Document:

EX-4.3

 

EXHIBIT 4.3

          UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE REGISTERED HOLDER
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF THE REGISTERED HOLDER OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE REGISTERED HOLDER, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED HOLDER HAS AN INTEREST HEREIN.

          TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO
NOMINEES OF THE REGISTERED HOLDER OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND
TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH
THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.

THE COMPANY MAY SUBSEQUENTLY ISSUE SUBORDINATED NOTES THAT ARE IDENTICAL IN ALL MATERIAL RESPECTS
TO THIS SECURITY BUT HAVE ORIGINAL ISSUE DISCOUNT. IN SUCH CASE, THE HOLDER OF THIS NOTE WILL BE
DEEMED TO HAVE EXCHANGED A PORTION OF HIS SECURITIES OF THE COMPANY FOR SUCH NEWLY ISSUED
SECURITIES WITH ORIGINAL ISSUE DISCOUNT. THE AGGREGATE PRINCIPAL AMOUNT OF SECURITIES OWNED BY
SUCH HOLDER, HOWEVER, WILL NOT CHANGE AS A RESULT OF SUCH DEEMED EXCHANGE. WITH RESPECT TO SUCH
NEWLY ISSUED SECURITIES WITH ORIGINAL DISCOUNT, A HOLDER MAY OBTAIN THE AMOUNT OF ORIGINAL ISSUE
DISCOUNT, THE ISSUE DATE, THE ISSUE PRICE AND THE YIELD TO MATURITY BY SUBMITTING A WRITTEN REQUEST
TO THE COMPANY.

 

 

			
	No. R-
	 	                     Subordinated Notes
	 
	 	Aggregate Principal Amount of $                    

13.5% Subordinated Note due 2013

CUSIP No.                     

          CENTERPLATE, INC., a Delaware corporation, promises to pay to The Bank of New York, or
registered assigns, the principal sum listed on the Schedule of Increases or Decreases in Global
Security attached hereto on December 10, 2013, subject to extension as provided herein.

          Interest Payment Dates: 20th Day of Each Month

          Record
Dates: 10th Day of Each Month      
                      .

 

 

          Additional provisions of this Security are set forth on the other side of this Security.

          IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed.

	 	 	 	 	 	 	 
	 	 	 	 	CENTERPLATE, INC.
	 
	 	 	 	 	 	 
	 

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:
	 

	 	 	 	 	 	Title:
	Dated:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	TRUSTEE’S CERTIFICATE OF	 	 	 	 
	 

	 	AUTHENTICATION	 	 	 	 
	 
	 	 	 	 	 	 
	THE BANK OF NEW YORK,	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	as Trustee, certifies that this is one of
the Securities referred to in the Indenture.	 	 	 	 
	 
	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Authorized Signatory	 	 	 	 

 

 

13.5% Subordinated Note due 2013

          Capitalized terms used but not defined herein shall have the meanings given to such terms in
the Indenture (as defined).

1. Interest; Deferral; Extension of Maturity

          CENTERPLATE, INC., a Delaware corporation (such corporation, and its successors and assigns
under the Indenture hereinafter referred to, being herein called the “Company”), promises to pay
interest on the principal amount of this Security at the rate per annum shown above. The Company
shall pay interest from                                          or from the most recent date to which interest has been paid
or provided for, payable monthly on the 20th day of each month to Holders of record on
the tenth day or the immediately preceding Business Day of such month, commencing                                         ,
200_, provided that if any such day is not a Business Day, such day shall be the next
Business Day.

