Exhibit 10.25
OMNIBUS AMENDMENT
OMNIBUS AMENDMENT
DATED AS OF MARCH 21, 2008
BY AND AMONG
USS RECEIVABLES COMPANY, LTD.,
UNITED STATIONERS FINANCIAL SERVICES
LLC,
UNITED STATIONERS SUPPLY CO.,
FALCON ASSET SECURITIZATION COMPANY
LLC,
PNC BANK, NATIONAL ASSOCIATION,
MARKET STREET FUNDING LLC,
JPMORGAN CHASE BANK, N.A.
(successor by merger to BANK ONE, NA (Main Office
Chicago)),
FIFTH THIRD BANK
and
THE BANK OF NEW YORK TRUST COMPANY, N.A.
(successor in interest to JPMORGAN CHASE BANK, N.A.), as
Trustee
AMENDMENT NO. 5 TO SERIES 2004-1
SUPPLEMENT
AMENDMENT NO. 6 TO SERIES 2003-1
SUPPLEMENT
AMENDMENT NO. 6 TO SECOND AMENDED AND RESTATED
SERIES
2000-2 SUPPLEMENT
AMENDMENT NO. 2 TO SECOND AMENDED AND RESTATED
POOLING
AGREEMENT
OMNIBUS AMENDMENT
This OMNIBUS AMENDMENT (this “
Omnibus Amendment ”) is entered into as of
March 21, 2008 by and among USS Receivables Company, Ltd., a
Cayman Islands limited liability company (“ USSR
”), United Stationers Financial Services LLC, an Illinois
limited liability company (“ USFS ”), United
Stationers Supply Co., an Illinois corporation (“ USSC
”, and together with USSR and USFS, the “ USS
Companies ”), Falcon Asset Securitization Company LLC, a
Delaware limited liability company (“ Falcon ”),
PNC Bank, National Association, as Administrator under and as
defined in the Series 2000-2 Supplement referred to below
(“ PNC ”), Market Street Funding LLC (“
Market Street ”), JPMorgan Chase Bank, N.A. (successor
by merger to Bank One, NA (Main Office Chicago)), as the Funding
Agent and the sole APA Bank under and as defined in the
Series 2003-1 Supplement referred to below (“
JPMorgan Chase Bank ” or the “ Funding
Agent ”), Fifth Third Bank, as Administrator under and as
defined in the Series 2004-1 Supplement referred to below
(“ Fifth Third ”) and The Bank of New York Trust
Company, N.A. (successor in interest to JPMorgan Chase Bank, N.A.),
as Trustee (the “ Trustee ”).
RECITALS
WHEREAS, USSR, USFS, as Servicer
(the “ Servicer ”), and the Trustee are parties
to that certain Second Amended and Restated Pooling Agreement,
dated as of March 28, 2003 (as amended, supplemented, restated
or otherwise modified and in effect from time to time, the “
Pooling Agreement ”);
WHEREAS, USSR, the Servicer, Fifth
Third and the Trustee are parties to that certain
Series 2004-1 Supplement, dated as of March 26, 2004, to
the Pooling Agreement, as amended by the Omnibus Amendment with
respect thereto, dated as of March 25, 2005, as further
amended by the Omnibus Amendment with respect thereto, dated as of
March 24, 2006, as further amended by the Omnibus Amendment
with respect thereto, dated as of March 23, 2007 and as
further amended by the Omnibus Amendment with respect thereto,
dated as of July 26, 2007 (as so amended and as further
amended, supplemented, restated or otherwise modified and in effect
from time to time, the “ Series 2004-1 Supplement
”);
WHEREAS, USSR, the Servicer, Falcon,
JPMorgan Chase Bank and the Trustee are parties to that certain
Series 2003-1 Supplement, dated as of March 28, 2003, to
the Pooling Agreement, as amended by the Omnibus Amendment with
respect thereto, dated as of March 26, 2004, as further
amended by the Omnibus Amendment with respect thereto, dated as of
March 25, 2005, as further amended by the Omnibus Amendment
with respect thereto, dated as of March 24, 2006, as further
amended by the Omnibus Amendment with respect thereto, dated as of
March 23, 2007 and as further amended by the Omnibus Amendment
with respect thereto, dated
as of July 26, 2007 (as so amended and as
further amended, supplemented, restated or otherwise modified and
in effect from time to time, the “ Series 2003-1
Supplement ”);
WHEREAS, USSR, the Servicer, PNC,
Market Street and the Trustee are parties to that certain Second
Amended and Restated Series 2000-2 Supplement, dated as of
March 28, 2003, to the Pooling Agreement, as amended by the
Omnibus Amendment with respect thereto, dated as of March 26,
2004, as further amended by the Omnibus Amendment with respect
thereto, dated as of March 25, 2005, as further amended by the
Omnibus Amendment with respect thereto, dated as of March 24,
2006, as further amended by the Omnibus Amendment with respect
thereto, dated as of March 23, 2007 and as further amended by
the Omnibus Amendment with respect thereto, dated as of
July 26, 2007 (as so amended and as further amended,
supplemented, restated or otherwise modified and in effect from
time to time, the “ Series 2000-2 Supplement
”);
WHEREAS, each of the parties hereto
now desires to amend each of the Pooling Agreement, the
Series 2004-1 Supplement, the Series 2003-1 Supplement
and the Series 2000-2 Supplement (collectively, the “
Amended Documents ”), in each case, subject to the
terms and conditions hereof.
