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Article 1. DEFINITIONS; INTERPRETATIONS | 1 | |||
Section 1.01 Definitions | 1 | |||
Section 1.02 Rules of Construction | 41 | |||
Section 1.03 References to Interest | 42 | |||
Section 1.04 References to Subordination | 42 | |||
Section 1.05 Payments, Instructions, Notices, Opinions and Certifications by the Issuer | 42 | |||
Article 2. ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES | 42 | |||
Section 2.01 Form and Dating | 42 | |||
Section 2.02 Execution and Authentication | 43 | |||
Section 2.03 Registrar and Paying Agent | 44 | |||
Section 2.04 Paying Agent to Hold Money in Trust | 45 | |||
Section 2.05 Holder Lists | 45 | |||
Section 2.06 Transfer and Exchange | 45 | |||
Section 2.07 Replacement Notes | 61 | |||
Section 2.08 Outstanding Notes | 61 | |||
Section 2.09 [Intentionally Omitted] | 61 | |||
Section 2.10 Temporary Notes | 62 | |||
Section 2.11 Cancellation | 62 | |||
Section 2.12 Defaulted Interest | 62 | |||
Section 2.13 Additional Notes; Purchases | 62 | |||
Article 3. REDEMPTION | 63 | |||
Section 3.01 Optional Redemption | 63 | |||
Section 3.02 Mandatory Redemption | 63 | |||
Section 3.03 Notices to Trustee | 63 | |||
Section 3.04 Selection of Notes to be Redeemed | 64 | |||
Section 3.05 Notice of Redemption | 64 | |||
Section 3.06 Effect of Notice of Redemption | 65 | |||
Section 3.07 Deposit of Redemption Price | 65 | |||
Section 3.08 Notes Redeemed In Part | 65 | |||
Article 4. COVENANTS | 66 | |||
Section 4.01 Payment of Principal and Interest | 66 | |||
Section 4.02 Maintenance of Office or Agency | 66 | |||
Section 4.03 Appointments to Fill Vacancies in Trustee’s Office | 66 | |||
Section 4.04 Provisions as to Paying Agent | 67 | |||
Section 4.05 Existence | 68 |
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Section 4.06 Reports | 68 | |||
Section 4.07 Stay, Extension and Usury Laws | 69 | |||
Section 4.08 Compliance Certificate; Statements as to Defaults | 69 | |||
Section 4.09 Restricted Payments | 70 | |||
Section 4.10 Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries | 76 | |||
Section 4.11 Incurrence of Indebtedness and Issuance of Preferred Stock | 78 | |||
Section 4.12 Asset Sales | 84 | |||
Section 4.13 Transactions with Affiliates | 88 | |||
Section 4.14 Liens | 91 | |||
Section 4.15 Business Activities | 91 | |||
Section 4.16 Repurchase at the Option of Holders upon Change of Control | 91 | |||
Section 4.17 Payments for Consent | 93 | |||
Section 4.18 Additional Note Guarantees | 93 | |||
Section 4.19 Designation of Restricted and Unrestricted Subsidiaries | 94 | |||
Section 4.20 Anti-Layering | 95 | |||
Section 4.21 Restrictions on Purchases of Existing Convertible Notes | 95 | |||
Article 5. MERGER, CONSOLIDATION OR SALE OF ASSETS | 96 | |||
Section 5.01 Merger, Consolidation or Sale of Assets | 96 | |||
Section 5.02 Successor Company Substituted | 98 | |||
Section 5.03 Opinion Of Counsel To Be Given Trustee | 98 | |||
Article 6. LISTS OF NOTEHOLDERS AND REPORTS BY THE ISSUER AND THE TRUSTEE | 99 | |||
Section 6.01 Lists of Noteholders | 99 | |||
Section 6.02 Preservation and Disclosure of Lists | 99 | |||
Section 6.03 Reports by Trustee | 99 | |||
Article 7. DEFAULTS AND REMEDIES | 100 | |||
Section 7.01 Events of Default | 100 | |||
Section 7.02 Acceleration | 103 | |||
Section 7.03 Other Remedies | 103 | |||
Section 7.04 Waiver of Past Defaults | 104 | |||
