Document:

exv4w1

 

Exhibit 4.1

AMENDMENT TO RIGHTS AGREEMENT

     THIS AMENDMENT TO RIGHTS AGREEMENT, dated as of February 22, 2007 (this “Amendment”), between
SEMCO ENERGY, INC., a Michigan corporation (the “Company”), and NATIONAL CITY BANK (the “Rights
Agent”), provides as follows:

WITNESSETH

     WHEREAS, the Company and the Rights Agent are parties to a Rights Agreement dated April 15,
1997, as amended effective March 19, 2004 (the “Rights Agreement”), specifying the terms of the
Rights; and

     WHEREAS, the Company intends to enter into an Agreement and Plan of Share Exchange with Cap
Rock Holding Corporation, a Delaware corporation, and Semco Holding Corporation, a Delaware
corporation; and

     WHEREAS, Section 26 of the Rights Agreement (“Section 26”) permits the Company and the Rights
Agent, at any time before the Distribution Date to supplement or amend the Rights Agreement, and,
in accordance with such Section 26, the Company and the Rights Agent desire to amend the Rights
Agreement as set forth herein.

     NOW, THEREFORE, in consideration of the premises, the mutual promises and agreements contained
herein, and other good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the parties hereby agree as follows:

     1. Definitions All capitalized terms used herein and not otherwise defined shall have
the meanings assigned to them in the Rights Agreement.

 

 

     2. Amendments

          (A) Section 1(a) of the Rights Agreement is hereby amended to add the following sentence at
the end thereof:

     “Notwithstanding anything to the contrary in this Agreement: (A)
neither Cap Rock Holding, nor Parent nor any of their respective existing or
future Affiliates or Associates shall be deemed to be an Acquiring Person by
virtue of: (w) the execution and delivery of the Exchange Agreement by the
parties thereto; (x) any actions taken or effected pursuant to the Exchange
Agreement or the performance of any obligations thereunder; (y) the
acquisition of Common Stock (including shares of Common Stock issued upon
the conversion of Series B Preferred Stock), including, without limitation,
the acquisition of shares of Common Stock by Parent pursuant to the Exchange
Agreement; or (z) the consummation of the other transactions contemplated
by the Exchange Agreement (including, without limitation, the consummation
of the Exchange (as defined in the Exchange Agreement)) (each of the events
set forth in this clause (A), an “Exempt Event”); and (B) neither Cap Rock
Holding, nor Parent nor any of their respective existing or future
Affiliates or Associates shall be deemed to be an Acquiring Person by virtue
of any action not referred to in the preceding clause (A) that is taken by
Cap Rock Holding or Parent or any of their respective existing or future
Affiliates or Associates in connection with, or as contemplated by, any
Exempt Event.”

          (B) Section 7(a) of the Rights Agreement is hereby amended and restated to read as follows:

          (a) subject to Section 7(e) hereof, the registered holder of any
Rights Certificate may exercise the Rights evidenced thereby (except as
otherwise provided herein including, without limitation, the restrictions on
exercisability set forth in Section 9(c), Section 11(a)(iii) and Section
23(a) hereof) in whole or in part at any time after the Distribution Date
upon surrender of the Rights Certificate, with the form of election to
purchase and the certificate on the reverse side thereof duly executed, to
the Rights Agent at the principal office or offices of the Rights Agent
designated for such purpose, together with payment of the aggregate Purchase
Price with respect to the total number of one one-hundredths of a share of
Preference Stock (or other securities, cash or other assets, as the case may
be) as to which such surrendered Rights are then exercisable, at or prior to
the earlier of (i) the close of business on April 15, 2007 (the “Final
Expiration Date”), (ii) the time at which the Rights are redeemed as
provided in Section 23 hereof, or (iii) the time that is immediately prior
to the Effective Time (as defined in the Exchange Agreement) (the earlier of

2

 

(i), (ii) and (iii) being herein referred to as the “Expiration Date”).
The Company shall inform the Rights Agent promptly after the occurrence of
the Effective Time (as defined in the Exchange Agreement) that the
Expiration Date has occurred.

