Document:

Exhibit 10.4

 

AMENDMENT TO AMENDED AND RESTATED BUSINESS MANAGEMENT AGREEMENT

 

This AMENDMENT TO AMENDED AND RESTATED BUSINESS MANAGEMENT AGREEMENT, dated as of March 12, 2012 (the “Amendment”), by and between CommonWealth REIT, a Maryland real estate investment trust (the “Company”) and Reit Management & Research LLC, a Delaware limited liability company (the “Manager”).

 

WHEREAS, the Company and the Manager are parties to an Amended and Restated Business Management Agreement, dated as of November 1, 2011 (the “Business Management Agreement”); and

 

WHEREAS, the Company and the Manager wish to amend certain provisions of the Business Management Agreement as further provided in this Amendment;

 

NOW, THEREFORE, in consideration of the mutual agreements herein set forth, the parties hereto agree as follows:

 

1.                                       The definition of “Annual Average Invested Capital” in Clause (c)(ii) of Section 10 is hereby amended to delete the reference to “the Company’s former subsidiary” included therein and replace it with “the Company’s former wholly owned subsidiaries” and to add immediately after the reference to “Government Properties Income Trust (“GOV”)” included therein the following language: “and, with respect to periods following the completion of the initial public offering of common shares of beneficial interest of Select Income REIT (the “SIR IPO”), Select Income REIT (“SIR”)”.

 

2.                                       The definition of “FFO Per Share” in Clause (c)(iii) of Section 10 is hereby amended to (1) add immediately preceding the reference to “including the Company’s pro rata share of the funds from operations” in subclause (x) a reference to subpart “(A)”; (2) delete the current reference to subpart “(A)” in subclause (x) that immediately precedes the “any unconsolidated subsidiary” reference and replace it with a reference to subpart “(I)”; (3) delete the current reference to subpart “(B)” in subclause (x) that immediately precedes the reference to “any entity for which the Company accounts by the equity method of accounting” and replace it with a reference to subpart “(II)”; (4) add immediately preceding the reference to “but not including (C) any income, loss or funds from operations,” in subclause (x) a reference to subpart “(B)” and delete the reference to subpart “(C)” included therein; (5) add in immediately after the reference to “equity investment in GOV” in new subpart (B) of subclause (x) the following language: “or, with respect to periods following the completion of the SIR IPO, SIR”; (6) add immediately after the reference to “Common Shares outstanding on a fully diluted basis during such fiscal year” in subclause (y) the following language: “, provided that, for purposes of determining the Incentive Fee, FFO Per Share shall not include any income, loss or funds from operations for the Company’s 2011 and 2012 fiscal years that are attributable to the assets contributed to SIR or its subsidiaries by the Company or its subsidiaries prior to the completion of the SIR IPO”; and (7) delete the references to

 

 

“preferred shares” in new subpart (B) of subclause (x) and replace such references with “preferred share”.

 

3.                                       The last sentence of clause (c) of Section 10 is hereby amended to delete the reference to “shall not constitute a subsidiary of the Company or its subsidiaries” included therein and replace it with the following language: “and, with respect to periods following the completion of the SIR IPO, SIR and its subsidiaries, shall not be considered to be subsidiaries of the Company or the Company’s subsidiaries”.

 

4.                                       The first sentence of clause (a) of Section 13 is hereby replaced in its entirety to read as follows:

 

Subject to the Company’s Declaration of Trust and Bylaws, the Company hereby agrees with the Manager that if the Company or any of its subsidiaries determines to offer, directly or indirectly, for sale or other disposition arrangement (each a “Sale”) any real property that, at such time, is of a type within a principal investment focus of another real estate investment trust to which the Manager at such time provides business management or property management services (such other company, a “RMR Managed Company”), then prior to offering such real property for Sale to any other person, the Company shall provide notice of such proposed Sale to such RMR Managed Company, describing such proposed Sale in sufficient detail (including expected pricing, payment or lease terms, closing date and other material terms) and offering such RMR Managed Company the right to purchase or lease such real property, and shall negotiate in good faith with such RMR Managed Company for such purchase or lease.

