Document:

First Supp Indenture dtd 5/3/02 to 6/1/01 indentur

  
 
 
 Exhibit 10.20 
  
  
  
  
 IKON RECEIVABLES, LLC, 
  
 Issuer 
  
 SUNTRUST BANK, 
  
 Trustee 
  
 and 
  
 IOS CAPITAL, LLC, 
  
 Servicer 
  
 
 
 FIRST SUPPLEMENTAL INDENTURE 
  
 Dated as of May 3, 2002 
  
 to the 
  
 INDENTURE 
  
 Dated as of June 1, 2001 
  
 
 
  
  
 

  
 FIRST SUPPLEMENTAL INDENTURE, dated as of May 3, 2002, among IKON RECEIVABLES,
LLC, a limited liability corporation duly organized and existing under the laws of the State of Delaware (the “Issuer”), SUNTRUST BANK, a banking corporation duly organized and existing under the laws of the State of Georgia, as Trustee
(the “Trustee”), and IOS CAPITAL, LLC, a limited liability company duly organized and existing under the laws of the State of Delaware, as servicer (the “Servicer”). 
  
 Recitals of the Issuer 
  
 The Issuer has
heretofore duly executed and delivered to the Trustee an Indenture, dated as of June 1, 2001 (the “Indenture”), providing for the issuance of the Notes. All capitalized terms used in this First Supplemental Indenture and not defined herein
shall have the meaning assigned to them in the Indenture. 
  
 Section 10.02(a) of the Indenture provides that, with
the consent of the Insurer, the Issuer, by an Issuer Order, and the Trustee may enter into one or more supplemental indentures to add to or change provisions of the Indenture. 
  
 All things necessary to make this First Supplemental Indenture a valid agreement of the Issuer, and a valid supplement to the Indenture, have been done. 

 
 Now, Therefore, this First Supplemental Indenture Witnesseth: 
  
 For and in consideration of the premises, it is mutually agreed as follows: 
  
 1.    Section 1.01 of the Indenture is hereby amended by adding the defined terms “Applicable Indenture”, “Applicable Trustee”, “Designated Indenture”,
“Designated Series”, “Designated Trustee”, “Series Acceleration Event”, “Series Event of Default Acceleration”, “1999-1 Series”, “1999-2 Series”, “2000-1 Series”, “2000-2
Series”, “Series 1999-1 Indenture”, “Series 1999-2 Indenture”, “Series 2000-1 Indenture”, “Series 2000-2 Indenture”, “Series 1999-1 Trustee”, “Series 1999-2 Trustee”, “Series
2000-1 Trustee”, “Series 2000-2 Trustee”, “Shared Collections”, “Shared Collections Section”, “Shortfall Amount”, “Other Indenture”, “Other Series”, “Other Series Shared
Collections”, “Other Series Shortfall Amount” and “Other Trustee”, in the appropriate alphabetical order to read in their entirety as follows: 
  
 “Applicable Indenture” means, for each Other Series, the Indenture pursuant to which such Other Series was issued. 
  
 “Applicable Trustee” means, for each Other Series, the Trustee appointed pursuant to the Applicable Indenture for such Series.

  
 “Designated Indenture” means each or any of the Indentures for any Designated Series. 

  
 “Designated Series” means any series of lease-backed notes of the
Issuer or any affiliate of the Issuer other than (i) the Notes issued pursuant to this Indenture or (ii) any notes issued pursuant to the Series 1999-1 Indenture, the Series 1999-2 Indenture, the Series 2000-1 Indenture and the Series 2000-2
Indenture, that are designated by the Issuer to be included in the sharing of Shared Collections and Other Series Shared Collections. 
  
 “Designated Trustee” means each or any of the Trustees appointed pursuant to the Designated Indentures. 
  
 “1999-1 Series” means the $751,642,000 aggregate original principal amount of Lease-Backed Notes issued pursuant to the Series 1999-1 Indenture. 
  
 “1999-2 Series” means the $699,595,000 aggregate original principal amount of Lease-Backed Notes issued pursuant to the Series 1999-2 Indenture. 

 
 “2000-1 Series” means the $498,510,000 aggregate original principal amount of Lease-Backed Notes issued pursuant to
the Series 2000-1 Indenture. 
  
 “2000-2 Series” means the $634,431,000 aggregate original principal amount
of Lease-Backed Notes issued pursuant to the Series 2000-2 Indenture. 
  
 “Series Acceleration Event”
means, with respect to any Other Series, an “Acceleration Event” as defined in the Applicable Indenture for such Other Series. 
  
