This Deed to Secure Debt was prepared by, This document is intended and when recorded should be returned to: to be recorded in Bibb County, GEORGIA
EXHIBIT
10.6
This Deed to Secure Debt was prepared by,
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This document is | |
intended | ||
and when recorded should be returned to:
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to be recorded in | |
Xxxx County, GEORGIA |
Xxxxx Xxxxxxx, Esq.
White & Case LLP
0000 Xxxxxx xx xxx Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000
(000) 000-0000
1107993-0127
White & Case LLP
0000 Xxxxxx xx xxx Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000
(000) 000-0000
1107993-0127
FIRST AMENDED AND RESTATED DEED TO SECURE DEBT, SECURITY AGREEMENT
AND
AND
ASSIGNMENT OF LEASES, RENTS AND PROFITS
made by
X. X. XXXXXXXX TOBACCO COMPANY,
as the Grantor,
to
JPMorgan Chase Bank, N.A.,
as Administrative Agent and Collateral Agent for the Secured Creditors,
as the Grantee
as Administrative Agent and Collateral Agent for the Secured Creditors,
as the Grantee
NOTE TO CLERK: NO INTANGIBLE RECORDING TAX IS DUE. THIS FIRST AMENDED AND RESTATED DEED TO SECURE
DEBT, SECURITY AGREEMENT AND ASSIGNMENT OF LEASES, RENTS AND PROFITS SECURES A GUARANTY.
Amended and Restated Deed to Secure Debt — Xxxx County, GA
FIRST AMENDED AND RESTATED DEED TO SECURE DEBT, SECURITY AGREEMENT
AND,
ASSIGNMENT OF LEASES, RENTS AND PROFITS
AND,
ASSIGNMENT OF LEASES, RENTS AND PROFITS
THIS FIRST AMENDED AND RESTATED DEED TO SECURE DEBT, SECURITY AGREEMENT AND, ASSIGNMENT OF
LEASES, RENTS AND PROFITS, dated as of July 30, 2004, and as amended and restated as of May 31,
2006 (as so amended and restated and as the same may be further amended, restated, supplemented
and/or otherwise modified from time to time, this “Deed To Secure Debt”) made by X. X. Xxxxxxxx
Tobacco Company, a North Carolina Corporation (and formerly a New Jersey corporation) (the
“Grantor”), having an address at 000 Xxxxx Xxxx Xxxxxx, Xxxxxxx-Xxxxx, Xxxxx Xxxxxxxx 00000 as the
Grantor, JPMorgan Chase Bank, N.A. (together with any successor grantee, the “Grantee”), having an
address at 000 Xxxx Xxxxxx, Xxx Xxxx, XX 00000, as Administrative Agent and Collateral Agent, for
the benefit of the Secured Creditors (as defined below).
All capitalized terms used but not otherwise defined herein shall have the same meanings
ascribed to such terms in the Credit Agreement described below.
W I T N E S S E T H :
WHEREAS, Xxxxxxxx American Inc. (the “Borrower”), the various lending institutions from time
to time party thereto (the “Lenders”), the Grantee, as Administrative Agent (the “Administrative
Agent”), Xxxxxx Commercial Paper Inc. and Citicorp USA, Inc., as Syndication Agents (the
“Syndication Agents”), General Electric Capital Corporation and Mizuho Corporate Bank, Ltd., as
Documentation Agents (the “Documentation Agents”), Xxxxxx Brothers Inc., X.X. Xxxxxx Securities
Inc., Citigroup Global Markets Inc. and General Electric Capital Corporation, as Joint Lead
Arrangers and Xxxxxx Brothers Inc., X.X. Xxxxxx Securities Inc. and Citigroup Global Markets Inc.,
as Joint Bookrunners (the “Joint Bookrunners”) have entered into a Credit Agreement, dated as of
May 7, 1999, as amended and restated as of November 17, 2000, as further amended and restated as of
May 10, 2002, as further amended and restated as of July 30, 2004 and as further amended and
restated as of the date hereof, providing for the making of Loans to the Borrower and the issuance
of, and participation in, Letters of Credit for the account of the Borrower, in the aggregate
principal amount of up to $2,350,000,000, as more particularly described in Schedule 1 attached
hereto and made a part hereof, all as contemplated therein (with (i) the Lenders, the Swingline
Lender, each Letter of Credit Issuer, the Administrative Agent, the Syndication Agents, the
Documentation Agents, the other Agents and the Collateral Agent being herein collectively called
the “Lender Creditors” and (ii) the term “Credit Agreement” as used herein to mean the Credit
Agreement described above in this paragraph, as the same may be further amended, modified,
extended, renewed, replaced, restated, supplemented and/or refinanced from time to time, and
including any agreement extending the maturity of, or refinancing or restructuring (including, but
not limited to, the inclusion of additional borrowers or guarantors thereunder or any increase in
the amount borrowed) all or any portion of, the indebtedness under such agreement or any successor
agreement, whether or not with the same agent, trustee, representative lenders or holders;
provided that, with respect to any agreement providing for the refinancing or replacement
of
Amended and Restated Deed to Secure Debt — Xxxx County, GA
indebtedness under the Credit Agreement, such agreement shall only be treated as, or as part
of, the Credit Agreement hereunder if (x) either (A) all obligations under the Credit Agreement
being refinanced or replaced shall be paid in full at the time of such refinancing or replacement,
and all commitments and letters of credit issued pursuant to the refinanced or replaced Credit
Agreement shall have terminated in accordance with their terms or (B) the Required Lenders shall
have consented in writing to the refinancing or replacement indebtedness being treated as
indebtedness pursuant to the Credit Agreement, and (y) a notice to the effect that the refinancing
or replacement indebtedness shall be treated as issued under the Credit Agreement shall be
delivered by the Borrower to the Collateral Agent);
WHEREAS, the Borrower and/or one or more of its Subsidiaries has from time to time entered
into, and/or may in the future from time to time enter into, one or more agreements or arrangements
with JPMCB or any of its affiliates (even if JPMCB ceases to be a Lender under the Credit Agreement
for any reason (JPMCB and any such affiliate and their respective successors and assigns, each, a
“Credit Card Issuer”)) providing for credit card loans to be made available to certain employees of
the Borrower and/or one or more of its Subsidiaries (each such agreement or arrangement with a
Credit Card Issuer, a “Secured Credit Card Agreement”);
WHEREAS, the Borrower and/or one or more of its Subsidiaries has from time to time entered
into, and or may in the future from time to time enter into or guarantee one or more (i) interest
rate protection agreements (including, without limitation, interest rate swaps, caps, floors,
collars and similar agreements), (ii) foreign exchange contracts, currency swap agreements,
commodity agreements or other similar agreements or arrangements designed to protect against the
fluctuations in currency values and/or (iii) other types of hedging agreements from time to time
(each such agreement or arrangement with a Hedging Creditor (as hereinafter defined), together with
the Existing Interest Rate Swap Agreement, a “Secured Hedging Agreement”), with any Lender, any
affiliate thereof or a syndicate of financial institutions organized by a Lender or an affiliate of
a Lender (even if any such Lender ceases to be a Lender under the Credit Agreement for any reason)
(any such Lender, affiliate or other such financial institution that participates therein, together
with Calyon (as counterparty to the Existing Interest Rate Swap Agreement), and in each case their
subsequent successors and assigns, collectively, the “Hedging Creditors”, and together with the
Lender Creditors and each Credit Card Issuer, the “Lender Secured Creditors”);
WHEREAS, X.X. Xxxxxxxx Tobacco Holdings, Inc., a Wholly-Owned Subsidiary of the Borrower
(“RJRTH”) and the Existing Senior Notes Trustee, on behalf of the holders of the Existing Senior
Notes, have entered into the Existing Senior Notes Indenture, providing for the issuance of
Existing Senior Notes by RJRTH, with the aggregate principal amount of the Existing Senior Notes
outstanding on the date hereof equaling $1,450,000,000;
WHEREAS, the Borrower and the New Senior Notes Trustee, on behalf of the holders of the New
Senior Notes, have entered into the New Senior Notes Indenture, providing for the issuance of New
Senior Notes by the Borrower, with the aggregate principal amount of the New Senior Notes
outstanding on the date hereof equaling $1,650,000,000;
WHEREAS, the Borrower and the Refinancing Senior Notes Trustee, on behalf of the holders of
the Refinancing Senior Notes, may from time to time enter into the Refinancing
Amended and Restated Deed to Secure Debt — Xxxx County, GA
3
Senior Notes Indenture, providing for the issuance of Refinancing Senior Notes by the
Borrower, providing for the issuance from time to time of Refinancing Senior Notes by the Borrower,
with the aggregate principal amount of the Refinancing Senior Notes outstanding on the date hereof
equaling $0;
WHEREAS, the Grantor is owner of the fee simple title to the Property (as hereinafter
defined), subject to Permitted Liens;
WHEREAS, pursuant to the Subsidiary Guaranty, the Grantor has (together with the other
Subsidiaries of the Borrower party thereto) jointly and severally guaranteed to the Lender Secured
Creditors the payment when due of the Guaranteed Obligations (as and to the extent defined in the
Subsidiary Guaranty);
WHEREAS, the Grantor has guaranteed to the Existing Senior Notes Creditors the payment when
due of principal, premium (if any) and interest on the Existing Senior Notes;
WHEREAS, the Grantor has guaranteed to the New Senior Notes Creditors the payment when due of
principal, premium (if any) and interest on the New Senior Notes;
WHEREAS, the Grantor may from time to time guarantee to the Refinancing Senior Notes Creditors
the payment when due of principal, premium (if any) and interest on the Refinancing Senior Notes;
WHEREAS, pursuant to the Credit Agreement, the Grantor executed and delivered that certain
Deed To Secure Debt, Security Agreement and Assignment of Leases, Rents and Profits, dated as of
July 30, 2004, for the benefit of JPMorgan Chase Bank as Grantee, as Collateral Agent for the
Secured Creditors as described therein (the “Original Deed To Secure Debt”), which was recorded in
the Records of the Clerk’s Office of Xxxx County Superior Court, Georgia (the “Records”) on August
3, 2004, in Deed Book 6295 at Page 43.
