Document:

sfy_ex45-10182012

144A GLOBAL NOTE

THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (i) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.07(c) OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.07(c)(1) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.10 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.   UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS NOTE  NOR  ANY  INTEREST  OR  PARTICIPATION  HEREIN  MAY  BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION.

THE HOLDER OF THIS NOTE, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED NOTES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS IN THE CASE OF RULE 144A NOTES: ONE YEAR (OR SUCH SHORTER PERIOD THEN REQUIRED UNDER RULE 144 OR ITS SUCCESSOR RULE); OR IN THE CASE OF REGULATION S NOTES: 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE COMPANY OR ANY AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS NOTE (OR ANY PREDECESSOR OF SUCH NOTE), ONLY (A) TO THE COMPANY, (B) PURSUANT TO A REGISTRATION 

STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY  TO  EACH  OF  THEM.  THIS  LEGEND  WILL  BE  REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.

IN THE CASE OF REGULATION S NOTES: BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION  S  UNDER  THE  SECURITIES  ACT.    AS  USED  HEREIN,  THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES” AND “UNITED STATES PERSON” HAVE THE MEANINGS GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT.

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SWIFT ENERGY COMPANY

7 7/8% Senior Note due 2022

	
		
	REGISTERED
	CUSIP No. 870738AL5

	No. R-1
	$141,350,000.00

Swift Energy Company, a Texas corporation (the “Company,” which term includes any successor under the Indenture hereinafter referred to), for value received, promises to pay to Cede & Co., or its registered assigns, the principal sum of one hundred forty-one million, three hundred and fifty thousand United States Dollars ($141,350,000.00) on March  1,  2022  or  such  greater  or  lesser  amount  as  indicated  on  the  Schedule  of Exchanges of Interests in the Global Note attached hereto.
Interest Payment Dates:  March 1, and September 1, commencing March 1, 2013. Regular Record Dates:  February 15 and August 15.

Reference is hereby made to the further provisions of this 7 7/8% Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.

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IN  WITNESS  WHEREOF,  the  Company  has  caused  this  7 7/8%  Note  to  be  signed manually or by facsimile by its duly authorized officers. 
Date:
	
			
	 
	SWIFT ENERGY COMPANY

	 
	

By:
	/s/ Terry E. Swift

	 
	 
	Terry E. Swift
Chief Executive Officer

	 
	

By:
	/s/ Alton D. Heckaman, Jr.

	 
	 
	Alton D. Heckaman, Jr.
Executive Vice President and
Chief Financial Officer

Trustee’s Certificate of Authentication

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

	
			
	 
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Trustee

	 
	

By:
	/s/ Patrick Giordano

	 
	 
	Authorized Signatory

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[REVERSE OF 7 7/8% NOTES]

SWIFT ENERGY COMPANY

7 7/8% Senior Note due 2022

1.   Indenture; Limitations.

The Company issued the 7 7/8% Notes under an Indenture dated as of May 19, 2009 (the “Original Indenture”), between the Company and Wells Fargo Bank, National Association, as trustee (the “Trustee”), and a Second Supplemental Indenture dated as of November 30, 2011 (the “Supplemental Indenture”) (the Original Indenture, as amended and supplemented by the Supplemental Indenture being hereinafter referred to as the “Indenture”), among the Company, Swift Energy Operating, LLC, as guarantor (the “Guarantor”) and the Trustee.   Capitalized terms herein are used as defined in the Indenture unless otherwise indicated. The terms of the 7 7/8% Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act. The 7 7/8% Notes are subject to all such terms, and Holders are referred to the Indenture and the Trust Indenture Act for a statement of all such terms. To the extent permitted by applicable law, in the event of any inconsistency between the terms of this 7 7/8% Note and the terms of the Indenture, the terms of the Indenture shall control.

The  7 7/8%  Notes   are  senior   unsecured   obligations   of  the  Company  and unconditionally guaranteed by the Guarantor.   The aggregate principal amount of the 7 7/8% Notes which may be issued, executed, authenticated, delivered and outstanding is unlimited  (subject  to  Section 1  of  the  Supplemental  Indenture).  The  Company may, subject to Article IV of the Indenture, issue Additional 7 7/8% Notes under the Indenture in either a limited or an unlimited aggregate principal amount. This 7 7/8% Note is one of the Additional 7 7/8% Notes referred to in the Indenture issued in an aggregate principal amount of $150,000,000. The Additional 7 7/8% Notes may be issued as part of the same or a different series of Debt Securities as the Original 7 7/8% Notes. The 7 7/8% Notes include the Original 7 7/8% Notes and any Additional 7 7/8% Notes that may be issued under the Indenture as part of the same series.

2.   Principal and Interest.

The principal of this 7 7/8% Note will mature on March 1, 2022.

The Company promises to pay interest on the principal amount of this 7 7/8% Note on each March 1 and September 1 (each an “Interest Payment Date”), as set forth below, at the rate per annum shown above, which rate is subject to increase in certain circumstances as provided in the Registration Rights Agreement (herein so called) dated as of October 3, 2012 among the Company, the Guarantor and the initial purchasers named therein. Each reference to “interest” appearing herein is deemed to include any additional interest that may accrue on the 7 7/8% Notes as liquidated damages pursuant to the Registration Rights Agreement.

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Interest will be payable semiannually (to the holders of record of the 7 7/8% Notes at the close of business on the February 15 or August 15 immediately preceding the Interest Payment Date) on each Interest Payment Date, commencing March 1, 2013.

Interest on the Additional 7 7/8% Notes will accrue from the most recent date to which interest has been paid on the Additional 7 7/8% or, if no interest has been paid, from September 1, 2012, provided that, if there is no existing Default in the payment of interest and this 7 7/8% Note is authenticated between a Regular Record Date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such Interest Payment Date. Interest will be computed on the basis of a 360-day year of twelve 30-day months.

The Company shall pay interest on overdue principal at the rate borne by the 7 7/8% Notes plus 1% per annum, and it shall pay interest on overdue installments of interest, to the extent lawful, at the rate borne by the 7 7/8% Notes.

3.   Method of Payment.

The Company will pay interest (except defaulted interest) on the principal amount of the 7 7/8% Notes as provided above on each Interest Payment Date to the persons who are Holders (as reflected in the Debt Security Register at the close of business on the February 15 and August 15 immediately preceding the relevant Interest Payment Date), in each case, even if the 7 7/8% Note is canceled on registration of transfer, registration of exchange, redemption or repurchase after such record date and on or before the Interest Payment Date, provided that, with respect to the payment of principal, the Company will make payment to the Holder that surrenders this 7 7/8% Note to a paying agent on or after the maturity thereof.

The Company will pay principal, premium, if any, and as provided above, interest in money of the United States that at the time of payment is legal tender for payment of public and private debts. However, the Company, at its option, may pay principal, premium, if any, and interest by its check payable in such money. It may mail an interest check to a Holder’s registered address (as reflected in the Debt Security Register). Payments in respect of 7 7/8% Notes represented by a Global Note or held by other Holders who have provided wire transfer instructions to the Company or its paying agent (including payments of principal, premium and interest) will be made by wire transfer of immediately available funds to the accounts in the United States specified by DTC or such other Holders, as the case may be. If a payment date is a date other than a Business Day at a place of payment, payment may be made at that place on the next succeeding day that is a Business Day and no interest shall accrue for the intervening period.

4.   Paying Agent and Registrar.

Initially, the Trustee will act as authenticating agent, paying agent and Registrar. The Company may change any authenticating agent, paying agent or Registrar without notice. The Company, any Subsidiary or any Affiliate of any of them may act as paying agent, Registrar or co-Registrar.

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5.   Optional Redemption.