 “Series Event of Default Acceleration” means, with respect to any Other Series, that such Other Series has been declared due and payable pursuant to Section 7.02 of the Applicable Indenture for such Other Series
and that moneys collected by the Applicable Trustee for such Other Series are being applied in accordance with Section 7.06 of the Applicable Indenture for such Other Series. 
  
 “Series 1999-1 Indenture” means the Indenture dated as of April 1, 1999 by and among IKON Receivables, LLC, as Issuer, BNY MIDWEST TRUST COMPANY as ultimate
successor in-interest to the corporate trust business of Harris Trust and Savings Bank, as Trustee and IOS Capital, Inc., as Servicer, as amended. 
  
 “Series 1999-2 Indenture” means the Indenture dated as of October 1, 1999 by and among IKON Receivables, LLC, as Issuer, BNY MIDWEST TRUST COMPANY as ultimate successor in-interest to the
corporate trust business of Harris Trust and Savings Bank, as Trustee and IOS Capital, Inc., as Servicer, as amended. 
  
 “Series 2000-1 Indenture” means the Indenture dated as of June 1, 2000 by and among IKON Receivables, LLC, as Issuer, Bank One, N.A., as Trustee, and IOS Capital, Inc., as Servicer, as amended. 

  
 “Series 2000-2 Indenture” means the Indenture dated as of December 1,
2000 by and among IKON Receivables, LLC, as Issuer, JPMorgan Chase Bank, as Trustee, and IOS Capital, Inc., as Servicer, as amended. 
  
 “Series 1999-1 Trustee” means the Trustee appointed pursuant to the Series 1999-1 Indenture. 
  
 “Series 1999-2 Trustee” means the Trustee appointed pursuant to the Series 1999-2 Indenture. 
  
 “Series 2000-1 Trustee” means the Trustee appointed pursuant to the Series 2000-1 Indenture. 
  
 “Series 2000-2 Trustee” means the Trustee appointed pursuant to the Series 2000-2 Indenture. 
  
 “Shared Collections” means, with respect to any Payment Date, any amount specified to be treated as such pursuant to clause (xi) of Section 3.03(b) or clause eighth of Section 7.06 of this Indenture. 

 
 “Shared Collection Section” means, with respect to each Other Indenture, the section of such Other Indenture which
corresponds to Section 3.10 of this Indenture. 
  
 “Shortfall Amount” means with respect to any Payment
Date and the Notes (i) if an Acceleration Event has occurred, but the Notes have not been declared due and payable pursuant to Section 7.02, the excess of (x) the full amount needed to make on such Payment Date the payments provided for in clauses
(i) through (x) of Section 3.03(b) over (y) Available Funds (excluding any Other Series Shared Collections allocated to the Notes pursuant to Section 3.10) for such Payment Date, (ii) if the Notes have been declared due and payable pursuant to
Section 7.02 and moneys collected by the Trustee are being applied in accordance with Section 7.06, the excess of (x) the full amount needed to make on such Payment Date the payments provided for in clauses first through seventh of Section
7.06 over (y) the amounts (excluding any Other Series Shared Collections allocated to the Notes pursuant to Section 3.10) available on such Payment Date to make such payments and (iii) otherwise, zero. 
  
 “Other Indenture” means each or any of the Series 1999-1 Indenture, the Series 1999-2 Indenture, the Series 2000-1 Indenture,
the Series 2000-2 Indenture or any Designated Indenture. 
  
 “Other Series” means each or any of the 1999-1
Series, the 1999-2 Series, the 2000-1 Series, the 2000-2 Series or any Designated Series. 
  
 “Other Series
Shared Collections” means, with respect to any Other Series, “Shared Collections” under and as defined in the Applicable Indenture for such Other Series. 

  
 “Other Series Shortfall Amount” means, with respect to any Other
Series, the “Shortfall Amount” as defined in the Applicable Indenture for such Other Series. 
  
 “Other Trustee” means each or any of the Series 1999-1 Trustee, the Series 1999-2 Trustee, the Series 2000-1 Trustee, the Series 2000-2 Trustee or any Designated Trustee. 
  
 2.    The definition of the term “Available Funds” is hereby amended by adding the text “(1)”
immediately after the text “with respect to any Payment Date,” in the first line of such definition and by adding the text “and (2) Other Series Shared Collections to be allocated to the Notes for such Payment Date pursuant to Section
3.10” at the end of such definition and prior to the period. 
  