WHEREAS, the Credit Agreement requires this Deed To Secure Debt be executed and delivered to
the Grantee by the Grantor and the Secured Hedging Agreements, the Secured Credit Card Agreements,
the Existing Senior Notes Indenture and the New Senior Notes Indenture, require that this Deed To
Secure Debt secure the respective Obligations as provided herein; and
WHEREAS, the Grantor desires to further amend and restate the Original Deed To Secure Debt to
satisfy the condition in the preceding paragraph and to secure (and this Deed To Secure Debt shall
secure) the following:
(i) the full and prompt payment when due (whether at the stated maturity, by
acceleration or otherwise) of all obligations (including obligations which, but for the
automatic stay under Section 362(a) of the Bankruptcy Code, would become due) and
liabilities of the Grantor, now existing or hereafter incurred under, arising out of or in
connection with any Credit Document to which the Grantor is a party (including, without
limitation, indemnities, fees and interest (including all interest that accrues after the
commencement of any case, proceeding or other action relating to the bankruptcy, insolvency,
reorganization or similar proceeding of the Borrower or any other Credit
Amended and Restated Deed to Secure Debt — Xxxx County, GA
4
Party at the rate provided for in the respective documentation, whether or not a claim for
post-petition interest is allowed in any such proceeding)) and the due performance of and
compliance by the Grantor with the terms of each such Credit Document (all such obligations
and liabilities under this clause (i), except to the extent consisting of obligations or
liabilities with respect to Secured Hedging Agreements, being herein collectively called the
“Credit Document Obligations”);
(ii) the full and prompt payment when due (whether at the stated maturity, by
acceleration or otherwise) of all obligations (including obligations which, but for the
automatic stay under Section 362(a) of the Bankruptcy Code, would become due) and
liabilities of the Grantor, now existing or hereafter incurred under, arising out of or in
connection with each Secured Credit Card Agreement (including, all obligations, if any, of
the Grantor under the Subsidiary Guaranty in respect of any Secured Credit Card Agreement),
and all interest that accrues after the commencement of any case, proceeding or other action
relating to the bankruptcy, insolvency, reorganization or similar proceeding of the Borrower
or any other Credit Party at the rate provided for in the respective documentation, whether
or not a claim for post-petition interest is allowed in any such proceeding (all such
obligations and liabilities under this clause (ii) being herein collectively called the
“Credit Card Obligations”);
(iii) the full and prompt payment when due (whether at the stated maturity, by
acceleration or otherwise) of all obligations (including obligations which, but for the
automatic stay under Section 362(a) of the Bankruptcy Code, would become due) and
liabilities of the Grantor, now existing or hereafter incurred under, arising out of or in
connection with each Secured Hedging Agreement (including, all obligations, if any, of the
Grantor under the Subsidiary Guaranty in respect of any Secured Hedging Agreement), and all
interest that accrues after the commencement of any case, proceeding or other action
relating to the bankruptcy, insolvency, reorganization or similar proceeding of the Borrower
or any other Credit Party at the rate provided for in the respective documentation, whether
or not a claim for post-petition interest is allowed in any such proceeding (all such
obligations and liabilities under this clause (iii) being herein collectively called the
“Hedging Obligations”);
(iv) the full and prompt payment when due (whether at the stated maturity, by
acceleration or otherwise) of all obligations (including obligations which, but for the
automatic stay under Section 362(a) of the Bankruptcy Code, would become due) and
liabilities of the Grantor, now existing or hereinafter incurred under, arising out of or in
connection with each Existing Senior Notes Document to which it is a party (including all
interest that accrues after the commencement of any case, proceeding or other action
relating to the bankruptcy, insolvency, reorganization or similar proceeding of the Borrower
or any other Credit Party at the rate provided for in the respective documentation, whether
or not a claim for post-petition interest is allowed in any such proceeding) and the due
performance and compliance by the Grantor with the terms of each such Existing Senior Notes
Document (all such obligations and liabilities under this clause (iv) being herein
collectively called the “Existing Senior Notes Obligations”);
Amended and Restated Deed to Secure Debt — Xxxx County, GA
5
(v) the full and prompt payment when due (whether at the stated maturity, by
acceleration or otherwise) of all obligations (including obligations which, but for the
automatic stay under Section 362(a) of the Bankruptcy Code, would become due) and
liabilities of the Grantor, now existing or hereinafter incurred under, arising out of or in
connection with each New Senior Notes Document to which it is a party (including all
interest that accrues after the commencement of any case, proceeding or other action
relating to the bankruptcy, insolvency, reorganization or similar proceeding of the Borrower
or any other Credit Party at the rate provided for in the respective documentation, whether
or not a claim for post-petition interest is allowed in any such proceeding) and the due
performance and compliance by the Grantor with the terms of each such New Senior Notes
Document (all such obligations and liabilities under this clause (v) being herein
collectively called the “New Senior Notes Obligations”);
(vi) the full and prompt payment when due (whether at the stated maturity, by
acceleration or otherwise) of all obligations (including obligations which, but for the
automatic stay under Section 362(a) of the Bankruptcy Code, would become due) and
liabilities of the Grantor now existing or hereinafter incurred under, arising out of or in
connection with each Refinancing Senior Notes Document to which it is a party (including all
interest that accrues after the commencement of any case, proceeding or other action
relating to the bankruptcy, insolvency, reorganization or similar proceeding of the Borrower
or any other Credit Party at the rate provided for in the respective documentation, whether
or not a claim for post-petition interest is allowed in any such proceeding) and the due
performance and compliance by the Grantor with the terms of each such Refinancing Senior
Notes Document (all such obligations and liabilities under this clause (vi) being herein
collectively called the “Refinancing Senior Notes Obligations” and together with the New
Senior Notes Obligations, the “RAI Senior Notes Obligations”);
(vii) any and all sums advanced by the Grantee in order to preserve the Property or
preserve its lien and security interest in the Property;
(viii) in the event of any proceeding for the collection or enforcement of any
indebtedness, obligations, or liabilities of the Grantor and/or the Borrower referred to
above after an Event of Default (as hereinafter defined) shall have occurred and be
continuing, all expenses of re-taking, holding, preparing for sale or lease, selling or
otherwise disposing of or realizing on the Property, or of any exercise by the Grantee of
its rights hereunder, together with reasonable attorneys’ fees and disbursements (as set
forth in Section 4.09 hereof) and court costs;
(ix) all amounts paid by any Indemnitee as to which such Indemnitee has the right to
reimbursement under Section 4.10 hereof;
(x) any and all other indebtedness now owing or which may hereafter be owing by the
Grantor to the Grantee, however and whenever incurred or evidenced, whether express or
implied, direct or indirect, absolute or contingent, or due or to become due; and
Amended and Restated Deed to Secure Debt — Xxxx County, GA
6
(xi) any and all renewals, extensions and modifications of any of the obligations and
liabilities referred to in clauses (i) through (x) above;
all such obligations, liabilities, sums and expenses set forth in clauses (i) through (xi) above
being herein collectively called the “Obligations”, provided that notwithstanding the
foregoing, (i) the Existing Senior Notes Obligations shall be excluded from the Obligations, to the
extent the Existing Senior Notes Documents do not require the Existing Senior Notes Obligations to
be secured pursuant to this Deed To Secure Debt, (ii) the New Senior Notes Obligations shall be
excluded from the Obligations, to the extent the New Senior Notes Documents do not require the New
Senior Notes Obligations to be secured pursuant to this Deed To Secure Debt and (iii) the
Refinancing Senior Notes Obligations shall be excluded from the Obligations, to the extent the
Refinancing Senior Notes Documents do not require the Refinancing Senior Notes Obligations to be
secured pursuant to this Deed To Secure Debt.
NOW, THEREFORE, as security for its Applicable Obligations (as defined below) and in
consideration of the sum of ten dollars ($10.00) and the other benefits accruing to the Grantor,
the receipt and sufficiency of which are hereby acknowledged, THE GRANTOR HEREBY MORTGAGES, GIVES,
GRANTS, BARGAINS, SELLS, ASSIGNS, TRANSFERS, CONVEYS AND CONFIRMS TO THE GRANTEE AND ITS SUCCESSORS
AND ASSIGNS FOREVER FOR THE BENEFIT OF THE SECURED CREDITORS, TOGETHER WITH POWER OF SALE (subject
to applicable law) all of the Grantor’s estate, right, title and interest, whether now owned or
hereafter acquired, whether as lessor or lessee and whether vested or contingent, in and to all of
the following:
A. The land described in Exhibit A hereto, together with all rights, privileges, franchises
and powers related thereto which are appurtenant to said land or its ownership, including all
minerals, oil and gas and other hydrocarbon substances thereon or therein; waters, water courses,
water stock, water rights (whether riparian, appropriative, or otherwise, and whether or not
appurtenant), sewer rights, shrubs, crops, trees, timber and other emblements now or hereafter on,
under or above the same or any part or parcel thereof (the “Land”);
B. All buildings, structures, tenant improvements and other improvements of every kind and
description now or hereafter located in or on the Land, including, but not limited to all machine
shops, structures, improvements, rail spurs, dams, reservoirs, water, sanitary and storm sewers,
drainage, electricity, steam, gas, telephone and other utility facilities, parking areas, roads,
driveways, walks and other site improvements of every kind and description now or hereafter erected
or placed on the Land; and all additions and betterments thereto and all renewals, alterations,
substitutions and replacements thereof (collectively, the “Improvements”);
C. All fixtures, attachments, appliances, equipment, machinery, building materials and
supplies, and other tangible personal property, now or hereafter attached to said Improvements or
now or at any time hereafter located on the Land and/or Improvements including, but not limited to,
artwork, decorations, draperies, furnaces, boilers, oil burners, piping, plumbing, refrigeration,
air conditioning, lighting, ventilation, disposal and sprinkler systems, elevators, motors, dynamos
and all other equipment and machinery, appliances, fittings and fixtures of every kind located in
or used in the operation of the Improvements, together with any and all replacements or
substitutions thereof and additions thereto, including the proceeds of any
Amended and Restated Deed to Secure Debt — Xxxx County, GA
7
sale or transfer of the foregoing (hereinafter sometimes collectively referred to as the
“Equipment”);
D. All surface rights, appurtenant rights and easements, rights of way, and other rights
appurtenant to the use and enjoyment of or used in connection with the Land and/or the
Improvements;
E. All streets, roads and public places (whether open or proposed) now or hereafter adjoining
or otherwise providing access to the Land, the land lying in the bed of such streets, roads and
public places, and all other sidewalks, alleys, ways, passages, vaults, water courses, strips and
gores of land now or hereafter adjoining or used or intended to be used in connection with all or
any part of the Land and/or the Improvements;
F. Any leases, lease guaranties and any other agreements, relating to the use and occupancy of
the Land and/or the Improvements or any portion thereof, including but not limited to any use or
occupancy arrangements created pursuant to Section 365(h) of he Bankruptcy Code or otherwise in
connection with the commencement or continuance of any bankruptcy, reorganization, arrangement,
insolvency, dissolution, receivership or similar proceedings, or any assignment for the benefit of
creditors, in respect of any tenant or occupant of any portion of the Land and/or the Improvements
(collectively, “Leases”);
G. All revenues, rents, receipts, income, accounts receivable, issues and profits of the
Property (collectively, “Rents”);
H. To the extent assignable, all permits, licenses and rights relating to the use, occupation
and operation of the Land and the Improvements, any business conducted thereon or therein and any
part thereof;
I. All real estate tax refunds payable to the Grantor with respect to the Land and/or the
Improvements, and refunds, credits or reimbursements payable with respect to bonds, escrow accounts
or other sums payable in connection with the use, development, or ownership of the Land or
Improvements;
J. Any claims or demands with respect to any proceeds of insurance in effect with respect to
the Land and/or the Improvements, including interest thereon, which the Grantor now has or may
hereafter acquire and any and all awards made for the taking by eminent domain, condemnation or by
any proceedings, transfer or purchase in lieu or in anticipation of the exercise of said rights, or
for a change of grade, or for any other injury to or decrease in the value of the whole or any part
of the Property;
K. Any zoning lot agreements and air rights and development rights which may be vested in the
Grantor together with any additional air rights or development rights which have been or may
hereafter be conveyed to or become vested in the Grantor; and
L. All proceeds and products of the conversion, voluntary or involuntary, including, without
limitation, those from sale, exchange, transfer, collection, loss, damage,
Amended and Restated Deed to Secure Debt — Xxxx County, GA
8
disposition, substitution or replacement of any of the foregoing; whether into cash,
liquidated claims or otherwise.
SAVE AND EXCEPT, HOWEVER, for so long as those certain Xxxxx-Xxxx Industrial Authority Taxable
Industrial Development Revenue Bonds (Xxxxx & Xxxxxxxxxx Tobacco Corporation Project), series 1993A
in the aggregate principal amount of $25,000,000, dated as of March 1, 1993 remain outstanding, the
rights of Grantor under and pursuant to that certain Lease Agreement between Xxxxx-Xxxx Industrial
Authority and Xxxxx & Xxxxxxxxxx Tobacco Corporation (predecessor in interest to the Grantor),
dated as of March 1, 1993 (Series 1993A), recorded in the Clerk’s Office, Superior Court of Xxxx
County, Georgia on May 27, 1993 in Book 2310 at Page 1.
All of the foregoing estates, right, properties and interests hereby conveyed to the Grantee may be
referred to herein as the “Property”. Notwithstanding the foregoing, (x) the Property that secures
the Existing Senior Notes Obligations shall be limited to Property consisting of any Principal
Property (as defined in the Existing Senior Notes Indenture (in each case as in effect on the date
hereof)) of the Grantor (the “Designated Existing Senior Notes Trust Property”), all of which
Property shall also ratably secure all other Applicable Obligations of the Grantor, and the Trust
Property Proceeds (as defined in Section 4.04(a)) that are to be applied to the Existing Senior
Notes Obligations shall be limited to Trust Property Proceeds resulting from the sale of, and Rents
and other amounts generated by the holding, leasing, management, operation or other use pursuant to
this Deed To Secure Debt of, the Designated Existing Senior Notes Trust Property, with such Trust
Property Proceeds to also be applied ratably to all other Applicable Obligations of the Grantor and
(y) the Property that secures the RAI Senior Notes Obligations shall be limited to Property
consisting of any Principal Property (as defined in the New Senior Notes Indenture (as in effect on
the date hereof) or the Refinancing Senior Notes Indenture) of the Grantor (the “Designated RAI
Senior Notes Trust Property”, and together with the Designated Existing Senior Notes Trust
Property, the “Limited Trust Property”), all of which Property shall also ratably secure all other
Applicable Obligations of the Grantor, and the Trust Property Proceeds (as defined in Section
4.04(a)) that are to be applied to the RAI Senior Notes Obligations shall be limited to Trust
Property Proceeds resulting from the sale of, and Rents and other amounts generated by the holding,
leasing, management, operation or other use pursuant to this Deed To Secure Debt of, the Designated
RAI Senior Notes Trust Property, with such Trust Property Proceeds to also be applied ratably to
all other Applicable Obligations of the Grantor.
“Applicable Obligations” shall mean all of the Obligations; provided that (x) the Existing
Senior Notes Obligations shall be excluded from the Applicable Obligations of the Grantor to the
extent the Existing Senior Notes Documents do not require the Existing Senior Notes Obligations to
be secured pursuant to this Deed To Secure Debt, (y) the New Senior Notes Obligations shall be
excluded from the Applicable Obligations of the Grantor to the extent the New Senior Notes
Documents do not require the New Senior Notes Obligations to be secured pursuant to this Deed To
Secure Debt, and (z) the Refinancing Senior Notes Obligations shall be excluded from the Applicable
Obligations of the Grantor to the extent the Refinancing Senior Notes Documents do not require the
Refinancing Senior Notes Obligations to be secured pursuant to this Agreement.
TO HAVE AND TO HOLD the above granted and described Property unto the Grantee and to its
successors and assigns forever, in fee simple and the Grantor hereby covenants
Amended and Restated Deed to Secure Debt — Xxxx County, GA
9
and agrees on behalf of itself and its successors and assigns to warrant and defend the
Property unto the Grantee, its successors and assigns against the claim or claims of all persons
and parties whatsoever.
PROVIDED, HOWEVER, that if Obligations shall have been paid in cash at the time and in the
manner stipulated in the Secured Debt Agreements and all other sums payable hereunder and all other
indebtedness secured hereby shall have been paid and all other covenants contained in the Secured
Debt Agreements (as defined below) shall have been performed, then, in such case the Grantee shall,
subject to the provisions of Section 6.19 of this Deed To Secure Debt, at the request and expense
of the Grantor, satisfy this Deed To Secure Debt (without recourse and without any representation
or warranty) and the estate, right, title and interest of the Grantee in the Property shall cease,
and upon payment to the Grantee of all reasonable costs and expenses incurred for the preparation
of the release hereinafter referenced and all recording costs if allowed by law, the Grantee shall
cancel and surrender the estate and interest created by this Deed To Secure Debt.