          If and for so long as the Company is required to defer interest payments on the Securities
pursuant to the terms of any Designated Senior Indebtedness, the Company shall defer such interest
payments on the Securities; provided, however, that the Company shall not be required to defer such
interest payments: (i) so long as an Event of Default has occurred and is continuing with respect
to the Securities and the Securities have been accelerated; or (ii) for more than 24 months in the
aggregate prior to December 18, 2008. During any period from December 20, 2008, through December
10, 2013, interest payments may be deferred for no more than 10 interest payment dates in the
aggregate before current interest payments, including interest on deferred interest, must be
resumed; provided, however, that for purposes of calculating the foregoing
limitation, (i) any payment of deferred interest by the Company will be applied, first, to the
interest payment, including interest on deferred interest, that (but for the deferral) would have
been required to be made on the most recent interest payment date on which interest was deferred,
and, thereafter (to the extent of any excess), successively, to the interest payment, including
interest on deferred interest, that (but for the deferral) would have been required to be made on
each next preceding interest payment date on which interest was deferred, and (ii) the number of
interest payment dates for which interest will be treated as having been deferred will be reduced
by the number of interest payment dates, if any, with regard to which interest was treated as paid
in full pursuant to the foregoing ordering rule. If the maturity of the Securities is extended,
interest will be deferred if required under any then outstanding Designated Senior Indebtedness in
the same manner as during the period from December 20, 2008, through December 10, 2013. Deferred
interest on the Securities will bear interest monthly at a rate equal to the stated annual rate of
interest on this Security divided by 12. Such interest on deferred interest shall be payable
monthly, subject to the provisions set forth herein. Any such interest on deferred interest that
is deferred shall be treated as deferred interest. The Company shall pay deferred interest
pursuant to the following provisions: (i) for any interest deferral prior to December 18, 2008, the
Company must pay all deferred interest no later than December 18, 2008; (ii) for any interest
deferral after December 18, 2008 and prior to December 10, 2013, the Company must pay all deferred
interest no later than December 10, 2013; and (iii) subject to (i) and (ii) above, the Company may
only pay deferred interest if such

 

 

payment is
permitted under (A) the Credit Agreement and any other then outstanding Designated Senior
Indebtedness and (B) Article 10 of the Indenture

          The Company may extend the maturity of any Securities for two additional successive five-year
terms, to December 10, 2018 and December 10, 2023, respectively, if the following conditions are
satisfied:

          (1) during the twelve month period ending on the last day of the fiscal quarter ending at
least 45 days prior to the end of the then-current term, the ration of Net Debt to Adjusted EBITDA
is less than 5.00 to 1.00;

          (2) no Event of Default (including certain events of bankruptcy, insolvency or reorganization
of the Company or a Significant Subsidiary) has occurred and is continuing with respect to the
Securities;

          (3) no event of default has occurred and is continuing with respect to any other Indebtedness
of the Company, or could occur as a result of such extension, including under any Designated Senior
Indebtedness; and

          (4) there is no interest due but unpaid on the Securities or any other Indebtedness of the
Company, other than trade payables in a non-material amount.

2. Method of Payment

          The Company shall pay interest on the Securities (except defaulted interest) to the Persons
who are registered holders of Securities at the close of business on the 10th day of
each month even if Securities are canceled after the record date and on or before the interest
payment date. Holders must surrender Securities to a Paying Agent to collect principal payments.
The Company shall pay principal, premium, if any, and interest in money of the United States of
America to holders in the U.S. that at the time of payment is legal tender for payment of public
and private debts. Payments in respect of the Securities represented by a Global Security
(including principal, premium, if any, and interest) shall be made by wire transfer of immediately
available funds to the accounts specified by The Depository Trust Company. The Company will make
all payments in respect of a certificated Security (including principal, premium, if any, and
interest), and the Securities may be exchanged or transferred, at office or agency of the Company
in the Borough of Manhattan, The City of New York (which initially shall be the office of the
Trustee maintained for such purpose at The Depository Trust Company, 55 Water Street, New York, NY
10041), except that, at the option of the Company, payment of interest may be made by check mailed
to the Holders at their registered addresses; provided, however, that payments on
the Securities may also be made, in the case of a Holder of at least $1,000,000 aggregate principal
amount of Securities, by wire transfer to a U.S. dollar account maintained by the payee with a bank
in the United States if such Holder elects payment by wire transfer by giving written notice to the
Trustee or the Paying Agent to such effect designating such account no later than 30 days
immediately preceding the relevant due date for payment (or such other date as the Trustee may
accept in its discretion).

 

 

3. Paving Agent and Registrar

          Initially, The Bank of New York, a national banking association (the “Trustee”), will act as
Paying Agent and Registrar. The Company may appoint and change any Paying Agent, Registrar or
co-registrar without notice. The Company or any of its domestically incorporated Wholly Owned
Subsidiaries may act as Paying Agent, Registrar or co-registrar.

