Document:

Exhibit 4.1

 

CINTAS CORPORATION NO. 2

 

OFFICERS’ CERTIFICATE

 

Pursuant to Sections 3.1 and 3.3 of the Indenture, dated as of May 28, 2002 (the “Base Indenture”), by and among Cintas Corporation No. 2, a Nevada corporation (the “Company”), Cintas Corporation, a Washington corporation (the “Parent Guarantor”), Cintas Corporation No. 3, a Nevada corporation (“Cintas 3”), Cintas Corp. No. 8, Inc., a Nevada corporation (“Cintas 8”), Cintas Corp. No. 15, Inc., a Nevada corporation (“Cintas 15”), Cintas-RUS, L.P., a Texas limited partnership (“Cintas-RUS”), the additional subsidiary guarantors party thereto and U.S. Bank National Association (as successor trustee to Wachovia Bank, National Association), as trustee (the “Trustee”), as amended and supplemented by a first supplemental indenture, dated as of November 8, 2010 (the “First Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), by and among the Company, Cintas Corporate Services, Inc., an Ohio corporation (“Cintas Services” and, collectively with the Parent Guarantor, Cintas 3, Cintas 8, Cintas 15 and Cintas-RUS, the “Guarantors”), and the Trustee, the undersigned Senior Vice President and Chief Financial Officer of the Company and the undersigned Vice President and Treasurer of the Company hereby certify as follows:

 

(1)         The issuance of a series of Securities designated as 3.25% Senior Notes due 2022, in an initial aggregate principal amount of $250,000,000 (the “Notes”), has been approved and authorized in accordance with the provisions of the Indenture pursuant to resolutions adopted by the Pricing Committee of the Board of Directors of the Company pursuant to an Action Taken in Writing by the Pricing Committee of the Board of Directors of the Company dated June 5, 2012 and by this Officers’ Certificate dated June 8, 2012 relating to the Notes.

 

(2)         All covenants and conditions precedent provided for in the Indenture relating to the establishment of series of Securities and the terms of such series have been complied with.

 

(3)         To the best of the knowledge of the undersigned, no event that is, or after notice or lapse of time would become, an Event of Default with respect to any of the Securities shall have occurred and be continuing.

 

(4)         The terms of the Notes shall be as follows:

 

	
(i)
    	
 
    	
The title of the Notes shall be “3.25%   Senior Notes due 2022.”
    
	
 
    	
 
    	
 
    
	
(ii)
    	
 
    	
The Notes are to be issued in   registered form. The Notes are to be issued initially in an aggregate   principal amount of $250,000,000; provided, however, that the aggregate principal   amount of the Notes which may be outstanding may be increased by the Company   upon the terms and subject to the conditions set forth in the Indenture and   the Notes. The Notes are to be issued initially in global form. Beneficial   owners of interests in the Notes may exchange such interests in accordance   with the Indenture and the terms of the Notes.
    
	
 
    	
 
    	
 
    
	
(iii)
    	
 
    	
The Notes will mature on June 1,   2022.
    
	
 
    	
 
    	
 
    
	
(iv)
    	
 
    	
The Notes will bear interest at a rate   of 3.25% per annum.
    

 

 

	
(v)
    	
 
    	
The date from which interest shall   accrue, the Interest Payment Dates on which interest shall be payable and the   Regular Record Date for the interest payable on any Interest Payment Date   will be as set forth in the Specimen Note annexed hereto as Exhibit A   (the “Specimen Note”).
    
	
 
    	
 
    	
 
    
	
(vi)
    	
 
    	
Principal and interest on the Notes   are payable at the corporate trust office of the Trustee in The City of New   York, except as otherwise provided in the Specimen Note.
    
	
 
    	
 
    	
 
    
	
(vii)
    	
 
    	
The Notes are issuable in minimum   denominations of $1,000 and integral multiples thereof.
    
	
 
    	
 
    	
 
    
	
(viii)
    	
 
    	
The Notes are subject to redemption at   the option of the Company, as set forth in the Specimen Note.
    
	
 
    	
 
    	
 
    
	
(ix)
    	
 
    	
The Notes will not be subject to any   sinking fund.
    
	
 
    	
 
    	
 
    
	
(x)
    	
 
    	
The provisions of the Indenture   relating to defeasance shall apply to the Notes.
    
	
 
    	
 
    	
 
    
	
(xi)
    	
 
    	
Clause (5) of Section 5.1 of   the Indenture shall not apply to the Notes, and the occurrence of the events   described in clause (5) of Section 5.1 of the Indenture shall not   be deemed an “Event of Default” with respect to the Notes.
    
	
 
    	
 
    	
 
    
	
(xii)
    	
 
    	
If a Change of Control Repurchase   Event (as defined in the Specimen Note) occurs, the Company shall make an   offer to purchase all of the Notes at a repurchase price in cash equal to   101% of the aggregate principal amount of Notes repurchased plus accrued and   unpaid interest, if any, on the Notes repurchased to the date of purchase, as   set forth in the Specimen Note.
    
	
 
    	
 
    	
 
    
	
(xiii)
    	
 
    	
The “Depository” with respect to the   Notes will initially be The Depository Trust Company (“DTC”).
    
	
 
    	
 
    	
 
    
	
(xiv)
    	
 
    	
Interest on the Notes will be computed   and paid on the basis of a 360-day year of twelve 30-day months.
    
	
 
    	
 
    	
 
    
	
(xv)
    	
 
    	
The due and punctual payment of   principal of, premium, if any, and interest on, the Notes shall be fully and   unconditionally guaranteed, subject to the terms of the Indenture, jointly   and severally, by the Parent Guarantor, Cintas 3, Cintas 8,   Cintas 15, Cintas—RUS and Cintas Services.
    

 

Capitalized terms used herein and not otherwise defined herein have the meanings specified in the Indenture or the Specimen Note.  The foregoing terms of the Notes are qualified by the complete text of the Specimen Note, which is attached hereto and incorporated herein by this reference.

 

Each of the undersigned, for himself, states that he has read and is familiar with the provisions of the Indenture, including Article 3 relating to the issuance of Securities thereunder and the definitions relating thereto and Article 1; that he is generally familiar with the affairs of the

 

 

Company and the Guarantors and their respective corporate acts and proceedings; and that, in his opinion, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not the covenants and conditions referred to above have been complied with, and, in his opinion, such provisions have been complied with.

