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Title: |
Participation Agreement |
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Entities: |
Banc of America Securities LLC; Chase Manhattan Bank; Dynegy Inc.; Dynegy Roseton LLC; FPL Group, Inc.; J.P. Morgan Securities Inc.; Lehman Brothers Inc.; McGraw-Hill Companies Inc.; Salomon Smith Barney Inc.; International Brotherhood of Electrical Workers; Dewey Ballantine LLP; Kelley Drye & Warren LLP; Orrick, Herrington & Sutcliffe; Simpson Thacher & Bartlett |
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Date: |
2001 |
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Size: |
Preview shows 11KB of 2273KB total |
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Price: |
$99 |
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ID: |
#1329437 |
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Start of Preview |
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Participation Agreement
Dated as of May 1, 2001
among
Dynegy Roseton, L.L.C.,
Roseton OL LLC,
Wilmington Trust Company,
not in its individual capacity, except
as expressly provided herein, but solely
as Lessor Manager,
Roseton OP LLC,
The Chase Manhattan Bank,
not in its individual capacity, but solely
as Lease Indenture Trustee
and
The Chase Manhattan Bank,
not in its individual capacity, but solely
as Pass Through Trustees
Roseton Units 1 and 2
--------------------------------------------------------------------------------
<PAGE>
TABLE OF CONTENTS
<TABLE>
<CAPTION>
Page
<S> <C> <C>
SECTION 1. DEFINITIONS; INTERPRETATION OF THIS PARTICIPATION AGREEMENT......................... 2
SECTION 2. PARTICIPATION; CLOSING DATE; TRANSACTION COSTS...................................... 3
Section 2.1. Agreement to Participate................................................... 3
Section 2.2. Closing Date; Procedure for Participation.................................. 4
Section 2.3. Postponement of Closing; Investment of Funds............................... 4
Section 2.4. Pre-Closing Transaction Costs.............................................. 5
SECTION 3. REPRESENTATIONS AND WARRANTIES...................................................... 6
Section 3.1. Representations and Warranties of the Company.............................. 6
Section 3.2. Representations and Warranties of the Owner Lessor......................... 13
Section 3.3. Representations and Warranties of the Lessor Manager and the Trust Company. 14
Section 3.4. Representations and Warranties of the Owner Participant.................... 16
SECTION 4. CLOSING CONDITIONS; CONDITIONS TO PURCHASE OF LESSOR NOTES.......................... 18
SECTION 5. COVENANTS OF THE COMPANY............................................................ 22
Section 5.1. Maintenance of Existence................................................... 22
Section 5.2. Merger, Consolidation, Sale of Substantially All Assets.................... 23
Section 5.3. Delivery of Lessee Guarantor's Financial Statements........................ 24
Section 5.4. Delivery of No Default Certificate......................................... 24
Section 5.5. Information Concerning the Facility........................................ 25
Section 5.6. Certain Contracts and Agreements........................................... 25
Section 5.7. Notice of Change in Address or Name........................................ 25
Section 5.8. Support Agreements......................................................... 26
Section 5.9. Further Assurances......................................................... 26
Section 5.10. Nondiscrimination Among Leases............................................. 27
SECTION 6. COVENANTS OF THE TRUST COMPANY, THE LESSOR MANAGER AND THE OWNER LESSOR............. 27
Section 6.1. Compliance with the LLC Agreement.......................................... 27
Section 6.2. Owner Lessor's Liens....................................................... 27
Section 6.3. Amendments to Operative Documents.......................................... 27
Section 6.4. Transfer of the Owner Lessor's Interest.................................... 28
</TABLE>
-i-
<PAGE>
TABLE OF CONTENTS
(continued)
<TABLE>
<CAPTION>
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<S> <C> <C>
Section 6.5. Owner Lessor; Lessor Estate................................................ 28
Section 6.6. Limitation on Indebtedness and Actions..................................... 28
Section 6.7. Change of Location......................................................... 28
SECTION 7. COVENANTS OF THE OWNER PARTICIPANT................................................ 28
Section 7.1. Restrictions on Transfer of Member Interest................................ 28
Section 7.2. Owner Participant's Liens.................................................. 32
Section 7.3. Amendments or Revocation of LLC Agreement.................................. 32
Section 7.4. Bankruptcy Filings......................................................... 32
Section 7.5. Instructions............................................................... 32
Section 7.6. Appointment of Successor Lessor Manager.................................... 32
SECTION 8. COVENANTS OF THE LEASE INDENTURE TRUSTEE.......................................... 33
SECTION 9. INDEMNIFICATION................................................................... 33
Section 9.1. General Indemnity.......................................................... 33
Section 9.2. General Tax Indemnity...................................................... 39
SECTION 10. LESSEE'S RIGHT OF QUIET ENJOYMENT................................................. 49
SECTION 11. SUPPLEMENTAL FINANCING; OPTIONAL REFINANCING; ASSUMPTION OF NOTES................. 49
Section 11.1. Financing Modifications.................................................... 49
Section 11.2. Optional Refinancing of Lease Debt......................................... 51
Section 11.3. Cooperation................................................................ 52
Section 11.4. Right of Owner Participant to Assume Notes................................. 52
SECTION 12 PRE-CLOSING ADJUSTMENTS TO LEASE SCHEDULES....................................... 55
Section 12. Lease Schedules............................................................ 55
Section 12.2. Pre-closing Adjustments.................................................... 55
SECTION 13. SPECIAL LESSEE TRANSFERS; ASSIGNMENT OF FACILITY LEASE........................... 56
Section 13.1. Special Lessee Transfers................................................... 56
Section 13.2. Assignment of Facility Lease............................................... 58
Section 13.3. Assignment of Lessee Guaranty.............................................. 61
Section 13.4. Lessee Guarantor Transfer of Interest in Facility Lessee................... 63
SECTION 14. RIGHT OF FIRST REFUSAL; RIGHT OF FIRST OFFER
Section 14.1. Right of First Offer....................................................... 63
</TABLE>
-ii-
<PAGE>
TABLE OF CONTENTS
(continued)
<TABLE>
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<S> <C> <C>
Section 14.2. Right of First Refusal................................................... 64
SECTION 15. MISCELLANEOUS.................................................................... 64
Section 15.1. Consents................................................................. 64
Section 15.2. Bankruptcy of Lessor Estate.............................................. 65
Section 15.3. Amendments and Waivers................................................... 65
Section 15.4. Notices.................................................................. 65
Section 15.5. Survival................................................................. 67
Section 15.6. Successors and Assigns................................................... 68
Section 15.7. Governing Law............................................................ 68
Section 15.8. Severability............................................................. 68
Section 15.9. Counterparts............................................................. 68
Section 15.10. Headings and Table of Contents........................................... 68
Section 15.11. Limitation of Liability.................................................. 68
Section 15.12. Consent to Jurisdiction; Waiver of Trial by Jury; Process Agent.......... 70
Section 15.13. Further Assurances....................................................... 70
Section 15.14. Effectiveness............................................................ 71
Section 15.15. Measuring Life........................................................... 71
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