Document:

exv10w13

 

Exhibit 10.13

ASSIGNMENT AND ASSUMPTION AGREEMENT

     Assignment and Assumption Agreement dated as of this 28th day of October,
2003, by and among ALLIED CAPITAL CORPORATION, a Maryland corporation
(“Buyer”), J.H. WHITNEY MEZZANINE FUND, L.P., (“JWF”) and J.H. WHITNEY
MEZZANINE DEBT FUND, and together with JWF, the “Sellers”). Buyer and Sellers
are referred to collectively herein as the “Parties”.

     WHEREAS, Buyer and Sellers have entered into an Securities Purchase
Agreement dated as of October 28, 2003 (the “Securities Purchase
Agreement”):

     NOW, THEREFORE, for good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged by the Parties, the Parties hereby
agree as follows:

     All capitalized terms used but not otherwise defined herein shall have
the meanings ascribed to them in the Securities Purchase Agreement.

     Subject to the terms and conditions of the Securities Purchase Agreement,
Sellers hereby assign to Buyer as of the date hereof, the Investment Documents.
Subject to the terms and conditions of the Securities Purchase Agreement, Buyer
hereby assumes and becomes responsible for the liabilities, obligations and
responsibilities of the Sellers under the Securities and the Investment
Documents.

     This Assignment and Assumption Agreement is being delivered in connection
with the Securities Purchase Agreement and is subject to the terms of the
Securities Purchase Agreement.

     This Assignment and Assumption Agreement may be executed in one or
more counterparts, each of which shall be deemed an original, but all of
which shall constitute one agreement.

*****

     IN WITNESS WHEREOF, the Parties have caused their duly authorized
representatives to execute this Assignment and Assumption Agreement as of the
date first written above.

	 
	BUYER:
	 
	ALLIED CAPITAL CORPORATION
	 
	By /s/ G. Cabell Williams, III
	Name: G. Cabell Williams, III
	Title: Managing Director

 

 

	 
	SELLERS:
	 
	J.H. WHITNEY MEZZANINE FUND, L.P.
	By: Whitney GP, L.L.C., its general partner
	 
	By: /s/ Daniel J. O’Brien 
	Name: Daniel J. O’Brien
	Title: Managing Member
	 
	J.H. WHITNEY MEZZANINE DEBT FUND, L.P.
	By: Whitney GP, L.L.C., its general partner
	 
	By: /s/ Daniel J. O’Brien 
	Name: Daniel J. O’Brien
	Title: Managing Memberexv4w2

 

Exhibit 4.2

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A
NOMINEE THEREOF. THIS SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR
EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE
DEPOSITORY OR A NOMINEE THEREOF AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPT
IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY SECURITY
AUTHENTICATED AND DELIVERED UPON REGISTRATION OF 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.

UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY (AS
DEFINED BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT,
AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS 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.

CAMDEN PROPERTY TRUST

FORM OF

5.375% NOTE DUE 2013

	 	 	 
	REGISTERED

No.: R-1	 	
PRINCIPAL AMOUNT

$200,000,000
	 
	CUSIP No.: 133131AL6	 	 

     CAMDEN PROPERTY TRUST, a real estate investment trust organized and
existing under the laws of the State of Texas (hereinafter called the
“Company,” which term includes any successor corporation under the Indenture
hereinafter referred to), for value received, hereby promises to pay to CEDE &
Co., or registered assigns, upon presentation, the principal sum of Two Hundred
Million Dollars ($200,000,000) on December 15, 2013 at the office or agency of
the Company referred to below, and to pay interest thereon from December 4,
2003, or from the most recent Interest Payment Date to which interest has been
paid or duly provided for, semi-annually in arrears on June 15 and December 15
in each year (each, an “Interest Payment Date”), commencing June 15, 2004 at
the rate of 5.375% per annum, until the entire principal hereof is paid or duly
provided for. The interest so payable, and punctually paid or duly provided
for on any Interest Payment Date will, as provided for in the Indenture, be
paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date
for such interest which shall be June 1 or December 1 (whether or not a
Business Day), as the case may be, immediately preceding such Interest Payment
Date. Any such interest not so punctually paid or duly provided for shall
forthwith cease to be payable to the Holder on such Regular Record Date, and
may either be paid to the Person in whose name this Security (or one or more
Predecessor Securities) is registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest to be fixed by the
Trustee, notice whereof shall be given to Holders of Securities of this series
not more than 15 days and not less than 10 days prior to such Special Record
Date, or may be paid at any time in any other lawful manner not inconsistent
with the requirements of any securities exchange on which the Securities of
this series may be listed, and upon such notice as may be required by such
exchange, all as more fully provided in the Indenture.

 

 

     Payment of the principal of, or Make-Whole Amount, if any, and interest
on, the Securities will be made to The Depository Trust Company or its nominee
in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts; provided,
however, that at the option of the Company payment of interest may be made by
(i) check mailed to the address of the Person entitled thereto as such address
shall appear in the Security Register or (ii) by wire transfer of funds to an
account of the Person entitled thereto maintained within the United States.

