Document:

EX-10.8 Form of Issuer Administration Agreement

 EXHIBIT 10.8

      

RYDER VEHICLE LEASE TRUST [___]-[_]

as Issuer,

RYDER TRUCK RENTAL, INC.,

as Administrator,

RYDER FUNDING II LP,

as Transferor,

and

[                                        ],

as Indenture Trustee

 

ISSUER ADMINISTRATION AGREEMENT

Dated as of [                    ]

 

      

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	Section 1.01. Capitalized Terms; Interpretive Provisions
	 	 	1	 
	Section 1.02. Duties of the Administrator
	 	 	2	 
	Section 1.03. Records 
	 	 	8	 
	Section 1.04. Compensation 
	 	 	8	 
	Section 1.05. Additional Information to be Furnished to the Issuer 
	 	 	8	 
	Section 1.06. Independence of the Administrator 
	 	 	8	 
	Section 1.07. No Joint Venture 
	 	 	8	 
	Section 1.08. Other Activities of Administrator 
	 	 	8	 
	Section 1.09. Term of Agreement; Resignation and Removal of Administrator 
	 	 	8	 
	Section 1.10. Action Upon Termination, Resignation or Removal 
	 	 	9	 
	Section 1.11. Notices 
	 	 	10	 
	Section 1.12. Amendments 
	 	 	10	 
	Section 1.13. Successors and Assigns 
	 	 	11	 
	Section 1.14. Governing Law 
	 	 	11	 
	Section 1.15. Headings 
	 	 	11	 
	Section 1.16. Counterparts 
	 	 	11	 
	Section 1.17. Severability 
	 	 	11	 
	Section 1.18. Limitation of Liability of Owner Trustee and Indenture Trustee
	 	 	11	 
	Section 1.19. Third-Party Beneficiary 
	 	 	12	 
	Section 1.20. Additional Requirements of the Administrator
	 	 	12	 

i

 

ISSUER ADMINISTRATION AGREEMENT

     This Issuer Administration Agreement, dated as of
[                    ] (the “Agreement”), is among
Ryder Vehicle Lease Trust [___]-[_], a Delaware statutory trust, as issuer (the “Issuer”), Ryder
Truck Rental, Inc., a Florida corporation (“Ryder”), as administrator (the “Administrator”), Ryder
Funding II LP, a Delaware limited partnership, as transferor (the “Transferor”), and [                    ],
a national banking association, as indenture trustee (the “Indenture Trustee”).

RECITALS

     WHEREAS, Ryder Funding II LP, as transferor, and
[                    ], as trustee (the “Owner
Trustee”), have entered into that certain trust agreement, dated as of [                    ], pursuant to
which, among other things, the Issuer was created; and

     WHEREAS, the parties desire to enter into this Agreement to provide for, among other things,
the Administrator’s provision of certain services to the Issuer and the Owner Trustee.

     NOW, THEREFORE, in consideration of the mutual agreements herein contained, and of other good
and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties
hereto agree as follows:

     Section 1.01. Capitalized Terms; Interpretive Provisions.

     (a) Capitalized terms used herein that are not otherwise defined shall have the meanings
ascribed thereto in the SUBI Trust Agreement, the Administration Agreement, the Trust Agreement or
the Indenture, as the case may be. Whenever used herein, unless the context otherwise requires,
the following words and phrases shall have the following meanings:

     “Accountants” shall have the meaning set forth in Section 1.02(f).

     “Administration Agreement” means the Basic Administration Agreement, as amended and
supplemented by the [___]-[_] administration supplement dated as of [                    ], among
the parties
to the Basic Administration Agreement, as amended or supplemented from time to time.

     “Agreement” means this Issuer Administration Agreement, as amended, supplemented or
modified from time to time.

     “Basic Administration Agreement” means that certain administration agreement, dated as
of February 1, 1998, among Ryder Truck Rental I LP and Ryder Truck Rental II LP, as UTI
Beneficiaries, Ryder Truck Rental LT, as origination trust, and Ryder, as administrative agent and
maintenance provider, as amended from time to time.

     “Indenture” means that certain indenture, dated as of
[                    ], between the Issuer
and the Indenture Trustee, as amended or supplemented from time to time.

 

 

     “Origination Trust Agreement” means that certain second amended and restated trust
agreement, dated as of February 1, 1998, among Ryder Truck Rental I LP and Ryder Truck Rental II
LP, each as grantors and initial beneficiaries, RTRT, Inc., as trustee, Ryder, as administrative
agent, U.S. Bank Trust National Association (as successor in interest to Delaware Trust Capital
Management, Inc.), as Delaware trustee, and U.S. Bank National Association, as trust agent, as
amended from time to time.

     “Related Documents” means all of the Basic Documents to which the Issuer or the Owner
Trustee is a party, as the same shall be amended from time to time.

     “SUBI Trust Agreement” means the Origination Trust Agreement, as supplemented by the
[___]-[_] origination trust supplement, dated as of [___], among the parties to the Origination
Trust Agreement, as amended or supplemented from time to time.

     (b) For all purposes of this Agreement, except as otherwise expressly provided or unless the
context otherwise requires, (i) terms used in this Agreement include, as appropriate, all genders
and the plural as well as the singular, (ii) references to words such as “herein”, “hereof” and the
like shall refer to this Agreement as a whole and not to any particular part, Article or Section
within this Agreement, (iii) references to a Section such as “Section 11.01” or an Article such as
“Article Eleven” shall refer to the applicable Section or Article of this Agreement, (iv) the term
“include” and all variations thereof shall mean “include without limitation”, (v) the term “or”
shall include “and/or” and (vi) the term “proceeds” shall have the meaning ascribed to such term in
the UCC.

     Section 1.02. Duties of the Administrator.

     (a) The Administrator agrees to perform all its duties as Administrator and the duties of the
Issuer and the Owner Trustee under the Related Documents. In addition, the Administrator shall
consult with the Owner Trustee regarding the duties of the Issuer or the Owner Trustee under the
Related Documents. The Administrator shall monitor the performance of the Issuer and shall advise
the Owner Trustee when action is necessary to comply with the respective duties of the Issuer and
the Owner Trustee under the Related Documents. The Administrator shall prepare for execution by
the Issuer, or shall cause the preparation by other appropriate persons of, all such documents,
reports, notices, filings, instruments, certificates and opinions that it shall be the duty of the
Issuer or the Owner Trustee to prepare, file or deliver pursuant to the Related Documents. In
furtherance of the foregoing, the Administrator shall take (or, in the case of the immediately
preceding sentence, cause to be taken) all appropriate action that the Issuer or the Owner Trustee
is required to take pursuant to the Indenture including such of the foregoing as are required with
respect to the following matters under the Indenture (references are to Sections of the Indenture):

     (i) the duty to cause the Note Register to be kept and to give the Indenture Trustee
notice of any appointment of a new Note Registrar and the location, or change in location,
of the Note Register (Section 2.04);

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     (ii) the preparation of or obtaining of the documents and instruments required for
execution and authentication of the Notes and delivery of the same to the Indenture Trustee
(Section 2.02);

     (iii) [reserved];

     (iv) the duty to cause newly appointed Paying Agents, if any, to deliver to the
Indenture Trustee the instrument specified in the Indenture regarding funds held in trust
(Section 3.03);

     (v) the direction to the Indenture Trustee to deposit monies with Paying Agents, if
any, other than the Indenture Trustee (Section 3.03);

     (vi) the obtaining and preservation of the Issuer’s qualifications to do business
pursuant to Section 3.04 of the Indenture (Section 3.04);

     (vii) the preparation of all supplements and amendments to the Indenture and all
financing statements, continuation statements, instruments of further assurance and other
instruments and the taking of such other actions as are necessary or advisable to protect
the Trust Estate (Section 3.05);

     (viii) the delivery of the Opinion of Counsel on the Closing Date and the annual
delivery of Opinions of Counsel as to the Trust Estate, and the annual delivery of the
Officer’s Certificate and certain other statements as to compliance with the Indenture
(Sections 3.06 and 3.09);

