Document:

ex_416.htm

Exhibit 4.16

 

 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE REGISTERED FORM, THIS SECURITY 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 SECURITY IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY 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.

 

LSB INDUSTRIES, INC.

____% _________________________ DUE [_____]

 

CUSIP: [________________]

No. [__] $[___________]

 

LSB Industries, Inc., a corporation duly organized and validly existing under the laws of the State of Delaware (herein called the “Issuer”, which term includes any successor corporation under the Indenture referred to on the reverse hereof), for value received hereby promises to pay to CEDE & CO. or its registered assigns,
the principal sum of [____________] on [____________________].

 

Interest Payment Dates: ____________ and ____________ (each, an “Interest Payment Date”), commencing on _____________________.

 

Interest Record Dates: ____________ and ____________ (each, an “Interest Record Date”).

 

Reference is made to the further provisions of this Security contained herein, which will for all purposes have the same effect as if set forth at this place.

 

IN WITNESS WHEREOF, the Issuer has caused this Security to be signed manually or by facsimile by its duly authorized officer under its corporate seal.

LSB Industries, Inc.

By:  _______________________                                                              

Name:  _______________________                                                              

Title:    _______________________                                                            

 

 

 

 

Attest: 

By:  _______________________                                                                         

Name: _______________________                                                                          

Title:   _______________________                                                                        

 

This is one of the series designated herein and referred to in the within-mentioned Indenture.

 

Dated:  ________________, 20___.

_______________________ , Trustee

By: _______________________                                                               

Name: _______________________                                                               

Title:   _______________________                                                             

  

2  

  

(REVERSE OF SECURITY)

 

LSB INDUSTRIES, INC.

____% _________________________ DUE [_____]

 

	
1.  
	
Interest.

 

LSB INDUSTRIES, INC., a Delaware corporation (the “Issuer”), promises to pay interest on the principal amount of this Security at the rate per annum shown above. Cash interest on the Securities will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from ________________. The
Issuer will pay interest semi-annually in arrears on each Interest Payment Date, commencing ________________. Interest will be computed on the basis of a 360-day year of twelve 30-day months.

 

The Issuer shall pay interest on overdue principal from time to time on demand at the rate borne by the Securities and on overdue installments of interest (without regard to any applicable grace periods) to the extent lawful.

 

	
2.  
	
Method of Payment.

 

The Issuer shall pay interest on the Securities (except defaulted interest) to the persons who are the registered Holders at the close of business on the Interest Record Date immediately preceding the Interest Payment Date notwithstanding any transfer or exchange of such Security subsequent to such Interest Record Date and prior to such
Interest Payment Date. Holders must surrender Securities to the Trustee to collect principal payments. The Issuer shall pay Principal and interest in money of the United States that at the time of payment is legal tender for payment of public and private debts (“U.S. Legal Tender”). However, the payments of interest, and any portion of the Principal (other than interest payable at maturity or on any redemption or repayment date or the final payment of Principal) shall be made by the Paying Agent,
upon receipt from the Issuer of immediately available funds by __________ [a./p.m.], New York City time (or such other time as may be agreed to between the Issuer and the Paying Agent or the Issuer), directly to a Holder (by Federal funds wire transfer or otherwise) if the Holder has delivered written instructions to the Trustee 15 days prior to such payment date requesting that such payment will be so made and designating the bank account to which such payments shall be so made and in the case of payments of
Principal surrenders the same to the Trustee in exchange for a Security or Securities aggregating the same principal amount as the unredeemed principal amount of the Securities surrendered.

 

	
3.  
	
Paying Agent.

 

Initially, ______________ (the “Trustee”) will act as Paying Agent. The Issuer may change any Paying Agent without notice to the Holders.

 

	
4.  
	
Indenture.