          (C) Section 1 of the Rights Agreement is hereby amended to add the following defined terms at
the end thereof:

          “(x) “Exchange Agreement” shall mean the Agreement and Plan of Share
Exchange dated as of February 22, 2007 among the Company, Cap Rock Holding
Corporation, a Delaware corporation (“Cap Rock Holding”), and Semco Holding
Corporation, a Delaware corporation and a wholly-owned subsidiary of Cap
Rock Holding (“Parent”), as the same may be amended, revised, modified or
otherwise supplemented from time to time.

          “(y) “Exempt Event” shall have the meaning set forth in Section 1(a)
hereof.

          “(z) “Cap Rock Holding” shall have the meaning set forth in Section
1(x) hereof.

          “(bb) “Parent” shall have the meaning set forth in Section 1(x)
hereof.”

(D) Section 29 of the Rights Agreement is hereby amended by adding the
following sentence at the end thereof:

“Notwithstanding the foregoing, nothing in this Agreement shall be construed
to give any holder of Rights or any other Person any legal or equitable
rights, remedy or claim under this Agreement in connection with any Exempt
Event.”

(F) The following new Section 35 is hereby added to the Rights Agreement:

     “Section 35. Exemption of Certain Parties and Actions.
Notwithstanding anything to the contrary contained in this Agreement: (i)
the provisions of Section 3(a), 7(a), 11(a)(ii) and 13 shall not apply with
respect to any Exempt Event or any other action undertaken by Cap Rock
Holding or Parent or any of their respective existing or future Affiliates
or Associates in connection with, or as contemplated by, any Exempt Event;
and (ii) no Distribution Date, Stock Acquisition Date or Triggering Event
shall be deemed to have occurred as a result of such execution or any Exempt
Event or any such action.”

3

 

     4. No Other Amendments. Except as expressly amended hereby, the terms of the Rights
Agreement shall remain in full force and effect in all respects. The term “Agreement” as used in
the Rights Agreement shall be deemed to refer to the Rights Agreement as amended hereby.

     5. Effectiveness. This Amendment shall be effective as of February 22, 2007, as fully
as if executed by both parties on such date.

     6. Governing Law. This Amendment shall be deemed to be a contract made under the laws
of the State of Michigan and for all purposes shall be governed by and construed in accordance with
the laws of such State applicable to contracts made and to be performed entirely within such State.

     7. Counterparts. This Amendment may be executed in any number of counterparts, and
each of such counterparts shall for all purposes be deemed to be an original, and all such
counterparts shall together constitute but one and the same instrument.

4

 

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

	 	 	 	 	 
	 	SEMCO ENERGY, INC.

 	 
	 	By:  	/X/ Donald W. Thomason
 	 
	 	 	Donald W. Thomason 	 
	 	 	Chairman of the Board of Directors 	 
	 

	 	 	 	 	 
	 	NATIONAL CITY BANK, as Rights Agent

 	 
	 	By:  	/X/ Matthew Hostelley
 	 
	 	 	Name:  	Matthew Hostelley 	 
	 	 	Title:  	VP 	 
	 

5exv10w13

 

EXHIBIT 10.13

AMENDMENT NO. 3

Dated as of January 19, 2007

to

AMENDED AND RESTATED RECEIVABLES LOAN AGREEMENT

Dated as of December 31, 2004

          THIS AMENDMENT NO. 3 (this “Amendment”) dated as of January 19, 2007, is entered into by and
among (i) TRW AUTOMOTIVE GLOBAL RECEIVABLES LLC, a Delaware limited liability company (the
“Borrower”), (ii) TRW AUTOMOTIVE U.S. LLC, a Delaware limited liability company (the “Collection
Agent”), (iii) the “Conduit Lenders” identified on the signature pages hereto, (iv) the “Committed
Lenders” identified on the signature pages hereto, (v) the “Funding Agents” identified on the
signature pages hereto and (vi) JPMORGAN CHASE BANK, N.A. as administrative agent (the
“Administrative Agent”).

