INDENTURE Streicher Mobile Fueling, Inc. and Dated as of September 1, 2005 10% Senior Secured Notes due August 31, 2010
Exhibit
10.5
INDENTURE
Xxxxxxxxx
Mobile Fueling, Inc.
and
[_________________________]
Dated
as of September 1, 2005
$3,000,000
10%
Senior Secured Notes due August 31, 2010
TABLE
OF CONTENTS
Page
ARTICLE
I
|
||
DEFINITIONS
AND RULES OF CONSTRUCTION
|
||
1.1
|
DEFINITIONS
|
1
|
1.2
|
OTHER
DEFINITIONS
|
3
|
1.3
|
RULES
OF CONSTRUCTION
|
4
|
ARTICLE
II
|
||
THE
SECURITIES
|
||
2.1
|
FORM
AND DATING
|
4
|
2.2
|
AGENTS.
|
4
|
2.3
|
PAYING
AGENT AND TRUSTEE TO HOLD MONEY IN TRUST
|
4
|
2.4
|
HOLDER
LISTS
|
5
|
2.5
|
TRANSFER
AND EXCHANGE
|
5
|
2.6
|
OUTSTANDING
NOTES
|
5
|
2.7
|
TREASURY
NOTES DISREGARDED FOR CERTAIN PURPOSES
|
6
|
2.8
|
CANCELLATION
|
6
|
ARTICLE
III
|
||
REDEMPTION
|
||
3.1
|
NOTICE
TO TRUSTEE
|
6
|
3.2
|
SELECTION
OF NOTES TO BE REDEEMED
|
6
|
3.3
|
NOTICE
OF REDEMPTION
|
7
|
3.4
|
DEPOSIT
OF REDEMPTION PRICE
|
7
|
3.5
|
NOTES
REDEEMED IN PART
|
7
|
ARTICLE
IV
|
||
COVENANTS
|
||
4.1
|
PAYMENT
OF NOTES
|
7
|
4.2
|
SEC
REPORTS
|
7
|
4.3
|
COMPLIANCE
CERTIFICATE
|
7
|
4.4
|
NOTICE
OF CERTAIN EVENTS
|
8
|
ARTICLE
V
|
||
SUCCESSORS
|
||
5.1
|
WHEN
COMPANY MAY MERGE, ETC
|
8
|
5.2
|
SUCCESSOR
CORPORATION SUBSTITUTED
|
9
|
i
ARTICLE
VI
|
||
DEFAULTS
AND REMEDIES
|
||
6.1
|
ACCELERATION
|
9
|
6.2
|
NOTICE
OF DEFAULTS
|
9
|
6.3
|
OTHER
REMEDIES
|
9
|
6.4
|
CONTROL
BY TWO-THIRDS MAJORITY
|
9
|
6.5
|
LIMITATION
ON SUITS
|
10
|
6.6
|
RIGHTS
OF HOLDERS TO RECEIVE PAYMENT
|
10
|
6.7
|
PRIORITIES
|
10
|
6.8
|
UNDERTAKING
FOR COSTS
|
11
|
6.9
|
PROOF
OF CLAIM
|
11
|
6.10
|
ACTIONS
OF A HOLDER
|
11
|
ARTICLE
VII
|
||
OTHER
DISTRIBUTIONS
|
||
7.1
|
PRIORITIES
|
11
|
ARTICLE
VIII
|
||
TRUSTEE
|
||
8.1
|
DUTIES
OF TRUSTEE
|
12
|
8.2
|
RIGHTS
OF TRUSTEE
|
13
|
8.3
|
INDIVIDUAL
RIGHTS OF TRUSTEE; DISQUALIFICATION
|
13
|
8.4
|
TRUSTEE’S
DISCLAIMER
|
14
|
8.5
|
COMPENSATION
AND INDEMNITY
|
14
|
8.6
|
REPLACEMENT
OF TRUSTEE
|
15
|
8.7
|
SUCCESSOR
TRUSTEE BY MERGER, ETC
|
16
|
ARTICLE
IX
|
||
SATISFACTION
AND DISCHARGE
|
||
9.1
|
SATISFACTION
AND DISCHARGE OF INDENTURE
|
16
|
9.2
|
APPLICATION
OF TRUST FUNDS
|
17
|
9.3
|
REINSTATEMENT
|
17
|
9.4
|
REPAYMENT
TO COMPANY
|
17
|
ii
ARTICLE
X
|
||
AMENDMENTS
|
||
10.1
|
WITHOUT
CONSENT OF HOLDERS
|
17
|
10.2
|
WITH
CONSENT OF HOLDERS
|
18
|
10.3
|
COMPLIANCE
WITH TRUST INDENTURE ACT AND SECTION12.3
|
18
|
10.4
|
REVOCATION
AND EFFECT OF CONSENTS AND WAIVERS
|
19
|
10.5
|
NOTICE
OF AMENDMENT; NOTATION ON OR EXCHANGE OF NOTES
|
19
|
10.6
|
TRUSTEE
PROTECTED
|
19
|
ARTICLE
XI
|
||
SUBORDINATION
|
||
11.1
|
NOTES
SUBORDINATED TO SENIOR DEBT
|
19
|
11.2
|
NOTES
SUBORDINATED IN ANY PROCEEDING
|
19
|
11.3
|
NO
PAYMENT ON NOTES IN CERTAIN CIRCUMSTANCES
|
19
|
11.4
|
OBLIGATIONS
OF THE COMPANY UNCONDITIONAL
|
20
|
11.5
|
TRUSTEE
ENTITLED TO ASSUME PAYMENTS NOT PROHIBITED IN ABSENCE OF
NOTICE
|
20
|
11.6
|
SATISFACTION
AND DISCHARGE
|
20
|
11.7
|
SUBORDINATION
RIGHTS NOT IMPAIRED BY ACTS OR OMISSIONS OF THE COMPANY OR
HOLDERS OF
SENIOR DEBT
|
21
|
11.8
|
NO
FIDUCIARY DUTY OF TRUSTEE OR HOLDERS TO HOLDERS OF SENIOR
DEBT
|
21
|
11.9
|
TRUSTEE’S
RIGHTS TO COMPENSATION, REIMBURSEMENT OF EXPENSES AND
INDEMNIFICATION
|
21
|
11.10
|
EXCEPTION
FOR CERTAIN DISTRIBUTIONS
|
21
|
ARTICLE
XII
|
||
MISCELLANEOUS
|
||
12.1
|
NOTICES
|
21
|
12.2
|
COMMUNICATION
BY HOLDERS WITH OTHER HOLDERS
|
22
|
12.3
|
CERTIFICATE
AND OPINION AS TO CONDITIONS PRECEDENT
|
22
|
12.4
|
STATEMENTS
REQUIRED IN CERTIFICATE OR OPINION
|
22
|
12.5
|
RULES
BY TRUSTEE
|
23
|
12.6
|
NO
RECOURSE AGAINST OTHERS
|
23
|
12.7
|
VARIABLE
PROVISIONS
|
23
|
12.8
|
GOVERNING
LAW
|
23
|
12.9
|
SEVERABILITY
|
23
|
12.10
|
EFFECT
OF HEADINGS, TABLE OF CONTENTS, ETC
|
23
|
iii
12.11
|
COUNTERPARTS;
FACSIMILE
|
23
|
12.12
|
SUCCESSORS
AND ASSIGNS
|
24
|
12.13
|
NO
INTERPRETATION OF OTHER AGREEMENTS
|
24
|
EXHIBIT A |
Form
of Note
|
iv
THIS
INDENTURE is dated effective as of September 1, 2005, between Xxxxxxxxx Mobile
Fueling, Inc., a Florida corporation (the “Company”),
and
[________________________], a _______________ corporation (the “Trustee”).
