Document:

Exhibit 10.25

 

OMNIBUS AMENDMENT

 

OMNIBUS AMENDMENT

 

DATED AS OF MARCH 21, 2008

 

BY AND AMONG

 

USS RECEIVABLES COMPANY, LTD.,

 

UNITED STATIONERS FINANCIAL SERVICES LLC,

 

UNITED STATIONERS SUPPLY CO.,

 

FALCON ASSET SECURITIZATION COMPANY LLC,

 

PNC BANK, NATIONAL ASSOCIATION,

 

MARKET STREET FUNDING LLC,

 

JPMORGAN CHASE BANK, N.A.

(successor by merger to BANK ONE, NA (Main Office Chicago)),

 

FIFTH THIRD BANK

 

and

 

THE BANK OF NEW YORK TRUST COMPANY, N.A.

(successor in interest to JPMORGAN CHASE BANK, N.A.), as Trustee

 

 

AMENDMENT NO. 5 TO SERIES 2004-1 SUPPLEMENT

 

AMENDMENT NO. 6 TO SERIES 2003-1 SUPPLEMENT

 

AMENDMENT NO. 6 TO SECOND AMENDED AND RESTATED SERIES

2000-2 SUPPLEMENT

 

AMENDMENT NO. 2 TO SECOND AMENDED AND RESTATED POOLING

AGREEMENT

 

 

 

OMNIBUS AMENDMENT

 

This OMNIBUS AMENDMENT (this “Omnibus Amendment”) is entered
into as of March 21, 2008 by and among USS Receivables Company, Ltd., a
Cayman Islands limited liability company (“USSR”), United Stationers
Financial Services LLC, an Illinois limited liability company (“USFS”),
United Stationers Supply Co., an Illinois corporation (“USSC”, and
together with USSR and USFS, the “USS Companies”), Falcon Asset
Securitization Company LLC, a Delaware limited liability company (“Falcon”),
PNC Bank, National Association, as Administrator under and as defined in the
Series 2000-2 Supplement referred to below (“PNC”), Market Street
Funding LLC (“Market Street”), JPMorgan Chase Bank, N.A. (successor by
merger to Bank One, NA (Main Office Chicago)), as the Funding Agent and the
sole APA Bank under and as defined in the Series 2003-1 Supplement
referred to below (“JPMorgan Chase Bank” or the “Funding Agent”),
Fifth Third Bank, as Administrator under and as defined in the
Series 2004-1 Supplement referred to below (“Fifth Third”) and The
Bank of New York Trust Company, N.A. (successor in interest to JPMorgan Chase
Bank, N.A.), as Trustee (the “Trustee”).

 

RECITALS

 

WHEREAS, USSR, USFS, as Servicer (the “Servicer”), and the
Trustee are parties to that certain Second Amended and Restated Pooling
Agreement, dated as of March 28, 2003 (as amended, supplemented, restated
or otherwise modified and in effect from time to time, the “Pooling
Agreement”);

 

WHEREAS, USSR, the Servicer, Fifth Third and the Trustee are parties to
that certain Series 2004-1 Supplement, dated as of March 26, 2004, to
the Pooling Agreement, as amended by the Omnibus Amendment with respect
thereto, dated as of March 25, 2005, as further amended by the Omnibus
Amendment with respect thereto, dated as of March 24, 2006, as further
amended by the Omnibus Amendment with respect thereto, dated as of
March 23, 2007 and as further amended by the Omnibus Amendment with
respect thereto, dated as of July 26, 2007 (as so amended and as further
amended, supplemented, restated or otherwise modified and in effect from time
to time, the “Series 2004-1 Supplement”);

 

WHEREAS, USSR, the Servicer, Falcon, JPMorgan Chase Bank and the
Trustee are parties to that certain Series 2003-1 Supplement, dated as of
March 28, 2003, to the Pooling Agreement, as amended by the Omnibus
Amendment with respect thereto, dated as of March 26, 2004, as further
amended by the Omnibus Amendment with respect thereto, dated as of
March 25, 2005, as further amended by the Omnibus Amendment with respect
thereto, dated as of March 24, 2006, as further amended by the Omnibus
Amendment with respect thereto, dated as of March 23, 2007 and as further
amended by the Omnibus Amendment with respect thereto, dated

 

 

as
of July 26, 2007 (as so amended and as further amended, supplemented,
restated or otherwise modified and in effect from time to time, the “Series 2003-1 Supplement”);

 

WHEREAS, USSR, the Servicer, PNC, Market Street and the Trustee are
parties to that certain Second Amended and Restated Series 2000-2
Supplement, dated as of March 28, 2003, to the Pooling Agreement, as
amended by the Omnibus Amendment with respect thereto, dated as of
March 26, 2004, as further amended by the Omnibus Amendment with respect
thereto, dated as of March 25, 2005, as further amended by the Omnibus
Amendment with respect thereto, dated as of March 24, 2006, as further
amended by the Omnibus Amendment with respect thereto, dated as of
March 23, 2007 and as further amended by the Omnibus Amendment with
respect thereto, dated as of July 26, 2007 (as so amended and as further
amended, supplemented, restated or otherwise modified and in effect from time
to time, the “Series 2000-2
Supplement”);

 

WHEREAS, each of the parties hereto now desires to amend each of the
Pooling Agreement, the Series 2004-1 Supplement, the Series 2003-1
Supplement and the Series 2000-2 Supplement (collectively, the “Amended Documents”), in each case, subject to the terms and
conditions hereof.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the premises, and for other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as follows:

 

Section 1.                                            Definitions Used Herein.
Capitalized terms used herein and not otherwise defined herein shall have the
respective meanings set forth for such terms in the Pooling Agreement or, if
not defined therein, the Series 2004-1 Supplement, Series 2003-1
Supplement or Series 2000-2 Supplement, as applicable.