AGREEMENT
NOW, THEREFORE, in consideration of
the premises, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the
parties hereto hereby agree as follows:
Section 1.
Definitions Used
Herein . Capitalized
terms used herein and not otherwise defined herein shall have the
respective meanings set forth for such terms in the Pooling
Agreement or, if not defined therein, the Series 2004-1
Supplement, Series 2003-1 Supplement or Series 2000-2
Supplement, as applicable.
Section 2.
Amendments to the
Series 2004-1 Supplement . Immediately upon the satisfaction of each of
the conditions precedent set forth in Section 6 of this
Omnibus Amendment, the Series 2004-1 Supplement is hereby
amended, effective as of the date first written above, as
follows:
(a)
by amending and restating the
definition of “Accrual Period” appearing in
Section 1.1 thereof as follows:
“Accrual
Period” shall
mean the period from and including the first day of each calendar
month to and including the last day of such calendar month,
provided that the final Accrual Period hereunder shall terminate on
the date of the final payment made hereunder on the VFC
Certificate.
3
(b)
by amending and restating the
definition of “Commitment Expiry Date” appearing in
Section 1.1 thereof as follows:
“Commitment Expiry
Date” shall
mean March 20, 2009 (as may be extended for up to an
additional 364 days from time to time in writing by the Committed
Purchaser and the Administrator in their sole
discretion).
(c)
by amending and restating the
definition of “Commitment Termination Date” appearing
in Section 1.1 thereof as follows:
“Commitment Termination
Date” shall
mean the earlier to occur of (i) the date on which the
Purchase Limit has been reduced to zero pursuant to
Section 2.8 of this Supplement, and (ii) March 18,
2011.
(d)
by amending and restating the
definition of “Rate Period” appearing in
Section 1.1 thereof as follows (solely for convenience,
changed language is italicized):
“Rate
Period” shall
mean, unless otherwise agreed by the Administrator and the Company,
with respect to any Funding Tranche, (i) initially the period
commencing on (and including) the date of the initial purchase or
funding of such Funding Tranche and ending on (but excluding) the
first day of the next following calendar month, and
(ii) thereafter each period commencing on (and including)
the first day of each calendar month and ending on the first day
of the next following calendar month; provided ,
that:
(A)
any Rate Period with respect to any
Funding Tranche not funded at the CP Rate which would otherwise end
on a day which is not a Business Day shall be extended to the next
succeeding Business Day; provided, however, if Yield in respect of
such Rate Period is computed by reference to the Euro-Rate, and
such Rate Period would otherwise end on a day which is not a
Business Day, and there is no subsequent Business Day in the same
calendar month as such day, such Rate Period shall end on the next
preceding Business Day;
(B)
in the case of any Rate Period for
any Funding Tranche which commences before the occurrence of an
Early Amortization Event and would otherwise end on a date
occurring after the occurrence of an Early Amortization Event, such
Rate Period shall end on the date of the occurrence of an Early
Amortization Event and the duration of each Rate Period which
commences on or after the occurrence of an Early Amortization Event
shall be of such duration as shall be selected by the
Administrator; and
4
(C)
any Rate Period in respect of which
Yield is computed by reference to the CP Rate may be terminated at
the election of, and upon notice thereof to the Company and the
Servicer by, the Administrator any time, in which case the Funding
Tranche allocated to such terminated Rate Period shall be allocated
to a new Rate Period commencing on (and including) the date of such
termination and ending on (but excluding) the first day of the
next following calendar month and shall accrue Yield at the
Alternate Rate.
