Document:

Exhibit

Exhibit 4.3
Dated as of March 9, 2020
CANADIAN PACIFIC RAILWAY LIMITED
as Guarantor
and
CANADIAN PACIFIC RAILWAY COMPANY
as Issuer
and
COMPUTERSHARE TRUST COMPANY OF CANADA
as Trustee
SECOND SUPPLEMENTAL INDENTURE
to the
TRUST INDENTURE
Dated as of May 23, 2008

TABLE OF CONTENTS

	
						
	 
	 
	 
	 
	Page

	

	ARTICLE 1 INTERPRETATIONS
	1
	

	 
	1.1
	Second Supplemental Indenture
	 
	1
	

	 
	1.2
	Definitions in Second Supplemental Indenture
	 
	1
	

	 
	1.3
	Interpretation not Affected by Headings
	 
	1
	

	ARTICLE 2 AMENDMENT TO SECTION 5.3 OF THE INDENTURE
	2
	

	 
	2.1
	Amendment to Section 5.3 of the Indenture
	 
	2
	

	 
	2.2
	Guarantor's Acknowledgement
	 
	2
	

	ARTICLE 3 GENERAL
	2
	

	 
	3.1
	Effectiveness
	 
	2
	

	 
	3.2
	Effect of Recitals
	 
	3
	

	 
	3.3
	Ratification of Indenture
	 
	3
	

	 
	3.4
	Governing Law
	 
	3
	

	 
	3.5
	Severability
	 
	3
	

	 
	3.6
	Acceptance of Trust
	 
	3
	

	 
	3.7
	Counterparts and Formal Date
	 
	3
	

	
			
	 
	i
	 

THIS SECOND SUPPLEMENTAL INDENTURE (this "Second Supplemental Indenture") dated as of March 9, 2020 between CANADIAN PACIFIC RAILWAY LIMITED, a corporation incorporated under the Canada Business Corporations Act and having its head office in the City of Calgary, in the Province of Alberta (the "Guarantor"), CANADIAN PACIFIC RAILWAY COMPANY, a corporation incorporated under the Canada Business Corporations Act and having its head office in the City of Calgary, in the Province of Alberta (the "Corporation") and COMPUTERSHARE TRUST COMPANY OF CANADA, a trust company incorporated under the laws of Canada and having an office in Calgary, Alberta (the "Trustee").
RECITALS OF THE CORPORATION AND THE GUARANTOR
WHEREAS, the Corporation and the Trustee entered into an Indenture dated as of May 23, 2008 (the "Initial Indenture"), as supplemented by the first supplemental indenture dated as of November 24, 2015 between the Guarantor, the Corporation and the Trustee (the "First Supplemental Indenture", and together with the Initial Indenture, the "Indenture");
AND WHEREAS the Indenture provides, among other matters, that the Corporation and the Trustee may enter into a supplemental indenture for any one or more purposes specified in Section 13.1 thereof;
AND WHEREAS, pursuant to the First Supplemental Indenture, the Guarantor agreed to fully and unconditionally guarantee (i) all of the then outstanding Debentures and (ii) any additional Debentures designated in accordance with the First Supplemental Indenture to be guaranteed.
NOW, THEREFORE, THIS SECOND SUPPLEMENTAL INDENTURE WITNESSETH it is mutually covenanted and agreed as follows:
ARTICLE 1
INTERPRETATIONS
		
	1.1
	Second Supplemental Indenture

As used herein "Second Supplemental Indenture", "hereto", "herein", "hereof", "hereby", "hereunder" and similar expressions refer to this Second Supplemental Indenture and not to any particular Article, Section or other portion hereof and include any and every instrument supplemental or ancillary hereto or in implementation hereof.
		
	1.2
	Definitions in Second Supplemental Indenture

All terms contained in this Second Supplemental Indenture (including the recitals above) which are defined in the Indenture and not defined herein shall, for all purposes hereof, have the meanings given to such terms in the Indenture, unless the context otherwise specifies or requires; provided, however, that notwithstanding the foregoing, the terms "Corporation" and "Trustee" shall have the respective meanings given to them in the Indenture.
		
	1.3
	Interpretation not Affected by Headings

The division of this Second Supplemental Indenture into Articles and Sections, the provision of the table of contents hereto and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation of this Second Supplemental Indenture.