Each
party agrees as follows for the benefit of the other party and for the equal
and
ratable benefit of the Holders of the Company’s 10% Senior Secured Notes due
August 31, 2010, in substantially the form attached as Exhibit
A
hereto
(the “Notes”):
ARTICLE
I
DEFINITIONS
AND RULES OF CONSTRUCTION
1.1 Definitions.
“2003
Notes”
means
the Company’s 10% Senior Secured Promissory Notes due August 28,
2008.
“2005
Notes”
means
the Company’s 10% Senior Secured Promissory Notes due January 24,
2010.
“Affiliate”
means
any Person controlling, controlled by, or under common control with the
referenced Person. “Control” for this definition means the power to direct the
management and policies of a Person, directly or indirectly, whether through
the
ownership of voting securities, by contract, or otherwise. The terms
“controlling” and “controlled” have meanings correlative to the definition of
“control.”
“Bankruptcy
Law”
means
Title 11 of the U.S. Code or any similar federal or state law
for the
relief of debtors.
“Business
Day”
means a
day that is not a Legal Holiday.
“Common
Stock”
means
the common stock of the Company, par value $.01 per share.
“Collateral”
shall
have the meaning given to that term in the Security Agreement.
“Company”
means
Xxxxxxxxx Mobile Fueling, Inc., a Florida corporation.
“Custodian”
means
any receiver, trustee, assignee, liquidator or similar official under any
Bankruptcy Law.
“Debt”
means,
with respect to any Person, (a) any obligation of such Person to pay
the
principal of, premium of, if any, interest on (including interest accruing
on or
after the filing of any petition in bankruptcy or for reorganization relating
to
the Company, whether or not a claim for such post-petition interest is allowed
in such proceeding), penalties, reimbursement or indemnification amounts,
fees,
expenses or other amounts relating to any indebtedness, and any other liability,
contingent or otherwise, of such Person (i) for borrowed money (including
instances where the recourse of the lender is to the whole of the assets
of such
Person or to a portion thereof), (ii) evidenced by a note, debenture
or
similar instrument (including a purchase money obligation) including securities,
(iii) for any letter of credit or performance bond in favor of such
Person,
or (iv) for the payment of money relating to a capitalized lease
obligation; (b) any liability of others of the kind described in the
preceding clause (a), which the Person has guaranteed or which is
otherwise
its legal liability; (c) any obligation of the type described in
clauses (a) and (b) secured by a lien to which the property or assets
of
such Person are subject, whether or not the obligations secured thereby shall
have been assumed by or shall otherwise be such Person’s legal liability; and
(d) any and all deferrals, renewals, extensions and refunding of,
or
amendments, modifications or supplements to, any liability of the kind described
in any of the preceding clauses (a), (b) or (c).
“Default”
means
any event that is, or after notice or passage of time would be, an Event
of
Default.
“Distribution”
in any
Proceeding means any payment or distribution of assets or securities of the
Company of any kind or character from any source, whether in cash, securities
or
other property made by the Company, custodian, liquidating trustee or agent
or
any other person whether pursuant to a plan or otherwise.
“Event
of Default”
shall
be as defined in the Note.
“Exchange
Act”
means
the Securities Exchange Act of 1934, as amended.
“Holder”
means a
Person in whose name a Note is registered.
“Indenture”
means
this Indenture as amended from time to time.
A
“Legal
Holiday”
is a
Saturday, a Sunday or a day on which banking institutions are not required
to be
open. If a payment date is a Legal Holiday at a place of payment, payment
may be
made at that place on the next succeeding day that is not a Legal Holiday,
and
no interest shall accrue for the intervening period.
“Notes”
means
the 10% Senior Secured Promissory Notes due August 31, 2010 held by a Holder,
in
substantially the form attached as Exhibit
A
hereto.
“Officer”
means
the President, any Vice President, the Treasurer, the Secretary, any Assistant
Treasurer or any Assistant Secretary of the Company.
“Person”
means
any individual, corporation, partnership, joint venture, association, limited
liability company, joint stock company, trust, unincorporated organization
or
government or other agency or political subdivision thereof.
“Proceeding”
means a
liquidation, dissolution, bankruptcy, insolvency, reorganization, receivership,
or similar proceeding under Bankruptcy Law, an assignment for the benefit
of
creditors, any marshalling of assets or liabilities, or winding up or
dissolution, but does not include any transaction permitted by, and made
in
compliance with, Article 5.
“SEC”
means
the United States Securities and Exchange Commission.
2
“Securities
Purchase Agreement”
means
the Securities Purchase Agreement by and between the Company and the Purchasers
(as defined therein), dated the date hereof.
“Security
Agreement”
means
the Security Agreement dated of even date herewith between the Company and
Trustee.
“Senior
Debt”
means
debt of the Company whenever incurred, outstanding at any time, which expressly
states by its terms that it is senior in right of payment to the Notes,
including, but not limited to, the debt evidenced under the Wachovia Agreements;
provided,
however,
that
Debt held by the Company or any Affiliate of the Company is not deemed to
be
Senior Debt; provided,
further,
that
the obligations under the 2003 Notes, the 2005 Notes and the related indentures
are not deemed to be Senior Debt for any purpose hereunder.
“Senior
Debt Default Notice”
means
any notice of a default (other than a Senior Debt Payment Default) that permits
the holders of any Senior Debt to declare such Senior Debt due and
payable.
“Senior
Debt Payment Default”
means a
default in the payment of any principal of or interest on any Senior
Debt.
“TIA”
means
the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb), as
amended from time to time.
“Trustee”
means
[______________________, a ___________ corporation].
“U.S.
Government Obligations”
means
securities that are direct, noncallable, nonredeemable obligations of, or
noncallable, nonredeemable obligations guaranteed by, the United States for
the
timely payment of which obligation or guarantee the full faith and credit
of the
United States is pledged, or funds consisting solely of those securities,
including funds managed by Trustee or one of its Affiliates (including funds
for
which it or its Affiliates receives fees in connection with such
management).
“Wachovia”
means
Wachovia Bank, National Association, successor by merger to Congress Financial
Corporation (Florida).
“Wachovia
Agreements”
means,
collectively, the Loan and Security Agreement by and between the Company
and
Wachovia dated September 26, 2002 and the loan documents referenced therein,
together with all amendments thereto.
1.2 Other
Definitions.
Term
|
Defined
in Section
|
“EBITDA”
|
5.1
|
“Notice”
|
11.1
|
“Paying
Agent”
|
2.3
|
“Registrar”
|
2.3
|
“Total
Debt”
|
5.1
|
“Total
Debt Ratio”
|
5.1
|
3
1.3 Rules
of Construction.
Unless
the context otherwise requires:
(a) a
term
defined in Section 1.1
or
Section 1.2
has the
meaning assigned to it in those Sections;
(b) an
accounting term not otherwise defined has the meaning assigned to that term
in
accordance with generally accepted accounting principles in the United
States;
(c) the
word
“or” is not exclusive;
(d) a
word in
the singular includes the plural, and a word in the plural includes the
singular;
(e) provisions
apply to successive events and transactions; and
(f) the
word
“including” means including without limitation.
ARTICLE
II
THE
SECURITIES
2.1 Form
and Dating.
The
Notes will be substantially in the form attached hereto as Exhibit A,
the
terms of which are incorporated by reference in, and expressly made a part
of,
this Indenture. The Notes may have notations, legends, or endorsements required
by law, national stock exchange rule, automated quotation system, an agreement
to which the Company is subject, or usage. Each Note will be dated the date
of
its issuance.
