Exhibit 10.3
Dated 7 July 2003
-----------------
ANTARGAZ
as Pledgor
CREDIT LYONNAIS
as Security Agent
and
THE REVOLVING LENDERS
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PLEDGE OF FINANCIAL INSTRUMENTS ACCOUNTS
RELATING TO FINANCIAL INSTRUMENTS
HELD BY ANTARGAZ IN CERTAIN SUBSIDIARY COMPANIES
----------------------------------------------------------
Shearman & Sterling LLP
Paris
[GRAPHIC]
THIS PLEDGE OF FINANCIAL INSTRUMENTS ACCOUNT (THE "PLEDGE") IS MADE ON 7 JULY
2003.
BETWEEN:
(1) ANTARGAZ, a French societe anonyme with a share capital of E3,935,349,
having its registered office at Immeuble Les Renardieres - 3, Place de
Saverne, 92400 Courbevoie, France and registered in France with number 572
136 043 RCS Nanterre;
(hereinafter referred to as the "PLEDGOR");
(2) CREDIT LYONNAIS, a societe anonyme, registered with number 954 509 741 RCS
Lyon, and having its registered office at 18 rue de la Republique, 69002
Lyon and its head office at 19 boulevard des Italiens, 75002 Paris, acting
in its capacity as Security Agent under the Senior Facilities Agreement;
(hereinafter referred to as the "SECURITY AGENT");
(3) The Banks and Financial Institutions named in schedule 1 (the "ORIGINAL
REVOLVING LENDERS") and any bank or financial institution which may from
time to time become a Revolving Lender under the Senior Facilities
Agreement;
(hereinafter referred to as the "REVOLVING LENDERS").
WHEREAS:
(A) Pursuant to a facilities agreement (hereinafter as amended and restated
from time to time, and in particular pursuant to an amendment and
restatement agreement dated 2 July 2003, the "SENIOR FACILITIES
AGREEMENT"), dated 26 June 2003 and entered into between, among others,
(i) AGZ Holding as Parent (the "PARENT"), (ii) the persons named therein
as Borrowers and/or Guarantors, (iii) the persons named therein as Lenders
and (iv) Credit Lyonnais as Mandated Lead Arranger, Facility Agent and
Security Agent, the Original Revolving Lenders agreed to make available a
revolving credit facility up to a maximum aggregate principal amount of
E50,000,000 (the "REVOLVING FACILITY");
(B) The Pledgor is a party to the Senior Facilities Agreement as Borrower and
Guarantor under the Revolving Facility;
(C) It is a condition precedent to the availability of the Revolving Facility
that the Pledgor grant in favour of the Beneficiaries a pledge over the
Accounts.
IT IS AGREED AS FOLLOWS:
1. DEFINITIONS AND INTERPRETATION
1.1 In this Pledge
"ACCOUNT" means the "Compte special" opened in the name of the Pledgor in
the books of each of the Companies as identified in each Declaration de
Gage and on which the Financial Instruments held by the Pledgor in the
relevant Company are registered and which indicates the pledge hereunder
in favour of the Beneficiaries and "Accounts" means all of them;
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"BENEFICIARIES" means the entities identified in paragraph III of each
Declaration de Gage;
"BORROWER" means a Borrower under, and as defined in, the Senior
Facilities Agreement;
"COMPANY" means each company listed in schedule 2 and "Companies" means
all of them;
"DECLARATION DE GAGE" has the meaning which is given to it in clause 2.4
of this Pledge;
"DISCHARGE DATE" means the date on which all of the Secured Liabilities
have been irrevocably and unconditionally discharged in full and none of
the Beneficiaries has any continuing obligation to any company in the
Group under or in connection with the Revolving Facility;
"DISTRIBUTION COMPANIES" has the meaning given to it in the Senior
Facilities Agreement;
"EVENT OF DEFAULT" means an event defined as an Event of Default in the
Senior Facilities Agreement;
"FINANCIAL INSTRUMENTS" means, (a) in respect of each Distribution
Company, the number of shares (as set out opposite the name of that
Company in schedule 2 of this Pledge) equal to the total number of shares
held by the Pledgor in that Company minus a maximum of five (5) shares,
(b) in respect of each company other than a Distribution Company, the
number of shares equal to the total number of shares held by the Pledgor
in that Company (as set out opposite the name of that Company in schedule
2 of this Pledge) and (c), in any event, any financial instruments or cash
which supplement those shares or are substituted therefor in accordance
with this Pledge;
"GUARANTOR" has the meaning given to it in the Senior Facilities
Agreement;
"ARTICLE L. 431-4" means article L. 431-4 of the French Financial and
Monetary Code (Code Monetaire et Financier);
"SECURED LIABILITIES" means all money and liabilities now or hereafter
due, owing or incurred to the Beneficiaries (or any of them) by the
Pledgor under the Senior Finance Documents (or any of them), and under
this Pledge in whatsoever manner in any currency or currencies whether
present or future, actual or contingent, whether incurred solely or
jointly with any other person and whether as principal or surety together
with all interest accruing thereon and all costs, charges and expenses
incurred in connection therewith;
"SECURITY PERIOD" means the period beginning on the date hereof and ending
on the Discharge Date; and
"SENIOR FINANCE DOCUMENTS" has the meaning given to it in the
Intercreditor Agreement.