2

ARTICLE 2
AMENDMENT TO SECTION 5.3 OF THE INDENTURE
		
	2.1
	Amendment to Section 5.3 of the Indenture

Effective as of the date hereof and immediately prior to the issuance by the Corporation of a fifth series of Debentures under the Indenture, Section 5.3 of the Indenture shall be deleted in its entirety and replaced with the following:
"5.3    Notice of Redemption
Notice of intention to redeem (i) any of the Debentures issued prior to March 9, 2020 shall be given by or on behalf of the Corporation to the holders of such Debentures which are to be redeemed, not more than 60 days and not less than 30 days prior to the date fixed for redemption (the "Redemption Date") and (ii) any of the Debentures issued on or after March 9, 2020 shall be given by or on behalf of the Corporation to the holders of such Debentures which are to be redeemed, not more than 60 days and not less than 10 days prior to the applicable Redemption Date or during such other period as may be specified in the Terms Schedule with respect to such Debentures issued on or after March 9, 2020, in each case in the manner provided in Section 11.2.  Every notice of redemption shall specify the Series and the Maturity Date of the Debentures called for redemption, the Redemption Date, the Redemption Price or the Redemption Price Calculation Date, as applicable, and the place or places of payment, and shall state that all interest thereon shall cease from and after the Redemption Date. In addition, unless all the outstanding Debentures of a Series are to be redeemed, the notice of redemption shall specify:
		
	(a)
	in the case of a notice mailed to a holder of Debentures, the distinguishing letters and numbers of the Debentures which are to be redeemed (or of such thereof as are registered in the name of such holder);

		
	(b)
	in the case of a published notice, the distinguishing letters and numbers of the Debentures which are to be redeemed or, if such Debentures are selected by terminal digit or other similar system, such particulars as may be sufficient to identify the Debentures so selected; and

		
	(c)
	in all cases, the principal amounts of such Debentures or, if any such Debenture is to be redeemed in part only, the principal amount of such part."

		
	2.2
	Guarantor's Acknowledgement

The Guarantor hereby acknowledges the amendment to the Indenture set forth in Section 2.1 above.
ARTICLE 3
GENERAL
		
	3.1
	Effectiveness

This Second Supplemental Indenture will become effective upon its execution and delivery.

3

		
	3.2
	Effect of Recitals

The recitals contained herein shall be taken as the statements of the Corporation and the Guarantor, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Second Supplemental Indenture except that the Trustee represents that it is duly authorized to execute and deliver this Second Supplemental Indenture and to perform its obligations under the Indenture and hereunder.
		
	3.3
	Ratification of Indenture

The Indenture as supplemented by this Second Supplemental Indenture is in all respects ratified and confirmed, and this Second Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent therein provided. 
		
	3.4
	Governing Law

This Second Supplemental Indenture shall be governed by and construed in accordance with the laws of the Province of Alberta and the laws of Canada applicable therein and shall be treated in all respects as Alberta contracts.
		
	3.5
	Severability

In case any provision in this Second Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.
		
	3.6
	Acceptance of Trust

The Trustee hereby accepts the trusts in this Second Supplemental Indenture declared and provided for and agrees to perform the same upon the terms and conditions herein before set forth in trust for the various Persons who shall from time to time be Debentureholders subject to all the terms and conditions herein set forth.
		
	3.7
	Counterparts and Formal Date

This Second Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original and such counterparts shall together constitute one and the same instrument and notwithstanding their date of execution shall be deemed to bear the date first above written. Delivery of an executed signature page to this Second Supplemental Indenture by any party hereto by facsimile transmission or PDF shall be as effective as delivery of a manually executed copy of this Second Supplemental Indenture by such party.

[Signature Page Follows]

4

IN WITNESS WHEREOF, the parties hereto have executed this Second Supplemental Indenture on the date first above written.
	
					
	CANADIAN PACIFIC RAILWAY
	 
	CANADIAN PACIFIC RAILWAY

	LIMITED
	 
	COMPANY

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	Per:
	(signed) "Nadeem Velani"
	 
	Per:
	(signed) "Nadeem Velani"

	Name:
	Nadeem Velani
	 
	Name:
	Nadeem Velani

	Title:
	Executive Vice President and
	 
	Title:
	Executive Vice President and

	 
	Chief Financial Officer
	 
	 
	Chief Financial Officer

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	Per:
	(signed) "Chris De Bruyn"
	 
	Per:
	(signed) "Chris De Bruyn"

	Name:
	Chris De Bruyn
	 
	Name:
	Chris De Bruyn

	Title:
	Director, Investor Relations and Treasury
	 
	Title:
	Director, Investor Relations and Treasury

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	
		
	COMPUTERSHARE TRUST COMPANY

	OF CANADA

	 
	 

	 
	 

	Per:
	(signed) "Angela Fletcher"

	Name:
	Angela Fletcher

	Title:
	Corporate Trust Officer

	 
	 

	 
	 

	 
	 

	Per:
	(signed) "Wande Oshile"

	Name:
	Wande Oshile

	Title:
	Corporate Trust OfficerEX-10.1

  
Exhibit
 10.1
  March 26, 2020

THLP Debt Partners, L.P.

