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$99	Preview Full Doc	2001	Participation Agreement Participation Agreement (474K) Doc #111984: Click preview link for longer preview. This PARTICIPATION AGREEMENT[(__)], dated as of December __, 2001 (as amended, supplemented or otherwise modified from time to time, in accordance with the provisions hereof, this "PARTICIPATION AGREEMENT" or this "AGREEMENT"), among (i) EME HOMER CITY GENERATION L.P., a Pennsylvania limited partnership, as Facility Lessee and Ground Lessor (herein, together with its successors and permitted assigns, "HOMER CITY"), (ii) [INSERT NAME OF OWNER LESSOR], a Delaware limited liability company, as Facility Lessor and Ground Lessee (herein, together with its successors and permitted assigns, the "OWNER LESSOR"), (iii) WELLS FARGO BANK NORTHWEST, NATIONAL ASSOCIATION, a national banking association, not in its individual capacity, except as expressly provided herein, but solely as independent manager under the Lessor LLC Agreement (as defined below) (herein in its capacity as independent manager under the Lessor LLC Agreement, together with its successors and permitted assigns, the "OWNER MANAGER," and herein in its individual capacity, together with its successors and permitted assigns, the "OM COMPANY"), (iv) [GENERAL ELECTRIC CAPITAL CORPORATION] [FULL SERVICE LEASE CORP.], a Delaware corporation (herein, together with its successors and permitted assigns, the "OWNER PARTICIPANT"), (v) HOMER CITY FUNDING, LLC, a Delaware limited liability company, as lender (herein, together with its successors and permitted assigns, the "LENDER"), (vi) THE BANK OF NEW YORK, not in its individual capacity, except as expressly provided herein, but solely as holder representative under the Indenture (herein in its capacity solely as trustee, together with its successors and permitted assigns, the "LEASE INDENTURE TRUSTEE," and herein in its individual capacity, together with its successors and permitted assigns, the "LEASE INDENTURE COMPANY"), (vii) THE BANK OF NEW YORK, not in its individual capacity, except as expressly provided herein, but solely as security agent under the Lease Indenture (as defined below) (herein in its capacity solely as security agent, together with its successors and permitted assigns, the "SECURITY AGENT," and (viii) THE BANK OF NEW YORK (as successor to the United States Trust Company of New York), not in its individual capacity, except as expressly provided herein, but solely as bondholder representative under the Fundco Indenture (herein in its capacity solely as trustee, together with its successors and permitted assigns, the "BONDHOLDER TRUSTEE," and herein in its individual capacity, together with its successors and permitted assigns, the "BONDHOLDER TRUSTEE COMPANY"). WITNESSETH: WHEREAS, Homer City owns certain coal-fired power generation and related assets as more fully described on EXHIBIT B to the Facility Lease, located in the Commonwealth of Pennsylvania, consisting of one 620 MW unit, one 614 MW unit and one 650 MW unit; WHEREAS, in consideration of Owner Lessor's payment of the Purchase Price, Homer City will sell, and the Owner Lessor will acquire, the Undivided Interest pursuant to the Facility Deed and the Bill of Sale; {PAGE} WHEREAS, the Owner Lessor will lease the Undivided Interest to Homer City pursuant to the Facility Lease; WHEREAS, Homer City will (i) lease the Ground Interest and grant certain non-exclusive easements to the Owner Lessor pursuant to the Facility Site Lease and (ii) sublease the Ground Interest from the Owner Lessor pursuant to the Facility Site Sublease; WHEREAS, concurrently with the execution and delivery of this Agreement, the Owner Participant has entered into the Lessor LLC Agreement pursuant to which the Owner Participant authorizes the Owner Lessor to, among other things, (i) issue the Lessor Notes and sell such Lessor Notes to the Lender, (ii) lease the Undivided Interest to Homer City pursuant to the Facility Lease, (iii) lease the Ground Interest from Homer City pursuant to the Facility Site Lease, (iv) sublease the Ground Interest to Homer City pursuant to the Facility Site Sublease and (v) pursuant to the Indenture, grant the Security Interest; WHEREAS, the Lender has agreed to acquire the Lessor Notes in the manner and subject to the conditions set forth herein; WHEREAS, the parties hereto desire to consummate the transactions contemplated hereby; NOW, THEREFORE, in consideration of the foregoing premises, the mutual agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: ARTICLE I DEFINITIONS; INTERPRETATION OF THIS PARTICIPATION AGREEMENT The capitalized terms used in this Agreement, including the foregoing recitals, and not otherwise defined herein shall have the respective meanings specified in Appendix A hereto. The general provisions of Appendix A shall apply to terms used in this Agreement and specifically defined herein. 