Document:

exv4w1

Exhibit 4.1

Execution Version

 

 

COVANTA HOLDING CORPORATION

3.25% Cash Convertible Senior Notes due 2014

 

FIRST SUPPLEMENTAL INDENTURE

Dated as of June 10, 2009

To

INDENTURE

Dated as of May 22, 2009

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Trustee

 

 

 

 

          THIS FIRST SUPPLEMENTAL INDENTURE dated as of June 10, 2009 between Covanta Holding
Corporation, a Delaware corporation, as issuer (the “Company”), and Wells Fargo Bank, National
Association, a national banking association, as trustee (the “Trustee”).

WITNESSETH:

     WHEREAS, the Company has heretofore entered into an Indenture, dated as of May 22, 2009 (the
“Original Indenture”), with the Trustee;

     WHEREAS, Section 9.01 of the Original Indenture expressly permits the Company and the Trustee
to amend the Original Indenture or the Notes without notice to or consent of the Holder of any
Notes to, among other things, add to the covenants of the Company for the benefit of the Holders of
the Notes;

     WHEREAS, the Company wishes to amend the Original Indenture without the consent of the holders
of any Notes in accordance with Section 9.01 thereof pursuant to this First Supplemental Indenture;

     WHEREAS, the Company has requested that the Trustee sign this First Supplemental Indenture and
has delivered to the Trustee the certificates and opinions contemplated by Sections 9.06 and 11.04
of the Original Indenture in connection with such request.

     NOW, THEREFORE, in consideration of the premises, the Company covenants and agrees with the
Trustee for the equal and proportionate benefit of the holders from time to time of the Notes, as
follows:

     Section 1. Capitalized Terms

     Capitalized terms used herein without definition shall have the meanings assigned to them in
the Original Indenture.

     Section 2. Amendments to the Original Indenture

     The Company and the Trustee hereby agree to amend the Original Indenture in accordance with
Section 9.01 thereof as follows:

     (a) The definition of “Conversion Period” contained in Section 1.01 of the Original Indenture
is hereby deleted and replaced in its entirety with the following text:

     “Conversion Period” means the period of fifty (50) consecutive Settlement
Period Trading Days:

     (1) with respect to Cash Conversion Notices received during the period beginning 55
Scheduled Trading Days preceding the Maturity Date, beginning on and including the
53rd Scheduled Trading Day immediately preceding the Maturity Date;

2

 

     (2) with respect to cash conversions in connection with a Fundamental Change:

     (a) except if a Holder has made an express and irrevocable election
pursuant to clause 2(b), beginning on and including the 53rd
Scheduled Trading Day immediately preceding the Fundamental Change
Repurchase Date relating to such Fundamental Change; or

     (b) if a Holder has made an express and irrevocable election pursuant to
such Holder’s Cash Conversion Notice, beginning on and including the third
Settlement Period Trading Day immediately following the Company’s receipt of
such Holder’s Cash Conversion Notice; and

     (3) in all other cases, beginning on and including the third Settlement Period
Trading Day immediately following the Company’s receipt of a Holder’s Cash
Conversion Notice.”

     (b) The form of Cash Conversion Notice included in the form of Note in Exhibit A of the
Original Indenture is hereby deleted and replaced in its entirety with the following text:

3

 

CASH CONVERSION NOTICE

	TO:	 	COVANTA HOLDING CORPORATION (the “Company”)

WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee

          The undersigned registered owner of this Note hereby irrevocably exercises the option to cash
convert this Note, or the portion thereof (which is $1,000 or a multiple thereof) below designated
in accordance with the terms of the Indenture referred to in this Note, and directs that cash
payable upon such cash conversion and any Notes representing any unconverted principal amount
hereof, be issued and delivered to the registered holder hereof unless a different name has been
indicated below. Capitalized terms used herein but not defined shall have the meanings ascribed to
such terms in the Indenture. If any portion of this Note not converted is to be issued in the name
of a person other than the undersigned, the undersigned will provide the appropriate information
below and pay all transfer taxes payable with respect thereto. Any amount required to be paid by
the undersigned on account of interest accompanies this Note.