4. Indenture

          The Company issued the Securities under an Indenture dated as of December 10, 2003 (as amended
from time to time, the “Indenture”), among the Company, the Guarantors and the Trustee. 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) as in effect
on the date of the Indenture (the “TIA”). Terms defined in the Indenture and not defined herein
have the meanings ascribed thereto in the Indenture. The Securities are subject to all terms and
provisions of the Indenture, and Securityholders are referred to the Indenture and the TIA for a
statement of such terms and provisions.

          The Securities are subordinated unsecured obligations of the Company, of which $95,677,065.00
in aggregate principal amount of Original Securities were initially issued on the December 10, 2003
and $9,567,706.50 in aggregate principal amount of Original Securities were issued on December 16,
2003 pursuant to the exercise of the over-allotment option pursuant to the Underwriting Agreement.
Subject to the conditions set forth in the Indenture, the Company may issue an unlimited aggregate
principal amount of Additional Securities. This Security is one of the Original Securities referred
to in the Indenture. The Securities include the Original Securities and any Additional Securities.
The Original Securities and any Additional Securities will vote together on all matters.
Additional Securities shall be issued with terms identical to the Original Securities, except for
any variation in issue price, issuance date and interest payable as a result of such dates. The
Indenture imposes certain limitations on the ability of the Company and its Restricted Subsidiaries
to, among other things, incur Indebtedness and issue Disqualified Stock and Preferred Stock; pay
dividends on, and redeem, capital stock and redeem Indebtedness that is subordinate in right of
payment to the Securities; make certain other Restricted Payments, including Investments; enter
into consensual restrictions on the payment of certain dividends and distributions by Restricted
Subsidiaries; enter into or permit certain transactions with Affiliates; create or incur Liens; and
make Asset Sales. The Indenture also imposes limitations on the ability of the Company and the
Guarantors to consolidate or merge with or into any other Person or convey, transfer or lease all
or substantially all of the property of the Company or the Guarantors.

          To guarantee the due and punctual payment of the principal and interest on the Securities and
all other amounts payable by the Company under the Indenture and the Securities when and as the
same shall be due and payable, whether at maturity, by acceleration or otherwise, according to the
terms of the Securities and the Indenture, the Guarantors have jointly and severally
unconditionally guaranteed the Guaranteed Obligations on a subordinated basis pursuant to the terms
of the Indenture.

 

 

5. Optional Redemption

          After December 10, 2008, the Company may redeem the notes, at its option, at any time in whole
and from time to time in part, for cash, at a “make-whole” redemption price equal to the greater of
(1) the aggregate principal amount being redeemed or (2) the sum of the present values of the
remaining scheduled payments to the scheduled maturity of the subordinated notes (assuming no
subsequent extension thereof) of the principal and interest (other than accrued interest) on the
notes being redeemed, discounted to the redemption date on a monthly basis (assuming a 360-day year
consisting of twelve 30-day months) at the Treasury Rate plus 25 basis points, plus accrued and
unpaid interest to but not including the redemption date.

6. Sinking Fund

          The Securities are not subject to any sinking fund.

7. Notice of Redemption

          Notice of redemption will be mailed by first-class mail at least 30 days but not more than 60
days before the redemption date to each Holder of Securities to be redeemed at his or her
registered address. Securities may be redeemed in part. If money sufficient to pay the redemption
price of and accrued and unpaid interest on all Securities (or portions thereof) to be redeemed on
the redemption date is deposited with the Paying Agent on or before the redemption date and certain
other conditions are satisfied, on and after such date interest ceases to accrue on such Securities
(or such portions thereof) called for redemption.

8. Repurchase of Securities at the Option of Holders upon Change of Control

          Upon a Change of Control, any Holder of Securities will have the right, subject to certain
conditions specified in the Indenture, to cause the Company to repurchase all or any part of the
Securities of such Holder at a purchase price equal to 101% of the principal amount of the
Securities to be repurchased plus accrued and unpaid interest to the date of repurchase (subject to
the right of Holders of record on the relevant record date to receive interest due on the relevant
interest payment date that is on or prior to the date of purchase) as provided in, and subject to
the terms of, the Indenture.

9. Subordination

          The Securities are subordinated to Senior Indebtedness of the Company, as defined in the
Indenture. To the extent provided in the Indenture, Senior Indebtedness of the Company must be paid
before the Securities may be paid. The Company and each Guarantor agrees, and each Securityholder
by accepting a Security agrees, to the subordination provisions contained in the Indenture and
authorizes the Trustee to give it effect and appoints the Trustee as attorney-in-fact for such
purpose.