Except as set forth below, the 7 7/8% Notes will not be redeemable at the option of the Company prior to their Stated Maturity.  Starting on March 1, 2017, the Company may redeem all or any portion of the 7 7/8% Notes upon not less than 30 nor more than 60 days’ prior notice, at the redemption prices set forth below, plus accrued and unpaid interest, if any, to the redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date). The following prices are for 7 7/8% Notes redeemed during the 12-month period commencing on March 1 of the years set forth below, and are expressed as percentages of principal amount:

	
				
	

Year
	 
	Redemption
Price

	2017 .................................................................
	 
	103.938
	%

	2018 .................................................................
	 
	102.625
	%

	2019 .................................................................
	 
	101.313
	%

	2020 and thereafter ..........................................
	 
	100
	%

The Company may on any one or more occasions prior to March 1, 2015, redeem up to 35% of the aggregate principal amount of the 7 7/8% Notes originally issued with the net proceeds of one or more Equity Offerings at a redemption price of 107.875% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of redemption (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date), provided that at least 65% of the aggregate principal amount of the 7 7/8% Notes originally issued remains Outstanding after the occurrence of such redemption. Any such redemption shall occur not later than 90 days after the date of the closing of any such Equity Offering upon not less than 30 or more than 60 days’ prior notice. The redemption shall be made in accordance with procedures set forth in the Indenture.

At any time prior to March 1, 2017, the Company will be entitled, at its option, to redeem all or any portion of the 7 7/8% Notes at a redemption price equal to 100% of the principal amount of the 7 7/8% Notes plus the Applicable Premium as of, and accrued and unpaid interest, if any, to the redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date). Notice of such redemption must be mailed by first-class mail to each Holder’s registered address, not less than 30 nor more than 60 days prior to the redemption date.

In the event that Holders of not less than 90% of the aggregate principal amount of the Outstanding 7 7/8% Notes accept a Change of Control Offer and the Company (or a third party) purchases all of the 7 7/8% Notes held by such Holders, the Company will have the right, upon not less than 30 nor more than 60 days’ prior notice, given not more than 30 days following the purchase pursuant to the Change of Control Offer referred to below, to redeem all of the 7 7/8% Notes that remain Outstanding following such purchase at a redemption price equal to the Change 

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of Control Payment plus, to the extent not included in the Change of Control Payment, accrued and unpaid interest on the 7 7/8% Notes that remain Outstanding, to the date of redemption (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date).

If less than all the 7 7/8% Notes are to be redeemed at any time, selection of 7 7/8% Notes for redemption will be made by the Trustee in compliance with the requirements of the principal national securities exchange, if any, on which the 7 7/8% Notes are listed, or, if the 7 7/8% Notes are not so listed, on a pro rata basis (or, in the case of 7 7/8% Notes in global form, the Trustee will select  7 7/8% Notes for redemption based on DTC’s method that most nearly approximates a pro rata selection).

6.   Sinking Fund.

The 7 7/8% Notes are not subject to any sinking fund.

7.   Ranking.

The 7 7/8% Notes are Senior Indebtedness of the Company, and the Subsidiary
Guarantee is Senior Indebtedness of the Guarantor.

8.   Repurchase upon a Change of Control.

Upon the occurrence of a Change of Control, each Holder of 7 7/8% Notes shall have the right to require the Company to repurchase all or any part (equal to $2,000 in principal amount or an integral multiple of $1,000 in excess thereof) of such Holder’s 7 7/8% Notes pursuant to the Change of Control Offer as provided in, and subject to the terms of, the Indenture at a purchase price in cash equal to 101% of the principal amount of the 7 7/8% Notes repurchased, plus accrued and unpaid interest, if any, to the date of purchase (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date).

9.   Denominations; Transfer; Exchange.

The 7 7/8% Notes are in registered form without coupons in minimum denominations of $2,000 of principal amount and multiples of $1,000 in excess thereof. A Holder may register the transfer or exchange of 7 7/8% Notes in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Registrar need not register the transfer or exchange of any 7 7/8% Notes selected or called for redemption (except in the case of a 7 7/8% Note redeemed in part, the portion of the 7 7/8% Note not to be redeemed). Also, it need not register the transfer or exchange of any 7 7/8% Notes for a period beginning at the opening of business 15 days before any selection of 7 7/8% Notes to be redeemed and ending at the close of business on the day of that selection.

10. Persons Deemed Owners.

A Holder shall be treated as the owner of a 7 7/8% Note for all purposes.

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11. Unclaimed Money.

If money for the payment of principal, premium, if any, or interest remains unclaimed for two years, the Trustee and the paying agent will pay the money back to the Company at its written request. After that, Holders entitled to the money must look to the Company for payment, unless an abandoned property law designates another Person, and all liability of the Trustee and such paying agent with respect to such money shall cease.

12. Discharge Prior to Redemption or Maturity.

Subject to certain conditions, if the Company deposits with the Trustee money or U.S.  Government  Obligations  sufficient  to  pay  the  then  outstanding  principal  of, premium, if any, and accrued interest on the 7 7/8% Notes to redemption or maturity, as applicable, the Company and the Subsidiary Guarantors, if any, may terminate some of or all of their obligations under the Indenture and the 7 7/8% Notes, except in certain circumstances for certain sections thereof.

13. Amendment; Supplement; Waiver.

Subject to certain exceptions, the Indenture or the 7 7/8% Notes may be amended or supplemented with the consent of the Holders of a majority in principal amount of the 7 7/8% Notes then Outstanding, and any existing Default or compliance with any provision may be waived with the consent of the Holders of a majority in principal amount of the 7 7/8% Notes then Outstanding. Without notice to or the consent of any Holder, the parties thereto may amend or supplement the Indenture or the 7 7/8% Notes to, among other things, cure any ambiguity, defect or inconsistency and make any change that does not adversely affect the interests of any Holder in any material respect.

14. Restrictive Covenants.

The Indenture imposes certain limitations on the ability of the Company and its Restricted Subsidiaries, among other things, to Incur additional Indebtedness, make Restricted Payments, use the proceeds from Asset Sales, suffer to exist restrictions on the ability of Restricted Subsidiaries to make certain payments to the Company, engage in transactions with Affiliates, suffer to exist or incur Liens or merge, consolidate or transfer substantially all of their assets. Certain restrictive covenants will be terminated when the 7 7/8% Notes have an Investment Grade Rating from both Moody’s and S&P and no Default has occurred and is continuing.  Within four months after the end of each fiscal year, the Company shall deliver to the Trustee an Officers’ Certificate stating whether or not the signers know of any Default and specifying what action the Company is taking or proposes to take with respect thereto.

15. Successor Persons.
Subject to certain exceptions, when a successor Person assumes all the obligations of its predecessor under the 7 7/8% Notes and the Indenture, the predecessor Person will be released from those obligations.

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16. Defaults and Remedies.

The following  are summaries  of Events  of Default  under the  Indenture with respect to the 7 7/8% Notes:

(a) failure to pay any interest on the 7 7/8% Notes when due, continued for
30 days;

(b) failure to pay principal of (or premium, if any, on) the 7 7/8% Notes
when due;

(c) failure to comply with Article X of the Indenture;

(d) failure to perform any other covenant of the Company in the Indenture, continued for 30 days after written notice to the Company from the Trustee or the Holders of at least 25% in aggregate principal amount of the Outstanding 7 7/8% Notes;

(e) a default by the Company or any Restricted Subsidiary under any Indebtedness for borrowed money in an aggregate amount greater than $25.0 million (other than Non-recourse Purchase Money Indebtedness) that results in acceleration of the maturity of such Indebtedness, or failure to pay any such Indebtedness at maturity, if such Indebtedness is not discharged or such acceleration is not rescinded or annulled within 30 days after written notice as provided in the Indenture;

(f) one or more final judgments or orders by a court of competent jurisdiction are entered against the Company or any Restricted Subsidiary in an uninsured or unindemnified aggregate amount outstanding at any time in excess of $25.0 million and such judgments or orders are not discharged, waived, stayed, satisfied or bonded for a period of 60 consecutive days;

(g) certain events of bankruptcy, insolvency or reorganization with respect to the Company or any Significant Subsidiary; or

(h) a Subsidiary Guarantee ceases to be in full force and effect (other than in accordance with the terms of the Indenture and such Subsidiary Guarantee) or a Subsidiary Guarantor denies or disaffirms its obligations under its Subsidiary Guarantee.

