Obligation Eleton Holdings 0% ( USV32257AA10 ) en USD

Eleton Holdings

100 % ⇌

Grece

USV32257AA10 ( en USD )

15/01/2022 - Obligation échue

Prospectus brochure de l'obligation Eletson Holdings USV32257AA10 en USD 0%, échue

1 000 USD

314 068 360 USD

V32257AA1

N/A

Eletson Holdings est une société de transport maritime grecque spécialisée dans le transport de vrac sec, possédant et exploitant une flotte de navires porte-conteneurs et de vraquiers.

L'Obligation émise par Eleton Holdings ( Grece ) , en USD, avec le code ISIN USV32257AA10, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 15/01/2022

EXECUTION VERSION

INDENTURE
Dated as of July 2, 2018
Among
ELETSON HOLDINGS INC.
ELETSON FINANCE (US) LLC
AGATHONISSOS FINANCE LLC
as Co-Issuers
THE GUARANTORS PARTY HERETO
and
WILMINGTON SAVINGS FUND SOCIETY, FSB
as Trustee and Collateral Agent
FIRST PREFERRED SHIP MORTGAGE NOTES DUE 2022

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TABLE OF CONTENTS
Page
ARTICLE 1
DEFINITIONS AND INCORPORATION BY REFERENCE
Section 1.01
Definitions ......................................................................................................... 1
Section 1.02
Other Definitions ............................................................................................. 38
Section 1.03
Incorporation by Reference of TIA ................................................................. 39
Section 1.04
Rules of Construction ...................................................................................... 40
ARTICLE 2
THE NOTES
Section 2.01
Form and Dating .............................................................................................. 40
Section 2.02
Execution and Authentication ......................................................................... 42
Section 2.03
Registrar and Paying Agent ............................................................................. 43
Section 2.04
Paying Agent to Hold Money in Trust ............................................................ 43
Section 2.05
Holder Lists ..................................................................................................... 43
Section 2.06
Transfer and Exchange .................................................................................... 44
Section 2.07
Replacement Notes .......................................................................................... 58
Section 2.08
Outstanding Notes ........................................................................................... 58
Section 2.09
Treasury Notes ................................................................................................. 58
Section 2.10
Temporary Notes ............................................................................................. 59
Section 2.11
Cancellation ..................................................................................................... 59
Section 2.12
Defaulted Interest ............................................................................................ 59
Section 2.13
CUSIP Numbers .............................................................................................. 60
Section 2.14
Issuance of Additional Notes ........................................................................... 60
ARTICLE 3
REDEMPTION AND PREPAYMENT
Section 3.01
Notices to Trustee, Paying Agent and Registrar.............................................. 61
Section 3.02
Selection of Notes to Be Redeemed or Purchased .......................................... 61
Section 3.03
Notice of Redemption or Purchase .................................................................. 62
Section 3.04
Effect of Notice of Redemption ....................................................................... 63
Section 3.05
Deposit of Redemption or Purchase Price ....................................................... 63
Section 3.06
Notes Redeemed or Purchased in Part ............................................................. 63
Section 3.07
Optional Redemption ....................................................................................... 63
Section 3.08
Mandatory Redemption ................................................................................... 64
Section 3.09
Redemption Upon Changes in Withholding Taxes ......................................... 64
Section 3.10
Procedures for Offer to Purchase ..................................................................... 65
ARTICLE 4
COVENANTS
Section 4.01
Payment of Notes............................................................................................. 69
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Section 4.02
Maintenance of Office or Agency ................................................................... 69
Section 4.03
Reports ............................................................................................................. 70
Section 4.04
Compliance Certificate .................................................................................... 72
Section 4.05
Taxes ................................................................................................................ 73
Section 4.06
Stay, Extension and Usury Laws ..................................................................... 73
Section 4.07
Restricted Payments ........................................................................................ 73
Section 4.08
Limitation on Dividends and Other Payment Restrictions Affecting
Restricted Subsidiaries ................................................................................. 77
Section 4.09
Limitation on Debt........................................................................................... 79
Section 4.10
Asset Sales Not Involving Collateral .............................................................. 83
Section 4.11
Asset Sales Involving Collateral...................................................................... 86
Section 4.12
Limitation on Transactions with Affiliates ...................................................... 89
Section 4.13
Limitation on Liens ......................................................................................... 91
Section 4.14
Limitation on Business Activities of Eletson Finance ..................................... 92
Section 4.15
Corporate Existence ......................................................................................... 92
