Document:

EXHIBIT 4.1

 

EXECUTION COPY

 

 

 

	
             
 

 

 

BA CREDIT CARD TRUST

as Issuer

 

CLASS A(2007-9) TERMS DOCUMENT

dated as of July 19, 2007

to

AMENDED AND RESTATED BASERIES INDENTURE SUPPLEMENT

dated as of June 10, 2006

to

SECOND AMENDED AND RESTATED INDENTURE

dated as of October 20, 2006

 

THE BANK OF NEW YORK

as Indenture Trustee

 

 

	
             
 

 

 

	
            ARTICLE I
 
	
            Definitions and Other Provisions of General Application
 
	
             
 	
             
 	
             
 
	
             
 	
            Section 1.01. Definitions
 	
            1
 
	
             
 	
             
 	
             
 
	
             
 	
            Section 1.02. Governing Law; Submission to Jurisdiction; Agent for Service of Process
 	
            5
 
	
             
 	
             
 	
             
 
	
             
 	
            Section 1.03. Counterparts
 	
            6
 
	
             
 	
             
 	
             
 
	
             
 	
            Section 1.04. Ratification of Indenture and Indenture Supplement
 	
            6
 
	
             
 	
             
 	
             
 	
             
 
	
            ARTICLE II
 
	
            The Class A(2007-9) Notes
 
	
             
 	
             
 	
             
 
	
             
 	
            Section 2.01. Creation and Designation
 	
            7
 
	
             
 	
             
 	
             
 
	
             
 	
            Section 2.02. Specification of Required Subordinated Amount and other Terms
 	
            7
 
	
             
 	
             
 	
             
 
	
             
 	
            Section 2.03. Interest Payment
 	
            7
 
	
             
 	
             
 	
             
 
	
             
 	
            Section 2.04. Calculation Agent; Determination of LIBOR
 	
            8
 
	
             
 	
             
 	
             
 
	
             
 	
            Section 2.05. Payments of Interest and Principal
 	
            9
 
	
             
 	
             
 	
             
 
	
             
 	
            Section 2.06. Form of Delivery of Class A(2007-9) Notes; Depository; Denominations
 	
            9
 
	
             
 	
             
 	
             
 
	
             
 	
            Section 2.07. Delivery and Payment for the Class A(2007-9) Notes
 	
            9
 
	
             
 	
             
 	
             
 
	
             
 	
            Section 2.08. Targeted Deposits to the Accumulation Reserve Account
 	
            9
 
	
             
 	
             
 	
             
 
	
            ARTICLE III
 
	
            Representations and Warranties
 
	
             
 	
             
 	
             
 
	
             
 	
            Section 3.01. Issuer’s Representations and Warranties
 	
            10
 
				

            

 

 

 

THIS CLASS A(2007-9) TERMS DOCUMENT (this “Terms Document”), by and between BA CREDIT CARD TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuer”), having its principal office at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, and THE BANK OF NEW YORK, a New York banking corporation, as Indenture Trustee (the “Indenture Trustee”), is made and entered into as of July 19, 2007.

 

Pursuant to this Terms Document, the Issuer and the Indenture Trustee shall create a new tranche of Class A Notes and shall specify the principal terms thereof.

 

ARTICLE I

 

Definitions and Other Provisions of General Application

Section 1.01.     Definitions.  For all purposes of this Terms Document, except as otherwise expressly provided or unless the context otherwise requires:

(a)          the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as the singular;

(b)          all other terms used herein which are defined in the Amended and Restated BAseries Indenture Supplement, dated as of June 10, 2006 (the “Indenture Supplement”), between the Issuer and the Indenture Trustee, or the Second Amended and Restated Indenture, dated as of October 20, 2006 (the “Indenture”), between the Issuer and the Indenture Trustee, as acknowledged and accepted by FIA, as Servicer, either directly or by reference therein, have the meanings assigned to them therein; 

(c)          all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles and, except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder means such accounting principles as are generally accepted in the United States of America at the date of such computation;

(d)          all references in this Terms Document to designated “Articles,” “Sections” and other subdivisions are to the designated Articles, Sections and other subdivisions of this Terms Document as originally executed;

(e)          the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Terms Document as a whole and not to any particular Article, Section or other subdivision; 

(f)           in the event that any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in the Indenture Supplement or the Indenture, the terms and provisions of this Terms Document shall be controlling;

(g)          each capitalized term defined herein shall relate only to the Class A(2007-9) Notes and no other tranche of Notes issued by the Issuer; and 

 

 

(h)          “including” and words of similar import will be deemed to be followed by “without limitation.”

“Accumulation Reserve Funding Period” shall mean, (a) if the Accumulation Period Length is determined to be one (1) month, there shall be no Accumulation Reserve Funding Period and (b) otherwise, the period (x) commencing on the earliest to occur of (i) the Monthly Period beginning three (3) calendar months prior to the first Transfer Date for which a budgeted deposit is targeted to be made into the Principal Funding sub-Account of the Class A(2007-9) Notes pursuant to Section 3.10(b) of the Indenture Supplement, (ii) the Monthly Period following the first Transfer Date following and including the May 2010 Transfer Date for which the Quarterly Excess Available Funds Percentage is less than 2%, but in such event the Accumulation Reserve Funding Period shall not be required to commence
earlier than 24 months prior to the Expected Principal Payment Date, (iii) the Monthly Period following the first Transfer Date following and including the November 2010 Transfer Date for which the Quarterly Excess Available Funds Percentage is less than 3%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 18 months prior to the Expected Principal Payment Date, and (iv) the Monthly Period following the first Transfer Date following and including the January 2011 Transfer Date for which the Quarterly Excess Available Funds Percentage is less than 4%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 16 months prior to the Expected Principal Payment Date and (y) ending on the close of business on the last day of the Monthly Period preceding the earlier to occur of (i) the Expected Principal Payment Date for the Class A(2007-9) Notes and (ii) the date on which the
Class A(2007-9) Notes are paid in full.