10. Transfer; Exchange

          The Securities are in registered form without coupons. A Holder may transfer or exchange
Securities in accordance with the Indenture. Upon any transfer or exchange, the

 

 

Registrar and the Trustee may require a Holder, among other things, to furnish appropriate
endorsements or transfer documents and to pay any taxes required by law or permitted by the
Indenture. The Registrar need not register the transfer of or exchange any Securities selected for
redemption (except, in the case of a Security to be redeemed in part, the portion of the Security
not to be redeemed) or to transfer or exchange any Securities for a period of 15 days prior to a
selection of Securities to be redeemed.

11. Persons Deemed Owners

          The registered Holder of this Security may be treated as the owner of it for all purposes.

12. Unclaimed Money

          If money for the payment of principal or interest remains unclaimed for two years, the Trustee
or Paying Agent shall pay the money back to the Company at its written request unless an abandoned
property law designates another Person. After any such payment, Holders entitled to the money must
look only to the Company and not to the Trustee for payment.

13. Discharge and Defeasance

          Subject to certain conditions, the Company at any time may terminate some of or all its
obligations under the Securities and the Indenture if the Company deposits with the Trustee money
or U.S. Government Obligations for the payment of principal and interest on the Securities to
redemption or maturity, as the case may be.

14. Amendment, Waiver

          Subject to certain exceptions set forth in the Indenture, (i) the Indenture or the Securities
may be amended without prior notice to any Securityholder but with the written consent of the
Holders of at least a majority in aggregate principal amount of the outstanding Securities and (ii)
any Default or compliance with any provision may be waived with the written consent of the Holders
of at least a majority in principal amount of the outstanding Securities. Subject to certain
exceptions set forth in the Indenture, without the consent of any Holder of Securities, the Company
and the Trustee may amend the Indenture or the Securities (i) to cure any ambiguity, omission,
defect or inconsistency; (ii) to comply with Article 5 of the Indenture; (iii) to provide for
uncertificated Securities in addition to or in place of certificated Securities; (iv) to add
Guarantees with respect to the Securities; (v) to secure the Securities; (vi) to add additional
covenants or to surrender rights and powers conferred on the Company; (vii) to comply with the
requirements of the SEC in order to effect or maintain the qualification of the Indenture under the
TIA; (viii) to make any change that does not adversely affect the rights of any Securityholder;
(ix) to make any change in the subordination provisions of the Indenture that would limit or
terminate the benefits available to any holder of Senior Indebtedness of the Issuer (or any
representative thereof) under such subordination provisions; or (x) to provide for the issuance of
Additional Securities.

 

 

15. Defaults and Remedies

          Subject to Acceleration Forebearance Periods during which the principal amount of the
Securities will not be due and payable by the Company or any Guarantor as described in the
Indenture, if an Event of Default occurs (other than an Event of Default relating to certain events
of bankruptcy, insolvency or reorganization of the Company) and is continuing, the Trustee or the
Holders of at least 25% in principal amount of the outstanding Securities may declare the principal
of and accrued but unpaid interest on all the Securities to be due and payable. If an Event of
Default relating to certain events of bankruptcy, insolvency or reorganization of the Company
occurs, the principal of and interest on all the Securities shall become immediately due and
payable without any declaration or other act on the part of the Trustee or any Holders. Under
certain circumstances, the Holders of a majority in principal amount of the outstanding Securities
may rescind any such acceleration with respect to the Securities and its consequences.