Section 4.16
Offer to Repurchase Upon Change of Control ................................................ 92
Section 4.17
Events of Loss ................................................................................................. 94
Section 4.18
Payments for Consent ...................................................................................... 96
Section 4.19
Existing Trust Monies Offer ............................................................................ 96
Section 4.20
Designation of Unrestricted and Restricted Subsidiaries ................................ 98
Section 4.21
Limitations on Guarantees of Debt by Restricted Subsidiaries ..................... 100
Section 4.22
Sanctions ........................................................................................................ 101
Section 4.23
Limitation on Issuances and Sales of Capital Stock of Restricted
Subsidiaries ................................................................................................ 101
Section 4.24
Limitations on Layering Debt........................................................................ 102
Section 4.25
Substitution of a Qualified Vessel or Qualified Collateral;
Designation as Mortgaged Vessel .............................................................. 103
Section 4.26
Change of Flag............................................................................................... 103
Section 4.27
Additional Amounts ...................................................................................... 104
Section 4.28
Further Assurances ........................................................................................ 107
Section 4.29
Certain Newbuilding Vessels ........................................................................ 107
Section 4.30
Retention of Initial Advisor; Retention of Back-Up Manager ...................... 108
Section 4.31
Cash Segregation, Specified Accounts and Lock-Box Collection
Account ...................................................................................................... 109
Section 4.32
Excess Cash Flow Offer ................................................................................ 110
Section 4.33
Limitation on Business Activities of Eletson MI; Independent
Directors..................................................................................................... 111
Section 4.34
Minimum Aggregate Liquidity ...................................................................... 112
Section 4.35
Ownership of Investments in Eletson Gas; Negative Pledge ........................ 112
Section 4.36
Limitation on Restricted Expenditures .......................................................... 112
Section 4.37
Liquidation of Piraeus Bank Common Stock ................................................ 112
ARTICLE 5
SUCCESSORS
Section 5.01
Merger, Consolidation or Sale of Assets ....................................................... 113
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ARTICLE 6
DEFAULTS AND REMEDIES
Section 6.01
Events of Default ........................................................................................... 115
Section 6.02
Acceleration ................................................................................................... 118
Section 6.03
Other Remedies ............................................................................................. 119
Section 6.04
Waiver of Past Defaults ................................................................................. 119
Section 6.05
Control by Majority ....................................................................................... 119
Section 6.06
Limitation on Suits ........................................................................................ 120
Section 6.07
Rights of Holders to Receive Payment .......................................................... 120
Section 6.08
Collection Suit by Trustee ............................................................................. 120
Section 6.09
Trustee May File Proofs of Claim ................................................................. 121
Section 6.10
Priorities......................................................................................................... 122
Section 6.11
Undertaking for Costs .................................................................................... 122
Section 6.12
Restoration of Rights and Remedies ............................................................. 122
ARTICLE 7
TRUSTEE
Section 7.01
Duties of Trustee ........................................................................................... 123
Section 7.02
Rights of Trustee ........................................................................................... 124
Section 7.03
Individual Rights of Trustee .......................................................................... 125
Section 7.04
Trustee's Disclaimer ...................................................................................... 125
Section 7.05
Notice of Defaults .......................................................................................... 126
Section 7.06
Reports by Trustee to Holders ....................................................................... 126
Section 7.07
Compensation and Indemnity ........................................................................ 126
Section 7.08
Replacement of Trustee ................................................................................. 127
Section 7.09
Successor Trustee by Merger, etc. ................................................................. 128
Section 7.10
Eligibility; Disqualification ........................................................................... 129
Section 7.11
Preferential Collection of Claims Against Issuers ......................................... 129
Section 7.12
Trustee in Other Capacities; Collateral Agent, Registrar and Paying
Agent .......................................................................................................... 129
ARTICLE 8
LEGAL DEFEASANCE AND COVENANT DEFEASANCE
Section 8.01
Option to Effect Legal Defeasance or Covenant Defeasance ........................ 130
Section 8.02
Legal Defeasance and Discharge. .................................................................. 130
Section 8.03
