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Title: |
Capital Securities Guarantee Agreement |
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Entities: |
Chase Manhattan Bank; Chase Manhattan Bank USA, NA; Dominion Resources, Inc.; Dominion Resources, Inc. |
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Date: |
2001 |
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Size: |
Preview shows 20KB of 65KB total |
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Price: |
$41 |
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ID: |
#421388 |
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CAPITAL SECURITIES GUARANTEE AGREEMENT
DATED AS OF JANUARY 12 , 2001
BY AND BETWEEN
DOMINION RESOURCES, INC.,
AS GUARANTOR
AND
THE CHASE MANHATTAN BANK,
AS TRUSTEE
{PAGE}
CROSS REFERENCE TABLE*
{TABLE}
{CAPTION}
SECTION OF TRUST SECTION OF
INDENTURE ACT OF GUARANTEE
1939, AS AMENDED AGREEMENT
--------- ------
{S} {C}
310(a)............................................................................ 4.1(a)
310(b)............................................................................ 2.8; 4.1(c)
310(c)............................................................................ Inapplicable
311(a)............................................................................ 2.2(b)
311(b)............................................................................ 2.2(b)
311(c)............................................................................ Inapplicable
312(a)............................................................................ 2.2(a); 2.9
312(b)............................................................................ 2.2(b); 2.9
312(c)............................................................................ 2.9
313(a)............................................................................ 2.3
313(b)............................................................................ 2.3
313(c)............................................................................ 2.3
313(d)............................................................................ 2.3
314(a)............................................................................ 2.4
314(b)............................................................................ Inapplicable
314(c)............................................................................ 2.5
314(d)............................................................................ Inapplicable
314(e)............................................................................ 1.1; 2.5; 3.2
314(f)............................................................................ Inapplicable
315(a)............................................................................ 3.1(d); 3.2(a)
315(b)............................................................................ 2.7(a)
315(c)............................................................................ 3.1(c)
315(d)............................................................................ 3.1(d)
315(e)............................................................................ Inapplicable
316(a)............................................................................ 2.6; 5.4(a)
316(b)............................................................................ 5.3
316(c)............................................................................ 2.2
317(a)............................................................................ 2.10
317(b)............................................................................ Inapplicable
318(a)............................................................................ 2.1(b)
{/TABLE}
--------
* THIS CROSS-REFERENCE TABLE DOES NOT CONSTITUTE PART OF THE AGREEMENT AND SHALL
NOT HAVE ANY BEARING UPON THE INTERPRETATION OF ANY OF ITS TERMS OR PROVISIONS.
{PAGE}
TABLE OF CONTENTS
{TABLE}
{CAPTION}
PAGE
{S} {C}
ARTICLE 1 INTERPRETATION AND DEFINITIONS.......... ............................................................ 1
SECTION 1.1 Interpretation and Definitions.............................................................. 1
ARTICLE 2 TRUST INDENTURE ACT.................................................................................. 6
SECTION 2.1 Trust Indenture Act; Application............................................................ 6
SECTION 2.2 Lists of Holders of Securities.............................................................. 6
SECTION 2.3 Reports by Guarantee Trustee................................................................ 6
SECTION 2.4 Periodic Reports to Guarantee Trustee....................................................... 7
SECTION 2.5 Evidence of Compliance with Conditions Precedent............................................ 7
SECTION 2.6 Guarantee Event of Default; Waiver.......................................................... 7
SECTION 2.7 Guarantee Event of Default; Notice.......................................................... 7
SECTION 2.8 Conflicting Interests....................................................................... 7
SECTION 2.9 Disclosure of Information................................................................... 8
SECTION 2.10 Guarantee Trustee May File Proofs of Claim................................................. 8
ARTICLE 3 POWERS, DUTIES AND RIGHTS OF GUARANTEE TRUSTEE....................................................... 8
SECTION 3.1 Powers and Duties of Guarantee Trustee...................................................... 8
SECTION 3.2 Certain Rights of Guarantee Trustee......................................................... 10
SECTION 3.3 Not Responsible for Recitals or Issuance of Guarantee....................................... 12
ARTICLE 4 GUARANTEE TRUSTEE.................................................................................... 12
SECTION 4.1 Guarantee Trustee; Eligibility.............................................................. 12
SECTION 4.2 Appointment, Removal and Resignation of Guarantee Trustee................................... 12