     Securities of this series may be redeemed at any time at the option of the
Company, in whole or in part, upon notice of not more than 60 nor less than 30
days prior to the Redemption Date, at a redemption price equal to the sum of
(i) the principal amount of the Securities being redeemed plus accrued interest
thereon to the Redemption Date and (ii) the Make-Whole Amount, if any, with
respect to such Securities.

     REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS SECURITY SET
FORTH ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES
HAVE THE SAME EFFECT AS IF SET FORTH IN THIS PLACE.

     Unless the Certificate of Authentication hereon has been executed by or on
behalf of the Trustee by manual signature, this Security shall not be entitled
to any benefit under the Indenture or be valid or obligatory for any purpose.

     IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed.

	 	 	 	 	 
	 	 	CAMDEN PROPERTY TRUST
	 
	 
	Dated: December 4, 2003	 	
By:	 	 
	 	 	 	 	

	 	 	 	 	Dennis M. Steen

Senior Vice President-Finance,

Chief Financial Officer and Secretary

Attest:

	 	 	 
	By:	 	 

Terry S. McKinney

Assistant Secretary

TRUSTEE’S CERTIFICATE OF AUTHENTICATION:

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

SunTrust Bank,
as Trustee

	 	 	 	 
	By:	 	 	
Dated: December 4, 2003
	 	

	 	Authorized Officer	 	 

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Reverse of Note

CAMDEN PROPERTY TRUST

5.375% NOTE DUE 2013

     This Security is one of a duly authorized issue of securities of the
Company (herein called the “Securities”), issued and to be issued in one or
more series under an Indenture, dated as of February 11, 2003, (herein called
the “Indenture”), between the Company and SunTrust Bank, a banking corporation
organized and existing under the laws of the State of Georgia, as Trustee
(herein called the “Trustee,” which term includes any successor trustee under
the Indenture with respect to the series of which this Security is a part), to
which Indenture and all board resolutions and indentures supplemental thereto
reference is hereby made for a statement of the respective rights, limitations
of rights, duties and immunities thereunder of the Company, the Trustee and the
Holders of the Securities and of the terms upon which the Securities are, and
are to be, authenticated and delivered. This Security is one of the series
designated on the first page hereof.

     “Make-Whole Amount” means, in connection with any optional redemption or
accelerated payment of any Security, the excess, if any, of (i) the aggregate
present value as of the date of such redemption or accelerated payment of each
dollar of principal being redeemed or paid and the amount of interest
(exclusive of interest accrued to the date of redemption or accelerated
payment) that would have been payable in respect of such dollar if such
redemption or accelerated payment had not been made, determined by discounting,
on a semi-annual basis, such principal and interest at the Reinvestment Rate
(determined on the third Business Day preceding the date such notice of
redemption is given or declaration of acceleration is made) from the respective
dates on which such principal and interest would have been payable if such
redemption or accelerated payment had not been made, over (ii) the aggregate
principal amount of the Securities being redeemed or paid.

     “Reinvestment Rate” means .15% (fifteen one-hundredths of one percent)
plus the arithmetic mean of the yields under the respective headings “This
Week” and “Last Week” published in the Statistical Release under the caption
“Treasury Constant Maturities” for the maturity (rounded to the nearest month)
corresponding to the remaining life to maturity, as of the payment date of the
principal being redeemed or paid. If no maturity exactly corresponds to such
maturity, yields for the two published maturities most closely corresponding to
such maturity shall be calculated pursuant to the immediately preceding
sentence and the Reinvestment Rate shall be interpolated or extrapolated from
such yields on a straight-line basis, rounding in each of such relevant periods
to the nearest month. For purposes of calculating the Reinvestment Rate, the
most recent Statistical Release published prior to the date of determination of
the Make-Whole Amount shall be used.

     “Statistical Release” means the statistical release designated “H.15(519)”
or any successor publication which is published weekly by the Federal Reserve
System and which establishes yields on actively traded United States government
securities adjusted to constant maturities or, if such statistical release is
not published at the time of any determination under the Indenture, then such
other reasonably comparable index which shall be designated by the Company.

     The covenants set forth in Section 10.12 of the Indenture shall be fully
applicable to this Security.

     The Indenture contains provisions for defeasance at any time of (a) the
entire indebtedness of the Company on this Security and (b) certain restrictive
covenants and the related defaults and Events of Default applicable to the
Company, in each case, upon compliance by the Company with certain conditions
set forth in the Indenture, which provisions apply to this Security.

     If any Event of Default with respect to Securities of this series shall
occur and be continuing, the principal of, and the Make-Whole Amount, if any,
on, the Securities of this series may be declared due and payable in the manner
and with the effect provided in the Indenture.