          If an Event of Default occurs and is continuing, the Trustee shall be under no obligation to
exercise any of the rights or powers under the Indenture at the request or direction of any of the
Holders unless such Holders have offered to the Trustee reasonable indemnity or security against
any loss, liability or expense. Except to enforce the right to receive payment of principal,
premium (if any) or interest when due, no Holder may pursue any remedy with respect to the
Indenture or the Securities unless (i) such Holder has previously given the Trustee notice that an
Event of Default is continuing, (ii) Holders of at least 25% in principal amount of the outstanding
Securities have requested the Trustee in writing to pursue the remedy, (iii) such Holders have
offered the Trustee reasonable security or indemnity against any loss, liability or expense, (iv)
the Trustee has not complied with such request within 60 days after the receipt of the request and
the offer of security or indemnity and (v) the Holders of a majority in principal amount of the
outstanding Securities have not given the Trustee a direction inconsistent with such request within
such 60-day period. Subject to certain restrictions, the Holders of a majority in principal amount
of the outstanding Securities are given the right to direct the time, method and place of
conducting any proceeding for any remedy available to the Trustee or of exercising any trust or
power conferred on the Trustee. The Trustee, however, may refuse to follow any direction that
conflicts with law or the Indenture or that the Trustee determines is unduly prejudicial to the
rights of any other Holder or that would involve the Trustee in personal liability. Prior to taking
any action under the Indenture, the Trustee shall be entitled to indemnification satisfactory to it
in its sole discretion against all losses and expenses caused by taking or not taking such action.

16. Trustee Dealings with the Company

          Subject to certain limitations imposed by the TIA, 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 and collect obligations owed to it by the Company or its Affiliates and may otherwise
deal with the Company or its Affiliates with the same rights it would have if it were not Trustee.

 

 

17. No Recourse Against Others

          A director, officer, employee or stockholder of the Company or any Guarantor shall not have
any liability for any obligations of the Company or any Guarantor under the Securities, the
Guarantees or the Indenture or for any claim based on, in respect of or by reason of such
obligations or their creation. By accepting a Security, each Securityholder waives and releases all
such liability. The waiver and release are part of the consideration for the issue of the
Securities.

18. Authentication

          This Security shall not be valid until an authorized signatory of the Trustee (or an
authenticating agent) manually signs the certificate of authentication on the other side of this
Security.

19. Abbreviations

          Customary abbreviations may be used in the name of a Securityholder or an assignee, such as
TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with
rights of survivorship and not as tenants in common), CUST (=custodian), and U/GIMIA (=Uniform Gift
to Minors Act).

20. Governing Law

          THIS SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK.

21. 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 Securities and has directed
the Trustee to use CUSIP numbers in notices of redemption as a convenience to Securityholders. No
representation is made as to the accuracy of such numbers either as printed on the Securities or as
contained in any notice of redemption and reliance may be placed only on the other identification
numbers placed thereon.

          The Company will furnish to any Holder of Securities upon written request and without charge
to the Holder a copy of the Indenture which has in it the text of this Security.

 

 

ASSIGNMENT FORM

To assign this Security, fill in the form below:

I or we assign and transfer this Security 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 Security 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 Security.

 

 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY

          The initial principal amount of this Global Security is $105,244,771.50. The following
increases or decreases in this Global Security have been made:

	 	 	 	 	 	 	 	 	 
	 	 	Amount of decrease in	 	Amount of increase in	 	Principal amount of this	 	 
	 	 	Principal Amount of this	 	Principal Amount of	 	Global Security following	 	Signature of authorized signatory of
	Date of Exchange	 	Global Security	 	this Global Security	 	such decrease or increase	 	Trustee or Securities Custodian
	 

	 	 
	 	 
	 	 
	 	 

 

 

OPTION OF HOLDER TO ELECT PURCHASE

          If you want to elect to have this Security purchased by the Company pursuant to Section 4.06
(Asset Sale) or 4.09 (Change of Control) of the Indenture, check the box:

Asset Sale o  Change of Control o

          If you want to elect to have only part of this Security purchased by the Company pursuant to
Section 4.06 or 4.09 of the Indenture, state the amount:

	 	 	 	 	 	 	 
	Date:

	 	 	 	Your Signature:	 	 
	 

	 	 
	 	 	 	 
	(Sign exactly as your name appears on the other side of the Security)

	 	 	 
	Signature Guarantee:
	 	 
	 

	 	 
	 

	 	Signature must be guaranteed by a participant in a recognized signature
guaranty medallion program or other signature guarantor acceptable to the
Trustee.EX-4.5

 

CENTERPLATE, INC.

300 First Stamford Place

Stamford, Connecticut 06902

	 	 	 
	 

	 	March 22, 2007

BCP Volume L.P.

BCP Offshore Volume L.P.