111984	GE Capital General Electric Capital Corp. ( Financial ) As referenced in this Participation Agreement: [GENERAL ELECTRIC CAPITAL CORP – and permitted assigns, the "OWNER MANAGER," and herein in its individual capacity, together with its successors and permitted assigns, the "OM COMPANY"), (iv) [GENERAL ELECTRIC CAPITAL CORP ORATION] [FULL SERVICE LEASE CORP.], a Delaware corporation (herein, together with its successors and permitted assigns, the "OWNER PARTICIPANT"), (v) HOMER CITY FUNDING, _____________ [General Electric Capital Corp – to: Wells Fargo Bank Northwest, N.A. Corporate Trust Services MAC; U1254-031 Salt Lake City, UT 84111 If to the Owner Participant: [General Electric Capital Corp oration] [Full Service Lease Corp.] [120][260] Long Ridge Road Stamford, CT 06927 Attention: Facsimile: If to the Lease Indenture Trustee: with a _____________ [GENERAL ELECTRIC CAPITAL CORP – THE BANK OF NEW YORK, not in its individual capacity, except as expressly provided herein, but solely as Owner Manager By: ------------------------------------- Name: Title: [GENERAL ELECTRIC CAPITAL CORP ORATION][FULL SERVICE LEASING CORP.] By: By: ------------------------------------- Name: Title: 93 {PAGE} EME HOMER CITY GENERATION L.P. By: ------------------------------------- Name: Title: HOMER CITY FUNDING _____________ [General Electric Capital Corp – 5 of the Facility Lease. "OWNER MANAGER" shall have the meaning specified in the preamble to the Participation Agreement. "OWNER PARTICIPANT" shall mean [General Electric Capital Corp oration][Full Service Lease Corp.], a Delaware corporation. "OWNER PARTICIPANT LIEN" shall mean any Lien on the Lessor Estate or any part thereof _____________ dt 100787 ; BNY Bank of New York ( Money Center Banks ) As referenced in this Participation Agreement: BANK OF NEW YORK, – company, as lender (herein, together with its successors and permitted assigns, the "LENDER"), (vi) THE BANK OF NEW YORK, not in its individual capacity, except as expressly provided herein, but solely as holder BANK OF NEW YORK, – individual capacity, together with its successors and permitted assigns, the "LEASE INDENTURE COMPANY"), (vii) THE BANK OF NEW YORK, not in its individual capacity, except as expressly provided herein, but solely as security BANK OF NEW YORK – security agent, together with its successors and permitted assigns, the "SECURITY AGENT," and (viii) THE BANK OF NEW YORK (as successor to the United States Trust Company of New York), not in its BANK OF NEW YORK, – capacity, except as expressly provided herein, but solely as Owner Manager By: ----------------------------------- Name: Title: THE BANK OF NEW YORK, not in its individual capacity, except as expressly provided herein, but solely as Owner BANK OF NEW YORK – Title: HOMER CITY FUNDING LLC By: ------------------------------------- Name: Title: [LEASE INDENTURE TRUSTEE] By: ------------------------------------- Name: Title: THE BANK OF NEW YORK (AS SUCCESSOR TO THE UNITED STATES TRUST COMPANY OF NEW YORK) not in its dt 41414 ; Lehman Brothers Lehman Brothers Inc. ( Financial ) As referenced in this Participation Agreement: Lehman Brothers, Inc – shall have the meaning specified in SECTION 2.3 of the Facility Site Sublease. "SOLICITATION AGENTS" shall mean Credit Suisse First Boston and Lehman Brothers, Inc . in their capacities as solicitation agents for the exchange of the Existing Debt for the Fundco Bonds. "SPECIAL LESSEE TRANSFER" shall have _____________ dt 105639 ;	Wells Fargo Bank Wells Fargo Bank Minnesota, NA ( Financial ) As referenced in this Participation Agreement: Wells Fargo Bank Minnesota, – written notice to the other parties hereto: If to Homer City: If to the Owner Lessor, the Owner Manager or the OM Company: Wells Fargo Bank Minnesota, N.A. Corporate Trustee Services MAC; N2691-090 213 Court Street Middletown, CT 06457 With a copy to: Wells Fargo Bank Northwest, _____________ dt 102906 ; Blank Rome Blank Rome LLP ( Legal ) As referenced in this Participation Agreement: Blank Rome – Hartson, special regulatory counsel to Homer City, substantially in the form of EXHIBIT F; (g) Blank Rome Comisky & McCauley LLP, special Pennsylvania counsel to the Owner Participant, substantially in the form Blank Rome – F: Opinion of Hogan & Hartson, special regulatory counsel to Homer City Exhibit G: Opinion of Blank Rome Comisky & McCauley LLP, special Pennsylvania counsel to the Owner Participant Exhibit H: Opinion of [ ] dt 29615 ; More...
$85	Preview Full Doc	2001	Participation Agreement Participation Agreement (192K) Doc #246904: Click preview link for longer preview. ================================================================================ PARTICIPATION AGREEMENT among HANOVER COMPRESSION LIMITED PARTNERSHIP, as Lessee, HANOVER EQUIPMENT TRUST 2001A, a Delaware business trust, as Lessor, GENERAL ELECTRIC CAPITAL CORPORATION, as Certificate Holders, HANOVER COMPRESSION LIMITED PARTNERSHIP, HANOVER COMPRESSOR COMPANY, HANOVER APPLIED PROCESS SOLUTIONS, INC., EUREKA ENERGY LIMITED PARTNERSHIP, HANOVER ACQUISITION LIMITED PARTNERSHIP, HANOVER COMPRESSOR LIMITED HOLDINGS LLC, HANOVER LAND LIMITED PARTNERSHIP, HANOVER MAINTECH LIMITED PARTNERSHIP, HANOVER/SMITH LIMITED PARTNERSHIP, HANOVER OEC COMPRESSION CORPORATION, PRODUCTION OPERATORS CORPORATION, and PRODUCTION OPERATORS, INC. as Guarantors, and WILMINGTON TRUST FSB as Indenture Trustee, Collateral Agent under the Indenture, and in its individual capacity, only to the extent expressly set forth herein and WILMINGTON TRUST COMPANY, in its individual capacity, only to the extent expressly set forth herein ------------------------------ Dated as of August 31, 2001 ------------------------------ ================================================================================ {PAGE} TABLE OF CONTENTS Page ---- SECTION 1. SALE OF SECURITIES 1.1 Authorization and Issuance of Securities............................ 1 ---------------------------------------- 1.2 Sale and Purchase of Securities..................................... 1 ------------------------------- SECTION 2. CERTIFICATE HOLDER CONTRIBUTION 2.1 Certificate Holder Contribution..................................... 2 ------------------------------- 2.2 Prepayment of the Certificates...................................... 