     (ix) the identification to the Indenture Trustee in an Officer’s Certificate of a
Person with whom the Issuer has contracted to perform its duties under the Indenture
(Section 3.07(b));

     (x) the notification of the Indenture Trustee, [the Swap Counterparty] and each Rating
Agency of an Administrative Agent Default under the Administration Agreement and, if such
Administrative Agent Default arises from the failure of the Administrative Agent to perform
any of its duties or obligations under the Administration Agreement with respect to the
[___]-[_] SUBI Assets, the taking of all reasonable steps available to remedy such failure
(Section 3.07(d) and Section 11.13(b));

     (xi) the delivery of written notice to the Indenture Trustee, [the Swap Counterparty]
and each Rating Agency of each Indenture Default and each Administrative Agent Default
(Section 3.11 of the Indenture and Section 11.13(b) of the Administration Agreement);

     (xii) the preparation and obtaining of documents and instruments required for the
release of the Issuer from its obligations under the Indenture (Section 4.01);

     (xiii) the monitoring of the Issuer’s obligations as to the satisfaction and discharge
of the Indenture and the preparation of an Officer’s Certificate and the

3

 

obtaining of the
Opinion of Counsel and the Independent Certificate relating thereto (Section 4.01);

     (xiv) the compliance with Section 5.02 of the Indenture with respect to the sale of the
Trust Estate in a commercially reasonable manner if an Indenture Default shall have occurred
and be continuing (Section 5.02);

     (xv) the preparation and delivery of notice to Noteholders, each Rating Agency [and the
Swap Counterparty] of the removal of the Indenture Trustee and the appointment of a
successor Indenture Trustee (Section 6.08);

     (xvi) the preparation of any written instruments required to confirm more fully the
authority of any co-trustee or separate trustee and any written instruments necessary in
connection with the resignation or removal of the Indenture Trustee or any co-trustee or
separate trustee (Sections 6.08 and 6.10);

     (xvii) the furnishing of the Indenture Trustee with the names and addresses of
Noteholders during any period when the Indenture Trustee is not the Note Registrar (Section
7.01);

     (xviii) [the preparation of all written instructions and notices required in connection
with the Swap Agreement (Section 8.07)];

     (xix) the opening of the Note Distribution Account and the taking of all other actions
necessary with respect to the investment of funds therein (Sections 8.02 and 8.05);

     (xx) the preparation of an Issuer Request for the release of the Trust Estate (Section
8.06);

     (xxi) the preparation of Issuer Requests and the obtaining of Opinions of Counsel with
respect to the execution of supplemental indentures, the mailing to the Noteholders [and
the Swap Counterparty] of notices with respect to such supplemental indentures [and the
obtaining of the consent of the Swap Counterparty with respect to such supplemental
indentures as necessary] (Sections 9.01, 9.02 and 9.03);

     (xxii) the execution, authentication and delivery of new Notes conforming to any
supplemental indenture (Section 9.05);

     (xxiii) the duty to notify Noteholders, [the Swap Counterparty] and each Rating Agency
of redemption of the Notes or to cause the Indenture Trustee to provide such notification
(Section 10.02);

     (xxiv) the preparation and delivery of all Officer’s Certificates, Opinions of Counsel
and Independent Certificates with respect to any requests by the Issuer to the Indenture
Trustee to take any action under the Indenture (Section 11.01(a));

4

 

     (xxv) the preparation and delivery of Officer’s Certificates and the obtaining of
Independent Certificates, if necessary, for the release of property from the Lien of the
Indenture (Section 11.01(b));

     (xxvi) the notification of each Rating Agency, upon the failure of the Issuer, the
Owner Trustee or the Indenture Trustee to give such notification, of the information
required pursuant to Section 11.04 of the Indenture (Section 11.04); and

     (xxvii) the preparation of Definitive Notes in accordance with the instructions of the
Clearing Agency (Section 2.11).

     (b) The Administrator shall:

     (i) pay the Indenture Trustee from time to time reasonable compensation for all
services rendered by the Indenture Trustee under the Indenture (which compensation shall not
be limited by any provision of law in regard to the compensation of a trustee of an express
trust);

     (ii) except as otherwise expressly provided in the Indenture, reimburse the Indenture
Trustee upon its request for all reasonable expenses, disbursements and advances incurred or
made by the Indenture Trustee in accordance with any provision of the Indenture (including
the reasonable compensation, expenses and disbursements of its agents and counsel), except
any such expense, disbursement or advance as may be attributable to its negligence or bad
faith;

     (iii) indemnify the Indenture Trustee and its agents for, and hold them harmless
against, any loss, liability or expense incurred without willful misconduct, negligence or
bad faith on their part, arising out of or in connection with the acceptance or
administration of the transactions contemplated by the Indenture, including the reasonable
costs and expenses of defending themselves against any claim or liability in connection with
the exercise or performance of any of their powers or duties under the Indenture;

     (iv) indemnify the Owner Trustee and its agents for, and hold them harmless against,
any loss, liability or expense incurred without willful misconduct, negligence or bad faith
on their part, arising out of or in connection with the acceptance or administration of the
transactions contemplated by the Trust Agreement, including the reasonable costs and
expenses of defending themselves against any claim or liability in connection with the
exercise or performance of any of their powers or duties under the Trust Agreement;

     (v) pay the Owner Trustee from time to time reasonable compensation for all services
rendered by the Owner Trustee under the Trust Agreement (which compensation shall not be
limited by any provision of law in regard to the compensation for a trustee of an express
trust);

     (vi) except as otherwise expressly provided in the Trust Agreement, reimburse the Owner
Trustee upon its request for all reasonable expenses, disbursements and

5

 

advances incurred or
made by the Owner Trustee in accordance with any provision of the Trust Agreement (including
reasonable compensation, expenses and disbursements of its agents and counsel), except any
such expense, disbursement or advance as may be attributable to its negligence or bad faith;
and

     (vii) [take all steps necessary to enforce the Issuer’s rights under the Swap
Agreement, including receiving payments from the Swap Counterparty when due and exercising
the Issuer’s rights under the Swap Agreement including if either the long-term senior
unsecured debt rating of the Swap Counterparty is downgraded below “[___]” by S&P, “[___]” by
Fitch or “[___]” by Moody’s or the short-term debt rating of the Swap Counterparty is reduced
below “[___]” by S&P, “[___]” by Fitch or “[___]” by Moody’s, the right to require the Swap
Counterparty to obtain a guarantee of its obligations or to substitute a replacement swap
provider (subject to the assumption by the replacement swap provider of the Swap
Counterparty’s obligations under the Swap Agreement) within the number of days set forth in
the Swap Agreement of the occurrence of such reduction, or in certain circumstances, post
collateral, in each case in accordance with the terms of the Swap Agreement].

     (c) In addition to the duties set forth in Sections 1.02(a) and (b), the Administrator shall
perform such calculations and shall prepare or shall cause the preparation by other appropriate
Persons of, and shall execute on behalf of the Issuer or the Owner Trustee, all such documents,
notices, reports, filings, instruments, certificates and opinions that the Issuer or the Owner
Trustee are required to prepare, file or deliver pursuant to the Related Documents, and at the
request of the Owner Trustee shall take all appropriate action that the Issuer or the Owner Trustee
are required to take pursuant to the Related Documents. Subject to Section 1.06, and in accordance
with the directions of the Owner Trustee, the Administrator shall administer, perform or supervise
the performance of such other activities in connection with the Collateral (including the Related
Documents) as are not covered by any of the foregoing provisions and as are expressly requested by
the Owner Trustee and are reasonably within the capability of the Administrator.

     (d) Notwithstanding anything in this Agreement or the Related Documents to the contrary, the
Administrator shall be responsible for promptly notifying the Owner Trustee in the event that any
withholding tax is imposed on the Issuer’s payments (or allocations of income) to a Trust
Certificateholder as contemplated in Section 5.02(d) of the Trust Agreement. Any such notice shall
specify the amount of any withholding tax required to be withheld by the Owner Trustee pursuant to
such provision.