 

Section 2.                                            Amendments to the Series 2004-1 Supplement.
Immediately upon the satisfaction of each of the conditions precedent set forth
in Section 6 of this Omnibus Amendment, the Series 2004-1 Supplement
is hereby amended, effective as of the date first written above, as follows:

 

(a)                                  by amending and restating the definition of
“Accrual Period” appearing in Section 1.1 thereof as follows:

 

“Accrual Period”  shall mean the period from and including the
first day of each calendar month to and including the last day of such calendar
month, provided that the final Accrual Period hereunder shall terminate on the
date of the final payment made hereunder on the VFC Certificate.

 

3

 

(b)                                 by amending and restating the definition of
“Commitment Expiry Date” appearing in Section 1.1 thereof as follows:

 

“Commitment Expiry Date” shall mean March 20, 2009 (as may be
extended for up to an additional 364 days from time to time in writing by the
Committed Purchaser and the Administrator in their sole discretion).

 

(c)                                  by amending and restating the definition of
“Commitment Termination Date” appearing in Section 1.1 thereof as follows:

 

“Commitment Termination Date” shall mean the earlier to occur of
(i) the date on which the Purchase Limit has been reduced to zero pursuant
to Section 2.8 of this Supplement, and (ii) March 18, 2011.

 

(d)                                 by amending and restating the definition of
“Rate Period” appearing in Section 1.1 thereof as follows (solely for
convenience, changed language is italicized):

 

“Rate Period” shall mean, unless otherwise agreed by the Administrator
and the Company, with respect to any Funding Tranche, (i) initially the
period commencing on (and including) the date of the initial purchase or
funding of such Funding Tranche and ending on (but excluding) the first day of the next
following calendar month, and
(ii) thereafter each period commencing on (and including) the first day of each
calendar month and ending on the first day of the next following calendar
month; provided,
that:

 

(A)                              any Rate Period with respect to any Funding Tranche not funded at the
CP Rate which would otherwise end on a day which is not a Business Day shall be
extended to the next succeeding Business Day; provided, however, if Yield in
respect of such Rate Period is computed by reference to the Euro-Rate, and such
Rate Period would otherwise end on a day which is not a Business Day, and there
is no subsequent Business Day in the same calendar month as such day, such Rate
Period shall end on the next preceding Business Day;

 

(B)                                in the case of any Rate Period for any Funding Tranche which commences
before the occurrence of an Early Amortization Event and would otherwise end on
a date occurring after the occurrence of an Early Amortization Event, such Rate
Period shall end on the date of the occurrence of an Early Amortization Event
and the duration of each Rate Period which commences on or after the occurrence
of an Early Amortization Event shall be of such duration as shall be selected
by the Administrator; and

 

4

 

(C)                                any Rate Period in respect of which Yield is computed by reference to
the CP Rate may be terminated at the election of, and upon notice thereof to
the Company and the Servicer by, the Administrator any time, in which case the
Funding Tranche allocated to such terminated Rate Period shall be allocated to
a new Rate Period commencing on (and including) the date of such termination
and ending on (but excluding) the first day of the next following calendar month and shall accrue Yield at the Alternate Rate.

 

(e)                                  by amending and restating paragraphs
(b) and (c) of Section 2.9 as follows (solely for convenience,
changed language is italicized):

 

(b)                            The Servicer shall distribute pursuant to subsection 3A.6(b), from
amounts on deposit in the Series 2004-1 Collection Sub-account, to the
Administrator, for the account of the Committed Purchaser, on each Distribution
Date, a commitment fee with respect to the Accrual
Period most
recently ended on or prior to such date (the “Commitment Fee”) at the
Commitment Fee Rate of the average daily excess of 102% of the Purchase Limit
over the average Series 2004-1 Purchaser Invested Amount during such
Accrual Period for the actual number of days in such Accrual Period. The
Commitment Fee shall be payable (i) monthly in arrears on each
Distribution Date for such Accrual Period and (ii) on the Facility Termination Date. To the extent that
funds on deposit in the Series 2004-1 Collection Sub-account at any such
date are insufficient to pay the Commitment Fee due on such date, the Servicer
shall so notify the Company and the Company shall immediately pay the
Administrator the amount of any such deficiency.

 

(c)                             The Servicer shall distribute pursuant to subsection 3A.6(b), from
amounts on deposit in the Series 2004-1 Collection Sub-account, to the
Administrator, for the account of the Committed Purchaser, on each Distribution
Date, a utilization fee (the “Utilization Fee”) with respect to the Accrual Period most recently ended on or prior to such date at the Utilization Fee Rate of the average daily
Series 2004-1 Purchaser Invested Amount during such period for the actual
number of days in such Accrual Period. The Utilization Fee shall be payable
(i) monthly in arrears on each Distribution Date for such Accrual Period and (ii) on the Facility Termination
Date. To the extent that funds on deposit in the Series 2004-1 Collection
Sub-account at any such date are insufficient to pay the Utilization Fee due on
such date, the Servicer shall so notify the Company and the Company shall
immediately pay the Administrator the amount of any such deficiency.

 

5

 

(f)                                    by amending and restating the first sentence
of paragraph (a) of Section 3A.4 as follows (solely for convenience,
added language is italicized):

 

On
or before the Business Day preceding the each Distribution Date, the
Administrator shall notify the Servicer and the Trustee of the
Series 2004-1 Monthly Interest Amount for the most recent Accrual Period ending on or before the related Distribution Date.

 

(g)                                 by amending and restating the first sentence
of paragraph (c) of Section 3A.4 as follows (solely for convenience,
added language is italicized):

 

On
each Distribution Date, the Servicer shall determine the excess, if any (the “Interest Shortfall”), of (i) the Series 2004-1 Monthly
Interest for the most recent Accrual
Period ending on or before such
Distribution Date over (ii) the amount which will be available to
be distributed to the Purchasers on such Distribution Date in respect thereof
pursuant to this Supplement.