2 ------------------------------ SECTION 3. SUMMARY OF THE TRANSACTIONS 3.1 Operative Agreements................................................ 2 -------------------- 3.2 Equipment Purchase and Lease........................................ 2 ---------------------------- SECTION 4. THE CLOSING OF THE LEASE TRANSACTIONS 4.1 Release Date........................................................ 2 ------------ 4.2 Trust Company Authorization......................................... 2 --------------------------- SECTION 5. FUNDING OF ADVANCE 5.1 General............................................................. 3 ------- 5.2 Procedures for Funding.............................................. 3 ---------------------- SECTION 6. CONDITIONS OF THE RELEASE AND ADVANCE 6.1 General Conditions to the Release of the Certificate Holder ----------------------------------------------------------- Contributions and the Proceeds of the Securities.................... 3 ------------------------------------------------ SECTION 7. REPRESENTATIONS AND WARRANTIES 7.1 Representations and Warranties of the Indenture Trustee, the ------------------------------------------------------------ Collateral Agent, and Wilmington Trust FSB.......................... 6 ------------------------------------------ 7.2 Representations and Warranties of Lessor............................ 7 ---------------------------------------- 7.3 Representations and Warranties of the Trust Company.................10 --------------------------------------------------- 7.4 Representations and Warranties of the Lessee and the Guarantors.....11 --------------------------------------------------------------- SECTION 8. PAYMENT OF CERTAIN EXPENSES 8.1 Transaction Expenses................................................16 -------------------- 8.2 Brokers' Fees and Stamp Taxes.......................................16 ----------------------------- 8.3 Certain Fees and Expenses...........................................16 ------------------------- 8.4 Continuous Perfection of Security Interests.........................17 ------------------------------------------- 8.5 Oklahoma Equipment Subleases........................................17 ---------------------------- 8.6 Operative Agreements and Related Obligations........................17 -------------------------------------------- SECTION 9. COVENANTS OF THE LESSEE AND THE GUARANTORS 9.1 Limitation on Indebtedness..........................................17 -------------------------- 9.2 Limitation on Layering..............................................21 ---------------------- 9.3 Limitation on Restricted Payments...................................21 --------------------------------- 9.4 Limitation on Liens.................................................24 ------------------- 9.5 Limitation on Restrictions on Distributions from Restricted ----------------------------------------------------------- Subsidiaries........................................................24 ------------ 9.6 Limitation on Sales of Assets and Subsidiary Stock..................25 -------------------------------------------------- 9.7 Limitation on Affiliate Transactions................................26 ------------------------------------ 9.8 Limitation on Sale of Capital Stock of Restricted Subsidiaries......27 -------------------------------------------------------------- -i- {PAGE} 9.9 SEC Reports and Available Information...............................27 ------------------------------------- 9.10 Merger and Consolidation............................................27 ------------------------ 9.11 Future Subsidiary Guarantors........................................29 ---------------------------- 9.12 Changes in Name, Jurisdiction of Incorporation, etc.................29 --------------------------------------------------- SECTION 10. OTHER COVENANTS AND AGREEMENTS 10.1 Covenants of the Trust, the Certificate Holders, Indenture Trustee ------------------------------------------------------------------ and the Trust Company...............................................29 --------------------- 10.2 Amendment of Certain Documents......................................31 ------------------------------ 10.3 Proceeds of Casualty................................................31 -------------------- 10.4 Income Tax Reporting................................................31 -------------------- 10.5 Financial Statements and Other Information..........................32 ------------------------------------------ 10.6 Financial Reporting.................................................32 ------------------- 10.7 Appraisal...........................................................32 --------- SECTION 11. LESSEE'S RIGHTS 11.1 Rights of Lessee Regarding the Indenture............................33 ---------------------------------------- 11.2 Agent for Acquisition of Equipment..................................35 ---------------------------------- SECTION 12. TRANSFER OF INTEREST 12.1 Restrictions on Transfer............................................35 ------------------------ 12.2 Effect of Transfer..................................................35 SECTION 13. INDEMNIFICATION 13.1 General Indemnity...................................................36 ----------------- 13.2 General Tax Indemnity...............................................37 --------------------- 13.3 Entity Tax Indemnity................................................41 -------------------- SECTION 14. MISCELLANEOUS 14.1 Survival of Agreements..............................................41 ---------------------- 14.2 No