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Title: |
Indenture |
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Entities: |
Cede & Co.; Depository Trust Co.; Pioneer Companies, Inc.; Wells Fargo Bank Minnesota, NA |
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Date: |
2002 |
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Size: |
Preview shows 32KB of 489KB total |
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$93 |
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ID: |
#218732 |
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TRANCHE B NOTES INDENTURE
PCI CHEMICALS CANADA COMPANY,
as Issuer
PIONEER COMPANIES, INC.,
PIONEER AMERICAS LLC,
IMPERIAL WEST CHEMICAL CO.,
KEMWATER NORTH AMERICA COMPANY,
PIONEER (EAST), INC.,
PIONEER WATER TECHNOLOGIES, INC.,
PIONEER LICENSING, INC.,
and
KWT, INC.,
as Guarantors
and
WELLS FARGO BANK MINNESOTA, NATIONAL ASSOCIATION
as Trustee
------------------------
INDENTURE
Dated as of December 31, 2001
-----------------------
$150,000,000
10% Senior Secured Guaranteed Notes due 2008
{PAGE}
TABLE OF CONTENTS
{TABLE}
{CAPTION}
Page
----
ARTICLE ONE
DEFINITIONS AND OTHER PROVISIONS OF
GENERAL APPLICATION
{S} {C}
Section 101. Definitions........................................................................ 2
"Act"................................................................................... 2
"Additional Amounts".................................................................... 3
"Adjusted Net Assets"................................................................... 3
"Administrative Agent".................................................................. 3
"Affiliate"............................................................................. 3
"Agent Members"......................................................................... 3
"Allowed Other Secured Claim"........................................................... 3
"Allowed Secured Tax Claim"............................................................. 3
"Asset Sale"............................................................................ 3
"Asset Sale Offer"...................................................................... 4
"Asset Sale Offer Amount"............................................................... 4
"Asset Sale Offer Period"............................................................... 4
"Asset Sale Purchase Date".............................................................. 4
"Asset Sale Purchase Price"............................................................. 4
"Attributable Indebtedness"............................................................. 5
"Bankruptcy Code"....................................................................... 5
"Bankruptcy Court"...................................................................... 5
"Bankruptcy Law"........................................................................ 5
"Board of Directors".................................................................... 5
"Board Resolution"...................................................................... 5
"Business Day".......................................................................... 6
"Canadian Act of Bankruptcy"............................................................ 6
"Canadian Bankruptcy Law"............................................................... 7
"Canadian Secured Term and Note Claim".................................................. 7
"Canadian Security Agreements".......................................................... 7
"Cancellation Date"..................................................................... 7
"Capital Expenditures".................................................................. 7
"Capital Stock"......................................................................... 7
"Capitalized Lease Obligation".......................................................... 7
"Cash Equivalents"...................................................................... 8
"Change of Control"..................................................................... 8
"Change of Control Date"................................................................ 9
"Change of Control Offer"............................................................... 9
"Change of Control Payment Date"........................................................ 9
"Change of Control Purchase Price"...................................................... 9
"Chapter 11 Cases"...................................................................... 9
{/TABLE}
i
{PAGE}
{TABLE}
{S} {C}
"Claimant".............................................................................. 9
"Closing Date".......................................................................... 9
"Collateral"............................................................................ 9
"Collateral Agent"...................................................................... 9
"Collateral Proceeds"................................................................... 9
"Commencement Date"..................................................................... 9
"Commission"............................................................................ 9
"Common Security and Intercreditor Agreement"........................................... 9
"Company"............................................................................... 10
"Company Request"....................................................................... 10
"Confirmation Order".................................................................... 10
"Consolidated Cash Flow Available for Fixed Charges".................................... 10
"Consolidated Fixed Charge Coverage Ratio".............................................. 10
"Consolidated Income Tax Expense"....................................................... 11
"Consolidated Interest Expense"......................................................... 11
"Consolidated Net Income"............................................................... 11
"Consolidated Net Worth"................................................................ 11
"Corporate Trust Office"................................................................ 12
"Covenant Defeasance"................................................................... 12
"CRC Portfolio"......................................................................... 12
"Cumulative Capital Expenditures"....................................................... 12
"Cumulative Capital Expenditure Deficit"................................................ 12
"Cumulative Capital Expenditure Limit".................................................. 12
"Custodian"............................................................................. 12
"Custody and Disbursing Agreement"...................................................... 13
"Default"............................................................................... 13
"Defaulted Interest".................................................................... 13
"Defeasance"............................................................................ 13
"Defeasance Redemption Date"............................................................ 13
"Defeased Securities"................................................................... 13
"Depositary"............................................................................ 13
"Direction"............................................................................. 13
"Disbursing Agent"...................................................................... 13
"Effective Plan Date"................................................................... 13
"Eligible Investments".................................................................. 13
"Environmental Claim"................................................................... 14
"Environmental Law"..................................................................... 14
"Event of Default"...................................................................... 14
"Exchange Act".......................................................................... 14
"Excluded Holders"...................................................................... 14
"Existing Indebtedness"................................................................. 14
"Exit Facility"......................................................................... 14