 

5.                                       The parenthetical in the third sentence of Section 17 is hereby replaced in its entirety to read as follows:

 

(including, as of the date of this Agreement, Hospitality Properties Trust, GOV, Senior Housing Properties Trust, SIR, Five Star Quality Care, Inc. and TravelCenters of America LLC)

 

6.                                       The reference in Section 21 to HRPT Properties Trust is hereby replaced with COMMONWEALTH REIT.

 

7.                                       This Amendment shall be effective as of the day and year first written above.  Except as amended hereby, and as so amended, the Business Management Agreement shall remain in full force and effect and shall be otherwise unaffected hereby.

 

8.                                       The provisions of this Amendment shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts.

 

9.                                       This Amendment may be executed in separate counterparts, 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.

 

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[Signature Page to Follow]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to Amended and Restated Business Management Agreement to be executed by their duly authorized officers, under seal, as of the day and year first above written.

 

 

	
 
    	
COMMONWEALTH   REIT
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ John C. Popeo
    
	
 
    	
Name: John C. Popeo
    
	
 
    	
Title: Treasurer and Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
REIT   MANAGEMENT & RESEARCH LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Adam D. Portnoy
    
	
 
    	
Name: Adam D. Portnoy
    
	
 
    	
Title: PresidentExhibit 4.3

 

Execution Version

 

SECOND AMENDING AGREEMENT

 

THIS AGREEMENT dated as of October 18, 2011.

 

AMONG:

 

NOVA CHEMICALS CORPORATION, a corporation subsisting under the laws of the Province of New Brunswick (hereinafter referred to as the “Borrower”),

 

OF THE FIRST PART

 

- and -

 

THE FINANCIAL INSTITUTIONS AND OTHER PERSONS NAMED ON THE SIGNATURE PAGES HERETO, as Lenders

 

OF THE SECOND PART

 

- and -

 

THE TORONTO-DOMINION BANK, a Canadian chartered bank, as administrative agent of the Lenders (hereinafter referred to as the “Agent”),

 

OF THE THIRD PART

 

WHEREAS the parties hereto are parties to the Credit Agreement;

 

AND WHEREAS the parties hereto have agreed to amend and supplement certain provisions of the Credit Agreement as set out herein;

 

NOW THEREFORE in consideration of the covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby conclusively acknowledged by each of the parties hereto, the parties hereto covenant and agree as follows:

 

1.                                  INTERPRETATION

 

1.1                               In this Agreement, the following terms shall have the meanings set forth below (unless something in the subject matter or context is inconsistent therewith):

 

“Agreement” means this second amending agreement, as amended, modified, supplemented or restated from time to time.

 

 

“Credit Agreement” means the Restated Credit Agreement made as of November 17, 2009 among NOVA Chemicals Corporation, as borrower, The Toronto-Dominion Bank, as administrative agent, and the financial institutions and other persons named on the signature pages thereto as lenders, as amended by the First Amending Agreement dated as of October 28, 2010 and as further amended, supplemented, modified or restated from time to time.

 

“Effective Date” means the first date on which all of the conditions precedent set forth in Section 3 hereof have been satisfied (or waived by the Majority Lenders).

 

1.2                               Capitalized terms used herein without express definition shall have the same meanings herein as are ascribed thereto in the Credit Agreement.

 

1.3                               The division of this Agreement into Sections and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation of this Agreement.  The terms “this Agreement”, “hereof”, “hereunder” and similar expressions refer to this Agreement and not to any particular Section or other portion hereof and include any agreements supplemental hereto.

 

1.4                               This Agreement shall be governed by and construed in accordance with the laws of the Province of Alberta and federal laws of Canada applicable therein.