Broker, etc......................................................41 --------------- 14.3 Notices.............................................................41 ------- 14.4 Counterparts........................................................43 ------------ 14.5 Amendments and Termination..........................................43 -------------------------- 14.6 Headings, etc.......................................................43 -------------- 14.7 Parties in Interest.................................................43 ------------------- 14.8 GOVERNING LAW.......................................................44 ------------- 14.9 Severability........................................................44 ------------ 14.10 Liability Limited...................................................44 ----------------- 14.11 Rights of Lessee....................................................44 ---------------- 14.12 Further Assurances..................................................44 ------------------ 14.13 Successors and Assigns..............................................45 ---------------------- 14.14 No Representation or Warranty.......................................45 ----------------------------- 14.15 Highest Lawful Rate.................................................45 ------------------- 14.16 Waiver..............................................................46 ------ 14.17 Integration.........................................................46 ----------- 14.18 Obligations of Guarantors...........................................46 ------------------------- -ii- {PAGE} Annex A Rules of Usage and Definitions Exhibits -------- Exhibit A Form of Requisition Exhibit B Form of Opinions Schedules --------- Schedule 9.7(b) -iii- {PAGE} PARTICIPATION AGREEMENT dated as of August 31, 2001 (this "Agreement"), among HANOVER COMPRESSION LIMITED PARTNERSHIP, a Delaware limited partnership and a wholly owned subsidiary of Hanover (the "Lessee"); HANOVER EQUIPMENT TRUST 2001A, a Delaware business trust (the "Trust" or the "Lessor"), GENERAL ELECTRIC CAPITAL CORPORATION, as Certificate Holders (the "Certificate Holders"), HANOVER COMPRESSION LIMITED PARTNERSHIP, a Delaware limited partnership, HANOVER COMPRESSOR COMPANY, a Delaware corporation ("Hanover" or "Holdings"), HANOVER APPLIED PROCESS SOLUTIONS, INC., a Delaware corporation, EUREKA ENERGY LIMITED PARTNERSHIP, a Delaware limited partnership, HANOVER ACQUISITION LIMITED PARTNERSHIP, a Delaware limited partnership, HANOVER COMPRESSOR LIMITED HOLDINGS LLC, a Delaware limited liability company, HANOVER LAND LIMITED PARTNERSHIP, a Delaware limited partnership, HANOVER MAINTECH LIMITED PARTNERSHIP, a Delaware limited partnership, HANOVER/SMITH LIMITED PARTNERSHIP, a Delaware limited partnership, HANOVER OEC COMPRESSION CORPORATION, an Oklahoma corporation, PRODUCTION OPERATORS CORPORATION, a Delaware corporation, and PRODUCTION OPERATORS, INC., a Delaware corporation, as Guarantors (collectively, together with the Lessee and Hanover, the "Guarantors"), WILMINGTON TRUST FSB, as indenture trustee for the Securityholders (the "Indenture Trustee") and as collateral agent for the Securityholders and the Certificate Holders (the "Collateral Agent"), and in its individual capacity only to the extent expressly set forth herein (in its individual capacity, "Wilmington Trust FSB"), and WILMINGTON TRUST COMPANY (the "Trust Company") in its individual capacity only to the extent expressly set forth herein. Capitalized terms used but not otherwise defined in this Agreement shall have the meanings set forth in Annex A hereto. Preliminary Statement --------------------- In consideration of the mutual agreements herein contained and other good and valuable consideration, receipt of which is hereby acknowledged, the parties hereto hereby agree as follows: SECTION 1. SALE OF SECURITIES 1.1 Authorization and Issuance of Securities. On the Closing Date, the Lessor authorized the issuance and sale of $300,000,000 aggregate principal amount of the Securities. The Securities were issued pursuant to, are entitled to the benefits of, and are governed by, the Indenture and secured by a first priority security interest in the Equipment pursuant to the Security Documents. 1.2 Sale and Purchase of Securities. Pursuant to the terms and conditions of the Purchase Agreement and in reliance on the representations and warranties contained therein and in this Agreement, the Initial Purchasers have purchased Securities in an aggregate principal amount of $300,000,000. {PAGE} 2 SECTION 2. CERTIFICATE HOLDER CONTRIBUTION 2.1 Certificate Holder Contribution. On the Closing Date, the Certificate Holders made an investment in the Lessor (a "Certificate Holder Contribution") in an amount equal to $9,300,000. The Lessor shall use the Certificate Holder Contribution to pay a portion of the Equipment Costs simultaneously and pro rata with the proceeds of the Securities. 2.2 Prepayment of the Certificates. The Lessor shall prepay the Certificate Holder Contribution in accordance with Section 5.1 of the Indenture in connection with the exercise by the Lessee of its right to direct the Lessor to prepay the Securities. SECTION 3. SUMMARY OF THE TRANSACTIONS 3.1 Operative Agreements. (a) On the Closing Date, (i) the applicable parties thereto shall have executed the Indenture, the Securities, the Trust Agreement, the Certificates and the Escrow Agreement, (ii) the Securities and the Certificates shall have been issued, and (iii) the proceeds of the Securities and Certificate Holder Contribution shall have been deposited in the Escrow. (b) On the Release Date, each of the applicable parties thereto shall execute and deliver this Agreement, the Lease, the Security Agreement, the Hanover Guarantee, the Assignment of Lease, the Consent to Assignment, and such other documents, instruments, certificates and opinions of counsel as agreed to by the parties hereto. 