ANIXTER INC. the Company ANIXTER INTERNATIONAL INC. the Guarantor and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. the Trustee SECOND SUPPLEMENTAL INDENTURE Dated as of , 2008 to INDENTURE Dated as of September 9, 1996
Exhibit 4.3
ANIXTER INC.
the Company
the Company
ANIXTER INTERNATIONAL INC.
the Guarantor
the Guarantor
and
THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.
the Trustee
the Trustee
Dated as of , 2008
to
INDENTURE
Dated as of September 9, 1996
SECOND SUPPLEMENTAL INDENTURE, dated as of , 2008 (the “Second Supplemental
Indenture”), between Anixter Inc. (the “Company”), Anixter International Inc. (the “Guarantor”) and
The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”).
Capitalized terms used herein but not otherwise defined herein shall have the meanings given
to such terms in the Indenture, dated as of September 9, 1996, among the Company, the Guarantor and
the Trustee, as amended by a First Supplemental Indenture, dated February 24, 2005 (as amended, the
“Indenture”).
Recitals
WHEREAS, the Company and the Guarantor executed and delivered the Indenture to the Trustee to
provide for the issuance from time to time of the Company’s unsecured debentures, notes or other
evidences of indebtedness, guaranteed by the Guarantor, to be issued in one or more series
unlimited as to principal amount;
WHEREAS, Section 9.01(4) of the Indenture provides that the Company, the Guarantor and the
Trustee may without the consent of any Holders enter into indentures supplemental to the Indenture to add, change or eliminate
provisions in respect to one or more series of Securities provided,
however, that any such addition, change or elimination shall either
(i) not adversely affect the rights of the Holders of
Outstanding Securities of any series in any material respect, or
(ii) not apply to any Outstanding Securities of any series
created prior to the execution of such supplemental indenture where
such addition, change or elimination has an adverse effect on the
rights of the Holders of such Outstanding Securities in any material
respect;
WHEREAS, the Company and the Guarantor desire to further amend the Indenture with respect to
all series of Securities hereafter established under the Indenture;
WHEREAS,
the changes contained herein do not adversely affect the rights of
the Holders of Outstanding Securities of any series issued pursuant
to the Indenture in any material respect;
WHEREAS, all actions necessary to make this Second Supplemental Indenture a legal, valid and
binding obligation of the parties hereto in accordance with its terms and the terms of the
Indenture have been performed; and
WHEREAS, the Company and the Trustee desire to enter into, execute and deliver this Second
Supplemental Indenture in compliance with the provisions of the Indenture;
NOW THEREFORE, the Company does hereby covenant and agree to and with the Trustee as follows:
ARTICLE ONE
AMENDMENTS TO INDENTURE
This Indenture is hereby amended as follows:
1.1 Supplemental Indenture. This Second Supplemental Indenture is supplemental to the
Indenture and does and shall be deemed to form a part of, and shall be construed with and as a part
of, the Indenture with respect to Securities of any series established on or after the date of the
Second Supplemental Indenture. Holders of Securities of any series established on or after the
date of the Second Supplemental Indenture shall be bound hereby, and shall be entitled to the
benefits of the Second Supplemental Indenture. Holders of Securities of any series established
prior to the date of the Second Supplemental Indenture shall not be bound hereby, and shall not be
entitled to the benefits of the Second Supplemental Indenture.
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1.2 Amendment of Section 101. Section 101 (“Definitions”) is hereby amended as
follows:
(a) The following definitions are added:
“Board of Directors” means the board of directors of the Guarantor.
“Capital
Stock” means, with respect to any Person, any and all shares, interests, participations or other equivalents (however
designated, whether voting or non-voting) in equity of such Person,
whether outstanding on the date of the Second Supplemental Indenture
or issued thereafter, including, without limitation, all common
stock and preferred stock.