2.2 Agents.
(a) The
Company will maintain an office or agency where Notes may be presented for
registration of transfer or for exchange (the “Registrar”)
and
where Notes may be presented for payment (the “Paying
Agent”).
The
Registrar will keep a register of the Notes and of their transfer and
exchange.
(b) The
Company may appoint more than one Registrar or Paying Agent. The Company
will
notify Trustee of the name and address of any Registrar or Paying Agent not
a
party to this Indenture. If the Company does not appoint another Registrar
or
Paying Agent, the Company will act in that capacity.
2.3 Paying
Agent and Trustee to Hold Money in Trust. On
or
prior to the due date for each payment of the principal and/or interest on
any
Note, the Company will deposit with the Paying Agent, or the Company or its
Affiliate will segregate and hold in a separate trust fund, a sum sufficient
to
pay such payment. If the Company is not the Paying Agent, then the Company
will
require each Paying Agent, other than Trustee, to agree in writing that such
Paying Agent will hold such sums in trust for the benefit of Holders. If
Trustee
receives any proceeds from the Collateral, which payment is not required
by the
Security Agreement to be applied to the purchase of replacement Collateral,
then
Trustee shall hold such amounts in trust until Trustee delivers such amounts
to
the Paying Agent on or prior to the due date for the next payment of the
principal and/or interest on any Note, and such amounts shall be used to
fund,
in whole or in part, such payment, reducing the amount required to be paid
by
the Company to fund such payment. If Trustee receives any funds representing
the
proceeds of casualty or similar insurance on the Collateral, Trustee shall,
in
collaboration with the Company, cause such funds to be applied to the purchase
of replacement Collateral, or repairs to existing Collateral, as the Company
shall, in its discretion, elect. If and to the extent that the Company elects
not to apply any such insurance proceeds to the purchase of replacement
Collateral or the repair of existing Collateral, then the Trustee shall hold
such amounts in trust until Trustee delivers such amounts to the Paying Agent
on
or prior to the due date for the next payment of the principal and/or interest
on any Note, and such amounts shall be used to fund, in whole or in part,
such
payment reducing the amount required to be paid by the Company to fund such
payment. The Paying Agent will notify the Holders and Trustee of any Default
by
the Company in making any deposit required under this Section
2.3.
During
the continuation of any such Default, the Company may require the Paying
Agent
to transfer all sums held by the Paying Agent to Trustee and to account for
any
funds disbursed by the Paying Agent. Upon complying with this Section
2.3,
the
Paying Agent shall have no further liability for such amounts delivered to
Trustee. If the Company or any Affiliate of the Company acts as the Paying
Agent, the Company or that Affiliate will segregate the sums held in its
capacity as the Paying Agent in a separate trust fund.
4
2.4 Holder
Lists.
The
Registrar maintain a list of the currently available names and addresses
of
Holders. The Company will furnish to Trustee, in writing at least ten (10)
Business Days before each interest payment date and at such other times as
Trustee may request, a list in such form and as of such date as Trustee may
reasonably require of the names and addresses of Holders.
2.5 Transfer
and Exchange.
(a) Each
Note
will be issued in
unregistered form
and will
be transferable only upon surrender of such Note for registration of transfer
and pursuant to the transfer restrictions noted in the Note. When a Note
is
presented to the Registrar with a request to register a transfer or to exchange
it for an equal principal amount of Notes of other denominations in accordance
with the provisions of the Note, the Registrar will register the transfer
or
make the exchange if the requirements for such transactions are met and the
Note
has not been redeemed. The Company may charge a reasonable fee for any
registration of transfer or exchange.
(b) All
notes
issued upon any transfer or exchange in accordance with the terms of this
Indenture and the Notes will evidence the same debt and be subject to the
same
terms and conditions as the Notes surrendered upon such transfer or
exchange.
2.6 Outstanding
Notes.
(a) The
Notes
“outstanding” as of any time are all of the Notes that have not been cancelled
by Trustee or delivered to Trustee for cancellation pursuant to Section 2.8.
A Note
does not cease to be outstanding because the Company or an Affiliate holds
the
Note.
5
(b) A
Note
considered paid under Section 4.1
ceases
to be outstanding and interest on that Note ceases to accrue.
2.7 Treasury
Notes Disregarded for Certain Purposes.
In
determining whether the Holders of the required principal amount of Notes
have
concurred in any direction, waiver, or consent, any Notes owned by the Company
or an Affiliate will be disregarded and deemed not to be outstanding, except
that, for the purposes of determining whether Trustee will be protected in
relying on any such direction, waiver, or consent, only Notes which Trustee
knows are owned by the Company or an Affiliate will be disregarded. Notes
owned
by the Company or Affiliate that have been pledged in good faith will not
be
disregarded if the pledgee establishes to the satisfaction of Trustee the
pledgee’s right to deliver any direction, waiver, or consent with respect to the
Notes and that the pledgee is not the Company or any other obligor upon the
Notes or any Affiliate of the Company or of that other obligor.
2.8 Cancellation.
The
Company at any time may deliver Notes to Trustee for cancellation. The Paying
Agent will forward to Trustee any Notes surrendered to the Paying Agent for
payment. The Trustee will cancel all Notes surrendered for registration of
transfer, exchange, payment or cancellation and will dispose of canceled
Notes
according to Trustee’s standard procedures or as the Company otherwise directs.
The Company will not issue new Notes to replace Notes that (a) the Company
has
paid or (b) have been delivered to Trustee for cancellation.
ARTICLE
III
REDEMPTION
3.1 Notice
to Trustee.
(a) If
the
Company elects to redeem a Note pursuant to any optional redemption provisions
of such Note, the Company will notify Trustee of the redemption in accordance
with the terms and conditions set forth in the Note.
(b) The
Company shall give the notice provided for in this Section
3.1
at least
forty-five (45) days (unless both Wachovia and Trustee agree in writing to
a
shorter period) but not more than sixty (60) days before a redemption date,
which notice shall specify the redemption date, the amount of principal due
on
the Note to be redeemed and the provisions of the Note pursuant to which
the
Company elects to redeem such Securities.
3.2 Selection
of Notes to be Redeemed.
If less
than all the Notes are to be redeemed, Trustee will select the Notes to be
redeemed in a manner it deems fair and appropriate, which may include selection
pro rata or by lot. Trustee will make such selection from all outstanding
Notes
that have not been previously called for redemption. Provisions of this
Indenture that apply to Notes called for redemption also apply to portions
of
Notes called for redemption.
3.3 Notice
of Redemption.
The
Company will send a notice of redemption to each Holder whose Note is to
be
redeemed in accordance with the terms and conditions set forth in the
Note.
6
3.4 Deposit
of Redemption Price.
On or
before the redemption date, the Company will deposit with the Paying Agent
(or,
if the Company or any Affiliate is the Paying Agent, will segregate and hold
in
trust) the amounts sufficient to pay the redemption price of the Notes being
redeemed together with all accrued interest thereon.
3.5 Notes
Redeemed in Part.
Upon
surrender of a Note that is redeemed in part, the Company will deliver to
the
Holder, at the Company’s expense, a new Note equal in principal amount to the
unredeemed portion of the redeemed Note.
ARTICLE
IV
COVENANTS
4.1 Payment
of Notes.
(a) The
Company will pay the principal of, and interest on, the Notes on the dates
and
in the manner provided in the Notes and this Indenture. Principal and interest
will be considered paid on the date due if the requisite amounts (i) are
paid to
the Holders prior to or on such due date if the Paying Agent is the Company
or
its Affiliate, or (ii) are deposited with the Paying Agent prior to or on
such
due date if the Paying Agent is not the Company or its Affiliate.