ARTICLE I
REPRESENTATIONS, WARRANTIES, COVENANTS
1.01 Title to this Property. The Grantor represents and warrants: (a) it has good and
marketable fee title to the Property, free and clear of any liens and encumbrances, other than
Liens permitted under Section 8.03 of the Credit Agreement (or, after the CA Termination Date (as
defined below), the Credit Agreement as in effect immediately prior to the occurrence of the CA
Termination Date) and any other easements, rights and claims of record (collectively “Permitted
Liens”), and is lawfully seized and possessed of the Property; (b) this Deed To Secure Debt is a
valid first priority security interest and security title upon the Property subject to the
Permitted Liens; (c) it has full power and authority to encumber the Property in the manner set
forth herein; and (d) there are no defenses or offsets to this Deed To Secure Debt or to the
Obligations which it secures. The Grantor shall preserve such title and the validity and priority
of this Deed To Secure Debt and shall forever warrant and defend the same to the Grantee and the
Grantee’s successors and assigns against the claims of all persons and parties whatsoever. The
Grantor shall take no action nor shall it fail to take any action which could result in an
impairment of the security interest of this Deed To Secure Debt or which could form the basis for
any Person(s) to claim an interest in the Property (including, without limitation, any claim for
adverse use or possession or any implied dedication or easement by prescription other than leases
permitted under the Credit Agreement). If any Lien (other than Permitted Liens) is asserted
against the Property, the Grantor shall promptly, at its expense: (a) provide the Grantee with
written notice of such Lien, including information relating to the amount of the Lien asserted; and
(b) pay the Lien in full or take such other action to cause the Lien to be released, or, so long as
the security interest of this Deed To Secure Debt is not compromised, contest the same pursuant to
the provisions of the Credit Agreement. From and after the occurrence of an Event of Default, the
Grantee may, but shall not be obligated, to pay any such asserted Lien if not timely paid by the
Grantor.
1.02 Compliance with Law. The Grantor represents and warrants that it possesses all
material certificates, licenses, authorizations, registrations, permits and/or approvals
Amended and Restated Deed to Secure Debt — Xxxx County, GA
10
necessary for the ownership, operation, leasing and management of the Property, including,
without limitation, all material environmental permits, all of which are in full force and effect
and not the subject of any revocation proceeding, undisclosed amendment, release, suspension,
forfeiture or the like. The present and contemplated use and occupancy of the Property does not
conflict with or violate any such certificate, license, authorization, registration, permit or
approval, including, without limitation, any certificate of occupancy which may have been issued
for the Property. The Grantor will not take any action, or fail to take any required action, so as
to compromise or adversely affect the zoning classification of the Property.
1.03 Payment and Performance of Obligations. Subject to the terms of the Secured Debt
Agreements, the Grantor shall pay all of the Obligations when due and payable without offset or
counterclaim, and shall observe and comply in all material respects with all of the terms,
provisions, conditions, covenants and agreements to be observed and performed by it under this Deed
To Secure Debt, the other Credit Documents to which it is a party, the Secured Credit Card
Agreements, the Secured Hedging Agreements, the Existing Senior Notes Documents, the New Senior
Notes Documents and the Refinancing Senior Notes Documents (collectively, the “Secured Debt
Agreements”).
1.04 Maintenance, Repair, Alterations, Etc. The Grantor will: (i) keep and maintain
the Property, to the extent used in Grantor’s day to day business, in good condition and repair
(normal wear and tear excepted); (ii) make or cause to be made, as and when necessary, all material
repairs, renewals and replacements, structural and nonstructural, exterior and interior, ordinary
and extraordinary, foreseen and unforeseen which are necessary to so maintain the Property in
Grantor’s reasonable business judgment; (iii) restore any Improvement, to the extent used in
Grantor’s day to day business, which may be damaged or destroyed so that the same shall be at least
substantially equal to its value, condition and character immediately prior to the damage or
destruction; (iv) not commit or permit any waste or deterioration (normal wear and tear excepted)
of the Property, to the extent used in Grantor’s day to day business; (v) not permit any material
Improvements, to the extent used in Grantor’s day to day business, to be demolished or
substantially altered in any manner that substantially decreases the value thereof; (vi) promptly
pay when due all claims for labor performed and materials furnished therefor or contest such claim
and; (vii) comply with all applicable statutes, regulations and orders of, and all applicable
restrictions imposed by, all governmental authorities having jurisdiction over the Property, as
well as comply with the provisions of any lease, easement or other agreement affecting all or any
part of the Property.
1.05 Required Insurance; Use of Proceeds. The Grantor will, at its expense, at all
times provide, maintain and keep in force policies of property, hazard and liability insurance in
accordance with Section 7.03 of the Credit Agreement with respect to the Property, together with
statutory workers’ compensation insurance with respect to any work to be performed on or about the
Property. To the extent required under the Credit Agreement, the Grantor shall give prompt written
notice to the Grantee of the occurrence of any material damage to or material destruction of the
Improvements or the Equipment. In the event of any damage to or destruction of the Property or any
part thereof, so long as a Noticed Event of Default (as defined in Section 3.03(a) hereof) has not
occurred and is not continuing the Grantee will release any interest they have in the proceeds of
any insurance to the Grantor on account of such damage or destruction and Grantor may use such
proceeds for repair restoration replacement or other business purposes
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as Grantor may reasonably determine. In the event of foreclosure of the security interest of
this Deed To Secure Debt or other transfer of title or assignment of the Property in
extinguishment, in whole or in part, of the Obligations, all right, title and interest of the
Grantor in and to all proceeds then payable under any policy of insurance required by this Deed To
Secure Debt shall inure to the benefit of and pass to the successor in interest of the Grantor, or
the purchaser or mortgagor of the Property. After the occurrence of an Event of Default, the
Grantee shall be afforded the right to participate in and approve the settlement of any claim made
by the Grantor against the insurance company.
1.06 Preservation of Property. The Grantor agrees to pay for any and all reasonable
and actual fees, costs and expenses of whatever kind or nature incurred in connection with the
creation, preservation or protection of the Grantee’s security interest in the Property, including,
without limitation, all fees and taxes in connection with the recording or filing of instruments
and documents in public offices (including stamp and mortgage or intangible recording taxes or
other taxes imposed on the Grantee by virtue of its ownership of this Deed To Secure Debt), which
are imposed upon the recording of this Deed To Secure Debt or thereafter, all reasonable attorneys’
fees, payment or discharge of any taxes or Liens upon or in respect of the Property, premiums for
insurance with respect to the Property and all other reasonable fees, costs and expenses in
connection with protecting, maintaining or preserving the Property and the Grantee’s interest
therein, whether through judicial proceedings or otherwise, or in defending or prosecuting any
actions, suits or proceedings arising out of or relating to the Property.
1.07 Condemnation. Should the Grantor receive any notice that a material portion of
the Property or interest therein may be taken or damaged by reason of any public improvements or
condemnation proceeding or in any other similar manner (a “Condemnation”), the Grantor, to the
extent required under the Credit Agreement, shall give prompt written notice thereof to the
Grantee. In the event of any Condemnation, after the occurrence and during the continuation of any
Event of Default, the Grantee shall have the right to participate in any negotiations or litigation
and shall have the right to approve any settlement. So long as no Noticed Event of Default has
occurred and is continuing, the Grantee will release any interest they have in any and all
compensation, awards, damages and proceeds paid to the Grantor or the Borrower on account of such
Condemnation and Grantor may use such compensation awards, damages and proceeds for repair,
restoration, replacement or other business purposes as Grantor may reasonably determine.
1.08 Inspections. The Grantor hereby authorizes the Grantee, its agents, employees
and representatives, upon reasonable prior written notice to the Grantor (except in an emergency or
following the occurrence and during the continuance of any Event of Default, in which case notice
shall not be required) to visit and inspect the Property or any portion(s) thereof, all at such
reasonable times and as often as the Grantee may reasonably request.
1.09 Transfers. Except as otherwise permitted in accordance with the terms of the
Credit Agreement, no part of the Property or of any legal or beneficial interest in the Property
shall be sold, assigned, conveyed, transferred or otherwise disposed of (whether voluntarily or
involuntarily, directly or indirectly, by sale of stock or any interest in the Grantor, or by
operation of law or otherwise).
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1.10 After Acquired Property Interests. Subject to applicable law, all right, title
and interest of the Grantor in and to all extensions, improvements, betterments, renewals,
substitutes and replacements of, and all additions and appurtenances to, the Property, hereafter
acquired by, or released to, the Grantor or constructed, assembled or placed by the Grantor on the
Land, and all conversions of the security constituted thereby (collectively, “After Acquired
Property Interests”), immediately upon such acquisition, release, construction, assembling,
placement or conversion, as the case may be, and in each such case, without any further mortgage,
conveyance, assignment or other act by the Grantor, shall become subject to the lien of this Deed
To Secure Debt as fully and completely, and with the same effect, as though now owned by the
Grantor and specifically described in the granting clauses hereof. The Grantor shall execute and
deliver to the Grantee all such other assurances, mortgages, conveyances or assignments thereof as
the Grantee may reasonably require for the purpose of expressly and specifically subjecting such
After Acquired Property Interests to the lien of this Deed To Secure Debt. The Grantor hereby
irrevocably authorizes and appoints the Grantee as the agent and attorney-in-fact of the Grantor to
execute all such documents and instruments on behalf of the Grantor, which appointment shall be
irrevocable and coupled with an interest, if the Grantor fails or refuses to do so within ten (10)
days after a request therefor by the Grantee.
ARTICLE II
SECURITY AGREEMENT
2.01 Grant of Security; Incorporation by Reference. This Deed To Secure Debt shall,
in addition to constituting a security interest on those portions of the Property classified as
real property (including fixtures to the extent they are real property), constitute a security
agreement within the meaning of the Uniform Commercial Code or within the meaning of the common law
with respect to those parts of the Property classified as personal property (including fixtures to
the extent they are personal property) to the extent a security interest therein can be created by
this Deed To Secure Debt. The Grantor hereby grants to the Grantee a security interest in and to
the following property whether now owned or hereafter acquired (collectively, the “Secured
Property”) for the benefit of the Grantee to further secure the payment and performance of its
Applicable Obligations:
(a) Those parts of the Property classified as personal property (including (i) fixtures
to the extent they are personal property and (ii) personal property and fixtures that are
leased, but only to the extent the Grantor can grant to the Grantee a security interest
therein without breaching the terms of such lease);
(b) All general intangibles, contract rights, accounts and proceeds arising from all
insurance policies required to be maintained by the Grantor and related to the Property
hereunder;
(c) All proceeds of any judgment, award or settlement in any condemnation or eminent
domain proceeding in connection with the Property, together with all general intangibles,
contract rights and accounts arising therefrom;
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(d) All permits, consents and other governmental approvals in connection with the
construction of the Improvements or the operation of the Property, to the extent any of the
same may be assigned, transferred, pledged or subjected to a security interest;
(e) All plans and specifications, studies, tests or design materials relating to the
design, construction, repair, alteration or leasing of the Property, to the extent any of
the same may be assigned, transferred, pledged or subjected to a security interest; and
(f) All cash and non-cash proceeds of the above-mentioned items.
; provided that notwithstanding the foregoing, Secured Property securing Existing Senior
Notes Obligations and RAI Senior Notes Obligations shall be limited to Limited Trust Property, as
the case may be.
The provisions contained in the Security Agreement are hereby incorporated by reference into
this Deed To Secure Debt with the same effect as if set forth in full herein. In the event of a
conflict between the provisions of this Article II and the Security Agreement, the Security
Agreement shall control and govern and the Grantor shall comply therewith.
ARTICLE III
ASSIGNMENT OF LEASES, RENTS AND PROFITS
3.01 Assignment. The Grantor hereby absolutely, irrevocably and unconditionally
sells, assigns, transfers and conveys to the Grantee all of the Grantor’s right, title and interest
in and to all current and future Leases and Rents, including those now due, past due, or to become
due by virtue of any Lease or other agreement for the occupancy or use of all or any part of the
Property regardless of to whom the Rents are payable. The Grantor intends that this assignment of
Leases and Rents constitutes a present and absolute assignment and not an assignment for additional
security only. Such assignment to the Grantee shall not be construed to bind the Grantee to the
performance of any of the covenants, conditions or provisions contained in any such Lease or
otherwise impose any obligation upon the Grantee. The Grantor covenants that the Grantor will not
hereafter collect or accept payment of any Rents more than one month prior to the due dates of such
Rents, and that no payment of any of the Rents to accrue for any portion of the Property (other
than a de minimis amount) will be waived, released, reduced, discounted or
otherwise discharged or compromised by the Grantor, except as may be approved in writing by the
Grantee. The Grantor agrees that it will not assign any of the Leases or Rents to any other
Person. The Grantee shall have no liability for any loss which may arise from a failure or
inability to collect Rents, proceeds or other payments. The Grantor shall maintain all security
deposits in accordance with applicable law.
3.02 Revocable License; Agent. Notwithstanding the foregoing, subject to the terms of
this Article III, the Grantee grants to the Grantor a revocable license to operate and manage the
Property and to collect the Rents and hereby directs each tenant under a Lease to pay such Rents
to, or at the direction of, the Grantor, until such time as the Grantee provides notice to the
contrary to such tenants. The Grantor shall hold the Rents, or a portion thereof sufficient to
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discharge all current sums due in respect of the Obligations, in trust for the benefit of the
Grantee for use in the payment of such sums.