“Change of Control” means such time as:
(1) the direct or indirect sale, transfer,
conveyance or other disposition (other than by way
of merger or consolidation), in one or a series of
related transactions, of all or substantially all of
the properties or assets of the Guarantor and its
Subsidiaries, taken as a whole, to any “person” (as
that term is used in Section 13(d)(3) of the
Exchange Act) other than the Guarantor or a
Subsidiary;
(2) a “person” or “group” (within the meaning of
Sections 13(d) and 14(d)(2) of the Exchange Act)
becomes the ultimate “beneficial owner” (as defined
in Rule 13d-3 under the Exchange Act) of more than
50% of the total voting power of the Voting Stock of
the Guarantor on a fully diluted basis;
(3) the failure of the Guarantor to own 100% of the
outstanding Capital Stock of the Company, provided
that up to 3% of the outstanding Voting Stock of the
Company may be issued or transferred to employees of
the Guarantor and its Subsidiaries without such
issuance or transfer constituting a Change of
Control;
(4) the adoption of a plan relating to the
liquidation or dissolution of the Company or the
Guarantor;
(5) individuals who on the date of the Second
Supplemental Indenture constitute the Board of
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Directors (together with any new directors whose
election by the Board of Directors or whose
nomination by the Board of Directors for election by
stockholders of the Guarantor was approved by a vote
of at least a majority of the members of the Board
of Directors then in office who either were members
of the Board of Directors on the date of the Second
Supplemental Indenture or whose election or
nomination for election was previously so approved)
cease for any reason to constitute a majority of the
members of the Board of Directors then in office; or
(6) the Company or the Guarantor consolidates with,
or merges with or into, any Person, or any Person
consolidates with, or merges with or into the
Company or the Guarantor, in any such event pursuant
to a transaction in which any of the outstanding
Voting Stock of the Company or the Guarantor, as
applicable, or such other Person is converted into
or exchanged for cash, securities or other property,
other than any such transaction where (a) the Voting
Stock of the Company or the Guarantor, as
applicable, outstanding immediately prior to such
transaction constitutes or is converted into or
exchanged for a majority of the outstanding shares
of Voting Stock of the surviving Person or any
direct or indirect parent company of the Surviving
Person (immediately after giving effect to such
issuance) and (b) immediately after such
transaction, no “person” or “group” (as such terms
are used in Section 13(d) and 14(d) of the Exchange
Act) becomes, directly or indirectly, the
“beneficial owner” (as defined in Rule 13d-3 under
the Exchange Act) of 50% or more of the voting power
of the Voting Stock of the surviving Person.
“Consolidated Cash Flow Available for Fixed Charges” means, with
respect to any Person for any period:
(1) the sum of, without duplication, the amounts for
such period, taken as a single accounting period,
of:
(a) Consolidated Net Income;
(b) Consolidated Non-cash Charges;
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(c) Consolidated Interest Expense;
(d) Consolidated Income Tax Expense (other than
income tax expense (either positive or negative)
attributable to extraordinary gains or losses); and
(2) less non-cash items increasing Consolidated Net
Income for such period, other than (a) the accrual
of revenue consistent with past practice, and (b)
reversals of prior accruals or reserves for cash
items previously excluded in the calculation of
Consolidated Non-cash Charges.
In calculating “Consolidated Cash Flow Available for Fixed Charges”
for any period, if any Asset Sale or Asset Acquisition (whether
pursuant to a stock or an asset transaction) shall have occurred
since the first day of any four fiscal quarter period for which the
“Consolidated Cash Flow Available for Fixed Charges” is being
calculated, such calculation shall give pro forma effect to such
Asset Sale or Asset Acquisition.
For the purposes of calculating “Consolidated Cash Flow Available
for Fixed Charges” “Asset Acquisition” means any acquisition of
property or series of related acquisitions of property that
constitutes all or substantially all of the assets of a business,
unit or division of a Person or constitutes all or substantially all
of the common stock (or equivalent) of a Person; and “Asset Sale”
means any disposition of property or series of related dispositions
of property that involves all or substantially all of the assets of
a business, unit or division of a Person or constitutes all or
substantially all of the common stock (or equivalent) of a
Subsidiary.
“Consolidated Income Tax Expenses” means, with respect to any Person
for any period the provision for federal, state, local and foreign
income taxes of such Person and its Restricted Subsidiaries for such
period as determined on a consolidated basis in accordance with
GAAP.