3.2 Equipment Purchase and Lease. On the Release Date and subject to the terms and conditions of this Agreement and the Indenture (i) the Lessor will use the Escrowed Funds to purchase all right, title and interest in and to each Unit of Equipment on the Release Date and (ii) the Lessor will simultaneously lease all of its right, title and interest in the Equipment to the Lessee by executing and delivering the Lease. SECTION 4. THE CLOSING OF THE LEASE TRANSACTIONS 4.1 Release Date. All documents and instruments required to be delivered on the Release Date shall be delivered at the offices of Simpson Thacher & Bartlett, 425 Lexington Avenue, New York, New York, or at such other location as may be determined by the Initial Purchasers. 4.2 Trust Company Authorization. The Certificate Holders agree that, with respect to the Release Date, the satisfaction or waiver of the conditions contained in Section 6 hereof shall constitute authorization and direction by the Certificate Holders to the Trustee, without further act, to take on behalf of the Lessor the actions specified in Section 2.1 of the Trust Agreement. 246904	GE Capital General Electric Capital Corp. ( Financial ) ; Applied Process Applied Process Solutions Inc. ( Miscellany ) As referenced in this Participation Agreement: APPLIED PROCESS SOLUTIONS, – TRUST 2001A, a Delaware business trust, as Lessor, GENERAL ELECTRIC CAPITAL CORPORATION, as Certificate Holders, HANOVER COMPRESSION LIMITED PARTNERSHIP, HANOVER COMPRESSOR COMPANY, HANOVER APPLIED PROCESS SOLUTIONS, INC., EUREKA ENERGY LIMITED PARTNERSHIP, HANOVER ACQUISITION LIMITED PARTNERSHIP, HANOVER COMPRESSOR LIMITED HOLDINGS LLC, HANOVER LAND LIMITED PARTNERSHIP, HANOVER MAINTECH LIMITED PARTNERSHIP, _____________ APPLIED PROCESS SOLUTIONS, – Certificate Holders (the "Certificate Holders"), HANOVER COMPRESSION LIMITED PARTNERSHIP, a Delaware limited partnership, HANOVER COMPRESSOR COMPANY, a Delaware corporation ("Hanover" or "Holdings"), HANOVER APPLIED PROCESS SOLUTIONS, INC., a Delaware corporation, EUREKA ENERGY LIMITED PARTNERSHIP, a Delaware limited partnership, HANOVER ACQUISITION LIMITED PARTNERSHIP, a Delaware limited partnership, HANOVER COMPRESSOR _____________ APPLIED PROCESS SOLUTIONS, – Name: Title: GENERAL ELECTRIC CAPITAL CORPORATION, as Certificate Holder By: ____________________________________ Name: Title: HANOVER COMPRESSOR COMPANY, as Guarantor By: ____________________________________ Name: Title: HANOVER APPLIED PROCESS SOLUTIONS, INC., as Guarantor By: ____________________________________ Name: Title: {PAGE} 48 EUREKA ENERGY LIMITED PARTNERSHIP, as Guarantor By: ____________________________________ Name: Title: HANOVER ACQUISITION LIMITED _____________ dt 101486 ; Hanover Hanover Compression LP ( Rental & Leasing ) As referenced in this Participation Agreement: HANOVER COMPRESSION LIMITED PARTNERSHIP, – EX-10.66 {SEQUENCE}5 {FILENAME}dex1066.txt {DESCRIPTION}PARTICIPATION AGREEMENT DATED AUGUST 31, 2001 {TEXT} {PAGE} Exhibit 10.66 ================================================================================ PARTICIPATION AGREEMENT among HANOVER COMPRESSION LIMITED PARTNERSHIP, as Lessee, HANOVER EQUIPMENT TRUST 2001A, a Delaware business trust, as Lessor, GENERAL ELECTRIC CAPITAL CORPORATION, as Certificate Holders, HANOVER COMPRESSION LIMITED _____________ HANOVER COMPRESSION LIMITED PARTNERSHIP, – HANOVER COMPRESSION LIMITED PARTNERSHIP, as Lessee, HANOVER EQUIPMENT TRUST 2001A, a Delaware business trust, as Lessor, GENERAL ELECTRIC CAPITAL CORPORATION, as Certificate Holders, HANOVER COMPRESSION LIMITED PARTNERSHIP, HANOVER COMPRESSOR COMPANY, HANOVER APPLIED PROCESS SOLUTIONS, INC., EUREKA ENERGY LIMITED PARTNERSHIP, HANOVER ACQUISITION LIMITED PARTNERSHIP, HANOVER COMPRESSOR LIMITED HOLDINGS LLC, HANOVER _____________ HANOVER COMPRESSION LIMITED PARTNERSHIP, – Exhibit B Form of Opinions Schedules --------- Schedule 9.7(b) -iii- {PAGE} PARTICIPATION AGREEMENT dated as of August 31, 2001 (this "Agreement"), among HANOVER COMPRESSION LIMITED PARTNERSHIP, a Delaware limited partnership and a wholly owned subsidiary of Hanover (the "Lessee"); HANOVER EQUIPMENT TRUST 2001A, a Delaware business trust (the " _____________ HANOVER COMPRESSION LIMITED PARTNERSHIP, – HANOVER EQUIPMENT TRUST 2001A, a Delaware business trust (the "Trust" or the "Lessor"), GENERAL ELECTRIC CAPITAL CORPORATION, as Certificate Holders (the "Certificate Holders"), HANOVER COMPRESSION LIMITED PARTNERSHIP, a Delaware limited partnership, HANOVER COMPRESSOR COMPANY, a Delaware corporation ("Hanover" or "Holdings"), HANOVER APPLIED PROCESS SOLUTIONS, INC., a Delaware corporation, EUREKA _____________ Hanover Compression Limited Partnership – Trust, the Trust Company, the Indenture Trustee, the Collateral Agent and Wilmington Trust FSB: {PAGE} 42 If to the Lessee, to it at: Hanover Compression Limited Partnership 12001 North Houston Rosslyn Houston, Texas 77806 Attention: Chief Financial Officer Telecopy No.: 281-447-8781 with a copy to: Latham & Watkins _____________ dt 100587 ;	HCC Hanover Compressor Co. ( Rental & Leasing ) As referenced in this Participation Agreement: HANOVER COMPRESSOR – business trust, as Lessor, GENERAL ELECTRIC CAPITAL CORPORATION, as Certificate Holders, HANOVER COMPRESSION LIMITED PARTNERSHIP, HANOVER COMPRESSOR COMPANY, HANOVER