Document:

EX-4.2

 Exhibit 4.2 
 Execution Version 
 AMENDMENT TO THE PARTNERSHIP PREFERRED
SECURITIES SUBORDINATED GUARANTEE AGREEMENT 
 This AMENDMENT TO THE PARTNERSHIP PREFERRED SECURITIES SUBORDINATED GUARANTEE
AGREEMENT (this “Amendment”) dated as of April 24, 2014, is executed and delivered by Santander UK plc (formerly known as Abbey National plc), a public limited company organized under the laws of England (the
“Guarantor” or the “Bank”) and The Bank of New York Mellon (formerly known as The Bank of New York), a New York banking corporation, as trustee (the “Guarantee Trustee”). Capitalized terms used
herein shall have the meanings ascribed to them in the Guarantee Agreement (as defined below), unless expressly defined herein. 

W I T N E S S E T H: 
 WHEREAS, the Guarantor, Abbey National Capital Trust I, in its capacity as Holder of the Partnership Preferred Securities, and the Guarantee Trustee have executed and delivered a Partnership
Preferred Securities Subordinated Guarantee Agreement dated as of February 7, 2000 (the “Guarantee Agreement”); 
 WHEREAS, pursuant to Section 10.02 of the Guarantee Agreement, the Guarantor and the Guarantee Trustee may amend the Guarantee Agreement without the consent of the Holders in order to
(i) cure any ambiguity, (ii) correct or supplement any provision in the Guarantee Agreement that may be defective or inconsistent with any other provision of the Guarantee Agreement, (iii) add to the covenants, restrictions or
obligations of the Guarantor, (iv) conform to any change in the Investment Company Act or the rules or regulations thereunder and (v) modify, eliminate and add to any provision of the Guarantee Agreement to such extent as may be necessary
or desirable; provided that no such amendment shall have a material adverse effect on the rights, preferences or privileges of the Holders; 
 WHEREAS, the Guarantor has determined it is necessary to make the amendments contained herein and has determined that such amendments shall not materially adversely affect the rights, preferences
or privileges of any Holder; 
 WHEREAS, the Guarantor has requested that the Guarantee Trustee execute and
deliver this Agreement for the purposes of amending the Guarantee Agreement in certain respects as permitted by Section 10.02 of the Guarantee Agreement; and 
 WHEREAS, all actions, conditions and requirements necessary to make this Amendment a valid, binding and enforceable instrument in accordance with the terms of the Guarantee Agreement have
been taken, performed and fulfilled and the execution and delivery hereof have been in all respects duly authorized. 
 NOW,
THEREFORE, in consideration of the foregoing and the mutual covenants and promises contained herein and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Guarantor and the Guarantee
Trustee, intending to be legally bound hereby, agree as follows: 
 ARTICLE 1 

AMENDMENTS TO THE GUARANTEE AGREEMENT 
 Section 1.01. Amendments. The Guarantee Agreement is hereby amended as follows: 
 (a) Section 1.01 (Definition of “Qualified Subsidiary”). The definition of “Qualified Subsidiary” set forth in Section 1.01 of the Guarantee Agreement shall be deleted
in its entirety and replaced with the following: 
 “Qualified Subsidiaries” means one or more subsidiaries of
the Bank which are (i) deemed to be a “company controlled by the parent company” under Rule 3a-5, as amended, of the Investment Company Act and (ii) in relation to the holding of the Trust Common Securities only, a United States
Person for purposes of Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended from time to time, or any successor legislation. 

 (b) Section 7.02(c). The first sentence of Section 7.02(c) of the Guarantee
Agreement shall be deleted in its entirety and replaced with the following: 
 “The Guarantor, for so long as any Trust
Securities or Partnership Preferred Securities remain outstanding, shall maintain 100% ownership of the Partnership General Interest, or shall cause any one or more Qualified Subsidiaries (each, a “Potential Securityholder”) to
maintain, 100% ownership of the Partnership General Interest and the Trust Common Securities.” 
 ARTICLE 2

 MISCELLANEOUS 
 Section 2.01. Effect of this Amendment. This Amendment shall become effective upon its execution and delivery. 
 Except as hereby expressly amended, the Guarantee Agreement is in all respects ratified and confirmed and all the terms, provisions and conditions thereof shall be and remain in full force and effect.
This Amendment shall be deemed an integral part of the Guarantee Agreement in the manner and to the extent herein and therein provided. 
 Section 2.02. Responsibility for Recitals, Etc. The recitals herein shall be taken as the statements of the Guarantor, and the Guarantee Trustee assumes no responsibility for the correctness
thereof. The Guarantee Trustee makes no representations as to the validity or sufficiency of this Amendment. 

