED THAT
SECTION 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 THE
AGENT ARISING OUT OF OR RELATING TO THIS LOAN AGREEMENT, OR ANY TRANSACTION CONTEMPLATED HEREBY,
MAY BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY AND COUNTY OF NEW YORK, STATE OF NEW
YORK AND THE AGENT AND THE BORROWER EACH 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 LOAN AGREEMENT, EACH AGENT AND THE BORROWER EACH HEREBY IRREVOCABLY SUBMITS TO THE
JURISDICTION OF ANY SUCH COURT IN ANY SUCH SUIT, ACTION OR PROCEEDING. THE AGENT AND THE BORROWER
HEREBY IRREVOCABLY APPOINTS AND DESIGNATES CT CORPORATION SYSTEMS, 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 THE AGENT AND
THE BORROWER EACH AGREE THAT SERVICE OF PROCESS UPON SUCH PARTY SHALL CONSTITUTE PERSONAL SERVICE
OF SUCH PROCESS ON SUCH PERSON. PURSUANT TO NEW YORK GENERAL OBLIGATIONS LAW SECTION 5-1402, THE
AGENT AND THE BORROWER SHALL EACH MAINTAIN THE DESIGNATION AND APPOINTMENT OF SUCH AUTHORIZED AGENT
UNTIL ALL AMOUNTS PAYABLE UNDER THIS LOAN AGREEMENT SHALL HAVE BEEN PAID IN FULL. IF SUCH AGENT
SHALL CEASE TO SO ACT, THE AGENT OR THE BORROWER,

 

 

Exhibit 10.2

AS THE CASE MAY BE, SHALL IMMEDIATELY DESIGNATE AND APPOINT ANOTHER SUCH AGENT SATISFACTORY TO
THE AGENT AND SHALL PROMPTLY DELIVER TO THE AGENT EVIDENCE IN WRITING OF SUCH OTHER AGENT’S
ACCEPTANCE OF SUCH APPOINTMENT.

          SECTION 9. No Novation. Notwithstanding that the Loan Agreement is hereby amended by
this Amendment as of the date hereof, nothing contained herein shall be deemed to cause a novation
or discharge of any existing indebtedness of the Borrower under the Loan Agreement, or the security
interest in the Collateral created thereby.

[Signature page follows.]

 

 

Exhibit 10.2

          IN WITNESS WHEREOF, the parties hereto have executed and delivered this Amendment on the date
first above written.

	 	 	 	 	 	 	 
	 	 	CF LEASING LTD.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ DENNIS J. TIETZ
 

	 	 
	 

	 	Name:
	 	Dennis J. Tietz	 	 
	 

	 	Title:
	 	Director	 	 

Amendment No. 1 to A&R Loan Agt.

 

 

Exhibit 10.2

	 	 	 	 	 	 	 
	 	 	FORTIS BANK (NEDERLAND) N.V.,	 	 
	 	 	as Agent and a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ M. A. N. VAN LACUM
 

	 	 
	 

	 	Name:
	 	M. A. N. van Lacum	 	 
	 

	 	Title:
	 	Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ P. R. G. ZAMAN
 

	 	 
	 

	 	Name:
	 	P. R. G. Zaman	 	 
	 

	 	Title:
	 	Deputy Director	 	 

Amendment No. 1 to A&R Loan Agt.

 

 

Exhibit 10.2

	 	 	 	 	 	 	 
	 	 	BTM CAPITAL CORPORATION, as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ JOHN F. McCARTHY
 

	 	 
	 

	 	Name:
	 	John F. McCarthy	 	 
	 

	 	Title:
	 	Vice President	 	 

	 	 	 	 	 	 	 
	 

	 	Address:
	 	111 Huntington Avenue, Suite 400
	 	 
	 

	 	 	 	Boston, MA 02199	 	 
	 

	 	Attention:
	 	Vice President — Administration	 	 
	 

	 	Facsimile:
	 	(617) 345-1444	 	 
	 

	 	Telephone:
	 	(617) 345-5727	 	 

Amendment No. 1 to A&R Loan Agt.

 

 

Exhibit 10.2

SCHEDULE 1

LIST OF LENDERS AND RESPECTIVE COMMITMENTS

	 	 	 
	Lender	 	Commitment
	Fortis Bank (Nederland) N.V.
	 	$35,000,000 Class A Commitment
	 
	 	and
	 
	 	$5,000,000 Class B Commitment
	 	 	 
	BTM Capital Corporation
	 	$40,000,000 Class A Commitmentexv10w3

 

Exhibit 10.3

AMENDMENT NUMBER 2

TO AMENDED AND RESTATED LOAN AGREEMENT

          THIS AMENDMENT NUMBER 2, dated as of March 4, 2004 (this “Amendment”) to the Amended and
Restated Loan Agreement, dated as of March 7, 2003 (as amended or supplemented from time to time as
permitted thereby, the “Loan Agreement”), among CF LEASING LTD., a company with limited liability
organized and existing under the laws of Bermuda (together with its successors and permitted
assigns, the “Borrower”), FORTIS BANK (NEDERLAND) N.V., a Naamloze Vennootschap (“Fortis”), as
agent on behalf of the Lenders (in such capacity, the “Agent”), BTM CAPITAL CORPORATION (“BTMCC”),
a Delaware corporation and, the financial institutions from time to time party hereto (each,
including Fortis and BTMCC, a “Lender” and collectively, the “Lenders”).