APPLIED PROCESS SOLUTIONS, INC., EUREKA ENERGY LIMITED PARTNERSHIP, HANOVER ACQUISITION LIMITED PARTNERSHIP, HANOVER _____________ HANOVER COMPRESSOR – COMPRESSOR COMPANY, HANOVER APPLIED PROCESS SOLUTIONS, INC., EUREKA ENERGY LIMITED PARTNERSHIP, HANOVER ACQUISITION LIMITED PARTNERSHIP, HANOVER COMPRESSOR LIMITED HOLDINGS LLC, HANOVER LAND LIMITED PARTNERSHIP, HANOVER MAINTECH LIMITED PARTNERSHIP, HANOVER/SMITH LIMITED PARTNERSHIP, _____________ HANOVER COMPRESSOR – CORPORATION, as Certificate Holders (the "Certificate Holders"), HANOVER COMPRESSION LIMITED PARTNERSHIP, a Delaware limited partnership, HANOVER COMPRESSOR COMPANY, a Delaware corporation ("Hanover" or "Holdings"), HANOVER APPLIED PROCESS SOLUTIONS, INC., a Delaware corporation, _____________ HANOVER COMPRESSOR – ENERGY LIMITED PARTNERSHIP, a Delaware limited partnership, HANOVER ACQUISITION LIMITED PARTNERSHIP, a Delaware limited partnership, HANOVER COMPRESSOR LIMITED HOLDINGS LLC, a Delaware limited liability company, HANOVER LAND LIMITED PARTNERSHIP, a Delaware limited _____________ HANOVER COMPRESSOR – By: ______________________________ Name: Title: GENERAL ELECTRIC CAPITAL CORPORATION, as Certificate Holder By: ____________________________________ Name: Title: HANOVER COMPRESSOR COMPANY, as Guarantor By: ____________________________________ Name: Title: HANOVER APPLIED PROCESS SOLUTIONS, INC., as Guarantor By: _____________ dt 75030 ; Wilmington Trust Wilmington Trust Co. ( Financial ) As referenced in this Participation Agreement: WILMINGTON TRUST CO – FSB as Indenture Trustee, Collateral Agent under the Indenture, and in its individual capacity, only to the extent expressly set forth herein and WILMINGTON TRUST CO MPANY, in its individual capacity, only to the extent expressly set forth herein ------------------------------ Dated as of August 31, 2001 ------------------------------ ================================================================================ {PAGE} TABLE OF CONTENTS _____________ WILMINGTON TRUST CO – Collateral Agent"), and in its individual capacity only to the extent expressly set forth herein (in its individual capacity, "Wilmington Trust FSB"), and WILMINGTON TRUST CO MPANY (the "Trust Company") in its individual capacity only to the extent expressly set forth herein. Capitalized terms used but not otherwise defined _____________ Wilmington Trust Co – Meller and Michael A. Pucker Telecopy No.: 312-993-9767 If to the Trust, to it at: Hanover Equipment Trust 2001A c/o Wilmington Trust Co mpany 1100 North Market Street Wilmington, Delaware 19890 Attention: Corporate Trust Administration Telecopy No.: 302-651-8882 If to the Certificate Holders, to _____________ Wilmington Trust Co – Baltimore Street Baltimore, Maryland 21202 Attention: Alan J. Mogol, Esq. Telecopy No.: 410-547-0699 If to the Trust Company, to it at: Wilmington Trust Co mpany 1100 North Market Street Wilmington, Delaware 19890 Attention: Corporate Trust Administration Telecopy No.: 302-651-8882 If to Indenture Trustee, to it _____________ Wilmington Trust Co – and year first above written. HANOVER COMPRESSION LIMITED PARTNERSHIP, as Lessee and a Guarantor By: ____________________________________ Name: Title: HANOVER EQUIPMENT TRUST 2001A By: Wilmington Trust Co mpany, not individually but solely as Trustee By: ______________________________ Name: Title: GENERAL ELECTRIC CAPITAL CORPORATION, as Certificate Holder By: ____________________________________ Name: Title: HANOVER _____________ dt 99894 ; More...
$85	Preview Full Doc	2001	Participation Agreement Participation Agreement (190K) Doc #246910: Click preview link for longer preview. {DOCUMENT} {TYPE}EX-10.72 {SEQUENCE}11 {FILENAME}dex1072.txt {DESCRIPTION}PARTICIPATION AGREEMENT DATED AUGUST 31, 2001 {TEXT} {PAGE} Exhibit 10.72 ================================================================================ PARTICIPATION AGREEMENT among HANOVER COMPRESSION LIMITED PARTNERSHIP, as Lessee, HANOVER EQUIPMENT TRUST 2001B, a Delaware business trust, as Lessor, GENERAL ELECTRIC CAPITAL CORPORATION, as Certificate Holders, HANOVER COMPRESSION LIMITED PARTNERSHIP, HANOVER COMPRESSOR COMPANY, HANOVER APPLIED PROCESS SOLUTIONS, INC., EUREKA ENERGY LIMITED PARTNERSHIP, HANOVER ACQUISITION LIMITED PARTNERSHIP, HANOVER COMPRESSOR LIMITED HOLDINGS LLC, HANOVER LAND LIMITED PARTNERSHIP, HANOVER MAINTECH LIMITED PARTNERSHIP, HANOVER/SMITH LIMITED PARTNERSHIP, HANOVER OEC COMPRESSION CORPORATION, PRODUCTION OPERATORS CORPORATION, and PRODUCTION OPERATORS, INC. as Guarantors, and WILMINGTON TRUST FSB as Indenture Trustee, Collateral Agent under the Indenture, and in its individual capacity, only to the extent expressly set forth herein and WILMINGTON TRUST COMPANY, in its individual capacity, only to the extent expressly set forth herein ------------------------------ Dated as of August 31, 2001 ------------------------------ ================================================================================ {PAGE} {TABLE} {CAPTION} TABLE OF CONTENTS Page ---- {S} {C} {C} {C} SECTION 1. SALE OF SECURITIES 1.1 Authorization and Issuance of Securities.......................................1 1.2 Sale and Purchase of Securities................................................1 SECTION 2. CERTIFICATE HOLDER CONTRIBUTION 2.1 Certificate Holder Contribution................................................2 2.2 Prepayment of the Certificates.................................................2 SECTION 3. SUMMARY OF THE TRANSACTIONS 3.1 Operative Agreements...........................................................2 3.2 Equipment Purchase and