(b) The
Company will pay interest on overdue principal and unpaid interest in accordance
with the terms of, and at the rate prescribed in, the Notes.
4.2 SEC
Reports.
From
the date hereof until such time as all Notes have been paid in full, the
Company
will provide Trustee with copies of the annual reports and of the information,
documents and other reports which the Company is required to file with the
SEC
pursuant to Section 13 or 15(d) of the Exchange Act. In the event
the
Company is no longer a reporting company with the SEC, the Company will provide
Trustee with copies of the information and financial statements that would
be
required to be included in Forms 10-K and 10-Q at such times that any such
form
would be required to be filed with the SEC if the Company were a reporting
company. The Company will also make available copies of any quarterly and
annual
reports that the Company makes available to its stockholders. Delivery of
such
reports, information, documents, and other reports to Trustee is for
informational purposes only and Trustee’s receipt of such reports will not
constitute notice or constructive notice of any information contained in
such
reports or determinable from information contained in such reports, including
the Company’s compliance with any of covenants contained in this
Indenture.
4.3 Compliance
Certificate.
The
Company will deliver to Trustee, within one hundred and five (105) days after
the end of each fiscal year of the Company, a certificate signed by the chief
executive officer, chief financial officer or principal accounting officer
of
the Company, as to such officer’s knowledge of the Company’s compliance with all
conditions and covenants contained in this Indenture and the Note (determined
without regard to any period of grace or requirement of notice provided in
this
Indenture).
4.4 Notice
of Certain Events.
The
Company shall give prompt written notice to Trustee, each Holder and any
Paying
Agent of (a) any Proceeding, (b) any Default or Event of Default,
(c) any cure or waiver of any Default or Event of Default, (d) any
Senior Debt Payment Default or Senior Debt Default Notice, and (e) the
listing of any of the Notes on any national stock exchange.
7
ARTICLE
V
SUCCESSORS
5.1 When
Company May Merge, etc.
(a) Without
the consent in writing of the Holders of at least sixty-six and 2/3 percent
(662/3%)
of the
principal amount of outstanding Notes, the Company will not consolidate or
merge
with or into, or transfer all or substantially all of its assets to, or acquire
all or substantially all of the assets of, any Person, unless:
(i) either:
(A) the
Company will be the resulting or surviving entity; or
(B) that
Person (1) is a corporation organized and existing under the laws of the
United
States, a State of the United States or the District of Columbia and (2)
assumes
by supplemental indenture all the obligations of the Company under the Notes
and
this Indenture;
(ii) the
ratio
of Total Debt divided by EBITDA (the “Total
Debt Ratio”)
is
equal to or less than 4.0;
(iii) immediately
before and immediately after the transaction no Default exists;
(iv) Xxxxxxx
X. Xxxxxxxxx remains as Chief Executive Officer of the Company; and
(v) prior
to
the proposed transaction, the Company delivers to Trustee an Officer’s
Certificate and an Opinion of Counsel, each of which will state that such
consolidation, merger, or transfer and the supplemental indenture comply
with
this Article 4
and that
the Company has complied with all conditions precedent in this Indenture
and
relating to this transaction.
(b) As
used
in this Section
5.1,
“Total
Debt”
means
all Debt of the Company, including all subordinated debt but excluding the
Senior Debt, accounts payable and accrued liabilities incurred in the ordinary
course of business.
(c) As
used
in this Section
5.1,
“EBITDA”
means
earnings before interest, taxes, depreciation and amortization calculated
on an
annualized basis based on the twelve (12) months preceding the month in which
such transaction occurs.
5.2 Successor
Corporation Substituted.
Upon
any consolidation, merger, or any transfer of all or substantially all of
the
assets of the Company in accordance with Section 5.1,
the
successor corporation formed by such consolidation or into which the Company
is
merged or to which such transfer is made, will succeed to, and be substituted
for, and may exercise every right and power of, the Company under this Indenture
and the Notes with the same effect as if that successor had been named as
the
Company in this Indenture and in the Notes. In the event of any such transfer,
the predecessor Company shall be released and discharged from all liabilities
and obligations in respect of the Notes and the Indenture, and the predecessor
Company may be dissolved, wound up or liquidated at any time
thereafter.
8
ARTICLE
VI
DEFAULTS
AND REMEDIES
6.1 Acceleration.
Upon
the occurrence and during the continuation of an Event of Default, all
outstanding principal and accrued and unpaid interest on the Notes will be
immediately due and payable.
6.2 Notice
of Defaults.
If a
continuing Default is known to Trustee, Trustee will mail to the Holders
a
notice of the Default no later than thirty (30) days after it receives knowledge
of such Default. Except in the case of a Default in the payment of any amounts
of principal or interest due on any Note, Trustee may withhold the notice
if and
so long as Trustee in good faith determines that withholding the notice is
in
the interests of the Holders. Trustee
shall mail to Holders any notice it receives from the Holder(s) under
Section 6.5,
and of
any notice Trustee provides pursuant to Section 6.5(c)(i).
6.3 Other
Remedies.
(a) If
an
Event of Default occurs and is continuing, Trustee may pursue any available
remedy to collect the payment of principal or interest on the Notes or to
enforce the performance of any provision of the Notes, this Indenture or
the
Security Agreement.
(b) The
Trustee may maintain a proceeding under Section
6.2(a)
even if
the Trustee does not possess any of the Notes or does not produce any of
them in
the Proceeding. A delay or omission by Trustee or any Holder in exercising
any
right or remedy accruing upon an Event of Default will not impair the right
or
remedy or constitute a waiver of or acquiescence in the Event of Default.
All
remedies are cumulative to the extent permitted by law.
6.4 Control
by Two-Thirds Majority.
The
Holders of at least sixty-six and 2/3 percent (662/3%)
of the
principal amount of outstanding Notes may direct the time, method, and place
of
conducting any Proceeding for any remedy available to Trustee or exercising
any
trust or power conferred on Trustee. The Trustee, however, may refuse to
follow
any direction that conflicts with law or this Indenture, is unduly prejudicial
to the rights of other Holders, or would involve Trustee in personal liability
or expense for which Trustee has not received an indemnity reasonably
satisfactory to Trustee.
6.5 Limitation
on Suits.
(a) A
Holder
may pursue a remedy with respect to this Indenture or the Holder’s Note only
if:
9
(i) Trustee
has notice of an Event of Default;
(ii) Holders
of at least twenty-five
percent (25%)
in
principal amount of the Notes make a written request to Trustee to pursue
the
remedy;
(iii) Trustee
either (A) gives to such Holders notice that Trustee will not comply
with
such request, or (B) does not comply with such request within fifteen
(15) days
after receipt of the request from such Holders; and
(iv) Holders
of more than sixty-six and 2/3 percent (662/3%)
of the
principal amount of the Notes do not give Trustee written notice inconsistent
with the request delivered under Section
6.5(a)(ii)
prior to
the earlier of (A) the date on which Trustee delivers a notice under
Section 6.5(a)(iii)(A)
or (B)
the expiration of the period described in Section 6.5(a)(iii)(B).
(b) A
Holder
may not use this Indenture to prejudice the rights of another Holder or to
obtain a preference or priority over another Holder.
6.6 Rights
of Holders To Receive Payment.
(a) Notwithstanding
any other provision of this Indenture, the right of any Holder of a Note
to
receive payment of principal and interest on the Note, on or after the
respective due dates expressed in the Note, or to bring suit for the enforcement
of any such payment on or after such respective dates, will not be impaired
or
affected without the consent of the Holder.