 

1.5                               This Agreement shall be effective on the Effective Date.

 

2.                                  AMENDMENTS

 

2.1                               The definition of “Applicable Pricing Margin” in Section 1.1 of the Credit Agreement is amended by deleting the pricing table therein and replacing same with the following new pricing table (and these pricing changes shall be applied to existing Outstandings in accordance with proviso (ii) in the definition of Applicable Pricing Margin):

 

	
Level
    	
 
    	
Senior Debt to
   Cash Flow Ratio
    	
 
    	
BA Stamping Fee /
   LIBOR Loan /
   LC Fee
   (in bps)
    	
 
    	
Prime Loans and
   USBR Loans
   (in bps)
    
	
1
    	
 
    	
< 1.0
    	
 
    	
250
    	
 
    	
150
    
	
2
    	
 
    	
>1.0 to < 2.0
    	
 
    	
275
    	
 
    	
175
    
	
3
    	
 
    	
>2.0 to <3.0
    	
 
    	
325
    	
 
    	
225
    

 

2.2                               The definitions of “Huntsman Preferred Stock” and “Huntsman Preferred Stock  Obligations” in Section 1.1 of the Credit Agreement, including all cross references thereto, are deleted.

 

2.3                               The definition of “Renewal Date” in Section 1.1 of the Credit Agreement is amended by deleting “November 17” and replacing same with “December 17”.

 

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2.4                               The definition of “Standby Fee Margin” in Section 1.1 of the Credit Agreement is amended by deleting the pricing table therein and replacing same with the following new pricing table:

 

	
Level
    	
 
    	
Senior Debt to
   Cash Flow Ratio
    	
 
    	
Standby Fee
   (in bps)
    
	
1
    	
 
    	
< 1.0
    	
 
    	
62.5
    
	
2
    	
 
    	
>1.0 to < 2.0
    	
 
    	
68.75
    
	
3
    	
 
    	
>2.0 to <3.0
    	
 
    	
81.25
    

 

2.5                               The definition of “Utilization Fee” in Section 1.1 of the Credit Agreement, including all cross references thereto and Section 3.7, are deleted.

 

2.6                               Section 2.3(a) of the Credit Agreement is amended in full to read as follows:

 

“The Borrower may, at its option, by delivering to the Agent an Extension Request, request the Lenders to extend the Maturity Date for an additional period of one, two, three or four years; provided that (i) this request cannot be made more than 90 days or less than 60 days before each Renewal Date and (ii) the new Maturity Date cannot extend for more than four years from the applicable Renewal Date.”

 

2.7                               Section 5.1(b) of the Credit Agreement is amended by deleting “U.S.$75,000,000” and replacing same with “U.S. $125,000,000”.

 

2.8                               Section 8.1(f)(iii) of the Credit Agreement is amended by deleting “three year” and replacing same with “four year”.

 

2.9                               Section 12.1(a) of the Credit Agreement is amended by adding the following new sentence at the end thereof:

 

“Notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all regulations, requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States, Canadian or other regulatory authorities, in each case pursuant to Basel III ((i) and (ii) being, the “New Rules”), shall in each case be deemed to be a change in applicable Law for the purposes of this Section 12.1, regardless of the date enacted, adopted or issued.”

 

2.10                        Each Lender acknowledges that the Maturity Date has been extended to December 17, 2015.

 

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3.                                  CONDITIONS PRECEDENT TO EFFECTIVENESS

 

This Agreement will become effective upon the following conditions being met (or waived in writing by the Majority Lenders) including the receipt by the Agent, for and on behalf of the Majority Lenders, of the following documents and payments each in full force and effect, and in form and substance satisfactory to the Agent, acting reasonably:

 

(a)                                 a fully executed copy of this Agreement (including the Confirmation of Guarantees attached hereto); and

 

(b)                                 all amendment fees payable by the Borrower to the Lenders in respect of the amendments provided for herein.

 

4.                                  REPRESENTATIONS AND WARRANTIES

 

The Borrower represents and warrants to the Agent and the Lenders as follows on and as of the date hereof:

 

(a)                                 Subsistence.  The Borrower is validly subsisting under the laws of the Province of New Brunswick and has full corporate power and capacity to enter into and perform its obligations under this Agreement.

 

(b)                                 Authorization and Status of Agreement.  This Agreement has been duly authorized, executed and delivered by the Borrower and does not conflict with or contravene the constating documents or by-laws or any resolutions of the Borrower.

 

(c)                                  Enforceability.  This Agreement constitutes valid and binding obligations of the Borrower and is enforceable against it in accordance with its terms, except to the extent that enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity.