Covenant Defeasance .................................................................................... 130
Section 8.04
Conditions to Legal or Covenant Defeasance ............................................... 131
Section 8.05
Deposited Money and U.S. Government Securities to be Held in
Trust; Other Miscellaneous Provisions ...................................................... 133
Section 8.06
Repayment to the Issuers ............................................................................... 133
Section 8.07
Reinstatement ................................................................................................ 134
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ARTICLE 9
AMENDMENT, SUPPLEMENT AND WAIVER
Section 9.01
Without Consent of Holders .......................................................................... 134
Section 9.02
With Consent of Holders ............................................................................... 135
Section 9.03
Compliance with TIA .................................................................................... 136
Section 9.04
Revocation and Effect of Consents ............................................................... 137
Section 9.05
Notation on or Exchange of Notes ................................................................ 137
Section 9.06
Trustee and Collateral Agent to Sign Amendments, etc. .............................. 137
ARTICLE 10
COLLATERAL AND SECURITY
Section 10.01
Grant of Security Interest .............................................................................. 138
Section 10.02
Recording and Opinions ................................................................................ 141
Section 10.03
Specified Releases and Disposition of Collateral .......................................... 142
Section 10.04
Release upon Satisfaction or Defeasance of all Outstanding
Obligations ................................................................................................. 145
Section 10.05
Form and Sufficiency of Release ................................................................... 145
Section 10.06
Purchaser Protected ....................................................................................... 146
Section 10.07
Authorization of Actions to be Taken by the Collateral Agent or
Trustee Under the Security Documents ..................................................... 146
Section 10.08
Authorization of Receipt of Funds by the Trustee Under the
Security Documents ................................................................................... 146
Section 10.09
Action by the Collateral Agent ...................................................................... 147
Section 10.10
Compensation and Indemnity ........................................................................ 147
Section 10.11
Resignation; Successor Collateral Agent ...................................................... 148
Section 10.12
Rights, Immunities, etc. under the Security Documents ............................... 149
Section 10.13
Co-Collateral Agents ..................................................................................... 149
ARTICLE 11
GUARANTEES
Section 11.01
Guarantee ....................................................................................................... 150
Section 11.02
Limitation on Guarantor Liability ................................................................. 151
Section 11.03
Execution and Delivery of Guarantee ........................................................... 151
Section 11.04
Guarantors May Consolidate, etc., on Certain Terms. .................................. 152
Section 11.05
Releases ......................................................................................................... 152
ARTICLE 12
SATISFACTION AND DISCHARGE
Section 12.01
Satisfaction and Discharge. ........................................................................... 154
Section 12.02
Application of Trust Money .......................................................................... 155
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ARTICLE 13
MISCELLANEOUS
Section 13.01
Parallel Debt .................................................................................................. 156
Section 13.02
Notices ........................................................................................................... 158
Section 13.03
Communication by Holders with Other Holders ........................................... 159
Section 13.04
Certificate and Opinion as to Conditions Precedent ...................................... 159
Section 13.05
Statements Required in Certificate or Opinion.............................................. 159
Section 13.06
Rules by Trustee and Agents ......................................................................... 160
Section 13.07
No Personal Liability of Directors, Officers, Employees and
Stockholders............................................................................................... 160
Section 13.08
No Immunity.................................................................................................. 160
Section 13.09
Judgment Currency ........................................................................................ 160
Section 13.10
Currency Indemnity ....................................................................................... 162
Section 13.11
Governing Law; Consent to Jurisdiction; Appointment of Process
Agent; Waiver of Immunity ....................................................................... 162
Section 13.12
No Adverse Interpretation of Other Agreements .......................................... 163
Section 13.13
Successors ...................................................................................................... 163
Section 13.14
Severability .................................................................................................... 164
Section 13.15
Counterpart Originals .................................................................................... 164
Section 13.16
Table of Contents, Headings, etc. .................................................................. 164
Section 13.17
English Language .......................................................................................... 164
Section 13.18
USA PATRIOT Act....................................................................................... 164