 

Insofar as this certificate relates to legal matters, it is based, as provided for in Section 1.3 of the Indenture, upon the Opinion of Counsel delivered to the Trustee contemporaneously herewith pursuant to Section 3.3 of the Indenture and relating to the Notes.

 

[THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

 

 

IN WITNESS WHEREOF, we have hereunto signed our names by and on behalf of the Company.

 

Cincinnati, Ohio

Dated:  June 8, 2012

 

	
 
    	
CINTAS CORPORATION   NO. 2
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    	
William C. Gale
    
	
 
    	
 
    	
Title:
    	
Senior Vice   President and Chief Financial Officer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    	
Michael Hansen
    
	
 
    	
 
    	
Title:
    	
Vice President and   Treasurer
    

 

 

EXHIBIT A

 

SPECIMEN NOTE

 

 

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY (AS DEFINED IN THE INDENTURE) OR A NOMINEE THEREOF. THIS GLOBAL NOTE IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM, THIS GLOBAL NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY, OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY, OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY.

 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY (AS DEFINED BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN 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.

 

 

	
No. 1
   CUSIP No. 17252M AL4
    	
 
    	
Principal Amount   $250,000,000  as revised by the Schedule of Increases   and Decreases in Global Security attached hereto
    

 

Cintas Corporation No. 2 
 3.25% Senior Notes due 2022 
 Payment of Principal, Premium, if any, and Interest 
 Unconditionally Guaranteed, Jointly and Severally, 
 by Cintas Corporation and 
 Certain Subsidiaries of Cintas Corporation

 

Cintas Corporation No. 2, a corporation duly organized and existing under the laws of Nevada (hereinafter called the “Company”, which term includes any successor Person under the Indenture referred to below), for value received, hereby promises to pay to Cede & Co., c/o The Depository Trust Company, 55 Water Street, New York, New York 10041, or registered assigns, the principal sum of Two Hundred Fifty Million Dollars ($250,000,000), as revised by the Schedule of Increases and Decreases in Global Security attached hereto, on June 1, 2022, and to pay interest thereon from June 8, 2012 or from the most recent date to which interest has been paid or duly provided for, semiannually on June 1 and December 1 in each year (each, an “Interest Payment Date”), commencing on December 1, 2012, at the rate of 3.25% per annum, until the principal hereof and premium, if any, hereon is paid or duly made available for payment, and on any overdue principal or premium, if any, and (to the extent that payment of such interest is lawful) on any overdue installment of interest at the same rate per annum during the period in which such principal or premium, if any, or interest remains unpaid. The interest so payable and punctually paid or duly provided for on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the May 15 or November 15 (whether or not a Business Day (as defined below)), as the case may be, next preceding such Interest Payment Date. Except as otherwise provided in the Indenture, any such interest that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date shall forthwith cease to be payable to the Holder hereof on such Regular Record Date and may either be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Company, notice whereof shall be given to Holders of Notes of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in such Indenture. Payment of the principal of (and premium, if any) and interest on this Note will be made at the office or agency of the Company or, if applicable, the Guarantor maintained for that purpose in The Borough of Manhattan, The City of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that, at the option of the Company, payment of interest may be made by United States dollar check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register; provided, further, that payment to The Depository Trust Company or any

 

 

successor depository (“DTC”) may be made by wire transfer to the account designated by DTC or such successor depository in writing.

 

If any Interest Payment Date or Maturity Date falls on a day that is not a Business Day, the related payment of principal, premium, if any, and interest on the Notes will be made on the next succeeding Business Day with the same force and effect as if it were made on the date such payment was due and no interest shall accrue on the amount so payable for the period from and after such Interest Payment Date or Maturity Date, as the case may be, to the next succeeding Business Day. “Business Day” means any day other than a Saturday, Sunday or other day on which banking institutions are authorized or obligated by law, regulation or executive order to close.

 

Payments of interest hereon with respect to any Interest Payment Date will include interest accrued to but excluding such Interest Payment Date. Interest on this Note shall be calculated on the basis of a 360-day year consisting of twelve 30-day months.

 

This Note is one of a duly authorized series of Securities of the Company (herein called the “Notes”) issued or to be issued under an Indenture, dated as of May 28, 2002 (the “Base Indenture”), by and among the Company, Cintas Corporation (the “Parent Guarantor”), Cintas Corporation No. 3, a Nevada corporation (“Cintas 3”), Cintas Corp. No. 8, Inc., a Nevada corporation (“Cintas 8”), Cintas Corp. No. 15, Inc., a Nevada corporation (“Cintas 15”), Cintas-RUS, L.P., a Texas limited partnership (“Cintas-RUS”), the additional subsidiary guarantors party thereto and U.S. Bank National Association (as successor trustee to Wachovia Bank, National Association), as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture with respect to the Notes), as amended and supplemented by a first supplemental indenture, dated as of November 8, 2010 (herein called, collectively with the Base Indenture and all indentures supplemental thereto, the “Indenture”), by and among the Company, Cintas Corporate Services, Inc., an Ohio corporation (“Cintas Services” and, collectively with the Parent Guarantor, Cintas 3, Cintas 8, Cintas 15 and Cintas-RUS, the “Initial Subsidiary Guarantors” and, together with the Parent Guarantor and each other subsidiary of the Company that pursuant to the terms of the Indenture guarantees the Company’s obligations under such Indenture, in each case in such entity’s capacity as guarantor, the “Guarantors”) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Guarantors, the Trustee and the Holders of the Notes, and of the terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof, initially limited (subject to exceptions provided in the Indenture) to the aggregate principal amount specified in the Officers’ Certificate, dated as of June 8, 2012, establishing the terms of the Notes pursuant to the Indenture; provided that the Company may, without the consent of Holders, reopen this series of Securities and issue additional Notes, so as to increase the aggregate principal amount of the Notes Outstanding upon the terms and subject to the conditions set forth in the Indenture so long as any such additional Notes have the same tenor and terms (including, without limitation, rights to receive accrued and unpaid interest as the Notes then Outstanding). The Notes are issuable only in registered form without coupons in the denominations specified in the Officers’ Certificate, dated as of June 8, 2012, establishing the terms of the Notes, all as more fully provided in the Indenture and such Officers’ Certificate. As provided in the Indenture and in such Officers’ Certificate, and subject to certain limitations set

 

 

forth in the Indenture, such Officers’ Certificate and in this Note, the Notes of this series are exchangeable for a like aggregate principal amount of Notes of this series in different denominations, as requested by the Holders surrendering the same.

