Document:

exv10w2

 

Exhibit 10.2

     THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED, OR APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE OFFERED FOR SALE, SOLD OR OTHERWISE
TRANSFERRED, UNLESS SO REGISTERED OR THE TRANSACTION RELATING THERETO SHALL BE EXEMPT WITHIN THE
MEANING OF SUCH ACT AND THE RULES AND REGULATIONS OF THE SECURITIES AND EXCHANGE COMMISSION ADOPTED
THEREUNDER. IN ADDITION, SUCH TRANSACTION MUST COMPLY WITH THE PROVISIONS SET FORTH IN SECTION 205
OF THE LOAN AGREEMENT. BECAUSE OF THE PROVISIONS FOR THE PAYMENT OF PRINCIPAL CONTAINED HEREIN, THE
OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.
ANYONE PURCHASING THIS NOTE MAY ASCERTAIN THE OUTSTANDING PRINCIPAL AMOUNT HEREOF BY INQUIRY OF THE
AGENT.

CRONOS FINANCE (BERMUDA) LIMITED

SECURED NOTE

			
	 	 	 
	$120,000,000.00
	 	No. 11

     KNOW ALL PERSONS BY THESE PRESENTS that CRONOS FINANCE (BERMUDA) LIMITED, a company organized
and existing under the laws of the Islands of Bermuda (the “Company”), for value received, hereby
promises to pay to FORTIS BANK (NEDERLAND) N.V., or its registered assigns, at the principal office
of the Agent named below, the principal sum of up to One Hundred Twenty Million Dollars
($120,000,000), which sum shall be payable on the dates and in the amounts set forth in the Third
Amended and Restated Loan Agreement, dated as of August 1, 2005 (as amended, amended and restated,
supplemented or otherwise modified from time to time, the “Loan Agreement”), among the Company,
Fortis Bank (Nederland) N.V., as agent (the “Agent”), and Fortis Bank (Nederland) N.V, as
noteholder. The actual unpaid principal balance of this Note shall be determined by reference to
the records of the Agent. Capitalized terms not otherwise defined herein will have the meaning set
forth in the Loan Agreement as the same may be amended or supplemented from time to time.

     Payment of the principal and interest on this Note shall be made in lawful money of the United
States of America which at the time of payment is legal tender for payment of public and private
debts. Principal and interest are payable on each Payment Date in immediately available funds to
the extent set forth in the Loan Agreement from funds on deposit in the Trust Account and as
further set forth in the Loan Agreement.

     This Note shall be an obligation of the Company, and shall be secured by the Collateral, all
as defined in, and subject to limitations set forth in, the Loan Agreement, for the equal and
ratable benefit of the Holders, from time to time, of the Notes (the “Noteholders”). Except to the
extent set forth in the Amended and Restated Guaranty, dated July 19, 2001 (as amended, modified or
supplemented from time to time, the “Guaranty”) between The Cronos Group (“Guarantor”) and Agent,
no other Person shall be liable for any obligation of the Company under the Loan Agreement or this
Note or any losses incurred by the Holder of this Note.

 

 

     Except to the extent set forth in the Guaranty, no recourse may be taken, directly or
indirectly, with respect to the obligations of the Company on this Note or under the Loan Agreement
or any certificate, statement or other writing delivered in connection herewith or therewith,
against any incorporator, subscriber, agent, administrator, shareholder, partner, officer or
director, as such, of the Company or any predecessor, successor, affiliate or controlling person of
the Company, or against any stockholder of a corporation, partner of a partnership or beneficiary
or equity owner of a trust, succeeding thereto (all of the foregoing, collectively, the “Exculpated
Parties”), it being understood (and any holder of this Note, by its acceptance thereof, shall be
deemed to have consented and agreed) that recourse shall be solely to the Collateral. The Company
and any director or officer or employee or agent of the Company may rely in good faith on any
document of any kind prima facie properly executed and submitted by any Person
respecting any matters arising hereunder. No suit, claim or proceeding shall be brought against the
Exculpated Parties or any of them for any obligation under or relating to this Note, the Loan
Agreement or any agreement, instrument, certificate or other document delivered in connection
therewith.

     The Agent or Company may require payment by the Noteholder of a sum sufficient to cover any
tax expense or other governmental charge payable in connection with any transfer or exchange of
this Note.

     The Company, the Agent and any agent of the Company may treat the person in whose name this
Note is registered as the absolute owner hereof for all purposes, and neither the Company, the
Agent, nor any other such agent shall be affected by notice to the contrary.

     This Note may be prepaid as set forth in Section 203 of the Loan Agreement, at the Company’s
option, upon such notice and in the minimum amounts set forth in Section 203 of the Loan Agreement.

     If an Event of Default shall occur and be continuing, the principal of and accrued interest on
this Note may be declared to be due and payable in the manner and with the effect provided in the
Loan Agreement.

     The Noteholders shall have no right to enforce the provisions of the Loan Agreement or to
institute an action to enforce the covenants, or to take any action with respect to a default under
the Loan Agreement, or to institute, appear in or defend any suit or other proceedings with respect
thereto, except as provided under certain circumstances described in the Loan Agreement; provided,
however, that nothing contained in the Loan Agreement shall affect or impair any right of
enforcement conferred on the Noteholders to enforce any payment of the principal of and interest on
this Note on or after the due date thereof; provided further, however, that by acceptance hereof
the holder of this Note is deemed to have covenanted and agreed that it will not institute against
the Company any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or
other proceedings under any federal or state bankruptcy or similar law, at any time other than at
such time as permitted in Section 1213 of the Loan Agreement.

     All terms and provisions of the Loan Agreement are herein incorporated by reference as if set
forth herein in their entirety.