 

“Base Rate” means, with respect to any Monthly Period, the sum of (i) the Weighted Average Interest Rates for the Outstanding BAseries Notes, (ii) the Net Servicing Fee Rate (as such term is defined in the Series 2001-D Supplement) and (iii) so long as FIA or The Bank of New York is the Servicer, the Servicer Interchange Rate, in each case, for such Monthly Period.

 

“BAseries Servicer Interchange” means, with respect to any Monthly Period, an amount equal to the product of (a) the Servicer Interchange (as such term is defined in the Series 2001-D Supplement) with respect to such Monthly Period and (b) a fraction the numerator of which is the Weighted Average Available Funds Allocation Amount for the BAseries for such Monthly Period and the denominator of which is the Weighted Average Available Funds Allocation Amount for all series of Notes for such Monthly Period.

 

“Calculation Agent” is defined in Section 2.04(a).

 

“Class A(2007-9) Note” means any Note, substantially in the form set forth in Exhibit A-1 to the Indenture Supplement, designated therein as a Class A(2007-9) Note and duly executed and authenticated in accordance with the Indenture.

 

“Class A(2007-9) Noteholder” means a Person in whose name a Class A(2007-9) Note is registered in the Note Register.

 

	
             
 	
            2
 

 

“Class A(2007-9) Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the 

Class A(2007-9) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which the Indenture is discharged and satisfied pursuant to Article VI thereof.

 

“Class A Required Subordinated Amount of Class B Notes” is defined in Section 2.02(a).

 

“Class A Required Subordinated Amount of Class C Notes” is defined in Section 2.02(b).

 

“Controlled Accumulation Amount” means $104,166,666.67; provided, however, if the Accumulation Period Length is determined to be less than twelve (12) months pursuant to Section 3.10(b)(ii) of the Indenture Supplement, the Controlled Accumulation Amount shall be the amount specified in the definition of “Controlled Accumulation Amount” in the Indenture Supplement.

 

“Excess Available Funds Percentage” means, with respect to any Transfer Date, the amount, if any, by which the Portfolio Yield for the preceding Monthly Period exceeds the Base Rate for such Monthly Period.

 

“Expected Principal Payment Date” means June 15, 2012.

 

“Initial Dollar Principal Amount” means $1,250,000,000.

 

“Interest Payment Date” means the fifteenth day of each month, or if such fifteenth day is not a Business Day, the next succeeding Business Day, commencing September 17, 2007.

 

“Interest Period” means, with respect to any Interest Payment Date, the period from and including the previous Interest Payment Date (or in the case of the initial Interest Payment Date, from and including the Issuance Date) through the day preceding such Interest Payment Date.

 

“Issuance Date” means July 19, 2007.

 

“Legal Maturity Date” means November 17, 2014.

 

“LIBOR” means, for any Interest Period, the London interbank offered rate for one-month United States dollar deposits or, for the first Interest Period, the rate that corresponds to the actual number of days in the first Interest Period determined by the Calculation Agent on the LIBOR Determination Date for that Interest Period in accordance with the provisions of Section 2.04.

 

 

	
             
 	
            3
 

 

“LIBOR Determination Date” means July 17, 2007 for the period from and including the Issuance Date to but excluding September 17, 2007, and for each Interest Period thereafter, the second London Business Day prior to the Interest Payment Date on which such Interest Period commences.

 

“London Business Day” means any Business Day on which dealings in deposits in United States Dollars are transacted in the London interbank market.

 

 “Note Interest Rate” means a per annum rate equal to 0.04% in excess of LIBOR as determined by the Calculation Agent on the related LIBOR Determination Date with respect to each Interest Period.

 

“Paying Agent” means The Bank of New York.

 

“Portfolio Yield” means, with respect to any Monthly Period, the annualized percentage equivalent of a fraction, the numerator of which is (a) the amount of Available Funds allocated to the BAseries pursuant to Section 501 of the Indenture, plus (b) any Interest Funding sub-Account Earnings on the related Transfer Date, plus (c) any amounts to be treated as BAseries Available Funds pursuant to Sections 3.20(d) and 3.27(a) of the Indenture Supplement, plus (d) the BAseries Servicer Interchange for such Monthly Period, minus (e) the excess, if any, of the sum of the PFA Prefunding Earnings Shortfall plus the PFA Accumulation Earnings Shortfall over the sum of the aggregate amount to be treated as BAseries Available Funds for such Monthly Period pursuant to Sections 3.04(a)(ii) and 3.25(a) of the Indenture Supplement plus any other amounts applied to cover earnings shortfalls on amounts in the Principal Funding sub-Account for any tranche of BAseries Notes for such Monthly Period, minus (f) the BAseries Investor Default Amount for such Monthly Period, and the denominator of which is the Weighted Average Available Funds Allocation Amount for the BAseries for such Monthly Period.

 

“Predecessor Note” means, with respect to any particular Note, every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 306 of the Indenture in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note.

 

“Quarterly Excess Available Funds Percentage” means, with respect to the May 2010 Transfer Date and each Transfer Date thereafter, the percentage equivalent of a fraction the numerator of which is the sum of the Excess Available Funds Percentages with respect to the immediately preceding three Monthly Periods and the denominator of which is three.

 

“Record Date” means, for any Transfer Date, the last Business Day of the preceding Monthly Period.

 

“Reference Banks” means four major banks in the London interbank market selected by the Beneficiary.

 

	
             
 	
            4
 

 

“Required Accumulation Reserve sub-Account Amount” means, with respect to any Monthly Period during the Accumulation Reserve Funding Period, an amount equal to (i) 0.5% of the Outstanding Dollar Principal Amount of the Class A(2007-9) Notes as of the close of business on the last day of the preceding Monthly Period or (ii) any other amount designated by the Issuer; provided, however, that if such designation is of a lesser amount, the Note Rating Agencies shall have provided prior written confirmation that a Ratings Effect will not occur with respect to such change.

 

“Reuters Screen LIBOR01 Page” means the display page currently so designated on the Reuters Monitor Money Rates (or such other page as may replace that page on that service, or such other service as may be nominated as the information vendor, for the purpose of displaying comparable rates or prices).