3.03 Rents. (a) Upon the occurrence and during the continuance of a Noticed Event of
Default, without the need for notice or demand, the license granted pursuant to this Article III
shall immediately and automatically be revoked and the Grantee shall immediately be entitled to
possession of all Rents, whether or not the Grantee enters upon or takes control of the Property.
Upon the revocation of such license, the Grantor grants to the Grantee the right, at its option, to
exercise all the rights granted in Section 4.02(a). Nothing herein contained shall be construed as
constituting the Grantee a lender in possession in the absence of the taking of actual possession
of the Property by the Grantee pursuant to Section 4.02(a). As used herein, a “Noticed Event
of Default” shall mean (i) an Event of Default with respect to the Borrower under Section 9.05
of the Credit Agreement and (ii) any other Event of Default in respect of which the Grantee has
given the Borrower notice that such Event of Default constitutes a “Noticed Event of Default”.
(b) From and after the termination of such license, the Grantor may, at the Grantee’s
direction, be the agent for the Grantee in collection of the Rents and all of the Rents so
collected by the Grantor shall be held in trust by the Grantor for the sole and exclusive benefit
of the Grantee and the Grantor shall, within one (1) business day after receipt of any Rents, pay
the same to the Grantee to be applied by the Grantee as provided for herein. All Rents collected
shall be applied against all expenses of collection, including, without limitation, attorneys’
fees, against costs of operation and management of the Property and against the Obligations, in
whatever order or priority as to any of the items so mentioned as the Grantee directs in its sole
and absolute discretion and without regard to the adequacy of its security. Neither the demand for
or collection of Rents by the Grantee shall constitute any assumption by the Grantee of any
obligations under any Lease or agreement relating thereto.
(c) Any reasonable funds expended by the Grantee to take control of and manage the Property
and collect the Rents shall become part of the Obligations secured hereby. Such amounts shall be
payable from the Grantor to the Grantee upon the Grantee’s demand therefor and shall bear interest
from the date of disbursement at the interest rate set forth in Section 1.08(c) of the Credit
Agreement unless payment of interest at such rate would be contrary to applicable law, in which
event such amounts shall bear interest at the highest rate which may be collected from the Grantor
under applicable law.
3.04 Sale of Property. (a) Upon any sale of any portion of the Property by or for
the benefit of the Grantee pursuant to this Deed To Secure Debt, the Rents attributable to the part
of the Property so sold shall be included in such sale and shall pass to the purchaser free and
clear of any rights granted herein to the Grantor.
(b) The Grantor acknowledges and agrees that, upon recordation of this Deed To Secure Debt,
the Grantee’s interest in the Rents shall be deemed to be fully perfected, “xxxxxx” and enforceable
against the Grantor and all third parties, including, without limitation, any debtor in possession
or trustee in any case under title 11 of the United States Code, without the necessity of (i)
commencing a foreclosure action with respect to this Deed To Secure Debt, (ii) furnishing notice to
the Grantor or tenants under the Leases, (iii) making formal demand for
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the Rents, (iv) taking possession of the Property as a lender-in-possession, (v) obtaining the
appointment of a receiver of the Rents, (vi) sequestering or impounding the Rents or (vii) taking
any other affirmative action.
3.05 Bankruptcy Provisions. Without limiting the provisions of Article III hereof or
the absolute nature of the assignment of the Rents hereunder, the Grantor and the Grantee agree
that, to the extent that the assignment of the Rents hereunder is deemed to be other than an
absolute assignment, (a) this Deed To Secure Debt shall constitute a “security agreement” for
purposes of Section 552(b) of the Bankruptcy Code, (b) the security interest created by this Deed
To Secure Debt extends to property of the Grantor acquired before the commencement of a bankruptcy
case and to all amounts paid as Rents and (c) such security interest shall extend to all Rents
acquired by the estate after the commencement of any bankruptcy case. Without limitation of the
absolute nature of the assignment of the Rents hereunder, to the extent the Grantor (or the
Grantor’s bankruptcy estate) shall be deemed to hold any interest in the Rents after the
commencement of a voluntary or involuntary bankruptcy case, the Grantor hereby acknowledges and
agrees that such Rents are and shall be deemed to be “cash collateral” under Section 363 of the
Bankruptcy Code.
ARTICLE IV
EVENTS OF DEFAULT AND REMEDIES
4.01 Events of Default. The occurrence of (i) an “Event of Default” under and as
defined in the Credit Agreement, (ii) any “event of default” under the Existing Senior Notes
Documents, the New Senior Notes Documents or the Refinancing Senior Notes Documents and (iii) any
payment default, after any applicable grace period, under any Secured Credit Card Agreement or any
Secured Hedging Agreement shall constitute an Event of Default (each, an “Event of Default”)
hereunder.
4.02 Remedies Upon Default. Upon the occurrence of a Noticed Event of Default, the
Grantee may, in the Grantee’s sole discretion, either itself or by or through a nominee, assignee
or otherwise, to the fullest extent permitted by law, exercise any or all of the following rights
and remedies individually, collectively or cumulatively:
(a) either in person or by its agent, with or without bringing any action or
proceeding, or by a receiver appointed by a court and without regard to the adequacy of its
security, (i) enter upon and take possession of the Property or any part thereof and of all
books, records and accounts relating thereto or located thereon, in its own name or in the
name of the Grantor, and do or cause to be done any acts which it deems necessary or
desirable to preserve the value of the Property or any part thereof or interest therein,
collect the income therefrom or protect the security hereof; (ii) with or without taking
possession of the Property make such repairs, alterations, additions and improvements as the
Grantee deems necessary or desirable and do any and all acts and perform any and all work
which the Grantee deems necessary or desirable to complete any unfinished construction on
the Property; (iii) make, cancel or modify Leases and xxx for or otherwise collect the Rents
thereof, including those past due and unpaid; (iv) make any payment or perform any act which
the Grantor has failed to make or perform hereunder; (v) appear in
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and defend any action or proceeding purporting to affect the security hereof or the
rights or powers of the Grantee; (vi) pay, purchase, contest or compromise any encumbrance,
charge or Lien on the Property; and (vii) take such other actions as the Grantee deems
necessary or desirable;
(b) commence and maintain one or more actions at law or in equity or by any other
appropriate remedy (i) to protect and enforce the rights of the Grantee hereunder, including
for the specific performance of any covenant or agreement herein contained (which covenants
and agreements the Grantor agrees shall be specifically enforceable by injunctive or other
appropriate equitable remedy), (ii) to collect any sum then due hereunder, (iii) to aid in
the execution of any power herein granted, or (iv) to foreclose this Deed To Secure Debt in
accordance with Section 4.03 hereof;
(c) exercise any or all of the remedies available to a secured party under the Uniform
Commercial Code;
(d) by notice to the Grantor (to the extent such notice is required to be given under
the Credit Documents), but without formal demand, presentment, notice of intention to
accelerate or of acceleration, protest or notice of protest, all of which are hereby waived
by the Grantor, declare all of the Obligations (except for the Existing Senior Notes
Obligations and the RAI Senior Notes Obligations) secured hereby to be immediately due and
payable, and upon such declaration all of such indebtedness shall become and be immediately
due and payable, anything in this Deed To Secure Debt or any other Credit Documents to the
contrary notwithstanding; and
(e) exercise any other right or remedy available to the Grantee under the Secured Debt
Agreements.
4.03 Right of Foreclosure. (a) Upon the occurrence of a Noticed Event of Default, the
Grantee may sell and dispose of the Property at public auction, at the usual place for conducting
sales at the courthouse in the county where the Property or any part thereof may be located, to the
highest bidder for cash, first advertising the time, terms and place of such sale by publishing a
notice thereof once a week for four consecutive weeks immediately preceding the date of sale
(without regard to the actual number of days) in a newspaper in which sheriff’s advertisements are
published in said county, all other notice being hereby waived by the Grantor; and the Grantee may
thereupon execute and deliver to the purchaser at said sale a sufficient conveyance of the Property
in fee simple, which conveyance may contain recitals as to the happening of the default upon which
the execution of the power of sale, herein granted, depends, and said recitals shall be presumptive
evidence that all preliminary acts prerequisite to said sale and deed were in all things duly
complied with; and, following the occurrence and during the continuance of an Event of Default the
Grantor hereby constitutes and appoints the Grantee or its assigns agent and attorney-in-fact to
make such recitals, sale and conveyance, and all of the acts of such attorney-in-fact are hereby
ratified, and the Grantor agrees that such recitals shall be binding and conclusive upon the
Grantor and that the conveyance to be made by the Grantee, or its assigns (and in the event of deed
in lieu of foreclosure, then as to such conveyance) shall be effectual to bar all right, title and
interest, equity of redemption, including all statutory redemption, homestead, dower, curtesy and
all other exemptions of the Grantor, or its successors
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in interest, in and to said Property; and the Grantor agrees that in case of a sale, as herein
provided, the Grantor or any person in possession under the Grantor shall then become and be
tenants holding over, and shall forthwith deliver possession to the purchaser at such sale, or be
summarily dispossessed in accordance with the provisions of law applicable to tenants holding over;
the power and agency hereby granted are coupled with an interest and are irrevocable by
dissolution, insolvency, death or otherwise, and are in addition to any and all other remedies
which the Grantee may have at law or in equity. Any portion of the Property sold pursuant to this
Deed to Secure Debt may, to the extent permitted by applicable law, be sold in one parcel as an
entirety, or in such parcels and in such manner or order as the Grantee in its sole discretion, may
elect, to the maximum extent permitted by the laws of the State of Georgia. One or more exercises
of the powers herein granted shall not extinguish or exhaust the power unless the Obligations are
paid in full in cash or the Property is sold. At any such sale, the Grantee, its agents,
representatives, successors, or assigns may bid for and acquire, as purchaser, the Property or any
part thereof.
(b) To the fullest extent permitted by law, any foreclosure of this Deed To Secure Debt and
any other transfer of all or any part of the Property in extinguishment of all or any part of the
Obligations may, at the Grantee’s option, be subject to any or all Leases of all or any part of the
Property and the rights of tenants under such Leases. No failure to make any such tenant a
defendant in any foreclosure proceedings or to foreclose or otherwise terminate any such Lease and
the rights of any such tenant in connection with any such foreclosure or transfer shall be, or be
asserted to be, a defense or hindrance to any such foreclosure or transfer or to any proceedings
seeking collection of all or any part of the Obligations (including, without limitation, any
deficiency remaining unpaid after completion of any such foreclosure or transfer).
(c) It is agreed and understood that (x) this Deed To Secure Debt may be enforced only by the
action of the Grantee acting upon the instructions of the Required Lenders or, if the CA
Termination Date has occurred, the holders of a majority of the outstanding principal amount of all
remaining Obligations, provided that if prior to the CA Termination Date a payment default
with respect to at least $300,000,000 principal amount in the aggregate of Existing Senior Notes,
New Senior Notes and/or Refinancing Senior Notes has continued for at least 180 days (and such
defaulted payment has not been received pursuant to a drawing under any letter of credit), the
holders of a majority of the outstanding principal amount of the Indebtedness subject to such
payment default or defaults can direct the Grantee to commence and continue enforcement of the
security interest created hereunder, which the Grantee shall comply with subject to receiving any
indemnity which it reasonably requests, provided further, that the Grantee shall thereafter
comply only with the directions of the Required Lenders as to carrying out such enforcement so long
as such directions are not adverse to the aforesaid directions of the holders of Indebtedness
subject to such payment default or defaults, and (y) no other Secured Creditor shall have any right
individually to seek to enforce or to enforce this Deed To Secure Debt or to realize upon the
security to be granted hereby, it being understood and agreed that such rights and remedies shall
be exercised exclusively by the Grantee for the benefit of the Secured Creditors as their interest
may appear upon the terms of this Deed To Secure Debt and the other Secured Debt Agreements.
4.04 Application of Proceeds. (a) To the fullest extent permitted by law, the
proceeds of any sale of, and the Rents and other amounts generated by the holding, leasing,
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management, operation or other use of, each item of the Property pursuant to this Deed To
Secure Debt (the “Trust Property Proceeds”) shall be applied by the Grantee (or the receiver, if
one is appointed) as follows:
(i) first, to the payment of all Obligations owing to the Grantee of the type
described in clauses (vii), (viii), (ix), (x) and (xi) of the definition of Obligations
herein;
(ii) second, to the extent Trust Property Proceeds of Property remain after the
application pursuant to preceding clause (i), an amount equal to the outstanding Applicable
Obligations secured by such item of Property shall be paid to the Secured Creditors as their
interests may appear, with (x) each Secured Creditor receiving an amount equal to its
outstanding Applicable Obligations secured by such item of Property or, if the proceeds are
insufficient to pay in full all such Applicable Obligations, its Pro Rata
Share of the amount so remaining to be distributed and (y) in the case of the Credit
Document Obligations, the Existing Senior Notes Obligations, the New Senior Notes
Obligations and the Refinancing Senior Notes Obligations included in such Applicable
Obligations, any such amount to be applied (1) first to the payment of interest in
respect of the unpaid principal amount of Loans, Existing Senior Notes, New Senior Notes or
Refinancing Senior Notes, as the case may be, (2) second to the payment of principal
of Loans, Existing Senior Notes, New Senior Notes or Refinancing Senior Notes, as the case
may be, and (3) third to the other Credit Document Obligations, Existing Senior
Notes Obligations, New Senior Notes Obligations or Refinancing Senior Notes Obligations, as
the case may be; and
(iii) third, to the extent proceeds remain after the application pursuant to
the preceding clauses (i) and (ii) to the Grantor or, to the extent directed by the Grantor
or a court of competent jurisdiction, to whomever may be lawfully entitled to receive such
surplus.