(b) Nothing
in this Indenture limits or defers the right or ability of any Holder to
petition for commencement of a case pertaining to the Company under applicable
Bankruptcy Law.
6.7 Priorities.
(a) After
an
Event of Default, any money or other property distributable in respect of
the
Company’s obligations under this Indenture will be paid in the following
order:
(i) first,
to
Trustee (including any predecessor Trustee) for amounts due under Section
8.6;
(ii) second,
to
holders of Senior Debt to the extent required by Article 11;
(iii) third,
to
Holders for amounts due and unpaid on the Notes for principal and interest,
ratably, without preference or priority of any kind, according to the amounts
due and payable on the Notes for principal and interest, respectively;
and
(iv) fourth,
to
the
Company.
(b) The
Trustee may fix a record date and payment date for any payment to
Holders.
10
6.8 Undertaking
for Costs.
In any
suit for the enforcement of any right or remedy under this Indenture or the
Notes or in any suit against Trustee for any action taken or omitted by it
as
Trustee, a court in its discretion may require the filing by any party litigant
in the suit of an undertaking to pay the costs of the suit, and the court
in its
discretion may assess reasonable costs, including reasonable attorneys’ fees,
against any party litigant in the suit, having due regard to the merits and
good
faith of the claims or defenses made by the party litigant. This Section
will
not apply to a suit by Trustee, a suit by a Holder pursuant to Section 6.6,
or a
suit by Holders of more than ten percent (10%) in principal amount of the
Notes.
6.9 Proof
of Claim.
In the
event of any Proceeding, Trustee may file a claim for the unpaid balance
of the
Notes in the form required in the Proceeding and cause the claim to be approved
or allowed. Nothing contained in this Indenture will be deemed to authorize
Trustee to authorize or consent to, or accept or adopt on behalf of, any
Holder
any plan of reorganization, arrangement, adjustment, or composition affecting
the Notes or the rights of any Holder, or to authorize Trustee to vote in
respect of the claim of any Holder in any Proceeding.
6.10 Actions
of a Holder.
For the
purpose of providing any consent, waiver or instruction to the Company or
Trustee, a “Holder” shall include a Person who provides to the Company or
Trustee, as the case may be, an affidavit of beneficial ownership of a Note
together with a satisfactory indemnity against any loss, liability, or expense
to that party, to the extent that such party acts upon such affidavit of
beneficial ownership, including any consent, waiver or instructions given
by a
Person providing such affidavit and indemnity.
ARTICLE
VII
OTHER
DISTRIBUTIONS
7.1 Priorities.
(a) Upon
a
full or partial sale of Collateral pursuant to the terms of the Security
Agreement, Trustee will hold the proceeds thereof in a separate account for
the
benefit of Holders in kind, and any money or other property distributable
in
respect of the Company’s obligations under this Indenture will be paid in the
following order:
(i) first,
to
Trustee (including any predecessor Trustee) for amounts due under Section
9.6;
(ii) second,
to
holders of Senior Debt to the extent required by Article 11;
(iii) third,
to
Holders for amounts due and unpaid on the Notes for Principal and interest,
ratably, without preference or priority of any kind, according to the amounts
due and payable on the Notes for Principal and interest, respectively;
and
(iv) fourth,
to
the
Company.
11
(b) Any
money
or other property distributable arising out of foreclosure proceedings brought
against the Company and distributable in respect of the Company’s obligations
under this Indenture will be paid in the order noted in Section
7.1(a)
above.
(c) The
Trustee may fix a record date and payment date for any payment to Holders
pursuant to this Article
7.
ARTICLE
VIII
TRUSTEE
8.1 Duties
of Trustee.
(a) If
an
Event of Default has occurred and is continuing, Trustee will exercise those
rights and powers vested in it by the Indenture, the Notes and the Security
Agreement, and use the same degree of care and skill in their exercise, as
a
prudent person would exercise or use under the circumstances in the conduct
of
its own affairs, including the exercise of the remedies set forth in this
Indenture and the Note.
(b) Except
during the continuance of an Event of Default:
(i) The
Trustee need perform only those duties that are specifically set forth in
this
Indenture, the Notes and the Security Agreement.
(ii) In
the
absence of bad faith on its part, Trustee may conclusively rely upon
certificates or opinions furnished to Trustee and conforming to the requirements
of this Indenture, as to the truth of the statements and the correctness
of the
opinions expressed in those certificates and opinions. However, Trustee will
examine the certificates and opinions to determine whether or not the
certificates and opinions conform to the requirements of this
Indenture.
(c) The
Trustee may not be relieved from liability for its own negligent action,
its own
negligent failure to act or its own willful misconduct, except
that:
(i) This
paragraph does not limit the effect of Section
8.1(b).
(ii) Trustee
will not be liable for any error of judgment made in good faith by a Trustee
or
by any agent, employee or affiliate of Trustee, unless a court of competent
jurisdiction finds that Trustee was negligent in ascertaining the pertinent
facts.
(iii) Trustee
will not be liable with respect to any action Trustee takes or omits to take
in
good faith in accordance with a direction received by Trustee pursuant to
Section
2.3
or
Section 6.4.
(iv) Trustee
may refuse to perform any duty or exercise any right or power which would
require Trustee to expend its own funds or risk any liability if Trustee
reasonably believes that repayment of such funds or adequate indemnity against
that risk is not reasonably assured to Trustee.
12
(d) Every
provision of this Indenture that in any way relates to Trustee is subject
to
Section
8.1(a),
(b)
and
(c).
(e) The
Trustee will not be liable for interest on any money received by Trustee,
except
as Trustee may agree with the Company. The Trustee is not required to segregate
money in trust from other funds, except to the extent required by this Indenture
or as may be otherwise required by law.
8.2 Rights
of Trustee.
(a) Except
as
set forth in Section
8.1(b),
the
Trustee may rely on any document believed by Trustee to be genuine and to
have
been signed or presented by the proper Person. The Trustee is not required
to
investigate any fact or matter stated in the document.
(b) Before
Trustee acts or refrains from acting, Trustee may require a certificate from
an
Officer of the Company or an opinion of counsel. The Trustee shall not be
liable
for any action it takes or omits to take in good faith in reliance on such
certificate or opinion. The Trustee may also consult with counsel on any
matter
relating to this Indenture or the Notes. The Trustee shall not be liable
for any
action Trustee takes or omits to take in good faith in reliance on the advice
of
counsel.
(c) The
Trustee may act through agents and will not be responsible for the misconduct
or
negligence of any agent appointed with due care.
(d) The
Trustee will not be liable for any action Trustee takes or omits to take
in good
faith which Trustee believes to be authorized or within Trustee’s rights or
powers.
(e) Trustee
will only be charged with knowledge of agents, officers, employees or other
affiliates of Trustee.
8.3 Individual
Rights of Trustee; Disqualification.
Trustee
in its individual or any other capacity may become the owner or pledgee of
Notes
and may otherwise deal with the Company or an Affiliate with the same rights
Trustee would have if it were not Trustee.
8.4 Trustee’s
Disclaimer.
Trustee
will have no responsibility for the validity or adequacy of this Indenture,
the
Security Agreement or the Notes. The Trustee will not be accountable for
the
Company’s use of the proceeds from the Notes. The Trustee will not be
responsible for the accuracy or completeness of any statement of fact in
the
Security Agreement or the Notes.
8.5 Compensation
and Indemnity.
(a) The
Company will pay to Trustee from time to time reasonable compensation for
Trustee’s services. The Trustee’s compensation will not be limited by any law on
compensation of a trustee of an express trust. The Company will reimburse
Trustee upon request for all reasonable out-of-pocket expenses incurred by
Trustee. Those expenses will include the reasonable compensation and
out-of-pocket expenses of Trustee’s agents and counsel.