100 Federal Street 
Boston, MA 02110

THL Credit, Inc.
100 Federal Street,
31st
Floor
Boston, MA 02110

Re:
Investment in THL Credit, Inc.
 This standstill agreement (this “Standstill Agreement”), dated as of March 26, 2020, is entered into by and between THL Credit, Inc., a Delaware corporation (the
“BDC”) and THLP Debt Partners, L.P., a Delaware limited partnership( “THLPDP”). 

For good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, each of the parties, intending to be legally bound, hereby irrevocably and unconditionally represents, warrants, covenants and agrees as follows:

1.
         Standstill.  Except (i) as contemplated by Section 1 of that certain
commitment letter agreement, dated as of March 3, 2020, by and among the parties hereto and certain other parties listed on the signature pages thereto (the “Commitment Letter”) and (ii) for any investment in the BDC following the
Investment Date (as defined below) as contemplated by Section 1(d) of that certain amended and restated letter agreement, dated as of March 3, 2020, by and among First Eagle Investment Management, LLC, THLPDP and the other parties thereto, without
the prior written consent of or invitation to do so by the BDC, from and after the date on which the initial acquisition occurs, pursuant to the Commitment Letter (the “Investment Date”), until December 8, 2021 (the
“Standstill Period”), THLPDP shall not (and no person acting on THLPDP's behalf or at THLPDP's direction shall), directly or indirectly take any of the following actions on an unsolicited basis and with activist
intent:

(a)           
  acquire, offer to acquire, agree to acquire, or encourage or facilitate the ability of any person to acquire or offer to acquire, whether by means of
open market purchase, privately negotiated purchase, tender or exchange offer, merger, business combination, amalgamation, consolidation, reorganization, recapitalization, business restructuring or otherwise, ownership (including, without
limitation, beneficial ownership) of (i) more than five percent (5%) of securities having statutory, organic or contractual voting power, whether or not contingent (“Voting Securities”), of the BDC or (ii) a material portion of
the assets of the BDC;
 (b)      
       initiate, submit to the BDC, or otherwise support or participate in, any stockholder proposal pursuant to Rule 14a-8
under the Exchange Act (whether precatory or binding) or other proposal or stockholder referendum, make or in any way participate, directly or indirectly, in any “solicitation” of “proxies” or “consents” (as such
terms are defined in Rule 14a-1 under the Exchange Act of 1934 (the “Exchange Act”), including any communication exempt from the definition of “solicitation” pursuant to Rule 14a-1(1)(2)(iv) under the Exchange Act, and
irrespective of whether any such solicitation of proxies or consents constitutes an exempt solicitation pursuant to Rule 14a-2 under the Exchange Act) to vote (or to withhold authority in respect of, or to abstain from voting in respect of), or seek
to advise or influence any person with respect to the voting of (or the withholding of authority in respect of or abstention from voting of), any Voting Securities or seek to call any meeting of, or trigger any other action

 
 
 

 
	

 

 
  

by,
 any of the BDC’s stockholders or seek any representation on the board of directors of the BDC or any of its affiliates or the removal of any director of the BDC;

(c)           
  make any public announcement with respect to, publicly or privately propose, or otherwise submit to the BDC or any of its representatives or any other
person, any proposal, expression or indication of interest, term sheet, memorandum of understanding, letter of intent, inquiry or offer (with or without conditions) providing for, in a single transaction or in any series of related transactions, any
merger, consolidation, acquisition, business combination, amalgamation, recapitalization, reorganization, business restructuring, divestiture, spin-off, cash or property distribution or other extraordinary transaction involving the BDC;
or
 (d)           
  form, join or in any way engage or participate in a “group” (within the meaning of Section 13(d)(3) of the Exchange Act) in respect of any
Voting Securities; form, join, become a member of, finance or otherwise participate in any “group” (within the meaning of Section 13(d)(3) of the Exchange Act), or otherwise act alone, or in conscious parallelism or in concert with any
other person(s), to seek to control or to influence the management, board of directors, business affairs, strategies, policies or existence of the BDC or initiate or otherwise conduct or participate in any discussions or enter into any arrangements,
understandings, plans, commitments or agreements (whether oral or written) with, or advise, assist or encourage any person in connection with, any of the foregoing.