 

The Notes are unconditionally guaranteed as to the due and punctual payment of principal, premium, if any, and interest in respect thereof by the Guarantors as evidenced by their guarantees (the “Guarantees”) included in the Indenture and set forth hereon. The Guarantees are direct and unconditional obligations of such Guarantors and rank and will rank equally in priority of payment and in all other respects with all other unsecured and unsubordinated obligations of such Guarantors now or hereafter outstanding.

 

This Note is redeemable at the option of the Company, in whole or in part at any time, or from time to time prior to the date that is three months prior to its Maturity Date, at a Redemption Price equal to the greater of (i) 100% of the principal amount of this Note to be redeemed and (ii) the sum, as determined by the Independent Investment Banker (as defined below), of the present values of the remaining scheduled payments of principal and interest on this Note to be redeemed (exclusive of interest accrued to the date of redemption) discounted to the date of redemption on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below) plus 30 basis points, and in each case accrued but unpaid interest thereon to the Redemption Date.  If this Note is redeemed on or after the date that is three months prior to its Maturity Date, the Note will be redeemed at a Redemption Price equal to 100% of its principal amount plus accrued and unpaid interest to, but excluding, the Redemption Date.

 

“Treasury Rate” means, with respect to any Redemption Date for the Notes, (i) the yield, under the heading that represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication that is published weekly by the Board of Governors of the Federal Reserve System and that establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the Maturity Date of the Notes, yields for the two published maturities most closely corresponding to the Comparable Treasury Issuer will be determined and the Treasury Rate shall be interpolated or extrapolated from those yields on a straight line basis, rounding to the nearest month) or (ii) if the release referred to in clause (i) (or any successor release) is not published during the week preceding the calculation date or does not contain the yields referred to above, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for that Redemption Date. The Treasury Rate will be calculated on the third Business Day preceding the Redemption Date.

 

“Comparable Treasury Issue” means the United States Treasury security selected by the Independent Investment Banker as having a maturity comparable to the remaining term of the Notes that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes.

 

 

“Comparable Treasury Price” means, with respect to any Redemption Date, the average of the Reference Treasury Dealer Quotations obtained by the Trustee for such Redemption Date, after excluding the highest and lowest of four such Reference Treasury Dealer Quotations, or if the Trustee is unable to obtain at least four such Reference Treasury Dealer Quotations, the average of all Reference Treasury Dealer Quotations obtained by the Trustee.

 

“Independent Investment Banker” means KeyBanc Capital Markets Inc. (and its successors), or, if such firm is unwilling or unable to select the applicable Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Trustee and reasonably acceptable to the Company or, if applicable, the Guarantor.

 

“Reference Treasury Dealer” means J.P. Morgan Securities LLC and its successors, and three other primary U.S. government securities dealers in New York City selected by the Independent Investment Banker (each, a “Primary Treasury Dealer”); provided, however, that if any of the foregoing shall cease to be a Primary Treasury Dealer, the Company shall substitute therefor another Primary Treasury Dealer.

 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date for the Notes, an average, as determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue for the Notes (expressed in each case as a percentage of its principal amount) quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date.

 

Notice of any redemption will be mailed at least 30 days but not more than 60 days before the Redemption Date to the Holder hereof at its address as such address shall appear in the Security Register of the Company. Unless the Company defaults in payment of the Redemption Price and accrued interest on and after the Redemption Date, interest will cease to accrue on the principal amount of this Note called for redemption.

 

Except as provided above, this Note is not redeemable by the Company prior to maturity and is not subject to any sinking fund.

 

If a Change of Control Repurchase Event (defined below) occurs, unless the Company has otherwise exercised its right to redeem the Notes, it will make an offer (a “Change of Control Repurchase Event Offer”) to each Holder of Notes to repurchase all or any part (equal to $1,000 or an integral multiple of $1,000) of that Holder’s Notes at a repurchase price in cash equal to 101% of the aggregate principal amount of Notes repurchased plus accrued and unpaid interest, if any, on the Notes repurchased to the date of purchase, subject to the rights of Holders on the relevant record date to receive interest due on the relevant interest payment date (the “Change of Control Repurchase Event Payment”). Within 30 days following any Change of Control Repurchase Event, the Company will mail a notice to each Holder describing the transaction or transactions that constitute the Change of Control Repurchase Event and stating:

 

(1)                                 that the Change of Control Repurchase Event Offer is being made pursuant to the Change of Control Repurchase Event provisions of the Notes and that all Notes tendered will be accepted for payment;

 

 

(2)                                 the purchase price and the purchase date, which shall be no earlier than 30 days and no later than 60 days from the date such notice is mailed (the “Change of Control Repurchase Event Payment Date”);

 

(3)                                 that any Note not tendered will continue to accrue interest;

 

(4)                                 that, unless the Company defaults in the payment of the Change of Control Repurchase Event Payment, all Notes accepted for payment pursuant to the Change of Control Repurchase Event Offer will cease to accrue interest after the Change of Control Repurchase Event Payment Date;

 

(5)                                 that Holders electing to have any Notes purchased pursuant to a Change of Control Repurchase Event Offer will be required to surrender the Notes, with the form entitled “Option of Holder to Elect Purchase” attached to the Notes completed, or transfer by book-entry transfer, to the Paying Agent at the address specified in the notice prior to the close of business on the third Business Day preceding the Change of Control Repurchase Event Payment Date;

 

(6)                                 that Holders will be entitled to withdraw their election if the Paying Agent receives, not later than the close of business on the second Business Day preceding the Change of Control Repurchase Event Payment Date, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of Notes delivered for purchase, and a statement that such Holder is withdrawing his election to have the Notes purchased; and

 

(7)                                 that Holders whose Notes are being purchased only in part will be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered, which unpurchased portion must be equal to $1,000 in principal amount or an integral multiple thereof.