 

The Issuer issued the Securities under an Indenture, dated as of ______________, ______ (the “Indenture”), (the “Indenture”), between the Issuer and the Trustee. Capitalized terms herein are used as defined in the Indenture unless otherwise defined herein. The terms of the Securities include those stated in the
Indenture and those made part of the Indenture by reference to the

 

 

 

 

Trust Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb) (the “TIA”), as in effect on the date of the Indenture until such time as the Indenture is qualified under the TIA, and thereafter as in effect on the date on which the Indenture is qualified under the TIA. Notwithstanding anything to the contrary herein, the Securities
are subject to all such terms, and holders of Securities are referred to the Indenture and the TIA for a statement of them. To the extent the terms of the Indenture and this Security are inconsistent, the terms of the Indenture shall govern.

 

	
5.  
	
Denominations; Transfer; Exchange.

 

The Securities are in registered form, without coupons, in denominations of $1,000 and multiples of $1,000. A Holder shall register the transfer of or exchange Securities in accordance with the Indenture. The Issuer may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay certain transfer
taxes or similar governmental charges payable in connection therewith as permitted by the Indenture. The Issuer need not issue, authenticate, register the transfer of or exchange any Securities or portions thereof for a period of fifteen (15) days before such series is selected for redemption, nor need the Issuer register the transfer or exchange of any security selected for redemption in whole or in part.

 

	
6.  
	
Persons Deemed Owners.

 

The registered Holder of a Security shall be treated as the owner of it for all purposes.

 

	
7.  
	
Unclaimed Funds.

 

If funds for the payment of principal or interest remain unclaimed for two years, the Trustee and the Paying Agent will repay the funds to the Issuer. After that, all liability of the Trustee and such Paying Agent with respect to such funds shall cease.

 

	
8.  
	
Legal Defeasance and Covenant Defeasance.

 

The Issuer may be discharged from its obligations under the Securities and under the Indenture with respect to the Securities except for certain provisions thereof, and may be discharged from obligations to comply with certain covenants contained in the Securities and in the Indenture with respect to the Securities, in each case upon satisfaction
of certain conditions specified in the Indenture or any supplement thereto.

 

	
9.  
	
Amendment; Supplement; Waiver.

 

Subject to certain exceptions, the Securities and the provisions of the Indenture relating to the Securities may be amended or supplemented with the written consent of the Holders of at least a majority in aggregate principal amount of the Securities of all series then outstanding affected by such amendment or supplement (voting as one
class), and any existing Default or Event of Default or compliance with certain provisions may be waived with the consent of the Holders of a majority in aggregate principal amount of all the Securities of such series, each series voting as a separate class, (or of all the Securities, as the case may be, voting as a single class) then outstanding. Without notice to or consent of any Holder, the parties thereto may amend or supplement the Indenture and the Securities to, among other things, cure any ambiguity,
defect or inconsistency, provide for uncertificated Securities in addition to or in place of certificated Securities, or make any other change that does not adversely affect the rights of any Holder of a Security.

 

 

4

 

 

	
10.  
	
Defaults and Remedies.

 

If an Event of Default (other than certain bankruptcy Events of Default with respect to the Issuer) occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of Securities of this series then outstanding (voting as a separate class) may declare all of the Securities to be due and payable immediately
in the manner and with the effect provided in the Indenture. If a bankruptcy Event of Default with respect to the Issuer occurs and is continuing, then the entire principal of the Securities then outstanding and interest accrued thereon, if any, shall become due and payable immediately in the manner and with the effect provided in the Indenture. Holders of Securities may not enforce the Indenture or the Securities except as provided in the Indenture. The Trustee is not obligated to enforce the Indenture
or the Securities unless it has received indemnity satisfactory to it. The Indenture permits, subject to certain limitations therein provided, Holders of a majority in aggregate principal amount of the Securities then outstanding to direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of Securities notice of certain continuing Defaults or Events of Default if it determines that withholding notice is in their interest.

 

	
11.  
	
Subordination.

 

Reference is made to the Indenture, including, without limitation, provisions subordinating the payment of principal of and premium, if any, and interest on the Securities to the prior payment in full of all Senior Indebtedness as defined in the Indenture. Such further provisions shall for all purposes have the same effect as though
fully set forth at this place.