          In the event that cash conversion is in connection with a Fundamental Change: The undersigned
registered owner of this Note expressly and irrevocably elects by checking the box to have the
Conversion Period begin on and include the third Settlement Period Trading Day immediately
following the Company’s receipt of this Cash Conversion Notice. The undersigned registered owner
of this Note hereby acknowledges that if it does not check the box, the Conversion Period will
begin on and include the 53rd Scheduled Trading Day immediately preceding the
Fundamental Change Repurchase Date relating to such Fundamental
Change. o

Dated: ______________________

	 	 	 	 	 
	 	
 	 
	 	 	 
	 	
 	 
	 	Signature(s) 	 
	 	 	 
	 	Signature(s) must be guaranteed by an “eligible
guarantor institution” meeting the requirements of
the Registrar, which requirements include membership
or participation in the Security Transfer Agent
Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the
Registrar in addition to, or in substitution for,
STAMP, all in accordance with the Securities Exchange
Act of 1934, as amended.
 	 
	 	 	 
	 	
 	 
	 	Signature Guarantee 	 
	 	 	 

4

 

          Fill in the registration of Notes if to be delivered, and the person to whom cash is to be
made, if to be made, other than to and in the name of the registered holder:

Please print name and address

	 	 	 	 	 
	
 	 
	(Name) 	 
	 	 	 
	
 	 
	(Street Address) 	 
	 	 	 
	
 	 
	(City, State and Zip Code) 	 
	 	 	 
	Principal amount to be converted

(if less than all):

 	 
	 	 	 
	$	
 	 
	 
	Social Security or Other Taxpayer

Identification Number:

 	 
	
 	 

NOTICE: The signature on this Cash Conversion Notice must correspond with the name as written upon
the face of the Notes in every particular without alteration or enlargement or any change whatever.

5

 

     Section 3. Miscellaneous Provisions

     (a) Ratification of Original Indenture. Except as expressly amended or supplemented hereby,
the Original Indenture is in all respects ratified and confirmed and all the terms, conditions and
provisions thereof shall remain in full force and effect. The parties acknowledge that, pursuant
to Article 9 of the Original Indenture, this First Supplemental Indenture shall form a part of the
Original Indenture for all purposes, and every Holder of Notes previously or hereafter
authenticated and delivered under the Original Indenture shall be bound hereby.

     (b) Governing Law. This First Supplemental Indenture shall be governed by, and construed in
accordance with, the laws of the State of New York.

     (c) Multiple Originals. The parties may sign any number of copies of this First Supplemental
Indenture. Each signed copy shall be an original, but all of them together represent the same
agreement. One signed copy is enough to prove this First Supplemental Indenture. The exchange of
copies of this First Supplemental Indenture and of signature pages by facsimile or PDF
transmission shall constitute effective execution and delivery of this First Supplemental
Indenture as to the parties hereto and may be used in lieu of the original First Supplemental
Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF
shall be deemed to be their original signatures for all purposes.

     (d) Severability Clause. In case any provision in this First Supplemental Indenture shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby and such provision shall be
ineffective only to the extent of such invalidity, illegality or unenforceability.

     (e) Conflicts. To the extent of any inconsistency between the terms of the Original
Indenture or the Notes (including the reverse thereof) and this First Supplemental Indenture, the
terms of this First Supplemental Indenture will control.

     (f) No Responsibility of Trustee. The recitals contained in this First Supplemental
Indenture shall be taken as the statements of the Company, and the Trustee assumes no
responsibility for the correctness thereof or for the validity or sufficiency of this First
Supplemental Indenture.

6

 

     IN WITNESS WHEREOF, the parties have caused this First Supplemental Indenture to be duly
executed as of the date first written above.

	 	 	 	 	 
	 	COVANTA HOLDING CORPORATION,

as Issuer

 	 
	 	By:  	/s/ Mark A. Pytosh
 	 
	 	 	Name:  	Mark A. Pytosh 	 
	 	 	Title:  	Executive Vice President and Chief

Financial Officer 	 
	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Trustee

 	 
	 	By:  	/s/ Raymond Delli Calli
 	 
	 	 	Name:  	Raymond Delli Calli 	 
	 	 	Title:  	Vice President 	 
	 

7exv10w4w2

Exhibit 10.4.2

FORM OF AMENDMENT NO. 2

TO

FIRST AMENDED AND RESTATED ADVISORY AGREEMENT

     THIS AMENDMENT NO. 2 TO FIRST AMENDED AND RESTATED ADVISORY AGREEMENT (this “Amendment No.
2”), dated as of ___, 2009 and effective as of ___, 2009, is entered into by and
among Grubb & Ellis Apartment REIT, Inc., a Maryland corporation (the “Company”), and Grubb
& Ellis Apartment REIT Advisor, LLC, a Virginia limited liability company (the “Advisor”).