The Indenture provides that if an Event of Default (other than an Event of Default described in clause (g) above) with respect to the 7 7/8% Notes at the time Outstanding shall occur and be continuing, either the Trustee or the Holders of at least 25% in aggregate principal amount of the Outstanding 7 7/8% Notes by notice as provided in the Indenture may declare the principal amount of the 7 7/8% Notes to be due and payable immediately. If an Event of Default described in clause (g) above with respect to the 7 7/8% Notes at the time Outstanding shall occur, the principal amount of all the 7 7/8% Notes will automatically, and without any action by the Trustee or any Holder, become immediately due and payable. After any such acceleration, but before a judgment or decree based on acceleration, the Holders of a majority in aggregate principal amount of the Outstanding 7 7/8% Notes may, under certain circumstances, rescind and annul such acceleration 

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if all Events of Default, other than the nonpayment of accelerated principal or interest, have been cured or waived as provided in the Indenture.

Subject to the provisions of the Indenture relating to the duties of the Trustee in case an Event of Default shall occur and be continuing, the Trustee will be under no obligation to exercise any of its rights or powers under the Indenture at the request or direction of any of the Holders of the 7 7/8% Notes, unless such Holders shall have offered to the Trustee reasonable indemnity. Subject to such provisions for the indemnification of the Trustee, the Holders of a majority in aggregate principal amount of the Outstanding 7 7/8% Notes will have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to the 7 7/8% Notes.

No Holder of 7 7/8% Notes will have any right to institute any proceeding with respect to the Indenture, or for the appointment of a receiver or a trustee, or for any other remedy thereunder, unless:

(a)    such  Holder  has  previously  given  to  the  Trustee  written  notice  of  a continuing Event of Default with respect to the 7 7/8% Notes;

(b)       the  Holders  of  at  least  25%  in  aggregate  principal  amount  of  the Outstanding 7 7/8% Notes have made written request, and such Holder or Holders have offered reasonable indemnity, to the Trustee to institute such proceeding as trustee; and

(c)       the Trustee has failed to institute such proceeding and has not received from the Holders of a majority in aggregate principal amount of the Outstanding 7 7/8% Notes a direction inconsistent with such request, within 60 days after such notice, request and offer.

However, such limitations do not apply to a suit instituted by a Holder of 7 7/8% Notes for the enforcement of payment of the principal of or any premium or interest on such 7 7/8% Notes on or after the applicable due date specified in such 7 7/8% Notes.

17. Initial Subsidiary Guarantor.

The Guarantor has fully and unconditionally guaranteed the 7 7/8% Notes as provided in Article XIV of the Indenture.  Such Subsidiary Guarantee is subject to release in certain circumstances set forth in the Indenture.

18. Trustee Dealings with the Company or the Subsidiary Guarantors.
The Trustee under the Indenture, in its individual or any other capacity, may make loans to, accept deposits from and perform services for the Subsidiary Guarantors, if any, or  the  Company  or  their  Affiliates  and  may  otherwise  deal  with  the  Subsidiary Guarantors, if any, or the Company or their Affiliates as if it were not the Trustee.

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19. No Recourse Against Others. 
No incorporator or any past, present or future partner, shareholder, other equity holder, officer, director, employee or controlling Person as such, of the Company or the Subsidiary Guarantors or of any successor Person shall have any liability for any obligations of the Company or the Subsidiary Guarantors under the 7 7/8% Notes or the Indenture or for any claim based on, in respect of or by reason of, such obligations or their creation. Each Holder by accepting a 7 7/8% Note expressly waives and releases all such liability. The waiver and release are a condition of, and part of the consideration for the issuance of the 7 7/8% Notes.

20. Additional Rights of Holders of Certain Notes.

In addition to the rights provided to Holders under the Indenture, Holders of Restricted  Global  Notes  and  Restricted  Definitive  Notes  have  all  the  rights  and obligations set forth in the Registration Rights Agreement. By any such Holder’s acceptance of Restricted Global Notes or Restricted Definitive Notes, such Holder acknowledges and agrees to the provisions of the Registration Rights Agreement, including the obligations of the Holders with respect to indemnification of the Company to the extent provided therein.

21. Authentication.

This 7 7/8% Note shall not be valid until the Trustee or authenticating agent signs the certificate of authentication on the other side of this 7 7/8% Note.

22. Abbreviations.

Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian) and U/G/M/A (= Uniform Gifts to Minors Act).

23. Governing Law.

THIS  7 7/8%  NOTE  SHALL  BE  GOVERNED  BY  AND  CONSTRUED  IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

24. CUSIP Numbers.
Pursuant to a recommendation promulgated by the Committee on Uniform Security  Identification  Procedures,  the  Company  has  caused  CUSIP  numbers  to  be printed on the 7 7/8% Notes and has directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the 7 7/8% Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon.

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The Company will furnish to any Holder upon written request and without charge a copy of the Original Indenture, the Supplemental Indenture and the Registration Rights Agreement. Requests may be made to Swift Energy Company, 16825 Northchase Drive, Suite 400, Houston, Texas 77060, Attention: Treasury Department.

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ASSIGNMENT FORM

To assign this 7 7/8% Note, fill in the form below:

	
				
	    I or we assign and transfer this 7 7/8% Note to
	 

	 

	(Print or type assignee's name, address and zip code)

	 

	(Insert assignee's soc. sec. or tax I.D. No.)

	and irrevocably appoint
	 
	agent to transfer this 7 7/8% Note on

	the books of the Company. The agent may substitute another to act for him.

	
			
	Date:
	 
	 

	
		
	Your Signature:
	 

	 
	(Sign exactly as your name appears on the other side of this 7 7/8% Note)

	
		
	Signature Guarantee:
	 

	 
	(Signature must be guaranteed by a financial institution that is a member of the Securities  Transfer Agent  Medallion  Program (“STAMP”), the Stock Exchange Medallion Program (“SEMP”), the  New  York  Stock  Exchange,  Inc.  Medallion  Signature Program (“MSP”) or such other signature guarantee program as may  be  determined  by  the  Registrar  in  addition  to,  or  in substitution for, STAMP, SEMP, or MSP, all in accordance with the Securities Exchange Act of 1934, as amended.)

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OPTION OF HOLDER TO ELECT PURCHASE

If you wish to have this 7 7/8% Note purchased by the Company pursuant to Section 4.14 (Asset Sale) or Section 4.20 (Change of Control) of the Indenture, check the appropriate box:

o        Section 4.14                                        o        Section 4.20

If you wish to have a portion of this 7 7/8% Note purchased by the Company pursuant to Section 4.14 or Section 4.20 of the Indenture, state the amount:

	
		
	$
	 

	
			
	Date:
	 
	 

	
		
	Your Signature:
	 

	 
	(Sign exactly as your name appears on the other side of this 7 7/8% Note)

	
		
	Signature Guarantee:
	 

	 
	(Signature must be guaranteed by a financial institution that is a member of the Securities  Transfer Agent  Medallion  Program (“STAMP”), the Stock Exchange Medallion Program (“SEMP”), the  New  York  Stock  Exchange,  Inc.  Medallion  Signature Program (“MSP”) or such other signature guarantee program as may  be  determined  by  the  Registrar  in  addition  to,  or  in substitution for, STAMP, SEMP, or MSP, all in accordance with the Securities Exchange Act of 1934, as amended.)