Section 2.03. Ratification. Except as expressly provided in this Amendment, all of the terms, covenants, and other provisions
of the Guarantee Agreement are hereby ratified and confirmed and shall continue to be in full force and effect in accordance with their respective terms. 
 Section 2.04. Governing Law. This Amendment shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York without regard to conflicts of law
principles thereof. 
 Section 2.05. Counterparts. This Amendment may be executed in any number of counterparts,
each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. 

Section 2.06. Entire Agreement. This Amendment constitutes the entire agreement of the parties hereto with respect to the
amendments to the Guarantee Agreement set forth herein. 
 [Remainder of page intentionally left blank] 

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

			
	SANTANDER UK PLC,
	as Guarantor
		
	By:	 	 /s/ Shaun Coles

	Name:	 	Shaun Coles
	Title:	 	Deputy Company Secretary

  

			
	THE BANK OF NEW YORK MELLON,
	as Guarantee Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature Page to Amendment to the Partnership Preferred Securities Subordinated Guarantee
Agreement] 

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

			
	SANTANDER UK PLC,
	as Guarantor
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	 THE BANK OF NEW YORK MELLON,
 as Guarantee Trustee

		
	By:	 	 /s/ Trevor Blewer

	Name:	 	Trevor Blewer
	Title:	 	Vice President

 [Signature Page to Amendment to the Partnership Preferred Securities Subordinated Guarantee
Agreement]Exhibit 10.1

 

AIRCRAFT DRY LEASE

 

This Lease of aircraft is made effective as of September 1, 2014, by and between Odyssey Adventures, LLC, a Colorado limited liability company, with an address of 1600 Stout Street, Suite 1800, Denver, CO 80202 (“Lessor”), and Intrepid Potash, Inc., a Delaware corporation, with an address of 707 17th St., Suite 4200, Denver, CO 80202 (“Lessee”).

 

RECITALS

 

The parties recite that:

 

WHEREAS, Lessor owns and is the registered owner of the airframe together with the Engines, APU(s) and all appliances, parts, instruments, avionics and appurtenances thereto, including any replacement part(s) or engine(s) which may be installed on the Aircraft from time to time, and all logs, manuals and other records relating to such Aircraft (collectively, the “Aircraft”):

 

	
FAA Registration Number:
    	
 
    	
N442HM
    
	
Aircraft   Serial Number:
    	
 
    	
4034
    
	
Aircraft   Manufacturer:
    	
 
    	
Gulfstream   Aerospace
    
	
Aircraft   Model:
    	
 
    	
GIV-X   (G450)
    
	
Aircraft   Year:
    	
 
    	
2005
    
	
Engine   Serial Numbers:
    	
 
    	
85082   and 85083
    
	
Engine   Manufacturer:
    	
 
    	
Rolls   Royce
    
	
Engine   Model:
    	
 
    	
TAY   611SER
    

 

WHEREAS, Lessee desires to lease the Aircraft under such terms and conditions as are mutually satisfactory to the parties.

 

The parties agree as follows:

 

SECTION ONE

LEASE OF AIRCRAFT

 

For $6,235 per flight hour, Lessor agrees to lease the Aircraft to Lessee. Lessee

 

 

acknowledges that Lessor has also entered into a management agreement with Airmax, LLC,  a limited liability company organized under the laws of the State of Colorado with an address at 8481 Aviator Lane, Centennial, CO 80112,  pursuant to which Airmax, LLC shall manage the Aircraft according to 14 C.F.R Part 91 and Airmax, LLC’s policies.  It shall be conclusively presumed between the parties that Lessee has fully inspected the Aircraft having knowledge that it is in good condition and repair and that Lessee is satisfied with and has accepted the Aircraft in such condition and repair.

 

SECTION TWO

TERM

 

This Lease will commence on the date first above written and continue for one year after said date.  Thereafter, this Lease will be automatically renewed on a month to month basis, unless sooner terminated by either party as hereinafter provided.  Either party may at any time terminate this Lease upon thirty (30) days written notice to the other party, delivered personally or by certified mail, return receipt requested, at the address set forth above.