     (e) Notwithstanding anything in this Agreement or the Related Documents to the contrary, the
Administrator shall be responsible for performance of the duties of the Owner Trustee set forth in
Sections 5.03 and 9.01(c) of the Trust Agreement with respect to notifying the Trust
Certificateholders of the Payment Date on which their Trust Certificates will be repaid or
redeemed, as the case may be, and Section 5.04 of the Trust Agreement with respect to accounting
and reports to Trust Certificateholders; provided, however, that the Owner Trustee shall retain
responsibility for the distribution of the documentation necessary to enable each Trust
Certificateholder to prepare its federal and state income tax returns.

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     (f) The Administrator shall satisfy its obligations with respect to clauses (d) and (e) above
by retaining, at the expense of the Issuer, payable by the Administrator, a firm of independent
public accountants (the “Accountants”) acceptable to the Owner Trustee, which shall perform the
obligations of the Administrator thereunder. In connection with paragraph (d) above, the
Accountants shall provide, prior to [___], a letter in form and substance satisfactory to the
Owner Trustee as to whether any tax withholding is then required and, if required, the procedures
to be followed with respect thereto to comply with the requirements of the Code. The Accountants
shall be required to update the letter in each instance that any additional tax withholding is
subsequently required or any previously required tax withholding shall no longer be required.

     (g) The Administrator shall perform all duties expressly required to be performed by the
Administrator under the Trust Agreement.

     (h) In carrying out the foregoing duties or any of its other obligations under this Agreement,
the Administrator may enter into transactions or otherwise deal with any of its Affiliates;
provided, however, that the terms of any such transactions or dealings shall be in accordance with
any directions received from the Issuer and shall be, in the Administrator’s opinion, no less
favorable to the Issuer than would be available from unaffiliated parties.

     (i) With respect to matters that in the reasonable judgment of the Administrator are
non-ministerial, the Administrator shall not take any action unless within a reasonable time before
the taking of such action, the Administrator shall have notified the Owner Trustee of the proposed
action and the Owner Trustee shall not have withheld consent or provided an alternative direction.
For the purpose of the preceding sentence, “non-ministerial matters” shall include:

     (i) amendment of or any supplement to the Indenture;

     (ii) the initiation of any claim or lawsuit by the Issuer and the compromise of any
action, claim or lawsuit brought by or against the Issuer (other than in connection with the
collection of the Leases);

     (iii) the amendment, change or modification of the Related Documents;

     (iv) the appointment of successor Note Registrars, successor Paying Agents and
successor Indenture Trustees pursuant to the Indenture or the appointment of successor
Administrators or successor Administrative Agents, or the consent to the assignment by the
Note Registrar, any Paying Agent or Indenture Trustee of its obligations under the
Indenture;

     (v) the removal of the Indenture Trustee; and

     (vi) [the notification to the Swap Counterparty of any proposed amendment or supplement
to any of the Basic Documents.]

     (j) Notwithstanding anything to the contrary in this Agreement, the Administrator shall not be
obligated to, and shall not, (i) make any payments to the Noteholders under the

7

 

Related Documents,
(ii) sell the Trust Estate pursuant to Section 5.02 of the Indenture, (iii) take any other action
that the Issuer directs the Administrator not to take on its behalf or (iv) take any other action
which may be construed as having the effect of varying the investment of the Trust
Certificateholders.

     Section 1.03. Records. The Administrator shall maintain appropriate books of account
and records relating to services performed hereunder, which books of account and records shall be
accessible for inspection by the Issuer and the Transferor at any time during normal business
hours.

     Section 1.04. Compensation. As compensation for the performance of the
Administrator’s obligations under this Agreement and as reimbursement for its expenses related
thereto, the Administrator shall be entitled to an annual payment of compensation which shall be
solely an obligation of the Administrative Agent and shall be paid from the Servicing Fee.

     Section 1.05. Additional Information to be Furnished to the Issuer. The Administrator
shall furnish to the Issuer from time to time such additional information regarding the Collateral
as the Issuer shall reasonably request.

     Section 1.06. Independence of the Administrator. For all purposes of this Agreement,
the Administrator shall be an independent contractor and shall not be subject to the supervision of
the Issuer or the Owner Trustee with respect to the manner in which it accomplishes the performance
of its obligations hereunder. Unless expressly authorized by the Issuer, the Administrator shall
have no authority to act for or represent the Issuer or the Owner Trustee in any way and shall not
otherwise be deemed an agent of the Issuer or the Owner Trustee.

     Section 1.07. No Joint Venture. Nothing contained in this Agreement (i) shall
constitute the Administrator and either of the Issuer or the Owner Trustee as members of any
partnership, joint venture, association, syndicate, unincorporated business or other separate
entity, (ii) shall be construed to impose any liability as such on any of them or (iii) shall be
deemed to confer on any of them any express, implied or apparent authority to incur any obligation
or liability on behalf of the others.

     Section 1.08. Other Activities of Administrator. Nothing herein shall prevent the
Administrator or its Affiliates from engaging in other businesses or, in its sole discretion, from
acting in a similar capacity as an administrator for any other Person or entity, even though such
person or entity may engage in business activities similar to those of the Issuer, the Owner
Trustee or the Indenture Trustee.

     Section 1.09. Term of Agreement; Resignation and Removal of Administrator. This
Agreement shall continue in force until the dissolution of the Issuer, upon which event this
Agreement shall automatically terminate.

     (a) Subject to Section 1.09(e), the Administrator may resign its duties hereunder by providing
the Issuer with at least 60 days’ prior written notice.

     (b) Subject to Section 1.09(e), the Issuer may remove the Administrator without cause by
providing the Administrator with at least 60 days’ prior written notice.

8

 

     (c) Subject to Section 1.09(e), at the sole option of the Issuer, the Administrator may be
removed immediately upon written notice of termination from the Issuer to the Administrator if any
of the following events shall occur:

     (i) the Administrator shall default in the performance of any of its duties under this
Agreement and, after notice of such default, shall not cure such default within ten days
(or, if such default cannot be cured in such time, shall not give within ten days such
assurance of cure as shall be reasonably satisfactory to the Issuer);

     (ii) the existence of any proceeding or action, or the entry of a decree or order for
relief by a court or regulatory authority having jurisdiction over the Administrator in an
involuntary case under the federal bankruptcy laws, as now or hereafter in effect, or
appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other
similar official of the Administrator or of any substantial part of its property, or
ordering the winding up or liquidation of the affairs of the Administrator and the
continuance of any such action, proceeding, decree or order unstayed and, in the case of any
such order or decree, in effect for a period of 90 consecutive days; or

     (iii) the commencement by the Administrator of a voluntary case under the federal
bankruptcy laws, as now or hereafter in effect, or the consent by the Administrator to the
appointment of or taking of possession by a receiver, liquidator, assignee, trustee,
custodian, sequestrator or other similar official of the Administrator or of any substantial
part of its property or the making by the Administrator of an assignment for the benefit of
creditors or the failure by the Administrator generally to pay its debts as such debts
become due or the taking of corporate action by the Administrator in furtherance of any of
the foregoing.

     The Administrator agrees that if any of the events specified in clauses (ii) or (iii)
above shall occur, it shall give written notice thereof to the Issuer and the Indenture
Trustee within seven days after the occurrence of such event.

     (d) No resignation or removal of the Administrator pursuant to this Section shall be effective
until (i) a successor Administrator shall have been appointed by the Issuer and (ii) such successor
Administrator shall have agreed in writing to be bound by the terms of this Agreement in the same
manner as the Administrator is bound hereunder.

     (e) The appointment of any successor Administrator shall be effective only after satisfaction
of the Rating Agency Condition with respect to the proposed appointment.

     (f) Subject to Section 1.09(d) and 1.09(e), the Administrator acknowledges that upon the
appointment of a successor Administrative Agent pursuant to the Administration Agreement, the
Administrator shall immediately resign and such successor Administrative Agent shall automatically
become the Administrator under this Agreement; provided, however, that this paragraph shall not
apply at such times as the Origination Trustee shall be the successor Administrative Agent.