 

Section 3.                                            Amendments to the Series 2003-1
Supplement. Immediately upon the satisfaction of each of
the conditions precedent set forth in Section 6 of this Omnibus Amendment,
Section 1.1 of the Series 2003-1 Supplement is hereby amended,
effective as of the date first written above, as follows:

 

(a)                                  by amending and restating the definition of
“Commitment Expiry Date” as follows:

 

“Commitment Expiry Date” shall mean March 20, 2009 (as may be
extended for up to an additional 364 days from time to time in writing by
Initial Purchaser, the Funding Agent and the APA Banks).

 

(b)                                 by amending and restating the definition of
“Commitment Termination Date” as follows:

 

“Commitment Termination Date” shall mean the earliest to occur of
(i) the date on which the Aggregate Commitment Amount has been reduced to
zero pursuant to Section 2.7 of this Supplement, (ii) the Commitment
Expiry Date, (iii) the Optional Termination Date, (iv) the date on which
the Early Amortization Period is declared to commence or automatically
commences and (v) March 18, 2011.

 

Section 4.                                            Amendments to the Series 2000-2
Supplement. Immediately upon the satisfaction of each of
the conditions precedent set forth in Section 6 of this

 

6

 

Omnibus
Amendment, Section 1.1 of the Series 2000-2 Supplement is hereby
amended, effective as of the date first written above, as follows:

 

(a)                                  by amending and restating the definition of
“Accrual Period” appearing in Section 1.1 thereof as follows:

 

“Accrual Period” shall mean the period from and including the
first day of each calendar month to and including the last day of such calendar
month, provided that the final Accrual Period hereunder shall terminate on the
date of the final payment made hereunder on the VFC Certificate.

 

(b)                                 by amending and restating the definition of
“Commitment Expiry Date” as follows:

 

“Commitment Expiry Date” shall mean March 20, 2009 (as may be
extended for up to an additional 364 days from time to time in writing by the
Committed Purchaser and the Administrator in their sole discretion).

 

(c)                                  by amending and restating the definition of
“Commitment Termination Date” as follows:

 

“Commitment Termination Date” shall mean the earlier to occur of
(i) the date on which the Purchase Limit has been reduced to zero pursuant
to Section 2.8 of this Supplement, and (ii) March 18, 2011.

 

(d)                                      by amending and restating the definition of
“Rate Period” appearing in Section 1.1 thereof as follows (solely for
convenience, changed language is italicized):

 

“Rate Period” shall mean, unless otherwise agreed by the Administrator
and the Company, with respect to any Funding Tranche, (i) initially the
period commencing on (and including) the date of the initial purchase or
funding of such Funding Tranche and ending on (but excluding) the first day of the next following calendar month, and
(ii) thereafter each period commencing on (and including) the first day of each calendar month and ending on
the first day of the next following calendar month; provided,
that:

 

(A)                              any Rate Period with respect to any Funding Tranche not funded at the
CP Rate which would otherwise end on a day which is not a Business Day shall be
extended to the next succeeding Business Day; provided, however, if Yield in
respect of such Rate Period is computed by reference to the Euro-Rate, and such
Rate Period would otherwise end on

 

7

 

a
day which is not a Business Day, and there is no subsequent Business Day in the
same calendar month as such day, such Rate Period shall end on the next
preceding Business Day;

 

(B)                                in the case of any Rate Period for any Funding Tranche which commences
before the occurrence of an Early Amortization Event and would otherwise end on
a date occurring after the occurrence of an Early Amortization Event, such Rate
Period shall end on the date of the occurrence of an Early Amortization Event
and the duration of each Rate Period which commences on or after the occurrence
of an Early Amortization Event shall be of such duration as shall be selected
by the Administrator; and

 

(C)                                any Rate Period in respect of which Yield is computed by reference to
the CP Rate may be terminated at the election of, and upon notice thereof to
the Company and the Servicer by, the Administrator any time, in which case the
Funding Tranche allocated to such terminated Rate Period shall be allocated to
a new Rate Period commencing on (and including) the date of such termination
and ending on (but excluding) the first day of the next following calendar month and shall accrue Yield at the Alternate Rate.

 

(e)                                  by amending and restating paragraphs
(b) and (c) of Section 2.9 as follows (solely for convenience,
changed language is italicized):

 

(b)                                 The Servicer shall distribute pursuant to
subsection 3A.6(b), from amounts on deposit in the Series 2000-2
Collection Sub-account, to the Administrator, for the account of the Committed
Purchaser, on each Distribution Date, a commitment fee with respect to the most recent Accrual Period ending on or prior to such date (the “Commitment Fee”) at the
Commitment Fee Rate of the average daily excess of 102% of the Purchase Limit
over the average Series 2000-2 Purchaser Invested Amount during such
Accrual Period for the actual number of days in such Accrual Period. The
Commitment Fee shall be payable (i) monthly in arrears on each
Distribution Date and (ii) on the Facility Termination Date. To the extent
that funds on deposit in the Series 2000-2 Collection Sub-account at any such
date are insufficient to pay the Commitment Fee due on such date, the Servicer
shall so notify the Company and the Company shall immediately pay the
Administrator the amount of any such deficiency.

 

(c)                                  The Servicer shall distribute pursuant to
subsection 3A.6(b), from amounts on deposit in the Series 2000-2
Collection Sub-account, to the Administrator, for the account of the Committed
Purchaser, on each Distribution Date, a utilization fee (the “Utilization Fee”) with respect to the

 

8

 

Accrual
Period most
recently ended on or prior to such date at the Utilization Fee Rate of the
average daily Series 2000-2 Purchaser Invested Amount during such period
for the actual number of days in such Accrual Period. The Utilization Fee shall
be payable (i) monthly in arrears on each Distribution Date for such Accrual Period and (ii) on the Facility Termination
Date. To the extent that funds on deposit in the Series 2000-2 Collection
Sub-account at any such date are insufficient to pay the Utilization Fee due on
such date, the Servicer shall so notify the Company and the Company shall
immediately pay the Administrator the amount of any such deficiency.