Capitalised terms used in this Pledge (including the Recitals) and not
otherwise defined herein shall have the meaning ascribed thereto in the
Intercreditor Agreement (as defined in the Senior Facilities Agreement).
2. PURPOSE
2.1 As security for the repayment, discharge and performance of all the
Secured Liabilities, the Pledgor hereby pledges each of the Accounts in
favour of the Beneficiaries.
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2.2 (a) In accordance with Article L. 431-4, each of the Financial
Instruments shall at all times include all of the Pledgor's rights,
title, benefit and interest in all securities which may be
substituted for or received in respect of the relevant Financial
Instruments, following or in connection with, without limitation,
exchanges, regroupings, splits, bonus issues, subscriptions for cash
or otherwise, and such securities shall automatically be recorded on
the relevant Account without these operations giving rise to a
novation (novation) of the rights and security the Security Agent
holds under this Pledge, in any way whatsoever.
(b) More generally, this Pledge shall extend to all stocks, Financial
Instruments, debentures, bonds, warrants, coupons or any other
securities issued by each of the Companies of which the Pledgor may
become the holder at any time on any terms whatsoever.
2.3 (a) As an exception to clause 2.2 above and notwithstanding Article 2081
of the French Civil Code and Article L. 431-4, until an Event of
Default shall have occurred, the Pledgor shall have the right to
receive all and any payments and distributions made by each of the
Companies in respect of the relevant Financial Instruments and all
such distributions shall be paid to the Pledgor and shall not be
paid to the relevant Account.
(b) At any time after an Event of Default and upon notice from the
Security Agent to the relevant Company and the Pledgor, all
distributions received or to be received by the Pledgor and all
rights of the Pledgor to receive distributions in respect of the
Financial Instruments issued by that Company shall be paid to an
account designated in writing by the Security Agent to the relevant
Company and the Pledgor.
2.4 The Pledgor shall take all necessary steps requested by the Security Agent
(including, without limitation, signature of a "Declaration de Gage de
compte d'instruments financiers" in the form set out in schedule 3 in
relation to each Company) (each a "DECLARATION DE GAGE") as soon as
possible, so that following execution of this Pledge:
(a) the Financial Instruments are transferred to the relevant Account
opened in the name of the Pledgor with the relevant Company and
indicating the pledge in favour of the Beneficiaries; and
(b) the pledge granted over each of the Accounts under this Pledge is
registered in the share transfer register of the relevant Company;
(c) an "Attestation de constitution de gage de compte d'instruments
financiers" in the form set out in schedule 5 is delivered by each
Company to the Security Agent.