13
(b) The
Company will indemnify Trustee against any loss, liability or expense incurred
by Trustee. The Trustee will notify the Company promptly of any claim for
which
Trustee may seek indemnity. The Company shall defend the claim and Trustee
shall
cooperate in the defense. The Trustee may have separate counsel and the Company
will pay the reasonable fees and expenses of such counsel. The Company need
not
pay for any settlement made without the Company’s consent, which consent shall
not unreasonably be withheld.
(c) The
Company need not reimburse any expense or indemnify against any loss or
liability incurred by Trustee through gross negligence, willful misconduct,
or
bad faith.
(d) To
secure
the Company’s payment obligations in this Section
8.5,
Trustee
will have a lien prior to the Notes on all money or property held or collected
by Trustee, except any money held in trust to pay principal and interest
on any
Note(s).
(e) Without
prejudice to its rights under this Indenture, when Trustee incurs expenses
or
renders services after an Event of Default relating to the following, the
expenses and the compensation for the services are intended to constitute
expenses of administration under any Bankruptcy Law when:
(i) the
Company pursuant to, or within the meaning of, any Bankruptcy Law:
(A) commences
a voluntary case;
(B) consents
to the entry of an order for relief against the Company in an involuntary
case;
(C) consents
to the appointment of a Custodian of the Company or for all or substantially
all
of the Company’s property; or
(D) makes
a
general assignment for the benefit of the Company’s creditors; or
(ii) a
court
of competent jurisdiction enters an order or decree under any Bankruptcy
Law
that:
(A) is
for
relief against the Company in an involuntary case,
(B) appoints
a Custodian of the Company or for all or substantially all of the Company’s
property, or
(C) orders
the liquidation of the Company, and the order or decree remains unstayed
and in
effect for sixty (60) days.
14
8.6 Replacement
of Trustee.
(a) A
resignation or removal of Trustee and appointment of a successor Trustee
will
become effective only upon the successor Trustee’s acceptance of appointment as
provided in this Section
9.6.
(b) The
Trustee may resign by notifying the Company. The Holders of at least sixty-six
and 2/3 percent (662/3%)
of the
principal amount of outstanding Notes may remove Trustee by notifying Trustee
and the Company. The Company may remove Trustee if:
(i) Trustee
fails to comply with Section 8.7;
(ii) Trustee
is adjudged bankrupt or insolvent;
(iii) a
receiver or public officer takes charge of Trustee or its property;
or
(iv) Trustee
becomes incapable of acting.
(c) If
Trustee resigns or is removed or if a vacancy exists in the office of Trustee
for any reason, the Company will promptly appoint a successor
Trustee.
(d) If
a
successor Trustee is not appointed and does not take office within thirty
(30)
days after the retiring Trustee resigns or is removed, the retiring Trustee
may
appoint a successor Trustee at any time prior to the date on which a successor
Trustee takes office. If a successor Trustee does not take office within
forty-five (45) days after the retiring Trustee resigns or is removed, the
retiring Trustee, the Company or, subject to Section 6.8,
any
Holder may petition any court of competent jurisdiction for the appointment
of a
successor Trustee.
(e) If
Trustee fails to comply with Section 8.7,
any
Holder may petition any court of competent jurisdiction for the removal of
Trustee and the appointment of a successor Trustee. Within one (1) year after
a
successor Trustee appointed by the Company or a court pursuant to this
Section 8.6
takes
office, the Holders of at least sixty-six and 2/3 percent (662/3%)
of the
principal amount of outstanding Notes may appoint a successor Trustee to
replace
such successor Trustee.
(f) A
successor Trustee will deliver a written acceptance of the appointment to
the
retiring Trustee and to the Company. Upon receipt of the acceptance by the
Company, the resignation or removal of the retiring Trustee will become
effective, and the successor Trustee will have all the rights, powers, and
duties of Trustee under this Indenture. The successor Trustee shall mail
a
notice of its succession to the Holders. The retiring Trustee will promptly
transfer all property held by that retiring Trustee as Trustee to the successor
Trustee, subject to the lien provided for in Section
8.5.
8.7 Successor
Trustee by Merger, etc.
If
Trustee consolidates, merges or converts into, or transfers all or substantially
all of its corporate trust business to, another corporation, the successor
corporation without any further act will be the successor Trustee.
15
ARTICLE
IX
SATISFACTION
AND DISCHARGE
9.1 Satisfaction
and Discharge of Indenture.
(a) This
Indenture shall cease to be of further effect (except as to any surviving
rights
of conversion, registration of transfer or exchange of Notes expressly provided
for herein), and Trustee, on demand of and at expense of the Company, shall
execute proper instruments acknowledging satisfaction and discharge of this
Indenture, when
(i) Either
(A) all
Notes
theretofore delivered (other than Notes for whose payment money has theretofore
been deposited in trust or segregated and held in trust by the Company and
thereafter repaid to the Company or discharged from such trust, as provided
in
Section 9.4)
have
been delivered to Trustee for cancellation; or
(B) all
such
Notes not theretofore delivered to Trustee for cancellation (i) have become
due
and payable, (ii) will become due and payable at their stated maturity within
one (1) year, or (iii) are to be called for redemption within one (1) year
under
arrangements satisfactory to Trustee for the giving of notice of redemption
by
Trustee in the name, and at the expense, of the Company, and the Company
has
deposited or caused to be deposited with Trustee in trust an amount of money
or
U.S. Government Obligations sufficient to pay and discharge the entire
indebtedness on such Notes not theretofore delivered to Trustee for
cancellation, for principal and interest to the date of such deposit (in
the
case of Notes which have become due and payable) or to the stated maturity
or
redemption date, as the case may be;
(ii) the
Company has paid or caused to be paid all other sums payable hereunder by
the
Company; and
(iii) the
Company has delivered to Trustee a certificate of an Officer of the Company
and
a legal opinion from Company counsel, each stating that all conditions precedent
herein relating to the satisfaction and discharge of this Indenture have
been
complied with.
(b) Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the
Company
to the Holders under Section 4.1,
to
Trustee under Section
8.5,
and, if
money or U.S. Government Obligations shall have been deposited with
Trustee
pursuant to Section
9.1(a)(i)(B)
of this
Section, the obligations of Trustee under Section 9.2
shall
survive.
9.2 Application
of Trust Funds.
The
Trustee or Paying Agent shall hold in trust, for the benefit of the Holders,
all
money and U.S. Government Obligations deposited with it (or into which
such
money and U.S. Government Obligations are reinvested) pursuant to
Section 9.1.
It
shall apply such deposited money and money from U.S. Government Obligations
in accordance with this Indenture to the payment of the principal and interest
on the Notes. Money and U.S. Government Obligations so held in trust
(a) are not subject to Article 11
and
(b) are subject to Trustee’s rights under Section
8.5.
16
9.3 Reinstatement.
If
Trustee or Paying Agent is unable to apply any money or U.S. Obligations
in
accordance with Section 9.1
by
reason of any order or judgment of any court or governmental authority
enjoining, restraining or otherwise prohibiting such application, then the
Company’s obligations under this Indenture and the Notes will be revived and
restated as though no deposit had occurred pursuant to this Article 9,
until
such time as Trustee or Paying Agent is permitted to apply all such money
or
U.S. Government Obligations in accordance with Section 9.1;
provided,
however,
that if
the Company makes any payment of principal of, or interest on, any Note
following the reinstatement of its obligations, the Company will be subrogated
to the rights of the Holders of such Notes to receive such payment from the
money or U.S. Government Obligations held by Trustee or Paying Agent
after
payment in full to the Holders.