W I T N E S S E T H:

     WHEREAS, the parties hereto are parties to that certain First Amended and Restated Advisory
Agreement dated as of July 18, 2008 (the “Amended Advisory Agreement”), as amended by
Amendment No. 1 to the Amended Advisory Agreement dated as of November 26, 2008 (“Amendment No.
1”);

     WHEREAS, the parties hereto desire to amend the Amended Advisory Agreement, as amended by
Amendment No. 1, as provided by this Amendment No. 2;

     NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements
contained herein, the parties hereto, intending to be legally bound, hereby agree as follows:

     1. Definitions. The following new Sections 1(oo) and 1(pp) are hereby added to the
Amended Advisory Agreement.

     “(oo) “Real Estate-Related Securities” shall mean any real estate-related securities
investments transferred or conveyed to the Company or the Partnership, either directly or
indirectly, or such investments the Board of Directors and the Advisor mutually designate as
Real Estate-Related Securities to the extent such investments could be classified as either
Real Estate-Related Securities or Properties.”

     “(pp) “Offering Stage” shall mean the period from the commencement of the Company’s
initial public equity offering through the termination of the Company’s last public equity
offering prior to Listing. For purposes of this definition, “public equity offering” does
not include offerings on behalf of selling Stockholders or offerings related to a
distribution reinvestment plan, employee benefit plan or the redemption of interests in the
Partnership.”

     2. Compensation.
Sections 9(a) & 9(b) of the Amended Advisory Agreement are hereby deleted in
their entirety and replaced with the following.

 

 

     “(a) The Advisor or its Affiliates shall receive as compensation for services
rendered in connection with the investigation, selection and acquisition of Real
Estate Assets and Real Estate-Related Securities (by purchase, investment or
exchange) funded by equity raised during the Offering Stage by the Advisor or its
Affiliates, including any acquisitions completed after the end of the Offering Stage
and/or termination of this Agreement or funded with net proceeds from a Sale, an
Acquisition Fee payable by the Company. The total Acquisition Fees paid to the
Advisor or its Affiliates shall not exceed (i) 3.0% of the Contract Purchase Price
of Properties acquired directly or indirectly by the Company, (ii) 4.0% of the Total
Development Cost of Properties developed by or on behalf of the Company for services
provided by the Advisor, its Affiliates or sub-contractors thereof, and (iii) 2.0%
of the origination price or purchase price of (A) Real Estate-Related Securities and
(B) Real Estate Assets other than Properties, originated or acquired by the Company.
At the Advisor’s discretion, a portion of the Acquisition Fee may be paid to
third-party developers for services rendered. Acquisition Fees shall be payable on
the acquisition of a specific Property, on the acquisition of a portfolio of
Properties through a purchase of assets, controlling securities or by Joint Venture,
by a merger or similar business combination or other comparable transaction, on the
completion of development of a Property or Properties for the Company, or on the
origination or acquisition of Real Estate-Related Securities or Real Estate Assets
other than Properties. However, the total of all Acquisition Fees and Acquisition
Expenses payable with respect to any Real Estate Assets and Real Estate-Related
Securities shall not exceed 6.0% of the Contract Purchase Price of such Real Estate
Assets or Real Estate-Related Securities, or in the case of a loan, 6.0% of the
funds advanced, unless fees in excess of such amount are approved by a majority of
the Directors not interested in such transaction and by a majority of the
Independent Directors not interested in such transaction and which transaction is
determined to be commercially competitive, fair and reasonable to the
Company. Notwithstanding anything to the contrary herein, in the event the Advisor’s
obligations in Section 2(a) herein terminate or are waived by the Company, the
Advisor may, in its sole discretion, waive all or a portion of its rights under this
Section 9(a).”