 

SECTION THREE

PRIVATE AND COMMERCIAL OPERATION

 

Neither Lessee nor Lessor will make the Aircraft available for hire within the meaning of the Federal Aviation Regulations.  The Aircraft must be operated in accordance with 14 C.F.R. Part 91 at all times. Lessor and Lessee hereby agree that Lessee shall have complete and uncompromised operational control of the Aircraft under 14 C.F.R. Part 91 at all times the Aircraft is operated by Lessee under this Lease.  Lessee represents and warrants that it is leasing the Aircraft for either:

 

(a)                                 the personal transportation of Lessee and Lessee’s guests where no charge, assessment or fee is made for such transportation; or

 

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(b)                                 the transportation of Lessee’s officials, employees, guests and property where such transportation is within the scope of or incidental to Lessee’s business. Lessee represents and warrants that it is not leasing the Aircraft for the purpose of charter or lease to third parties which could be considered commercial air transportation or air transportation for hire as set out in the Federal Aviation Regulations.

 

SECTION FOUR

INSURANCE

 

At all times during the term of this Lease, Lessor will also cause to be carried and maintained third party aircraft liability insurance, passenger legal liability insurance, property damage liability insurance, and medical expense insurance in the amounts set forth below:

 

	
Combined Liability Coverage for
    	
 
    	
 
    	
 
    
	
Bodily Injury and Property Damage
    	
 
    	
 
    	
 
    
	
Including Passengers -
    	
 
    	
 
    	
 
    
	
Each Occurrence
    	
 
    	
$
    	
200,000,000
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Medical Expense Coverage -
    	
 
    	
 
    	
 
    
	
Each Person
    	
 
    	
$
    	
50,000
    	
 
    

 

Lessee’s proportionate share of the cost of the above insurance is included in Lessee’s lease payments to Lessor.  Lessee will also bear the cost of paying any deductible amount on any policy of insurance in the event of a claim or loss.

 

Any policies of insurance carried in accordance with this Lease: (i) shall name Lessee as an additional insured; and (ii) shall contain a waiver by the underwriter thereof of any right of subrogation against Lessor; and (iii) shall provide that in respect of the interests of Lessor, such policies of insurance shall not be invalidated by any action or inaction of Lessee or any other 

 

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person and shall insure Lessor (subject to the limits of liability and war risk exclusion set forth in such policies) regardless of any breach or any violation of any warranty, declarations or conditions contained in such policies by Lessee or any other person; and (iv) shall provide that if the insurers cancel insurance for any reason whatsoever, or the same is allowed to lapse for non-payment of premium, or if there is any material change in policy terms and conditions, such a cancellation, lapse or change shall not be effective as to Lessee.  Each liability policy shall be primary without right of contribution from any other insurance which is carried by Lessee or Lessor and shall expressly provide that all of the provisions thereof, except the limits of liability, shall operate in the same manner as if there were a separate policy covering each insured.

 

Lessor will submit this Lease for approval to the insurance carrier for each policy of insurance on the Aircraft.  Lessor will arrange for a Certificate of Insurance evidencing appropriate coverage as to the Aircraft and the satisfaction of the requirements set forth above to be given by its insurance carriers to Lessee upon Lessee’s request.

 

SECTION FIVE

RESTRICTIONS ON USE

 

Lessee may operate the Aircraft only for the purposes and within the geographical limits set forth in the insurance policy or policies obtained in compliance with this Lease.  The Aircraft will be operated at all times in accordance with the flight manual and all manufacturer’s suggested operating procedures.  Furthermore, Lessee will not use the Aircraft in violation of any foreign, federal, state, territorial, or municipal law or regulation and will be solely responsible for any fines, penalties, or forfeitures occasioned by any violation by Lessee.  If such fines or penalties are imposed on Lessor and paid by Lessor, Lessee will reimburse Lessor for the amount thereof within thirty (30) days of receipt by Lessee of written demand from Lessor.  Lessee will 

 

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not base the Aircraft, or permit it to be based, outside the limits of the United States of America, without the written consent of Lessor.

 

The Aircraft will be flown only by certificated and qualified pilots and will be maintained only by certificated and qualified mechanics. Lessor agrees, represents and warrants that Lessee may make an independent choice in selecting crew members that Lessee uses on Lessee flights.