EXHIBITS
Exhibit A
FORM OF NOTE
Exhibit B
FORM OF CERTIFICATE OF TRANSFER
Exhibit C
FORM OF CERTIFICATE OF EXCHANGE
Exhibit D
FORM OF CERTIFICATE OF ACQUIRING INSTITUTIONAL ACCREDITED
INVESTOR
Exhibit E
FORM OF SUPPLEMENTAL INDENTURE

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INDENTURE, dated as of July 2, 2018, among Eletson Holdings Inc., a Liberian
corporation (the "Company"), Eletson Finance (US) LLC, a Delaware limited liability company
("Eletson Finance"), Agathonissos Finance LLC, a Marshall Islands corporation, ("Eletson MI"
and, collectively with Eletson Finance and the Company, the "Issuers" and each, an "Issuer"),
the Guarantors (as defined herein) and Wilmington Savings Fund Society, FSB, a federal savings
bank duly organized and existing under the laws of the United States of America, as trustee (in
such capacity, the "Trustee") and as Collateral Agent (as defined herein).
The Issuers, the Guarantors, the Trustee and the Collateral Agent agree as follows
for the benefit of each other and for the equal and ratable benefit of the Holders (as defined
herein) of the First Preferred Ship Mortgage Notes due 2022 (the "Notes"):
ARTICLE 1
DEFINITIONS AND INCORPORATION BY REFERENCE
Section 1.01 Definitions.
"144A Global Note" means a Global Note substantially in the form of Exhibit A
bearing the Global Note Legend and the Private Placement Legend and deposited with or on
behalf of, and registered in the name of, the Depositary or its nominee that will be issued in a
denomination equal to the outstanding principal amount of the Notes sold in reliance on Rule
144A.
"2013 Offering Memorandum" means the final offering memorandum, dated as of
December 12, 2013, related to the offering and sale of the Existing Notes.
"Acceptable Broker" means any of (1) Fearnleys A.S., Oslo Shipbrokers A.S., (2)
Clarkson Valuations Limited or (3) RS Platou ASA, ICAP Shipping Limited, ACM Ltd.;
provided that, at the time any such firm is to be utilized, such firm would qualify as an
Independent Appraiser.
"Account Pledge Agreement" means an agreement executed and delivered by a
Guarantor, the Collateral Agent and an account bank (or acknowledged by such account bank),
in form and substance acceptable to the Collateral Agent, whereby such Issuer or Guarantor
establishes an Earnings Account, Specified Account or Collection Account, as applicable, and
pledges it to the Collateral Agent.
"Acquired Debt" means Debt of a Person:
(1)
existing at the time such Person becomes a Restricted Subsidiary or is
merged into or consolidated with the Company or any Restricted Subsidiary; or
(2)
assumed in connection with the acquisition of assets from any such
Person,
in each case provided that such Debt was not Incurred in connection with, or in contemplation of,
such Person becoming a Restricted Subsidiary or such acquisition, as the case may be.