 

The Company will comply with the requirements of Rule 14e-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control Repurchase Event provisions of the Notes, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the Change of Control Repurchase Event provisions of the Notes by virtue of such conflict.

 

On the Change of Control Repurchase Event Payment Date, the Company will, to the extent lawful:

 

(1)                                 accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Repurchase Event Offer;

 

(2)                                 deposit with the Paying Agent an amount equal to the Change of Control Repurchase Event Payment in respect of all Notes or portions of Notes properly tendered; and

 

 

(3)                                 deliver or cause to be delivered to the trustee the Notes properly accepted, together with an Officers’ Certificate stating the aggregate principal amount of Notes being purchased by the Company.

 

Upon receiving the Change of Control Repurchase Event Payment, the Paying Agent will promptly mail to each Holder of Notes properly tendered the purchase price for such Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by book entry) to each Holder a new Note equal in the principal amount to any unpurchased portion of the Notes surrendered, if any; provided, that each new Note will be in a principal amount of $1,000 or an integral multiple of $1,000. The Company will announce the results of the Change of Control Repurchase Event Offer on or as soon as practicable after the Change of Control Repurchase Event Payment Date.

 

The Company will not be required to make a Change of Control Repurchase Event Offer upon a Change of Control Repurchase Event if a third party makes an offer in the manner, at the times and otherwise in compliance with the requirements for a Change of Control Repurchase Event Offer made by the Company, and such third party purchases all Notes properly tendered and not withdrawn under its offer.

 

“Below Investment Grade Rating Event” means the Notes are rated below an Investment Grade Rating by each of the Rating Agencies on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the 60-day period following public notice of the occurrence of the Change of Control (which 60-day period shall be extended so long as the rating of the Notes is under publicly announced consideration for possible downgrade by any of the Rating Agencies).

 

“Capital Stock” means, with respect to any Person, any and all shares, interests, participations or other equivalents (however designated) in the equity interests of such Person, including without limitation, (i) with respect to a corporation, common stock, preferred stock and any other capital stock, (ii) with respect to a partnership, partnership interests (whether general or limited), and (iii) with respect to a limited liability company, limited liability company interests.

 

“Change of Control” means the occurrence of any of the following:

 

(1)                           the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the Company’s and its subsidiaries’ properties or assets taken as a whole or all or substantially all of the Parent Guarantor’s and its subsidiaries properties or assets taken as a whole to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) other than to the Parent Guarantor, the Company or a Subsidiary Guarantor, as the case may be;

 

(2)                                 the adoption of a plan relating to the liquidation or dissolution of the Company or the Parent Guarantor;

 

(3)                                 the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” (as defined above), other than the Company or a Subsidiary Guarantor, as the case may be, becomes the

 

 

beneficial owner, directly or indirectly, of 50% or more of the total voting power of the Voting Stock of the Company or the Parent Guarantor (for purposes of this clause (3), a Person shall be deemed to beneficially own the Voting Stock of a corporation that is beneficially owned (as defined above) by another corporation (a “parent corporation”) if such Person beneficially owns (as defined above) at least 50% of the aggregate voting power of all classes of Voting Stock of such parent corporation); or

 

(4)                                 the first day on which a majority of the members of the board of directors of the Parent Guarantor are not Continuing Directors;

 

provided, that in connection with (a) the direct or indirect sale, transfer, conveyance or other disposition described in clause (1) above to the Parent Guarantor, the Company or a Subsidiary Guarantor or (b) the consummation of any transaction described in clause (3) above with the Company or a Subsidiary Guarantor, all references in clauses (1) and (3) above to the “Company” and the “Parent Guarantor,” as applicable, shall henceforth be deemed to refer to the entity that acquires such properties or assets or the surviving entity of such merger or consolidation, as applicable.

 

“Change of Control Repurchase Event” means the occurrence of both a Change of Control and a Below Investment Grade Rating Event.

 

“Continuing Director” means, as of any date of determination, any member of the Parent Guarantor’s Board of Directors who:

 

(1)                                 was a member of the Parent Guarantor’s Board of Directors on the first date that any of the Notes were issued; or

 

(2)                                 was nominated for election or elected to the Parent Guarantor’s Board of Directors with the approval of a majority of the directors in office at the time of such nomination or election (a) who were either members of the Parent Guarantor’s Board of Directors on the first date that any of the Notes were issued or (b) whose nomination or election was so previously approved.

 

“Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P.

 

“Moody’s” means Moody’s Investors Service, Inc.

 

“Person” means any individual, corporation, partnership, association, joint venture, trust or any other entity or organization, including a government or political subdivision or an agency or instrumentality thereof.

 

“Rating Agency” means each of S&P and Moody’s, or if S&P or Moody’s or both shall not make a rating on the Notes publicly available, a nationally recognized statistical rating agency or agencies, as the case may be, selected by the Company (as certified by Board Resolutions) which shall be substituted for S&P or Moody’s, or both, as the case may be.

 

 

“S&P” means Standard & Poor’s Financial Services, LLC, a subsidiary of The McGraw Hill Companies, Inc., and its successors.

 

“Voting Stock” means, with respect to any Person, the Capital Stock of such Person that is at the time entitled to vote generally in the election of the board of directors (or the equivalent) of such Person.

 

If an Event of Default (as defined below) with respect to the Notes shall occur and be continuing, the principal amount of all the Notes may be declared due and payable in the manner and with the effect provided in the Indenture.  As used herein, the capitalized term “Event of Default” shall have the meanings assigned to it in the Indenture, except that Clause (s) of Section 5.1 of the Indenture shall not apply.

 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and, if applicable, the Guarantors and the rights of the Holders of the Securities of each series issued under the Indenture at any time by the Company and, if applicable, the Guarantors, and the Trustee with the consent of the Holders of not less than a majority in aggregate principal amount of the Securities at the time Outstanding of each series affected thereby. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Securities of any series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company and, if applicable, the Guarantors with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Notes issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof; whether or not notation of such consent or waiver is made upon this Note.

 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligations of the Company and the Guarantors, which are absolute and unconditional, to pay the principal of, premium, if any, and interest on this Note, at the times, place and rate, and in the coin or currency, herein and in the Indenture prescribed.

 

As provided in the Indenture and subject to certain limitations set forth therein and in this Note, the transfer of this Note is registerable on the Security Register of the Company, upon surrender of this Note for registration of transfer at the office or agency of the Company or the Guarantors in any place where the principal of (and premium, if any) and interest on this Note are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Notes of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees.