Lease...................................................2 SECTION 4. THE CLOSING OF THE LEASE TRANSACTIONS 4.1 Release Date...................................................................2 4.2 Trust Company Authorization....................................................2 SECTION 5. FUNDING OF ADVANCE 5.1 General........................................................................3 5.2 Procedures for Funding.........................................................3 SECTION 6. CONDITIONS OF THE RELEASE AND ADVANCE 6.1 General Conditions to the Release of the Certificate Holder Contributions and the Proceeds of the Securities...............................3 SECTION 7. REPRESENTATIONS AND WARRANTIES 7.1 Representations and Warranties of the Indenture Trustee, the Collateral Agent, and Wilmington Trust FSB.................................6 7.2 Representations and Warranties of Lessor.......................................7 7.3 Representations and Warranties of the Trust Company...........................10 7.4 Representations and Warranties of the Lessee and the Guarantors...............11 SECTION 8. PAYMENT OF CERTAIN EXPENSES 8.1 Transaction Expenses..........................................................16 8.2 Brokers' Fees and Stamp Taxes.................................................16 8.3 Certain Fees and Expenses.....................................................16 8.4 Continuous Perfection of Security Interests...................................17 8.5 Oklahoma Equipment Subleases..................................................17 8.6 Operative Agreements and Related Obligations..................................17 SECTION 9. COVENANTS OF THE LESSEE AND THE GUARANTORS 9.1 Limitation on Indebtedness....................................................17 9.2 Limitation on Layering........................................................21 9.3 Limitation on Restricted Payments.............................................21 9.4 Limitation on Liens...........................................................24 9.5 Limitation on Restrictions on Distributions from Restricted Subsidiaries......24 9.6 Limitation on Sales of Assets and Subsidiary Stock............................25 9.7 Limitation on Affiliate Transactions..........................................26 9.8 Limitation on Sale of Capital Stock of Restricted Subsidiaries................27 {/TABLE} -i- {PAGE} {TABLE} {CAPTION} Page ---- {S} {C} {C} {C} 9.9 SEC Reports and Available Information.........................................27 9.10 Merger and Consolidation......................................................27 9.11 Future Subsidiary Guarantors..................................................29 9.12 Changes in Name, Jurisdiction of Incorporation, etc...........................29 SECTION 10. OTHER COVENANTS AND AGREEMENTS 10.1 Covenants of the Trust, the Certificate Holders, Indenture Trustee and the Trust Company.................................................29 10.2 Amendment of Certain Documents................................................31 10.3 Proceeds of Casualty..........................................................31 10.4 Income Tax Reporting..........................................................31 10.5 Financial Statements and Other Information....................................32 10.6 Financial Reporting...........................................................32 10.7 Appraisal.....................................................................32 246910	GE Capital General Electric Capital Corp. ( Financial ) ; Applied Process Applied Process Solutions Inc. ( Miscellany ) As referenced in this Participation Agreement: APPLIED PROCESS SOLUTIONS, – TRUST 2001B, a Delaware business trust, as Lessor, GENERAL ELECTRIC CAPITAL CORPORATION, as Certificate Holders, HANOVER COMPRESSION LIMITED PARTNERSHIP, HANOVER COMPRESSOR COMPANY, HANOVER APPLIED PROCESS SOLUTIONS, INC., EUREKA ENERGY LIMITED PARTNERSHIP, HANOVER ACQUISITION LIMITED PARTNERSHIP, HANOVER COMPRESSOR LIMITED HOLDINGS LLC, HANOVER LAND LIMITED PARTNERSHIP, HANOVER MAINTECH LIMITED PARTNERSHIP, _____________ APPLIED PROCESS SOLUTIONS, – Certificate Holders (the "Certificate Holders"), HANOVER COMPRESSION LIMITED PARTNERSHIP, a Delaware limited partnership, HANOVER COMPRESSOR COMPANY, a Delaware corporation ("Hanover" or "Holdings"), HANOVER APPLIED PROCESS SOLUTIONS, INC., a Delaware corporation, EUREKA ENERGY LIMITED PARTNERSHIP, a Delaware limited partnership, HANOVER ACQUISITION LIMITED PARTNERSHIP, a Delaware limited partnership, HANOVER COMPRESSOR _____________ APPLIED PROCESS SOLUTIONS, – Name: Title: GENERAL ELECTRIC CAPITAL CORPORATION, as Certificate Holder By: ________________________________________ Name: Title: HANOVER COMPRESSOR COMPANY, as Guarantor By: ________________________________________ Name: Title: HANOVER APPLIED PROCESS SOLUTIONS, INC., as Guarantor By: ________________________________________ Name: Title: {PAGE} EUREKA ENERGY LIMITED PARTNERSHIP, as Guarantor By: ________________________________________ Name: Title: HANOVER ACQUISITION LIMITED PARTNERSHIP, _____________ dt 101490 ; Hanover Hanover Compression LP ( Rental & Leasing ) As referenced in this Participation Agreement: HANOVER COMPRESSION LIMITED PARTNERSHIP, – EX-10.72 {SEQUENCE}11 {FILENAME}dex1072.txt {DESCRIPTION}PARTICIPATION AGREEMENT DATED AUGUST 31, 2001 {TEXT} {PAGE} Exhibit 10.72 ================================================================================ PARTICIPATION AGREEMENT among HANOVER COMPRESSION LIMITED PARTNERSHIP, as Lessee, HANOVER EQUIPMENT TRUST 2001B, a Delaware business trust, as Lessor, GENERAL ELECTRIC CAPITAL