ARTICLE 5 GUARANTEE............................................................................................ 13
SECTION 5.1 Guarantee................................................................................... 13
SECTION 5.2 Waiver of Notice and Demand................................................................. 14
SECTION 5.3 Obligations Not Affected.................................................................... 14
SECTION 5.4 Rights of Holders........................................................................... 15
SECTION 5.5 Guarantee of Payment........................................................................ 16
SECTION 5.6 Subrogation................................................................................. 16
SECTION 5.7 Independent Obligations..................................................................... 16
ARTICLE 6 LIMITATION OF TRANSACTIONS; SUBORDINATION............................................................ 16
SECTION 6.1 Limitation of Transactions............................................................... 16
SECTION 6.2 Ranking.................................................................................. 17
SECTION 6.3 Subordination of Common Securities....................................................... 17
ARTICLE 7 TERMINATION.......................................................................................... 17
SECTION 7.1 Termination.............................................................................. 17
{/TABLE}
i
{PAGE}
{TABLE}
{S} {C}
ARTICLE 8 INDEMNIFICATION..................................................................................... 18
SECTION 8.1 Exculpation............................................................................. 18
SECTION 8.2 Compensation, Expenses and Indemnification.............................................. 18
ARTICLE 9 MISCELLANEOUS....................................................................................... 19
SECTION 9.1 Successors and Assigns.................................................................. 19
SECTION 9.2 Amendments.............................................................................. 19
SECTION 9.3 Notices................................................................................. 19
SECTION 9.4 Benefit................................................................................. 20
SECTION 9.5 Governing Law........................................................................... 20
{/TABLE}
ii
{PAGE}
CAPITAL SECURITIES GUARANTEE AGREEMENT
This CAPITAL SECURITIES GUARANTEE AGREEMENT (the "Guarantee"), dated as of
January 12, 2001, is executed and delivered by DOMINION RESOURCES, INC., a
Delaware corporation (the "Guarantor"), and THE CHASE MANHATTAN BANK, a New York
banking corporation, as trustee (the "Guarantee Trustee"), for the benefit of
the Holders (as defined herein) from time to time of the Securities (as defined
herein) of DOMINION RESOURCES CAPITAL TRUST III, a Delaware statutory business
trust (the "Trust").
RECITALS
WHEREAS, pursuant to the Trust Agreement (as defined herein), the Trust is
initially issuing on the date hereof (i) $250,000,000 aggregate liquidation
amount of Capital Securities, having a liquidation amount of $1,000 per security
and designated the "250, 000 8.4% Capital Securities" of the Trust and may, from
time to time, issue additional Tranches (as defined herein) of such securities
in the future (the "Capital Securities") and (ii) $7,732,000 aggregate
liquidation amount of common securities, having a liquidation amount equal to
approximately 3%of the total capital of the Trust and designated the "8.4%
Common Securities" of the Trust and may, from time to time, issue additional
Tranches (as defined herein) of such securities in the future (the "Common
Securities" and, together with the Capital Securities, the "Securities");
WHEREAS, the Securities will be issued by the Trust and the proceeds
thereof will be used to purchase the Junior Subordinated Debentures of the
Guarantor, which will be held by the Trust as trust assets;
WHEREAS, as incentive for the Holders to purchase the Securities, the
Guarantor desires irrevocably and unconditionally to agree, to the extent set
forth in this Guarantee, to pay to the Holders of the Securities the Guarantee
Payments (as defined herein) and to make certain other payments on the terms and
conditions set forth herein; and
WHEREAS, if a Trust Enforcement Event (as defined herein) has occurred and
is continuing, the rights of holders of the Common Securities to receive
Guarantee Payments (as defined herein) under this Guarantee are subordinated to
the rights of Holders of Capital Securities to receive Guarantee Payments under
this Guarantee;
NOW, THEREFORE, in consideration of the purchase by each Holder of
Securities, which purchase the Guarantor hereby agrees shall benefit the
Guarantor, the Guarantor executes and delivers this Guarantee for the benefit of
the Holders.
{PAGE}
ARTICLE 1
INTERPRETATION AND DEFINITIONS
SECTION 1.1 INTERPRETATION AND DEFINITIONS. In this Guarantee, unless the
context otherwise requires:
(a) capitalized terms used in this Guarantee but not defined in the
preamble above have the respective meanings assigned to them in this Section
1.1;
(b) a term defined anywhere in this Guarantee has the same meaning
throughout;
(c) all references to "the Guarantee" or "this Guarantee" are to this
Guarantee as modified, supplemented or amended from time to time;
(d) all references in this Guarantee to Articles, Sections and Recitals
are to Articles, Sections and Recitals of this Guarantee, unless otherwise
specified;
(e) unless otherwise defined in this Guarantee, a term defined in the
Trust Indenture Act has the same meaning when used in this Guarantee;
(f) a reference to the singular includes the plural and vice versa and a
reference to any masculine form of a term shall include the feminine form of a
term, as applicable; and
(g) the following terms have the following meanings:
"AFFILIATE" has the same meaning as given to that term in Rule 405 of the
Securities Act of 1933, as amended, or any successor rule thereunder.