“Consolidated Interest Expense” means, with respect to any Person
for any period, without duplication, the sum of:
(1) the interest expense of such Person and its
Restricted Subsidiaries for such period as
determined on a consolidated basis in accordance
with GAAP; and
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(2) the interest component of capital lease
obligations paid, accrued and/or scheduled to be
paid or accrued by such Person and its Restricted
Subsidiaries during such period determined on a
consolidated basis in accordance with GAAP.
“Consolidated Net Income” means, with respect to any Person, for any
period, the consolidated net income (or loss) of such Person and its
Restricted Subsidiaries for such period as determined in accordance
with GAAP, adjusted, to the extent included in calculating such net
income, by excluding, without duplication:
(1) all extraordinary gains or losses (net of fees
and expenses relating to the transaction giving rise
thereto);
(2) the portion of net income of such Person and its
Restricted Subsidiaries allocable to minority
interests in unconsolidated Persons to the extent
that cash dividends or distributions have not
actually been received by such Person or one of its
Restricted Subsidiaries;
(3) gains or losses in respect of any sales of
capital stock or asset sales outside the ordinary
course of business by such Person or one of its
Restricted Subsidiaries (net of fees and expenses
relating to the transaction giving rise thereto), on
an after-tax basis;
(4) any gain or loss realized as a result of the
cumulative effect of a change in accounting
principles;
(5) any fees and expenses paid in connection with
the issuance of the Securities or other
indebtedness;
(6) nonrecurring or unusual gains or losses;
(7) the net after-tax effects of adjustments in the
inventory, property and equipment, goodwill and
intangible assets line items in such Person’s
consolidated financial statements pursuant to GAAP
resulting from the application of purchase
accounting or the amortization or write-off of any
amounts thereof;
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(8) any fees and expenses incurred during such
period, or any amortization thereof for such period,
in connection with any acquisition, investment,
asset sale, issuance or repayment of indebtedness,
issuance of stock, stock options or other
equity-based awards, refinancing transaction or
amendment or modification of any debt instrument
(including without limitation any such transaction
undertaken but not completed);
(9) any gain or loss recorded in connection with the
designation of a discontinued operation (exclusive
of its operating income or loss);
(10) any non-cash compensation or other non-cash
expenses or charges arising from the grant of or
issuance or repricing of stock, stock options or
other equity-based awards or any amendment,
modification, substitution or change of any such
stock, stock options or other equity-based awards;
and
(11) any non-cash impairment, restructuring or
special charge or asset write-off or write-down, and
the amortization or write-off of intangibles.
“Consolidated Non-cash Charges” means, with respect to any
Person for any period, the aggregate depreciation, amortization
(including amortization of goodwill and other intangibles) and other
non-cash expenses (including stock option expenses and any goodwill
impairment charges) of such Person and its Restricted Subsidiaries
reducing Consolidated Net Income of such Person and its Restricted
Subsidiaries for such period, determined on a consolidated basis in
accordance with GAAP (excluding any such charges which require an
accrual of or a reserve for cash charges for any future period).
“Credit Agreement” means the amended and restated five year
revolving credit agreement, dated as of April 20, 2007, as amended,
among the Company and other borrowers party thereto from time to
time the lenders party thereto from time to time, Bank of America,
N.A. as Administrative Agent, and the lenders from time to time
party thereto, together with any agreements, instruments, security
agreements, guaranties and other documents executed or delivered
pursuant to or in connection with such credit agreement, as such
credit agreement or such agreements, instruments, security
agreements, guaranties or other documents
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may be amended, supplemented, extended, restated, renewed or
otherwise modified from time to time and any successive refundings,
refinancings, replacements or substitutions thereof or therefor,
whether with the same or different lenders.
“Credit Facilities” means one or more debt facilities (including,
without limitation, the Credit Agreement), commercial paper
facilities or indentures, in each case with banks or other
institutional lenders or a trustee, providing for revolving credit
loans, term loans, receivables financing (including through the sale
of receivables to such lenders or to special purpose entities formed
to borrow from such lenders against such receivables), letters of
credit or issuances of notes, in each case, as amended, restated,
modified, renewed, refunded, replaced or refinanced in whole or in
part from time to time.