PRELIMINARY STATEMENTS

          A. Reference is made to the Amended and Restated Receivables Loan Agreement dated as of
December 31, 2004 among the Borrower, the “Conduit Lenders”, “Committed Lenders” and “Funding
Agents” from time to time parties thereto and the Administrative Agent (as amended, the
“Receivables Loan Agreement”). Capitalized terms used and not otherwise defined herein shall have
the meanings ascribed to them in the Receivables Loan Agreement.

          B. The parties hereto have agreed to amend the Receivables Loan Agreement and the Servicing
Agreement on the terms and conditions hereinafter set forth.

          NOW, THEREFORE, in consideration of the premises set forth above, and other good and valuable
consideration the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree
as follows:

          SECTION 1. Amendments to Receivables Loan Agreement. Effective as of the Effective
Date (as defined below), the Receivables Loan Agreement is amended as follows:

          1.1 The definition of “Concentration Factor” in Section 1.01 of the Receivables Loan Agreement
is amended in its entirety to read as follows:

     “Concentration Factor” means, as of any date of determination, (x) with respect
to any Obligor that is a Special Obligor, the Special Concentration Factor for such Special
Obligor and (y) with respect to any other Obligor, a percentage equal to the following:

     (a) if such Obligor has (i) a short-term debt rating of at least A-2 by
S&P or, if no short-term debt rating from S&P is available, a Debt Rating of at

 

 

least BBB+ by S&P and (ii) a short-term debt rating of at least P-2 by Moody’s
or, if no short-term debt rating from Moody’s is available, a Debt Rating of at
least Baa1 by Moody’s, 23.5%;

     (b) if such Obligor is not qualified under clause (a) above, but such Obligor
has (i) a short-term debt rating of at least A-3 by S&P or, if no short-term debt
rating from S&P is available, a Debt Rating of at least BBB- by S&P and (ii) a
short-term debt rating of at least P-3 by Moody’s or, if no short-term debt rating
from Moody’s is available, a Debt Rating of at least Baa3 by Moody’s, 11.75%; and

     (c) in all other cases, 5.87%;

; provided that in the event the ratings of any Obligor from S&P and Moody’s fall
within different ratings levels, then the Concentration Factor for such Obligor shall be
determined based upon the lower of the two ratings.

          1.2 The definition of “Lender Group Percentage” is amended to delete the phrase “(expressed
out to five decimal places)” and to substitute therefor the phrase “(expressed out to two decimal
places)”.

          1.3 The definition of “Loss and Dilution Reserve Ratio” is amended and restated in its
entirety to read as follows:

     “Loss and Dilution Reserve Ratio” means, on any day, the greater of (i) the
Loss and Dilution Reserve Floor and (ii) the sum of the Loss Reserve Ratio and the Dilution
Reserve Ratio.

          1.4 Section 1.01 of the Receivables Loan Agreement is further amended to add the following new
definition in appropriate alphabetical order:

          “Loss and Dilution Reserve Floor” means 23.5%.

          1.5 Section 1.01 of the Receivables Loan Agreement is further amended to delete the
definitions of “Accountants’ Letter”, “Dilution Reserve Floor” and “Loss Reserve Floor”.

          1.6 The third sentence of Section 2.01(a) of the Receivables Loan Agreement is amended and
restated in its entirety to read as follows:

     “Each borrowing of Loans hereunder (each a “Borrowing”) shall be in a minimum
principal amount equal to such amount as will ensure that no Lender Group’s Lender Group
Percentage of such Borrowing would be less than $1,000,000.”

          1.7 Section 5.02(a) is amended to delete the term “Accountants’ Letter” and to substitute
therefor the words “Annual Report (as defined in Section 5.02(b))”.

2

 