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SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE

The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note for an interest in this Global Note, have been made:

	
									
	Date of Exchange
	 
	Amount of Decrease in Principal Amount of this Global Note
	 
	Amount of Increase in Principal Amount of this Global Note
	 
	Principal Amount of this Global Note Following Such Decrease (or Increase)
	 
	Signature of Authorized Officer of Trustee or Custodian

16exhibit101.htm

EXHIBIT 10.1

 

SECOND AMENDMENT TO

THE AMENDED AND RESTATED SERIES 2010-6 SUPPLEMENT

 

This SECOND AMENDMENT TO THE AMENDED AND RESTATED SERIES 2010-6 SUPPLEMENT (this “Amendment”), dated as of October 18, 2012, amends the Amended and Restated Series 2010-6 Supplement (the “Series 2010-6 Supplement”), dated as of October 14, 2011, as amended by the First Amendment thereto, among AVIS BUDGET RENTAL CAR FUNDING (AESOP) LLC, a special purpose limited liability company established under the laws of Delaware (“ABRCF”), AVIS BUDGET CAR RENTAL, LLC, a limited liability company established under the laws of Delaware, as administrator (the “Administrator”), JPMORGAN CHASE BANK, N.A., a national banking association, as administrative agent (the “Administrative Agent”), the several banks set forth on Schedule I thereto as Non-Conduit Purchasers (each, a “Non-Conduit Purchaser”), the several commercial paper conduits listed on Schedule I thereto (each a “CP Conduit Purchaser”), the several banks set forth opposite the name of each CP Conduit Purchaser on Schedule I thereto (each an “APA Bank” with respect to such CP Conduit Purchaser), the several agent banks set forth opposite the name of each CP Conduit Purchaser on Schedule I thereto (each a “Funding Agent” with respect to such CP Conduit Purchaser), THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, as trustee (in such capacity, the “Trustee”) and as agent for the benefit of the Series 2010-6 Noteholders (in such capacity, the “Series 2010-6 Agent”), to the Second Amended and Restated Base Indenture, dated as of June 3, 2004, between ABRCF and the Trustee (as amended, modified or supplemented from time to time, exclusive of Supplements creating a new Series of Notes, the “Base Indenture”).  All capitalized terms used herein and not otherwise defined herein shall have the respective meanings provided therefor in the Definitions List attached as Schedule I to the Base Indenture (as amended through the date hereof) or the Series 2010-6 Supplement, as applicable.

 

W I T N E S S E T H:

 

WHEREAS, pursuant to Section 12.2 of the Base Indenture, any Supplement thereto may be amended (x) to change the amount of Enhancement with respect to the related Series of Notes and (y) to extend the maturity of any Series of Notes, in each case, with the consent of ABRCF, the Trustee and each affected Noteholder with respect to such Series of Notes;

 

WHEREAS, pursuant to Section 11.11 of the Series 2010-6 Supplement, such Supplement may be amended in accordance with the terms of the Base Indenture;

 

WHEREAS, the parties desire to amend the Series 2010-6 Supplement to (x) extend the Scheduled Expiration Date, (y) replace Schedule I thereto with a new Schedule I in the form of Schedule A to this Amendment and (z) modify certain enhancement and required liquidity levels;

 

WHEREAS, ABRCF has requested the Trustee, the Series 2010-6 Agent, the Administrator, the Administrative Agent and the Series 2010-6 Noteholders to, and, upon the effectiveness of this Amendment, ABRCF, the Trustee, the Series 2010-6 Agent, the Administrator, the Administrative Agent and each Series 2010-6 Noteholder have agreed to, make the amendments described above as set forth herein;

 

  

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NOW, THEREFORE, it is agreed:

 

1. Amendment of Definitions.  (a)  The following defined terms, as set forth in Article I(b) of the Series 2010-6 Supplement, are hereby amended and restated in their entirety as follows:

 

““Alternate Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus 1⁄2 of 1% and (c) the LIBO Rate in effect on such date plus 1%. Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or the LIBO Rate shall be effective from and including the effective day of such change in the Prime Rate, the Federal Funds Effective Rate or the LIBO Rate, respectively.”

 

““Contingent Monthly Funding Costs” means, with respect to each Series 2010-6 Interest Period and any Purchaser Group, the excess, if any, of (i) the Monthly Funding Costs of such Purchaser Group for such Series 2010-6 Interest Period over (ii) an amount equal to the sum for each day during such Series 2010-6 Interest Period of the product of (x) the Purchaser Group Invested Amount with respect to such Purchaser Group on such day and (y) the sum of 4.05% and the rate appearing on Reuters Screen LIBOR01 Page (or any successor or substitute page of such service, providing rate quotations comparable to those currently provided on such page of such service, as determined by the Administrative Agent or any Purchaser Group from time to time in accordance with its customary practices for purposes of providing quotations of interest rates applicable to dollar deposits in the London interbank market) for a term of thirty (30) days at approximately 11:00 a.m. (London time) on such day, or if such day is not a London Banking Day, the immediately preceding London Banking Day, divided by 360.”

 

““LIBO Rate” means, (a) with respect to each day during each Eurodollar Period pertaining to a Eurodollar Tranche, the rate appearing on Reuters Screen LIBOR01 Page (or on any successor or substitute page of such service, providing rate quotations comparable to those currently provided on such page of such service, as determined by the Administrative Agent from time to time in accordance with its customary practices for purposes of providing quotations of interest rates applicable to dollar deposits in the London interbank market) at approximately 11:00 a.m. (London time) on the second London Banking Day prior to the commencement of such Eurodollar Period, as the rate for dollar deposits with a maturity comparable to the Eurodollar Period applicable to such Eurodollar Tranche or (b) with respect to each day during a Series 2010-6 Interest Period the rate appearing on Reuters Screen LIBOR01 Page (or on any successor or substitute page of such service, providing rate quotations comparable to those currently provided on such page of such service, as determined by the Administrative Agent, any Funding Agent with respect to a LIBOR Funding CP Conduit Purchaser or any Non-Conduit Purchaser, as applicable, from time to time in accordance with its customary practices for purposes of providing quotations of interest rates applicable to dollar deposits in the London interbank market) for a term of thirty (30) days at approximately 11:00 a.m. (London time) on such day, or if such day is not a London Banking Day, the immediately preceding London Banking Day; provided, however, that a Non-Conduit Purchaser may in its sole discretion, but only to 

 

  

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the extent it is in accordance with its customary practices, determine the daily LIBO Rate for a period not to exceed seven days on the first day of such period (or, if such day is not a London Banking Day, the immediately preceding London Banking Day) in accordance with the procedure set forth above; provided further that if a Funding Agent with respect to a LIBOR Funding CP Conduit Purchaser is for any reason unable to determine the LIBO Rate in the foregoing manner, the LIBO Rate for such day shall be the Alternate Base Rate for such day.”

 

““Minimum Enhancement Percentage” means, as of any date of determination, (i) if (x) the aggregate Net Book Value of all Vehicles leased under the Leases as of the immediately preceding Business Day that are manufactured by the two Manufacturers whose Vehicles’ aggregate Net Book Values comprise the two largest percentages of the aggregate Net Book Value of all Vehicles leased under the Leases on the immediately preceding Business Day is greater than 70% of the aggregate Net Book Value of all Vehicles leased under the Leases on the immediately preceding Business Day and (y) either or both of such Manufacturers do not have a long-term senior unsecured rating of at least “Baa3” from Moody’s, 37%, (ii) if (x) clause (i) does not apply and (y) the aggregate Net Book Value of all Vehicles leased under the Leases as of the immediately preceding Business Day that are manufactured by the Manufacturer whose Vehicles’ aggregate Net Book Values comprise the largest percentage of the aggregate Net Book Value of all Vehicles leased under the Leases on the immediately preceding Business Day is greater than 40% of the aggregate Net Book Value of all Vehicles leased under the Leases on the immediately preceding Business Day, 34% and (iii) in all other cases, 32.25%.”