3. REPRESENTATIONS AND WARRANTIES
The Pledgor represents and warrants to the Security Agent and to each of
the Beneficiaries as at the date hereof and for the duration of the
Security Period, that:
(a) the Financial Instruments are registered, have been fully paid up,
and:
(i) with regard to Distribution Companies only, represent at the
date hereof the percentage of the share capital of each such
Company as indicated in schedule 2 and will at all time
represent at least 95% of the share capital of each such
Company; and
4
(ii) with regard to Companies other than Distribution Companies,
represent at the date hereof the percentage of the share
capital of each such Company as indicated in schedule 2 or
such other percentage as may apply from time to time (and as
indicated to the Security Agent);
(b) it is the owner of the Accounts and the registered owner of the
Financial Instruments and it has not created, incurred or permitted
to subsist any Security Interest or other encumbrance whatsoever
over the Accounts (or any of them) or the Financial Instruments (or
any of them) other than the Security Interest granted pursuant to
this Pledge;
(c) with regard to Distribution Companies only, there is no purchase
option outstanding or in existence in relation to all or part of the
Financial Instruments, no scheme exists for the purchase or
subscription of Financial Instruments in such Companies (or any of
them), and more generally there exists no agreement by which any
such Company has undertaken to issue new financial instruments or
securities giving access to the share capital of that Company, all
except as permitted under the Finance Documents;
(d) with regard to Companies other than Distribution Companies, there
is, on the date of this agreement, no purchase option outstanding or
in existence in relation to all or part of the Financial
Instruments, no scheme exists for the purchase or subscription of
Financial Instruments in such Companies (or any of them), and more
generally there exists no agreement by which any such Company has
undertaken to issue new financial instruments or securities giving
access to the share capital of that Company, all except as permitted
under the Finance Documents;
(e) the Pledge has been approved by each Company (save as indicated in
schedule 2) in accordance with its Statuts;
(f) the payment of, or the provision of security for, the Secured
Liabilities by the Pledgor does not require any authorisation of any
authority whatsoever, including, without limitation, from the
administrative bodies of the Pledgor other than those previously
obtained and no authorisation from the administrative bodies of the
Pledgor or any of the Companies or of any authority whatsoever is
required for the enforcement of this Pledge; and
(g) this Pledge is valid and enforceable in accordance with its terms
and creates a pledge ranking above the rights that any other person
may have over the Accounts or the Financial Instruments, or any of
them, or over the proceeds of any sale of the Financial Instruments
or any of them.
4. UNDERTAKINGS
4.1 For the duration of the Security Period, the Pledgor undertakes:
(a) not to transfer nor to sell the Financial Instruments, or any of
them, without the prior written consent of the Security Agent acting
on behalf of the Beneficiaries;
(b) not to create, incur or permit to subsist any Security Interest or
encumbrance of any sort whatsoever over the Accounts or the
Financial Instruments, or any of them, other than in favour of the
Beneficiaries;
5
(c) save as otherwise permitted by the Finance Documents, to procure
that no Company shall issue new Financial Instruments and more
generally to procure that no Company shall change its share capital;
(d) to the extent permitted under French law, not to exercise the voting
rights or to pass any resolutions attached to the Financial
Instruments (or any of them) which may adversely change the terms of
the Financial Instruments (or any class of them) or prejudice the
Security Interest created hereunder; and
(e) to take any action, carry out any formalities and more generally do
anything the Security Agent may reasonably consider necessary in
order to permit the Security Agent or the other Beneficiaries to
exercise, at any time, the rights and claims which it or the other
Beneficiaries hold by virtue of this Pledge.
4.2 Notwithstanding anything contained herein, the Pledgor shall remain liable
to observe and perform all of the conditions and obligations assumed by it
in respect of the Financial Instruments and the Accounts (or any of them)
and none of the Beneficiaries shall be required in any manner to perform
or fulfill any obligation of the Pledgor in respect of the Financial
Instruments or the Accounts (or any of them) or to make any payment
received by them, or to receive any enquiry as to the nature or
sufficiency of any payment received by them, or to present or to file any
claim or take any other action to collect or enforce the payment of any
amount to which they may have been or to which they may be entitled
hereunder at any time or times.
5. ENFORCEMENT
Following the occurrence of an Event of Default and without prejudice to
any other right or action whatsoever which may be exercised or taken
independently or concurrently, the Security Agent, acting on behalf of the
Beneficiaries, may enforce its rights under the Pledge up to the limit of
the Secured Liabilities in accordance with article L. 521-3 of the Code de
Commerce and article 2078 of the French Civil Code.
6. DURATION
6.1 This Pledge shall remain in full force and effect throughout the Security
Period.