Section 7.05 Control by Majority | 104 | |||
Section 7.06 Limitation on Suits | 104 | |||
Section 7.07 Rights of Holders of Notes to Receive Payment | 105 | |||
Section 7.08 Collection Suit by Trustee | 105 | |||
Section 7.09 Trustee May File Proofs of Claim | 105 | |||
Section 7.10 Priorities | 106 | |||
Section 7.11 Undertaking for Costs | 106 |
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Article 8. CONCERNING THE TRUSTEE | 107 | |||
Section 8.01 Duties and Responsibilities of Trustee | 107 | |||
Section 8.02 Reliance on Documents, Opinions, Etc. | 108 | |||
Section 8.03 No Responsibility for Recitals, Etc. | 110 | |||
Section 8.04 Trustee, Paying Agents or Registrar May Own Notes | 110 | |||
Section 8.05 Monies to Be Held in Trust | 110 | |||
Section 8.06 Compensation and Expenses of Trustee | 111 | |||
Section 8.07 Officer’s Certificate as Evidence | 111 | |||
Section 8.08 Conflicting Interests of Trustee | 112 | |||
Section 8.09 Eligibility of Trustee | 112 | |||
Section 8.10 Resignation or Removal of Trustee | 112 | |||
Section 8.11 Acceptance by Successor Trustee | 113 | |||
Section 8.12 Succession by Merger, Etc. | 114 | |||
Section 8.13 Limitation on Rights of Trustee as Creditor | 115 | |||
Section 8.14 Trustee’s Application for Instructions from the Issuer | 115 | |||
Article 9. CONCERNING THE NOTEHOLDERS | 115 | |||
Section 9.01 Action by Noteholders | 115 | |||
Section 9.02 Proof of Execution by Noteholders | 115 | |||
Section 9.03 Who Are Deemed Absolute Owners | 115 | |||
Section 9.04 Issuer-Owned Notes Disregarded | 116 | |||
Section 9.05 Revocation of Consents; Future Holders Bound | 116 | |||
Article 10. NOTE GUARANTEES | 117 | |||
Section 10.01 Guarantee | 117 | |||
Section 10.02 Limitation on Guarantor Liability | 119 | |||
Section 10.03 Execution and Delivery of Note Guarantee | 119 | |||
Section 10.04 Guarantors May Consolidate, etc., on Certain Terms | 119 | |||
Section 10.05 Releases | 120 | |||
Article 11. SUPPLEMENTAL INDENTURES | 121 | |||
Section 11.01 Supplemental Indentures Without Consent of Noteholders | 121 | |||
Section 11.02 Supplemental Indentures With Consent of Noteholders | 122 | |||
Section 11.03 Effect of Supplemental Indentures | 124 | |||
Section 11.04 Notation on Notes | 124 | |||
Section 11.05 Evidence of Compliance of Supplemental Indenture to Be Furnished Trustee | 125 | |||
Article 12. SATISFACTION AND DISCHARGE | 125 | |||
Section 12.01 Satisfaction and Discharge | 125 | |||
Section 12.02 Application of Trust Money | 126 | |||
Article 13. IMMUNITY OF INCORPORATORS, SHAREHOLDERS, OFFICERS AND DIRECTORS | 126 | |||
Section 13.01 Indenture and Notes Solely Corporate Obligations | 126 |
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Article 14. LEGAL DEFEASANCE AND COVENANT DEFEASANCE | 127 | |||
Section 14.01 Option to Effect Legal Defeasance or Covenant Defeasance | 127 | |||
Section 14.02 Legal Defeasance and Discharge | 127 | |||
Section 14.03 Covenant Defeasance | 128 | |||
Section 14.04 Conditions to Legal or Covenant Defeasance | 128 | |||
Section 14.05 Deposited Money and Government Obligations to Be Held in Trust; Other Miscellaneous Provisions | 129 | |||
Section 14.06 Repayment to Issuer | 130 | |||
Section 14.07 Reinstatement | 130 | |||
Article 15. INTERCREDITOR AGREEMENT | 131 | |||
Article 16. COLLATERAL | 131 | |||
Section 16.01 Security Documents | 131 | |||
Section 16.02 Collateral Agent | 131 | |||