 

(f)                                    by amending and restating the first sentence
of paragraph (a) of Section 3A.4 as follows (solely for convenience,
added language is italicized):

 

On
or before the Business Day preceding the each Distribution Date, the
Administrator shall notify the Servicer and the Trustee of the
Series 2000-2 Monthly Interest Amount for the most recent Accrual Period ending on or before the related Distribution Date.

 

(g)                                 by amending and restating paragraph
(c) of Section 3A.4 as follows (solely for convenience, added
language is italicized):

 

On
each Distribution Date, the Servicer shall determine the excess, if any (the “Interest
Shortfall”), of (i) the Series 2000-2 Monthly Interest for the
most recent Accrual Period ending on or before such Distribution Date over
(ii) the amount which will be available to be distributed to the Purchasers
on such Distribution Date in respect thereof pursuant to this Supplement. If
the Interest Shortfall with respect to the Accrual Period ended most recently on or prior to
any Distribution Date is
greater than zero, an additional amount (“Additional Interest”) equal to the
product of (A) the number of days until such Interest Shortfall shall be
repaid divided by 365 (or 366, as the case may be), (B) the Base Rate plus
2.0% and (C) such Interest Shortfall (or the portion thereof which has not
been paid to the Committed Purchaser) shall be payable as provided herein with
respect to the VFC Certificates on each Distribution Date following such
Distribution Date to but excluding the Distribution Date on which such Interest
Shortfall is paid to the VFC Certificateholders.

 

(h)                                 by amending and restating clause
(iii) of paragraph (a) of Section 3A.6 as follows (solely for
convenience, added language is italicized):

 

(iii) ratably, to the payment of all accrued and unpaid
Series 2000-2 Monthly Interest payable with respect to the Accrual
Period ended most

 

9

 

recently on or prior to such Distribution Date (the “Monthly Interest
Payment”), plus the amount of any Monthly Interest Payment previously due but
not distributed to the Administrator, for further distribution to the Committed
Purchaser on a prior Distribution Date, plus the amount of any Additional
Interest with
respect to the Accrual Period ended most recently on or prior to such Distribution Date and any Additional
Interest previously due but not distributed to the Administrator, for further
distribution to the Committed Purchaser on a prior Distribution Date, plus all
accrued and unpaid fees under the Fee Letter (including the Commitment Fee and
the Utilization Fee);

 

Section 5.                                            Amendments to the Pooling Agreement. Immediately upon the satisfaction of each
of the conditions precedent set forth in Section 6 of this Omnibus
Amendment, Section 1.1 of the Pooling Agreement is hereby amended by
amending and restating clause (i) of the definition of “Eligible
Receivable” as follows:

 

(i) (A) it is not a Receivable for which the applicable
Seller (or any of its transferees) has established an offsetting specific
reserve (other than a specific default or loss reserve), provided that a
Receivable subject only in part to the foregoing shall be an Eligible
Receivable to the extent not so subject, and (B) it is not a Receivable
for which the applicable Seller (or any of its transferees) has established a
specific default or loss reserve in the amount of 100% of such Receivable;

 

Section 6.                                            Conditions to Effectiveness of this Omnibus
Amendment. The effectiveness
of this Omnibus Amendment is subject to the satisfaction of the following
conditions precedent:

 

(a)                                  Omnibus Amendment. The Trustee shall have received, on or
before the date hereof, executed counterparts of this Omnibus Amendment, duly
executed by each of the parties hereto.

 

(b)                                 Representations and Warranties. As of the date hereof, both before and
after giving effect to this Omnibus Amendment, all of the representations and
warranties of the USS Companies contained in each Amended Document, as amended
hereby and in each other Transaction Document (other than those that speak
expressly only as of a different date) shall be true and correct in all
material respects as though made on the date hereof (and by its execution
hereof, each of the USS Companies shall be deemed to have represented and
warranted such).

 

(c)                                  No Early Amortization Event. As of the date hereof both before and after
giving effect to this Omnibus Amendment, no Early

 

10

 

Amortization
Event shall have occurred and be continuing (and by its execution hereof, each
of the USS Companies shall be deemed to have represented and warranted such).

 

(d)           Payment of Fees. The USS
Companies shall have paid all costs, fees and expenses due and owing, by any of
them, pursuant to the Fee Letter.

 

Section 7                Miscellaneous.

 

(a)           Effect; Ratification. The
amendments set forth herein are effective solely for the purposes set forth
herein and shall be limited precisely as written, and shall not be deemed to
(i) be a consent to any amendment, waiver or modification of any other
term or condition of any Amended Document or of any other instrument or
agreement referred to therein; or (ii) prejudice any right or remedy which
any of the Trustee, the Funding Agent, Falcon, PNC, Fifth Third or Market
Street may now have or may have in the future under or in connection with any
Amended Document, as amended hereby or any other instrument or agreement
referred to therein. Each reference in the Series 2004-1 Supplement to
“this Supplement,” “herein,” “hereof” and words of like import and each
reference in the other Transaction Documents to the “Series 2004-1
Supplement” shall mean the Series 2004-1 Supplement as amended hereby.
Each reference in the Series 2003-1 Supplement to “this Supplement,”
“herein,” “hereof” and words of like import and each reference in the other
Transaction Documents to the “Series 2003-1 Supplement” shall mean the
Series 2003-1 Supplement as amended hereby. Each reference in the Series 2000-2
Supplement to “this Supplement,” “herein,” “hereof” and words of like import
and each reference in the other Transaction Documents to the
“Series 2000-2 Supplement” shall mean the Series 2000-2 Supplement as
amended hereby. This Omnibus Amendment shall be construed in connection with
and as part of each Amended Document, as amended hereby, respectively, and all
terms, conditions, representations, warranties, covenants and agreements set
forth in each such agreement and each other instrument or agreement referred to
therein, except as herein amended, are hereby ratified and confirmed and shall
remain in full force and effect.