(b) For purposes of this Agreement, “Pro Rata Share” shall mean when
calculating a Secured Creditor’s portion of any distribution or amount pursuant to clause (a)
above, the amount (expressed as a percentage) equal to a fraction the numerator of which is the
then outstanding amount of the relevant Applicable Obligations secured by the relevant item of
Property owed such Secured Creditor and the denominator of which is the then outstanding amount of
all relevant Applicable Obligations secured by the relevant item of Property.
(c) All payments required to be made to the (i) Lender Creditors hereunder shall be made to
the Administrative Agent for the account of the respective Lender Creditors, (ii) Credit Card
Issuers hereunder shall be made to the Credit Card Issuer(s) under the applicable Secured Credit
Card Agreement, (iii) Hedging Creditors hereunder shall be made to the paying agent under the
applicable Secured Hedging Agreement or, in the case of Secured Hedging Agreements without a paying
agent, directly to the applicable Hedging Creditors, (iv) Existing Senior Notes Creditors hereunder
shall be made to the Existing Senior Notes Trustee for the account of the respective Existing
Senior Notes Creditors, (v) New Senior Notes Creditors hereunder shall be made to the New Senior
Notes Trustee for the account of the respective New Senior Notes Creditors and (vi) Refinancing
Senior Notes Creditors hereunder shall be made to
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the Refinancing Senior Notes Trustee for the account of the respective Refinancing Senior
Notes Creditors.
(d) For purposes of applying payments received in accordance with this Section 4.04, the
Grantee shall be entitled to rely upon (i) the Administrative Agent for a determination of the
outstanding Credit Document Obligations, (ii) any Credit Card Issuer for a determination of the
outstanding Credit Card Obligations owed to such Credit Card Issuer, (iii) upon any Hedging
Creditor for a determination of the outstanding Hedging Obligations owed to such Hedging Creditor,
(iv) the Existing Senior Notes Trustee for a determination of the outstanding Existing Senior Notes
Obligations, (v) the New Senior Notes Trustee for a determination of the outstanding New Senior
Notes Obligations and (vi) the Refinancing Senior Notes Trustee for a determination of the
outstanding Refinancing Senior Notes Obligations. Unless it has actual knowledge (including by way
of written notice from a Secured Creditor) to the contrary, the Administrative Agent under the
Credit Agreement, in furnishing information pursuant to the preceding sentence, and the Grantee, in
acting hereunder, shall be entitled to assume that no Credit Document Obligations other than
principal, interest and regularly accruing fees are owing to any Lender Creditor.
(e) It is understood and agreed that the Grantor shall remain liable to the extent of any
deficiency between (x) the amount of the Obligations for which it is responsible directly or as a
guarantor that are satisfied with proceeds of the Property and (y) the aggregate outstanding amount
of such Obligations.
4.05 Appointment of Receiver. Upon the occurrence and during the continuance of a
Noticed Event of Default, the Grantee as a matter of strict right and without notice to the Grantor
or anyone claiming under the Grantor, and without regard to the adequacy or the then value of the
Property or the interest of the Grantor therein or the solvency of any party bound for payment of
the Obligations, shall have the right to apply to any court having jurisdiction to appoint a
receiver or receivers of the Property, and the Grantor hereby irrevocably consents to such
appointment and waives notice of any application therefor. Any such receiver or receivers shall
have all the usual rights, powers and duties of receivers in like or similar cases and all the
rights, powers and duties of the Grantee in case of entry as provided in Section 4.02 hereof,
including but not limited to the full power to rent, maintain and otherwise operate the Property
upon such terms as are approved by the court and shall continue as such and exercise all such
powers until the date of confirmation of sale of the Property unless such receivership is sooner
terminated.
4.06 Exercise of Rights and Remedies. The entering upon and taking possession of the
Property, the collection of any Rents and the exercise of any of the rights contained in this
Article IV, shall not, alone, cure or waive any Event of Default or notice of default hereunder or
invalidate any act done in response to such Event of Default or pursuant to such notice of default
and, notwithstanding the continuance in possession of the Property or the collection, receipt and
application of Rents, the Grantee shall be entitled to exercise every right provided for herein or
in the Secured Debt Agreements, or at law or in equity upon the occurrence of any Event of Default.
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4.07 Remedies Not Exclusive. The Grantee shall be entitled to enforce payment and
performance of the Obligations and to exercise all rights and powers under this Deed To Secure Debt
or other agreement or any laws now or hereafter in force, notwithstanding that some or all of the
Obligations may now or hereafter be otherwise secured, whether by mortgage, deed of trust, security
deed, pledge, lien, assignment or otherwise. Neither the acceptance of this Deed To Secure Debt
nor its enforcement, whether by court action or pursuant to the powers herein contained, shall
prejudice or in any manner affect the Grantee’s right to realize upon or enforce any other security
now or hereafter held by the Grantee, it being agreed that the Grantee shall be entitled to enforce
this Deed To Secure Debt and any other security now or hereafter held by the Grantee in such order
and manner as it may in its absolute and sole discretion and election determine. No remedy herein
conferred upon or reserved to the Grantee is intended to be exclusive of any other remedy herein or
in any of the other Secured Debt Agreements or by law provided or permitted, but each shall be
cumulative and shall be in addition to every other remedy given hereunder or now or hereafter
existing at law or in equity or by statute. Every power or remedy to which the Grantee is entitled
may be exercised, concurrently or independently, from time to time and as often as may be deemed
expedient by the Grantee, and the Grantee may pursue inconsistent remedies. No delay or omission
of the Grantee to exercise any right or power accruing upon any Event of Default shall impair any
right or power or shall be construed as a waiver of any Event of Default or any acquiescence
therein. If the Grantee shall have proceeded to invoke any right or remedy hereunder or under any
other Secured Debt Agreement, and shall thereafter elect to discontinue or abandon it for any
reason, the Grantee shall have the unqualified right to do so and, in such an event, the rights and
remedies of the Grantee shall continue as if such right or remedy had never been invoked, but no
such discontinuance or abandonment shall waive any Event of Default which may then exist or the
right of the Grantee thereafter to exercise any right or remedy under the Secured Debt Agreements
for such Event of Default.
4.08 WAIVER OF REDEMPTION, NOTICE, MARSHALLING, ETC. NOTWITHSTANDING ANYTHING HEREIN
CONTAINED TO THE CONTRARY, TO THE EXTENT PERMITTED BY LAW, THE GRANTOR ACKNOWLEDGING THAT IT IS
AWARE OF AND HAS HAD THE ADVICE OF COUNSEL OF ITS CHOICE WITH RESPECT TO ITS RIGHTS HEREUNDER; (A)
WILL NOT (I) AT ANY TIME INSIST UPON, OR PLEAD, OR IN ANY MANNER WHATSOEVER, CLAIM OR TAKE ANY
BENEFIT OR ADVANTAGE OF ANY STAY OR EXTENSION OR MORATORIUM LAW, PRESENT OR FUTURE STATUTE OF
LIMITATIONS, ANY LAW RELATING TO THE ADMINISTRATION OF ESTATES OF DECEDENTS, APPRAISEMENT,
VALUATION, REDEMPTION, STATUTORY RIGHT OF REDEMPTION, OR THE MATURING OR DECLARING DUE OF THE WHOLE
OR ANY PART OF THE OBLIGATIONS, NOTICE OF INTENTION OF SUCH MATURING OR DECLARING DUE, OTHER NOTICE
(WHETHER OF DEFAULTS, ADVANCES, THE CREATION, EXISTENCE, EXTENSION OR RENEWAL OF ANY OF THE
OBLIGATIONS OR OTHERWISE, EXCEPT FOR RIGHTS TO NOTICES EXPRESSLY GRANTED HEREIN OR IN THE SECURED
DEBT AGREEMENTS), SUBROGATION, ANY SET-OFF RIGHTS, HOMESTEAD OR ANY OTHER EXEMPTIONS FROM EXECUTION
OR SALE OF THE PROPERTY OR ANY PART THEREOF, WHEREVER ENACTED, NOW OR AT ANY TIME HEREAFTER IN
FORCE, WHICH MAY AFFECT THE COVENANTS AND TERMS OF PERFORMANCE OF THIS DEED TO SECURE DEBT, OR (II)
CLAIM, TAKE OR INSIST UPON ANY BENEFIT
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OR ADVANTAGE OF ANY LAW NOW OR HEREAFTER IN FORCE PROVIDING FOR THE VALUATION OR APPRAISAL OF
THE PROPERTY OR ANY PART THEREOF, PRIOR TO ANY SALE OR SALES THEREOF WHICH MAY BE MADE PURSUANT TO
ANY PROVISION HEREOF, OR PURSUANT TO THE DECREE, JUDGMENT OR ORDER OF ANY COURT OF COMPETENT
JURISDICTION; OR (III) AFTER ANY SUCH SALE OR SALES, CLAIM OR EXERCISE ANY RIGHT UNDER ANY STATUTE
HERETOFORE OR HEREAFTER ENACTED TO REDEEM THE PROPERTY SO SOLD OR ANY PART THEREOF; AND (B)
COVENANTS NOT TO HINDER, DELAY OR IMPEDE THE EXECUTION OF ANY POWER HEREIN GRANTED OR DELEGATED TO
THE GRANTEE, BUT TO SUFFER AND PERMIT THE EXECUTION OF EVERY POWER AS THOUGH NO SUCH LAW OR LAWS
HAD BEEN MADE OR ENACTED. THE GRANTOR, FOR ITSELF AND ALL WHO MAY CLAIM UNDER IT, WAIVES, TO THE
EXTENT THAT IT LAWFULLY MAY, ALL RIGHT TO HAVE THE PROPERTY MARSHALLED UPON ANY FORECLOSURE HEREOF.
4.09 Expenses of Enforcement. In connection with any action to enforce any remedy of
the Grantee under this Deed To Secure Debt, the Grantor agrees to pay all costs and expenses which
may be paid or incurred by or on behalf of the Grantee, including, without limitation, reasonable
attorneys’ fees, receiver’s fees, appraiser’s fees, outlays for documentary and expert evidence,
stenographer’s charges, publication costs, and costs (which may be estimated as to items to be
expended after entry of the decree) of procuring all such abstracts of title, title searches and
examinations, title insurance policies and similar data and assurances with respect to title and
value as the Grantee may deem necessary or desirable, and neither the Grantee nor any other Person
shall be required to accept tender of any portion of the Obligations unless the same be accompanied
by a tender of all such expenses, costs and commissions. All of the costs and expenses described
in this Section 4.09, and such expenses and fees as may be incurred in the protection of the
Property and the maintenance of the Lien of this Deed To Secure Debt, including the reasonable fees
of any attorney employed by the Grantee in any litigation or proceeding, including appellate
proceedings, affecting this Deed To Secure Debt or the Property(including, without limitation, the
occupancy thereof or any construction work performed thereon), including probate and bankruptcy
proceedings, or in preparation for the commencement or defense of any proceeding or threatened suit
or proceeding whether or not an action is actually commenced, shall be immediately due and payable
by the Grantor, with interest thereon at the rate of interest set forth in the Secured Debt
Agreements and shall be part of the Obligations secured by this Deed To Secure Debt.
4.10 Indemnity. (a) The Grantor agrees to indemnify, reimburse and hold the Grantee,
each other Secured Creditor and their respective successors, permitted assigns, employees, agents
and servants (hereinafter in this Section 4.10 referred to individually, as “Indemnitee,”
and collectively as “Indemnitees”) harmless from any and all liabilities, obligations,
losses, damages, penalties, claims, demands, actions, suits, judgments and any and all reasonable
costs and expenses (including reasonable attorneys’ fees and expenses) (for the purposes of this
Section 4.10 the foregoing are collectively called “expenses”) of whatsoever kind and
nature imposed on, asserted against or incurred by any of the Indemnitees in any way relating to or
arising out of this Deed To Secure Debt, or the documents executed in connection herewith or in any
other way connected with the enforcement of any of the terms of, or the
Amended and Restated Deed to Secure Debt — Xxxx County, GA
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preservation of any rights hereunder, or in any way relating to or arising out of the
ownership, lease, financing, possession, operation, condition, sale or other disposition, or use of
the Property, the violation of the laws of any country, state or other governmental body or unit,
any tort (including, without limitation, claims arising or imposed under the doctrine of strict
liability, or for or on account of injury to or the death of any Person (including any Indemnitee),
or property damage), or contract claim; provided that no Indemnitee shall be indemnified pursuant
to this Section 4.10(a) for expenses, losses, damages or liabilities to the extent caused by the
gross negligence or wilful misconduct of such Indemnitee. The Grantor agrees that upon written
notice by any Indemnitee of the assertion of such a liability, obligation, loss, damage, penalty,
claim, demand, action, judgment or suit, the Grantor shall assume full responsibility for the
defense thereof. Each Indemnitee agrees to use its best efforts to promptly notify the Grantor of
any such assertion of which such Indemnitee has knowledge.