"BUSINESS DAY" has the meaning specified in the Trust Agreement.
"CAPITAL SECURITIES" has the meaning specified in the Recitals hereto.
"COMMON SECURITIES" has the meaning specified in the Recitals hereto.
"CORPORATE TRUST OFFICE" means the office of the Guarantee Trustee at
which at any particular time its corporate trust business shall be principally
administered, which office at the date of execution of this Guarantee is located
at 450 West 33/rd/ Street, New York, New York 10001, Attention: Institutional
Trust Services.
"COVERED PERSON" means a Holder or beneficial owner of Securities.
2
{PAGE}
"GLOBAL SECURITY" means a fully registered, global Capital Security
representing the Capital Securities.
"GUARANTEE EVENT OF DEFAULT" means a default by the Guarantor on any of
its payment obligations under this Guarantee.
"GUARANTEE PAYMENTS" means the following payments or distributions, without
duplication, with respect to the Securities, to the extent not paid by or on
behalf of the Trust: (i) any accumulated and unpaid Distributions (as defined in
the Trust Agreement) that are required to be paid on such Securities to the
extent the Trust has funds legally and immediately available therefor at the
time, (ii) the Redemption Price, including all accumulated and unpaid
Distributions to the date of redemption, with respect to any Securities called
for redemption by the Trust, to the extent the Trust shall have funds legally
and immediately available therefor at the time or (iii) upon a voluntary or
involuntary dissolution, winding-up or termination of the Trust (other than in
connection with the distribution of Junior Subordinated Debentures to the
Holders in exchange for Securities as provided in the Trust Agreement), the
lesser of (a) the aggregate of the liquidation amount and all accumulated and
unpaid Distributions on the Securities to the date of payment, to the extent the
Trust has funds legally and immediately available therefor and (b) the amount of
assets of the Trust remaining available for distribution to Holders in
liquidation of the Trust (in either case, the "Liquidation Distribution").
"GUARANTEE TRUSTEE" means The Chase Manhattan Bank, until a successor
Guarantee Trustee has been appointed and has accepted such appointment pursuant
to the terms of this Guarantee and thereafter means each such Successor
Guarantee Trustee.
"HOLDER" means any holder of Securities, as registered on the books and
records of the Trust; provided, however, that, in determining whether the
Holders of the requisite percentage of Capital Securities have given any
request, notice, consent or waiver hereunder, "Holder" shall not include the
Guarantor or any Affiliate of the Guarantor or any other obligor on the Capital
Securities; and provided further that in determining whether the Holders of the
requisite liquidation amount of Capital Securities have voted on any matter
provided for in this Guarantee, then for the purpose of such determination only
(and not for any other purpose hereunder), if the Capital Securities remain in
the form of one or more Global Certificates (as defined in the Trust Agreement)
and if the Depositary which is the holder of such Global Securities has sent an
omnibus proxy to the Trust assigning voting rights to Depositary Participants
(as defined in the Trust Agreement) to whose accounts the Capital Securities are
credited on the record date, the term "Holders" shall mean such Depositary
Participants acting at the direction of the Beneficial Owners (as defined in the
Trust Agreement).
"INDEMNIFIED PERSON" means the Guarantee Trustee, any Affiliate of the
Guarantee Trustee, or any officers, directors, shareholders, members, partners,
employees, representatives, nominees, custodians or agents of the Guarantee
Trustee.
3
{PAGE}
"INDENTURE" means the Junior Subordinated Indenture, dated as of December
1, 1997, by and between Dominion Resources, Inc. and The Chase Manhattan Bank as
Trustee, as supplemented and amended by a First Supplemental Indenture dated as
of December 1, 1997, a Second Supplemental Indenture dated as of January 1, 2001
and as further amended or supplemented by any other indenture supplemental
thereto, pursuant to which the Junior Subordinated Debentures are to be issued
to the Property Trustee as defined in the Trust Agreement.
"JUNIOR SUBORDINATED DEBENTURES" means the series of Junior Subordinated
Debentures to be issued, from time to time, by Dominion Resources, Inc.
designated the "8.4% Junior Subordinated Debentures due January 15, 2031" held
by the Property Trustee as defined in the Trust Agreement.
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