VSI Management Direct L.P.

c/o The Blackstone Group

345 Park Avenue

31st Floor

New York, New York 10154

Recreational Services L.L.C.

c/o General Electric Capital Corporation

201 Merrit 7

Norwalk, Connecticut 06851

RE: Registration Rights Agreement dated as of December 10, 2003

       Ladies and Gentlemen:

     Reference is made to that certain Registration Rights Agreement dated as of December 10, 2003
(the “Registration Rights Agreement”) by and among Centerplate, Inc., a Delaware
corporation formerly known as Volume Services America Holdings, Inc. (the “Company”), VSI
Management Direct L.P., a Delaware limited partnership (“Direct”), BCP Volume L.P., a
Delaware limited partnership, BCP Offshore Volume L.P., a Cayman Islands limited partnership, (BCP
Volume L.P. and BCP Offshore Volume L.P. together, “Blackstone”), Recreational Services
L.L.C., a Delaware limited liability company (“GE”) and Lawrence E. Honig and Kenneth R.
Frick. Capitalized terms used but not defined herein have the meanings given to them in the
Registration Rights Agreement.

     Blackstone, GE and Direct have made a request for registration of the Registrable Securities
pursuant to the Registration Rights Agreement. In connection therewith, Blackstone, GE and Direct
have requested that the Company file a Shelf Registration on Form S-3. Prior to the date hereof, the Company has not used, and is not generally using
registration statements pursuant to Rule 415 of the Securities Act or an equivalent provision of
the Canadian Securities Laws and, therefore, is not currently required under the terms of the
Registration Rights Agreement to file a Shelf Registration. However, the Company wishes to
facilitate the offer of Registrable Securities by Blackstone, GE and Direct by filing a Shelf
Registration, provided that the use of such Shelf Registration to offer the Registrable Securities
is limited in the manner set forth herein.

 

 

Therefore, this letter agreement sets forth the understanding and agreement of GE, Blackstone,
Direct and the Company with respect to the filing of a Shelf Registration (the “Shelf
Registration Statement”).

The following limitations shall apply to the Shelf Registration Statement:

	 	1.	 	Each individual take-down of Registrable Securities under the Shelf Registration
Statement (each such take-down being referred to as an “Offering”) shall be deemed a
demand registration under Section 2.1 of the Registration Rights Agreement, and the
limitations applicable to such registrations shall continue to apply to any such Offering,
except as modified by this letter agreement. For purposes of this letter agreement, an
Offering shall be deemed to commence at such time, subsequent to the effective date of the
Shelf Registration Statement, when the Company has, at the request and in the sole
discretion of the selling Holders, furnished copies of a preliminary prospectus
(constituting a preliminary prospectus supplement and a base prospectus) to the
underwriter(s) for use by such underwriter(s) in connection with the offering of the
Registrable Securities in a take-down.
	 
	 	2.	 	GE, Blackstone and Direct may request the Company to offer and sell Registrable
Securities on their behalf under the Shelf Registration Statement from time to time,
provided, however, that in no event shall the Company be required to offer Registrable
Securities under the Shelf Registration Statement more than three times during the
36-month period following the effective date of the Shelf Registration Statement. The
Company shall use its best efforts to keep the Shelf Registration Statement effective
until the earlier to occur of (i) the three year anniversary of the effective date of the
Shelf Registration Statement or (ii) until such time as all of the Registrable Securities
have been sold.
	 
	 	3.	 	Incomplete or abandoned offerings under the Shelf Registration Statement shall not be
deemed to constitute one of the three Offerings available to the selling Holders in
accordance with this letter agreement (and shall not constitute a demand registration
request for purposes of the Registration Rights Agreement) where such offering is not
completed or is abandoned because: (i) such Offering is interfered with by any stop order,
injunction or other order or requirement of the SEC, the applicable Canadian securities
regulatory authorities or other Governmental Entity for any reason not attributable to any
selling Holder or their Affiliates; (ii) the conditions to closing specified in the
underwriting agreement entered into in connection with such Offering are not satisfied or
waived, other than conditions within the control of a selling Holder; or (iii) any other
reason attributable to the Company and not general market or regulatory conditions or the
market or regulatory environment for IDSs and similar securities.
	 