     Section 1.10. Action Upon Termination, Resignation or Removal. Promptly upon the
effective date of termination of this Agreement pursuant to the first sentence of Section 1.09 or

9

 

the resignation or removal of the Administrator pursuant to Section 1.09(a), (b) or (c),
respectively, the Administrator shall be entitled to be paid all fees and reimbursable expenses
accruing to it to the date of such termination, resignation or removal. The Administrator shall
forthwith upon such termination pursuant to the first sentence of Section 1.09 deliver to the
Issuer all property and documents of or relating to the Collateral then in the custody of the
Administrator. In the event of the resignation or removal of the Administrator pursuant to Section
1.09(a), (b) or (c), respectively, the Administrator shall cooperate with the Issuer and take all
reasonable steps requested to assist the Issuer in making an orderly transfer of the duties of the
Administrator.

     Section 1.11. Notices. All demands, notices and communications hereunder shall be in
writing and shall be delivered or mailed by registered or certified first-class United States mail,
postage prepaid, hand delivery, prepaid courier service, or by telecopier, and addressed in each
case as follows: (i) if to the Issuer or the Administrator, at 11690 NW 105 Street, Miami, Florida
33178 (telecopier no. (305) 500-3641), Attention: Treasurer and Legal; (ii) if to the Owner
Trustee, at [                    ]; (iii) if to the Indenture Trustee, at
[                    ]; (iv) if to
Moody’s, to 7 World Trade Center, 250 Greenwich Street, New York, New York 10007, Telecopier No.:
(212) 298-7139, Attention: ABS Monitoring Group; (v) if to S&P, to 55 Water Street, New York, New
York 10041, Telecopier No.: (212) 438-2664, Attention: Asset Backed Surveillance Group; (vi) if
to Fitch, to Fitch Inc., One State Street Plaza, New York, New York 10004 (telecopier no.
[___]), Attention: Asset Backed Monitoring Group; or (vii) at such other address as shall be
designated by any of the foregoing in a written notice to the other parties hereto. Delivery shall
occur only upon receipt or reported tender of such communication by an officer of the recipient
entitled to receive such notices located at the address of such recipient for notices hereunder.

     Section 1.12. Amendments. This Agreement may be amended from time to time by a
written amendment duly executed and delivered by the parties hereto, with the written consent of
the Owner Trustee but without the consent of the Securityholders, for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of this Agreement or
of modifying in any manner the rights of the Securityholders; provided, that such amendment will
not, in the Opinion of Counsel satisfactory to the Indenture Trustee, materially and adversely
affect the interest of any Noteholder or Trust Certificateholder. This Agreement may also be
amended by the parties hereto with the written consent of the Owner Trustee and the holders of
Notes evidencing at least a Majority Interest and the holders of Trust Certificates evidencing at
least a majority of the Aggregate Certificate Balance for the purpose of adding any provisions to
or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in
any manner the rights of Securityholders; provided, however, that no such amendment may (i)
increase or reduce in any manner the amount of, or accelerate or delay the timing of, collections
of payments on the [___]-[_] Leases or distributions that are required to be made for the benefit
of the Securityholders or (ii) reduce the aforesaid percentage of the holders of Notes and Trust
Certificates which are required to consent to any such amendment, without the consent of the
holders of all outstanding Notes and Trust Certificates. Notwithstanding the foregoing, the
Administrator may not amend this Agreement without the permission of the Transferor, which
permission shall not be unreasonably withheld.

10

 

     Section 1.13. Successors and Assigns. This Agreement may not be assigned by the
Administrator unless such assignment is previously consented to in writing by the Issuer and the
Owner Trustee and subject to the satisfaction of the Rating Agency Condition in respect thereof.
An assignment with such consent and satisfaction, if accepted by the assignee, shall bind the
assignee hereunder in the same manner as the Administrator is bound hereunder. Notwithstanding the
foregoing, this Agreement may be assigned by the Administrator without the consent of the Issuer or
the Owner Trustee to a corporation or other organization that is a successor (by merger,
consolidation or purchase of assets) to the Administrator; provided, that such successor
organization executes and delivers to the Issuer, the Owner Trustee and the Indenture Trustee an
agreement, in form and substance reasonably satisfactory to the Owner Trustee and the Indenture
Trustee, in which such corporation or other organization agrees to be bound hereunder by the terms
of said assignment in the same manner as the Administrator is bound hereunder. Subject to the
foregoing, this Agreement shall bind any successors or assigns of the parties hereto.

     Section 1.14. Governing Law. This Agreement shall be construed in accordance with the
laws of the State of New York.

     Section 1.15. Headings. The headings of the various Sections herein are for
convenience of reference only and shall not define or limit any of the terms or provisions hereof.

     Section 1.16. Counterparts. This Agreement may be executed by the parties hereto in
separate counterparts, each of which when so executed and delivered shall be an original, but all
such counterparts shall together constitute but one and the same instrument.

     Section 1.17. Severability. Any provision of this Agreement that is 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.

     Section 1.18. Limitation of Liability of Owner Trustee and Indenture Trustee.

     (a) Notwithstanding anything contained herein to the contrary, this instrument has been
countersigned by [                    ] in its capacity as Owner Trustee of the Issuer and in no event shall
[                    ] in its individual capacity or any beneficial owner of the Issuer have any
liability for the representations, warranties, covenants, agreements or other obligations of the
Issuer hereunder, as to all of which recourse shall be had solely to the assets of the Issuer. For
all purposes of this Agreement, in the performance of any duties or obligations of the Issuer
hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and
provisions of Articles Six, Seven and Eight of the Trust Agreement.

     (b) Notwithstanding anything contained herein to the contrary, this Agreement has been
executed by [                    ] as Indenture Trustee and in no event shall
[                    ] have any
liability for the representations, warranties, covenants, agreements or other obligations of the
Issuer hereunder or in any of the certificates, notices or agreements delivered pursuant hereto, as
to all of which recourse shall be had solely to the assets of the Issuer.

11

 

     Section 1.19. Third-Party Beneficiary. The Owner Trustee is a third-party beneficiary
to this Agreement and is entitled to the rights and benefits hereunder and may enforce the
provisions hereof as if it were a party hereto.

     Section 1.20. Additional Requirements of the Administrator.

     (a) Reporting Requirements.

     (i) If so requested by the Issuer for the purpose of satisfying its reporting
obligation under the Exchange Act with respect to any class of asset-backed
securities, the Administrator shall (i) notify the Issuer in writing of any
material litigation or governmental proceedings pending against the Administrator
and (ii) provide to the Issuer a description of such proceedings.

     (ii) As a condition to the succession to the Administrator by any Person as
permitted by Section 1.09 hereof the Administrator shall provide to the Issuer, at
least 10 Business Days prior to the effective date of such succession or
appointment, (x) written notice to the Issuer, of such succession or appointment and
(y) in writing all information in order to comply with its reporting obligation
under Item 6.02 of Form 8-K with respect to any class of asset-backed securities.

     (iii) In addition to such information as the Administrator, as administrator, is
obligated to provide pursuant to other provisions of this Agreement, if so requested by the
Issuer, the Administrator shall provide such information regarding the performance or
servicing of the [___]-[_] Leases and [___]-[_] Vehicles as is reasonably required to
facilitate preparation of distribution reports in accordance with Item 1121 of Regulation
AB.

          (b) Administrator Compliance Statement. For any calendar year in which a Form 10-K is
required to be filed on behalf of the Issuer and if requested by the Issuer, within 90 days after
the end of the Issuer’s fiscal year (commencing with the fiscal year [___]), the Administrator
shall deliver to the Issuer a statement of compliance addressed to the Issuer and signed by an
authorized officer of the Administrator to the effect that (i) a review of the Administrator’s
activities during the immediately preceding calendar year (or applicable portion thereof) and of
its performance under this Agreement during such period has been made under such officer’s
supervision, and (ii) to the best of such officer’s knowledge, based on such review, the
Administrator has fulfilled all of its obligations under this Agreement in all material respects
throughout such calendar year (or applicable portion thereof) or, if there has been a failure to
fulfill any such obligation in any material respect, specifically identifying each such failure
known to such officer and the nature and the status thereof.