 

(d)                                 No Default.  No Default or Event of Default has occurred and is continuing.

 

The representations and warranties set out in this Agreement shall survive the execution and delivery of this Agreement and the making of each Drawdown, notwithstanding any investigations or examinations which may be made by the Agent, the Lenders or Lenders’ Counsel.  Such representations and warranties shall survive until the Credit Agreement has been terminated.

 

5.                                  CONFIRMATION OF CREDIT AGREEMENT

 

The Credit Agreement and all covenants, terms and provisions thereof, except as expressly amended and supplemented by this Agreement, shall be and continue to be in full force and effect. The Credit Agreement as amended and supplemented by this

 

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Agreement is hereby ratified and confirmed and shall from and after the date hereof continue in full force and effect as herein amended and supplemented.

 

6.                                  FURTHER ASSURANCES

 

The parties hereto shall from time to time do all such further acts and things and execute and deliver all such documents as are required in order to effect the full intent of and fully perform and carry out the terms of this Agreement.

 

7.                                  COUNTERPARTS

 

This Agreement may be executed in any number of counterparts, including by facsimile, each of which shall be deemed to be an original and all of which taken together shall be deemed to constitute one and the same instrument, and it shall not be necessary in making proof of this Agreement to produce or account for more than one such counterpart.

 

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IN WITNESS WHEREOF the parties hereto have executed this Agreement.

 

	
 
    	
BORROWER:
    
	
 
    	
 
    	
 
    
	
 
    	
NOVA   CHEMICALS CORPORATION
    
	
 
    	
 
    	
 
    
	
 
    	
Per:
    	
/s/   Randy Woelfel
    
	
 
    	
 
    	
Name:   Randy Woelfel
    
	
 
    	
 
    	
Title:   CEO
    
	
 
    	
 
    	
 
    
	
 
    	
Per:
    	
/s/   Todd Karran
    
	
 
    	
 
    	
Name:   Todd Karran
    
	
 
    	
 
    	
Title:   CFO
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
AGENT:
    
	
 
    	
 
    	
 
    
	
 
    	
THE   TORONTO-DOMINION BANK, as Agent
    
	
 
    	
 
    	
 
    
	
 
    	
Per:
    	
/s/   Feroz Haq
    
	
 
    	
 
    	
Name:   Feroz Haq
    
	
 
    	
 
    	
Title:   Vice President, Loan Syndications - Agency
    
	
 
    	
 
    	
 
    
	
 
    	
Per:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
LENDERS:
    
	
 
    	
 
    	
 
    
	
 
    	
THE   TORONTO-DOMINION BANK
    
	
 
    	
 
    	
 
    
	
 
    	
Per:
    	
/s/   Greg Hickaway
    
	
 
    	
 
    	
Name:   Greg Hickaway
    
	
 
    	
 
    	
Title:   Managing Director
    
	
 
    	
 
    	
 
    
	
 
    	
Per:
    	
/s/   Glen Cameron
    
	
 
    	
 
    	
Name:   Glen Cameron
    
	
 
    	
 
    	
Title:   Vice President
    
				

 

 

	
 
    	
ROYAL   BANK OF CANADA
    
	
 
    	
 
    	
 
    
	
 
    	
Per:
    	
/s/   Chris Cowan
    
	
 
    	
 
    	
Name:   Chris Cowan
    
	
 
    	
 
    	
Title:   Authorized Signatory
    
	
 
    	
 
    	
 
    
	
 
    	
Per:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
HSBC   BANK CANADA
    
	
 
    	
 
    	
 
    
	
 
    	
Per:
    	
/s/   Vivek Varma
    
	
 
    	
 
    	
Name:   Vivek Varma
    
	
 
    	
 
    	
Title:   Director
    
	
 
    	
 
    	
 
    
	
 
    	
Per:
    	
/s/   Fabrizio Carrano
    
	
 
    	
 
    	
Name:   Fabrizio Carrano
    
	
 
    	
 
    	
Title:   VP
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
BARCLAYS   BANK PLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Per:
    	
/s/   Michael Mozer
    
	
 
    	
 