 

(b)           Transaction Documents. This
Omnibus Amendment is a Transaction Document executed pursuant to the Amended
Documents and shall be construed, administered and applied in accordance with
the terms and provisions thereof.

 

(c)           Costs, Fees and Expenses. The
USS Companies agree to reimburse each of the Trustee, the Funding Agent,
Falcon, PNC, Fifth Third and Market Street on demand for all costs, fees and
expenses (including the reasonable

 

11

 

fees
and expenses of counsels to each of the Trustee, the Funding Agent, Falcon,
PNC, Fifth Third and Market Street) incurred in connection with the
preparation, execution and delivery of this Omnibus Amendment.

 

(d)           Counterparts. This Omnibus
Amendment may be executed in two or more counterparts (and by different parties
on separate counterparts), each of which shall be an original, but all of which
together shall constitute one and the same instrument.

 

(e)           Severability. If any one or
more of the covenants, agreements, provisions or terms of this Omnibus
Amendment shall for any reason whatsoever be held invalid, then such covenants,
agreements, provisions or terms shall be deemed severable from the remaining
covenants, agreements, provisions or terms of this Omnibus Amendment and shall
in no way affect the validity or enforceability of the other provisions of this
Omnibus Amendment.

 

(f)            GOVERNING LAW. THIS OMNIBUS
AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
LAWS.

 

(g)           On the date hereof, (i) Fifth
Third is the holder of one hundred percent of the interest in the
Series 2004-1 Supplement VFC Certificate, (ii) Falcon is the holder
of one hundred percent of the interest in the Series 2003-1 Supplement VFC
Certificate and (iii) Market Street is the holder of one hundred percent
of the interest in the Series 2000-2 Supplement VFC Certificate. Each of
Fifth Third, Falcon and Market Street hereby authorizes and directs the Trustee
(as defined in each Supplement) to execute and deliver this Omnibus Amendment.

 

12

 

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

 

 

	
   

  	
  USS RECEIVABLES COMPANY, LTD.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Victoria J. Reich

  
	
   

  	
  Name:

  	
  Victoria J. Reich

  
	
   

  	
  Title:

  	
  President

  
				

 

 

	
   

  	
  UNITED
  STATIONERS FINANCIAL SERVICES LLC, as Servicer under and as defined in the Pooling Agreement and the Supplements

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Victoria J. Reich

  
	
   

  	
  Name:

  	
  Victoria J. Reich

  
	
   

  	
  Title:

  	
  President

  
				

 

 

	
   

  	
  FIFTH
  THIRD BANK, as Administrator and Committed Purchaser under and as defined in
  the Series 2004-1 Supplement

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Brian Gardner

  
	
   

  	
  Name:

  	
  Brian Gardner

  
	
   

  	
  Title:

  	
  Vice President

  
				

 

 

	
   

  	
  JPMORGAN CHASE BANK, N.A. (successor by merger to BANK ONE, NA (Main
  Office Chicago)), individually as the sole APA Bank and as Funding Agent
  under and as defined in the Series 2003-1 Supplement

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David  Whiting

  
	
   

  	
  Name:

  	
  David  Whiting

  
	
   

  	
  Title:

  	
  Vice President

  
				

 

 

	
   

  	
  FALCON ASSET SECURITIZATION COMPANY LLC, as Initial Purchaser under
  and as defined in the Series 2003-1 Supplement

  
	
   

  	
  By:

  	
  JPMorgan Chase Bank, N.A. (successor by Merger to Bank One, NA (Main Office
  Chicago)),

  
	
   

  	
  Its:

  	
  Attorney-In-Fact

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David Whiting

  
	
   

  	
  Name:

  	
  David Whiting

  
	
   

  	
  Title:

  	
  Vice President

  
				

 

 

	
   

  	
  PNC
  BANK, NATIONAL ASSOCIATION, as Administrator under and as defined in the
  Series 2000-2 Supplement

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ William P. Falcon

  
	
   

  	
  Name:

  	
  William P. Falcon

  
	
   

  	
  Title:

  	
  Vice President

  
				

 

 

	
   

  	
  MARKET
  STREET FUNDING LLC, as Committed Purchaser under and as defined in the
  Series 2000-2 Supplement

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
				

 

 

	
   

  	
  PNC
  BANK, NATIONAL ASSOCIATION, as Administrator under and as defined in the Series 2000-2
  Supplement

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
				

 

 

	
   

  	
  MARKET
  STREET FUNDING LLC, as Committed
  Purchaser under and as defined in the Series 2000-2 Supplement

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Doris J.
  Hearn

  
	
   

  	
  Name:

  	
  Doris J. Hearn

  
	
   

  	
  Title:

  	
  Vice President

  
				

 

 

	
   

  	
  THE
  BANK OF NEW YORK TRUST COMPANY, N.A. (successor in interest to JPMORGAN CHASE
  BANK, N.A.), as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Bill Marshall

  
	
   

  	
  Name:

  	
  Bill Marshall

  
	
   

  	
  Title:

  	
  Vice PresidentExhibit 10.33

 

The United
Stationers Inc.