6.2 The Security Agent acting upon instructions of the Beneficiaries
undertakes to procure the release of the Pledge on or as soon as
practicable after the Discharge Date.
7. NOTICE
Except as specifically provided otherwise in this Pledge, any notice,
demand or other communication to be served under or in connection with
this Pledge shall be made in accordance with clause 18 (Notices) of the
Intercreditor Agreement.
8. MISCELLANEOUS
8.1 This Pledge does not exclude or limit in any way the other rights of the
Security Agent or the other Beneficiaries and does not affect the nature
or the extent of the liabilities which have been or which may exist
between the Pledgor and the Security Agent or the other Beneficiaries.
6
8.2 Where any clause of this Pledge shall be or become illegal, invalid or
unenforceable it is agreed that the other provisions of this Pledge shall
remain legal, valid and enforceable against the parties to this Pledge
independently of the said illegal, invalid or unenforceable clauses.
8.3 No payment to the Security Agent and/or the other Beneficiaries whether
under any judgement or court order or otherwise shall discharge the
obligation or liability of the Pledgor unless and until the Security Agent
and/or the other Beneficiaries shall have received payment in full in the
currency in which the obligation or liability was incurred and to the
extent that the amount of any such payment shall on actual conversion into
such currency fall short of such obligation or liability expressed in that
currency the Security Agent and/or the other Beneficiaries shall have a
further cause of action against the Pledgor to recover the amount of the
shortfall.
8.4 In the event of a transfer by way of a novation of all or part of the
rights and obligations by the Beneficiaries under the Senior Facilities
Agreement, the Beneficiaries expressly reserve (and all the parties to
this Pledge expressly agree to that), the rights, powers, privileges and
actions that they enjoy under this Pledge in favour of their successors,
in accordance with the provisions of articles 1278 and following of the
French Civil Code.
9. EXPENSES
The Pledgor will promptly following demand pay to each of the Security
Agent and/or the other Beneficiaries any expense (including legal fees and
other out of pocket expenses and any Taxes thereon) or loss which the
Security Agent and/or the other Beneficiaries may have properly incurred
in connection with the preservation, enforcement or attempted preservation
or enforcement of the Security Agent's or the other Beneficiaries rights
under this Pledge including any present or future stamp or other taxes or
duties and any penalties or interest with respect thereto which may be
imposed by any competent jurisdiction in connection with the execution or
enforcement of this Pledge all upon presentation of duly documented
evidence.
10. FURTHER ASSURANCES
The Pledgor agrees that from time to time, at its own expense, it will
promptly execute and deliver all further instruments and documents, and
take all further action, that the Security Agent may reasonably request,
in order to perfect and protect any Security Interest granted or purported
to be granted hereby or to enable the Security Agent to exercise and
enforce its rights and remedies hereunder with respect to the Account.
11. APPLICABLE LAW AND JURISDICTION
11.1 This Pledge shall be governed by and construed in all respects in
accordance with French law.
11.2 Any dispute arising out of or in connection with this Pledge shall be
submitted to the Commercial Court of Paris (Tribunal de Commerce de Paris)
for the purpose of hearing and determining at first instance any dispute
arising out of this Pledge.
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Made in three (3) originals on 7 July 2003.