 3.    Section 3.03(b) is
hereby amended by adding the text “, together with Other Series Shared Collections allocated to the Notes pursuant to Section 3.10 and the Shared Collections Section of each Other Indenture with respect to such Payment Date,” immediately
after the text “for application”. 
  
 4.    Clause (viii) of Section 3.03(b) is hereby
amended by adding the text “or, if and so long as IOS Capital is the Servicer, the senior long-term debt rating assigned by Moody’s or S&P to IOS Capital is Ba2 or below or BB or below, respectively,” immediately after the text
“if an Acceleration Event has occurred”. 
  
 5.    Clause (xi) of Section 3.03(b) is
hereby amended by adding the text 
  
 “; provided, however, that if a Series Acceleration Event or Series Event of Default Acceleration
has occurred with respect to one or more Other Series (i) first to be treated as Shared Collections and allocated to such Other Series as and to the extent provided in Section 3.10 and in the Shared Collections Section of the Applicable Indenture
for each such Other Series (and paid to the Applicable Trustee for each such Other Series at the account number or numbers of such Applicable Trustee listed on the signature pages hereto) and (ii) then to pay the Issuer, the balance, if any”
immediately after the existing text and prior to the period. 
  
 6.    New Section 

 
 Section 3.10. Shared Collections. Shared Collections and Other Series Shared Collections for any Payment Date shall be allocated, as directed
by the Servicer in the Servicing Report, to the Notes in an amount equal to the product of (i) the aggregate amount of Shared Collections and Other Series Shared Collections for such Payment Date and (ii) a fraction the numerator of which is the
Shortfall Amount for such Payment Date and the denominator of which is the aggregate amount of the Shortfall Amount for the Notes and the Other Series Shortfall Amounts for such Payment Date. 

 
Shared Collections and Other Series Shared Collections for any Payment Date shall be allocated, as directed by the Servicer in the Servicing Report, to each Other Series in an amount equal to the
product of (i) the aggregate amount of Shared Collections and Other Series Shared Collections for such Payment Date and (ii) a fraction the numerator of which is the Other Series Shortfall Amount for such Other Series for such Payment Date and the
denominator of which is the aggregate amount of the Shortfall Amount for the Notes and the Other Series Shortfall Amounts for such Payment Date. 
  
 Any Other Series Shared Collections allocated to the Notes and received by the Trustee shall be deposited in the Collection Account. 
  
 7.    Section 6.01 is hereby amended by adding the text “or, if and so long as IOS Capital is the Servicer, the long-term debt rating assigned by Moody’s or S&P to IOS
Capital is Ba2 or below or BB or below, respectively” immediately after the text “If a Servicer Event of Default has occurred and is continuing” and prior to the comma. 
  
 8.    Section 7.06 is hereby amended by inserting the text “including any Other Series Shared Collections allocated to the Notes pursuant to
Section 3.10 and the Shared Collections Section of each Other Indenture” immediately after the text “thereafter received by the Trustee”. 
  
 9.    Clause eighth of Section 7.06 is hereby amended by adding the text “; provided, however, that if a Series Acceleration Event or Series Event of Default
Acceleration has occurred with respect to one or more Other Series (i) first to be treated as Shared Collections and allocated to such Other Series as and to the extent provided in Section 3.10 and in the Shared Collections Section of the Applicable
Indenture for each such Other Series (and paid to the Applicable Trustee for each such Other Series at the account number or numbers of such Applicable Trustee listed on the signature pages hereto) and (ii) then to pay the Issuer or any Person
legally entitled thereto, the balance, if any” immediately after the existing text and prior to the period. 
  
 10.    This First Supplemental Indenture shall be construed in accordance with the laws of the State of New York without reference to its conflict of law provisions, and the obligations, rights and remedies of the
parties hereunder shall be determined in accordance with such laws. 
  
 11.    The Trustee shall
not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this First Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Issuer.

  
 12.    On January 11, 2002, IOS Capital, Inc. was converted to a limited liability company
pursuant to Section 18-214 of the Delaware Limited Liability Company Act and Section 266 of the General Corporation Law of Delaware. As a consequence of such conversion, all references in this Indenture to “IOS Capital, Inc.” shall be
amended to read “IOS Capital, LLC”. 

 This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an
original, but all such counterparts shall together constitute but one and the same instrument. 
  

 In Witness Whereof, the parties hereto have caused this First Supplemental Indenture to be duly executed, and their
respective corporate seals to be hereunto affixed and attested, all as of the day and year first above written. 
  