 

““Monthly Funding Costs” means, with respect to each Series 2010-6 Interest Period and:

(a)           any CP Conduit Purchaser Group, the sum of:

(i)           for each day during such Series 2010-6 Interest Period, (A) with respect to a Match Funding CP Conduit Purchaser, the aggregate amount of Discount accruing on all outstanding Commercial Paper issued by, or for the benefit of, such Match Funding CP Conduit Purchaser to fund the CP Conduit Funded Amount with respect to such Match Funding CP Conduit Purchaser on such day, (B) with respect to a Pooled Funding CP Conduit Purchaser, the aggregate amount of Discount accruing on or otherwise in respect of the Commercial Paper issued by, or for the benefit of, such Pooled Funding CP Conduit Purchaser allocated, in whole or in part, by the Funding Agent with respect to such Pooled Funding CP Conduit Purchaser, to fund the purchase or maintenance of the CP Conduit Funded Amount with respect to such Pooled Funding CP Conduit Purchaser or (C) with respect to a LIBOR Funding CP Conduit Purchaser, the product of (x) the CP Conduit Funded Amount with respect to such CP Conduit Purchaser Group on such day times (y) the LIBO Rate for such day, divided by (z) 360; plus

  

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(ii)           for each day during such Series 2010-6 Interest Period, the sum of:

(A)           the product of (I) the portion of the APA Bank Funded Amount with respect to such CP Conduit Purchaser Group allocated to the Floating Tranche with respect to such CP Conduit Purchaser Group on such day times (II) the Alternate Base Rate plus the Applicable Margin on such day, divided by (III) 365 (or 366, as the case may be) plus

(B)           the product of (I) the portion of the APA Bank Funded Amount with respect to such CP Conduit Purchaser Group allocated to Eurodollar Tranches with respect to such CP Conduit Purchaser Group on such day times (II) the weighted average Adjusted LIBO Rate with respect to such Eurodollar Tranches plus the Applicable Margin on such day in effect with respect thereto divided by (III) 360; plus

(iii) for each day during such Series 2010-6 Interest Period, the product of (A) the CP Conduit Funded Amount with respect to such CP Conduit Purchaser Group on such day times (B) the Program Fee Rate on such day divided by (C) 360; or

(b)           any Non-Conduit Purchaser Group, the sum for each day during such Series 2010-6 Interest Period of the product of (i) the Purchaser Group Invested Amount with respect to such Non-Conduit Purchaser Group on such day times (ii) the sum of (A) the LIBO Rate with respect to such day and (B) either (1) the Program Fee Rate on such day or (2) in accordance with the terms of Section 2.7(h), the Applicable Margin with respect to any Eurodollar Tranche on such day, as applicable, divided by (iii) 360; provided, however, that if (x) any Change in Law shall make it unlawful for any Non-Conduit Purchaser Group to fund its Purchaser Group Invested Amount at the LIBO Rate, (y) the Administrative Agent or any Non-Conduit Purchaser determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the LIBO Rate or (z) any Non-Conduit Purchaser determines that the LIBO Rate will not adequately and fairly reflect the cost to such Non- Conduit Purchaser of funding the Purchaser Group Invested Amount with respect to its Related Purchaser Group, and in each such case such Non-Conduit Purchaser Group shall have notified the Administrative Agent in writing thereof (and not subsequently notified the Administrative Agent such circumstances no longer exist), the amount of Monthly Funding Costs for each day with respect to such Non-

 

 

  

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Conduit Purchaser Group will be calculated using the sum of (1) the Alternate Base Rate and (2) the Program Fee Rate or, if the Applicable Margin with respect to any Eurodollar Tranche would otherwise be used in clause (ii) above in this clause (b), the Applicable Margin with respect to any Floating Tranche, on such day in such clause (ii) (rather than the sum of (1) the LIBO Rate and (2) the Program Fee Rate or the Applicable Margin with respect to any Eurodollar Tranche, as applicable); provided further that, notwithstanding anything herein to the contrary, on any day on which an Amortization Event shall have occurred and be continuing, the amount of Monthly Funding Costs for such day with respect to such Non-Conduit Purchaser will be calculated using the sum of (1) the Alternate Base Rate for such day and (2) the Applicable Margin with respect to any Floating Tranche on such day (rather than the sum of (1) the LIBO Rate and (2) the Program Fee Rate or the Applicable Margin with respect to any Eurodollar Tranche, as applicable).”

 

““Pooled Funding CP Conduit Purchaser” means each CP Conduit Purchaser that is not a Match Funding CP Conduit Purchaser or a LIBOR Funding CP Conduit Purchaser.”

 

““Purchaser Group Invested Amount” means, with respect to any Purchaser Group, (a) when used with respect to the Series 2010-6 Closing Date, such Purchaser Group’s Commitment Percentage of the Series 2010-6 Initial Invested Amount and (b) when used with respect to any other date, an amount equal to (i) the Purchaser Group Invested Amount with respect to such Purchaser Group on the immediately preceding Business Day plus (ii) the Purchaser Group Increase Amount with respect to such Purchaser Group on such date minus (iii) the amount of principal payments made to such Purchaser Group pursuant to Section 3.5(f) on such date plus (iv) the amount of principal payments recovered from such Purchaser Group by a trustee as a preference payment in a bankruptcy proceeding of a Demand Note Issuer or otherwise.  For the avoidance of doubt, so long as any Purchaser Group has failed to fund any portion of its Purchaser Group Increase Amount with respect to any Increase Date, such unfunded amount shall not be included in the Purchaser Group Invested Amount for such Purchaser Group unless and until such amount has been funded.”

 

““Scheduled Expiry Date” means, with respect to any Purchaser Group, October 16, 2014, as such date may be extended in accordance with Section 2.6(b).”

 

 ““Series 2010-6 Moody’s Highest Enhancement Rate” means, as of any date of determination, the sum of (a) 36.50% and (b) the highest, for any calendar month within the preceding twelve calendar months, of the greater of (x) an amount (not less than zero) equal to 100% minus the Measurement Month Average for the immediately preceding Measurement Month and (y) an amount (not less than zero) equal to 100% minus the Market Value Average as of the Determination Date within such calendar month (excluding the Market Value Average for any Determination Date which has not yet occurred).”

 

  

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““Series 2010-6 Moody’s Intermediate Enhancement Rate” means, as of any date of determination, 29.00%.”

 

““Series 2010-6 Required Liquidity Amount” means, with respect to any Distribution Date, an amount equal to 3.75% of the Series 2010-6 Invested Amount on such Distribution Date (after giving effect to any payments of principal to be made on the Series 2010-6 Notes on such Distribution Date).”

 

(b)           Article (I)(b) of the Series 2010-6 Supplement is hereby amended by inserting the following defined term in the appropriate alphabetical order:

““LIBOR Funding CP Conduit Purchaser” means each CP Conduit Purchaser that is designated as such on Schedule I or in the Purchaser Group Supplement pursuant to which such CP Conduit Purchaser became a party to this Supplement.”

 

2. Amendment to Section 2.6(d).  Section 2.6(d) of the Series 2010-6 Series Supplement is hereby amended and restated in its entirety as follows:

 

(d)           If, (w) after receiving a request for extension of its Scheduled Expiry Date from ABRCF pursuant to Section 2.6(b), a Non-Conduit Purchaser Group or the Funding Agent with respect to a CP Conduit Purchaser Group notifies ABRCF in writing of its decision not to extend its Scheduled Expiry Date as requested or fails to respond to ABRCF’s request within 30 days of its receipt of such request, (x) any Non-Conduit Purchaser Group or any CP Conduit Purchaser Group (or the Funding Agent with respect thereto, on behalf of such CP Conduit Purchaser Group) (a “Non-Consenting Purchaser Group”) fails to give its consent for any amendment or waiver requiring the consent of 100% of the Series 2010-6 Noteholders (or Purchaser Groups having Commitment Percentages aggregating 100%) or the consent of all affected Series 2010-6 Noteholders or Purchaser Groups (and such Purchaser Group is affected) and for which Holders of Series 2010-6 Notes representing at least a majority of the required voting percentage have consented, (y) after receiving a notice of Increase in accordance with Section 2.3(a), any Purchaser Group fails to fund the full amount of its Commitment Percentage of the related Increase Amount on the Increase Date (a “Non-Funding Purchaser Group”) or (z) any Affected Party with respect to any Non-Conduit Purchaser Group or any CP Conduit Purchaser Group (together with any Non-Extending Purchaser Group, Non-Consenting Purchaser Group or Non-Funding Purchaser Group, “Removed Purchaser Groups”) requests payment for any Article VII Costs payable under Section 7.1(e), at the request of ABRCF such Non-Conduit Purchaser Group or such CP Conduit Purchaser Group shall on a Distribution Date thereafter selected by ABRCF (or such other date as may be agreed by ABRCF, the Administrative Agent and such Non-Conduit Purchaser or the Funding Agent with respect to such CP Conduit Purchaser Group) assign all or any portion of their respective rights and obligations under this Supplement and the Series 2010-6 Notes pursuant to Section 11.1 to a replacement Purchaser Group selected by ABRCF upon payment by the replacement Purchaser Group (or upon payment by ABRCF as agreed to by ABRCF, the assignor and the assignee) of an amount equal to the sum of (i) the Purchaser Group Invested Amount 