 

“Servicer Interchange Rate” means, for any Monthly Period, the percentage equivalent of a fraction, the numerator of which is the BAseries Servicer Interchange for such Monthly Period, and the denominator of which is the Weighted Average Available Funds Allocation Amount for the BAseries for such Monthly Period.

 

“Stated Principal Amount” means $1,250,000,000.

 

“Weighted Average Interest Rates” means, with respect to any Outstanding Notes of a class or tranche of the BAseries, or of all of the Outstanding Notes of the BAseries, on any date, the weighted average (weighted based on the Outstanding Dollar Principal Amount of the related Notes on such date) of the following rates of interest:

 

(a)          in the case of a tranche of Dollar Interest-bearing Notes with no Derivative Agreement for interest, the rate of interest applicable to that tranche on that date;

(b)          in the case of a tranche of Discount Notes, the rate of accretion (converted to an accrual rate) of that tranche on that date;

(c)          in the case of a tranche of Notes with a payment due under a Performing Derivative Agreement for interest, the rate at which payments by the Issuer to the applicable Derivative Counterparty accrue on that date (prior to the netting of such payments, if applicable); and 

(d)          in the case of a tranche of Notes with a non-Performing Derivative Agreement for interest, the rate specified for that date in the related terms document.

Section 1.02.     Governing Law; Submission to Jurisdiction; Agent for Service of Process.  This Terms Document shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to principles of conflict of laws.  The parties hereto declare that it is their intention that this Terms Document shall be regarded as made under the laws of the State of Delaware and that the laws of said State shall be applied in interpreting its provisions in all cases where legal interpretation shall be required.  Each of the parties hereto agrees (a) that this Terms Document involves at least $100,000.00, and (b) that this Terms Document has been entered into by the parties hereto in express reliance upon 6 DEL. C. § 2708.

 

	
             
 	
            5
 

 

Each of the parties hereto hereby irrevocably and unconditionally agrees (a) to be subject to the jurisdiction of the courts of the State of Delaware and of the federal courts sitting in the State of Delaware, and (b)(1) to the extent such party is not otherwise subject to service of process in the State of Delaware, to appoint and maintain an agent in the State of Delaware as such party’s agent for acceptance of legal process, and (2) that, to the fullest extent permitted by applicable law, service of process may also be made on such party by prepaid certified mail with a proof of mailing receipt validated by the United States Postal Service constituting evidence of valid service, and that service made pursuant to (b)(1) or (2) above shall, to the fullest extent permitted by applicable law, have the same legal force and effect as if served upon such party personally within the State of Delaware.

Section 1.03.     Counterparts.  This Terms Document may be executed in any number of counterparts, each of which so executed will be deemed to be an original, but all such counterparts will together constitute but one and the same instrument.

Section 1.04.     Ratification of Indenture and Indenture Supplement.  As supplemented by this Terms Document, each of the Indenture and the Indenture Supplement is in all respects ratified and confirmed and the Indenture as so supplemented by the Indenture Supplement as so supplemented and this Terms Document shall be read, taken and construed as one and the same instrument.

[END OF ARTICLE I]

 

	
             
 	
            6
 

 

ARTICLE II

 

The Class A(2007-9) Notes

Section 2.01.     Creation and Designation.  There is hereby created a tranche of BAseries Class A Notes to be issued pursuant to the Indenture and the Indenture Supplement to be known as the “BAseries Class A(2007-9) Notes.” 

Section 2.02.     Specification of Required Subordinated Amount and other Terms.

(a)          For the Class A(2007-9) Notes for any date of determination, the Class A Required Subordinated Amount of Class B Notes will be an amount equal to 8.72093% of (i) the Adjusted Outstanding Dollar Principal Amount of the Class A(2007-9) Notes on such date or (ii) if an Early Redemption Event with respect to the Class A(2007-9) Notes shall have occurred, if an Event of Default and acceleration of the Class A(2007-9) Notes shall have occurred or if the Class A Usage of the Class B Required Subordinated Amount for such tranche of Class A Notes is greater than zero, the Adjusted Outstanding Dollar Principal Amount of the Class A(2007-9) Notes as of close of business on the day immediately preceding the occurrence of such Early Redemption Event, such Event of Default and acceleration or the
date on which the Class A Usage of Class B Required Subordinated Amount exceeded zero.

(b)          For the Class A(2007-9) Notes for any date of determination, the Class A Required Subordinated Amount of Class C Notes will be an amount equal to 7.55814% of (i) the Adjusted Outstanding Dollar Principal Amount of the Class A(2007-9) Notes on such date or (ii) if an Early Redemption Event with respect to the Class A(2007-9) Notes shall have occurred, if an Event of Default and acceleration of the Class A(2007-9) Notes shall have occurred or if the Class A Usage of the Class C Required Subordinated Amount for such tranche of Class A Notes is greater than zero, the Adjusted Outstanding Dollar Principal Amount of the Class A(2007-9) Notes as of close of business on the day immediately preceding the occurrence of such Early Redemption Event, such Event of Default and acceleration or the
date on which the Class A Usage of Class C Required Subordinated Amount exceeded zero.

 (c)         The Issuer may change the percentages set forth in clause (a) or (b) above without the consent of any Noteholder so long as the Issuer has (i) received written confirmation from each Note Rating Agency that has rated any Outstanding Notes of the BAseries that the change in either of such percentages will not result in a Ratings Effect with respect to any Outstanding Notes of the BAseries and (ii) delivered to the Indenture Trustee and the Note Rating Agencies a Master Trust Tax Opinion and an Issuer Tax Opinion. 

Section 2.03.     Interest Payment.

(a)          For each Interest Payment Date, the amount of interest due with respect to the Class A(2007-9) Notes shall be an amount equal to the product of (i)(A) a fraction, the numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, times (B) the Note Interest Rate in effect with respect to the related Interest Period, times (ii) the Outstanding Dollar Principal Amount of the Class A(2007-9) Notes determined as of the Record Date preceding the related Transfer Date.  Interest on the 

 

	
             
 	
            7
 

 

Class A(2007-9) Notes will be calculated on the basis of the actual number of days in the related Interest Period and a 360-day year.