 IKON RECEIVABLES, LLC, as Issuer 
               By:
IKON RECEIVABLES FUNDING, INC., 
 its manager 
  
 
	 
	 By:
 	 	  
	  	 	 

 
 
	  
 SUNTRUST BANK, as Trustee
 
	 
	 By:
 	 	 George Hogan        
 

	  	 	 George Hogan, Vice President
 

 
  
  
 
	 IOS CAPITAL, INC., as Servicer
 
	 
	 By:
 	 	  
	  	 	 

 
  
  
 
	 BNY MIDWEST TRUST COMPANY, as Trustee under the Series 1999-1 Indenture hereby acknowledges the amendments made pursuant to this First Supplemental
Indenture including, but not limited to, the provisions of Section 3.10.
 
	 
	     By:
 	 	  
 

	 
	     A/C No.    #
 	 	  
 

 

  
 
	 BNY MIDWEST TRUST COMPANY, as Trustee under the Series 1999-2 Indenture hereby acknowledges the amendments made pursuant to this First Supplemental
Indenture including, but not limited to, the provisions of Section 3.10.
 
	 
	     By:
 	 	  
 

	 
	     A/C No.# 
 	 	  
 

 
  
 
	 JPMORGAN CHASE BANK, as Trustee under the Series 2000-1 Indenture hereby acknowledges the amendments made pursuant to this First Supplemental
Indenture including, but not limited to, the provisions of Section 3.10.
 
	 
	     By:
 	 	  
 

	 
	     A/C No. #
 	 	 160555.1
 

 
  
 
	 JPMORGAN CHASE BANK, as Trustee under the Series 2000-2 Indenture hereby acknowledges the amendments made pursuant to this First Supplemental
Indenture including, but not limited to, the provisions of Section 3.10.
 
	 
	     By:
 

 	 	  
 

	 
	     A/C No.#
 	 	 180526.3
 

 
  

 State of New York ) 
 )ss: 

County of New York ) 
  
 On the day of
            ,         , before me personally came
                                , to me known, who, being by me duly sworn, did
depose and say that he is                          of
                                , one of the corporations described in and which
executed the foregoing instrument; that he knows the seal of said corporation; that the seal affixed to said instrument is such corporate seal; that it was so affixed by authority of the Board of Directors of said corporation; and that he signed his
name thereto by like authority. 
  
 State of New York ) 
 ) ss: 
 County of New York ) 
  
 On the day of             ,         , before me personally came
                                , to me known, who, being by me duly sworn, did
depose and say that he is a                          of
                        , one of the corporations described in and which executed the foregoing instrument; that he knows
the seal of said corporation; that the seal affixed to said instrument is such corporate seal; that it was so affixed by authority of the Board of Directors of said corporation; and that he signed his name thereto by like authority.Amendment dtd 5/3/02 to 4/1/99 Servicing Agreement

 Exhibit 10.23 
  
 AMENDMENT dated as of May 3, 2002 (this “Amendment”), to the Assignment and Servicing Agreement dated as of April 1, 1999 (as the same may be further amended, supplemented or otherwise
modified from time to time, the “Assignment and Servicing Agreement”), by and among IOS Capital, LLC, a Delaware limited liability company, as Originator and as Servicer (the “Originator” and the
“Servicer”), IKON Receivables-1, LLC, as Seller (the “Seller”) and IKON Receivables, LLC as Issuer (the “Issuer”). 
  
 WHEREAS, the Servicer has requested that the Originator, the Seller, the Issuer, the Insurer and the Trustee, consent to an amendment to the Assignment and
Servicing Agreement in the manner provided for in this Amendment; and 
  
 WHEREAS, the Originator,
the Seller, the Issuer, the Insurer and the Trustee are willing, on the terms and conditions hereinafter set forth, to consent to such an amendment. 
  
 NOW, THEREFORE, the parties hereto hereby agree as follows: 
  
 1.    Defined Terms. Capitalized terms used and not defined herein shall have the meanings given to them in the Assignment and
Servicing Agreement, as amended hereby. 
  