Section 16.03 Authorization of Actions to Be Taken | 132 | |||
Section 16.04 Release of Collateral | 133 | |||
Section 16.05 Use of Collateral; Compliance with Section 314(d) of the Trust Indenture Act | 135 | |||
Section 16.06 Powers Exercisable by Receiver or Trustee | 135 | |||
Section 16.07 Voting | 136 | |||
Section 16.08 Collateral Proceeds Account | 136 | |||
Section 16.09 Appointment and Authorization of U.S. Bank National Association as Collateral Agent | 138 | |||
Section 16.10 Recordings and Opinions | 139 | |||
Article 17. MISCELLANEOUS PROVISIONS | 139 | |||
Section 17.01 Provisions Binding on Issuer’s Successors | 139 | |||
Section 17.02 Official Acts by Successor | 139 | |||
Section 17.03 Addresses for Notices, Etc. | 139 | |||
Section 17.04 Governing Law | 140 | |||
Section 17.05 Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee | 140 | |||
Section 17.06 Legal Holidays | 141 | |||
Section 17.07 Trust Indenture Act | 141 | |||
Section 17.08 Benefits of Indenture | 141 | |||
Section 17.09 Table of Contents, Headings, Etc. | 141 | |||
Section 17.10 Authenticating Agent | 141 | |||
Section 17.11 Execution in Counterparts | 143 | |||
Section 17.12 Severability | 143 | |||
Section 17.13 Waiver of Jury Trial | 143 | |||
Section 17.14 Consent to Jurisdiction; Consent to Service of Process | 143 | |||
Section 17.15 Force Majeure | 143 | |||
Section 17.16 Currency Indemnity | 144 | |||
Section 17.17 U.S.A. Patriot Act | 144 | |||
Section 17.18 Conflict with Other Documents | 144 | |||
Section 17.19 Communication by Holders of Notes with Other Holders of Notes | 144 | |||
Section 17.20 Rules by Trustee and Agents | 144 | |||
Section 17.21 No Adverse Interpretation of Other Agreements | 145 |
iv
Exhibit A Form of Note | A-1 | |||
Exhibit B Form of Change of Control Purchase Notice | B-1 | |||
Exhibit C Form of Certificate of Transfer | C-1 | |||
Exhibit D Form of Notation of Guarantee | D-1 | |||
Exhibit E Form of Supplemental Indenture | E-1 | |||
Exhibit F Form of Certificate of Exchange | F-1 |
v
DEFINITIONS; INTERPRETATIONS
2
3
4
5
6
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8
9
10
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15
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ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES
42
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51
52
53
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55
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REDEMPTION
Year | Redemption Price | |||
2013 | 106.000 | % | ||
2014 | 103.000 | % | ||
2015 and thereafter | 100.000 | % |
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64
65
COVENANTS
66
67
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MERGER, CONSOLIDATION OR SALE OF ASSETS
96
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98
LISTS OF NOTEHOLDERS AND REPORTS BY THE ISSUER AND THE TRUSTEE
99
DEFAULTS AND REMEDIES
100
101
102
103
104
105
106
CONCERNING THE TRUSTEE
107
108
109
110
111
112
113
114
CONCERNING THE NOTEHOLDERS
115
116
NOTE GUARANTEES
117
118
119
120
SUPPLEMENTAL INDENTURES
121
122
123
124
SATISFACTION AND DISCHARGE
125
126
IMMUNITY OF INCORPORATORS, SHAREHOLDERS, OFFICERS AND DIRECTORS
LEGAL DEFEASANCE AND COVENANT DEFEASANCE
127
128
129
130
INTERCREDITOR AGREEMENT
COLLATERAL
131
132
133
134
135
136
137
138
MISCELLANEOUS PROVISIONS
139
140
141
as Authenticating Agent, certifies that this is one of the Notes described in the within-named Indenture.