(b)          Pursuant to Section 3.03 of the Indenture Supplement, on each Transfer Date, the Indenture Trustee shall deposit into the Class A(2007-9) Interest Funding sub-Account the portion of BAseries Available Funds allocable to the Class A(2007-9) Notes. 

Section 2.04.     Calculation Agent; Determination of LIBOR.

(a)          The Issuer hereby agrees that for so long as any Class A(2007-9) Notes are Outstanding, there shall at all times be an agent appointed to calculate LIBOR for each Interest Period (the “Calculation Agent”).  The Issuer hereby initially appoints the Indenture Trustee as the Calculation Agent for purposes of determining LIBOR for each Interest Period.  The Calculation Agent may be removed by the Issuer at any time.  If the Calculation Agent is unable or unwilling to act as such or is removed by the Issuer, or if the Calculation Agent fails to determine LIBOR for an Interest Period, the Issuer shall promptly appoint a replacement Calculation Agent that does not control or is not controlled by or under common control with the Issuer or its
Affiliates.  The Calculation Agent may not resign its duties, and the Issuer may not remove the Calculation Agent, without a successor having been duly appointed.

(b)          On each LIBOR Determination Date, the Calculation Agent shall determine LIBOR on the basis of the rate for deposits in United States dollars for a one-month period which appears on Reuters Screen LIBOR01 Page as of 11:00 a.m., London time, on such date (or, for the first Interest Period, the rate that corresponds to the actual number of days in the first Interest Period).  If such rate does not appear on Reuters Screen LIBOR01 Page, the rate for that LIBOR Determination Date shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a one-month period.  The Calculation Agent shall request the principal London office of each
of the Reference Banks to provide a quotation of its rate.  If at least two such quotations are provided, the rate for that LIBOR Determination Date shall be the arithmetic mean of the quotations.  If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by four major banks in New York City, selected by the Beneficiary, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a one-month period.

(c)          The Note Interest Rate applicable to the then current and the immediately preceding Interest Periods may be obtained by telephoning the Indenture Trustee at its corporate trust office at (212) 815-3247 or such other telephone number as shall be designated by the Indenture Trustee for such purpose by prior written notice by the Indenture Trustee to each Noteholder from time to time.

(d)          On each LIBOR Determination Date, the Calculation Agent shall send to the Indenture Trustee, the Beneficiary and the Servicer, by facsimile transmission, notification of LIBOR for the following Interest Period.

 

	
             
 	
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Section 2.05.     Payments of Interest and Principal.

(a)          Any installment of interest or principal, if any, payable on any Class A(2007-9) Note which is punctually paid or duly provided for by the Issuer and the Indenture Trustee on the applicable Interest Payment Date or Principal Payment Date shall be paid by the Paying Agent to the Person in whose name such Class A(2007-9) Note (or one or more Predecessor Notes) is registered on the Record Date, by wire transfer of immediately available funds to such Person’s account as has been designated by written instructions received by the Paying Agent from such Person not later than the close of business on the third Business Day preceding the date of payment or, if no such account has been so designated, by check mailed first-class, postage prepaid to such Person’s address as it appears on the Note Register on such Record Date, except th

at with respect to Notes registered on the Record Date in the name of the nominee of Cede & Co., payment shall be made by wire transfer
in immediately available funds to the account designated by such nominee.

(b)          The right of the Class A(2007-9) Noteholders to receive payments from the Issuer will terminate on the first Business Day following the Class A(2007-9) Termination Date.

Section 2.06.     Form of Delivery of Class A(2007-9) Notes; Depository; Denominations.

(a)          The Class A(2007-9) Notes shall be delivered in the form of a global Registered Note as provided in Sections 202 and 301(i) of the Indenture, respectively.

(b)          The Depository for the Class A(2007-9) Notes shall be The Depository Trust Company, and the Class A(2007-9) Notes shall initially be registered in the name of Cede & Co., its nominee.

(c)          The Class A(2007-9) Notes will be issued in minimum denominations of $5,000 and multiples of $1,000 in excess of that amount.

Section 2.07.     Delivery and Payment for the Class A(2007-9) Notes.  The Issuer shall execute and deliver the Class A(2007-9) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class A(2007-9) Notes when authenticated, each in accordance with Section 303 of the Indenture.

Section 2.08.     Targeted Deposits to the Accumulation Reserve Account.  The deposit targeted to be made to the Accumulation Reserve Account for any Monthly Period during the Accumulation Reserve Funding Period will be an amount equal to the Required Accumulation Reserve sub-Account Amount.

[END OF ARTICLE II]

 

	
             
 	
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ARTICLE III

 

Representations and Warranties

Section 3.01.     Issuer’s Representations and Warranties.  The Issuer makes the following representations and warranties as to the Collateral Certificate on which the Indenture Trustee is deemed to have relied in acquiring the Collateral Certificate.  Such representations and warranties speak as of the execution and delivery of this Terms Document, but shall survive until the termination of this Terms Document.  Such representations and warranties shall not be waived by any of the parties to this Terms Document unless the Issuer has obtained written confirmation from each Note Rating Agency that there will be no Ratings Effect with respect to such waiver.

(a)          The Indenture creates a valid and continuing security interest (as defined in the Delaware UCC) in the Collateral Certificate in favor of the Indenture Trustee, which security interest is prior to all other liens, and is enforceable as such as against creditors of and purchasers from the Issuer.

(b)          The Collateral Certificate constitutes either an “account,” a “general intangible,” an “instrument,” or a “certificated security,” each within the meaning of the Delaware UCC.

(c)          At the time of the transfer and assignment of the Collateral Certificate to the Indenture Trustee pursuant to the Indenture, the Issuer owned and had good and marketable title to the Collateral Certificate free and clear of any lien, claim or encumbrance of any Person.

(d)          The Issuer has caused, within ten days of the execution of the Indenture, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the Collateral Certificate granted to the Indenture Trustee pursuant to the Indenture. 