          (c) Report on Assessment of Compliance and Attestation. For any calendar year in which a Form
10-K is required to be filed on behalf of the Issuer and if requested by the Issuer, within 90 days
after the end of the Issuer’s fiscal year (commencing with the fiscal year [___]), the
Administrator shall:

     (i) deliver to the Issuer a report (in form and substance reasonably satisfactory to
the Issuer) regarding the Administrator’s assessment of compliance with

12

 

the Servicing
Criteria during the immediately preceding calendar year, as required under Rules 13a-18 and
15d-18 of the Exchange Act and Item 1122 of Regulation AB. Such report shall be addressed
to the Issuer and signed by an authorized officer of the Administrator, and shall address
each of the Servicing Criteria specified on a certification substantially in the form of
Exhibit B hereto delivered to the Issuer concurrently with the execution of this Agreement;

     (ii) deliver to the Issuer a report of a registered public accounting firm reasonably
acceptable to the Issuer that attests to, and reports on, the assessment of compliance made
by the Administrator and delivered pursuant to the preceding paragraph. Such attestation
shall be in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the
Securities Act and the Exchange Act; and

     (iii) deliver to the Issuer and any other Person that will be responsible for signing
the certification (the “Sarbanes Certification”) on behalf of an asset-backed issuer with
respect to a securitization transaction a certification in the form attached hereto as
Exhibit A.

          The Administrator acknowledges that the parties identified in clause (c)(iii) above may rely
on the certification provided by the Administrator pursuant to such clause in signing a Sarbanes
Certification and filing such with the Commission. The Issuer will not request delivery of a
certification under clause (c)(iii) above unless the Transferor is required under the Exchange Act
to file an annual report on Form 10-K with respect to an issuing entity whose asset pool includes
the [___]-[_] Leases and [___]-[_] Vehicles.

          (d) Intent of the Parties; Reasonableness. The Issuer and the Administrator acknowledge and
agree that the purpose of Section 1.20 of this Agreement is to facilitate compliance by the Issuer
with the provisions of Regulation AB and related rules and regulations of the Commission.

          Neither the Issuer nor the Administrator shall exercise its right to request delivery of
information or other performance under these provisions other than in good faith, or for purposes
other than compliance with the Securities Act, the Exchange Act and the rules and regulations of
the Commission thereunder (or the provision in a private offering of disclosure comparable to that
required under the Securities Act). The Administrator acknowledges that interpretations of the
requirements of Regulation AB may change over time, whether due to interpretive guidance provided
by the Commission or its staff, consensus among participants in the asset-backed securities
markets, advice of counsel, or otherwise, and agrees to comply with requests made by the Indenture
Trustee, the Servicer or any other party to the Transaction Documents in good faith for delivery of
information under these provisions on the basis of evolving interpretations of Regulation AB. In
connection therewith, the Administrator shall cooperate fully with the Issuer to deliver to the
Issuer (including any of its assignees or designees), any and all statements, reports,
certifications, records and any other information necessary in the good faith determination of the
Issuer, to permit the Issuer to comply with the provisions of Regulation AB.

13

 

     The Issuer (including any of its assignees or designees) shall cooperate with the
Administrator by providing timely notice of requests for information under these provisions and by
reasonably limiting such requests to information required, in the Administrator’s discretion, on
behalf of the Issuer, reasonable judgment, to comply with Regulation AB.

14

 

     IN WITNESS WHEREOF,
the parties hereto have caused this Issuer Administration Agreement to be duly executed and
delivered as of the day and year first above written.

	 	 	 	 	 	 	 
	 	 	RYDER VEHICLE LEASE TRUST [___]-[_],	 	 
	 

	 	 	 	   as Issuer	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	[                                        ],

   as Owner Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	RYDER FUNDING II LP,	 	 
	 

	 	 	 	   as Transferor	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	RYDER TRUCK RENTAL IV LLC,	 	 
	 

	 	 	 	   as General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	RTR LEASING II, INC.,	 	 
	 

	 	 	 	   as Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	[                                        ],	 	 
	 

	 	 	 	   as Indenture Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	RYDER TRUCK RENTAL, INC.,	 	 
	 

	 	 	 	   as Administrator	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:exv4w3

Exhibit 4.3

 

 

ANIXTER INC.

the Company

ANIXTER INTERNATIONAL INC.

the Guarantor

and

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.

the Trustee

 

SECOND SUPPLEMENTAL INDENTURE

Dated as of      , 2008

to

INDENTURE

Dated as of September 9, 1996

 

 

 

 

     SECOND SUPPLEMENTAL INDENTURE, dated as of      , 2008 (the “Second Supplemental
Indenture”), between Anixter Inc. (the “Company”), Anixter International Inc. (the “Guarantor”) and
The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”).

     Capitalized terms used herein but not otherwise defined herein shall have the meanings given
to such terms in the Indenture, dated as of September 9, 1996, among the Company, the Guarantor and
the Trustee, as amended by a First Supplemental Indenture, dated February 24, 2005 (as amended, the
“Indenture”).

Recitals

     WHEREAS, the Company and the Guarantor executed and delivered the Indenture to the Trustee to
provide for the issuance from time to time of the Company’s unsecured debentures, notes or other
evidences of indebtedness, guaranteed by the Guarantor, to be issued in one or more series
unlimited as to principal amount;

     WHEREAS, Section 9.01(4) of the Indenture provides that the Company, the Guarantor and the
Trustee may without the consent of any Holders enter into indentures supplemental to the Indenture to add, change or eliminate
provisions in respect to one or more series of Securities provided,
however, that any such addition, change or elimination shall either
(i) not adversely affect the rights of the Holders of
Outstanding Securities of any series in any material respect, or
(ii) not apply to any Outstanding Securities of any series
created prior to the execution of such supplemental indenture where
such addition, change or elimination has an adverse effect on the
rights of the Holders of such Outstanding Securities in any material
respect;

     WHEREAS, the Company and the Guarantor desire to further amend the Indenture with respect to
all series of Securities hereafter established under the Indenture;

     WHEREAS,
the changes contained herein do not adversely affect the rights of
the Holders of Outstanding Securities of any series issued pursuant
to the Indenture in any material respect;

     WHEREAS, all actions necessary to make this Second Supplemental Indenture a legal, valid and
binding obligation of the parties hereto in accordance with its terms and the terms of the
Indenture have been performed; and

     WHEREAS, the Company and the Trustee desire to enter into, execute and deliver this Second
Supplemental Indenture in compliance with the provisions of the Indenture;

     NOW THEREFORE, the Company does hereby covenant and agree to and with the Trustee as follows:

ARTICLE ONE

AMENDMENTS TO INDENTURE

     This Indenture is hereby amended as follows:

     1.1 Supplemental Indenture. This Second Supplemental Indenture is supplemental to the
Indenture and does and shall be deemed to form a part of, and shall be construed with and as a part
of, the Indenture with respect to Securities of any series established on or after the date of the
Second Supplemental Indenture. Holders of Securities of any series established on or after the
date of the Second Supplemental Indenture shall be bound hereby, and shall be entitled to the
benefits of the Second Supplemental Indenture. Holders of Securities of any series established
prior to the date of the Second Supplemental Indenture shall not be bound hereby, and shall not be
entitled to the benefits of the Second Supplemental Indenture.

1

 

     1.2 Amendment of Section 101. Section 101 (“Definitions”) is hereby amended as
follows:

     (a) The following definitions are added:

“Board of Directors” means the board of directors of the Guarantor.

“Capital
Stock” means, with respect to any Person, any and all shares, interests, participations or other equivalents (however
designated, whether voting or non-voting) in equity of such Person,
whether outstanding on the date of the Second Supplemental Indenture
or issued thereafter, including, without limitation, all common
stock and preferred stock.