 

No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith, other than in certain cases provided in the Indenture.

 

 

Prior to due presentment of this Note for registration of transfer, the Company, the Guarantors, the Trustee and any agent of the Company, the Guarantors or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note is overdue, and none of the Company, the Guarantors, the Trustee or any such agent shall be affected by notice to the contrary.

 

The Indenture contains provisions whereby (i) the Company or the Guarantors may be discharged from their obligations with respect to the Notes (subject to certain exceptions) or (ii) the Company or the Guarantors may be released from their obligations under specified covenants and agreements in the Indenture, in each case if the Company or any Guarantor irrevocably deposits with the Trustee money or U.S. Government Obligations sufficient to pay and discharge the entire indebtedness on all Notes of this series, and satisfies certain other conditions, all as more fully provided in the Indenture.

 

This Note shall be governed by and construed in accordance with the laws of the State of New York.

 

All capitalized terms used in this Note that are not otherwise defined in this Note shall have the meanings assigned to them in the Indenture.

 

Unless the certificate of authentication hereon has been duly executed by the Trustee referred to below, directly or through an Authenticating Agent, by manual signature of an authorized signatory, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

 

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed, manually or by facsimile by an authorized signatory.

 

Dated:  June 8, 2012

 

	
 
    	
CINTAS CORPORATION   NO. 2
    
	
 
    	
as Issuer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    
	
Attest:
    
	
 
    
	
 
    
	
By:
    	
 
    	
 
    
	
 
    	
Name:
    
	
 
    	
Title:
    
					

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.

 

	
 
    	
U.S. BANK NATIONAL   ASSOCIATION
    
	
 
    	
as Trustee
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Authorized   Signatory
    

 

 

GUARANTEE

 

For value received, each of the undersigned hereby irrevocably and unconditionally guarantees (subject to release, if applicable, upon the terms set forth in the Indenture), jointly and severally, on a senior basis to the Holder of this Note and to the Trustee, on behalf of the Holder, (i) due and punctual payment of principal, premium, if any, and interest on this Note, when and as the same shall become due and payable, whether at Stated Maturity, by declaration of acceleration or otherwise, the due and punctual payment of interest on the overdue principal of (and premium, if any) and interest, if any, on this Note, to the extent lawful, and the due and punctual performance of all other obligations of the Company to the Holder of this Note or the Trustee all in accordance with the terms of this Note and the Indenture and (ii) in the case of any extension of time of payment or renewal of this Note or any of such other obligations, that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, at Stated Maturity, by declaration of acceleration or otherwise. This Guarantee will not be valid or obligatory for any purpose until the Trustee duly executes the certificate of authentication on the Note upon which this Guarantee is endorsed.

 

Dated: June 8, 2012

 

	
 
    	
Cintas   Corporation,
    
	
 
    	
a Washington   corporation;
    
	
 
    	
 
    
	
 
    	
Cintas Corporate   Services, Inc.,
    
	
 
    	
an Ohio   corporation;
    
	
 
    	
 
    
	
 
    	
Cintas Corporation   No. 3,
    
	
 
    	
a Nevada   corporation;
    
	
 
    	
 
    
	
 
    	
Cintas Corp.   No. 8, Inc.,
    
	
 
    	
a Nevada   corporation;
    
	
 
    	
 
    
	
 
    	
Cintas Corp.   No. 15, Inc.,
    
	
 
    	
a Nevada   corporation;
    
	
 
    	
 
    
	
 
    	
Cintas—RUS, L.P.,
    
	
 
    	
a Texas limited   partnership
    
	
 
    	
 
    
	
 
    	
(by Cintas   No. 8, its General Partner);
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Authorized   Signatory for each of the
    
	
 
    	
 
    	
Guarantors
    
	
 
    	
 
    
	
 
    	
Attest:
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Authorized   Signatory for each of the Guarantors
    

 

 

ABBREVIATIONS

 

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations:

 

	
TEN COM —
    	
as tenants in   common UNIF GIFT MN   ACT—     Custodian     
    
	
 
    	
 
    
	
TEN ENT —
    	
as tenants by the   entireties (Cust) (Minor)
    
	
 
    	
 
    
	
JT TEN —
    	
as joint tenants   with right of survivorship Under Uniform Gifts to Minors

 
    
	
 
    	
and not as tenants   in common                  Act
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(State)
    	
 
    	
 
    	
 
    
						

 

Additional abbreviations may also be used though not in the above list.

 

FOR VALUE RECEIVED, the undersigned registered holder hereby sell(s), assign(s) and transfer(s) unto

 

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

 

	
 

 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
			

 

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS OF ASSIGNEE 

 

	
 
    	
 
    

 

the within Note and all rights thereunder, hereby irrevocably constituting and appointing 

 

	
 
    	
 
    

 

to transfer said Note on the books of the Company with full power of substitution in the premises.

 

	
Dated:
    	
 
    	
 
    

 

Notice: The signature to this assignment must correspond with the name as it appears upon the face of the within Note in every particular, without alteration or enlargement or any change whatever.

 

 

Signature Guarantee:

 

	
 
    	
 
    	
 
    
	
(Signature must be   guaranteed)
    	
Signature
    

 

The signature(s) should be guarantees by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee medallion program), pursuant to Rule 17Ad-15 of the Securities Exchange Act of 1934.

 

 

OPTION OF HOLDER TO ELECT PURCHASE

 

To elect to have this Note purchased by the Company pursuant to the Change of Control Repurchase Event provisions of the Notes, check the box below:

 

o Purchase pursuant to Change of Control Repurchase Event

 

If you want to elect to have only part of the Note purchased by the Company pursuant to pursuant to the Change of Control Repurchase Event provisions of the Notes, state the amount you elect to have purchased:

 

	
 
    	
$
    	
                         
    	
 
    
	
 
    	
 
    
	
Dated:
    	
 
    	
 
    	
 
    
						

 

Notice: The signature to this election must correspond with the name as it appears upon the face of the within Note in every particular, without alteration or enlargement or any change whatever.

