Participation Agreement (2007)Full Document 

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PARTICIPATION AGREEMENT
 
dated as of December 20, 2007
 
among
 
DRESSER-RAND S.A. (FRANCE)
as Construction Agent and Lessee,
 
CITIBANK INTERNATIONAL PLC (PARIS BRANCH)
as Lessor
 
THE PERSONS NAMED HEREIN
as Note Holders,
 
and
 
CITIBANK INTERNATIONAL PLC (PARIS BRANCH)
as Agent
 
 

 

 
TABLE OF CONTENTS
 
   
Page
     
1
Section 1.01.
Note Holder Commitments
1
Section 1.02.
Investment Commitments
2
Section 1.03.
Procedures for Advances and Investments
2
Section 1.04.
Use of Proceeds
4
Section 1.05.
Payments to the Agent
5
     
ARTICLE II CONDITIONS PRECEDENT
6
Section 2.01.
Conditions Precedent to Effectiveness
6
Section 2.02.
Conditions Precedent to Fundings Subsequent to the Lessor Replacement Date
10
Section 2.03.
Conditions Precedent to Completion Date
10
     
ARTICLE III REPRESENTATIONS AND WARRANTIES
11
Section 3.01.
Representations and Warranties of the Company
11
Section 3.02.
Representations and Warranties of the Lessor
13
Section 3.03.
Representations and Warranties of the Note Holders
14
     
ARTICLE IV COVENANTS
14
Section 4.01.
Covenants of the Company
14
Section 4.02.
Covenants of the Lessor
17
     
ARTICLE V THE NOTES AND THE INVESTMENT
18
Section 5.01.
Interest and Yield
18
Section 5.02.
Increased Costs, Illegality, Etc.
19
Section 5.03.
Assignments and Participations
21
Section 5.04.
Taxes
28
Section 5.05.
Nature of Transaction
34
Section 5.06.
Sharing of Payments, Etc.
35
Section 5.07.
Maturity Date Extension.
36
     
ARTICLE VI EVENTS OF DEFAULT; REMEDIES; UNWIND EVENT; NON-PERFORMANCE EVENTS; OPTIONS UPON EXPIRATION; TERMINATION PAYMENTS
37
Section 6.01.
Events of Default
37
Section 6.02.
Remedies upon an Event of Default
41
Section 6.03.
Unwind Events and Non-Performance Events
43
Section 6.04.
Optional Purchase by the Company
44
Section 6.05.
Termination After Event of Loss
44
 
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Section 6.06.
Options Upon Expiration
45
Section 6.07.
Remarketing Upon Termination at Lease Expiry
46
Section 6.08.
Remarketing Upon Event of Loss
46
Section 6.09.
Power of Sale and Rights Upon a Liquidation Event
47
Section 6.10.
Sales of Liquidation Property Interest.
48
     
ARTICLE VII APPLICATION OF FUNDS AND NET PROCEEDS; PREPAYMENT OF INSTRUMENTS
48
Section 7.01.
Application of Funds
48
Section 7.02.
Net Proceeds
51
Section 7.03.
Prepayment of Notes and Investments
52
     
ARTICLE VIII THE AGENT
53
Section 8.01.
Authorization and Action
53
Section 8.02.
Agent's Reliance, Etc
53
Section 8.03.
CNAI and Affiliates
54
Section 8.04.
Credit Decision
54
Section 8.05.
Indemnification.
54
Section 8.06.
Successor Agent
55
Section 8.07.
Certain Duties and Obligations
55
Section 8.08.
Record
57
     
ARTICLE IX MISCELLANEOUS
57
Section 9.01.
Survival
57
Section 9.02.
Notices
57
Section 9.03.
Severability
58
Section 9.04.
Amendments, Etc
58
Section 9.05.
Headings
58
Section 9.06.
Compliance Responsibility
59
Section 9.07.
Definitions
59
Section 9.08.
Benefit
59
Section 9.09.
Place of Payment
59
Section 9.10.
Counterparts
59
Section 9.11.
Governing Law and Jurisdiction
59
Section 9.12.
Time; Business Day
60
Section 9.13.
Transaction Costs; Fees
60
Section 9.14.
Company Indemnification
61
Section 9.15.
Operative Documents; Further Assurances
64
Section 9.16.
Confidentiality
64
Section 9.17.
Interest Laws
65
Section 9.18.
Financial Advisor
65
Section 9.19.
Securities Representation
65
 
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Section 9.20.
Agreements with Respect to the Property
66
Section 9.21.
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