     As provided in and subject to the provisions of the Indenture, the Holder
of this Security shall not have the right to institute any proceeding with
respect to the Indenture or for the appointment of a receiver or trustee or for
any other remedy thereunder, unless such Holder shall have previously given the
Trustee written notice of a

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continuing Event of Default with respect to the Securities of this series,
the Holders of not less than 25% in principal amount of the Securities of this
series at the time Outstanding shall have made written request to the Trustee
to institute proceedings in respect of such Event of Default as Trustee,
offered the Trustee reasonable indemnity, and the Trustee shall not have
received from the Holders of a majority in principal amount of Securities of
this series at the time Outstanding a direction inconsistent with such request,
and the Trustee shall have failed to institute any such proceeding, for 60 days
after receipt of such notice, request and offer of indemnity. The foregoing
shall not apply to any suit instituted by the Holder of this Security for the
enforcement of any payment of principal hereof (and premium or Make-Whole
Amount, if any) or any interest on and any Additional Amounts in respect
thereof on or after the respective due dates expressed herein.

     The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series to be
affected under the Indenture at any time by the Company and the Trustee with
the consent of the Holders of not less than a majority in principal amount of
the Securities of each series at the time Outstanding affected thereby. The
Indenture also contains provisions permitting the Holders of specified
percentages in principal amount of the Securities of each series at the time
Outstanding, on behalf of the Holders of all Securities of such series, to
waive compliance by the Company with certain provisions of the Indenture and
certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Holder of this Security shall be conclusive and
binding upon such Holder and upon all future Holders of this Security and of
any Security issued upon the registration of transfer hereof or in exchange
herefor or in lieu hereof, whether or not notation of such consent or waiver is
made upon this Security.

     No reference herein to the Indenture and no provision of this Security or
of the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of, Make-Whole Amount, if any,
on, and interest on this Security at the times, place and rate, and in the coin
or currency, herein prescribed.

     As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Security is registrable in the Security
Register, upon surrender of this Security for registration of transfer at the
office or agency of the Company in any Place of Payment where the principal of,
Make-Whole Amount, if any, on, and interest on this Security are payable, duly
endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Company and the Security Registrar duly executed by, the
Holder hereof or his attorney duly authorized in writing, and thereupon one or
more new Securities of this series, of authorized denominations and for the
same aggregate principal amount, will be issued to the designated transferee or
transferees.

     The Securities of this series are issuable only in registered form without
coupons in denominations of $1,000 and any integral multiple thereof. As
provided in the Indenture and subject to certain limitations therein set forth,
Securities of this series are exchangeable for a like aggregate principal
amount of Securities of this series of a different authorized denomination, as
requested by the Holder surrendering the same.

     No service charge shall be made for any such registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

     Prior to due presentment of this Security for registration of transfer,
the Company, the Trustee and any agent of the Company or the Trustee may treat
the Person in whose name this Security is registered as the owner hereof for
all purposes, whether or not this Security be overdue, and neither the Company,
the Trustee nor any such agent shall be affected by notice to the contrary.

     No recourse under or upon any obligation, covenant or agreement contained
in the Indenture or in this Security, or because of any indebtedness evidenced
thereby, shall be had against any promoter, as such or, against any past,
present or future shareholder, officer, trust manager or director, as such, of
the Company or of any successor, either directly or through the Company or any
successor, under any rule of law, statute or constitutional provision or by the
enforcement of any assessment or by any legal or equitable proceeding or
otherwise, all such liability being expressly waived and released by the
acceptance of this Security by the Holder thereof and as part of the
consideration for the issue of the Securities of this series.

4

 

     All terms used in this Security which are defined in the Indenture shall
have the meanings assigned to them in the Indenture.

     THE INDENTURE AND THE SECURITIES, INCLUDING THIS SECURITY, SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.

     Pursuant to a recommendation promulgated by the Committee on Uniform
Security Identification Procedures, the Company has caused “CUSIP” numbers to
be printed on the Securities of this series as convenience to the Holders of
such Securities. No representation is made as to the correctness or accuracy
of such CUSIP numbers as printed on the Securities, and reliance may be placed
only on the other identification numbers printed hereon.

[REMAINDER OF PAGE INTENTIONALLY BLANK]

5

 

ABBREVIATIONS

     The following abbreviations, when used in the inscription on the face of
this instrument, shall be construed as though they were written out in full
according to applicable laws or regulations:

	 	 	 	 	 	 	 	 	 
	TEN COMM

TEN ENT

JT TEN	 	
—

—

—
	 	as tenants in common

as tenants by the entireties

as joint tenants with right of

survivorship and not as tenants

in common
	 	UNIF
GIFT/TRANSFER MIN ACT —

                 Custodian                 

(Cust)                            (Minor)

Under Uniform Gifts/Transfers to Minors Act

                 

		 	
	 	
	(State)

Additional abbreviations may also be used though not in the above list.

Social Security or taxpayer I.D. or other identifying number of assignee:

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

(name and address of assignee)

the within Note and all rights thereunder, hereby irrevocably constituting and
appointing                                                                                  ,
attorney to transfer said Note on the books kept for registration thereof, with
full power of substitution in the premises.

Dated:

6

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