EL PASO CGP COMPANY as Issuer and THE BANK OF NEW YORK TRUST COMPANY, N. A. as Trustee THIRD SUPPLEMENTAL INDENTURE Dated as of December 27, 2005 to INDENTURE Dated as of September 15, 1992
Table of Contents
EXHIBIT 10.C
EL PASO CGP COMPANY
as Issuer
and
THE BANK OF NEW YORK TRUST COMPANY, N. A.
as Trustee
Dated as of December 27, 2005
to
INDENTURE
Dated as of September 15, 1992
7.75% Senior Debentures due October 15, 2035
Table of Contents
| Page | ||||
| 1 | ||||
| 1 | ||||
| 1 | ||||
| 1 | ||||
| 2 | ||||
| 2 | ||||
| 3 | ||||
| 3 | ||||
| 3 | ||||
| 4 | ||||
| 4 | ||||
| 4 | ||||
Table of Contents
THIRD SUPPLEMENTAL INDENTURE, dated as of December 27, 2005 (this “Supplemental
Indenture”), between EL PASO CGP COMPANY, a Delaware corporation (the
“Company”), and THE BANK OF NEW YORK TRUST COMPANY, N.A., a national banking
association (as successor-in-interest to The Bank of New York, a New York banking corporation, and
NationsBank of Texas, National Association, a national banking association), as trustee under the
Indenture referred to below (in such capacity, the “Trustee”).
RECITALS OF THE COMPANY
WHEREAS, the Company and the Trustee are parties to an Indenture, dated as of September 15,
1992 (the “Original Indenture”), such Original Indenture, as amended and supplemented from
time to time (including without limitation pursuant to this Supplemental Indenture), being referred
to herein as the “Indenture”; and
WHEREAS, pursuant to Section 9.02 of the Indenture, the Company and the Trustee may amend or
supplement the Indenture with the written consent of the Holders of at least a majority in
principal amount of the outstanding Securities of all Series affected thereby (voting as a single
class); and
WHEREAS, El Paso Corporation, a Delaware corporation (“El Paso”), has offered to
exchange all of the outstanding Securities, upon the terms and subject to the conditions set forth
in its Offering Memorandum and Consent Solicitation Statement, dated December 2, 2005 (as amended
and supplemented to date), and in the related Letter of Transmittal and Consent (the “Exchange
Offer”); and
WHEREAS, in connection with the Exchange Offer, El Paso has been soliciting written consents
of the Holders to the amendments to the Indenture set forth herein (and to the execution of this
Supplemental Indenture), and El Paso has now obtained such written consents from the Holders of a
majority in aggregate principal amount of the outstanding Securities of all Series affected thereby
(voting as a single class); and
WHEREAS, accordingly, this Supplemental Indenture and the amendments set forth herein are
authorized pursuant to Section 9.02 of the Indenture; and
WHEREAS, the execution and delivery of this Supplemental Indenture has been duly authorized by
the parties hereto, and all other acts necessary to make this Supplemental Indenture a valid and
binding supplement to the Indenture effectively amending the Indenture as set forth herein have
been duly taken; and
NOW, THEREFORE, in consideration of the premises, agreements and obligations set forth herein
and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree, for the equal and proportionate benefit of all
Holders of the Securities, as follows:
ARTICLE 1
Relation to Indenture; Definitions
SECTION 1.01. Relation to Indenture.
With respect to the Securities of each and every Series outstanding under the Indenture, this
Supplemental Indenture constitutes an integral part of the Indenture.
SECTION 1.02. Definitions.
For all purposes of this Supplemental Indenture, except as otherwise expressly provided
herein, capitalized terms used herein and not otherwise defined herein shall have the meanings
assigned thereto in the Original Indenture.
SECTION 1.03. General References.
All references in this Supplemental Indenture to Articles and Sections, unless otherwise
specified, refer to the corresponding Articles and Sections of this Supplemental Indenture; and the
terms “herein”, “hereof”, “hereunder” and any other word of similar import refers to this
Supplemental Indenture.
Table of Contents
ARTICLE 2
Amendments to Indenture
SECTION 2.01. Amendments.
Effective upon the date hereof, with respect to all outstanding Securities of each and every
Series:
(a) Sections 4.03, 4.04, 4.05, 4.06, 4.07, 4.09, 4.11 and 4.12 of the Indenture are hereby
deleted and the Company is hereby released from its obligations thereunder;
(b) any failure by the Company to comply with the terms of any of the foregoing Sections of
the Indenture (whether before or after the execution of this Supplemental Indenture) shall no
longer constitute a Default or an Event of Default under the Indenture and shall no longer have any
other consequence under the Indenture;
(c) Section 4.08 of the Indenture is hereby amended and restated to read, in its entirety, as
follows:
“SECTION 4.08 Compliance Certificate.
The Company shall deliver to the Trustee within 150 days after the end of each fiscal
year of the Company an Officers’ Certificate stating whether or not the signers know of any
Default or Event of Default by the Company that occurred during such fiscal year and whether
all of the conditions and covenants of the Company have been complied with regardless of any
period of grace or requirement of notice provided under the Indenture. If they do know of
such a Default or Event of Default, the certificate shall describe the Default or Event of
Default, as the case may be, and its status.”