 

	
Signature   Guarantee:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
(Signature must be   guaranteed)
    	
Signature
    
			

 

The signature(s) should be guarantees by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee medallion program), pursuant to Rule 17Ad-15 of the Securities Exchange Act of 1934.

 

 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE

 

The following increases or decreases in this Global Note have been made

 

	
Date of Exchange
    	
 
    	
Amount of increase
   in Principal Amount
   of this Global Note
    	
 
    	
Amount of decrease
   in Principal Amount
   of this Global Note
    	
 
    	
Principal Amount of
   this Global Note
   following each
   decrease or increase
    	
 
    	
Signature of
    Authorized signatory
   of
    TrusteeEXHIBIT 10.5

 

AMENDMENT NO. 1 TO RECEIVABLES PURCHASE AGREEMENT

 

THIS AMENDMENT NO. 1 TO RECEIVABLES PURCHASE AGREEMENT, dated as of April 30, 2012 (this “Amendment”), is among:

 

(a)           Ferrellgas Receivables, LLC, a Delaware limited liability company (“Seller”),

 

(b)           Ferrellgas, L.P., a Delaware limited partnership (“Ferrellgas”), as initial Servicer (the initial Servicer together with Seller, the “Seller Parties” and each a “Seller Party”),

 

(c)           Wells Fargo Bank, N.A., individually (“Wells” or a “Purchaser”),

 

(d)           Fifth Third Bank, individually (“Fifth Third” or a “Purchaser”) and as a co-agent (a “Co-Agent”),

 

(e)           SunTrust Bank, individually (“SunTrust” or a “Purchaser”) and as a co-agent (a “Co-Agent”), and

 

(f)            Wells, as administrative agent for the Purchasers (hereinafter defined) (together with its successors and assigns, the “Administrative Agent” and, together with the Co-Agents, the “Agents”).

 

Unless defined elsewhere herein, capitalized terms used in this Agreement shall have the meanings assigned to such terms in Exhibit I and, if not defined therein, the meanings assigned to such terms in the Receivable Sale Agreement referenced therein.

 

PRELIMINARY STATEMENTS

 

A.            The Seller Parties, the Purchasers and the Agents are party to that certain Receivables Purchase Agreement dated as of January 19, 2012 (as modified from time to time, the “Agreement”; capitalized terms used and not otherwise defined herein shall have the meanings attributed thereto in the Agreement)..

 

B.            The Seller Parties have requested that the Purchasers and the Agents agree to amend the Agreement as set forth in Section 1 below.

 

C.            The Agents and the Purchasers are willing to agree to the requested amendments, on the terms and subject to the conditions hereinafter set forth.

 

NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto hereby further agree as follows:

 

 

Section 1.              Amendments.

 

1.1.         The definition of “Interim Reporting Date” set forth in Exhibit I to the Agreement is hereby amended and restated in its entirety to read as follows:

 

“Interim Reporting Date” means (a) the third Business Day of each calendar week, (b) the eighth Business Day of each calendar month beginning on or after May 1, 2012, and (c) each Business Day following not less than three Business Days’ prior written notice from the Administrative Agent that it desires daily reporting.

 

1.2.         The definition of “Net Receivables Balance” set forth in Exhibit I to the Agreement is hereby amended and restated in its entirety to read as follows:

 

“Net Receivables Balance” means, at any time, the aggregate Outstanding Balance of all Eligible Receivables at such time, reduced by the aggregate amount (without double-counting) by which the Outstanding Balance of all Eligible Receivables of any one Obligor exceeds the Concentration Percentage of the Outstanding Balance of all Eligible Receivables.

 

1.3.         The following new definition is hereby added to Exhibit I to the Agreement in its appropriate alphabetical order:

 

“Concentration Percentage” means, at any time in relation to the aggregate Outstanding Balance of Receivables owed by any single Obligor and its Affiliates (if any), the percentage determined according to the following table for Obligors who have a non-credit-enhanced, senior unsecured short term debt rating currently assigned to them by S&P or Moody’s (or in the absence thereof, the equivalent non-credit enhanced long-term unsecured senior debt ratings):

 

	
Level
    	
 
    	
S&P Short-Term
   Rating (if no long-
   term rating is
   available)
    	
 
    	
Moody’s Short-
   Term Rating (if no
   long-term rating is
   available)
    	
 
    	
S&P Rating
   Long-Term
   Rating
    	
 
    	
Moody’s Long-
   Term Rating
    	
 
    	
Concentration
   Percentage
    	
 
    
	
1
    	
 
    	
A-1+
    	
 
    	
P-1
    	
 
    	
AA or better
    	
 
    	
Aa2 or better
    	
 
    	
10%
    	
 
    
	
2
    	
 
    	
A-1
    	
 
    	
P-1
    	
 
    	
≥ A
    	
 
    	
≥ A2
    	
 
    	
8%
    	
 
    
	
3
    	
 
    	
A-2
    	
 
    	
P-2
    	
 
    	
≥ BBB
    	
 
    	
≥ Baa2
    	
 
    	
6%
    	
 
    
	
4
    	
 
    	
A-3
    	
 
    	
P-3
    	
 
    	
BBB-
    	
 
    	
Baa3
    	
 
    	
4%
    	
 
    
	
5
    	
 
    	
Below A-3 or Not Rated by either S&P or Moody’s
    	
 
    	
Below P-3 or Not Rated by either S&P or Moody’s
    	
 
    	
Below BBB- or Not Rated by either S&P or Moody’s
    	
 
    	
Below Baa3 or Not Rated by either S&P or Moody’s
    	
 
    	
2.5%
    	
 
    

 

; provided, however, that (i) if any Obligor has a split rating, the applicable rating will be the lower of the two (if there is only one rating level difference), and one rating above the lower rating (if there are two or more rating levels difference), (ii) if any Obligor has only one rating available, the next lower rating category will apply, (iii) if any Obligor is not rated by either S&P or Moody’s, the Concentration

 

2

 

Percentage shall be the percentage set forth in level 5 above shall apply, and (iv) if any Obligor’s payment obligation with respect to a Receivable is guaranteed by such Obligor’s parent, the parent’s ratings will be used but shall be subject to the other provisions of this definition.

 

1.4.         Exhibit VI to the Agreement is hereby amended and restated in its entirety to read as set forth in Annex A to this Amendment.