"Exit Facility Agent"................................................................... 14
"Exit Facility Lenders"................................................................. 14
"Fair Market Value"..................................................................... 15
"Final Order"........................................................................... 15
{/TABLE}
ii
{PAGE}
{TABLE}
{S} {C}
"Fiscal Quarter"........................................................................ 15
"Fiscal Year"........................................................................... 15
"Funding Guarantor"..................................................................... 15
"GAAP".................................................................................. 15
"Global Security"....................................................................... 15
"Guaranties"............................................................................ 15
"Guarantors"............................................................................ 15
"Guaranty".............................................................................. 15
"Guaranteed Obligations"................................................................ 16
"Hazardous Materials"................................................................... 16
"Hedging Obligations"................................................................... 16
"Holder"................................................................................ 16
"Including"............................................................................. 16
"Incur"................................................................................. 16
"Indebtedness".......................................................................... 16
"Indenture"............................................................................. 17
"Indenture Documents"................................................................... 17
"Indenture Obligations"................................................................. 18
"Indenture Obligors".................................................................... 18
"Independent Director".................................................................. 18
"Insurance Proceeds".................................................................... 18
"Intercreditor Collateral Account"...................................................... 18
"Interest Payment Date"................................................................. 18
"Investment"............................................................................ 18
"Judgment Currency"..................................................................... 19
"Lenders"............................................................................... 19
"Letter of Transmittals"................................................................ 19
"Lien".................................................................................. 19
"Loan Documents"........................................................................ 19
"Material Adverse Effect"............................................................... 19
"Maturity".............................................................................. 20
"MEIP".................................................................................. 20
"Moody's"............................................................................... 20
"Mortgage".............................................................................. 20
"Mortgaged Property".................................................................... 20
"Net Award"............................................................................. 20
"Net Income"............................................................................ 20
"Net Offering Proceeds"................................................................. 20
"Net Proceeds".......................................................................... 20
"New Common Stock"...................................................................... 21
"New Debt".............................................................................. 21
"New Other Secured Notes"............................................................... 21
"New Other Secured Notes And Claims".................................................... 21
"New Tranche A Notes"................................................................... 21
"New Tranche A Notes Holders"........................................................... 21
"New Tranche A Notes Indenture"......................................................... 21
{/TABLE}
iii
{PAGE}
{TABLE}
{S} {C}
"New Tranche A Notes Indenture Trustee"................................................. 21
"New Tranche A Term Notes".............................................................. 21
"Obligor"............................................................................... 21
"Obligor Subsidiary".................................................................... 21
"Officers' Certificate"................................................................. 22
"Old Debt".............................................................................. 22
"Opinion of Counsel".................................................................... 22
"Opinion of Independent Counsel"........................................................ 22
"Organizational Documents".............................................................. 22
"Outstanding"........................................................................... 22
"Paying Agent".......................................................................... 23
"PCA U.S. Secured Term and Note Claim".................................................. 23
"PCI"................................................................................... 23
"Permitted Investments"................................................................. 23
"Permitted Issuance".................................................................... 24
"Permitted Liens"....................................................................... 24
"Person"................................................................................ 27
"Physical Securities"................................................................... 27
"Pioneer Americas"...................................................................... 27
"Pioneer Companies"..................................................................... 27
"Plan of Reorganization"................................................................ 27
"Post Petition Interest"................................................................ 27
"Power of Attorney"..................................................................... 27
"Predecessor Security".................................................................. 27
"Qualified Equity Offering"............................................................. 28
"Quebec Mortgage and Security Agreement"................................................ 28
"Redemption Date"....................................................................... 28
"Redemption Price"...................................................................... 28
"Refinancing"........................................................................... 28
"Refinancing Indebtedness".............................................................. 28
"Registration Rights Agreement"......................................................... 28
"Regular Record Date"................................................................... 28
"Related Business"...................................................................... 28
"Release"............................................................................... 28
"Restoration"........................................................................... 28
"Restricted Payments"................................................................... 28
"Returned Payments"..................................................................... 29
"Rollover Amount"....................................................................... 29
"S&P"................................................................................... 29
"Safety and Health Laws"................................................................ 29
"Sale and Leaseback Transaction"........................................................ 29