THE PLEDGOR: THE SECURITY AGENT:
- ------------ -------------------
ANTARGAZ CREDIT LYONNAIS
Acting by : Acting by :
------------------------ -------------------------
Name: Francois Varagne or any duly Name: Jacques Pochon
empowered person under a power of Title: Head of Acquisition Finance France
attorney Address: Investment/Banking/DPID/
Title: Chairman of the board Leveraged Finance
Address: 43, avenue de l'Opera 81/83, rue de Richelieu
75002 Paris, France 75002 Paris\
Fax: +33 1 41 88 73 15 Fax: + 33 1 42 95 14 72 / 88 21
For the attention of Priscille Magnan For the attention of Jerome Del Ben / Brigitte Chalaud
THE ORIGINAL REVOLVING LENDERS:
- -------------------------------
CREDIT LYONNAIS
Acting by :
------------------------
Name: Jacques Pochon
Title: Head of Acquisition Finance France
Address Investment/Banking/DPID/
Leveraged Finance
81/83, rue de Richelieu
75002 Paris
Fax: + 33 1 42 95 14 72 / 88 21
For the attention of Jerome Del Ben / Brigitte Chalaud
8
SCHEDULE 1
THE ORIGINAL REVOLVING LENDERS
CREDIT LYONNAIS, 18, rue de la Republique, 69002 Lyon, France
9
SCHEDULE 2
THE COMPANIES
- ------------------------------------------------------------------------------------------------------------------------------------
Company Share Capital Registered no. Approval Approval obtained % No. of shares No. of
(Euro) clause held held shares
pledged
- ------------------------------------------------------------------------------------------------------------------------------------
Wogegal SA 596,600.28 310 095 658 RCS Rennes Yes Yes (Board resolution 100 26,092 26,088
4 July 2003)
- ------------------------------------------------------------------------------------------------------------------------------------
Gaz Est 152,400 421 283 615 RCS Nancy Yes Yes (Board resolution 100 9,994 9,990
Distribution 4 July 2003)
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Nord GPL SA 304,800 422 265 504 RCS Yes Yes (Board resolution 100 19,994 19,990
Bethune 4 July 2003)
- ------------------------------------------------------------------------------------------------------------------------------------
Rhone 151,758.24 382 151 272 RCS Lyon Yes Yes (Board resolution 85 2,494 2,490
Mediterranee Gaz 4 July 2003)
- - R.M.G.
- ------------------------------------------------------------------------------------------------------------------------------------
Geovexin 824,000 304 350 887 RCS Yes No 44.90 35,917 35,915
Nanterre
- ------------------------------------------------------------------------------------------------------------------------------------
Societe Bearnaise 750,000 095 880 894 RCS Pau Yes Yes (Board resolution 72 35,997 35,995
des Gaz Liquefies 4 July 2003)
(Sobegal)
- ------------------------------------------------------------------------------------------------------------------------------------
Geogaz Lavera 671,200 703 002 535 RCS Yes No 16.67 6,993 6,990
Nanterre
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Compagnie 1,049,940 456 201 011 RCS Yes No 15 8,750 8,745
Bordelaise des Bordeaux
Gaz Liquefies
(Cobogal)
- ------------------------------------------------------------------------------------------------------------------------------------
10
- ------------------------------------------------------------------------------------------------------------------------------------
Company Share Capital Registered no. Approval Approval obtained % No. of shares No. of
(Euro) clause held held shares
pledged
- ------------------------------------------------------------------------------------------------------------------------------------
Rhone Gaz 874,944 969 507 235 RCS Lyon Yes No 50.62 28,572 28,570
- ------------------------------------------------------------------------------------------------------------------------------------
11
SCHEDULE 3
DECLARATION DE GAGE DE COMPTE D'INSTRUMENTS FINANCIERS
SOUMISE A L'ARTICLE L. 431-4 DU CODE MONETAIRE ET FINANCIER
La presente declaration de gage de compte d'instruments financiers est emise
conformement a, et selon les termes et conditions stipules dans, un acte de
nantissement de compte d'instruments financiers en langue anglaise denomme
Pledge of Financial Instruments Accounts en date de ce jour (ci-apres l'"ACTE DE
NANTISSEMENT"), dont une copie figure en annexe B de la presente declaration et
qui fait partie integrante de la presente declaration.
Les termes et expressions en anglais dans la presente declaration de gage
auront, sauf stipulation contraire, la signification qui leur est attribuee a
l'Acte de Nantissement.
I. CONSTITUANT DE GAGE
Nom Antargaz, societe anonyme au capital de
E 3.935.349, dont le siege social est
situe Immeuble Les Renardieres - 3,
place de Saverne, 92400 Courbevoie,
France et dont le numero unique
d'identification est le 572 126 043 RCS
Nanterre
Designation du teneur de compte: [__________], societe anonyme au capital
de E [__________], immatriculee
[__________], sous le
n(degree)[__________] RCS [__________],
ayant son siege au [__________].
II. COMPTE D'INSTRUMENTS FINANCIERS CONSTITUE EN GAGE
Identification du Compte d'Instruments Compte special n(degree) [__________]
Financiers Bis ouvert ce jour au nom du Constituant
du Gage.