By: | ||||
142
143
144
145
HORIZON LINES, LLC | ||||
By: | ||||
Name: | ||||
Title: | ||||
HORIZON LINES, INC. HORIZON LINES HOLDING CORP. HAWAII STEVEDORES, INC. HORIZON LINES OF PUERTO RICO, INC. HORIZON LINES OF ALASKA, LLC HORIZON LINES OF GUAM, LLC HORIZON LINES VESSELS, LLC H-L DISTRIBUTION SERVICE, LLC HORIZON LOGISTICS, LLC AERO LOGISTICS, LLC SEA-LOGIX, LLC HORIZON SERVICES GROUP, LLC | ||||
By: | ||||
Name: | ||||
Title: | ||||
U.S. BANK NATIONAL ASSOCIATION, as Trustee and Collateral Agent | ||||
By: | ||||
Name: | ||||
Title: |
146
A-1
ISIN: [ ]
Second Lien Senior Secured Note due 2016
No. __________ | $_________ |
A-2
HORIZON LINES, LLC | ||||
By: | ||||
Name: | ||||
Title: |
A-3
U.S. Bank National Association, as Trustee | ||||
By: | ||||
Authorized Signatory | ||||
A-4
1 | The dates in this sentence may be changed to the extent appropriate in respect of Additional Notes or Exchange Notes. |
A-5
A-6
A-7
Year | Redemption Price | |||
2013 | 106.000 | % | ||
2014 | 103.000 | % | ||
2015 and thereafter | 100.000 | % |
A-8
A-9
4064 Colony Road
Suite 200
Charlotte, North Carolina 28211
Attention: General Counsel
A-10
to transfer this Note on the books of the Issuer. The agent may substitute another to act for him.
Your Signature: | ||||
(Sign exactly as your name appears on the face of this Note) |
* | Participant in a recognized Signature Guarantee Medallion Program (or other |
A-11
Your Signature: | ||||
(Sign exactly as your name appears on the face of this Note) | ||||
Tax Identification No.: |
* | Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). |
A-12
Principal | ||||||||
Amount of | Amount of | Amount of this | Signature of | |||||
decrease in | increase in | Global Note | authorized | |||||
Principal | Principal | following such | officer of | |||||
Amount of this | Amount of this | decrease or | Trustee or | |||||
Date of Exchange | Global Note | Global Note | increase | Custodian | ||||
* | This schedule should be included only if the Note is issued in global form. |
A-13
Signatures(s) | ||
Social Security or Other Taxpayer Identification Number Principal amount to be repaid (if less than all): $_____,000 |
B-1
4064 Colony Road, Suite 200
Charlotte, North Carolina 28211
Attention: General Counsel
100 Wall Street
Suite 1600
New York, NY 10005
C-1
C-2
C-3
[Insert Name of Transferor] | ||||
By: | ||||
Name: | ||||
Title: |
C-4
1. | The Transferor owns and proposes to transfer the following: |
(a) | o a beneficial interest in the: |
(i) | o 144A Global Note (CUSIP _____), or | ||
(ii) | o Regulation S Global Note (CUSIP _____), or | ||
(iii) | o IAI Global Note (CUSIP _____); or |
(b) | o a Restricted Definitive Note. |
2. | After the Transfer the Transferee will hold: |
(a) | o a beneficial interest in the: |
(i) | o 144A Global Note (CUSIP _____), or | ||
(ii) | o Regulation S Global Note (CUSIP _____), or | ||
(iii) | o IAI Global Note (CUSIP _____); or | ||
(iv) | o Unrestricted Global Note (CUSIP _____); or |
(b) | o a Restricted Definitive Note; or | ||
(c) | o an Unrestricted Definitive Note, |
C-5
HORIZON LINES HOLDING CORP.
HAWAII STEVEDORES, INC.
HORIZON LINES OF PUERTO RICO, INC.
HORIZON LINES OF ALASKA, LLC
HORIZON LINES OF GUAM, LLC
HORIZON LINES VESSELS, LLC
H-L DISTRIBUTION SERVICE, LLC
HORIZON LOGISTICS, LLC
D-1
AERO LOGISTICS, LLC SEA-LOGIX, LLC HORIZON SERVICES GROUP, LLC | ||||
By: | ||||
Name: | ||||
Title: |
D-2
E-1
E-2
[NEW GUARANTOR] | ||||
By: | ||||
Name: | ||||
Title: | ||||
U.S. BANK NATIONAL ASSOCIATION, as Trustee | ||||
By: | ||||
Name: | ||||
Title: |
E-3
4064 Colony Road, Suite 200
Charlotte, North Carolina 28211
Attention: General Counsel
100 Wall Street
Suite 1600
New York, NY 10005
(CUSIP _____)
F-1
F-2
F-3
[Insert Name of Transferor] | ||||
By: | ||||
Name: | ||||
Title: |
F-4