     “(b) The Advisor shall receive as compensation for services rendered in connection
with the management of the Company’s assets the Asset Management Fee. The Asset
Management Fee shall be equal to 0.5% of Average Invested Assets, calculated monthly not
to exceed one-twelfth of 0.5% of the Average Invested Assets of the Company as of the
last day of the immediately preceding quarter. The Asset Management Fee shall be payable
monthly in arrears by the Company in cash or in shares at the option of the Advisor,
and may be deferred, in whole or in part, from time to time, by the Advisor (without
interest); provided, however, that the Company’s obligation to pay the Asset Management
Fee shall be subject to the Stockholders receiving distributions in an amount
equal to 5.0% per annum, cumulative, non-compounded, of Invested
Capital and, effective January 1, 2009, the Advisor will waive the Asset
Management Fee until the quarter following the quarter in which the Company generates
funds from operations (“FFO”) sufficient to cover 100% of its distributions declared to
its Stockholders for such quarter. For purposes of calculating FFO, non-recurring
charges including, but not limited to, acquisition related expenses, amortization of
deferred financing fees on the Company’s line of credit or other equivalent mezzanine
financing, interest expense associated with the Company’s line of credit, the Company’s
loan from NNN Realty Advisors, Inc. or other mezzanine loans, and gains or losses on
future interest rate swaps, will be excluded.”

     3. Compensation for Additional Services, Certain Limitations. Section 11(b) of the
Amended Advisory Agreement is hereby deleted in its entirety and replaced with the following.

     “(b) In extraordinary circumstances, the Advisor and its Affiliates may provide
other goods and services to the Company if all of the following criteria are met:
(i) the goods or services must be necessary to the prudent operation of the Company;
and (ii) the compensation, price or fee must be equal to the lesser of the
compensation, price or fee the Company would be required to pay to independent
parties who are rendering comparable services or selling or leasing comparable goods
on competitive terms in the same geographic location, or the compensation, price or
fee charged by the Advisor or its Affiliates for rendering comparable services or
selling or leasing comparable goods to third parties on competitive terms. In
addition, any such payment will be subject to the further

 

 

limitation described in paragraph (c) below. Extraordinary circumstances shall
be presumed only when there is an emergency situation requiring immediate action by
the Advisor or its Affiliates and the goods or services are not immediately
available from unaffiliated parties. Services which may be performed in such
extraordinary circumstances include emergency maintenance of Company Properties,
janitorial and other related services due to strikes or lock-outs, emergency tenant
evictions and repair services which require immediate action, as well as operating
and re-leasing properties with respect to which the leases are in default or have
been terminated.”

     4. Defined Terms; References.

     Capitalized terms used but not defined herein shall have the meanings assigned to such terms
in the Amended Advisory Agreement, as amended by Amendment No. 1. Each reference to “hereof,”
“hereunder,” “herein” and “hereby” and each other similar reference and each reference to “this
Amended Advisory Agreement” and each other similar reference contained in the Agreement shall,
after the date hereof, refer to the Amended Advisory Agreement as amended by Amendment No. 1 and
this Amendment No. 2.

     5. Titles and Headings.

     The headings in this Amendment No. 2 are for reference purposes only, and shall not in any way
affect the meaning or interpretation of this Amendment No. 2.

     6. Severability.

     The invalidity of any portion of this Amendment No. 2 shall not affect the validity, force or
effect of the remaining portions hereof. If it is ever held that any restriction hereunder is too
broad to permit enforcement of such restriction to its fullest extent, such restriction shall be
enforced to the maximum extent permitted by law.

     7. Counterparts and Recognition of Facsimile Signatures.

     This Amendment No. 2 may be executed in one or more counterparts, each of which shall be
deemed an original agreement, but all of which together shall constitute one and the same
instrument. Additionally, the parties hereto acknowledge and agree that a facsimile signature to
this Amendment No. 2 will be recognized and accepted as an original signature.

     8. Governing Law.

     The parties hereto agree that this Amendment No. 2 shall be governed by the provisions of
Section 24 of the Amended Advisory Agreement.

 

 

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 2 to be executed
effective as of the date first written above by their respective officers thereunto duly
authorized.

	 	 	 	 	 	 	 
	 	 	GRUBB & ELLIS APARTMENT REIT, INC.
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	GRUBB & ELLIS APARTMENT REIT ADVISOR, LLC
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 

	 	Title:

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