 

  

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with respect to such Removed Purchaser Group, and (ii)(A) if such Purchaser Group includes a Match Funding CP Conduit Purchaser, the sum of (x) all accrued and unpaid Discount on all outstanding Commercial Paper issued by, or for the benefit of, such Match Funding CP Conduit Purchaser to fund the CP Funded Amount with respect to such Match Funding CP Conduit Purchaser from the issuance date(s) thereof to but excluding the date (the “Purchase Effective Date”) of the assignment to the replacement Purchaser Group and (y) the aggregate Discount to accrue on all outstanding Commercial Paper issued by, or for the benefit of, such Match Funding CP Conduit Purchaser to fund the CP Funded Amount with respect to such Match Funding CP Conduit Purchaser from and including the Purchase Effective Date to and excluding the maturity date of each CP Tranche with respect to such Match Funding CP Conduit Purchaser or (B) if such Removed Purchaser Group includes a Pooled Funding CP Conduit Purchaser, the sum of (x) the aggregate amount of accrued and unpaid Discount on or in respect of the Commercial Paper issued by, or for the benefit of, such Pooled Funding CP Conduit Purchaser allocated, in whole or in part, by the Funding Agent with respect to such Pooled Funding CP Conduit Purchaser, to fund the purchase or maintenance of the CP Funded Amount with respect to such Pooled Funding CP Conduit Purchaser as of the Purchase Effective Date and (y) the aggregate amount of Discount to accrue on or in respect of the Commercial Paper issued by, or for the benefit of, such Pooled Funding CP Conduit Purchaser allocated, in whole or in part, by the Funding Agent with respect to such Pooled Funding CP Conduit Purchaser, to fund the purchase or maintenance of the CP Funded Amount with respect to such Pooled Funding CP Conduit Purchaser from and including the Purchase Effective Date to and excluding the maturity dates of such Commercial Paper, and (iii) (A) if such Removed Purchaser Group is a Non-Conduit Purchaser Group, all accrued and unpaid interest on the Purchaser Group Invested Amount for such Non-Conduit Purchaser Group, calculated as the sum for each day from but excluding the last day of the Series 2010-6 Interest Period immediately preceding the Purchase Effective Date to but excluding the Purchase Effective Date of the product of (1) the Purchaser Group Invested Amount with respect to such Non-Conduit Purchaser on such day, times (2) the sum of the LIBO Rate with respect to each such day and the Program Fee Rate with respect to such Non-Conduit Purchaser Group divided by (3) 360, or (B) if such Removed Purchaser Group is a CP Conduit Purchaser Group, the sum of (1) all accrued and unpaid interest on the APA Bank Funded Amount with respect to such Purchaser Group, calculated at the Alternate Base Rate or the applicable Adjusted LIBO Rate plus the Applicable Margin as of the Purchase Effective Date and (2) if such CP Conduit Purchaser Group includes a LIBOR Funding CP Conduit Purchaser, all accrued and unpaid interest on the CP Conduit Funded Amount for such Non-Conduit Purchaser Group, calculated as the sum for each day from but excluding the last day of the Series 2010-6 Interest Period immediately preceding the Purchase Effective Date to but excluding the Purchase Effective Date of the product of (x) the CP Conduit Funded Amount with respect to such CP Conduit Purchaser Group on each such day, times (y) the LIBO Rate with respect to each such day with respect to such CP Conduit Purchaser Group divided by (z) 360, and (iv) if such Removed Group is a Conduit Purchaser Group, for each day from but excluding the last day of the Series 2010-6 Interest Period immediately preceding the Purchase Effective Date, an amount equal to (x) the CP Funded Amount with respect to such Removed Purchaser Group on such day times (y) the Program Fee Rate divided by (z) 360, and (v) for each day from but excluding the last day of the Series 2010-6 Interest Period immediately preceding the Purchase Effective Date, an amount equal to (x) the excess, if any, of the Commitment Amount with respect to such Removed Purchaser Group over the Purchaser Group Invested Amount with respect to such Purchaser Group on such day times (y) the Commitment Fee Rate as of such date divided by (z) 360, and (vi) all Article VII Costs then due and payable to such Removed Purchaser Group and (vii) without duplication, any other amounts then due and payable to such Removed Purchaser Group pursuant to this Supplement.”

 

  

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3. Amendment of Section 3.11(a).  Section 3.11(a) of the Series 2010-6 Supplement is hereby amended by deleting the text “4.0%” in the fourth sentence thereof and replacing such text with “2.0%”.

 

4. Amendment to Section 7.1.  Section 7.1 of the Series 2010-6 Supplement is hereby amended by inserting the following clause (e) at the end thereof:

 

“(e)           ABRCF acknowledges that any Affected Party may institute measures in anticipation of a Change in Law, and may commence allocating charges to or seeking compensation from ABRCF under this Section 7.1, in advance of the effective date of such Change in Law and ABRCF agrees to pay such charges or compensation to the applicable Affected Party following demand therefor in accordance with the terms of this Section 7.1 without regard to whether such effective date has occurred.”

 

5. Amendment to Section 7.3.  The second sentence of Section 7.3 of the Series 2010-6 Supplement is hereby amended by inserting the text “, LIBOR Funding CP Conduit Purchaser” immediately after “Non-Conduit Purchaser” in clause (b) thereof in each instance in which it appears.

 

6. Amendment to Section 8.2.  Section 8.2 of the Series 2010-6 Supplement is hereby amended by (x) deleting “and” at the end of Section 8.2(k), (y) deleting the period at the end of Section 8.2(l) and inserting “; and” in lieu thereof, and (z) inserting the following after Section 8.2(l):

 

  

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“(m)           they shall provide to the Administrative Agent on October 1 of each year, beginning on October 1, 2013, an Opinion of Counsel to the effect that no UCC financing or continuation statements are required to be filed with respect to any of the Collateral in which a security interest may be perfected by the filing of UCC financing statements.”

 

7. Amendment of Schedule I.  Schedule I of the 2010-6 Supplement is hereby deleted in its entirety and substituted with Schedule I, as it appears in Schedule A hereto.

 

 

8. Direction.  By their signatures hereto, each of the undersigned (excluding The Bank of New York Mellon Trust Company, N.A., in its capacity as Trustee and Series 2010-6 Agent) hereby authorize and direct the Trustee and Series 2010-6 Agent to execute this Amendment and take any and all further action necessary or appropriate to give effect to the transaction contemplated hereby.

 

9. This Amendment is limited as specified and, except as expressly stated herein, shall not constitute a modification, acceptance or waiver of any other provision of the Series 2010-6 Supplement.