          1.8 Section 5.02(b) of the Receivables Loan Agreement is amended and restated in its entirety
to read as follows:

     “(b) On or before March 31 of each year, the Collection Agent shall cause a firm of
consultants or nationally recognized independent public accountants selected by the
Administrative Agent and reasonably acceptable to the Collection Agent (who may also render
other services to the Collection Agent or its Affiliates) to furnish a report (addressed to
the Administrative Agent and each Funding Agent) to the Administrative Agent and each
Funding Agent (each such report, an “Annual Report”) in a form and with a scope
specified by the Administrative Agent and reasonably acceptable to the Collection Agent, to
the effect that they have performed certain procedures as reasonably requested by the
Administrative Agent and the Funding Agents and examined certain documents and records
relating to the Receivables and the servicing thereof and have compared the information
contained in certain of the Monthly Reports delivered pursuant to this Agreement for the
preceding twelve (12) calendar month period with such documents and records and that, on the
basis of such procedures, have noted no instances where the amounts set forth in such
Monthly Reports are not in agreement with the Collection Agent’s documents and records,
except for such exceptions as shall be set forth in such report, and addressing such other
matters as the Administrative Agent or any Funding Agent may reasonably request;
provided that, solely with respect to the Annual Report due on or before March 31,
2007, the parties agree that such Annual Report may be prepared by Ernst & Young LLP
utilizing procedures substantially consistent with those outlined in Exhibit E. The cost of
any such Annual Report shall be paid by the Collection Agent out of its own funds.

          SECTION 2. Amendment to Servicing Agreement. Effective as of the Effective Date,
Section 2.2(b) of the Servicing Agreement is amended to delete the term “Accountants’ Letter” and
to substitute therefor the words “Annual Report (as defined in Section 5.02(b) of the Receivables
Loan Agreement)”.

          SECTION 3. Removal of Deutsche Bank Lender Group. On the Effective Date, the
Borrower shall repay in full all Loans held by the members of the Lender Group for which Deutsche
Bank AG, New York Branch acts as Funding Agent (the “DB Lender Group”), together with all accrued
and unpaid interest thereon and all other fees, expenses and other Borrower Obligations owing to
the DB Lender Group. Each of the other parties hereto hereby consents to such payment. Upon the
making of such payment, the members of the DB Lender Group will cease to be parties to the
Transaction Documents and shall have no further rights or obligations thereunder, other than those
which by their terms survive the termination of the Transaction Documents. Accordingly, effective
as of the Effective Date, the Lender Group Limit for the DB Lender Group will be reduced to zero
and Schedule I to the Receivables Loan Agreement shall be deemed to be amended to delete the
members of the DB Lender Group therefrom. The Lender Group Limits of the other Lender Groups will
remain unchanged.

          SECTION 4. Conditions Precedent. This Amendment shall become effective as of the date
(the “Effective Date”) on which the Administrative Agent shall have received a copy of this
Amendment duly executed by the Borrower, the Collection Agent, the Administrative Agent and each of
the Lenders.

3

 

          SECTION 5. Reference to and Effect on the Transaction Documents.

          5.1 Upon the effectiveness of this Amendment, each reference in the Receivables Loan Agreement
or the Servicing Agreement to “this Agreement,” “hereunder,” “hereof,” “herein,” “hereby” or words
of like import shall mean and be a reference to the Receivables Loan Agreement or the Servicing
Agreement, as applicable, as amended hereby, and each reference to the Receivables Loan Agreement
or the Servicing Agreement in any other Transaction Document shall mean and be a reference to the
Receivables Loan Agreement or the Servicing Agreement, as applicable, as amended hereby.

          5.2 Except as specifically amended hereby, the Receivables Loan Agreement, the Servicing
Agreement, the other Transaction Documents and all other documents, instruments and agreements
executed and/or delivered in connection therewith shall remain in full force and effect and are
hereby ratified and confirmed.

          5.3 The execution, delivery and effectiveness of this Amendment shall not operate as a waiver
of any right, power or remedy of any Lender, any Funding Agent or the Administrative Agent under
the Receivables Loan Agreement, the Servicing Agreement, the Transaction Documents or any other
document, instrument, or agreement executed in connection therewith, nor constitute a waiver of any
provision contained therein.

          SECTION 6. Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

          SECTION 7. Execution in Counterparts. This Amendment may be executed in any number
of counterparts and by different parties hereto in separate counterparts, each of which when so
executed and delivered shall be deemed to be an original and all of which taken together shall
constitute but one and the same instrument. Delivery of an executed counterpart of this Amendment
by facsimile shall be effective as delivery of a manually executed counterpart of this Amendment.

          SECTION 8. Headings. Section headings in this Amendment are included herein for
convenience of reference only and shall not constitute a part of this Amendment for any other
purpose.