 

1.5.         Exhibit VII to the Agreement is hereby amended and restated in its entirety to read as set forth in Annex B to this Amendment.

 

Section 2.              Representations and Warranties.  Each Seller Party hereby represents and warrants to the Agents and the Purchasers, as to itself, as of the date hereof that:

 

2.1.         The execution and delivery by such Seller Party of this Amendment, and the performance of its obligations under the Agreement as amended hereby, are within its organizational powers and authority and have been duly authorized by all necessary action on its part.  This Amendment has been duly executed and delivered by such Seller Party.

 

2.2.         After giving effect to this Amendment, each of such Seller Party’s representations and warranties set forth in Section 5.1 of the Agreement is true and correct in all material respects as of the date hereof (except for such representations and warranties that speak only as of an earlier date, in which case they are true and correct as of such date).

 

Section 3.              Conditions Precedent.  This Amendment shall become effective as of the date specified in the preamble hereto upon satisfaction of each of the following conditions precedent:

 

3.1.         The Administrative Agent shall have received counterparts hereof duly executed by each the Seller Parties, the Agents and the Required Purchasers.

 

3.2.         Each of the Agents shall have received a fully-earned and non-refundable amendment fee in an amount equal to the product of 0.025% and its related Purchaser’s Commitment.

 

3.3.         All outstanding invoices of Barnes & Thornburg LLP shall have been paid, and all reasonable fees and disbursements of Barnes & Thornburg LLP in connection with the preparation of this Amendment for which the Seller has received an invoice shall have been paid in full.

 

Section 4.              Miscellaneous.

 

4.1.         Except as expressly amended hereby, the Agreement remains unaltered and in full force and effect.

 

3

 

4.2.         THIS AMENDMENT SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS (AND NOT THE LAW OF CONFLICTS) OF THE STATE OF NEW YORK.

 

4.3.         SELLER PARTY HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW YORK STATE COURT SITTING IN NEW YORK, NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AMENDMENT, AND EACH SELLER PARTY HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM.  NOTHING HEREIN SHALL LIMIT THE RIGHT OF ANY AGENT OR ANY PURCHASER TO BRING PROCEEDINGS AGAINST ANY SELLER PARTY IN THE COURTS OF ANY OTHER JURISDICTION.  ANY JUDICIAL PROCEEDING BY ANY SELLER PARTY AGAINST ANY AGENT OR ANY PURCHASER OR ANY AFFILIATE OF ANY AGENT OR ANY PURCHASER INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AMENDMENT OR THE AGREEMENT AS AMENDED HEREBY SHALL BE BROUGHT ONLY IN A COURT IN NEW YORK, NEW YORK.

 

4.3.         EACH PARTY HERETO HEREBY WAIVES TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AMENDMENT, THE AGREEMENT AS AMENDED HEREBY OR THE RELATIONSHIP ESTABLISHED HEREUNDER OR THEREUNDER.

 

4.4.         This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns (including any trustee in bankruptcy).

 

4.5.         This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement.  Any executed counterpart of this Amendment that is delivered by facsimile or electronic mail message attaching a .PDF or other image of such executed counterpart shall, to the fullest extent permitted by applicable law, have the same force and effect as an original of such executed counterpart.

 

4.6.         Any provisions of this Amendment which are prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

4

 

[The remainder of this page is blank intentionally]

 

5

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed and delivered by their duly authorized officers as of the date hereof.

 

	
FERRELLGAS   RECEIVABLES, LLC
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/   J. Ryan VanWinkle
    	
 
    
	
Name:
    	
J.   Ryan VanWinkle
    	
 
    
	
Title:
    	
Senior   Vice President and Chief Financial Officer
    	
 
    

 

 

	
FERRELLGAS, L.P.
    	
 
    
	
 
    	
 
    
	
BY:  FERRELLGAS, INC., ITS GENERAL   PARTNER
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ J. Ryan VanWinkle
    	
 
    
	
Name:
    	
J. Ryan VanWinkle
    	
 
    
	
Title:
    	
Senior Vice President and Chief Financial Officer
    	
 
    

 

 

	
WELLS   FARGO BANK, N.A.,
    	
 
    
	
Individually   as Purchaser and as Administrative Agent
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Eero Maki
    	
 
    
	
Name:
    	
Eero Maki
    	
 
    
	
Title:
    	
SVP
    	
 
    

 

 

	
SUNTRUST BANK,
    	
 
    
	
Individually   as Purchaser and as a Co-Agent
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Joseph Franke
    	
 
    
	
Name:
    	
Joseph Franke
    	
 
    
	
Title:
    	
Senior Vice President
    	
 
    

 

 

	
FIFTH THIRD BANK, individually as Purchaser and as   a Co-Agent
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Mike Mendenhall
    	
 
    
	
Name:
    	
Mike Mendenhall
    	
 
    
	
Title:
    	
Vice President
    	
 
    

 

 

ANNEX A

 

EXHIBIT VI

 

FORM OF MONTHLY REPORT

 

[See attached]

 

Exhibit VI-1

 

Ferrellgas Receivables, LLC Monthly Servicer Report

For the Month Ended:

MM/DD/YY

($)

 

A/R ROLLFORWARD

 

	
Beginning Balance
    
	
Sales
    
	
Credit Memos
    
	
Payment Discounts
    
	
Chargeback Adjustments
    
	
Debit Memos
    
	
Total Bad Debt Write-offs
    
	
Net Collections - Includes Non A/R Cash
    
	
Revoace Direct Pay
    
	
Finance Charges
    
	
EOM AR Balance
    

 

AGING SCHEDULE

 

	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
% of Total Aging
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
Current
    	
 
    	
Current Month
    	
 
    	
1 Month Prior
    	
 
    	
2 Months Prior
    	
 
    
	
Current
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
1-30 DPD
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
31-60 DPD
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
61-90 DPD
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
91-120 DPD
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
121+ Days Past Due
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Total Credits in Agings
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Total   Aging
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    

 

A/R RECONCILIATIONS

 

	
Calculated Ending A/R
    	
 
    	
 
    	
 
    	
 
    
	
Reported Ending A/R
    	
 
    	
 
    	
 
    	
 
    
	
Difference
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Calculated Ending A/R
    	
 
    	
 
    	
 
    	
 
    
	
Total Aging
    	
 
    	
 
    	