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     IT IS HEREBY CERTIFIED, RECITED AND DECLARED, that all acts, conditions and things required to
exist, happen and be performed precedent to the execution and delivery of the Loan Agreement and
the issuance of this Note, do exist, have happened and have been timely performed in regular form
and manner as required by law.

     This Note, and the rights and obligations of the parties hereunder, shall be governed by, and
construed and interpreted with, the laws of the State of New York, including Sections 5-1401 and
5-1402 of the General Obligations Laws, but otherwise without giving effect to the principles of
conflicts of laws.

[Signature page follows.]

3

 

     IN WITNESS WHEREOF, Cronos Finance (Bermuda) Limited has caused this Note to be duly executed
by its duly authorized representative on this 16th day of July, 2007.

	 	 	 	 	 	 	 
	 	 	CRONOS FINANCE (BERMUDA) LIMITED
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Dennis J. Tietz
 

	 	 
	 	 	 	 	Name: Dennis J. Tietz
	 	 	 	 	Title: Director

Fortis
$120MM Noteexv10w3

 

Exhibit 10.3

AMENDMENT NUMBER 3

TO AMENDED AND RESTATED GUARANTY

     THIS AMENDMENT NUMBER 3, dated as of July 16, 2007 (the “Amendment”) to the Amended and
Restated Guaranty, dated as of July 19, 2001 (together with any amendments and supplements, the
“Guaranty”), between THE CRONOS GROUP, as the Guarantor (together with its successors and permitted
assigns, the “Guarantor”), and FORTIS BANK (NEDERLAND) N.V., in its capacity as Agent (together
with its successors and permitted assigns, the “Agent”) and in its capacity as a Noteholder (in
such capacity, “Fortis” or the “Noteholder”).

W
I T N E S S E
T H:

     WHEREAS, the Guarantor, the Agent and the Noteholder have previously entered into the
Guaranty; and

     WHEREAS, the parties desire to amend the Guaranty in order to modify certain provisions of the
Guaranty;

     NOW THEREFORE, in consideration of the premises and mutual covenants herein contained,
the parties hereto agree as follows:

          SECTION 1. Defined Terms. Capitalized terms used in this Amendment and not otherwise
defined herein shall have the meanings assigned in the Guaranty, or, if such terms are not defined
therein, as defined in that certain Third Amended and Restated Loan Agreement, dated as of August
1, 2005 (the “Loan Agreement”), among Cronos Finance (Bermuda) Limited, the Agent and the
Noteholder.

          SECTION 2. Full Force and Effect. Other than as specifically modified hereby, the
Guaranty shall remain in full force and effect in accordance with the terms and provisions thereof.

          SECTION 3. Amendments to the Guaranty. Effective upon the execution and delivery
hereof, the proviso at the end of Section 2(a) of the Guaranty is hereby amended and restated to
read as follows:

“provided, however, that, subject to the provisions of Section 15 hereof, the
maximum aggregate amount of funds paid by the Guarantor under this Guaranty
(such maximum aggregate amount, the “Aggregate Maximum
Guaranteed Payment”) throughout the entire term of this Guaranty shall not
exceed an amount equal to One Hundred Twenty Million Dollars ($120,000,000)
plus any additional amounts for unpaid accrued interest, fees or other payments
owed by the Issuer pursuant to the Transaction Documents.”; and

          SECTION 4. Confirmation of Guarantee. The Guarantor hereby (i) ratifies and confirms
its Guaranty to the Agent for the benefit of the Noteholder, (ii) confirms that such

 

 

Guaranty
extends to the Outstanding Obligations under the Loan Agreement, as such agreement was amended as
of July 16, 2007, and (iii) confirms that such Guaranty continues in full force and effect.

          SECTION 5. Representations and Warranties. The Guarantor hereby confirms that each of
the representations and warranties set forth in Section 5 of the Guaranty are true and correct as
of the date first written above with the same effect as though each had been made as of such date,
except to the extent that any of such representations and warranties expressly relate to earlier
dates.

          SECTION 6. Effectiveness of Amendment.

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

          (b) This Amendment shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and assigns.

          (c) On and after the execution and delivery hereof, (i) this Amendment shall be a part of the
Guaranty, and (ii) each reference in the Guaranty to “this Agreement” or “hereof”, “hereunder” or
words of like import, and each reference in any other document to the Guaranty shall mean and be a
reference to the Guaranty as amended or modified hereby.

          SECTION 7. Execution in Counterparts. This Amendment may be executed by the parties
hereto in separate counterparts, each of which shall be deemed to be an original and all of which
shall constitute together but one and the same agreement (counterparts executed by facsimile to be
valid as originals).

          SECTION 8. Governing Law. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO CONFLICT OF LAW PRINCIPLES (EXCEPT FOR SECTION
5-1401 AND SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK.

[Signature pages follow]

2

 

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

	 	 	 	 	 
	 	THE CRONOS GROUP

 	 
	 	By:  	/s/ Dennis J. Tietz
 	 
	 	 	Name:  	Dennis J. Tietz 	 
	 	 	Title:  	Director 	 

Amendment
No. 3 to A&R Guaranty

 

	 	 	 	 	 

	 	 	 	 	 
	 	APPROVED AND ACCEPTED:

FORTIS BANK (NEDERLAND) N.V.,

as Agent and Noteholder

 	 
	 	By:  	/s/ Merijn Zondag
 	 
	 	 	Name:  	Merijn Zondag 	 
	 	 	Title:  	Managing Director 	 
	 
	 	 	 
	 	By:  	/s/ M.P. Nijs
 	 
	 	 	Name:  	M.P. Nijs 	 
	 	 	Title:  	Senior Manager 	 
	 

Amendment
No. 3 to A&R Guaranty

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