4

 

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

	 	 	 	 	 
	 	TRW AUTOMOTIVE GLOBAL RECEIVABLES LLC,

as Borrower

 	 
	 	By:  	     /s/ Peter R. Rapin
 	 
	 	 	Name:  	Peter R. Rapin 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	TRW AUTOMOTIVE U.S. LLC, as Collection Agent

 	 
	 	By:  	           /s/ Peter R. Rapin
 	 
	 	 	Name:  	Peter R. Rapin 	 
	 	 	Title:  	Treasurer 	 
	 

Signature Page to Amendment No. 3

 

 

	 	 	 	 	 
	 	PARK AVENUE RECEIVABLES COMPANY, LLC, as a 

Primary Purchaser

 	 
	 	By:  	JPMorgan Chase Bank, N.A., as its attorney-in-fact
 	 
	 	 	 	 
	 
	 	 	 
	 	By:  	     /s/
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	JPMORGAN CHASE BANK, N.A.

as a Funding Agent

 	 
	 	By:  	     /s/
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	JPMORGAN CHASE BANK, N.A.

as a Committed Lender

 	 
	 	By:  	     /s/
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	JPMORGAN CHASE BANK, N.A.

as Administrative Agent

 	 
	 	By:  	     /s/
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Signature Page to Amendment No. 3

 

 

	 	 	 	 	 
	 	ALPINE SECURITIZATION CORP.,

as a Conduit Lender

 	 
	 	By:  	Credit Suisse First Boston, New York Branch, as
 	 
	 	Attorney-in-Fact 	 
	 	 	 	 
	 
	 	 	 
	 	By:  	                 /s/
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By:  	                /s/
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	CREDIT SUISSE FIRST BOSTON, NEW YORK

BRANCH,
 as a Funding Agent

 	 
	 	By:  	      /s/
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By:  	      /s/
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	CREDIT SUISSE FIRST BOSTON, NEW YORK

BRANCH, 
as a Committed Lender

 	 
	 	By:  	                /s/
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By:  	                                           /s/
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Signature Page to Amendment No. 3

 

 

	 	 	 	 	 
	 	LIBERTY STREET FUNDING CORP., 

as a Conduit Lender

 	 
	 	By:  	      /s/
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	THE BANK OF NOVA SCOTIA, 

as a Funding Agent

 	 
	 	By:  	     /s/
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	THE BANK OF NOVA SCOTIA, 

as a Committed Lender

 	 
	 	By:  	     /s/
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Signature Page to Amendment No. 3

 

 

	 	 	 	 	 
	 	THREE PILLARS FUNDING LLC, 

as a Conduit Lender

 	 
	 	By:  	     /s/
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	SUNTRUST CAPITAL MARKETS, INC., 

as a Funding Agent

 	 
	 	By:  	     /s/
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	SUNTRUST BANK, 

as a Committed Lender

 	 
	 	By:  	     /s/
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Signature Page to Amendment No. 3

 

 

	 	 	 	 	 
	 	BEETHOVEN FUNDING CORPORATION,

as a Conduit Lender

 	 
	 	By:  	           /s/
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	DRESDNER BANK AG, NEW YORK BRANCH,

as a Funding Agent

 	 
	 	By:  	                /s/
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By:  	                                            /s/
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	DRESDNER BANK AG, NEW YORK BRANCH,

as a Committed Lender

 	 
	 	By:  	                /s/
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By:  	                                   /s/
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Signature Page to Amendment No. 3

 

 

	 	 	 	 	 
	 	TAHOE FUNDING CORP., LLC,

as a Conduit Lender

 	 
	 	By:  	Tahoe Member Corp., its sole member
 	 
	 	 	 	 
	 	 	 	 
	 
	 	 	 
	 	By:  	                                                 /s/
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	DEUTSCHE BANK AG, NEW YORK BRANCH,

as a Committed Lender

 	 
	 	By:  	                /s/
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By:  	                                            /s/
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	DEUTSCHE BANK AG, NEW YORK BRANCH,

as a Funding Agent

 	 
	 	By:  	                /s/
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By:  	                                            /s/
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Signature Page to Amendment No. 3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}]]