W I T N E S S E T H:

          WHEREAS, the parties have previously entered into the Loan Agreement, dated as of September
18, 2002, as amended and restated as of March 7, 2003, and Amendment Number 1 thereto, dated as of
October 15, 2003;

          WHEREAS, the parties desire to further amend the Loan Agreement in order to extend the
Conversion Date from March 5, 2004 to April 30, 2004;

          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 Loan Agreement.

          SECTION 2. Full Force and Effect. Other than as specifically modified hereby, the Loan
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 Loan Agreement. Effective upon the date hereof, following
the execution and delivery hereof, the definition of Conversion Date in Section 101 of the Loan
Agreement is hereby amended in its entirety to read as follows:

          “Conversion Date: With respect to the Commitment of any Lender, the earlier to occur of (i)
April 30, 2004 (as such date may be extended in accordance with Section 201(f)) and (ii) the date
on which an Early Amoritization Event initially occurs.”

          SECTION 4. Representations, Warranties and Covenants.

          The Borrower hereby confirms that each of the representations, warranties and covenants set
forth in Articles V and VI of the Loan Agreement are true and correct as of the date first written
above with the same effect as though each had been made as of such date, except to the extent that
any of such representations and warranties expressly relate to earlier dates.

 

 

Exhibit 10.3

          SECTION 5. Effectiveness of Amendment; Terms of this Amendment.

          (a) This Amendment shall become effective as of the date first written above.

          (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
Loan Agreement, and (ii) each reference in the Loan Agreement to “this Agreement” or “hereof”,
“hereunder” or words of like import, and each reference in any other document to the Loan Agreement
shall mean and be a reference to the Loan 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 REFERENCE TO CONFLICT OF LAW PRINCIPLES; PROVIDED THAT
SECTION 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 THE
AGENT ARISING OUT OF OR RELATING TO THIS LOAN AGREEMENT, OR ANY TRANSACTION CONTEMPLATED HEREBY,
MAY BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY AND COUNTY OF NEW YORK, STATE OF NEW
YORK AND THE AGENT AND THE BORROWER EACH 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 LOAN AGREEMENT, EACH AGENT AND THE BORROWER EACH HEREBY IRREVOCABLY SUBMITS TO THE
JURISDICTION OF ANY SUCH COURT IN ANY SUCH SUIT, ACTION OR PROCEEDING. THE AGENT AND THE BORROWER
HEREBY IRREVOCABLY APPOINTS AND DESIGNATES CT CORPORATION SYSTEMS, 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 THE AGENT AND
THE BORROWER EACH AGREE THAT SERVICE OF PROCESS UPON SUCH PARTY SHALL CONSTITUTE PERSONAL SERVICE
OF SUCH PROCESS ON SUCH PERSON. PURSUANT TO NEW YORK GENERAL OBLIGATIONS LAW SECTION 5-1402, THE
AGENT AND THE BORROWER SHALL EACH MAINTAIN THE DESIGNATION AND APPOINTMENT OF SUCH AUTHORIZED AGENT
UNTIL ALL AMOUNTS PAYABLE UNDER THIS LOAN AGREEMENT SHALL HAVE BEEN PAID IN FULL. IF SUCH AGENT
SHALL CEASE TO SO ACT, THE AGENT OR THE BORROWER,

 

 

Exhibit 10.3

AS THE CASE MAY BE, SHALL IMMEDIATELY DESIGNATE AND APPOINT ANOTHER SUCH AGENT SATISFACTORY TO
THE AGENT AND SHALL PROMPTLY DELIVER TO THE AGENT EVIDENCE IN WRITING OF SUCH OTHER AGENT’S
ACCEPTANCE OF SUCH APPOINTMENT.

          SECTION 9. No Novation. Notwithstanding that the Loan Agreement is hereby amended by
this Amendment as of the date hereof, nothing contained herein shall be deemed to cause a novation
or discharge of any existing indebtedness of the Borrower under the Loan Agreement, or the security
interest in the Collateral created thereby.

[Signature page follows.]

 

 

Exhibit 10.3

          IN WITNESS WHEREOF, the parties hereto have executed and delivered this Amendment on the date
first above written.

	 	 	 	 	 	 	 
	 	 	CF LEASING LTD.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ PETER J. YOUNGER	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Peter J. Younger	 	 
	 	 	Title: Director	 	 

Amendment No. 2 to A&R Loan Agt.

 

 

Exhibit 10.3

	 	 	 	 	 	 	 
	 	 	FORTIS BANK (NEDERLAND) N.V., as Agent and a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ M. A. N. VAN LACUM	 	 
	 

	 	 	 	 	 	 
	 	 	Name: M. A. N. van Lacum	 	 
	 	 	Title: Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ P. R. G. ZAMAN	 	 
	 

	 	 	 	 	 	 
	 	 	Name: P. R. G. Zaman	 	 
	 	 	Title: Deputy Director	 	 

Amendment
No. 2 to A&R Loan Agt.

 

 

Exhibit 10.3

	 	 	 	 	 	 	 	 	 
	 	 	BTM CAPITAL CORPORATION, as a Lender	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ PAUL F. NOLAN	 	 
	 	 	 	 	 	 	 
	 	 	Name: Paul F. Nolan	 	 
	 	 	Title: Senior Vice President	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Address:	 	111 Huntington Avenue, Suite 400	 	 
	 

	 	 	 	 	 	Boston, MA 02199	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Attention:	 	Vice President — Administration	 	 
	 	 	Facsimile:	 	(617) 345-1444	 	 
	 	 	Telephone:	 	(617) 345-5727

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