Nonemployee Directors’ Deferred

Stock Compensation Plan

 

ARTICLE I

 

INTRODUCTION

 

I.1            Establishment. United Stationers, Inc.
(the “Company”) hereby establishes the United Stationers Inc. Nonemployee
Directors’ Deferred Stock Compensation Plan (the “Plan”) for those directors of
the Company who are not employees of the Company or any of its subsidiaries or
affiliates. The Plan allows Nonemployee Directors to defer the receipt of cash
compensation and to receive such deferred compensation in the form of Shares of
Common Stock of the Company.  It is
intended that the provisions of the Plan conform to the requirements of section
409A of the Code (as defined below) and the Plan will be interpreted in all
respects in accordance with such requirements. 
Any references in the Plan to section 409A of the Code include
references to applicable guidance issued thereunder.

 

I.2            Purpose. The Plan is intended to
advance the interests of the Company and its Stockholders by providing a means
to attract and retain qualified persons to serve as Nonemployee Directors and
to promote ownership by Nonemployee Directors of a greater proprietary interest
in the Company, thereby aligning such Directors’ interests more closely with
the interests of Stockholders of the Company.

 

I.3            Effective Date. The Plan first became
effective as of the date on which the Plan was adopted by the Board of
Directors and was subsequently approved by a vote of the stockholders of the
Company at the next following Annual Meeting. 
This Plan is an amendment and restatement as of January 1, 2009 (“Effective
Date”).

 

ARTICLE II

 

DEFINITIONS

 

II.1          “Annual Meeting” means the Annual Meeting
of Stockholders of the Company.

 

II.2          “Board” means the Board of Directors of
the Company.

 

II.3          “Code” means the Internal Revenue Code of
1986, as amended.

 

II.4          “Committee” means the Board or a committee
appointed to administer the Plan under Article IV.

 

II.5          “Company” means United Stationers, Inc.,
a Delaware corporation, or any successor thereto.

 

Effective 12/16/2008

 

 

 

II.6          “Deferral Date” means the date Fees would
otherwise have been paid to the Participant.

 

II.7          “Deferral Election” means a written
election to defer Fees under the Plan.

 

II.8          “Director” means any individual who is a
member of the Board.

 

II.9          “Fair Market Value” means the closing
price for the Shares reported on a consolidated basis on the NASDAQ National
Market on the relevant date or, if there were no sales on such date, the
closing price on the nearest preceding date on which sales occurred.

 

II.10        “Fees” means all or part of any retainer
or meeting fees payable in cash to a Nonemployee Director in his or her
capacity as a Director. Fees shall not include any expenses paid directly or
through reimbursement.

 

II.11        “Nonemployee Director” means a Director
who is not, as of the date of an Annual Meeting, an employee of the Company or
any of its subsidiaries or affiliates. For purposes of the Plan, an employee is
an individual whose wages are subject to the withholding of federal income tax
under section 3401 of the Code.

 

II.12        “Participant” means a Nonemployee Director
who defers Fees under Article VI of the Plan.

 

II.13        “Secretary” means the Secretary or any
Assistant Secretary of the Company.

 

II.14        “Shares” means shares of the Common Stock
of the Company, par value $.10 per share.

 

II.15        “Stock Units” means the credits to a
Participant’s Stock Unit Account under Article VI of the Plan, each of
which represents the right to receive one Share upon settlement of the Stock
Unit Account.

 

II.16        “Stock Unit Account” means the bookkeeping
account established by the Company pursuant to Section VI.5.

 

II.17        “Termination of Service,”
and references to a Nonemployee Director’s termination as a Director
(including separation from service and other similar references), means
termination of service as a Director for any reason, subject to the following:

 

(i)            The
Director relationship or employment relationship will be deemed to have ended
at the time the Nonemployee Director and the Company reasonably anticipate that
a level of bona fide services the Nonemployee Director would perform for the
Company and, if applicable, the Affiliates after such date would permanently
decrease to no more than 20% of the average level of bona fide services
performed over the immediately preceding 36 month period (or the full period of
service to the Company and the Affiliates if the Nonemployee Director has
performed services for the Company and the Affiliates for less than 36 months).  In the absence of an expectation that the
Nonemployee Director will perform at the above-described level, the date of
termination 

 

 

as a Director or termination of employment will not be delayed solely
by reason of the Nonemployee Director continuing to be on the Company’s and the
Affiliates’ payroll after such date.

 

(ii)           The Director relationship or
employment relationship will be treated as continuing intact while the
Nonemployee Director is on a bona fide leave of absence (determined in
accordance with Treas. Reg. §409A-1(h)).

 

(iii)          The determination of a Nonemployee
Director’s termination as a Director or termination of employment by reason of
a sale of assets, sale of stock, spin-off, or other similar transaction of the
Company or an Affiliate will be made in accordance with Treas. Reg.
§1.409A-1(h).

 

(iv)          If a Nonemployee Director performs
services both as an employee of the Company or an Affiliate, and a member of
the Board of the Company or an Affiliate, the determination of whether
termination of employment or termination of service as a Director shall be made
in accordance with Treas. Reg. §1.409A-1(h)(5) (relating to dual status
service providers).

 

(v)           For purposes of this Section II.17,
the term “Affiliates” means all persons with whom the Company is considered to
be a single employer under Code section 414(b) and all persons with whom
the Company would be considered a single employer under Code section 414(c) thereof.

 

ARTICLE III

 

SHARES AVAILABLE
UNDER THE PLAN

 

Subject to
adjustment as provided in Article X, and except as otherwise provided in
this Article III, the maximum number of Shares that may be distributed in
settlement of Stock Unit Accounts under the Plan shall be 50,000. Such Shares
may include authorized but unissued Shares, Treasury Shares or Shares that have
been reacquired by the Company.  Shares to be distributed in settlement
of Stock Unit Accounts under the Plan may be Shares issued pursuant to Section 5.5
of the United Stationers Inc. 2004 Long-Term Incentive Plan, and any such
Shares so distributed shall not count against the 50,000 share limit provided
above.