“Domestic Subsidiary” means any Subsidiary of the Company or the
Gurantor that is organized under the laws of the United States or
any state of the United States or the District of Columbia.
“Investment
Grade” means (1) BBB-or above, in the case of S&P
(or its equivalent under any successor Rating Categories of S&P) and
Baa3 or above, in the case of Moody’s (or its equivalent under any
successor Rating Categories of Moody’s) or (2) the equivalent in
respect of the Rating Categories of any Rating Agencies.
“Moody’s” means Xxxxx’x Investors Service, Inc.
“Offer to Purchase” means an offer to purchase Securities then
outstanding by the Company from the Holders commenced by mailing a
notice to the Trustee and each Holder stating:
(1) that all Securities validly tendered will be
accepted for payment;
(2) the purchase price and the date of purchase
(which shall be a business day no earlier than 30
days nor later than 60 days from the date such
notice is mailed) (the “Payment Date”);
(3) that any Security not tendered will continue to
accrue interest pursuant to its terms;
(4) that, unless the Company defaults in the payment
of the purchase price, any Security accepted for
payment pursuant to the Offer to Purchase shall
cease to accrue interest on and after the Payment
Date;
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(5) that Holders electing to have a Security
purchased pursuant to the Offer to Purchase will be
required to surrender the Security, together with
the form entitled “Option of the Holder to Elect
Purchase” on the reverse side of the Security
completed, to the Paying Agent at the address
specified in the notice prior to the close of
business on the business day immediately preceding
the Payment Date;
(6) that Holders will be entitled to withdraw their
election if the Paying Agent receives, not later
than the close of business on the third business day
immediately preceding the Payment Date, a telegram,
facsimile transmission or letter setting forth the
name of such Holder, the principal amount of
Securities delivered for purchase and a statement
that such Holder is withdrawing his election to have
such Securities purchased; and
(7) that Holders whose Securities are being
purchased only in part will be issued new Securities
equal in principal amount to the unpurchased portion
of the Securities surrendered; provided that each
Security purchased and each new Security issued
shall be in a principal amount of $2,000 or integral
multiples of $1,000 in excess thereof.
On the Payment Date, the Company shall (1) accept for payment
Securities or portions thereof tendered pursuant to an Offer to
Purchase; (2) deposit with the Paying Agent money sufficient to pay
the purchase price of all Securities or portions thereof so
accepted; and (3) deliver, or cause to be delivered, to the Trustee
all Securities or portions thereof so accepted together with an
officers’ certificate specifying the Securities or portions thereof
accepted for payment by the Company. The Paying Agent shall
promptly mail to the Holders of Securities so accepted payment in an
amount equal to the purchase price, and the Trustee shall promptly
authenticate and mail to such Holders a new Security equal in
principal amount to any unpurchased portion of the Security
surrendered; provided that each Security purchased and each new
Security issued shall be in a principal amount of $2,000 or integral
multiples of $1,000 in excess thereof. The Company will publicly
announce the results of an Offer to Purchase as soon as practicable
after the Payment Date. The Trustee shall act as the Paying Agent
for an Offer to Purchase. The Company will comply with Rule 14e-1
under the Exchange Act and any other securities
8
laws and regulations thereunder to the extent such laws and
regulations are applicable, in the event that the Company is
required to repurchase Securities pursuant to an Offer to Purchase.
“Rating Agencies” means (1) S&P and Moody’s or (2) if S&P or
Moody’s or both of them are not making ratings publicly available, a
nationally recognized U.S. rating agency or agencies, as the case
may be, selected by the Company, which will be substituted for S&P
or Moody’s or both, as the case may be.
“Rating Category” means (1) with respect to S&P, any of the
following categories (any of which may include a “+”
or “–”): AAA,
AA, A, BBB, BB, B, CCC, CC, C and D (or equivalent successor
categories), (2) with respect to Moody’s, any of the following
categories (any of which may include a “1”,”2” or “3”): Aaa, Aa, A,
Baa, Ba, B, Caa, Ca, C and D (or equivalent successor categories)
and (3) the equivalent of any such categories of S&P or Moody’s used
by another Rating Agency, if applicable.
“S&P”
means Standard & Poor’s, a division of The XxXxxx-Xxxx
Companies.