“Change of Control” means such time as:

(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 properties or assets of the Guarantor and its
Subsidiaries, taken as a whole, to any “person” (as
that term is used in Section 13(d)(3) of the
Exchange Act) other than the Guarantor or a
Subsidiary;

(2) a “person” or “group” (within the meaning of
Sections 13(d) and 14(d)(2) of the Exchange Act)
becomes the ultimate “beneficial owner” (as defined
in Rule 13d-3 under the Exchange Act) of more than
50% of the total voting power of the Voting Stock of
the Guarantor on a fully diluted basis;

(3) the failure of the Guarantor to own 100% of the
outstanding Capital Stock of the Company, provided
that up to 3% of the outstanding Voting Stock of the
Company may be issued or transferred to employees of
the Guarantor and its Subsidiaries without such
issuance or transfer constituting a Change of
Control;

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

(5) individuals who on the date of the Second
Supplemental Indenture constitute the Board of

2

 

Directors (together with any new directors whose
election by the Board of Directors or whose
nomination by the Board of Directors for election by
stockholders of the Guarantor was approved by a vote
of at least a majority of the members of the Board
of Directors then in office who either were members
of the Board of Directors on the date of the Second
Supplemental Indenture or whose election or
nomination for election was previously so approved)
cease for any reason to constitute a majority of the
members of the Board of Directors then in office; or

(6) the Company or the Guarantor consolidates with,
or merges with or into, any Person, or any Person
consolidates with, or merges with or into the
Company or the Guarantor, in any such event pursuant
to a transaction in which any of the outstanding
Voting Stock of the Company or the Guarantor, as
applicable, or such other Person is converted into
or exchanged for cash, securities or other property,
other than any such transaction where (a) the Voting
Stock of the Company or the Guarantor, as
applicable, outstanding immediately prior to such
transaction constitutes or is converted into or
exchanged for a majority of the outstanding shares
of Voting Stock of the surviving Person or any
direct or indirect parent company of the Surviving
Person (immediately after giving effect to such
issuance) and (b) immediately after such
transaction, no “person” or “group” (as such terms
are used in Section 13(d) and 14(d) of the Exchange
Act) becomes, directly or indirectly, the
“beneficial owner” (as defined in Rule 13d-3 under
the Exchange Act) of 50% or more of the voting power
of the Voting Stock of the surviving Person.

“Consolidated Cash Flow Available for Fixed Charges” means, with
respect to any Person for any period:

(1) the sum of, without duplication, the amounts for
such period, taken as a single accounting period,
of:

(a) Consolidated Net Income;

(b) Consolidated Non-cash Charges;

3

 

(c) Consolidated Interest Expense;

(d) Consolidated Income Tax Expense (other than
income tax expense (either positive or negative)
attributable to extraordinary gains or losses); and

(2) less non-cash items increasing Consolidated Net
Income for such period, other than (a) the accrual
of revenue consistent with past practice, and (b)
reversals of prior accruals or reserves for cash
items previously excluded in the calculation of
Consolidated Non-cash Charges.

In calculating “Consolidated Cash Flow Available for Fixed Charges”
for any period, if any Asset Sale or Asset Acquisition (whether
pursuant to a stock or an asset transaction) shall have occurred
since the first day of any four fiscal quarter period for which the
“Consolidated Cash Flow Available for Fixed Charges” is being
calculated, such calculation shall give pro forma effect to such
Asset Sale or Asset Acquisition.

For the purposes of calculating “Consolidated Cash Flow Available
for Fixed Charges” “Asset Acquisition” means any acquisition of
property or series of related acquisitions of property that
constitutes all or substantially all of the assets of a business,
unit or division of a Person or constitutes all or substantially all
of the common stock (or equivalent) of a Person; and “Asset Sale”
means any disposition of property or series of related dispositions
of property that involves all or substantially all of the assets of
a business, unit or division of a Person or constitutes all or
substantially all of the common stock (or equivalent) of a
Subsidiary.

“Consolidated Income Tax Expenses” means, with respect to any Person
for any period the provision for federal, state, local and foreign
income taxes of such Person and its Restricted Subsidiaries for such
period as determined on a consolidated basis in accordance with
GAAP.

“Consolidated Interest Expense” means, with respect to any Person
for any period, without duplication, the sum of:

(1) the interest expense of such Person and its
Restricted Subsidiaries for such period as
determined on a consolidated basis in accordance
with GAAP; and

4

 

(2) the interest component of capital lease
obligations paid, accrued and/or scheduled to be
paid or accrued by such Person and its Restricted
Subsidiaries during such period determined on a
consolidated basis in accordance with GAAP.

“Consolidated Net Income” means, with respect to any Person, for any
period, the consolidated net income (or loss) of such Person and its
Restricted Subsidiaries for such period as determined in accordance
with GAAP, adjusted, to the extent included in calculating such net
income, by excluding, without duplication:

(1) all extraordinary gains or losses (net of fees
and expenses relating to the transaction giving rise
thereto);

(2) the portion of net income of such Person and its
Restricted Subsidiaries allocable to minority
interests in unconsolidated Persons to the extent
that cash dividends or distributions have not
actually been received by such Person or one of its
Restricted Subsidiaries;

(3) gains or losses in respect of any sales of
capital stock or asset sales outside the ordinary
course of business by such Person or one of its
Restricted Subsidiaries (net of fees and expenses
relating to the transaction giving rise thereto), on
an after-tax basis;

(4) any gain or loss realized as a result of the
cumulative effect of a change in accounting
principles;

(5) any fees and expenses paid in connection with
the issuance of the Securities or other
indebtedness;

(6) nonrecurring or unusual gains or losses;

(7) the net after-tax effects of adjustments in the
inventory, property and equipment, goodwill and
intangible assets line items in such Person’s
consolidated financial statements pursuant to GAAP
resulting from the application of purchase
accounting or the amortization or write-off of any
amounts thereof;

5

 

(8) any fees and expenses incurred during such
period, or any amortization thereof for such period,
in connection with any acquisition, investment,
asset sale, issuance or repayment of indebtedness,
issuance of stock, stock options or other
equity-based awards, refinancing transaction or
amendment or modification of any debt instrument
(including without limitation any such transaction
undertaken but not completed);

(9) any gain or loss recorded in connection with the
designation of a discontinued operation (exclusive
of its operating income or loss);

(10) any non-cash compensation or other non-cash
expenses or charges arising from the grant of or
issuance or repricing of stock, stock options or
other equity-based awards or any amendment,
modification, substitution or change of any such
stock, stock options or other equity-based awards;
and

(11) any non-cash impairment, restructuring or
special charge or asset write-off or write-down, and
the amortization or write-off of intangibles.

“Consolidated Non-cash Charges” means, with respect to any
Person for any period, the aggregate depreciation, amortization
(including amortization of goodwill and other intangibles) and other
non-cash expenses (including stock option expenses and any goodwill
impairment charges) of such Person and its Restricted Subsidiaries
reducing Consolidated Net Income of such Person and its Restricted
Subsidiaries for such period, determined on a consolidated basis in
accordance with GAAP (excluding any such charges which require an
accrual of or a reserve for cash charges for any future period).

“Credit Agreement” means the amended and restated five year
revolving credit agreement, dated as of April 20, 2007, as amended,
among the Company and other borrowers party thereto from time to
time the lenders party thereto from time to time, Bank of America,
N.A. as Administrative Agent, and the lenders from time to time
party thereto, together with any agreements, instruments, security
agreements, guaranties and other documents executed or delivered
pursuant to or in connection with such credit agreement, as such
credit agreement or such agreements, instruments, security
agreements, guaranties or other documents

6

 

may be amended, supplemented, extended, restated, renewed or
otherwise modified from time to time and any successive refundings,
refinancings, replacements or substitutions thereof or therefor,
whether with the same or different lenders.

“Credit Facilities” means one or more debt facilities (including,
without limitation, the Credit Agreement), commercial paper
facilities or indentures, in each case with banks or other
institutional lenders or a trustee, providing for revolving credit
loans, term loans, receivables financing (including through the sale
of receivables to such lenders or to special purpose entities formed
to borrow from such lenders against such receivables), letters of
credit or issuances of notes, in each case, as amended, restated,
modified, renewed, refunded, replaced or refinanced in whole or in
part from time to time.

“Domestic Subsidiary” means any Subsidiary of the Company or the
Gurantor that is organized under the laws of the United States or
any state of the United States or the District of Columbia.