(d) Article 5 of the Indenture is hereby amended and restated to read, in its entirety, as
follows:
“ARTICLE 5
Successor Entity
SECTION 5.01 When Company May Merge, Etc.
The Company shall not consolidate with or merge with or into any other person or
transfer all or substantially all of its properties and assets as an entirety to any person,
unless:
(1) (A) in the case of a merger, the Company is the surviving entity, or (B) the person
formed by such consolidation or into which the Company is merged or the person which
acquires by transfer all or substantially all of the properties and assets of the Company as
an entirety shall expressly assume, by an indenture supplemental hereto, executed and
delivered to the Trustee, in form reasonably satisfactory to the Trustee, all the
obligations of the Company under the Securities of each Series and this Indenture;
(2) immediately after giving effect to such transaction, no Default or Event of Default
exists; and
(3) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that such consolidation, merger or transfer and the supplemental
indenture comply with this Article and that all conditions precedent herein provided for
relating to such transaction have been complied with.
Notwithstanding the foregoing, any Subsidiary may consolidate with, merge into or
transfer all or part of its properties and assets to the Company or any other Subsidiary or
Subsidiaries.
SECTION 5.02 Successor Entity Substituted.
Upon any consolidation of the Company with, or merger of the Company into, any other
person or any transfer of all or substantially all of the properties and assets of the
Company as an entirety in accordance with Section 5.01, the successor person formed by such
consolidation or into which the Company is merged or to which such transfer is made shall
succeed to, and be substituted for, and may
2
Table of Contents
exercise every right and power of, the Company under this Indenture with the same
effect as if such successor person had been named originally as the Company herein, and
thereafter, the predecessor person shall be relieved of all obligations and covenants under
this Indenture and the Securities of each Series.”
(e) clauses (4) and (7) of the first paragraph of Section 6.01 of the Indenture are hereby
deleted, and the events described therein shall no longer constitute Events of Default under the
Indenture;
(f) clauses (5) and (6) of the first paragraph of Section 6.01 of the Indenture are hereby
amended and restated to read, in their entirety, as follows:
“(5) the Company pursuant to or within the meaning of any Bankruptcy Law:
(A) commences a voluntary case or proceeding,
(B) consents to the entry of an order for relief against it in an involuntary case
or proceeding,
(C) consents to the appointment of a Custodian of it or for all or substantially
all of its property, or
(D) makes a general assignment for the benefit of its creditors; or
(6) a court of competent jurisdiction enters an order or decree under any Bankruptcy
Law that:
(A) is for relief against the Company in an involuntary case or proceeding,
(B) appoints a Custodian of the Company or for all or substantially all of its
properties, or
(C) orders the liquidation of the Company,
and in each case the order or decree remains unstayed and in effect for 60 days.”
(g) the first sentence of the fourth paragraph of Section 6.01 of the Indenture is hereby
amended and restated to read, in its entirety, as follows:
“A Default under clause (3) is not an Event of Default until the Trustee notifies the
Company, or the Holders of at least 25% in principal amount of the outstanding Securities of
such Series notify the Company and the Trustee, of the Default and the Company does not cure
the Default within 60 days after receipt of the notice.”
SECTION 2.02. Deleted Defined Terms.
In conjunction with the amendments identified in Section 2.01 above, the following defined
terms used in the Indenture are hereby deleted: “Attributable Debt,” “Capitalized Lease
Obligation,” “Consolidated Net Tangible Assets,” “Funded Debt,” “Indebtedness,” “Principal Domestic
Property of the Company,” “Sale and Leaseback Transaction,” “Short-Term Borrowing” and “Significant
Subsidiary.”
ARTICLE 3
Miscellaneous
SECTION 3.01. Certain Trustee Matters.
The recitals contained herein shall be taken as the statements of the Company, and the Trustee
assumes no responsibility for their correctness.
The Trustee makes no representations as to the validity or sufficiency of this Supplemental
Indenture or the proper authorization or due execution thereof by the Company.
3
Table of Contents
SECTION 3.02. Continued Effect.
Except as expressly supplemented and amended by this Supplemental Indenture, the Original
Indenture (as supplemented and amended to date) shall continue in full force and effect in
accordance with the provisions thereof, and the Original Indenture (as so supplemented and amended,
and as further supplemented and amended by this Supplemental Indenture) is in all respects hereby
ratified and confirmed. This Supplemental Indenture and all its provisions shall be deemed a part
of the Original Indenture in the manner and to the extent herein and therein provided.
SECTION 3.03. Governing Law.
This Supplemental Indenture shall be governed by and construed in accordance with the laws of
the State of New York.
SECTION 3.04. Counterparts.
This instrument may be executed in any number of counterparts, each of which shall be deemed
to be an original, but all such counterparts shall together constitute but one and the same
instrument.
(Signature Pages Follow)
4
Table of Contents
IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed and delivered, all as of the day and year first above written.
| EL PASO CGP COMPANY |
||||
| By: | /s/ Xxxx X. Xxxxxx | |||
| Name: | Xxxx X. Xxxxxx | |||
| Title: | Vice President and Treasurer | |||
Table of Contents
| THE BANK OF NEW YORK TRUST COMPANY, N.A. as Trustee |
||||
| By: | /s/ Xxxxxxx X. Xxxxxxxx | |||
| Authorized Signatory | ||||