    	
Name:   Michael Mozer
    
	
 
    	
 
    	
Title:   Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
Per:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
EXPORT   DEVELOPMENT CANADA
    
	
 
    	
 
    	
 
    
	
 
    	
Per:
    	
/s/   Richard Leong
    
	
 
    	
 
    	
Name:   Richard Leong
    
	
 
    	
 
    	
Title:   Asset Manager
    
	
 
    	
 
    	
 
    
	
 
    	
Per:
    	
/s/   Mathew Devine
    
	
 
    	
 
    	
Name:   Mathew Devine
    
	
 
    	
 
    	
Title:   Senior Asset Manager
    

 

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THE   BANK OF NOVA SCOTIA
    
	
 
    	
 
    	
 
    
	
 
    	
Per:
    	
/s/   John Frazell
    
	
 
    	
 
    	
Name:   John Frazell
    
	
 
    	
 
    	
Title:   Director
    
	
 
    	
 
    	
 
    
	
 
    	
Per:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
CANADIAN   WESTERN BANK
    
	
 
    	
 
    	
 
    
	
 
    	
Per:
    	
/s/   Duncan Levy
    
	
 
    	
 
    	
Name:   Duncan Levy
    
	
 
    	
 
    	
Title:   Manager, Energy Lending
    
	
 
    	
 
    	
 
    
	
 
    	
Per:
    	
/s/   : D.R. (Doug) Crook
    
	
 
    	
 
    	
Name:   D.R. (Doug) Crook
    
	
 
    	
 
    	
Title:   Senior AVP & Manager, Energy Lending
    

 

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Confirmation of Guarantees

 

For good and valuable consideration (the receipt and sufficiency of which is hereby conclusively acknowledged) each of the undersigned in its capacity as a guarantor pursuant to its Restricted Subsidiary Guarantee hereby: (a) consents and agrees to the terms of the above Second Amending Agreement; (b) acknowledges and confirms the representations and warranties applicable to it in the above Second Amending Agreement; and (c) acknowledges that its Restricted Subsidiary Guarantee remains in full force and effect in all respects notwithstanding the amendments contained in the above Second Amending Agreement and shall continue to exist and apply to all Loan Indebtedness and Secured Swap Obligations including, without limitation, the Loan Indebtedness of the Borrower under the Credit Agreement as amended by the above Second Amending Agreement.

 

This Confirmation is in addition to and shall not limit, derogate from or otherwise affect the provisions of the Security, as amended prior to the date hereof.

 

Capitalized terms used herein shall have the same meanings herein as are ascribed thereto in the above Second Amending Agreement.

 

	
NOVA CHEMICALS (CANADA) LTD.  
    	
 
    	
NOVA PETROCHEMICALS LTD.
    
	
 
    	
 
    	
 
    	
 
    
	
Per:
    	
/s/   Todd Karran
    	
 
    	
Per:
    	
/s/   Randy Woelfel
    
	
Name:
    	
Todd   Karran
    	
 
    	
Name:
    	
Randy   Woelfel
    
	
Title:
    	
SVP &   CFO
    	
 
    	
Title:
    	
SVP &   COO
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Per:
    	
/s/   Alan Pretter
    	
 
    	
Per:
    	
/s/   Todd Karran
    
	
Name:
    	
Alan   Pretter
    	
 
    	
Name:
    	
Todd   Karran
    
	
Title:
    	
Asst.   Corp. Secretary
    	
 
    	
Title:
    	
SVP &   CFO
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
NOVA CHEMICALS INC.
    	
 
    	
NOVA CHEMICALS (INTERNATIONAL) S.A.
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Per:
    	
/s/   Randy Woelfel
    	
 
    	
Per:
    	
/s/   Todd Karran
    
	
Name:
    	
Randy   Woelfel
    	
 
    	
Name:
    	
Todd   Karran
    
	
Title:
    	
CEO
    	
 
    	
Title:
    	
Director
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Per:
    	
/s/   Todd Karran
    	
 
    	
 
    	
 
    
	
Name:
    	
Todd   Karran
    	
 
    	
 
    	
 
    
	
Title:
    	
SVP &   CFO

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