“Investment
Grade” means (1) BBB-or above, in the case of S&P
(or its equivalent under any successor Rating Categories of S&P) and
Baa3 or above, in the case of Moody’s (or its equivalent under any
successor Rating Categories of Moody’s) or (2) the equivalent in
respect of the Rating Categories of any Rating Agencies.

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

“Offer to Purchase” means an offer to purchase Securities then
outstanding by the Company from the Holders commenced by mailing a
notice to the Trustee and each Holder stating:

(1) that all Securities validly tendered will be
accepted for payment;

(2) the purchase price and the date of purchase
(which shall be a business day no earlier than 30
days nor later than 60 days from the date such
notice is mailed) (the “Payment Date”);

(3) that any Security not tendered will continue to
accrue interest pursuant to its terms;

(4) that, unless the Company defaults in the payment
of the purchase price, any Security accepted for
payment pursuant to the Offer to Purchase shall
cease to accrue interest on and after the Payment
Date;

7

 

(5) that Holders electing to have a Security
purchased pursuant to the Offer to Purchase will be
required to surrender the Security, together with
the form entitled “Option of the Holder to Elect
Purchase” on the reverse side of the Security
completed, to the Paying Agent at the address
specified in the notice prior to the close of
business on the business day immediately preceding
the 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 third business day
immediately preceding the Payment Date, a telegram,
facsimile transmission or letter setting forth the
name of such Holder, the principal amount of
Securities delivered for purchase and a statement
that such Holder is withdrawing his election to have
such Securities purchased; and

(7) that Holders whose Securities are being
purchased only in part will be issued new Securities
equal in principal amount to the unpurchased portion
of the Securities surrendered; provided that each
Security purchased and each new Security issued
shall be in a principal amount of $2,000 or integral
multiples of $1,000 in excess thereof.

On the Payment Date, the Company shall (1) accept for payment
Securities or portions thereof tendered pursuant to an Offer to
Purchase; (2) deposit with the Paying Agent money sufficient to pay
the purchase price of all Securities or portions thereof so
accepted; and (3) deliver, or cause to be delivered, to the Trustee
all Securities or portions thereof so accepted together with an
officers’ certificate specifying the Securities or portions thereof
accepted for payment by the Company. The Paying Agent shall
promptly mail to the Holders of Securities so accepted payment in an
amount equal to the purchase price, and the Trustee shall promptly
authenticate and mail to such Holders a new Security equal in
principal amount to any unpurchased portion of the Security
surrendered; provided that each Security purchased and each new
Security issued shall be in a principal amount of $2,000 or integral
multiples of $1,000 in excess thereof. The Company will publicly
announce the results of an Offer to Purchase as soon as practicable
after the Payment Date. The Trustee shall act as the Paying Agent
for an Offer to Purchase. The Company will comply with Rule 14e-1
under the Exchange Act and any other securities

8

 

laws and regulations thereunder to the extent such laws and
regulations are applicable, in the event that the Company is
required to repurchase Securities pursuant to an Offer to Purchase.

“Rating Agencies” means (1) S&P and Moody’s or (2) if S&P or
Moody’s or both of them are not making ratings publicly available, a
nationally recognized U.S. rating agency or agencies, as the case
may be, selected by the Company, which will be substituted for S&P
or Moody’s or both, as the case may be.

“Rating Category” means (1) with respect to S&P, any of the
following categories (any of which may include a “+”
or “–”): AAA,
AA, A, BBB, BB, B, CCC, CC, C and D (or equivalent successor
categories), (2) with respect to Moody’s, any of the following
categories (any of which may include a “1”,”2” or “3”): Aaa, Aa, A,
Baa, Ba, B, Caa, Ca, C and D (or equivalent successor categories)
and (3) the equivalent of any such categories of S&P or Moody’s used
by another Rating Agency, if applicable.

“S&P”
means Standard & Poor’s, a division of The McGraw-Hill
Companies.

“Secured
Leverage Ratio” means, as of the date of determination, the
ratio of (a) the Secured Debt of the Company, the Guarantor and the Restricted
Subsidiaries to (b) Consolidated Cash Flow Available for Fixed Charges of the Company, the Guarantor and the Restricted Subsidiaries for the most recently ended four fiscal quarter period ending
immediately prior to such date for which financial statements are available.

In the event that the Company, the Guarantor or any Restricted Subsidiary incurs, redeems, retires or extinguishes any Secured Debt (other than under a revolving credit facility
as set forth in the last sentence of the definition of Secured Debt) subsequent to the commencement of the period for which the Secured Leverage Ratio is being calculated but prior to or simultaneously
with the event for which the calculation of the Secured Leverage
Ratio is made, then the Secured Leverage Ratio shall be calculated
giving pro forma effect to
such incurrence, redemption, retirement or extinguishment of Secured Debt as if the same had occurred at the beginning of the applicable four-quarter period.

“Voting Stock” means with respect to any Person, Capital Stock
of any class or kind ordinarily having the power to vote for the
election of directors, managers or other voting members of the
governing body of such Person.

     (b) The definition of “GAAP” is amended and restated to read in its entirety as follows:

“GAAP” means generally accepted accounting principles in the United
States set forth in the opinions and pronouncements of the
Accounting Principles Board of the American Institute of Certified
Public Accountants and statements and pronouncements of the
Financial Accounting Standards Board or in such other statements by
such other entity as may be approved by a significant segment of the
accounting profession in the United States which are in effect on
the date of the Second Supplement Indenture.

     (c) The definition of “Unrestricted Subsidiary” is amended and restated to read in its
entirety as follows:

“Unrestricted Subsidiary” means (a) any Subsidiary the principal
business and assets of which are located outside the United States
of America (including its territories and possessions), (b) any
Subsidiary the principal business of which is owning, leasing,
dealing in or developing real property for residential or office
building purposes, and (c) any Subsidiary substantially all the
assets of which consist of stock or other securities of an
Unrestricted Subsidiary or Unrestricted Subsidiaries of the

9

 

character described in clauses (a) and (b) of this paragraph, unless
and until, in each of the cases specified in this paragraph, any
such Subsidiary shall have been designated to be a Restricted
Subsidiary pursuant to clause (b) of the definition of “Restricted
Subsidiary.”

     (d) The definition of “Secured Debt” is amended to add the following sentence at the end
thereof:

Notwithstanding the foregoing, a binding commitment to lend under a
revolving credit facility shall be deemed to be an incurrence of
indebtedness in the full amount of such commitment on the date that
such commitment is entered into, regardless of whether the full
amount of such revolving credit facility is actually borrowed, and
thereafter the amount of such commitment shall be deemed to be fully
borrowed at all times for purposes of Section 1005.

     (e) The definitions of “Consolidated Net Tangible Assets,” “Principal Facility” and
“Restricted Subsidiary” are hereby amended to change the phrase “the date of the First Supplemental
Indenture” to “the date of the Second Supplemental Indenture.”