 

ARTICLE IV

 

ADMINISTRATION

 

The Plan shall
be administered by the Board or such other committee as may be designated by
the Board. The Committee shall have the authority to make all determinations it
deems necessary or advisable for administering the Plan, subject to the express
provisions of the Plan. Notwithstanding the foregoing, no Director who is a
Participant under the Plan shall participate in any determination relating solely
or primarily to his or her own Shares, Stock Units or Stock Unit Account.

 

 

ARTICLE V

 

ELIGIBILITY

 

Each person
who is a Nonemployee Director on a Deferral Date shall be eligible to defer
Fees payable on such date in accordance with Article VI of the Plan. If
any Nonemployee Director subsequently becomes an employee of the Company or any
of its subsidiaries, but does not incur a Termination of Service, such Director
shall continue as a Participant with respect to Fees previously deferred, but
shall cease eligibility with respect to all future Fees, if any, earned while
an employee.

 

ARTICLE VI

 

DEFERRAL ELECTIONS
IN LIEU OF CASH PAYMENTS

 

VI.1         General Rule.  Each Nonemployee Director may, in lieu of
receipt of Fees, defer any or all of such Fees in accordance with this Article VI,
provided that such Nonemployee Director is eligible under Article V of the
Plan to defer such Fees at the date any such Fees are otherwise payable. A
Director may elect to defer a percentage (of not less than 50% and in 5% increments
up to 100%) of his or her Fees.

 

VI.2         Timing of Election.  A Nonemployee Director may make a Deferral
Election within 30 days after the date he first becomes eligible to participate
in the Plan. A Nonemployee Director who does not make a Deferral Election when
first eligible to do so may make a Deferral Election at any time before the
first day of any subsequent calendar year. 
For the period commencing on the Effective Date, the Nonemployee
Director must make the election or reelect to defer amounts under the Plan before
the Effective Date.

 

VI.3         Effect and Duration of Election.  A Deferral Election shall apply to
services performed and Fees payable after the date such election is made and
shall be deemed to be continuing and applicable to all services performed and
Fees payable in subsequent calendar years, unless the Participant revokes or
modifies such election by filing a new election form before the first day of
any subsequent calendar year, effective for all services performed and Fees
payable on and after the first day of such calendar year.

 

VI.4         Form of Election.  A Deferral Election shall be made in a
manner satisfactory to the Committee. Generally, a Deferral Election shall be
made by completing and filing the specified election form with the Secretary or
his or her designee within the period described in Section VI.2 or Section VI.3.

 

VI.5         Establishment of Stock Unit Account.  The Company shall establish a Stock Unit
Account for each Participant. All Fees deferred pursuant to this Article VI
shall be credited to the Participant’s Stock Unit Account as of the Deferral
Date and converted to Stock Units. The number of Stock Units credited to a
Participant’s Stock Unit Account as of a Deferral Date shall equal the amount
of the deferred Fees divided by the Fair Market Value of a Share on such
Deferral Date, with fractional units calculated to three decimal places.
Fractional Stock Units shall be credited cumulatively, but any fractional Stock
Unit in a Participant’s Stock Unit 

 

 

Account at the
time of a distribution under Article VII shall be converted into cash
equal to the Fair Market Value of a corresponding fractional Share on the date
of distribution.

 

VI.6         Crediting of Dividend Equivalents.  As of each dividend payment date with
respect to Shares, each Participant shall have credited to his or her Stock
Unit Account a dollar amount equal to the amount of cash dividends that would
have been paid on the number of Shares equal to the number of Stock Units
credited to the Participant’s Stock Unit Account as of the close of business on
the record date for such dividend. Such dollar amount shall then be converted
into a number of Stock Units equal to the number of whole and fractional Shares
that could have been purchased with such dollar amount at Fair Market Value on
the dividend payment date.

 

ARTICLE VII

 

SETTLEMENT OF
STOCK UNITS

 

VII.1        Timing and Form of Payment.  Subject to the provisions of Sections
VII.2 and VII.4 the following provisions of this Section VII.1, and the
other terms and conditions of the Plan, payment of a Participant’s Stock Unit
Account balance, shall be made (or shall begin to be distributed) to the
Participant as of the permitted payment dates described in (i) below and
in a permitted payment form as set forth in (ii) below, each as elected by
the Participant in his first Deferral Election under the Plan (or, with respect
to any Nonemployee Director who was a Participant in the Plan immediately prior
to the Effective Date, as elected in the Deferral Election on file with respect
to the Participant on December 31, 2008). 
A Participant’s election of a payment time and form shall apply with
respect to his or her entire Stock Unit Account.

 

(i)            A Participant shall receive or begin receiving a
distribution of his or her Stock Unit Account in the manner described in (ii) on
the first day of the first calendar quarter immediately following the date on
which the Participant incurs a Termination of Service, and if the Participant
has made an election to receive payment in annual installments, each subsequent
installment shall be paid on January 1 of each calendar year thereafter
commencing with the calendar year immediately following the calendar year in
which the first installment was paid.

 

(ii)           A Participant’s first Deferral Election filed under Article VI
(or, with respect to any Nonemployee Director who was a Participant in the Plan
immediately prior to the Effective Date, the Deferral Election on file with
respect to the Participant on December 31, 2008) shall specify whether the
Participant’s Stock Unit Account is to be settled by delivering to the
Participant the number of Shares equal to the number of whole Stock Units then
credited to the Participant’s Stock Unit Account, in either (A) a lump
sum, or (B) a series of annual installments over a period not to exceed 5
years.  With respect to annual installment
payments, the amount of each installment paid under this Section VII.1
will equal the result of dividing the Participant’s Stock Unit Account by the
number of installments remaining immediately before the payment. Any fractional Stock Unit credited
to a Participant’s Stock Unit Account at the time of a distribution shall be
paid in cash at the time of such distribution. If a Participant fails to elect
a payment form, payment shall be made in a lump sum.