9.4 Repayment
to Company.
(a) The
Trustee and Paying Agent shall promptly turn over to the Company upon request
any excess money or U.S. Government Obligations held by them at any
time.
All money or U.S. Government Obligations deposited with Trustee pursuant
to
Section 9.1
(and
held by it or a Paying Agent) for the payment of Notes subsequently redeemed
or
cancelled will be returned to the Company upon request.
(b) The
Trustee and the Paying Agent shall pay to the Company upon request any money
held by them for payment of principal or interest that remains unclaimed
for two
(2) years after the right to such money has matured. After payment to the
Company, Holders entitled to the money shall look to the Company for payment
as
unsecured general creditors unless an abandoned property law designates another
Person.
ARTICLE
X
AMENDMENTS
10.1 Without
Consent of Holders.
The
Company and Trustee may amend this Indenture or the Notes without the consent
of
any Holder:
(a) to
cure
any ambiguity, defect or inconsistency;
(b) to
comply
with Section 4.1;
or
(c) to
make
any change that does not adversely affect the rights of any Holder.
10.2 With
Consent of Holders.
(a) The
Company and Trustee may amend this Indenture with the written consent of
the
Holders of at least sixty-six and 2/3 percent (662/3%)
of the
principal amount of outstanding Notes. However, without the consent of each
Holder affected, an amendment under this Section may not:
(i) reduce
the amount of Notes whose Holders must consent to an amendment;
17
(ii) reduce
the interest on or change the time for payment of interest on any
Note;
(iii) reduce
the principal of or change the fixed maturity of any Note;
(iv) reduce
the premium payable upon the redemption of any Note or
change
the time at which any Note may or will be redeemed;
(v) make
any
Note payable in money other than of the type stated in the Note;
(vi) make
any
change to Section 6.5
or this
Section 10.2;
or
(vii) make
any
change to Article 11
that
adversely affects the rights of any Holder.
(b) The
consent of the Holders under this Section will not be necessary to approve
the
particular form of any proposed amendment, but will be sufficient if that
consent approves the substance of that amendment.
(c) An
amendment under this Section
10.2
may not
make any change that adversely affects the rights under Article 11
of any
Senior Debt unless the holder(s) of such Senior Debt consent(s) to the
change.
10.3 Compliance
with Trust Indenture Act and Section 12.3.
Every
amendment to this Indenture or the Notes shall comply with the TIA as then
in
effect, so long as the Indenture and Notes are subject to the TIA. The Trustee
is entitled to, and the Company will provide, an opinion of counsel and a
certificate of an Officer of the Company pursuant to Section
12.3
that
Trustee’s execution of any amendment or supplemental indenture is permitted
under this Article 10.
10.4 Revocation
and Effect of Consents and Waivers.
(a) A
consent
to an amendment or a waiver by a Holder of a Note will bind the Holder and
every
subsequent Holder of that Note or portion of the Note that evidences the
same
debt as the consenting Holder’s Note, even if a notation of the consent or
waiver is not made on the Note.
(b) The
Company may, but shall not be obligated to, fix a record date for the purpose
of
determining the Holders entitled to give their consent or take any other
action
described above or required or permitted to be taken pursuant to this Indenture.
If a record date is fixed, then notwithstanding the immediately preceding
paragraph, those Persons who were Holders at such record date (or their duly
designated proxies), and only those Persons, will be entitled to give such
consent or to revoke any consent previously given or take any such action,
whether or not such Persons continue to be Holders after such record date.
No
consent will be valid or effective for more than one hundred twenty (120)
days
after the record date.
18
10.5 Notice
of Amendment; Notation on or Exchange of Notes.
(a) After
any
amendment under this Article
10
becomes
effective, the Company will mail to the Holders a notice briefly describing
that
amendment. The failure to give notice to all Holders, or any defect in that
notice, will not impair or affect the validity of an amendment under this
Article
10.
(b) The
Company or Trustee may place an appropriate notation about an amendment or
waiver on any Note issued after the date of that amendment or waiver. The
Company may issue in exchange for affected Notes new Notes that reflect the
amendment or waiver.
10.6 Trustee
Protected.
The
Trustee need not sign any supplemental indenture that adversely affects that
Trustee’s rights.
ARTICLE
XI
SUBORDINATION
11.1 Notes
Subordinated to Senior Debt.
Except
for the rights of Holders to the Collateral described in the Security Agreement,
which is a first priority security interest in such Collateral, the rights
of
Holders to payment of the principal of and interest on the Notes is subordinated
to the rights of holders of Senior Debt, to the extent and in the manner
provided in this Article 11
and the
Notes.
11.2 Notes
Subordinated in Any Proceeding.
In the
event that any Distribution in any Proceeding is received by Trustee before
all
Senior Debt is paid in full, such Distribution will be applied by Trustee
in
accordance with this Article 11.
As used
in this Article
11,
“Trustee” includes any Paying Agent.
11.3 No
Payment on Notes in Certain Circumstances.
(a) The
Company shall not, directly or indirectly (other than in capital stock of
the
Company) pay any principal of or interest on, redeem, defease or repurchase
the
Notes except as provided in the Notes.
(b) If
any
Distribution, payment or deposit to redeem, defease or acquire any of the
Notes
shall have been received by Trustee at a time when such Distribution was
prohibited by the provisions of Section 11.3(a),
then,
unless such Distribution is no longer prohibited by Section 11.3(a),
such
Distribution will be received and applied by Trustee for the benefit of the
holders of Senior Debt, and will be paid or delivered by Trustee to the holders
of Senior Debt for application to the payment of all Senior Debt, pursuant
to
the terms of the Notes and (i) the Wachovia Agreements, in the case of Wachovia,
and (ii) the applicable Senior Debt agreement(s), in the case of other holders
of Senior Debt.
11.4 Obligations
of the Company Unconditional.
Nothing
in this Indenture is intended to or shall impair, as between the Company
and the
Holders, the obligation of the Company, which is absolute and unconditional,
to
pay to the Holders the principal of and interest on the Notes as and when
the
same will become due and payable in accordance with their terms, or is intended
to or shall affect the relative rights of the Holders and creditors of the
Company, other than the holders of Senior Debt. If the Company fails because
of
this Article
11
to pay
principal of or interest on a Note on the due date, the failure is still
a
Default. Upon any Distribution, Trustee and the Holders will be entitled
to rely
upon any order or decree made by any court of competent jurisdiction in which
the Proceeding is pending, or a certificate of the liquidating trustee or
agent
or other Person making any Distribution for the purpose of ascertaining the
Persons entitled to participate in such Distribution, the holders of Senior
Debt
and other Debt of the Company, the amount thereof or payable thereon, the
amount
or amounts paid or distributed thereon and all other facts pertinent thereto
or
to this Article
11.
19
11.5 Trustee
Entitled to Assume Payments Not Prohibited in Absence of Notice. The
Trustee shall not at any time be charged with knowledge of the existence
of any
facts which would prohibit the making of any payment to or by Trustee, unless
and until Trustee shall have received, no later than three (3) Business Day(s)
prior to such payment, written notice thereof from the Company or from one
or
more holders of Senior Debt (or shall have expressly declared in writing
actual
knowledge of such fact) and, prior to the receipt of any such written notice
(or
the existence of such declaration), Trustee will be entitled in all respects
conclusively to presume that no such fact exists. Unless Trustee shall have
received the notice provided for in the preceding sentence or shall have
expressly declared in writing actual knowledge of such fact, Trustee shall
have
full power and authority to receive such payment and to apply the same to
the
purpose for which it was received, and shall not be affected by any notice
to
the contrary which may be received by it on or after such date. The foregoing
shall not apply to the Company or any of its Affiliates acting as Paying
Agent.