(e)          Other than the security interest granted to the Indenture Trustee pursuant to the Indenture, the Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed the Collateral Certificate.  The Issuer has not authorized the filing of and is not aware of any financing statements against the Issuer that include a description of collateral covering the Collateral Certificate other than any financing statement relating to the security interest granted to the Indenture Trustee pursuant to the Indenture or any financing statement that has been terminated.  The Issuer is not aware of any judgment or tax lien filings against the Issuer.

(f)           All original executed copies of the Collateral Certificate have been delivered to the Indenture Trustee.

(g)          At the time of the transfer and assignment of the Collateral Certificate to the Indenture Trustee pursuant to the Indenture, the Collateral Certificate had no marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than the Indenture Trustee.

 

	
             
 	
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[END OF ARTICLE III]

	
             
 	
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IN WITNESS WHEREOF, the parties hereto have caused this Terms Document to be duly executed, all as of the day and year first above written.

 

 

	
             
 	
            BA CREDIT CARD TRUST,
 
	
             
 	
            by BA CREDIT CARD FUNDING, LLC,
 
	
             
 	
            as Beneficiary and not in its individual capacity
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            /s/ Penelope S. Johnson
 
	
             
 	
            By: ________________________________________
 
	
             
 	
             
 	
            Name:  Penelope S. Johnson
 
	
             
 	
             
 	
            Title:    Vice President
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            THE BANK OF NEW YORK, as Indenture Trustee
 
	
             
 	
            and not in its individual capacity
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            /s/ Catherine Cerilles
 
	
             
 	
            By: ________________________________________
 
	
             
 	
             
 	
            Name:  Catherine Cerilles
 
	
             
 	
             
 	
            Title:    Vice President
 

 

 

 

 

 

 

 

 

 

 

 

[Signature Page to the Class A(2007-9) Terms Document]Exhibit 10.1

VOTING AGREEMENT

This Voting Agreement (“Agreement”) is made and entered into as of July 18, 2007,
by and among Ristretto Group S.a r.l., a Luxembourg  company (the “Parent”), and the undersigned stockholders (each, a “Stockholder” and collectively, the “Stockholders”) in Williams Scotsman
International, Inc., a Delaware corporation (the “Company”).  Certain capitalized terms used in this
Agreement are defined in Section 6 hereof and certain other capitalized terms
used in this Agreement that are not defined herein shall have the meaning given
to such terms in the Merger Agreement (as defined below).

RECITALS

WHEREAS, the
Stockholders are the holders of record and/or the “beneficial owner” (within
the meaning of Rule 13d-3 under the Securities Exchange Act of 1934, as
amended) of Company Common Stock;

WHEREAS,
concurrently with the execution and delivery of this Agreement, the Company, Ristretto
Holdings SCA, a Luxembourg company, Parent and Ristretto Acquisition Corp., a
Delaware corporation and a wholly owned subsidiary of Parent (the “Merger Sub”), are entering into an
Agreement and Plan of Merger, dated as of the date hereof (the “Merger Agreement”), which
provides, upon the terms and subject to the conditions set forth therein, for
the merger of Merger Sub with and into the Company (the “Merger”); and

WHEREAS, as a
condition and inducement to Parent’s willingness to enter into the Merger
Agreement, the Stockholders have agreed to execute and deliver this Agreement.

AGREEMENT

NOW, THEREFORE, the
parties to this Agreement, intending to be legally bound, agree as follows:

1.             Agreement
to Vote Subject Securities. 
Prior to the Termination Date, at every meeting of the stockholders of
the Company called with respect to any of the following, and at every
adjournment or postponement thereof, and on every action or approval by written
consent of the stockholders of the Company with respect to any of the
following, each Stockholder shall vote or cause to be voted the Subject
Securities: (a) in favor of (i) adoption of the Merger Agreement and (ii)
any other matter contemplated under the Merger Agreement or that could
reasonably be expected to facilitate the Merger that is put to a vote of the
stockholders of the Company and (b) against any proposal for any Company
Acquisition Proposal (as defined in the Merger Agreement) other than the
Merger, between the Company and any person or entity (other than Parent and
Merger Sub) and (c) against any other action or agreement that would result in
a breach of any covenant, representation or warranty or any other obligation or
agreement of the Company under the Merger Agreement or which would result in
any of the conditions to the consummation of the Merger under the Merger
Agreement not being fulfilled or which would reasonably be expected to prevent,
impede, frustrate, interfere with, delay, postpone or adversely affect the
Merger and the other transactions contemplated by the Merger Agreement.

2.             Irrevocable
Proxy.  Concurrently
with the execution of this Agreement, the Stockholders agrees to deliver to
Parent a proxy in the form attached hereto as Exhibit
A (the “Proxy”),
which shall be irrevocable, prior to the Termination Date and to the fullest
extent permitted by law and except as otherwise set forth therein, with respect
to the Subject Securities referred to therein.

3.             Agreement to Retain Subject Securities.

(a)           Restriction on Transfer. 
During the period from the date of this Agreement until the earlier to
occur of (i) the obtaining of the Requisite Stockholder Vote (as defined in the
Merger Agreement) and (ii) the Termination Date, each Stockholder shall not,
directly or indirectly, except as contemplated by this clause (a), cause or
permit any Transfer of any of the Subject Securities to be effected other than
pursuant to the Merger.  Notwithstanding
the foregoing, each Stockholder may cause or permit any Transfer of any of the
Subject Securities to any of its Affiliates (as defined in the Merger
Agreement), provided that the effectiveness of any such Transfer shall be
conditioned on the transferee agreeing in writing to be bound by the provisions
of this Agreement in a form reasonably satisfactory to Parent.

(b)           Restriction on Transfer of Voting Rights.  During the period from the
date of this Agreement through the Termination Date, each Stockholder shall
ensure that, without Parent’s prior written consent: (a) none of the Subject
Securities is deposited into a voting trust; and (b) no proxy (other than the
Proxy granted herein) is granted, and no voting agreement or similar agreement
is entered into, with respect to any of the Subject Securities.