Nombre d'actions creditees au compte [__________] Actions, representant [__]
% du capital de [__________].
Nature des actions [__________] actions nominatives d'une
valeur nominale de E [__________]
chacune.
Emetteur [__________], societe anonyme au capital
de E [__________], immatriculee sous le
n(degree) [__________] RCS [__________],
ayant son siege au [__________].
III. BENEFICIAIRES
(1) Les banques et etablissements financiers assimiles definis a l'Acte de
Nantissement sous le vocable Revolving Lenders et dont a la date de
presentes liste figure en annexe A a la presente declaration, ainsi que
toute personne acquerant a quelque titre que ce soit la qualite de
Revolving Lender au titre du Senior Facilities Agreement;
12
(2) Credit Lyonnais, ayant son siege social 18 rue de la Republique, 69002
Lyon et son siege central 19 boulevard des Italiens, 75002 Paris,
immatricule sous le numero 954 509 741 RCS Lyon, agissant tant en son nom
qu'au nom et pour le compte des personnes visees au (1) ci-dessus en sa
qualite de Security Agent aux termes du Senior Facilities Agreement; et
(3) Credit Lyonnais, ayant son siege social 18 rue de la Republique, 69002
Lyon et son siege central 19 boulevard des Italiens, 75002 Paris,
immatricule sous le numero 954 509 741 RCS Lyon, agissant tant en son nom
qu'au nom et pour le compte des personnes visees au (1) ci-dessus en sa
qualite de Facility Agent aux termes du Senior Facilities Agreement.
IV. OBLIGATIONS GARANTIES
Les obligations garanties sont les obligations definies sous I'expression
Secured Liabilities dans l'Acte de Nantissement, a savoir les obligations du
Constituant pris en ses qualites de Borrower et de Guarantor au titre du
Revolving Facility, a concurrence d'un montant maximum de E 50.000.000 en
principal majore des interets, commissions, frais et accessoires quelconques
ainsi que de toutes sommes pouvant etre dues aux personnes visees au III
ci-dessus au titre du Revolving Facility.
Fait a Paris
Le 7 juillet 2003 en trois (3) exemplaires originaux
Pour constitution du Gage Nous accusons reception de la presente
declaration de gage compte d'instruments
ANTARGAZ financiers en date de ce jour et
acceptons les termes des missions qui
nous sont confiees en qualite de Teneur
de Compte aux termes de la presente
declaration de gage de compte
d'instruments financiers et de l'Acte de
Nantissement
[___] S.A
Par:_______________________ Par:_______________________
Nom: Francois Varagne ou toute Nom:
personne qu'il se serait substituee Titre:
en vertu d'un pouvoir
Titre: President du conseil
d'administration
13
ANNEXE A
ORIGINAL REVOLVING LENDERS
CREDIT LYONNAIS, 18, rue de la Republique, 69002 Lyon, France
14
ANNEXE B
ACTE DE NANTISSEMENT
15
TRANSLATION FOR INFORMATION PURPOSES ONLY
SCHEDULE 4
DECLARATION OF PLEDGE OF A FINANCIAL INSTRUMENTS ACCOUNT
IN ACCORDANCE WITH ARTICLE L. 431-4 OF THE FRENCH MONETARY AND FINANCIAL CODE
This declaration of pledge of a financial instruments account is issued in
accordance with and pursuant to the terms and conditions of a pledge of
financial instruments account of today's date drafted in English and entitled
"Pledge of Financial Instruments Accounts" (the "PLEDGE"), a copy of which is
attached as schedule B to this declaration and which constitutes an integral
part of this declaration.
Terms and expressions defined in the Pledge shall, save to the extent that the
context otherwise requires, have the same meanings when used in this
declaration.
I. IDENTITY OF PLEDGOR
Name Antargaz, a company incorporated under
the laws of France and having its
registered office at Immeuble Les
Renardieres - 3, Place de Saverne,
92400, Courbevoie, France and registered
with number 572 136 043 RCS Nanterre.
Name of the account holder [_________], a French societe anonyme
with a share capital of E [_________]
having its registered office at
[_________] and registered with number
[_________ ] RCS [_________].