2.           
       Severability of Provisions. If any term or other provision of this
Standstill Agreement is invalid, illegal or incapable of being enforced as a result of any rule of law or public policy, all other terms and other provisions of this Standstill Agreement shall nevertheless remain in full force and effect so long as
the economic or legal substance of the transactions contemplated by this Standstill Agreement is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of
being enforced, the parties hereto shall negotiate in good faith to modify this Standstill Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner to the end that the transactions contemplated by
this Standstill Agreement are fulfilled to the greatest extent possible.

3.           
       Assignability; Binding Effect. No party hereto may assign either this
Standstill Agreement or any of his or its rights, interest, or obligations hereunder, in whole or in part, without the prior written consent of the other parties hereto. This Standstill Agreement shall be binding upon and enforceable by, and shall
inure to the benefit of, the parties hereto and their respective successors, heirs, executors, administrators and permitted assigns.

4.           
       Amendments. This Standstill
Agreement may not be amended or modified, nor may compliance with any covenant set forth herein be waived, except by a writing duly and validly executed by the BDC and THLPDP.

5.           
       Governing Law. This Standstill
Agreement (and any claim or controversy arising out of or relating to this Standstill Agreement) shall be governed by and construed in accordance with the domestic laws of the State of Delaware without giving effect to any choice or conflict of law
provision or rule that would cause the application of the laws of any jurisdiction other than the State of Delaware.

6.           
       Consent to Jurisdiction. Each party hereto hereby irrevocably and
unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Delaware Courts in any Proceeding arising out of or relating to this Standstill Agreement or enforcement of any judgment relating thereto, and each party
hereto hereby irrevocably and unconditionally (a) agrees not to commence any such Proceeding except in the Delaware Courts; (b) agrees that any claim in respect of any such Proceeding may be heard and determined in any such Delaware Court; (c)
waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any such Proceeding in any such Delaware Court; and (d) waives, to the fullest extent permitted by law,
the defense of an 
 

 

 

 
	

 

 
  

inconvenient forum to the maintenance of
such Proceeding in any such Delaware Court. Each party hereto agrees that a final judgment in any such Proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by
law.
 7.      
            Waiver of Jury Trial. EACH PARTY TO THIS STANDSTILL AGREEMENT ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS STANDSTILL AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND
THEREFORE IT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS STANDSTILL AGREEMENT. EACH PARTY TO THIS STANDSTILL AGREEMENT
CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE EITHER OF SUCH WAIVERS; (B) IT
UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVERS; (C) IT MAKES SUCH WAIVERS VOLUNTARILY; AND (D) IT HAS BEEN INDUCED TO ENTER INTO THIS STANDSTILL AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION
7.
 8.      
            Termination. In the event that the Commitment Letter is terminated prior to the Investment Date for any reason, this Standstill Agreement shall automatically terminate and be
void ab initio and without any force or effect and, at such time, no party hereto shall have any obligation hereunder; provided, that this Standstill Agreement shall not terminate with respect to any
obligation created hereunder that is not satisfied prior to such termination. 

9.           
       Entire Agreement. This Standstill Agreement is complete, reflects the entire
agreement of the parties with respect to its subject matter, and supersedes all previous written or oral negotiations, commitments and writings.

10.           
   Execution in Counterparts. For the convenience of the parties and to facilitate execution, this
Standstill Agreement may be (a) executed in two or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same document, and (b) executed by electronic PDF file or by electronic
signature.
 11.      
        No Third Party Beneficiaries. This Standstill Agreement shall not
confer any rights or remedies upon any Person other than the parties hereto.

[
Signature Page Follows]

 

 
	

 

 
  

 
  IN WITNESS WHEREOF, this Standstill Agreement has been signed by or on behalf of each of the parties hereto as of the date first written above.

 

	
	THL CREDIT, INC.
	
	

	
	By: 
 /s/ Christopher J. Flynn    
	
	Name:
 Christopher J. Flynn
	
	Title:
  Chief
 Executive Officer
	
	

	

	

	

	

 

[SIGNATURE
PAGE TO STANDSTILL AGREEMENT]
 
 
 
  

 

 
 

  

 

	
	

	
	THLP DEBT PARTNERS, L.P.
	
	By:
 THLP Debt Advisors, LLC
	
	Its:
 General Partner
	
	

	
	By: 
/s/ 

Thomas M. Hagerty      
	
	Name:
 Thomas M. Hagerty
	
	Title:
 Authorized Person
	
	

	
	

	
	

	 [SIGNATURE PAGE TO STANDSTILL AGREEMENT]

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