4.             Representations,
Warranties and Covenants of the Stockholders.  Each Stockholder hereby represents and
warrants to Parent as follows:

(a)           Due Authorization, Etc.  All consents,
approvals, authorizations and orders necessary for the execution and delivery
by such Stockholder of this Agreement and the Proxy have been obtained, and
such Stockholder has all legal capacity, full right, power and authority to
enter into this Agreement and the Proxy, and perform such Stockholder’s
obligations hereunder.  This Agreement
and the Proxy have been duly executed and delivered by such Stockholder and
constitute valid and binding agreements of such Stockholder enforceable in accordance
with their terms, except as the same may be limited by bankruptcy, insolvency,
reorganization, moratorium or similar laws now or hereafter in effect relating
to creditors’ rights generally and subject to general principles of equity.

(b)           No Conflict.  The
execution and delivery of this Agreement and the Proxy by such Stockholder does
not, and the performance of and under this Agreement and the Proxy by such
Stockholder will not (i) conflict with or violate any Law applicable to the
Subject Securities held by such Stockholder or (ii) result in, give rise to or
constitute a violation or breach of or a default (or any event which with
notice or lapse of time or both would become a violation, breach or default)
under any of the terms of any understanding, agreement or other instrument or
obligation to which such Stockholder is a party or by which such Stockholder or
any of the Subject Securities may be bound.

 2
 

(c)           Title to Securities. 
As of the date of this Agreement: (a) such Stockholder holds of record
(free and clear of any encumbrances or restrictions) the number of outstanding
shares of Company Common Stock set forth under the headings “Shares of Company
Common Stock Held of Record” on the signature page hereof; (b) such Stockholder
Owns the additional securities of the Company set forth under the heading “Additional
Securities Beneficially Owned” on the signature page hereof; and (c) such
Stockholder and its Affiliates (other than any other stockholder of the Company
entering into a separate voting agreement with Parent substantially similar to
this Agreement as of the date hereof) do not directly or indirectly Own any
shares of capital stock or other securities of the Company, or any option,
warrant or other right to acquire (by purchase, conversion or otherwise) any
shares of capital stock or other securities of the Company, other than the
shares and options, warrants and other rights set forth on the signature page
hereof.

(d)           Reliance by Parent.  Such Stockholder understands and acknowledges
that Parent is entering into the Merger Agreement in reliance upon the
execution and delivery of this Agreement by such Stockholder, the performance
by such Stockholder of its obligations hereunder and the compliance by such
Stockholder with the terms hereof.

5.             Additional Covenants of the Stockholders.

(a)           Further Assurances.  From time to time and without additional
consideration, each Stockholder shall execute and deliver, or cause to be
executed and delivered, such additional instruments, and shall take such
further actions, as Parent may reasonably request for the purpose of carrying
out and furthering the intent of this Agreement.

(b)           Appraisal Rights.  Each Stockholder hereby waives any rights of
appraisal or rights to dissent from the Merger or the adoption of the Merger
Agreement that it may have under applicable law and shall not permit any such
rights of appraisal or rights of dissent to be exercised with respect to the
Subject Securities.

(c)           No Solicitation.  No Stockholder shall take any action that the
Company is prohibited from taking under Section 6.5 of the Merger
Agreement.  Notwithstanding the foregoing
and the provisions of Section 6.5 of the Merger Agreement, each Stockholder
shall be expressly entitled to take any action that the Company or the Board of
Directors of the Company is entitled to take under Section 6.5 the Merger
Agreement.

(d)           Board Duties.  Notwithstanding the foregoing, nothing in
this Agreement shall limit, restrict or otherwise affect any actions taken in
compliance with the Merger Agreement by any person affiliated with either
Stockholder solely in his or her capacity as a member of the Board of Directors
of the Company or any committee thereof.

6.             Certain
Definitions.  For
purposes of this Agreement,

(a)           “Company Common Stock” means the
common stock, $.01 par value per share, of the Company.

 3
 

(b)           A Stockholder is
deemed to “Own”
or to have acquired “Ownership”
of a security if such Stockholder is the “beneficial owner” of such security
within the meaning of Rule 13d-3 under the Securities Exchange Act of 1934, as
amended.

(c)           “Subject Securities”
means: (i) all securities of the Company (including all shares of Company
Common Stock and all options, warrants and other rights to acquire shares of
Company Common Stock) Owned by each Stockholder as of the date of this
Agreement; and (ii) all additional securities of the Company (including all
additional shares of Company Common Stock and all additional options, warrants
and other rights to acquire shares of Company Common Stock) of which each
Stockholder acquires Ownership during the period from the date of this
Agreement through the Termination Date. 
Notwithstsanding the foregoing, any shares of Company Common Stock Owned
by Affiliates (as defined in the Merger Agreement) of a Stockholder who are
also directors of the Company shall not be deemed Subject Securities unless
such shares of Company Common Stock were Subject Securities Transferred in
accordance with Section 3(a) to an Affiliate who is also a director of the
Company.

(d)           “Termination Date”
means the earlier to occur of the date (i) the Merger shall become effective in
accordance with the terms and provisions of the Merger Agreement, or (ii) the
Merger Agreement terminates in accordance with its terms.

(e)           A Person is deemed
to have effected a “Transfer”
of a security if such Person directly or indirectly: (i) sells, tenders,
assigns, pledges, encumbers, grants an option with respect to, transfers or
disposes of such security or any interest in such security to any Person other
than Parent; (ii) enters into an agreement or commitment contemplating the
possible sale of, tender of, assignment of, pledge of, encumbrance of, grant of
an option with respect to, transfer of or disposition of such security or any
interest therein to any Person other than Parent; or (iii) reduces such Person’s
beneficial ownership of, interest in or risk relating to such security.

7.             Miscellaneous.

(a)           Assignment; Binding Effect. 
Except as provided herein, neither this Agreement nor any of the rights,
interests or obligations hereunder may be assigned or delegated by a
Stockholder, and any attempted or purported assignment or delegation of any of
such interests or obligations shall be void. 
Subject to the preceding sentence, this Agreement shall be binding upon
each Stockholder and its successors and assigns, and shall inure to the benefit
of Parent and its successors and assigns. 
Nothing in this Agreement is intended to confer on any Person (other
than Parent and its successors and assigns) any rights or remedies of any
nature.