 

10. This Amendment shall become effective on the date (the “2012 Extension Amendment Effective Date”) that is the later of (a) the date hereof or (b) the first date on which each of the following have occurred:  (i) each of ABRCF, the Administrator, the Administrative Agent and each Series 2010-6 Noteholder shall have executed and delivered this Amendment to the Trustee, and the Trustee shall have executed this Amendment, (ii) the Rating Agency Consent Condition shall have been satisfied with respect to this Amendment; provided that each Noteholder agrees, by its execution hereof, that the Rating Agency Consent Condition with respect to the Series 2010-6 Notes shall be satisfied upon receipt by each Non-Conduit Purchaser or Funding Agent of written confirmation from Moody’s (which confirmation may be in the form of a press release) that, after giving effect to this Amendment, the Series 2010-6 Notes will be rated at least “A2” by Moody’s, (iii) if requested by any CP Conduit Purchaser, Standard & Poor’s shall have confirmed that this Amendment shall not result in a withdrawal or downgrade of the rating of the Commercial Paper issued by any such CP Conduit Purchaser whose Commercial Paper is rated by Standard & Poor’s on the 2012 Extension Amendment Effective Date; provided that any CP Conduit whose Commercial Paper is rated by Standard & Poor’s on the 2012 Extension Amendment Effective Date that does not request such confirmation shall, by its execution hereof, waive solely with respect to this Amendment the requirement under Section 11.11 of the Series 2010-6 Supplement that Standard & Poor’s confirm that this Amendment will not result in a withdrawal or downgrade of the rating of such Commercial Paper, (iv) all certificates and opinions of counsel required under the Base Indenture or by the Series 2010-6 Noteholders shall have been delivered to the Trustee and the Series 2010-6 Noteholders, as applicable, (v) ABRCF shall have issued and directed the Trustee to authenticate, and the Trustee shall have authenticated, a Series 2010-6 Note in the name of each Non-Conduit Purchaser and each Funding Agent with respect to each Purchaser Group in an amount equal to the Maximum Purchaser Group Invested Amount with respect to such Purchaser Group (after giving effect to the effectiveness of this Amendment), and shall have delivered such Series 2010-6 Note to such Non-Conduit Purchaser or Funding Agent, as applicable, (vi) each Purchaser Group shall have been paid all amounts due to it pursuant to Section 13 hereof and (vii) the Administrative Agent and each Purchaser Group shall have received payment of any fees payable to it in connection with this Amendment.

 

  

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11. Each existing Purchaser Group, by its execution of this Amendment, hereby acknowledges and consents to a decrease on the 2012 Extension Amendment Effective Date of the Series 2010-6 Maximum Invested Amount pursuant to Section 2.6(c) of the Series 2010-6 Supplement on a non-pro rata basis in accordance with the amendment and restatement of Schedule I pursuant to this Amendment.

 

12. Pursuant to Section 2.6(e) of the Series 2010-6 Supplement, ABRCF hereby adds (x) SunTrust Bank as an Additional Non-Conduit Purchaser and (y) Victory Receivables Corporation as an Additional CP Conduit Purchaser, The Bank of Tokyo-Mitsubishi UFJ, Ltd. as the Related Additional APA Bank, and The Bank of Tokyo-Mitsubishi UFJ, Ltd., as the related Additional Funding Agent, each with the applicable Maximum Purchaser Group Invested Amounts set forth on Schedule A to this Amendment.  The Purchaser Group Addition Date with respect to such additions shall be the 2012 Extension Amendment Effective Date.  By its execution hereof, (x) the Administrative Agent consents to such additions and (y) the Administrative Agent and each other Purchaser Group waive any advance notice requirement pursuant to Section 2.6(e) of the Series 2010-6 Supplement in connection with such additions.

 

13. On the 2012 Extension Amendment Effective Date, each Non-Conduit Purchaser and each CP Conduit Purchaser and the Funding Agent and the APA Banks with respect to such CP Conduit Purchaser shall be deemed hereby to make or accept, as applicable, an assignment and assumption of a portion of the Series 2010-6 Invested Amount, as directed by the Administrative Agent, with the result being that after giving effect thereto, the Purchaser Group Invested Amount with respect to each such Purchaser Group shall equal the product of (x) Series 2010-6 Invested Amount on the 2012 Extension Amendment Effective Date and (y) the Commitment Percentage of such Purchaser Group on the 2012 Extension Amendment Effective Date after giving effect to the effectiveness of this Amendment and the changes in the Maximum Purchaser Group Invested Amounts made hereby and in furtherance hereof.  No Purchaser Group shall be required to make any assignment of any portion of its Purchaser Group Invested Amount unless such assigning Purchaser Group shall receive in cash an amount equal to the reduction in its Purchaser Group Invested Amount.

 

14. From and after the 2012 Extension Amendment Effective Date, all references to the Series 2010-6 Supplement shall be deemed to be references to the Series 2010-6 Supplement as amended hereby.

 

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

 

16. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

 

  

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Schedule A to Second Amendment

	
  

	
SCHEDULE I TO AMENDED AND RESTATED SERIES 2010-6 SUPPLEMENT

 

 

	
  

	
CP Conduit Purchaser Groups

 

	  	
CP Conduit

	
APA Bank

	
Funding Agent

	
APA Bank Percentage

	
Maximum

Purchaser Group

Invested Amount

	
Conduit Type

	
Purchased

Percentage

	
1. 

 

	
Liberty Street Funding LLC

	
The Bank of Nova Scotia

	
The Bank of Nova Scotia

	
100%

	
$150,000,000

	
Pooled Funding Conduit Purchaser

	
6.66666667%

	
2. 

 

	
Chariot Funding LLC

	
JPMorgan Chase Bank, N.A.

	
JPMorgan Chase Bank, N.A.

	
100%

	
$300,000,000

	
LIBOR Funding Conduit Purchaser

	
13.33333333%

	
3. 

 

	
Atlantic Asset Securitization LLC

	
Credit Agricole Corporate and Investment Bank

	
Credit Agricole Corporate and Investment Bank

	
100%

	
$225,000,000

	
Pooled Funding Conduit Purchaser

	
10.00000000%

	
4. 

 

	
Charta, LLC

	
Citibank, N.A.

	
Citibank, N.A.

	
100%

	
$225,000,000

	
Pooled Funding Conduit Purchaser

	
10.00000000%

 

 

  

  

  

 

 

	 	
CP Conduit

	
APA Bank

	
Funding Agent

	
APA Bank Percentage

	
Maximum

Purchaser Group

Invested Amount

	
Conduit Type

	
Purchased

Percentage

	
5. 

 

	
Versailles Assets LLC

	
Versailles Assets LLC

	
Natixis, New York Branch

	
100%

	
$100,000,000

	
Pooled Funding Conduit Purchaser

	
4.44444444%

	
6. 

 

	
Victory Receivables Corporation

	
The Bank of Tokyo-Mitsubishi UFJ, Ltd.

	
The Bank of Tokyo-Mitsubishi UFJ, Ltd.

	
100%

	
$100,000,000

	
Pooled Funding Conduit Purchaser

	
4.44444444%

  

  

  

Non-Conduit Purchasers

	  	
Non-Conduit Purchaser

	
Maximum Purchaser Group Invested Amount

	
Purchased Percentage

	
 1.

	
Bank of America, National Association

	
$200,000,000

	
8.88888889%

	
2.

	
Deutsche Bank Trust Company Americas

	
$275,000,000

	
12.22222222%

	
3.

	
Royal Bank of Canada

	
$150,000,000

	
6.66666667%

	
4.

	
The Royal Bank of Scotland plc

	
$175,000,000

	
7.77777778%

	
5.

	
Barclays Bank PLC

	
$225,000,000

	
10.00000000%

	
6.

	
SunTrust Bank

	
$125,000,000

	
5.55555556%

  

  

  

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective duly authorized officers as of the date above first written.