 

Lessee will not directly or indirectly create, incur, assume or suffer to exist any lien on or with respect to the Aircraft.  Lessee will promptly, at its own expense, take such action as may be necessary to discharge any lien not excepted above if the same will arise at any time.

 

This Lease shall be subject and subordinate in law and equity to any existing or future security interest, mortgage or deeds of trust placed by Lessor upon the Aircraft.

 

SECTION SIX

INSPECTION BY LESSOR

 

Lessee agrees to permit Lessor or any authorized agent to inspect the Aircraft at any reasonable time and to furnish any information in respect to the Aircraft and its use that Lessor may reasonably request.

 

SECTION SEVEN

ALTERATIONS

 

Except in accordance with other written agreements entered into subsequent to the date of this Lease between Lessee and Lessor regarding maintenance of the Aircraft, Lessee will not have the right to alter, modify, or make additions or improvements to the Aircraft without the permission of Lessor.  All such alterations, modifications, additions, and improvements as are so made will become the property of Lessor and will be subject to all of the terms of this Lease.

 

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SECTION EIGHT

MAINTENANCE AND REPAIR

 

Lessee shall inspect the Aircraft and all maintenance records pertaining to the Aircraft and confirm the airworthiness of the Aircraft prior to each flight under this Lease. If Lessee determines any repair or maintenance should be completed prior to any flight, Lessee shall not operate the Aircraft until such time as certificated and qualified mechanics have completed such repairs or maintenance.  Lessor shall schedule and pay for all repairs and maintenance on the Aircraft during the term of this Lease, including all ferry flights and transportation charges on replacements parts and accessories.  Lessee’s proportionate share of the cost of all such repairs and maintenance is included in Lessee’s lease payments to Lessor.  Lessor will be entitled to any and all salvage from broken or worn out parts.

 

All inspections, repairs, modifications, maintenance, and overhaul work to be accomplished by Lessor will be performed by personnel certificated to perform such work and will be performed in accordance with the standards set by the Federal Aviation Regulations.  Lessee will maintain all log books and records pertaining to the Aircraft during the term of this Lease in accordance with the Federal Aviation Regulations.  Such records will be made available for examination by Lessor, and at the termination of this Lease, Lessee will deliver such records to Lessor. Lessee agrees and acknowledges that Lessor has arranged for the Aircraft to be maintained by Airmax, LLC in accordance with 14 C.F.R Part 91, and accordingly, Lessee shall provide the Aircraft records and logbooks to Airmax, LLC as required by Airmax, LLC to maintain the Aircraft.

 

SECTION NINE

TITLE

 

The registration of and title to the Aircraft will be in the name of the Lessor, and the

 

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Aircraft, at all times during the term of this Lease or any extension, will bear United States registration markings.  All responsibility and obligations in regard to the operation of the Aircraft as above owned, registered, and marked will be borne by Lessee during the term of this Lease.

 

SECTION TEN

PAYMENT OF TAXES

 

Lessee will pay all taxes associated with Lessee’s use of the Aircraft on Lessee’s own business, including landing fees, fuel taxes, and any other taxes or fees which may be assessed against a specific flight by Lessee.

 

SECTION ELEVEN

ASSIGNMENT

 

Lessee shall not assign this Lease or any interest in the Aircraft, or sublet the Aircraft, without prior consent of Lessor.  Subject to the foregoing, this Lease inures to the benefit of, and is binding on, the heirs, legal representatives, successors, and assigns of the parties.

 

SECTION TWELVE

ACCIDENT AND CLAIM

 

Lessee will immediately notify Lessor and Airmax, LLC of each accident involving the Aircraft, which notification will specify the time, place, and nature of the accident or damage, the names and addresses of parties involved, persons injured, witnesses, and owners of properties damaged, and such other information as may be known.  Lessee will advise Lessor of all correspondence, papers, notices, and documents whatsoever received by Lessee in connection with any claim or demand involving or relating to the Aircraft or its operation, and will aid in any investigation instituted by Lessor and in the recovery of damages from third persons liable therefor.