(e)
by amending and restating paragraphs
(b) and (c) of Section 2.9 as follows (solely for
convenience, changed language is italicized):
(b)
The Servicer shall distribute
pursuant to subsection 3A.6(b), from amounts on deposit in the
Series 2004-1 Collection Sub-account, to the Administrator,
for the account of the Committed Purchaser, on each Distribution
Date, a commitment fee with respect to the Accrual Period
most recently ended on or prior to such date (the
“Commitment Fee”) at the Commitment Fee Rate of the
average daily excess of 102% of the Purchase Limit over the average
Series 2004-1 Purchaser Invested Amount during such Accrual
Period for the actual number of days in such Accrual Period. The
Commitment Fee shall be payable (i) monthly in arrears on each
Distribution Date for such Accrual Period and (ii) on
the Facility Termination Date. To the extent that funds on deposit
in the Series 2004-1 Collection Sub-account at any such date
are insufficient to pay the Commitment Fee due on such date, the
Servicer shall so notify the Company and the Company shall
immediately pay the Administrator the amount of any such
deficiency.
(c)
The Servicer shall distribute
pursuant to subsection 3A.6(b), from amounts on deposit in the
Series 2004-1 Collection Sub-account, to the Administrator,
for the account of the Committed Purchaser, on each Distribution
Date, a utilization fee (the “Utilization Fee”) with
respect to the Accrual Period most recently ended on
or prior to such date at the Utilization Fee Rate of the
average daily Series 2004-1 Purchaser Invested Amount during
such period for the actual number of days in such Accrual Period.
The Utilization Fee shall be payable (i) monthly in arrears on
each Distribution Date for such Accrual Period and
(ii) on the Facility Termination Date. To the extent that
funds on deposit in the Series 2004-1 Collection Sub-account
at any such date are insufficient to pay the Utilization Fee due on
such date, the Servicer shall so notify the Company and the Company
shall immediately pay the Administrator the amount of any such
deficiency.
5
(f)
by amending and restating the first
sentence of paragraph (a) of Section 3A.4 as follows
(solely for convenience, added language is italicized):
On or before the Business Day
preceding the each Distribution Date, the Administrator shall
notify the Servicer and the Trustee of the Series 2004-1
Monthly Interest Amount for the most recent Accrual Period
ending on or before the related Distribution
Date.
(g)
by amending and restating the first
sentence of paragraph (c) of Section 3A.4 as follows
(solely for convenience, added language is italicized):
On each Distribution Date, the
Servicer shall determine the excess, if any (the “
Interest Shortfall ”), of (i) the
Series 2004-1 Monthly Interest for the most recent
Accrual Period ending on or before such Distribution Date
over (ii) the amount which will be available to be
distributed to the Purchasers on such Distribution Date in respect
thereof pursuant to this Supplement.
Section 3.
Amendments to the
Series 2003-1 Supplement . Immediately upon the satisfaction of each of
the conditions precedent set forth in Section 6 of this
Omnibus Amendment, Section 1.1 of the Series 2003-1
Supplement is hereby amended, effective as of the date first
written above, as follows:
(a)
by amending and restating the
definition of “Commitment Expiry Date” as
follows:
“Commitment Expiry
Date” shall
mean March 20, 2009 (as may be extended for up to an
additional 364 days from time to time in writing by Initial
Purchaser, the Funding Agent and the APA Banks).
(b)
by amending and restating the
definition of “Commitment Termination Date” as
follows:
“Commitment Termination
Date” shall
mean the earliest to occur of (i) the date on which the
Aggregate Commitment Amount has been reduced to zero pursuant to
Section 2.7 of this Supplement, (ii) the Commitment
Expiry Date, (iii) the Option