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Acquired Debt will be deemed to be Incurred on the date the acquired Person becomes a
Restricted Subsidiary (or is merged into or consolidated with the Company or any Restricted
Subsidiary, as the case may be) or the date of the related acquisition of assets from any Person.
"Additional Notes" means additional Notes (other than the Initial Notes) issued
under this Indenture in accordance with this Indenture, including Sections 2.02, 2.14, 4.09 and
4.13, as part of the same series as the Initial Notes.
"Affiliate" means, with respect to any specified Person
(1)
any other Person directly or indirectly controlling or controlled by or
under direct or indirect common control with such specified Person;
(2)
any other Person that owns, directly or indirectly, 10% or more of such
specified Person's Capital Stock or any officer or director of any such specified Person or other
Person or, with respect to any natural Person, any Person having a relationship with such Person
by blood, marriage or adoption not more remote than first cousin; or
(3)
any other Person 10% or more of the Voting Stock of which is beneficially
owned or held, directly or indirectly by such specified Person.
For the purposes of this definition, "control," when used with respect to any specified Person,
means the power to direct or cause the direction of the management and policies of such Person,
directly or indirectly, whether through the ownership of voting securities, by contract or
otherwise; and the terms "controlling" and "controlled" have meanings correlative to the
foregoing.
"Agent" means any Collateral Agent, any co-Collateral Agent, Registrar, co-
registrar, Escrow Agent, Paying Agent, Custodian, additional paying agent or any authenticating
agent.
"Aggregate Available Days" means, with respect to a TCE Measurement Period,
(x) the sum of the number of days each Mortgaged Vessel was owned by any Eletson MI Party
during such TCE Measurement Period minus (y) the sum of the number of days each Mortgaged
Vessel was off-hire for major repairs, dry-docking or special or intermediate surveys.
"Aggregate Liquidity" means, as of any Interest Payment Date, the amount of all
cash and cash equivalents of the Eletson MI Parties shown on the consolidated balance sheet of
the Company as of such Interest Payment Date that are held in the Collection Account (other
than Trust Monies, Existing Trust Monies prior to the completion of the Existing Trust Monies
Offer and amounts arising from a Charter Disposal or a disposition of other assets) and are
available for the payment of interest on the Notes, after giving pro forma effect to all interest and
other debt service payments that are required to have been made as of such Interest Payment
Date.
"AI Global Note" means a Global Note substantially in the form of Exhibit A
bearing the Global Note Legend and the Private Placement Legend and deposited with or on
behalf of and registered in the name of the Depositary or its nominee that will be issued in a
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denomination equal to the outstanding principal amount of the Notes sold to Accredited
Investors.
"Applicable PIK Notes Amount" means, as of any date, (x) the aggregate amount
of PIK Interest paid on the Notes as of the date of the relevant Charter Disposal Proceeds Offer
(which, for purposes of this definition, to the extent PIK Interest has not been paid, shall include
the amount of any accrued and unpaid interest as of such date that will be paid as PIK Interest on
July 15, 2018) plus (y) the aggregate amount of interest on the Existing Notes that was accrued
and unpaid with respect to the interest period ended January 15, 2018 and capitalized as Notes
pursuant to the Offer to Exchange as evidenced by an Officers' Certificate to such effect
delivered to the Trustee on the Closing Date, minus (z) the aggregate amount of Charter Disposal
Proceeds previously used to make Charter Disposal Proceeds Offers that have been completed.
"Applicable Procedures" means, with respect to any transfer or exchange of or for
beneficial interests in any Global Note, the rules and procedures of the Depositary, Euroclear and
Clearstream that apply to such transfer or exchange.
"Appraised Value" means the fair market sale value as of a specified date of a
specified Vessel that would be obtained in an arm's-length transaction between an informed and
willing seller under no compulsion to sell and an informed and willing buyer under no
compulsion to buy, as determined by an Independent Appraiser selected by the Company.
"Asset Sale" means any sale, issuance, conveyance, transfer, lease or other
disposition (other than, in the case of Collateral, an Event of Loss) (including, without limitation,
by way of merger, consolidation, amalgamation or other combination or sale and leaseback
transaction) (collectively, a "transfer"), directly or indirectly, in one or a series of related
transactions, of:
(1)
any Capital Stock of any Restricted Subsidiary (other than directors'
qualifying shares or shares required by applicable law to be held by a Person other than the
Company or a Restricted Subsidiary);
(2)
all or substantially all of the properties and assets of any division or line of
business of the Company or any Restricted Subsidiary; or
(3)
any other of the Company's or any Restricted Subsidiary's properties or
assets.
Notwithstanding the preceding, none of the following items will be deemed to be an Asset Sale:
(i)
other than in the case of any Collateral or the Capital Stock of any parent
or indirect parent of a Guarantor that is a Restricted Subsidiary of the Company, any single
transaction or series of related transactions that involves assets or Capital Stock having a Fair
Market Value of less than $5.0 million;
(ii)
any transfer or disposition of assets by the Company to any Restricted
Subsidiary, or by any Restricted Subsidiary to the Company or any other Restricted Subsidiary
and otherwise in accordance with the terms of this Indenture; provided that if such sale, lease,
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conveyance, transfer or other disposition involves Collateral, such exemption shall only be
available if such transaction is between or among the Company and/or one or more Guarantors
and such assets shall continue to be subject to the first-priority perfected lien of this Indenture
and the Security Documents;
(iii)
any transfer or disposition of obsolete or permanently retired equipment
(other than Vessels) or facilities that are no longer useful in the conduct of the Company's and
any Restricted Subsidiary's business and that are disposed of in the ordinary course of business;
(iv)
any transfer or disposition of assets that is governed by the provisions of
this Indenture described under Sections 5.01 and 4.16;
(v)
a Restricted Payment that does not violate the covenant described in
Section 4.07 or a Permitted Investment;
(vi)
the sale, lease, sublease, assignment or other disposition of any real or
personal property or any equipment, inventory or other assets (other than Vessels or Related
Assets) in the ordinary course of business;
(vii) an issuance of Capital Stock by a Restricted Subsidiary to the Company or
to another Restricted Subsidiary;
(viii) any transfer, termination, unwinding or other disposition of Hedging
Agreements in the ordinary course of business and not for speculative purposes;
(ix)
sales of assets received by the Company or any Restricted Subsidiary upon
the foreclosure on a Lien granted in favor of the Company or any Restricted Subsidiary; or
(x)
the sale or other disposition of cash or Cash Equivalents.
"Assignment of Freights and Hires" means each assignment, between either an
Issuer or a Guarantor, as applicable, and the Trustee, dated the Closing Date or a Vessel Tender
Date, as the case may be, as amended from time to time in accordance with the terms of this
Indenture and substantially in the form required by this Indenture, together with the documents
contemplated thereby, pursuant to which an Issuer or such Guarantor, as applicable, assigns its
right, title and interest in monies due and to become due under all charters, freights, hires and
other earnings in respect of its Mortgaged Vessel.
"Assignment of Insurance" means each assignment, between either an Issuer or a
Guarantor, as applicable, and the Trustee, dated the Closing Date or a Vessel Tender Date, as the
case may be, as amended from time to time in accordance with the terms of this Indenture and
substantially in the form required by this Indenture, together with the documents contemplated
thereby, pursuant to which such Issuer or Guarantor, as applicable, assigns its right, title and
interest in, to and under all policies and contracts of insurance in respect of its Mortgaged Vessel
as well as any proceeds of such insurance.
"Authentication Order" means a written request or order on behalf of the Issuers
signed by one Officer of each Issuer and delivered to the Trustee.
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