 2.    Amendment of the
Agreement. (a) Section 4.01 of the Assignment and Servicing Agreement is hereby amended by adding the following text in its appropriate alphabetical order to read as follows: “(g) In the event of a downgrading of the senior long term debt
rating assigned by Moody’s or S&P to IOS Capital below Baa3 or below BBB-, respectively, the Insurer may, at its option, require the Servicer to establish and maintain, within 30 days of receipt of such notice, and to continue to establish
and maintain in accordance with the terms hereof, an Eligible Account, entitled “IKON Receivables, LLC Series 1999-1 Lockbox Account” (the “Lockbox Account”), in the name of the Trustee for the benefit of the Noteholders and the
Insurer. The Servicer (i) shall continue to be afforded adequate access to the Lockbox Account to perform its duties hereunder and (ii) shall be authorized to direct the transfer of funds to the Collection Account in accordance with the terms of
Section 4.01(a) hereof. Within 45 days of the receipt of notice required by this Section 4.01(g) from the Insurer, the Servicer shall have instructed in writing each Lessee to remit their respective Lease Payments to the address of the Lockbox
Account. In addition, the Servicer shall send such further notices and take such further actions as reasonably requested by the Insurer or as reasonably necessary to cause Lessees to comply with such instructions and remit their respective Lease
Payments to the Lockbox Account.” 
  
 (b) Section 10.01 of the Assignment and Servicing
Agreement is hereby amended by deleting in its entirety clause (ix) of such Section. 

  
 (c) Section 10.02 of the Assignment and Servicing Agreement is
hereby amended by deleting the text “So long as a Servicer Event of Default shall be continuing,” and substituting therefor “If a Servicer Event of Default has occurred and is continuing or, if and so long as IOS Capital is the
Servicer, the long-term senior debt rating assigned by Moody’s or S&P to IOS Capital is Ba2 or below or BB or below, respectively,”. 
  
 3.    Effect of Amendment. Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit,
impair, constitute a waiver of, or otherwise affect the rights and remedies of any party under the Assignment and Servicing Agreement, as amended by this Amendment, and shall not alter, modify, amend or in any way affect any of the terms,
conditions, obligations, covenants or agreements contained in the Assignment and Servicing Agreement, as amended by this Amendment, all of which are ratified and affirmed in all respects and shall continue in full force and effect. Nothing herein
shall be deemed to entitle the Servicer to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Assignment and Servicing Agreement, as amended by
this Amendment. This Amendment shall apply and be effective only with respect to the provision of the Assignment and Servicing Agreement set forth herein. After the date hereof, any reference to the Assignment and Servicing Agreement shall mean the
Assignment and Servicing Agreement as modified hereby. 
  
 4.    Effectiveness. This Amendment shall become effective only upon: 
  
 (a) receipt by the Trustee of counterparts hereof duly executed and delivered by the Originator, the Seller, the Issuer, the Insurer and the Trustee; and 
  
 (b) receipt by the Trustee and the Insurer of (i) an Officers’ Certificate (as defined in the Indenture) required by Section 12.04(a) of the
Indenture in connection with this Amendment; and (ii) an Opinion of Counsel (as defined in the Indenture) required by Section 12.04(b) of the Indenture in connection with this Amendment. 
  

5.    Counterparts. This Amendment may be executed in two or more counterparts, each of which shall constitute an original,
but all of which when taken together shall constitute but one contract. Delivery of an executed counterpart of a signature page of this Amendment by facsimile transmission shall be as effective as delivery of a manually executed counterpart of this
Amendment. 
  
 6.    Headings. Headings used herein are for convenience of
reference only, are not part of this Amendment and are not to affect the construction of, or to be taken into consideration in interpreting, this Amendment. 
  
 7.    GOVERNING LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

 
 2 

  
 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed and delivered by their respective, proper and duly authorized officer as of the day and year first above written. 
  
  
 
	 IOS CAPITAL, LLC, as Originator,
 
	 
	 by:
 	 	     /s/ J.F. QUINN
 

	  	 	 Name:    J.F. QUINN
 
	  	 	 Title:      TREASURER
 

 
  
  
 
	 IKON RECEIVABLES—1, LLC, as Seller,
 
	 
	 by:
 	 	     /s/ J.F. QUINN
 

	  	 	 Name:    J.F. QUINN
 Title:      TREASURER
 

 
  
  
 
	 IKON RECEIVABLES, LLC, as Issuer,
 
	 
	 by:
 	 	     /s/ J.F. QUINN
 

	  	 	 Name:    J.F. QUINN
 Title:      TREASURER
 

 
  
  
 
	 AMBAC ASSURANCE CORPORATION, as Insurer,
 
	 
	 by:
 	 	     /s/ BARRY SCHOFIELD
 

	  	 	 Name:    BARRY S. SCHOFIELD
 Title:      VICE PRESIDENT
 

 
  
  
 
	 
	 Acknowledge and Consent:
 
	 
	 BNY MIDWEST TRUST COMPANY,
 as Indenture Trustee,
 
	 
	 by:
 	 	     /s/ ERIC A. LINDAHL
 

	  	 	 Name:    ERIC A. LINDAHL
 Title:      VICE PRESIDENT

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