II. FINANCIAL INSTRUMENTS ACCOUNT SUBJECT TO THE PLEDGE
Description of Financial Instruments Special account No [_________] Bis
Account opened at the date hereof in the name of
the Pledgor.
Number of Financial Instruments in [_________] shares, representing
Account [_________] per cent. of the share
capital of [_________].
Type of Financial Instruments [_________] registered shares of a par
value of E [_________] each.
Issuer of the Financial Instruments [_________], a French societe anonyme
with a share capital of E [_________]
having its registered office at
[_________] and registered with number
[_________ ] RCS [_________].
III. BENEFICIARIES
(1) The banks and financial institutions defined as Revolving Lenders in the
Pledge namely, all those banks and financial institutions which are
Revolving Lenders at the time of this declaration, as set out in the list
attached as schedule A to this declaration and any other person that
becomes a Revolving Lender under the Senior Facilities Agreement;
16
(2) Credit Lyonnais, having its registered office at 18, rue de la Republique,
69002 Lyon and its head office at 19 boulevard des Italiens, 75002 Paris
and registered with number 954 509 741 RCS Lyon, acting for itself and in
the name of and on behalf of the persons named in (1) above as Security
Agent under the Senior Facilities Agreement; and
(3) Credit Lyonnais, having its registered office at 18, rue de la Republique,
69002 Lyon and its head office at 19 boulevard des Italiens, 75002 Paris
and registered with number 954 509 741 RCS Lyon, acting for itself and in
the name of and on behalf of the persons named in (1) above as Facility
Agent under the Senior Facilities Agreement.
IV. SECURED OBLIGATIONS
The secured obligations are the obligations of the Pledgor, as defined under the
term "SECURED LIABILITIES" in the Pledge undertaken in its capacity as Borrower
and Guarantor pursuant to the Revolving Facility, up to a maximum of E50,000,000
in principal, as well as any interest, commission, or additional costs or any
other sums due to the persons listed in III above, pursuant to the Revolving
Facility.
7 July 2003 in three (3) originals We acknowledge receipt of this
In order to constitute the Pledge declaration of pledge of financial
instruments account of today's date and
undertake to carry out our
responsibilities as account holder
(teneur de compte) in accordance with
the terms of this declaration of pledge
of financial instruments account and the
Pledge.
ANTARGAZ S.A.
[_________] S.A.
By:_________________________ By:_________________________
Name: Francois Varagne or any duly Name:
empowered person under a power of Title:
attorney
Title: Chairman of the board
17
SCHEDULE 5
ATTESTATION DE CONSTITUTION DE GAGE DE
COMPTE D'INSTRUMENTS FINANCIERS
La soussignee atteste par les presentes que (i) [__________] actions emises par
[__________] S.A. detenues par Antargaz et designees dans la declaration de gage
de compte d'instruments financiers en date du 7 juillet 2003 signee par
Antargaz, ont ete virees sur un compte special numero [__________] Bis ouvert au
nom de Antargaz et (ii) ledit compte est nanti en faveur des Beneficiaires (tel
que ce terme est defini dans la declaration de gage d'instruments financiers) et
porte la mention expresse dudit gage. Une copie de ladite declaration de gage
d'instruments financiers est annexee a la presente Attestation de Constitution
de Gage d'Instruments Financiers.
Fait a Paris,
Le 7 juillet 2003
Pour [__________]
Par:_________________________
Nom: [________]
Titre: [________]
18
TRANSLATION FOR INFORMATION PURPOSES ONLY
SCHEDULE 6
CERTIFICATE OF REGISTRATION OF A PLEDGE
OF FINANCIAL INSTRUMENTS ACCOUNT
The undersigned hereby certifies that (i) [_________] shares issued by
[_________] S.A. and held by Antargaz as identified in the declaration of pledge
of financial instruments account dated 7 July 2003 signed by Antargaz have been
transferred into a special account number [_________] Bis opened in the name of
Antargaz and (ii) the said account is pledged in favour of the Beneficiaries (as
defined in the declaration of pledge of financial instrument accounts) and that
such pledge has been duly registered. A copy of the pledge of financial
instruments account is attached as a schedule to this certificate of
registration of a pledge of financial instruments.
Paris,
7 July 2003
For and on behalf of [_________]
By:_________________________
Name: [________]
Title: [________]
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