     1.3 Amendment of Section 501. Section 501 (“Events of Default”) is hereby amended:

     (a) to renumber paragraph (8) as paragraph (9),

     (b) to add the parenthetical “(or 120 days in the case of the covenant contained in Section
1007 hereof)” after the words “30 days” in paragraph (4),

     (c) to amend and restate paragraph (5) to read in its entirety as follows:

if
a default by the Company or the Guarantor under one or more mortgages,
indentures, bonds, debentures, notes or instruments under which there
may be issued, secured or evidenced indebtedness for money borrowed
shall happen and shall either (x) constitute a failure to pay more
than $25,000,000 in principal amount of such indebtedness when due
and payable at its stated maturity, or (y) result in $25,000,000 in
principal amount of such indebtedness becoming or being declared due
and payable prior to its stated maturity, and that acceleration
shall not be rescinded or annulled, or such indebtedness shall not
have been discharged before written notice to the Company and
Guarantor is given pursuant to Section 502; or

     (d) to add a new paragraph (8) to read in its entirety as follows:

the entry against the Company or the Gurantor of a final judgment or
final judgments for the payment of money in an aggregate

10

 

amount in excess of $100,000,000, by a court or courts of competent
jurisdiction, which judgments remain undischarged, unwaived,
unstayed, unbonded or unsatisfied for a period of 60 consecutive
days; or

     1.4 Amendment of Section 1005. Section 1005 (“Restriction on Creation of Secured
Debt”) is hereby amended

(a) to change the phrase “the date of the First Supplemental
Indenture” to “the date of the Second Supplemental Indenture”,

(b) to amend and restate clause (i) of paragraph (a) to read as
follows:

Any Security Interest on any property acquired, constructed,
developed or improved after the date of the Second Supplemental
Indenture by the Gurantor or a Restricted Subsidiary created prior
to or contemporaneously with, or within 180 days after the
acquisition of property which is a parcel of real property, a
building, machinery or equipment; or

(c) to amend and restate paragraph (k) to read in its entirety as
follows:

(k) Security Interests to secure obligations under Credit
Facilities in an aggregate principal amount, together with the
aggregate principal amount of all other Secured Debt then
outstanding, not to exceed the greater of (a) $750 million and (b)
an amount that does not cause the Secured Leverage Ratio (after
giving effect to the incurrence of such obligations under Credit
Facilities) to exceed 2.00:1.0; or

11

 

     1.5 Amendment of Sections 1007. Section 1007 (currently reserved) is renamed
“Commission Reports and Reports to Holders” and shall read in its entirety as follows:

Whether or not the Guarantor is then required to file reports with
the Commission, the Guarantor shall file with the Commission all
such reports and other information as it would be required to file
with the Commission by Section 13(a) or 15(d) under the Exchange Act
if it were subject thereto within the time periods specified by the
Commission’s rules and regulations. For as long as any Securities
are outstanding, the Guarantor shall supply the Trustee and each
Holder who so requests or shall supply to the Trustee for forwarding
to each such Holder, without cost to such Holder, copies of such
reports and other information.

     1.6 Amendment of Sections 1008. Section 1008 (currently reserved) is renamed “Future
Guarantees” and shall read in its entirety as follows:

(A) (x) If the Company, the Guarantor or any Restricted Subsidiary
acquires or creates a Domestic Subsidiary that is a Restricted
Subsidiary with either (i) assets having a book value (determined in
accordance with GAAP on a stand-alone basis and not consolidated
with its subsidiaries and not including any equity interests held by
such Domestic Subsidiary) in excess of 5% of the Guarantor’s
consolidated total assets (determined as of the end of the
Guarantor’s most recently completed fiscal quarter for which
financial statements are prepared) or (ii) Consolidated Cash Flow
Available for Fixed Charges (determined on a stand-alone basis and
not consolidated with its subsidiaries) in excess of 5% of the
Guarantor’s Consolidated Cash Flow Available for Fixed Charges for
the most recently completed last four fiscal quarters for which
financial statements are prepared, or (y) if a Domestic Subsidiary
that is a Restricted Subsidiary (i) has, as of any fiscal year end,
assets having a book value (determined in accordance with GAAP on a
stand-alone basis and not consolidated with its subsidiaries and not
including any equity interests held by such Domestic Subsidiary) in
excess of 5% of the Guarantor’s consolidated total assets as of the
end of such fiscal year or (ii) generates Consolidated Cash Flow
Available for Fixed Charges (determined on a stand-alone basis and
not consolidated with its subsidiaries) for any fiscal year in
excess of 5% of the Guarantor’s annual Consolidated Cash Flow
Available for Fixed Charges for such fiscal year, and (B) whether
before or after the occurrence of any event described in clause
(A)(x) or (y) above, such Domestic Subsidiary either guarantees any
other indebtedness of the Guarantor or the Company or incurs any
indebtedness in an aggregate principal amount in excess of
$50,000,000, such Domestic Subsidiary will, within 30 days of later
of the date on

12

 

which it was acquired or created and the date on which it guarantees
any such indebtedness or incurs any such indebtedness (in the case
of clause (A)(x)) or within 30 days of the later of the filing of
the Guarantor’s annual audited financial statements for the
applicable fiscal year with the Commission and the date on which it
guarantees any such indebtedness or incurs any such indebtedness (in
the case of clause (A)(y)), jointly and severally, guarantee the
Securities of each series established on or after the date of the
Second Supplemental Indenture by executing and delivering a
supplemental indenture to this Indenture. Notwithstanding the foregoing,
Anixter Receivables Corporation shall not be required to guarantee
the Securities for as long as its sole business is the purchase,
sale and financing of receivables and related activities in
connection with the Company’s receivables facility.

Notwithstanding the foregoing, Section 1008 shall cease to apply to
a series of Securities during any period of time that, and for so
long as, such Securities become rated Investment Grade by each of
the Rating Agencies; provided that if on any subsequent date such
Securities cease to be rated Investment Grade for any reason by
either Rating Agency, then the Company, the Guarantor and the
Restricted Subsidiaries will thereafter again be subject to Section
1008. Any guarantees of a series of Securities that are required by
the preceding paragraph or that have been made pursuant to such
preceding paragraph, in each case prior to such series of Securities
becoming rated Investment Grade, shall continue in effect at all
times, regardless of such series of Securities becoming rated
Investment Grade.

     1.7 Amendment of Sections 1010. Section 1010 (currently reserved) is renamed
“Repurchase of Securities upon a Change of Control” and shall read in its entirety as follows:

The
Company shall commence, within 30 days of the occurrence of a
Change of Control, and consummate an Offer to Purchase for all
Securities then outstanding, at a purchase price equal to 101% of
their principal amount, plus accrued interest, if any, to the
Payment Date.

The Company shall not be required to make an Offer to
Purchase upon a Change of Control if (i) a third party makes the
Offer to Purchase in the manner, at the times and otherwise in
compliance with the requirements set forth in this Indenture, and
purchases all Securities properly tendered and not withdrawn under
the Offer to Purchase upon a Change of Control, or (ii) a notice of
redemption has been given pursuant to this Indenture as described in
Article 11 to redeem all securities then outstanding, unless and until there is a default in payment of the
applicable Redemption Price. An Offer to Purchase upon the

13

 

occurrence of a Change of Control may be made by either the Company
or a third party in advance of a Change of Control if a definitive
agreement to effect the Change of Control is in place at the time
such Offer to Purchase is made and the Offer to Purchase is effected
upon the consummation of the Change of Control, and such Offer to
Purchase may be conditional on the Change of Control.

ARTICLE TWO

MISCELLANEOUS

     2.1 Acceptance by Trustee. The Trustee accepts the amendments to the Indenture
effected by this Second Supplemental Indenture and agrees to execute the trusts created by the
Indenture as hereby amended, but only upon the terms and conditions set forth in the Indenture.

     2.2 Trustee’s Disclaimer. The Trustee shall not be responsible for and makes no
representation as to the validity or adequacy of this Second Supplemental Indenture or the
Securities, and it shall not be responsible for the recitals or any statement of the Company in
this Second Supplemental Indenture.

     2.3 Ratification. Except as hereby expressly amended, the Indenture and the
Securities issued thereunder are in all respects ratified and confirmed and all the terms,
conditions and provisions thereof shall remain in full force and effect.

     2.4 Effectiveness. This Second Supplemental Indenture shall become effective as of
the date first above written.

     2.5 Governing Law. This Second Supplemental Indenture shall be governed by and
construed in accordance with the laws of the State of New York without regard to the conflict of
laws principals thereof (other than Section 5-1401 of the General Obligation Law).

     2.6 Counterpart Originals. This instrument may be executed in any number of
counterparts or with counterpart signatures, each of which as executed shall be deemed to be an
original, but all such counterparts shall constitute one and the same instrument.

14

 

SIGNATURES

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

	 	 	 	 	 
	 	ANIXTER INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	Attest:
	 	 	 	 
	 	 	 
	 	 	

	 	 	 	 	 
	 	ANIXTER INTERNATIONAL INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	Attest:
	 	 	 	 
	 	 	 
	 	 	

	 	 	 	 	 
	 	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	Attest:
	 	 	 	 
	 	 	 

15

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