 

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SECTION THIRTEEN

RETURN OF AIRCRAFT TO LESSOR

 

Upon the conclusion of each flight conducted by Lessee under this Lease, Lessee will return the Aircraft to Lessor at the Centennial Airport, Englewood, Colorado, in as good operating condition and appearance as when received, ordinary wear, tear and deterioration excepted, and will indemnify Lessor against any claim for loss or damage occurring prior to the actual physical delivery of the Aircraft to Lessor.

 

SECTION FOUTEEN

MODIFICATION OF AGREEMENT

 

This Lease constitutes the entire understanding between the parties, and any change or modification must be in writing and signed by both parties.

 

SECTION FIFTEEN

GOVERNING LAW

 

This Lease is entered into under, and is to be construed in accordance with, the laws of the State of Colorado.

 

SECTION SIXTEEN

TRUTH IN LEASING STATEMENT

 

THE AIRCRAFT, A GULFSTREAM AEROSPACE., GIV-X (G450), MANUFACTURER’S SERIAL NO.  4124, CURRENTLY REGISTERED WITH THE FEDERAL AVIATION ADMINISTRATION AS N944AL, HAS BEEN MAINTAINED AND INSPECTED UNDER FAR PART 91 DURING THE 12 MONTH PERIOD PRECEDING THE DATE OF THIS LEASE.

 

THE AIRCRAFT WILL BE MAINTAINED AND INSPECTED UNDER FAR PART 91 FOR OPERATIONS TO BE CONDUCTED UNDER THIS LEASE.  DURING THE DURATION OF THIS LEASE, INTREPID PRODUCTION CORPORATION 700 17TH ST., SUITE 1700, DENVER, CO 80202, IS CONSIDERED RESPONSIBLE FOR OPERATIONAL CONTROL OF THE AIRCRAFT UNDER THIS LEASE.

 

AN EXPLANATION OF FACTORS BEARING ON OPERATIONAL CONTROL AND PERTINENT FEDERAL AVIATION REGULATIONS CAN BE OBTAINED FROM THE NEAREST FAA FLIGHT STANDARDS DISTRICT OFFICE.

 

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THE “INSTRUCTIONS FOR COMPLIANCE WITH TRUTH IN LEASING REQUIREMENTS” ATTACHED HERETO ARE INCORPORATED HEREIN BY REFERENCE.

 

I, THE UNDERSIGNED MARTIN D. LITT, AS THE EXECUTIVE VICE PRESIDENT, GENERAL COUNSEL AND SECRETARY OF INTREPID POTASH, INC., 707 17TH ST., SUITE 4200, DENVER, CO 80202, CERTIFY THAT INTREPID POTASH, INC. IS RESPONSIBLE FOR OPERATIONAL CONTROL OF THE AIRCRAFT AND THAT I UNDERSTAND ITS RESPONSIBILITIES FOR COMPLIANCE WITH APPLICABLE FEDERAL AVIATION REGULATIONS.

 

	
SIGNED:   
    	
/s/   Martin D.   Litt                      
    	
,
    	
MARTIN   D. LITT.
    	
 
    

 

Signature Page Follows

 

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IN WITNESS WHEREOF, the parties have executed this Lease.

 

	
LESSOR
    	
 
    
	
 
    	
 
    
	
Odyssey   Adventures, LLC
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:   
    	
/s/   Hugh E. Harvey, Jr.
    	
8/12/14
    	
 
    
	
 
    	
Hugh   E. Harvey, Jr.
    	
 
    
	
 
    	
Member
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
LESSEE
    	
 
    
	
 
    	
 
    
	
Intrepid   Potash, Inc.
    	
 
    
	
 
    	
 
    
	
By:   
    	
/s/   Martin D. Litt
    	
8/13/14
    	
 
    
	
 
    	
Martin   D. Litt
    	
 
    
	
 
    	
Executive   Vice President, General Counsel and Secretary
    	
 
    

 

 

INSTRUCTIONS FOR COMPLIANCE WITH “TRUTH IN LEASING”

REQUIREMENTS

 

1.                                      Mail a copy of the lease agreement to the following address via certified mail, return receipt requested, immediately upon execution of the agreement (14 C.F.R. 91.23 requires that the copy be sent within twenty-four hours after it is signed):

 

Federal Aviation Administration

Aircraft Registration Branch

ATTN:  Technical Section

P.O. Box 25724

Oklahoma City, Oklahoma 73125

 

2.                                      Telephone the nearest Flight Standards District Office at least forty-eight hours prior to the first flight under this lease agreement.

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