 

	
12.  
	
Trustee Dealings with Issuer

 

The Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Securities and may otherwise deal with the Issuer as if it were not the Trustee.

 

	
13.  
	
No Recourse Against Others.

 

No stockholder, director, officer, employee or incorporator, past, present or future as such, of the Issuer or any predecessor or successor corporation thereof shall have any liability for any obligation under the Securities or the Indenture or for any claim based on, in respect of or by reason of, such obligations or their creation. Each
Holder of a Security by accepting a Security waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Securities.

 

	
14.  
	
Authentication.

 

This Security shall not be valid until the Trustee manually signs the certificate of authentication on this Security.

 

	
15.  
	
Abbreviations and Defined Terms.

 

Customary abbreviations may be used in the name of a Holder of a Security 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).

 

 

5

 

 

	
16.  
	
CUSIP Numbers.

 

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

 

	
17.  
	
Governing Laws.

 

The laws of the State of New York shall govern the Indenture and this Security thereof.

  

6  

  

 

ASSIGNMENT FORM

 

I or we assign and transfer this Security to

 

_______________________________________________________________________________________________________

(Print or type name, address and zip code of assignee or transferee)

_______________________________________________________________________________________________________

(Insert Social Security or other identifying number of assignee or transferee)

 

and irrevocably appoint __________________________ agent to transfer this Security on the books of the Issuer.  The agent may substitute another to act for him.

 

 

Dated: _________________                      Signed:
____________________________________________________

                                (Signed
exactly as name appears on the other side of this Security)

Signature Guarantee: ________________________________

          Participant in a recognized Signature Guarantee 

          Medallion Program (or other guarantor program 

          reasonably acceptable to the Trustee)

 

  

7r10ka09162009ex10w.htm

  

  

  

 

 

February 19, 2009

 

Twin Disc, Incorporated

1328 Racine Street

Racine, Wisconsin  5340311208

Attention: Mr. Christopher J. Eperjesy

 

Re:           Amendment No. 3 to Note Agreement

 

Ladies and Gentlemen:

 

This letter amendment (this “Letter”) makes reference to that certain Note Agreement, dated as of April 10, 2006 (as amended by Amendment No. 1 thereto dated March 1, 2007 and Amendment No. 2 thereto dated August 22, 2007, the “Note
Agreement”), among The Prudential Insurance Company of America, Pruco Life Insurance Company, Pruco Life Insurance Company of New Jersey, Security Benefit Life Insurance Company, Inc., American Skandia Life Assurance Corporation, Mutual of Omaha Insurance Company (collectively, the “Holders” and each, a “Holder”) and Twin Disc, Incorporated, a Wisconsin corporation
(the “Company”). Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Note Agreement, as amended hereby.

The Company has requested that the Holders amend the Note Agreement as set forth below.  Subject to the terms and conditions hereof, the Holders are willing to agree to such requests.

 

Accordingly, and in accordance with the provisions of paragraph 11C of the Note Agreement, the parties hereto agree as follows:

 

SECTION 1.                                Amendment. Effective
upon the Effective Date (as defined in Section 2 below), the Holders party hereto and the Company agree that Schedule 10B to the Note Agreement is amended by deleting the reference therein to “SGD800,000” under “Available Funds” for the Twin Disc (Far East) Ltd. credit facility with Standard Chartered Bank and replacing it with “$1,500,000”.

 

SECTION 2.                                Effectiveness.  The
amendment in Section 1 of this Letter shall become effective on the date (the “Effective Date”) of receipt by each Holder party hereto of counterparts of this Letter executed by the Company and the Required Holders.

 

SECTION 3.                                Representations
and Warranties. The Company represents and warrants to the Holders that, after giving effect hereto (a) each representation and warranty set forth in paragraph 8 of the Note Agreement is true and correct as of the date of the execution and delivery of this Letter by the Company with the same effect as if made on such date (except to the extent such representations and warranties expressly refer to an earlier date, in which case they were true and
correct as of such earlier date) and  (b) no Event of Default or Default exists.