 

 

VII.2        Payment Upon Death of a Participant. If
a Participant dies before the entire balance of his or her Stock Unit Account
has been distributed, the balance of the Participant’s Stock Unit Account shall
be paid in cash, in a lump sum, as soon as administratively feasible (but not
more than 30 days) after the Participant’s death, to the beneficiary designated
by the Participant under Article IX.

 

VII.3        Continuation of Dividend Equivalents.  If payment of Stock Units is made in
annual installments pursuant to Section VII.1, the Participant’s Stock
Unit Account shall continue to be credited with dividend equivalents as
provided in Section VI.6 until the entire balance of the Participant’s
Stock Unit Account has been distributed.

 

VII.4        Special 409A Rules.  Notwithstanding any other provision of the
Plan to the contrary, if any payment hereunder is subject to section 409A of
the Code, if such payment is to be paid on account of the Participant’s
Termination of Service and if the Participant is then a specified employee
(within the meaning of section 409A(a)(2)(B) of the Code), such payment
shall be delayed until the first day of the seventh month following the
Participant’s separation from service (or, if later, the date on which such
payment is otherwise to be paid under the Plan).  Any payment which is to be made as of the
first day of the seventh month following separation from service shall be made
no later than 30 days after such date. 
In all cases, whether a Participant has incurred a Termination of
Service or other separation from service for purposes of the Plan shall be
determined in accordance with the requirements of section 409A of the Code
relating to separations from service by applying the applicable default provisions.

 

ARTICLE VIII

 

UNFUNDED STATUS

 

VIII.1      General. 
The interest of each Participant in any Fees deferred under the Plan
(and any Stock Units or Stock Unit Account relating thereto) shall be that of a
general creditor of the Company. Stock Unit Accounts, and Stock Units credited
thereto, shall at all times be maintained by the Company as bookkeeping entries
evidencing unfunded and unsecured general obligations of the Company. Except as
provided in Section VIII.2, no money or other assets shall be set aside
for any Participant.

 

VIII.2      Trust. 
To the extent determined by the Board, the Company may transfer
funds necessary to fund all or part of the payments under the Plan to a trust;
provided, the assets held in such trust shall remain at all times subject to
the claims of the general creditors of the Company. No participant or
beneficiary shall have any interest in the assets held in such trust or in the
general assets of the Company other than as a general, unsecured creditor.
Accordingly, the Company shall not grant a security interest in the assets held
by the trust in favor of any Participant, beneficiary or creditor.

 

 

ARTICLE IX

 

DESIGNATION OF
BENEFICIARY

 

Each
Participant may designate, on a form provided by the Committee, one or more
beneficiaries to receive payment of the Participant’s Stock Unit Account in the
event of such Participants death. The Company may rely upon the beneficiary
designation list filed with the Committee, provided that such form was executed
by the Participant or his or her legal representative and filed with the
Committee prior to the Participant’s death. If a Participant has not designated
a beneficiary, or if the designated beneficiary is not surviving when a payment
is to be made to such person under the Plan, the beneficiary with respect to
such payment shall be the Participant’s surviving spouse, or if there is no
surviving spouse, the Participant’s estate.

 

ARTICLE X

 

ADJUSTMENT
PROVISIONS

 

In the event
any recapitalization, reorganization, merger, consolidation, spin-off
combination, repurchase, exchange of Shares or other securities of the Company,
stock split or reverse split, or similar corporate transaction or event affects
Shares such that an adjustment is determined by the Board or Committee to be
appropriate to prevent dilution or enlargement of Participants’ rights under the Plan, then the
Board or Committee shall, in a manner that is proportionate to the change to
the Shares and is otherwise equitable, adjust the number or kind of Shares to
be delivered upon settlement of Stock Unit Accounts under Article VII.

 

ARTICLE XI

 

GENERAL PROVISIONS

 

XI.1         No Stockholder Rights Conferred.  Nothing contained in the Plan will confer
upon any Participant or beneficiary any rights of a Stockholder of the Company,
unless and until Shares are in fact issued or transferred to such Participant
or beneficiary in accordance with Article VII.

 

XI.2         Changes to The Plan.  The Board may amend, alter, suspend,
discontinue, extend, or terminate the Plan, subject to the requirements of section
409A of the Code, without the consent of Stockholders or Participants;
provided, no action taken without the consent of an affected Participant may
materially impair the rights of such Participant with respect to any Stock
Units credited to his or her Stock Unit Account at the  time of such change or termination.

 

XI.3         Compliance With Laws and Obligations.  The Company will not be obligated to
issue or deliver Shares in connection with the Plan in a transaction subject to
the registration requirements of the Securities Act of 1933, as amended, or any
other federal or state securities law, any requirement under any listing
agreement between the Company and any national securities exchange or automated
quotation system or any other laws, regulations, or contractual obligations of
the Company, until the Company is satisfied that such laws, regulations and
other obligations of the Company have been complied with in full. Certificates
representing Shares 

 

 

delivered
under the Plan will be subject to such restrictions as may be applicable under
such laws, regulations and other obligations of the Company.

 

XI.4         Limitations on Transferability.  Stock Units and any other right under the
Plan will not be transferable by descent and distribution (or to a designated
beneficiary in the event of a Participant’s death), Stock Units and other
rights under the Plan may not be pledged, mortgaged, hypothecated or otherwise
encumbered, and shall not be subject to the claims of creditors of any
Participant.

 

XI.5         Governing Law.  The validity, construction and effect of
the Plan and any agreement hereunder will be determined in accordance with (i) the
Delaware General Corporation Law, and (ii) to the extent applicable, other
laws (including those governing contracts) of the State of Illinois.

 

XI.6         Plan Termination.  Unless earlier terminated by action of
the Board, which termination shall be subject to the requirements of section
409A of the Code, the Plan will remain in effect until such time as no Shares
remain available for delivery under the Plan and the Company has no further
rights or obligations under the Plan.

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