(b)           Fees and Expenses.  Except as otherwise provided herein, all
costs and expenses incurred in connection with this Agreement and the
transactions contemplated hereby shall be paid by the party incurring the cost
or expense whether or not the Merger is consummated.

(c)           Specific Performance.  The parties hereto agree that irreparable
damage would occur in the event that any of the provisions of this Agreement or
the Proxy were not performed in accordance with its specific terms or were
otherwise breached and in the event of any breach or threatened breach by a
Stockholder of any covenant or obligation contained in this Agreement or in the
Proxy, Parent shall be entitled (in addition to any other remedy that may be
available to 

 4
 

it, including monetary damages) to seek (a) a decree or order of
specific performance to enforce the observance and performance of such covenant
or obligation, and (b) an injunction restraining such breach or threatened
breach.

(d)           Waiver. 
No failure on the part of Parent to exercise any power, right, privilege
or remedy under this Agreement, and no delay on the part of Parent in
exercising any power, right, privilege or remedy under this Agreement, shall
operate as a waiver of such power, right, privilege or remedy; and no single or
partial exercise of any such power, right, privilege or remedy shall preclude
any other or further exercise thereof or of any other power, right, privilege
or remedy.  Parent shall not be deemed to
have waived any claim available to Parent arising out of this Agreement, or any
power, right, privilege or remedy of Parent under this Agreement, unless the
waiver of such claim, power, right, privilege or remedy is expressly set forth
in a written instrument duly executed and delivered on behalf of Parent; and
any such waiver shall not be applicable or have any effect except in the
specific instance in which it is given.

(e)           Amendment of Merger Agreement.   The obligations of the Stockholders under
this Agreement shall terminate if the Merger Agreement is amended or otherwise
modified after the date hereof without the prior written consent of both
Stockholders in a manner that, directly or indirectly (a) reduces or
changes the form of Merger Consideration (as defined in the Merger Agreement) or
(b) extends the Outside Date (as defined in the Merger Agreement) beyond
March 31, 2008.

(f)            Notices. 
Any notice required or permitted by this Agreement shall be in writing and shall be deemed
duly delivered (i) four Business Days after being sent by registered or
certified mail, return receipt requested, postage prepaid, (ii) one Business
Day after being sent for next Business Day delivery, fees prepaid, via a reputable
nationwide overnight courier service or (iii) on the date of confirmation of
receipt (or the first Business Day following such receipt if the date of such
receipt is not a Business Day) of transmission by facsimile, in each case to the
party to be notified at such party’s address or facsimile number as set forth
below, or as subsequently modified by written notice:

if to Parent:

Ristretto Group
S.a.r.l.

20, rue de la Poste

L-2346 Luxembourg

Attention:  Chief Financial Officer

Facsimile No:  +352 47 2473

with a copy (which copy shall not constitute notice) to:

Paul, Hastings, Janofsky & Walker LLP

75 East 55th Street

New York, NY 10022-3205

Attention:  William F. Schwitter

Facsimile No:  (212) 230-7834

Attention:  Luke P. Iovine, III

Facsimile No:  (212) 230-7649

 5
 

if to the Stockholders:

c/o
The Cypress Group LLC

65 East 55th Street
(28th Floor)

New York, New York  10022
 Attention:  James Stern
 Facsimile No:  (212) 705-0199

with
a copy (which copy shall not constitute notice) to:

Simpson
Thacher & Bartlett LLP
 425 Lexington Avenue

New York, New York  10017-3954

Attention:  William E. Curbow

Facsimile No:  (212) 455-2502

with an additional copy (which copy shall not constitute notice) to:

Paul, Weiss, Rifkind,
Wharton & Garrison LLP

1285 Avenue of the Americas

New York, New York 10019-6064 

Attention:  Mark A. Underberg

Facsimile No:  (212) 492-0368

(g)           Governing Law; Jurisdiction.  This Agreement shall be governed by and
construed in accordance with the laws of the State of Delaware (without regard
to conflict of laws principles).  Each
party to this Agreement hereby irrevocably agrees that any legal action, suit
or proceeding arising out of or relating to this Agreement shall be brought in
federal or state courts of the State of Delaware and each party hereto agrees
not to assert, by way of motion, as a defense or otherwise, in any such action,
suit or proceeding, any claim that it is not subject personally to the
jurisdiction of such court, that the action, suit or proceeding is brought in
an inconvenient forum, that the venue of the action, suit or proceeding is
improper or that this Agreement, or the subject matter hereof or thereof may
not be enforced in or by such court. 
Each party hereto further and irrevocably submits to the jurisdiction of
such court in any action, suit or proceeding.

(h)           Counterparts. 
This Agreement may be executed and delivered (including by facsimile) in
separate counterparts, each of which shall be deemed an original and all of
which together shall constitute one and the same agreement.

(i)            Entire Agreement.  This Agreement and the Proxy constitute the
entire agreement between the parties with respect to the subject matter hereof
and supersede all prior agreements and understandings between the parties with
respect thereto.  No addition to or
modification of any provision of this Agreement shall be binding upon either
party unless made in writing and signed by both parties.

[SIGNATURE PAGES
FOLLOW]

 

 6

 

IN WITNESS WHEREOF, the parties have caused
this Agreement to be duly executed on the date first above written.

 

	
  

  	
   

  	
  RISTRETTO GROUP S.A.R.L.

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  BY:

  	
   

  	
  /s/ Manjit Dale

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
   

  	
  Manjit Dale

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
   

  	
  Authorized Signatory

  

 

 

[SIGNATURES
CONTINUED ON FOLLOWING PAGES]

 

	
  

  	
   

  	
  CYPRESS MERCHANT BANKING

  PARTNERS L.P.

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  CYPRESS ASSOCIATES L.P.

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  THE CYPRESS GROUP L.L.C.

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  BY:

  	
   

  	
  /s/ James Stern

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
   

  	
  James Stern

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
   

  	
  Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  CYPRESS OFFSHORE
  PARTNERS L.P.

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  CYPRESS ASSOCIATES L.P.

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  THE CYPRESS GROUP L.L.C.