 
    	
 
    
	
Difference
    	
 
    	
 
    	
 
    	
 
    

 

INELIGIBLES

 

	
Defaulted Receivables (Gross)
    	
 
    	
 
    	
 
    	
 
    
	
Non - U.S. Receivables
    	
 
    	
 
    	
 
    	
 
    
	
Receivables of Affiliates
    	
 
    	
 
    	
 
    	
 
    
	
Government Receivables > 2% of Outstanding   Balance
    	
 
    	
 
    	
 
    	
 
    
	
Obligors of Defaulted Receivables (50%)
    	
 
    	
 
    	
 
    	
 
    
	
Rec.w/ Terms 31-90 > 10% of Outstanding Balance
    	
 
    	
 
    	
 
    	
 
    
	
Rec. w/ Terms > 90
    	
 
    	
 
    	
 
    	
 
    
	
Bankrupt Obligors
    	
 
    	
 
    	
 
    	
 
    
	
31-60 DPD if 31-60 DPD>11% Total A/R (Retail   Division Only)
    	
 
    	
 
    	
 
    	
 
    
	
Customer Deposits
    	
 
    	
 
    	
 
    	
 
    
	
Remaining Balance of Customers now C.I.A.
    	
 
    	
 
    	
 
    	
 
    
	
Excess Level Pay A/R (> 20% of Retail A/R)
    	
 
    	
 
    	
 
    	
 
    
	
Unbilled Receivables
    	
 
    	
 
    	
 
    	
 
    
	
Account in Credit Hold
    	
 
    	
 
    	
 
    	
 
    
	
Accounts Placed with Collection Agencies
    	
 
    	
 
    	
 
    	
 
    
	
Credits less than 60 DPD
    	
 
    	
 
    	
 
    	
 
    
	
Aging Variance
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Total Ineligibles (Excluding Contras)
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Contra Accounts
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Total Ineligibles
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Eligible Receivables
    	
 
    	
 
    	
 
    	
 
    

 

1

 

Ferrellgas Receivables, LLC Monthly Servicer Report

For the Month Ended:

MM/DD/YY

($)

 

	
 
    	
 
    	
Current Month
    	
 
    	
One Month Prior
    	
 
    	
Two Months Prior
    	
 
    
	
BORROWING BASE
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Total A/R
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Less: Total Ineligibles
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Eligible Receivables
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Less: Total Excess Amounts
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
NET RECIEVABLES BALANCE
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
RESERVES
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Loss Reserve
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Dilution Reserve
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Total Dynamic Reserve
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Reserve Floor
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Yield Reserve
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Servicing Reserve
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Required Reserve %
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Required Reserve $ (RR)
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
FUNDING AVAILABILITY
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Net Receivables Balance (NRB)
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Less: Required Reserve
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
BORROWING BASE
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Current Outstanding (CO)
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Purchase Availability or Required Paydown
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    

 

	
TRIGGER   COMPLIANCE
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Compliance Test
    	
 
    	
Compliance Level
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Asset Interest
    	
 
    	
(CO+RR) / NPB < 100%
    	
 
    	
In Compliance
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
3M Avg. 61+ DPD Ratio
    	
 
    	
Less than 14%
    	
 
    	
In Compliance
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
3M Charge-Off Ratio
    	
 
    	
Less than 0.9%
    	
 
    	
In Compliance
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
3M Dilution Ratio
    	
 
    	
Less than 4.25%
    	
 
    	
In Compliance
    	
 
    	
 
    

 

EXCESS CONCENTRATIONS

 

	
 
    	
 
    	
Obligor Name
    	
 
    	
Short Term Debt Rating
    	
 
    	
Allowable %
    	
 
    	
Total Receivables
    	
 
    	
% of Total
    	
 
    	
Excess
   Receivables
    
	
1.
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
2.
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
3.
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
4.
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
5.
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
6.
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
7.
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
8.
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
9.
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
10.
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    

 

The undersigned hereby represents and warrants that the foregoing is a true and accurate accounting with respect to outstanding receivables as of MM/DD/YY is in accordance with the Receivables Purchase Agreement dated January 19, 2012 and that all representations and warranties related to such Agreement are restated and reaffirmed.

 

	
Signed:
    	
 
    	
 
    	
Date:
    	
 
    
	
Title:
    	
Director - Ferrellgas Receivables LLC
    	
 
    	
 
    

 

2

 

ANNEX B

 

EXHIBIT VII

 

FORM OF INTERIM REPORT

 

[See attached]

 

Exhibit VII-1

 

Ferrellgas Receivables, LLC Interim Servicer Report

For the Period Ended:

MM/DD/YY

($ in 000)

 

	
Enter   Date of Interim Report:
    	
 
    	
MM/DD/YY
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Retail Ending A/R
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Blue Rhino Ending A/R
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
FNA Ending A/R
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Total Ending A/R
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Retail Unapplied Cash
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Blue Rhino Unapplied Cash
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
FNA Unapplied Cash
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Total Unapplied Cash
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Total Net Ending A/R
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Less: (from most recent Monthly Report)
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Ineligible Receivables (excluding contras)
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Contra Ineligibles *
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Excess Concentration Amounts
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Net Receivables Balance
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Aggregate Reserve (%) (from most recent Monthly   Report)
    	
 
    	
 
    	
 
    	
 
    
	
Required Reserves ($)
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Calculated Availability
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Aggregate Commitment
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Maximum Potential Aggregate Capital
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Current Outstanding Balance
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
(Capital Reduction Required) or Additional   Available
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Action Taken: Incremental Purchase / (Reduction   Amount)
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
New Capital Outstanding
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
In Asset Compliance (Y/N)
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    

 

* Contra Ineligibles to be updated on the 8th business day of each calendar month.

 

The undersigned hereby represents and warrants that the foregoing is a true and accurate accounting with respect to outstanding receivables as of MM/DD/YY in accordance with the Receivables Purchase Agreement dated January 19, 2012. Each of the conditions set forth in Section 6.2 of the RPA are met as of the date hereof except the following exceptions to Section 6.2:    None

 

	
Signed by one of following:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signed:
    	
 
    	
 
    	
Date:
    	
 
    
	
Title:
    	
Director - Ferrellgas Receivables LLC

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00205-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00205-of-00352.parquet"}]]