 

	  	
 

 

 

By:     

	
AVIS BUDGET RENTAL CAR FUNDING

          (AESOP) LLC, as Issuer

     

/s/ Rochelle Tarlowe

	  
	  	
Name:     

Title:     

	
Rochelle Tarlowe

Vice President and Treasurer

	  

 

  

  

  

	  	
 

 

 

 

By:     

	
THE BANK OF NEW YORK MELLON

          TRUST COMPANY, N.A., as Trustee and

          Series 2010-6 Agent

 

/s/ David H. Hill

	  
	  	
Name:     

Title:     

	
David H. Hill

Vice President

	  

  

  

  

 

	  	
 

 

 

By:     

	
JPMORGAN CHASE BANK, N.A., as

          Administrative Agent

 

/s/ Adam J. Klimek

	  
	  	
Name:     

Title:     

	
Adam J. Klimek

Executive Director

	  

 

  

  

  

AGREED, ACKNOWLEDGED AND CONSENTED:

	
 

 

 

 

By:     

	
LIBERTY STREET FUNDING LLC,

          as a CP Conduit Purchaser under the Series

          2010-6 Supplement

 

/s/ Jill A. Russo

	  
	
Name:     

Title:     

	
Jill A. Russo

Vice President

	  

 

	
 

 

 

 

By:     

	
THE BANK OF NOVA SCOTIA,

          as a Funding Agent and an APA Bank under

          the Series 2010-6 Supplement

 

/s/ Darren Ward

	  
	
Name:     

Title:     

	
Darren Ward

Director

	  

 

  

  

  

	
 

 

 

 

By:     

	
CHARTA, LLC (as successor to Charta Corporation),

          as a CP Conduit Purchaser under the Series 2010-6 Supplement

 

Citibank, N.A., as

Attorney-in-fact

	  

 

	
By:     

	
/s/ Karrie Truglia

	  
	
Name:     

Title:     

	
 Karrie Truglia

Vice President

	  

	
 

 

 

By:     

	
CITIBANK, N.A., as

          an APA Bank under the Series 2010-6 Supplement

 

/s/ Karrie Truglia

	  
	
Name:     

Title:     

	
Karrie Truglia

Vice President

	  

	
 

 

 

By:     

	
CITIBANK, N.A., as

          an APA Bank under the Series 2010-6 Supplement

 

/s/ Karrie Truglia

	  
	
Name:     

Title:     

	
Karrie Truglia

Vice President

	  

 

  

  

  

	
 

 

 

 

 

By:     

	
CHARIOT FUNDING LLC (as successor by merger

          to Falcon Asset Securitization Company LLC),

          as a CP Conduit Purchaser under the Series

          2010-6 Supplement

 

/s/ Adam J. Klimek

	  
	
Name:     

Title:     

	
Adam J. Klimek

Executive Director

	  

	
 

 

 

 

By:     

	
JPMORGAN CHASE BANK, N.A.

         as a Funding Agent under the Series

         2010-6 Supplement

 

/s/ Adam J. Klimek

	  
	
Name:     

Title:     

	
Adam J. Klimek

Executive Director

	  

 

 

	
 

 

 

 

By:     

	
JPMORGAN CHASE BANK, N.A.

        as an APA Bank under the Series 2010-6

Supplement

 

/s/ Adam J. Klimek

	  
	
Name:     

Title:     

	
Adam J. Klimek

Executive Director

	  

 

  

  

  

	
 

 

 

 

By:     

	
DEUTSCHE BANK TRUST COMPANY AMERICAS,

        as a Non-Conduit Purchaser under the Series

        2010-6 Supplement

 

/s/ Robert Sheldon

	  
	
Name:     

Title:     

	
Robert Sheldon

Managing Director

	  
	
 

By:     

	
 

/s/ Casey Rust

	  
	
Name:     

Title:     

	
Casey Rust

Vice President

	  

 

  

  

  

	
 

 

 

 

By:     

	
ATLANTIC ASSET SECURITIZATION LLC,

        as a CP Conduit Purchaser under the Series

        2010-6 Supplement

 

/s/ Kostantina Kourmpetis

	  
	
Name:     

Title:     

	
Kostantina Kourmpetis

Managing Director

	  
	
 

By:     

	
 

/s/ Sam Pilcer

	  
	
Name:     

Title:     

	
Sam Pilcer

Managing Director

	  

 

	
 

 

 

 

By:     

	
CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK,

        as a Funding Agent and an APA Bank under the

        Series 2010-6 Supplement

 

/s/ Kostantina Kourmpetis

	  
	
Name:     

Title:     

	
Kostantina Kourmpetis

Managing Director

	  
	
 

By:     

	
 

/s/ Sam Pilcer

	  
	
Name:     

Title:     

	
Sam Pilcer

Managing Director

	  

 

  

  

  

	
 

 

 

 

 

By:     

	
THE ROYAL BANK OF SCOTLAND PLC,

        as a Non-Conduit Purchaser under the Series

        2010-6 Supplement

        by:  RBS Securities Inc., as agent

 

/s/ Michael Zappatemini

	  
	
Name:     

Title:     

	
Michael Zappatemini

Managing Director

	  

 

  

  

  

	
 

 

 

 

By:     

	
BANK OF AMERICA, NATIONAL ASSOCIATION,

        as a Non-Conduit Purchaser under the Series

        2010-6 Supplement

 

/s/ Jeremy Grubb

	  
	
Name:     

Title:     

	
Jeremy Grubb

Vice President

	  

 

  

  

  

	
 

 

 

 

By:     

	
ROYAL BANK OF CANADA,

        as Non-Conduit Purchaser under the Series

        2010-6 Supplement

 

/s/ Robert S. Jones

	  
	
Name:     

Title:     

	
Robert S. Jones

Authorized Signatory

	  
	
 

By:     

	
 

/s/ Kevin P. Wilson

	  
	
Name:     

Title:     

	
Kevin P. Wilson

Authorized Signatory

	  

  

  

  

 

	
 

 

 

 

By:     

	
BARCLAYS BANK PLC,

        as a Non-Conduit Purchaser under the Series

        2010-6 Supplement

 

/s/ Jamie Pratt

	  
	
Name:     

Title:     

	
Jamie Pratt

Director

	  

  

  

  

	
 

 

 

 

 

By:     

	
VERSAILLES ASSETS LLC,

        as a CP Conduit Purchaser and an APA Bank under the Series

        2010-6 Supplement

        by:  Global Securitization Services, LLC, its Manager

 

/s/ David V. DeAngelis

	  
	
Name:     

Title:     

	
David B. DeAngelis

Vice President

	  

	
 

 

 

 

By:     

	
NATIXIS, NEW YORK BRANCH,

        as a Funding Agent under the

        Series 2010-6 Supplement

 

/s/ David S. Bondy

	  
	
Name:     

Title:     

	
David S. Bondy

Managing Director

	  
	
 

By:     

	
 

/s/ Henry J. Sandlass

	  
	
Name:     

Title:     

	
Henry J. Sandlass

Managing Director

	  

 

  

  

  

	
 

 

 

 

By:     

	
VICTORY RECEIVABLES CORPORATION,

        as CP Conduit Purchaser under the 2010-6

        Supplement

 

/s/ David V. DeAngelis

	  
	
Name:     

Title:     

	
David V. DeAngelis

Vice President

	  

	
 

 

 

     

By:     

	
THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,

        as a Funding Agent under the

        Series 2010-6 Supplement

 

/s/ Christopher Pohl

	  
	
Name:     

Title:     

	
Christopher Pohl

Managing Director

	  

 

 

	
 

 

 

 

By:     

	
THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,

        as an APA Bank under the

        Series 2010-6 Supplement

     

/s/ Lawrence Elkins

	  
	
Name:     

Title:     

	
Lawrence Elkins

Vice President

	  

 

  

  

  

	
 

 

 

 

By:     

	
SUNTRUST BANK

     as a Non-Conduit Purchaser under the Series

     2010-6 Supplement

     

/s/ Emily Shields

	  
	
Name:     

Title:     

	
Emily Shields

Vice President

	  
	
 

By:     

	
 

/s/ Leo Loughead

	  
	
Name:     

Title:     

	
Leo Loughead

Managing Director

	  

 

  

  

  

	
 

 

 

By:     

	
AVIS BUDGET CAR RENTAL, LLC,

     as Administrator

 

/s/ Rochelle Tarlowe

	  
	
Name:     

Title:     

	
Rochelle Tarlowe

Vice President and Treasurer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00209-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00209-of-00352.parquet"}]]