(b) Without limiting the application of Section 4.10(a), the Grantor jointly and severally
agrees to pay, indemnify and hold each Indemnitee harmless from and against any loss, costs,
damages and expenses which such Indemnitee may suffer, expend or incur in consequence of or growing
out of any material misrepresentation by Grantor in this Deed To Secure Debt, or in any statement
or writing contemplated by or made or delivered pursuant to or in connection with this Deed To
Secure Debt.
(c) If and to the extent that the obligations of the Grantor under this Section 4.10 are
unenforceable for any reason, the Grantor hereby agrees to make the maximum contribution to the
payment and satisfaction of such obligations which is permissible under applicable law.
4.11 Indemnity Obligations Secured by Collateral; Survival. Any amounts paid by any
Indemnitee as to which such Indemnitee has the right to reimbursement shall constitute Obligations
secured by the Property. The indemnity obligations of the Grantor contained in Sections 4.09 and
4.10 shall continue in full force and effect notwithstanding the full payment of all of the Notes
issued under the Credit Agreement, the termination of all Secured Hedging Agreements, the full
payment of all Existing Senior Notes issued under the Existing Senior Notes Indenture, the full
payment of all New Senior Notes issued under the New Senior Notes Indenture, the full payment of
all Refinancing Senior Notes issued under the Refinancing Senior Notes Indenture and the payment of
all of the other Obligations and notwithstanding the discharge thereof.
ARTICLE V
ADDITIONAL COLLATERAL
5.01 Additional Collateral. (a) The Grantor acknowledges and agrees that its
Applicable Obligations are secured by the Property and various other collateral including, without
limitation, at the time of execution of this Deed To Secure Debt certain personal property of the
Grantor described in the Credit Documents. The Grantor specifically acknowledges and agrees that
the Property, in and of itself, if foreclosed or realized upon would
Amended and Restated Deed to Secure Debt — Xxxx County, GA
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not be sufficient to satisfy the outstanding amount of the Obligations. Accordingly, the
Grantor acknowledges that it is in the Grantor’s contemplation that the other collateral pledged to
secure the Applicable Obligations may be pursued by the Grantee in separate proceedings in the
various States, counties and other countries where such collateral may be located and additionally
that the Grantor liable for payment of the Obligations will remain liable for any deficiency
judgments in addition to any amounts the Grantee may realize on sales of other property or any
other collateral given as security for the Obligations. Specifically, and without limitation of
the foregoing, it is agreed that it is the intent of the parties hereto that in the event of a
foreclosure of this Deed To Secure Debt, the Indebtedness evidencing the Obligations shall not be
deemed merged into any judgment of foreclosure, but rather shall remain outstanding. It is the
further intent and understanding of the parties that the Grantee, following a Noticed Event of
Default, may pursue all of its collateral with the Obligations remaining outstanding and in full
force and effect notwithstanding any judgment of foreclosure or any other judgment which the
Grantee may obtain.
(b) The Grantor acknowledges and agrees that the Property and the property which may from time
to time be encumbered by the other Secured Debt Agreements may be located in more than one State or
country and therefore the Grantor waives and relinquishes any and all rights it may have, whether
at law or equity, to require the Grantee to proceed to enforce or exercise any rights, powers and
remedies it may have under the Secured Debt Agreements in any particular manner, in any particular
order, or in any particular State or other jurisdiction. Furthermore, the Grantor acknowledges and
agrees that the Grantee shall be allowed to enforce payment and performance of the Obligations and
to exercise all rights and powers provided under this Deed To Secure Debt, or the other Secured
Debt Agreements or under any provision of law, by one or more proceedings, whether contemporaneous,
consecutive or both in any one or more States in which the security is located. Neither the
acceptance of this Deed To Secure Debt, or any Credit Document nor its enforcement in one State,
whether by court action, power of sale, or otherwise, shall prejudice or in any way limit or
preclude enforcement of the Credit Documents through one or more additional proceedings, in that
State or in any other State or country.
(c) The Grantor further agrees that any particular remedy or proceeding, including, without
limitation, foreclosure through court action (in a state or federal court) or power of sale, may be
brought and prosecuted in the local or federal courts of any one or more States as to all or any
part of the Property or the property encumbered by the Secured Debt Agreements wherever located,
without regard to the fact that any one or more prior or contemporaneous proceedings have been
situated elsewhere with respect to the same or any other part of the Property and the property
encumbered by the Secured Debt Agreements.
(d) The Grantee may resort to any other security held by the Grantee for the payment of the
Obligations in such order and manner as the Grantee may elect.
(e) Notwithstanding anything contained herein to the contrary, the Grantee shall be under no
duty to the Grantor or others, including, without limitation, the holder of any junior, senior or
subordinate mortgage on the Property or any part thereof or on any other security held by the
Grantee, to exercise or exhaust all or any of the rights, powers and remedies available to the
Grantee.
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ARTICLE VI
MISCELLANEOUS
6.01 Governing Law. The provisions of this Deed To Secure Debt regarding the
creation, perfection and enforcement of the liens and security interests herein granted shall be
governed by and construed under the laws of the state in which the Property is located. All other
provisions of this Deed To Secure Debt shall be governed by the laws of the State of New York
(including, without limitation, Section 5-1401 of the General Obligations Law of the State of New
York), without regard to choice of laws provisions.
6.02 Limitation on Interest. It is the intent of the Grantor and the Grantee in the
execution of this Deed To Secure Debt and all other instruments evidencing or securing the
Obligations to contract in strict compliance with applicable usury laws. In furtherance thereof,
the Grantee and the Grantor stipulate and agree that none of the terms and provisions contained in
this Deed To Secure Debt shall ever be construed to create a contract for the use, forbearance or
retention of money requiring payment of interest at a rate in excess of the maximum interest rate
permitted to be charged by relevant law. If this Deed To Secure Debt or any other instrument
evidencing or securing the Obligations violates any applicable usury law, then the interest rate
payable in respect of the Loans shall be the highest rate permissible by law.
6.03 Notices. All notices and other communications provided for hereunder shall be in
writing (including telegraphic, telex, facsimile transmission or cable communications) and mailed,
telegraphed, telexed, telecopied, cabled or delivered (including by way of overnight courier):
(i) | if to the Grantor, at; | |||
X. X. Xxxxxxxx Tobacco Company | ||||
000 Xxxxx Xxxx Xxxxxx, | ||||
Xxxxxxx-Xxxxx, Xxxxx Xxxxxxxx 00000 | ||||
(ii) | if to the Grantee, at: | |||
JPMorgan Chase Bank, N.A. | ||||
000 Xxxx Xxxxxx | ||||
Xxx Xxxx, Xxx Xxxx 00000 | ||||
Attn.: Xxxx Xxxxx | ||||
Tel. No.: 000-000-0000 | ||||
Fax. No.: 000-000-0000 |
(iii) if to any Lender (other than the Grantee), at such address as such Lender shall
have specified in the Credit Agreement;
(iv) if to any Credit Card Issuer, at such address as such Credit Card Issuer shall
have specified in writing to the Grantor and the Grantee;
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25
(v) if to any Hedging Creditor, at such address as such Hedging Creditor shall have
specified in writing to the Grantor and the Grantee;
(vi) if to any Existing Senior Notes Creditor, at such address of the Existing Senior
Notes Trustee as the Existing Senior Notes Trustee shall have specified in writing to the
Grantor and the Grantee;
(vii) if to any New Senior Notes Creditor, at such address of the New Senior Notes
Trustee as the New Senior Notes Trustee shall have specified in writing to the Grantor and
the Grantee;
(viii) if to any Refinancing Senior Notes Creditor, at such address of the Refinancing
Senior Notes Trustee as the Refinancing Senior Notes Trustee shall have specified in writing
to the Grantor and the Grantee;
or at such other address as shall have been furnished in writing by any Person described above to
the party required to give notice hereunder. Except as otherwise expressly provided herein, all
such notices and communications shall be deemed to have been duly given or made (i) in the case of
any Secured Creditor, when received and (ii) in the case of the Grantor, when delivered to the
Grantor in any manner required or permitted hereunder.
6.04 Captions. The captions or headings at the beginning of each Article and Section
hereof are for the convenience of the parties and are not a part of this Deed To Secure Debt.
6.05 Amendment. None of the terms and conditions of this Deed To Secure Debt may be
changed, waived, modified or varied in any manner whatsoever unless in writing duly signed by the
Grantor and the Grantee (with the consent of (x) if prior to the CA Termination Date, the Required
Lenders or, to the extent required by Section 12.12 of the Credit Agreement, all of the Lenders and
(y) if on and after the CA Termination Date, the holders of at least a majority of the outstanding
principal amount of the Obligations remaining outstanding), provided that (i) no such
change, waiver, modification or variance shall be made to Section 4.04 hereof or this Section 6.05
without the consent of each Secured Creditor adversely affected thereby and (ii) that any change,
waiver, modification or variance affecting the rights and benefits of a single Class of Secured
Creditors (and not all Secured Creditors in a like or similar manner) shall require the written
consent of the Requisite Creditors of such Class of Secured Creditors. For the purpose of this
Agreement, the term “Class” shall mean each class of Secured Creditors, i.e., whether (1)
the Lender Creditors as holders of the Credit Document Obligations, (2) the Credit Card Issuers as
holders of the Credit Card Obligations, (3) the Hedging Creditors as holders of the Hedging
Obligations, (4) the Existing Senior Notes Creditors as holders of the Existing Senior Notes
Obligations, (5) the New Senior Notes Creditors as holders of the New Senior Notes Obligations and
(6) the Refinancing Senior Notes Creditors as holders of the Refinancing Senior Notes Obligations.
For the purpose of this Agreement, the term “Requisite Creditors” of any Class shall mean each of
(1) with respect to each of the Credit Document Obligations, the Required Lenders, (2) with respect
to the Credit Card Obligations, the holders of at least a majority of all Credit Card Obligations
outstanding from time to time, (3) with respect to the Hedging Obligations, the holders of at least
a majority of all Secured Hedging Obligations
Amended and Restated Deed to Secure Debt — Xxxx County, GA
26
outstanding from time to time, (4) with respect to the Existing Senior Notes Obligations, the
holders of at least a majority of the outstanding principal amount of the Existing Senior Notes,
(5) with respect to the New Senior Notes Obligations, the holders of at least a majority of the
outstanding principal amount of the New Senior Notes and (6) with respect to the Refinancing Senior
Notes Obligations, the holders of at least a majority of the outstanding principal amount of the
Refinancing Senior Notes.
6.06 Obligations Absolute. The Obligations of the Grantor hereunder shall remain in
full force and effect without regard to, and shall not be impaired by, (a) any bankruptcy,
insolvency, reorganization, arrangement, readjustment, composition, liquidation or the like of the
Grantor; (b) any exercise or non-exercise, or any waiver of, any right, remedy, power or privilege
under or in respect of this Deed To Secure Debt, any other Credit Document or any other Secured
Debt Agreement, except as specifically set forth in a waiver granted pursuant to Section 6.05
hereof; or (c) any amendment to or modification of any Credit Document or any other Secured Debt
Agreement, except as specifically set forth in a waiver granted pursuant to Section 6.05 hereof, or
any security for any of the Obligations; whether or not the Grantor shall have notice or knowledge
of any of the foregoing.
6.07 Further Assurances. The Grantor shall, upon the request of the Grantee and at
the expense of the Grantor: (a) promptly correct any defect, error or omission which may be
discovered in the contents of this Deed To Secure Debt or any UCC financing statements filed in
connection herewith; (b) promptly execute, acknowledge, deliver and record or file such further
instruments (including, without limitation, further mortgages, deeds to secure debt, security
deeds, security agreements, financing statements, continuation statements and assignments of rents
or leases) and promptly do such further acts as may be necessary, desirable or proper to carry out
more effectively the purposes of this Deed To Secure Debt and to subject to the security interests
hereof any property intended by the terms hereof to be covered hereby, including specifically, but
without limitation, any renewals, additions, substitutions, replacements or appurtenances to the
Property; and (c) promptly execute, acknowledge, deliver, procure and record or file any document
or instrument (including specifically any financing statement) deemed advisable by the Grantee to
protect, continue or perfect the security interests hereunder against the rights or interests of
third persons.
6.08 Partial Invalidity. If any of the provisions of this Deed To Secure Debt or the
application thereof to any person, party or circumstances shall to any extent be invalid or
unenforceable, the remainder of this Deed To Secure Debt, or the application of such provision or
provisions to persons, parties or circumstances other than those as to whom or which it is held
invalid or unenforceable, shall not be affected thereby, and every provision of this Deed To Secure
Debt shall be valid and enforceable to the fullest extent permitted by law.
6.09 Partial Releases. No release from the security interest of this Deed To Secure
Debt of any part of the Property by the Grantee shall in any way alter, vary or diminish the force
or effect of this Deed To Secure Debt on the balance of the Property or the priority of the
security interest of this Deed To Secure Debt on the balance of the Property.
6.10 Priority. This Deed To Secure Debt is intended to and shall be valid and have
priority over all subsequent liens and encumbrances, including statutory liens, excepting
Amended and Restated Deed to Secure Debt — Xxxx County, GA
27
solely taxes and assessments levied on the real estate, to the extent of the maximum amount
secured hereby.
6.11 Covenants Running with the Land. All Obligations are intended by the Grantor and
the Grantee to be, and shall be construed as, covenants running with the Property. As used herein,
the “Grantor” shall refer to the party named in the first paragraph of this Deed To Secure Debt and
to any subsequent owner of all or any portion of the Property. All persons who may have or acquire
an interest in the Property shall be deemed to have notice of, and be bound by, the terms of the
Credit Agreement and the other Secured Debt Agreements; provided, however, that no
such party shall be entitled to any rights thereunder without prior written consent of the Grantee.