 

SECTION 4.                                Reference
to and Effect on Note Agreement.  Upon the effectiveness of the amendment made in this Letter, each reference to the Note Agreement in any other document, instrument or agreement shall mean and be a reference to the Note Agreement as modified by this Letter.  Except as specifically set forth in Section 1 hereof, the Note Agreement shall remain in full force and effect and is hereby ratified and confirmed in all respects.  The Company hereby represents and warrants that all
necessary or required consents to this Letter have been obtained and are in full force and effect.  Except as specifically stated in Section 1 of this Letter, the execution, delivery and effectiveness of this Letter shall not (a) amend the Note Agreement or any Note, (b) operate as a waiver of any right, power or remedy of the holder of any Note, or (c) constitute a waiver of, or consent to any departure from, any provision of the Note Agreement or any Note at any time.  The execution, delivery
and effectiveness of this Letter shall not be construed as a course of dealing or other implication that any Holder has agreed to or is prepared to grant any amendments to the Note Agreement or any Note in the future, whether or not under similar circumstances.

 

SECTION 5.                                Expenses. The
Company hereby confirms its obligations under the Note Agreement, whether or not the transactions hereby contemplated are consummated, to pay, promptly after request by any Holder, all reasonable out-of-pocket costs and expenses, including attorneys’ fees and expenses, incurred by the Holders in connection with this Letter or the transactions contemplated hereby, in enforcing any rights under this Letter, or in responding to any subpoena or other legal process or informal investigative demand issued in
connection with this Letter or the transactions contemplated hereby.  The obligations of the Company under this Section 5 shall survive transfer by any Holder of any Note and payment of any Note.

 

SECTION 6.                                Governing
Law.  THIS LETTER SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF ILLINOIS, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS OF SUCH STATE WHICH WOULD OTHERWISE CAUSE THIS LETTER TO BE CONSTRUED OR ENFORCED OTHER THAN IN ACCORDANCE WITH THE LAWS OF THE STATE OF ILLINOIS.

 

SECTION 7.                                Counterparts;
Section Titles.  This Letter 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 a signature page to this Letter by facsimile or electronic transmission shall be effective as delivery
of a manually executed counterpart of this Letter.  The section titles contained in this Letter are and shall be without substance, meaning or content of any kind whatsoever and are not a part of the agreement between the parties hereto.

 

[remainder of page intentionally left blank; signature page follows]

 

2

  

  

  

Very truly yours,

 

 

 

THE PRUDENTIAL INSURANCE COMPANY

 

   OF AMERICA

 

                         By: ___________________________________

 

Vice President

 

PRUCO LIFE INSURANCE COMPANY

 

By:  ___________________________________

Vice President

 

PRUCO LIFE INSURANCE COMPANY OF

 

  NEW JERSEY

 

By:  ___________________________________

Vice President

SECURITY BENEFIT LIFE INSURANCE

  COMPANY, INC.

By:           Prudential Private Placement Investors,

L.P. (as Investment Advisor)

By:           Prudential Private Placement Investors, Inc.

(as its General Partner)

By:  ______________________________

Vice President

AMERICAN SKANDIA LIFE ASSURANCE

 

   CORPORATION

 

By:           Prudential Investment Management, Inc.,

as investment manager

By:______________________________

Vice President

MUTUAL OF OMAHA INSURANCE

  COMPANY

By:           Prudential Private Placement Investors,

L.P. (as Investment Advisor)

By:           Prudential Private Placement Investors, Inc.

(as its General Partner)

By:  ______________________________

Vice President

Signature Page to

Amendment No. 3

  

  

  

THE LETTER IS AGREED TO

 

AND ACCEPTED BY:

 

TWIN DISC, INCORPORATED

By:______________________________

Name: ___________________________

Title: ____________________________

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