“Secured
Leverage Ratio” means, as of the date of determination, the
ratio of (a) the Secured Debt of the Company, the Guarantor and the Restricted
Subsidiaries to (b) Consolidated Cash Flow Available for Fixed Charges of the Company, the Guarantor and the Restricted Subsidiaries for the most recently ended four fiscal quarter period ending
immediately prior to such date for which financial statements are available.
In the event that the Company, the Guarantor or any Restricted Subsidiary incurs, redeems, retires or extinguishes any Secured Debt (other than under a revolving credit facility
as set forth in the last sentence of the definition of Secured Debt) subsequent to the commencement of the period for which the Secured Leverage Ratio is being calculated but prior to or simultaneously
with the event for which the calculation of the Secured Leverage
Ratio is made, then the Secured Leverage Ratio shall be calculated
giving pro forma effect to
such incurrence, redemption, retirement or extinguishment of Secured Debt as if the same had occurred at the beginning of the applicable four-quarter period.
“Voting Stock” means with respect to any Person, Capital Stock
of any class or kind ordinarily having the power to vote for the
election of directors, managers or other voting members of the
governing body of such Person.
(b) The definition of “GAAP” is amended and restated to read in its entirety as follows:
“GAAP” means generally accepted accounting principles in the United
States set forth in the opinions and pronouncements of the
Accounting Principles Board of the American Institute of Certified
Public Accountants and statements and pronouncements of the
Financial Accounting Standards Board or in such other statements by
such other entity as may be approved by a significant segment of the
accounting profession in the United States which are in effect on
the date of the Second Supplement Indenture.
(c) The definition of “Unrestricted Subsidiary” is amended and restated to read in its
entirety as follows:
“Unrestricted Subsidiary” means (a) any Subsidiary the principal
business and assets of which are located outside the United States
of America (including its territories and possessions), (b) any
Subsidiary the principal business of which is owning, leasing,
dealing in or developing real property for residential or office
building purposes, and (c) any Subsidiary substantially all the
assets of which consist of stock or other securities of an
Unrestricted Subsidiary or Unrestricted Subsidiaries of the
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character described in clauses (a) and (b) of this paragraph, unless
and until, in each of the cases specified in this paragraph, any
such Subsidiary shall have been designated to be a Restricted
Subsidiary pursuant to clause (b) of the definition of “Restricted
Subsidiary.”
(d) The definition of “Secured Debt” is amended to add the following sentence at the end
thereof:
Notwithstanding the foregoing, a binding commitment to lend under a
revolving credit facility shall be deemed to be an incurrence of
indebtedness in the full amount of such commitment on the date that
such commitment is entered into, regardless of whether the full
amount of such revolving credit facility is actually borrowed, and
thereafter the amount of such commitment shall be deemed to be fully
borrowed at all times for purposes of Section 1005.
(e) The definitions of “Consolidated Net Tangible Assets,” “Principal Facility” and
“Restricted Subsidiary” are hereby amended to change the phrase “the date of the First Supplemental
Indenture” to “the date of the Second Supplemental Indenture.”