11.6 Satisfaction
and Discharge.
Amounts
deposited in trust with Trustee pursuant to and in accordance with Article
9
and not
prohibited to be deposited under Section 11.3(a)
when
deposited shall not be subject to this Article 11.
11.7 Subordination
Rights Not Impaired by Acts or Omissions of the Company or Holders of Senior
Debt.
No
right of any holder of any Senior Debt established in this Article 11
shall at
any time or in any way be prejudiced or impaired by any act or failure to
act on
the part of the Company or by any act or failure to act, in good faith, by
any
such holder, or by any failure by the Company to comply with the terms of
this
Indenture.
11.8 No
Fiduciary Duty of Trustee or Holders to Holders of Senior Debt.
Neither
Trustee nor the Holders owes any fiduciary duty to the holders of Senior
Debt.
Neither Trustee nor the Holders will be liable to any holder of Senior Debt
in
the event that Trustee, acting in good faith, shall pay over or distribute
to
the Holders, the Company, or any other Person, any property to which any
holders
of Senior Debt are entitled by virtue of this Article
11
or
otherwise. Nothing contained in this Section 11.8
shall
affect the obligation of any other such Person to hold such payment for the
benefit of, and to pay such payment over to, the holders of Senior
Debt.
11.9 Trustee’s
Rights to Compensation, Reimbursement of Expenses and
Indemnification.
The
Trustee’s rights to compensation, reimbursement of expenses and indemnification
under Sections 6.6
and
8.5
are not
subordinated.
11.10 Exception
for Certain Distributions.
The
rights of holders of Senior Debt under this Article
11
do not
extend (a) to any Distribution to the extent applied to Trustee’s rights to
compensation, reimbursement of expenses or indemnification or (b) to
Distributions under any plan approved by the court in any
Proceeding.
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ARTICLE
XII
MISCELLANEOUS
12.1 Notices.
(a) Any
notice or communication is duly given if in writing and delivered in person
or
sent by first-class mail (registered or certified, return receipt requested),
facsimile or overnight air courier guaranteeing next-day delivery, addressed
as
follows:
If
to the
Company:
Xxxxxxxxx
Mobile Fueling, Inc.
000
Xxxx
Xxxxxxx Xxxxx Xxxx, Xxxxx 000
Xx.
Xxxxxxxxxx, Xxxxxxx 00000
Attn:
Xxxxxxx X. Xxxxxxxxx
Ph:
000-000-0000
Fax:
000-000-0000
If
to the
Trustee:
__________________________
__________________________
__________________________
Attention:
________________
Ph:
__________
Fax:
_________
The
Company or the Trustee by notice to the other may designate additional or
different addresses for subsequent notices or communications.
(b) All
notices and communications (other than those sent to Holders) shall be deemed
to
have been duly given: at the time delivered by hand, if personally delivered;
five (5) business days after being deposited in the mail, postage prepaid,
if
mailed; when receipt acknowledged, if faxed; and the next business day after
timely delivery to the courier, if sent by overnight air courier guaranteeing
next-day delivery.
(c) Any
notice or communication to a Holder shall be mailed by first-class mail to
such
Holder’s address shown on the register kept by the Registrar. Failure to mail a
notice or communication to a Holder or any defect in it shall not affect
its
sufficiency with respect to other Holders. If the Company mails a notice
or
communication to Holders, it shall mail a copy to the Trustee at the same
time.
(d) If
a
notice or communication is mailed in the manner provided above within the
time
prescribed, it is duly given, whether or not the addressee receives
it.
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12.2 Communication
by Holders with Other Holders.
Holders
may communicate with other Holders with respect to their rights under this
Indenture, the Note or the Securities Purchase Agreement.
12.3 Certificate
and Opinion as to Conditions Precedent.
Upon
any request or application by the Company to Trustee to take any action under
this Indenture, the Company shall furnish to Trustee:
(a) a
certificate of an Officer of the Company stating that, to the knowledge of
such
Officer, all conditions precedent, if any, provided for in this Indenture
relating to the proposed action have been complied with; and
(b) an
opinion of counsel to the Company stating that, in the opinion of such counsel,
all such conditions precedent have been complied with.
12.4 Statements
Required in Certificate or Opinion. Each
certificate or opinion with respect to compliance with a condition or covenant
provided for in this Indenture shall include:
(a) a
statement that each Person making such certificate or opinion has read such
covenant or condition;
(b) a
brief
statement as to the nature and scope of the examination or investigation
upon
which the statements or opinions contained in such certificate or opinion
are
based;
(c) a
statement that, in the opinion of such Person, the Person has made such
examination or investigation as is necessary to enable such Person to express
an
informed opinion as to whether or not such covenant or condition has been
complied with; and
(d) a
statement as to whether or not, in the opinion of such Person, such condition
or
covenant has been complied with.
12.5 Rules
by Trustee. The
Trustee may make reasonable rules for action by or a meeting of
Holders.
12.6 No
Recourse Against Others. A
director, officer, employee or stockholder, as such, of the Company shall
not
have any liability for any obligations of the Company under the Notes or
the
Indenture or for any claim based on, in respect of or by reason of such
obligations or their creation.
12.7 Variable
Provisions.
(a) The
Company will initially act as Paying Agent.
(b) The
first
certificate pursuant to Section 4.3
will be
for the fiscal year ending on June 30, 2006.
(c) The
depositary institution into which Trustee or Paying Agent deposits any funds
held under this Indenture shall always have a combined capital and surplus
of at
least $50,000,000 as set forth in its most recent published annual report
of
condition. The Trustee and Paying Agent will be deemed to be in compliance
with
the capital and surplus requirement set forth in the preceding sentence if
the
obligations of such depositary institution are guaranteed by a Person which
could otherwise qualify as such depositary institution hereunder.
22
12.8 Governing
Law. The
laws
of the State of Florida shall govern this Indenture, without regard to the
conflicts of laws of that state.
12.9 Severability.
In case
any provision in this Indenture or in the Notes shall be invalid, illegal
or
unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.
12.10 Effect
of Headings, Table of Contents, etc. The
Article and Section headings herein and the table of contents are for
convenience only and shall not affect the construction hereof.
12.11 Counterparts;
Facsimile. This
Indenture may be executed in two or more counterparts, each of which shall
be
deemed to be an original but all of which taken together shall constitute
one
agreement. Signatures to this Indenture may be transmitted by facsimile and
such
transmission shall be deemed to be an original.
12.12 Successors
and Assigns.
All
covenants and agreements of the Company in this Indenture and the Notes shall
bind its successors and assigns. All agreements of the Trustee in this Indenture
shall bind its successor.
12.13 No
Interpretation of Other Agreements.
This
Indenture may not be used to interpret another indenture, loan or debt agreement
of the Company or any Subsidiary. Any such indenture, loan or debt agreement
may
not be used to interpret this Indenture.
[Signature
page follows.]
23
IN
WITNESS WHEREOF, the parties hereto have caused this Indenture to be executed
by
their respective duly authorized officers or persons as of the date first
set
forth above.
COMPANY:
Xxxxxxxxx
Mobile Fueling, Inc.
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||
|
|
|
By: | ||
Xxxxxxx X. Xxxxxxxxx, President and |
||
Chief Executive Officer | ||
TRUSTEE:
[_____________________________]
By:
___________________________________________
Name:
Title:
By:
___________________________________________
Name:
Title:
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24