	 	4.	 	Neither GE, Blackstone nor Direct may request the Company, and the Company shall not
be required, to offer Registrable Securities under the Shelf Registration Statement if
such offer would not result in gross proceeds to GE, Blackstone and

 

 

	 	 	 	Direct in the aggregate amount of at least U.S. $10,000,000, provided, however, that if
Blackstone, GE and Direct are otherwise permitted to offer Registrable Securities under the
Shelf Registration Statement they may request to Company to offer Registrable Securities
under the Shelf Registration Statement if such Offering is for all the remaining
Registrable Securities of Blackstone, GE and Direct, even if such Offering would not result
in gross proceeds to GE, Blackstone and Direct in an aggregate amount of at least U.S.
$10,000,000.

	 	5.	 	Each Offering under the Shelf Registration Statement shall be conducted as an
underwritten public offering. In connection with each such Offering the selling Holders
and underwriter(s) shall consult with the Company and, prior to approaching any offeree,
disclose the identity of such offeree to the Company.
	 
	 	6.	 	The parties hereto acknowledge that the prospectus contained in the Shelf
Registration Statement may need to be updated prior to any Offering, and that such updates
may include updates to the sections of the prospectus dealing with material tax
consequences. The selling Holders agree (a) to notify the Company in writing 30 to 60
days in advance of any intended Offering to allow the Company to prepare any required
updates (including applicable opinions of counsel and the supporting documentation for
such opinions) and (if necessary) file such updates in a prospectus supplement or an
amendment to the Shelf Registration Statement and (b) not to use any prospectus or
prospectus supplement (i) that has not been previously approved by the Company or (ii)
after receiving notice from the Company that the prospectus or prospectus supplement may
need to be updated.
	 
	 	7.	 	At the closing of any Offering, the selling Holders shall remit to the Company any
accrued interest on the subordinated notes issued in the exchange.

This letter agreement shall be governed by the laws of the State of New York. Please indicate you
agreement with the foregoing by signing in the space provided below.

[Signature Pages Follow]

 

 

	 	 	 	 	 
	 	Very Truly Yours,

CENTERPLATE, INC.

 	 
	 	By:  	/s/  KEVIN F.
McNAMARA	 
	 	Name:  	Kevin F. McNamara	 
	 	Title:  	Executive Vice President and 
Chief
Financial Officer	 

 

 

	 	 	 	 	 

Acknowledged and Agreed

as of this 22nd day of March, 2007

BCP VOLUME L.P.

	 	 	 	 	 	 	 	 	 
	By:	 	Blackstone Capital Partners II Merchant	 	 
	 	 	Banking Fund L.P., as General Partner	 	 
	 
	 	 	 	 	 	 	 	 
		 	By:	 	Blackstone Management Associates II L.L.C.,	 	 
	 	 	 	 	as General Partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/  GARRETT MORAN	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 	 	Name:	 	Garrett Moran
	 	 	Title:	 	Attorney-in-Fact
	 
	 	 	 	 	 	 	 	 
	BCP OFFSHORE VOLUME L.P.	 	 
	 
	 	 	 	 	 	 	 	 
	By:	 	Blackstone Management Associates II L.L.C.,	 	 
	 	 	as General Partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/  GARRETT MORAN	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 	 	Name:	 	Garrett Moran
	 	 	Title:	 	Attorney-in-Fact
	 
	 	 	 	 	 	 	 	 
	By:	 	Blackstone Service (Cayman) LDC,	 	 
	 	 	as Administrative General Partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/  GARRETT MORAN	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 	 	Name:	 	Garrett Moran
	 	 	Title:	 	Attorney-in-Fact

 

 

	 	 	 	 	 	 	 	 	 
	VSI MANAGEMENT DIRECT L.P.	 	 
	 
	 	 	 	 	 	 	 	 
	By:	 	VSI Management I L.L.C.	 	 
	 
	 	 	 	 	 	 	 	 
		 	By:  Blackstone Management Associates II L.L.C.,	 	 
	 	 	        as Managing Member	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/  GARRETT MORAN	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 	 	Name:	 	Garrett Moran
	 	 	Title:	 	Attorney-in-Fact
	 
	 	 	 	 	 	 	 	 
	RECREATIONAL SERVICES L.L.C.	 	 
	 
	 	 	 	 	 	 	 	 
	By:	 	General Electric Capital Corporation,	 	 
	 	 	as Managing Member	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/  MICHAEL A.
GAUDINO	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 	 	Name:	 	Michael A. Gaudino
	 	 	Title:	 	Vice President

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