1.3 Amendment of Section 501. Section 501 (“Events of Default”) is hereby amended:
(a) to renumber paragraph (8) as paragraph (9),
(b) to add the parenthetical “(or 120 days in the case of the covenant contained in Section
1007 hereof)” after the words “30 days” in paragraph (4),
(c) to amend and restate paragraph (5) to read in its entirety as follows:
if
a default by the Company or the Guarantor under one or more mortgages,
indentures, bonds, debentures, notes or instruments under which there
may be issued, secured or evidenced indebtedness for money borrowed
shall happen and shall either (x) constitute a failure to pay more
than $25,000,000 in principal amount of such indebtedness when due
and payable at its stated maturity, or (y) result in $25,000,000 in
principal amount of such indebtedness becoming or being declared due
and payable prior to its stated maturity, and that acceleration
shall not be rescinded or annulled, or such indebtedness shall not
have been discharged before written notice to the Company and
Guarantor is given pursuant to Section 502; or
(d) to add a new paragraph (8) to read in its entirety as follows:
the entry against the Company or the Gurantor of a final judgment or
final judgments for the payment of money in an aggregate
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amount in excess of $100,000,000, by a court or courts of competent
jurisdiction, which judgments remain undischarged, unwaived,
unstayed, unbonded or unsatisfied for a period of 60 consecutive
days; or
1.4 Amendment of Section 1005. Section 1005 (“Restriction on Creation of Secured
Debt”) is hereby amended
(a) to change the phrase “the date of the First Supplemental
Indenture” to “the date of the Second Supplemental Indenture”,
(b) to amend and restate clause (i) of paragraph (a) to read as
follows:
Any Security Interest on any property acquired, constructed,
developed or improved after the date of the Second Supplemental
Indenture by the Gurantor or a Restricted Subsidiary created prior
to or contemporaneously with, or within 180 days after the
acquisition of property which is a parcel of real property, a
building, machinery or equipment; or
(c) to amend and restate paragraph (k) to read in its entirety as
follows:
(k) Security Interests to secure obligations under Credit
Facilities in an aggregate principal amount, together with the
aggregate principal amount of all other Secured Debt then
outstanding, not to exceed the greater of (a) $750 million and (b)
an amount that does not cause the Secured Leverage Ratio (after
giving effect to the incurrence of such obligations under Credit
Facilities) to exceed 2.00:1.0; or
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1.5 Amendment of Sections 1007. Section 1007 (currently reserved) is renamed
“Commission Reports and Reports to Holders” and shall read in its entirety as follows:
Whether or not the Guarantor is then required to file reports with
the Commission, the Guarantor shall file with the Commission all
such reports and other information as it would be required to file
with the Commission by Section 13(a) or 15(d) under the Exchange Act
if it were subject thereto within the time periods specified by the
Commission’s rules and regulations. For as long as any Securities
are outstanding, the Guarantor shall supply the Trustee and each
Holder who so requests or shall supply to the Trustee for forwarding
to each such Holder, without cost to such Holder, copies of such
reports and other information.
1.6 Amendment of Sections 1008. Section 1008 (currently reserved) is renamed “Future
Guarantees” and shall read in its entirety as follows:
(A) (x) If the Company, the Guarantor or any Restricted Subsidiary
acquires or creates a Domestic Subsidiary that is a Restricted
Subsidiary with either (i) assets having a book value (determined in
accordance with GAAP on a stand-alone basis and not consolidated
with its subsidiaries and not including any equity interests held by
such Domestic Subsidiary) in excess of 5% of the Guarantor’s
consolidated total assets (determined as of the end of the
Guarantor’s most recently completed fiscal quarter for which
financial statements are prepared) or (ii) Consolidated Cash Flow
Available for Fixed Charges (determined on a stand-alone basis and
not consolidated with its subsidiaries) in excess of 5% of the
Guarantor’s Consolidated Cash Flow Available for Fixed Charges for
the most recently completed last four fiscal quarters for which
financial statements are prepared, or (y) if a Domestic Subsidiary
that is a Restricted Subsidiary (i) has, as of any fiscal year end,
assets having a book value (determined in accordance with GAAP on a
stand-alone basis and not consolidated with its subsidiaries and not
including any equity interests held by such Domestic Subsidiary) in
excess of 5% of the Guarantor’s consolidated total assets as of the
end of such fiscal year or (ii) generates Consolidated Cash Flow
Available for Fixed Charges (determined on a stand-alone basis and
not consolidated with its subsidiaries) for any fiscal year in
excess of 5% of the Guarantor’s annual Consolidated Cash Flow
Available for Fixed Charges for such fiscal year, and (B) whether
before or after the occurrence of any event described in clause
(A)(x) or (y) above, such Domestic Subsidiary either guarantees any
other indebtedness of the Guarantor or the Company or incurs any
indebtedness in an aggregate principal amount in excess of
$50,000,000, such Domestic Subsidiary will, within 30 days of later
of the date on
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which it was acquired or created and the date on which it guarantees
any such indebtedness or incurs any such indebtedness (in the case
of clause (A)(x)) or within 30 days of the later of the filing of
the Guarantor’s annual audited financial statements for the
applicable fiscal year with the Commission and the date on which it
guarantees any such indebtedness or incurs any such indebtedness (in
the case of clause (A)(y)), jointly and severally, guarantee the
Securities of each series established on or after the date of the
Second Supplemental Indenture by executing and delivering a
supplemental indenture to this Indenture. Notwithstanding the foregoing,
Anixter Receivables Corporation shall not be required to guarantee
the Securities for as long as its sole business is the purchase,
sale and financing of receivables and related activities in
connection with the Company’s receivables facility.