6.12 Successors and Assigns. This Deed To Secure Debt shall be binding upon and inure
to the benefit of the Grantee and the Grantor and their respective successors and assigns. Except
as otherwise permitted by Credit Agreement, the Grantor shall not, without the prior written
consent of the Grantee, assign any rights, duties, or obligations hereunder.
6.13 Purpose of Loans. The Grantor hereby represents and agrees that the Loans,
Existing Senior Notes, New Senior Notes and Refinancing Senior Notes have or are being obtained or
issued for business or commercial purposes, and the proceeds thereof will not be used for personal,
family, residential, household or agricultural purposes.
6.14 No Joint Venture or Partnership. The relationship created hereunder and under the
other Credit Documents, the Secured Hedging Agreements, the Secured Credit Card Agreements, the
Existing Senior Notes Documents, the New Senior Notes Documents and the Refinancing Senior Notes
Documents is that of creditor/debtor. The Grantee does not owe any fiduciary or special obligation
to the Grantor and/or any of the Grantor’s, officers, partners, agents, or representatives.
Nothing herein or in any other Credit Document, any Secured Hedging Agreement, any Secured Credit
Card Document, any Existing Senior Notes Document, any New Senior Notes Document or any Refinancing
Senior Notes Document is intended to create a joint venture, partnership, tenancy-in-common or
joint tenancy relationship between the Grantor and the Grantee.
6.15 The Grantee as Collateral Agent for Secured Creditors. It is expressly
understood and agreed that the rights and obligations of the Grantee as holder of this Deed To
Secure Debt and as Collateral Agent for the Secured Creditors and otherwise under this Deed To
Secure Debt are only those expressly set forth in this Deed To Secure Debt and in the Credit
Agreement. The Grantee shall act hereunder pursuant to the terms and conditions set forth herein
in Section 11 of the Credit Agreement and in Annex M to the Security Agreement, the terms of which
shall be deemed incorporated herein by reference as fully as if same were set forth herein in their
entirety (for such purpose, treating each reference to the “Security Agreement” as a reference to
this Deed To Secure Debt, each reference to the “Collateral Agent” as a reference to the Grantee
and each reference to an “Assignor” as a reference to a “Grantor”).
6.16 Full Recourse. This Deed To Secure Debt is made with full recourse to the
Grantor and pursuant to and upon all the warranties, representations, covenants, agreements on
Amended and Restated Deed to Secure Debt — Xxxx County, GA
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the part of the Grantor contained herein, in the other Credit Documents and the other Secured
Debt Agreements and otherwise in writing in connection herewith or therewith.
6.17 Reduction of Secured Amount. In the event the amount secured by this Deed To
Secure Debt is less than the aggregate Obligations, then the amount secured hereby shall be reduced
only by the last and final sums that the Grantor or the Borrower repays with respect to the
Obligations and shall not be reduced by any intervening repayments of the Obligations. So long as
the balance of the Obligations exceeds the amount secured hereby, any payments of the Obligations
shall not be deemed to be applied against, or to reduce, the portion of the Obligations secured by
this Deed To Secure Debt. Such payments shall instead be deemed to reduce only such portions of
the Obligations as are secured by other collateral located outside of the state in which the
Property is located or are unsecured.
6.18 Acknowledgment of Receipt. The Grantor hereby acknowledges receipt of a true
copy of this Deed To Secure Debt.
6.19 Release Payment. (a) After the Termination Date (as defined below), this Deed
To Secure Debt shall terminate (provided that all indemnities set forth herein shall
survive any such termination) and the Grantee, at the request and expense of the Grantor, will
execute and deliver to the Grantor a proper instrument or instruments to cancel and surrender the
estate and interest created by this Deed to Secure Debt (without recourse and without
representation or warranty). As used in this Deed To Secure Debt, (i) “CA Termination Date” shall
mean the date upon which the Total Commitment has been terminated, no Letter of Credit or Note
under the Credit Agreement is outstanding and all other Credit Document Obligations have been paid
in full in cash (other than arising from indemnities for which no request for payment has been
made) and (ii) “Termination Date” shall mean the date upon which (x) the CA Termination Date shall
have occurred and (y) if (but only if) a Notified Non-Credit Agreement Event of Default (as defined
below) shall have occurred and be continuing on the CA Termination Date (and after giving effect
thereto), either (I) such Notified Non-Credit Agreement Event of Default shall have been cured or
waived by the requisite holders of the relevant Obligations subject to such Notified Non-Credit
Agreement Event of Default or (II) all Secured Credit Card Agreements and all Secured Hedging
Agreements (if any) giving rise to a Notified Non-Credit Agreement Event of Default shall have been
terminated and all Obligations subject to such Notified Non-Credit Agreement Event of Default shall
have been paid in full (other than arising from indemnities for which no request for payment has
been made). As used herein “Notified Non-Credit Agreement Event of Default” means (i) the
acceleration of the maturity of any Existing Senior Notes, New Senior Notes or Refinancing Senior
Notes or the failure to pay at maturity any Existing Senior Notes, New Senior Notes or Refinancing
Senior Notes, or the occurrence of any bankruptcy or insolvency Event of Default under the Existing
Senior Notes Indenture, the New Senior Notes Indenture or the Refinancing Senior Notes Indenture,
(ii) any Event of Default under a Secured Credit Card Agreement or (iii) any Event of Default under
a Secured Hedging Agreement, in the case of any event described in clause (i), (ii) or (iii) to the
extent the Existing Senior Notes Trustee, New Senior Notes Trustee, the Refinancing Senior Notes
Trustee, the relevant Hedging Creditor or the relevant Credit Card Issuer, as the case may be, has
given written notice to the Grantee that a “Notified Non-Credit Agreement Event of Default” exists;
provided that such written notice may only be given if such Event of Default is continuing
and, provided further, that any such Notified Non-Credit Agreement Event of Default shall
cease to exist (I) once there
Amended and Restated Deed to Secure Debt — Xxxx County, GA
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is no longer any Event of Default under the Existing Senior Notes Indenture, the New Senior
Notes Indenture, the Refinancing Senior Notes Indenture, the respective Secured Credit Card
Agreement or the respective Secured Hedging Agreement, as the case may be, in existence, (II) in
the case of an Event of Default under the Existing Senior Notes Indenture, the New Senior Notes
Indenture, or the Refinancing Senior Notes Indenture, after all Existing Senior Notes Obligations,
New Senior Notes Obligations or Refinancing Senior Notes Obligations, as the case may be, have been
repaid in full, (III) in the case of an Event of Default under a Secured Credit Card Agreement or a
Secured Hedging Agreement, such Secured Hedging Agreement, as the case may be, has been terminated
and all Credit Card Obligations or Hedging Obligations, as the case may be, thereunder have been
repaid in full, (IV) in the case of an Event of Default under the Existing Senior Notes Indenture,
New Senior Notes Indenture or the Refinancing Senior Notes Indenture, if the Existing Senior Notes
Creditors, New Senior Notes Creditors or the Refinancing Senior Notes Creditors, as the case may
be, holding at least a majority of the aggregate principal amount of the outstanding Existing
Senior Notes, New Senior Notes or the Refinancing Senior Notes, as the case may be, at such time
have rescinded such written notice and (V) in the case of an Event of Default under a Secured
Credit Card Agreement or a Secured Hedging Agreement, the requisite Credit Card Issuers with Credit
Card Obligations or Hedging Creditors with Hedging Obligations thereunder at such time have
rescinded such written notice.
(b) So long as no Notified Non-Credit Agreement Event of Default has occurred and is
continuing, in the event that (x) prior to the CA Termination Date, (i) any part of the Property is
sold or otherwise disposed of in connection with a sale or other disposition permitted by Section
8.02 of the Credit Agreement (it being agreed for such purposes that a release will be deemed
“permitted by Section 8.02 of the Credit Agreement” if the proposed transaction constitutes an
exception to Section 8.02(f) of the Credit Agreement) or (ii) all or any part of the Property is
released at the direction of the Required Lenders (or all the Lenders if required by Section 12.12
of the Credit Agreement), and the proceeds of such sale or disposition or from such release (if
any) are applied in accordance with the terms of the Credit Agreement to the extent required to be
so applied or (y) on and after the CA Termination Date, any part of the Property is sold or
otherwise disposed of without violating the Existing Senior Notes Documents, the New Senior Notes
Documents, the Refinancing Senior Notes Documents, the Secured Credit Card Agreements and the
Secured Hedging Agreements, the Grantee, at the request and expense of the Grantor, will release
such Property from this Deed To Secure Debt in the manner provided in clause (a) above (it being
understood and agreed that upon the release of all or any portion of the Property by the Grantee at
the direction of the Lenders as provided above, the security interest in the Property in favor of
the Credit Card Issuers, the Hedging Creditors, the Existing Senior Notes Creditors, the New Senior
Notes Creditors and the Refinancing Senior Notes Creditors shall automatically be released).
(c) In addition to the foregoing, all Property shall be automatically released (subject to
reinstatement upon the occurrence of a new Trigger Event) in accordance with Section 7.10(i) of the
Credit Agreement.
(d) At any time that the Grantor desires that the Grantee take any action to give effect to
any release of Property pursuant to the foregoing Section 6.19(a), (b) or (c), it shall deliver to
the Grantee a certificate signed by an authorized officer describing the Property to be released
and certifying its entitlement to a release pursuant to the applicable provisions of
Amended and Restated Deed to Secure Debt — Xxxx County, GA
30
Sections 6.19(a), (b) or (c) and in such case the Grantee, at the request and expense of the
Grantor, will execute such documents (without recourse and without any representation or warranty)
as required to duly release such Property. The Grantee shall have no liability whatsoever to any
Secured Creditor as the result of any release of Property by it as permitted by (or which the
Grantee in good faith believes to be permitted by) this Section 6.19. Upon any release of Property
pursuant to Section 6.19(a), (b) or (c), so long as no Noticed Event of Default is then in
existence, none of the Secured Creditors shall have any continuing right or interest in such
Property, or the proceeds thereof (subject to reinstatement rights upon the occurrence of a new
Trigger Event in the case of a release pursuant to Section 6.19(c)(i)).
6.20 Time of the Essence. Time is of the essence of this Deed To Secure Debt.
6.21 The Grantee’s Powers. Without affecting the liability of any other Person liable
for the payment and performance of the Obligations and without affecting the security interest of
this Deed To Secure Debt in any way, the Grantee (acting at the direction of the requisite holders
of the relevant Obligations affected thereby) may, from time to time, regardless of consideration
and without notice to or consent by the holder of any subordinate Lien, right, title or interest in
or to the Property, (a) release any Persons liable for the Obligations, (b) extend the maturity of,
increase or otherwise alter any of the terms of the Obligations, (c) modify the interest rate
payable on the principal balance of the Obligations, (d) release or reconvey, or cause to be
released or reconveyed, all or any portion of the Property, or (e) take or release any other or
additional security for the Obligations.
6.22 Rules of Usage. The following rules of usage shall apply to this Deed To Secure
Debt unless otherwise required by the context:
(a) Singular words shall connote the plural as well as the singular, and vice versa,
as may be appropriate.
(b) The words “herein”, “hereof” and “hereunder” and words of similar import appearing
in each such document shall be construed to refer to such document as a whole and not to any
particular section, paragraph or other subpart thereof unless expressly so stated.
(c) References to any Person shall include such Person and its successors and permitted
assigns.
(d) Each of the parties hereto and their counsel have reviewed and revised, or
requested revisions to, such documents, and the usual rule of construction that any
ambiguities are to be resolved against the drafting party shall be inapplicable in the
construction and interpretation of such documents and any amendments or exhibits thereto.
(e) Unless an express provision requires otherwise, each reference to “the Property”
shall be deemed a reference to “the Property or any part thereof”, and each reference to
“Secured Property” shall be deemed a reference to “the Secured Property or any part
thereof”.
Amended and Restated Deed to Secure Debt — Xxxx County, GA
31
6.23 No Off-Set. All sums payable by the Grantor shall be paid without counterclaim,
other compulsory counterclaims, set-off, or deduction and without abatement, suspension, deferment,
diminution or reduction, and the Obligations shall in no way be released, discharged or otherwise
affected (except as expressly provided herein or in the Credit Agreement) by reason of: (i) any
damage or any condemnation of the Property or any part thereof; (ii) any title defect or
encumbrance or any eviction from the Property or any part thereof by title paramount or otherwise;
or (iii) any bankruptcy, insolvency, reorganization, composition, adjustment, dissolution,
liquidation or other like proceeding relating to the Grantee or the Grantor, or any action taken
with respect to this Deed To Secure Debt by any agent or receiver of the Grantee. The Grantor
waives, to the extent permitted by law, all rights now or hereafter conferred by statute or
otherwise to any abatement, suspension, deferment, diminution or reduction of any of the
Obligations.