CORPORATION, as Certificate Holders, HANOVER COMPRESSION LIMITED _____________ HANOVER COMPRESSION LIMITED PARTNERSHIP, – HANOVER COMPRESSION LIMITED PARTNERSHIP, as Lessee, HANOVER EQUIPMENT TRUST 2001B, a Delaware business trust, as Lessor, GENERAL ELECTRIC CAPITAL CORPORATION, as Certificate Holders, HANOVER COMPRESSION LIMITED PARTNERSHIP, HANOVER COMPRESSOR COMPANY, HANOVER APPLIED PROCESS SOLUTIONS, INC., EUREKA ENERGY LIMITED PARTNERSHIP, HANOVER ACQUISITION LIMITED PARTNERSHIP, HANOVER COMPRESSOR LIMITED HOLDINGS LLC, HANOVER _____________ HANOVER COMPRESSION LIMITED PARTNERSHIP, – Exhibit B Form of Opinions Schedules --------- Schedule 9.7(b) -iii- {PAGE} PARTICIPATION AGREEMENT dated as of August 31, 2001 (this "Agreement"), among HANOVER COMPRESSION LIMITED PARTNERSHIP, a Delaware limited partnership and a wholly owned subsidiary of Hanover (the "Lessee"); HANOVER EQUIPMENT TRUST 2001B, a Delaware business trust (the " _____________ HANOVER COMPRESSION LIMITED PARTNERSHIP, – HANOVER EQUIPMENT TRUST 2001B, a Delaware business trust (the "Trust" or the "Lessor"), GENERAL ELECTRIC CAPITAL CORPORATION, as Certificate Holders (the "Certificate Holders"), HANOVER COMPRESSION LIMITED PARTNERSHIP, a Delaware limited partnership, HANOVER COMPRESSOR COMPANY, a Delaware corporation ("Hanover" or "Holdings"), HANOVER APPLIED PROCESS SOLUTIONS, INC., a Delaware corporation, EUREKA _____________ Hanover Compression Limited Partnership – Trust, the Trust Company, the Indenture Trustee, the Collateral Agent and Wilmington Trust FSB: {PAGE} 42 If to the Lessee, to it at: Hanover Compression Limited Partnership 12001 North Houston Rosslyn Houston, Texas 77806 Attention: Chief Financial Officer Telecopy No.: 281-447-8781 with a copy to: Latham & Watkins _____________ dt 100593 ;	HCC Hanover Compressor Co. ( Rental & Leasing ) As referenced in this Participation Agreement: HANOVER COMPRESSOR – business trust, as Lessor, GENERAL ELECTRIC CAPITAL CORPORATION, as Certificate Holders, HANOVER COMPRESSION LIMITED PARTNERSHIP, HANOVER COMPRESSOR COMPANY, HANOVER APPLIED PROCESS SOLUTIONS, INC., EUREKA ENERGY LIMITED PARTNERSHIP, HANOVER ACQUISITION LIMITED PARTNERSHIP, HANOVER _____________ HANOVER COMPRESSOR – COMPRESSOR COMPANY, HANOVER APPLIED PROCESS SOLUTIONS, INC., EUREKA ENERGY LIMITED PARTNERSHIP, HANOVER ACQUISITION LIMITED PARTNERSHIP, HANOVER COMPRESSOR LIMITED HOLDINGS LLC, HANOVER LAND LIMITED PARTNERSHIP, HANOVER MAINTECH LIMITED PARTNERSHIP, HANOVER/SMITH LIMITED PARTNERSHIP, _____________ HANOVER COMPRESSOR – CORPORATION, as Certificate Holders (the "Certificate Holders"), HANOVER COMPRESSION LIMITED PARTNERSHIP, a Delaware limited partnership, HANOVER COMPRESSOR COMPANY, a Delaware corporation ("Hanover" or "Holdings"), HANOVER APPLIED PROCESS SOLUTIONS, INC., a Delaware corporation, _____________ HANOVER COMPRESSOR – ENERGY LIMITED PARTNERSHIP, a Delaware limited partnership, HANOVER ACQUISITION LIMITED PARTNERSHIP, a Delaware limited partnership, HANOVER COMPRESSOR LIMITED HOLDINGS LLC, a Delaware limited liability company, HANOVER LAND LIMITED PARTNERSHIP, a Delaware limited _____________ HANOVER COMPRESSOR – By: ________________________________________ Name: Title: GENERAL ELECTRIC CAPITAL CORPORATION, as Certificate Holder By: ________________________________________ Name: Title: HANOVER COMPRESSOR COMPANY, as Guarantor By: ________________________________________ Name: Title: HANOVER APPLIED PROCESS SOLUTIONS, INC., as Guarantor By: _____________ dt 75034 ; Wilmington Trust Wilmington Trust Co. ( Financial ) As referenced in this Participation Agreement: WILMINGTON TRUST CO – FSB as Indenture Trustee, Collateral Agent under the Indenture, and in its individual capacity, only to the extent expressly set forth herein and WILMINGTON TRUST CO MPANY, in its individual capacity, only to the extent expressly set forth herein ------------------------------ Dated as of August 31, 2001 ------------------------------ ================================================================================ {PAGE} {TABLE} {CAPTION} TABLE _____________ WILMINGTON TRUST CO – Collateral Agent"), and in its individual capacity only to the extent expressly set forth herein (in its individual capacity, "Wilmington Trust FSB"), and WILMINGTON TRUST CO MPANY (the "Trust Company") in its individual capacity only to the extent expressly set forth herein. Capitalized terms used but not otherwise defined _____________ Wilmington Trust Co – Meller and Michael A. Pucker Telecopy No.: 312-993-9767 If to the Trust, to it at: Hanover Equipment Trust 2001B c/o Wilmington Trust Co mpany 1100 North Market Street Wilmington, Delaware 19890 Attention: Corporate Trust Administration Telecopy No.: 302-651-8882 If to the Certificate Holders, to _____________ Wilmington Trust Co – Baltimore Street Baltimore, Maryland 21202 Attention: Alan J. Mogol, Esq. Telecopy No.: 410-547-0699 If to the Trust Company, to it at: Wilmington Trust Co mpany 1100 North Market Street Wilmington, Delaware 19890 Attention: Corporate Trust Administration Telecopy No.: 302-651-8882 If to Indenture Trustee, to it _____________ Wilmington Trust Co – and year first above written. HANOVER COMPRESSION LIMITED PARTNERSHIP, as Lessee and a Guarantor By: ________________________________________ Name: Title: HANOVER EQUIPMENT TRUST 2001B By: Wilmington Trust Co mpany, not individually but solely as Trustee By: ________________________________________ Name: Title: GENERAL ELECTRIC CAPITAL CORPORATION, as Certificate Holder By: ________________________________________ Name: Title: HANOVER _____________ dt 99899 ; More...