"Securities"............................................................................ 29
"Securities Act"........................................................................ 29
"Security and Intercreditor Supplement"................................................. 29
"Security Documents".................................................................... 29
"Security Register"..................................................................... 29
{/TABLE}
iv
{PAGE}
{TABLE}
{S} {C}
"Security Registrar".................................................................... 29
"Senior Indebtedness"................................................................... 29
"Special Record Date"................................................................... 30
"Stated Maturity"....................................................................... 30
"Subordinated Indebtedness"............................................................. 30
"Subordinated Obligations".............................................................. 30
"Subsidiary"............................................................................ 30
"Taxes"................................................................................. 31
"Term Loan Agreement"................................................................... 31
"Tranche A Documents"................................................................... 31
"Transaction Documents"................................................................. 31
"Trust Indenture Act"................................................................... 31
"Trust Moneys".......................................................................... 31
"Trustee"............................................................................... 32
"UCC"................................................................................... 32
"Unallocated Payments".................................................................. 32
"Unallocated Securities"................................................................ 32
"U.S. Government Obligations"........................................................... 32
"Voting Stock".......................................................................... 32
"Wholly-Owned Subsidiary"............................................................... 32
Section 102. [Intentionally Omitted.]........................................................... 33
Section 103. Compliance Certificates and Opinions............................................... 33
Section 104. Form of Documents Delivered to Trustee............................................. 33
Section 105. Acts of Holders.................................................................... 34
Section 106. Notices, etc., to Trustee, the Company and any Indenture
Obligor or Obligor Subsidiary. ................................................. 36
Section 107. Notice to Holders; Waiver.......................................................... 36
Section 108. Conflict with Trust Indenture Act.................................................. 37
Section 109. Effect of Headings and Table of Contents........................................... 37
Section 110. Successors and Assigns............................................................. 37
Section 111. Separability Clause................................................................ 37
Section 112. Benefits of Indenture.............................................................. 37
Section 113. Governing Law...................................................................... 38
Section 114. Legal Holidays..................................................................... 38
Section 115. Schedules and Exhibits............................................................. 38
Section 116. Counterparts....................................................................... 38
Section 117. Communication by Holders with other Holders........................................ 38
Section 118. No Recourse against Others......................................................... 38
Section 119. Article Applicable to Paying Agents................................................ 38
ARTICLE TWO
SECURITY FORMS
Section 201. Forms Generally.................................................................... 39
Section 202. Legends............................................................................ 39
Section 203. Form of Face of Security........................................................... 40
{/TABLE}
v
{PAGE}
{TABLE}
{S} {C}
Section 204. Form of Reverse of Securities...................................................... 42
Section 205. Form of Trustee's Certificate of Authentication.................................... 48
Section 206. Form of Guaranty of Each of the Guarantors......................................... 48
ARTICLE THREE
THE SECURITIES
Section 301. Title and Terms.................................................................... 51
Section 302. Denominations...................................................................... 52
Section 303. Execution, Authentication, Delivery and Dating..................................... 52
Section 304. Temporary Securities............................................................... 53
Section 305. Registration of Transfer and Exchange.............................................. 54
Section 306. Book-Entry Provisions for Global Security.......................................... 56
Section 307. [Intentionally Omitted.]........................................................... 57
Section 308. Mutilated, Destroyed, Lost and Stolen Securities................................... 57
Section 309. Payment of Interest; Interest Rights Preserved..................................... 58
Section 310. Persons Deemed Owners.............................................................. 59
Section 311. Cancellation....................................................................... 59
Section 312. Computation of Interest; Interest Act (Canada)..................................... 59
Section 313. Deposit of Moneys.................................................................. 59
Section 314. CUSIP Number....................................................................... 60
ARTICLE FOUR
DEFEASANCE AND COVENANT DEFEASANCE
Section 401. Company's Option to Effect Defeasance or Covenant Defeasance....................... 60
Section 402. Defeasance and Discharge........................................................... 60
Section 403. Covenant Defeasance................................................................ 61
Section 404. Conditions to Defeasance or Covenant Defeasance.................................... 61
Section 405. Deposited Money and U.S. Government Obligations to Be Held
in Trust; Other Miscellaneous Provisions........................................ 63
Section 406. Reinstatement...................................................................... 64
Section 407. Repayment of the Company........................................................... 64
ARTICLE FIVE
REMEDIES
Section 501. Events of Default.................................................................. 65
Section 502. Acceleration....................................................................... 68
Section 503. Other Remedies..................................................................... 69
Section 504. Waiver of Past Defaults............................................................ 69
Section 505. Control by Majority................................................................ 70
Section 506. Limitation on Suits................................................................ 70
{/TABLE}
vi
{PAGE}
{TABLE}
{S} {C}
Section 507. Rights of Holders to Receive Payment............................................... 71
Section 508. Collection Suit by Trustee......................................................... 71
Section 509. Trustee May File Proofs of Claim................................................... 71
Section 510. Priorities......................................................................... 72
Section 511. Undertaking for Costs.............................................................. 73
Section 512. Waiver of Stay, Extension or Usury Laws............................................ 73
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