6.24 Consent to Jurisdiction and Service of Process; Waiver of Jury Trial. (a) ANY
LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS DEED TO SECURE DEBT OR ANY OTHER CREDIT DOCUMENT
MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES FOR THE SOUTHERN
DISTRICT OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, THE GRANTOR HEREBY
IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE
JURISDICTION OF THE AFORESAID COURTS. THE GRANTOR HEREBY IRREVOCABLY DESIGNATES, APPOINTS AND
EMPOWERS XXXXXXXX-XXXX CORPORATION SYSTEM, INC., WITH OFFICES ON THE DATE HEREOF AT 00 XXXXX
XXXXXX, XXXXXX, XXX XXXX 00000-0000 AS ITS DESIGNEE, APPOINTEE AND AGENT TO RECEIVE, ACCEPT AND
ACKNOWLEDGE FOR AND ON ITS BEHALF, AND IN RESPECT OF ITS PROPERTY, SERVICE OF ANY AND ALL LEGAL
PROCESS, SUMMONS, NOTICES AND DOCUMENTS WHICH MAY BE SERVED IN ANY SUCH ACTION OR PROCEEDING. IF
FOR ANY REASON SUCH DESIGNEE, APPOINTEE AND AGENT SHALL CEASE TO BE AVAILABLE TO ACT AS SUCH, THE
GRANTOR SHALL DESIGNATE A NEW DESIGNEE, APPOINTEE AND AGENT IN THE STATE OF NEW YORK ON THE TERMS
AND FOR THE PURPOSES OF THIS PROVISION SATISFACTORY TO THIS DEED TO SECURE DEBT. THE GRANTOR
FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF THE AFOREMENTIONED COURTS IN
ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL,
POSTAGE PREPAID, TO THE GRANTOR AT ITS ADDRESS FOR NOTICES PURSUANT TO SECTION 6.03 HEREOF, SUCH
SERVICE TO BECOME EFFECTIVE 30 DAYS AFTER SUCH MAILING. THE GRANTOR HEREBY IRREVOCABLY WAIVES ANY
OBJECTION TO SUCH SERVICE OF PROCESS AND FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR
CLAIM IN ANY ACTION OR PROCEEDING COMMENCED HEREUNDER OR ANY OTHER CREDIT DOCUMENT THAT SERVICE OF
PROCESS WAS IN ANY WAY INVALID OR INEFFECTIVE. NOTHING HEREIN SHALL AFFECT THE RIGHT OF THE
ADMINISTRATIVE AGENT UNDER THE CREDIT AGREEMENT, ANY LENDER OR THE HOLDER OF ANY NOTE TO SERVE
PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO
Amended and Restated Deed to Secure Debt — Xxxx County, GA
32
COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST ANY CREDIT PARTY IN ANY OTHER
JURISDICTION.
(b) THE GRANTOR HEREBY IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO
THE LAYING OF VENUE OF ANY OF THE AFORESAID ACTIONS OR PROCEEDINGS ARISING OUT OF OR IN CONNECTION
WITH THIS DEED TO SECURE DEBT OR ANY OTHER CREDIT DOCUMENT BROUGHT IN THE COURTS REFERRED TO IN
CLAUSE (a) ABOVE AND HEREBY FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH
COURT THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN
INCONVENIENT FORUM.
(c) TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES TO THIS DEED TO SECURE DEBT
HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM
ARISING OUT OF OR RELATING TO THIS DEED TO SECURE DEBT, THE OTHER CREDIT DOCUMENTS OR THE
TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.
6.25 Future Advances. This Deed To Secure Debt is given to secure the Grantor’s
Applicable Obligations under, or in respect of, the Secured Debt Agreements to which the Grantor is
“party” and shall secure not only Applicable Obligations with respect to presently existing
indebtedness under the foregoing documents and agreements but also any and all other indebtedness
now owing or which may hereafter be owing by the Grantor or the Borrower, as the case may be, to
the Secured Creditors, however incurred, whether interest, discount or otherwise, and whether the
same shall be deferred, accrued or capitalized, including future advances and re-advances, whether
such advances are obligatory or to be made at the option of the Secured Creditors, or otherwise, to
the same extent as if such future advances were made on the date of the execution of this Deed To
Secure Debt. The security interest of this Deed To Secure Debt shall be valid as to all
indebtedness secured hereby, including future advances, from the time of its filing for record in
the recorder’s office of the county in which the Property is located. This Deed To Secure Debt is
intended to and shall be valid and have priority over all subsequent liens and encumbrances,
including statutory liens, excepting solely taxes and assessments levied on the real estate, to the
extent of the maximum amount secured hereby, and Permitted Encumbrances. Although this Deed To
Secure Debt is given wholly or partly to secure all future obligations which may be incurred
hereunder and under the other Secured Debt Agreements, whether obligatory or optional, the Grantor
and the Grantee hereby acknowledge and agree that the Grantee and the other Secured Creditors are
obligated by the terms of the Secured Debt Agreements to make certain future advances, including
advances of a revolving nature, subject to the fulfillment of the relevant conditions set forth in
the Secured Debt Agreements.
6.26 Property not a Dwelling.
The Grantor represents and warrants to the Grantee that no portion of the Property is used as
a dwelling place by the Grantor at the time this Deed to Secure Debt is entered into, and,
accordingly, the notice requirements of Official Code of Georgia Annotated Section 44-14-
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162.2 shall not be applicable to any exercise of the power of sale contained in this Deed to
Secure Debt.
6.27 Withdrawal or Discontinuance of Proceedings. In case the Grantee shall have
proceeded to enforce any right, power or remedy under this Deed to Secure Debt by foreclosure,
entry or otherwise or in the event the Grantee shall have commenced advertising the intended
exercise of the right of foreclosure provided hereunder, and such proceeding or advertisement shall
have been withdrawn, discontinued or abandoned for any reason, or shall have been determined
adversely to the Grantee, then in every such case (a) the Grantor and the Grantee shall be restored
to their former positions and rights; (b) all rights, powers and remedies of the Grantee shall
continue as if no such proceeding had been taken; (c) each and every Event of Default declared or
occurring prior or subsequent to such withdrawal, discontinuance or abandonment shall and shall be
deemed to be a continuing Event of Default; and (d) this Deed to Secure Debt, the Secured Debt
Agreements, and Obligations secured by this Deed to Secure Debt, or any other instrument concerned
therewith, shall not be and shall not be deemed to have been reinstated or otherwise affected by
such withdrawal, discontinuance or abandonment, and the Grantor hereby expressly waives the benefit
of any statute or rule of law now provided, or which may hereafter be provided, which would produce
a result contrary to or in conflict with the above.
6.28 Deed to Secure Debt Not a Mortgage. This Deed to Secure Debt is a deed to secure
debt passing title to the Property pursuant to the laws of the State of Georgia governing loan or
security deeds and is not a mortgage. The words “lien of this Deed to Secure Debt”, “Lien of this
Deed to Secure Debt” or words of similar import shall mean the security title and security interest
granted in this Deed to Secure Debt.
6.29 Fees. Any reference in this Deed To Secure Debt to “reasonable attorney’s fees”
or other similar phraseology shall mean the actual and reasonable fees incurred at customary and
reasonable hourly rates in the Property location, not pursuant to any statutory formula or
percentage calculation.
6.30 Amendment and Restatement. From and After the Fourth Restatement Effective Date,
this Deed To Secure Debt amends, restates and supersedes the Original Deed to Secure Debt.
ARTICLE VII
DEFINITIONS
DEFINITIONS
“Existing Senior Notes” shall mean, collectively, (i) RJRTH’s 6.50% Notes due June 1,
2007 in an initial aggregate principal amount equal to $300,000,000, (ii) RJRTH’s 7.875% Notes due
May 15, 2009 in an initial aggregate principal amount equal to $200,000,000, (iii) RJRTH’s 6.50%
Notes due July 15, 2010 in an initial aggregate principal amount equal to $300,000,000, (iv)
RJRTH’s 7.25% Notes due June 1, 2012 in an initial aggregate principal amount equal to
$450,000,000, and (v) RJRTH’s 7.30% Notes due July 15, 2015 in an initial
Amended and Restated Deed to Secure Debt — Xxxx County, GA
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aggregate principal amount equal to $200,000,000, in each case as the same may be amended,
modified and/or supplemented from time to time in accordance with the terms thereof and the Credit
Agreement.
“Existing Senior Notes Creditors” shall mean the Existing Senior Notes Trustee and the
holders of the Existing Senior Notes.
“Existing Senior Notes Documents” shall mean the Existing Senior Notes and the
Existing Senior Notes Indenture.
“Existing Senior Notes Indenture” shall mean, collectively, (i) the indenture, dated
as of May 20, 2002, as amended among RJRTH, the guarantors of the notes issued pursuant thereto,
and The Bank of New York, as trustee and (ii) the indenture, dated as of May 15, 1999, as amended
among RJRTH, the guarantors of the notes issued pursuant thereto, and The Bank of New York, as
trustee, in each case as the same may be amended, modified and/or supplemented from time to time in
accordance with the terms thereof and the Credit Agreement.
“Existing Senior Notes Trustee” shall mean, collectively, the trustee and/or trustees
under the under the Existing Senior Notes Indenture.
“Initial New Senior Notes” shall mean, collectively, (i) the Borrower’s 7.25% Senior
Secured Notes due 2013 in an initial aggregate principal amount equal to $625,000,000, (ii) the
Borrower’s 7.625% Senior Secured Notes due 2016 in an initial aggregate principal amount equal to
$775,000,000 and (iii) the Borrower’s 7.75% Senior Secured Notes due 2018 in an initial aggregate
principal amount equal to $250,000,000, in each case issued pursuant to the New Senior Notes
Indenture, as in effect on the Fourth Restatement Effective Date and as the same may be amended,
modified and/or supplemented from time to time in accordance with the terms thereof and the Credit
Agreement.
“New Senior Notes” shall mean (i) the Initial New Senior Notes, (ii) the Exchange
Senior Notes and (iii) the Additional Senior Notes, in each case as the same may be amended,
modified and/or supplemented from time to time in accordance with the terms thereof and the Credit
Agreement.
“New Senior Notes Creditors” shall mean the New Senior Notes Trustee and the holders
of the New Senior Notes.
“New Senior Notes Documents” shall mean the New Senior Notes and the New Senior Notes
Indenture.
“New Senior Notes Indenture” shall mean the Indenture, dated as of May 31, 2006, among
the Borrower, the Subsidiary Guarantors and The Bank of New York, as trustee, as in effect on the
Fourth Restatement Effective Date and as the same may be amended, modified and/or supplemented from
time to time in accordance with the terms thereof and the Credit Agreement.
“New Senior Notes Trustee” shall mean the trustee under the New Senior Notes
Indenture.
Amended and Restated Deed to Secure Debt — Xxxx County, GA
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“Refinancing Senior Notes” shall have the meaning provided in the Credit Agreement.
“Refinancing Senior Notes Creditors” shall mean the Refinancing Senior Notes Trustee
and the holders of the Refinancing Senior Notes.
“Refinancing Senior Notes Documents” shall mean, collectively, the Refinancing Senior
Notes and the Refinancing Senior Notes Indenture.
“Refinancing Senior Notes Indenture” shall mean one or more indentures entered into
from time to time providing for the issuance of Refinancing Senior Notes by the Borrower, in each
case as the same may be amended, modified and/or supplemented from time to time in accordance with
the term thereof and the Credit Agreement.
“Refinancing Senior Notes Trustee” shall mean, collectively, the trustee and/or
trustees under the Refinancing Senior Notes Indenture.
“Secured Creditors” shall mean, collectively, the Lender Secured Creditors, the
Existing Senior Notes Creditors, the New Senior Notes Creditors and the Refinancing Senior Notes
Creditors.
Amended and Restated Deed to Secure Debt — Xxxx County, GA
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IN WITNESS WHEREOF, the Grantor has caused this Deed to Secure Debt to be duly executed and
delivered under seal as of the day and year first above written.
Amended and Restated Deed to Secure Debt — Xxxx County, GA
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Grantor: | ||||||
X. X. XXXXXXXX TOBACCO COMPANY, a North Carolina corporation (formerly a New Jersey corporation) | ||||||
By: | ||||||
Name: | ||||||
Title: | ||||||
[SEAL] |
Signed, sealed and delivered in the
presence of: |
||
[NOTARIAL SEAL] |
||
Commission Expiration Date: |
Amended and Restated Deed to Secure Debt — Xxxx County, GA
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Grantee: | ||||||
JPMORGAN CHASE BANK, N.A. | ||||||
By: | ||||||
Name: | ||||||
Title: | ||||||
[SEAL] |
Signed, sealed and delivered in the
presence of: |
||
[NOTARIAL SEAL] |
||
Commission Expiration Date: |
Amended and Restated Deed to Secure Debt — Xxxx County, GA
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EXHIBIT A
DESCRIPTION OF LAND
Amended and Restated Deed to Secure Debt — Xxxx County, GA
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SCHEDULE 1
CREDIT AGREEMENT LOANS
The Credit Document Obligations secured by this Deed to Secure Debt are evidenced by the Credit
Agreement (including the Grantor’s obligations under the Subsidiary Guaranty), which provides that
the Grantor is obligated for the payment and performance of, without limitation, the following: (i)
Term Loans in the aggregate principal amount of $1,550,000,000 and having a final maturity date of
May 31, 2012; (ii) Revolving Loans in the aggregate principal amount of up to $800,000,000 and
having final maturity dates no later than May 31, 2011 (the “Revolving Loan Maturity
Date”); (iii) Swingline Loans in the original aggregate principal amount of up to $ 75,000,000,
and having a final maturity date no later than five business days prior to the Revolving Loan
Maturity Date. The Parent and/or one or more of its Subsidiaries may enter into Interest Rate
Protection Agreements and Other Hedging Agreements (together with the Existing Interest Rate Swap
Agreement), and the Borrower may also request Letters of Credit in accordance Section 2 of the
Credit Agreement.
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