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  BY:

  	
   

  	
  /s/ James Stern

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
   

  	
  James Stern

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
   

  	
  Member

  

 

 

 

 

	
  Stockholder

  	
   

  	
  Shares of Company

  Common Stock

  Held of Record

  	
   

  	
  Additional Securities

  Beneficially Owned

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Cypress Merchant
  Banking Partners L.P.

  	
   

  	
  5,677,433

  	
   

  	
  0

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Cypress Offshore Partners L.P.

  	
   

  	
  294,059

  	
   

  	
  0

  	
   

  

 

EXHIBIT A

IRREVOCABLE PROXY

The undersigned stockholders (each, a “Stockholder” and collectively, the “Stockholders”) of Williams Scotsman International, Inc.,
a Delaware corporation (the “Company”),
hereby irrevocably (prior to the Termination Date and to the fullest extent
permitted by law and except as otherwise set forth herein) appoints Mr.
Jonathan Rosen and Ristretto Group S.a r.l., a Luxembourg company (the “Parent”), and each of them, as the
sole and exclusive attorneys and proxies of the undersigned, with full power of
substitution and resubstitution, to vote and exercise all voting and related
rights expressly provided herein (to the full extent that the undersigned is
entitled to do so) and subject to all the limitations and restrictions provided
herein with respect to the Subject Securities. 
For purposes of this Irrevocable Proxy (the “Proxy”),
(a) “Subject Securities”
means: (i) all securities of the Company (including all shares of common stock
of the Company (“Company Common Stock”) and
all options, warrants and other rights to acquire shares of Company Common
Stock) Owned by each Stockholder as of the date of this Proxy; and (ii) all
additional securities of the Company (including all additional shares of
Company Common Stock and all additional options, warrants and other rights to
acquire shares of Company Common Stock) of which each Stockholder acquires
Ownership during the period from the date of this Proxy through the Termination
Date; notwithstsanding the foregoing, any shares of Company Common Stock Owned
by Affiliates (as defined in the Merger Agreement) of a Stockholder who are
also directors of the Company shall not be deemed Subject Securities unless
such shares of Company Common Stock were Subject Securities transferred in
accordance with Section 3(a) of the Voting Agreement (as defined below) to an
Affiliate who is also a director of the Company; and (b) a Stockholder is
deemed to “Own” or to
have acquired “Ownership” of
a security if such Stockholder is the “beneficial owner” of such security
within the meaning of Rule 13d-3 under the Securities Exchange Act of 1934, as
amended. Upon the undersigned’s execution of this Proxy, any and all prior
proxies given by the undersigned with respect to any Subject Securities are
hereby revoked and the undersigned agrees not to grant any subsequent proxies
with respect to the Subject Securities at any time prior to the Termination
Date (as defined below).

This Proxy is irrevocable (prior to the Termination
Date and to the fullest extent permitted by law and except as otherwise set
forth herein), is coupled with an interest and is granted pursuant to that
certain Voting Agreement of even date herewith, by and between Parent and the
undersigned Stockholders (the “Voting Agreement”),
and is granted in consideration of Parent entering into that certain Agreement
of Merger (the “Merger
Agreement”), of even date herewith, by and among the Company,
Parent and Ristretto Acquisition Corp., a Delaware corporation and a wholly
owned subsidiary of Parent (“Merger Sub”).  The Merger Agreement provides for the merger
of Merger Sub with and into the Company (the “Merger”).  As used
herein, the term “Termination
Date” shall mean the earlier to occur of the date (i) the Merger
shall become effective in accordance with the terms and provisions of the
Merger Agreement or (ii) the Merger Agreement terminates in accordance with its
terms.

The attorneys and proxies named above, and each of
them, are hereby authorized and empowered by the undersigned, at any time prior
to the Termination Date, at every meeting of the stockholders of the Company
called with respect to any of the following, and at every 

adjournment or postponement thereof, and on every
action or approval by written consent of the stockholders of the Company with
respect to any of the following, to act as the undersigned’s attorney and proxy
to vote or cause to be voted the Subject Securities: (a) in favor of (i)
adoption of the Merger Agreement and (ii) any other matter contemplated under
the Merger Agreement or that could reasonably be expected to facilitate the
Merger that is put to a vote of the stockholders of the Company and
(b) against any proposal for any Company Acquisition Proposal (as defined
in the Merger Agreement) other than the Merger, between the Company and any
person or entity (other than Parent and Merger Sub) and (c) against any other
action or agreement that would result in a breach of any covenant,
representation or warranty or any other obligation or agreement of the Company
under the Merger Agreement or which would result in any of the conditions to
the consummation of the Merger under the Merger Agreement not being fulfilled
or which would reasonably be expected to prevent, impede, frustrate, interfere
with, delay, postpone or adversely affect the Merger and the other transactions
contemplated by the Merger Agreement.

This Proxy shall be binding upon the successors and
assigns of each Stockholder (including any transferee of any of the Subject
Securities).  This Proxy shall terminate
and be of no further force and effect upon the earlier to occur of (i) the
Termination Date and (ii) if the Merger Agreement is amended or otherwise
modified after the date hereof without the prior written consent of both
Stockholders in a manner that, directly or indirectly (a) reduces or changes
the form of Merger Consideration (as defined in the Merger Agreement) or (b)
extends the Outside Date (as defined in the Merger Agreement) beyond
March 31, 2008.

Dated:  ___________,
2007

 

	
  CYPRESS MERCHANT BANKING
  PARTNERS L.P.

  	
   

  	
  CYPRESS OFFSHORE
  PARTNERS L.P.

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CYPRESS ASSOCIATES L.P.

  	
   

  	
  CYPRESS ASSOCIATES L.P.

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
  THE CYPRESS GROUP L.L.C.

  	
   

  	
  By:

  	
   

  	
  THE CYPRESS GROUP L.L.C.

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  BY:

  	
   

  	
   

  	
   

  	
  BY:

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Number of shares of common stock of the Company
  owned of record as of the date of this proxy:

  	
   

  	
  Number of shares of common stock of the Company
  owned of record as of the date of this proxy:

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