Notwithstanding the foregoing, Section 1008 shall cease to apply to
a series of Securities during any period of time that, and for so
long as, such Securities become rated Investment Grade by each of
the Rating Agencies; provided that if on any subsequent date such
Securities cease to be rated Investment Grade for any reason by
either Rating Agency, then the Company, the Guarantor and the
Restricted Subsidiaries will thereafter again be subject to Section
1008. Any guarantees of a series of Securities that are required by
the preceding paragraph or that have been made pursuant to such
preceding paragraph, in each case prior to such series of Securities
becoming rated Investment Grade, shall continue in effect at all
times, regardless of such series of Securities becoming rated
Investment Grade.
1.7 Amendment of Sections 1010. Section 1010 (currently reserved) is renamed
“Repurchase of Securities upon a Change of Control” and shall read in its entirety as follows:
The
Company shall commence, within 30 days of the occurrence of a
Change of Control, and consummate an Offer to Purchase for all
Securities then outstanding, at a purchase price equal to 101% of
their principal amount, plus accrued interest, if any, to the
Payment Date.
The Company shall not be required to make an Offer to
Purchase upon a Change of Control if (i) a third party makes the
Offer to Purchase in the manner, at the times and otherwise in
compliance with the requirements set forth in this Indenture, and
purchases all Securities properly tendered and not withdrawn under
the Offer to Purchase upon a Change of Control, or (ii) a notice of
redemption has been given pursuant to this Indenture as described in
Article 11 to redeem all securities then outstanding, unless and until there is a default in payment of the
applicable Redemption Price. An Offer to Purchase upon the
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occurrence of a Change of Control may be made by either the Company
or a third party in advance of a Change of Control if a definitive
agreement to effect the Change of Control is in place at the time
such Offer to Purchase is made and the Offer to Purchase is effected
upon the consummation of the Change of Control, and such Offer to
Purchase may be conditional on the Change of Control.
ARTICLE TWO
MISCELLANEOUS
2.1 Acceptance by Trustee. The Trustee accepts the amendments to the Indenture
effected by this Second Supplemental Indenture and agrees to execute the trusts created by the
Indenture as hereby amended, but only upon the terms and conditions set forth in the Indenture.
2.2 Trustee’s Disclaimer. The Trustee shall not be responsible for and makes no
representation as to the validity or adequacy of this Second Supplemental Indenture or the
Securities, and it shall not be responsible for the recitals or any statement of the Company in
this Second Supplemental Indenture.
2.3 Ratification. Except as hereby expressly amended, the Indenture and the
Securities issued thereunder are in all respects ratified and confirmed and all the terms,
conditions and provisions thereof shall remain in full force and effect.
2.4 Effectiveness. This Second Supplemental Indenture shall become effective as of
the date first above written.
2.5 Governing Law. This Second Supplemental Indenture shall be governed by and
construed in accordance with the laws of the State of New York without regard to the conflict of
laws principals thereof (other than Section 5-1401 of the General Obligation Law).
2.6 Counterpart Originals. This instrument may be executed in any number of
counterparts or with counterpart signatures, each of which as executed shall be deemed to be an
original, but all such counterparts shall constitute one and the same instrument.
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SIGNATURES
IN
WITNESS WHEREOF, the parties hereto have caused this Second Supplemental Indenture to be
duly executed and attested, all as of the day and year first above written.
ANIXTER INC. |
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By: | ||||
Name: | ||||
Title: | ||||
Attest: |
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ANIXTER INTERNATIONAL INC. |
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By: | ||||
Name: | ||||
Title: | ||||
Attest: |
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THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. |
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By: | ||||
Name: | ||||
Title: | ||||
Attest: |
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15