Common use of Registration Under the Securities Act Clause in Contracts

Registration Under the Securities Act. (a) Subject to the last sentence of this Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date, the Company and the Guarantors agree to use all commercially reasonable efforts to (i) file under the Securities Act a registration statement relating to an offer to exchange (such registration statement, the “Exchange Registration Statement,” and such offer, the “Exchange Offer”) any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the Guarantors, which debt securities and guarantees are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that is substantially identical to the Indenture or is the Indenture and that has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest contemplated in Section 2(b) below (such new debt securities are hereinafter called “Exchange Securities”), (ii) cause the Exchange Registration Statement to become effective under the Securities Act, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Date”). The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Exchange Offer will be deemed to have been “completed” only (A) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states of the United States of America, and (B) upon the earlier to occur of (1) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days following the commencement of the Exchange Offer. The Company and the Guarantors agree (I) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (II) to keep such Exchange Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (b), (c) and (d) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) the Exchange Offer has not been consummated prior to the Consummation Date, (ii) the Securities have not become Freely Tradable on or before the Free Trade Date, or (iii) any Exchange Registration Statement required by this Agreement is filed and declared effective, but shall thereafter cease to be effective or fail to be usable for its intended purpose without being succeeded by a post-effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iii), a “Registration Default,” and the period during which a Registration Default has occurred and is continuing, the “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. (c) The Company shall take, and shall cause the Guarantors to take, all actions necessary or advisable to be taken to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereof. (d) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 10 contracts

Samples: Exchange and Registration Rights Agreement (Tenet Healthcare Corp), Exchange and Registration Rights Agreement (Tenet Healthcare Corp), Exchange and Registration Rights Agreement (Tenet Healthcare Corp)

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Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors Issuers agree to use all commercially reasonable efforts to (i) file under the Securities Act Act, as soon as practicable, a registration statement relating to an offer to exchange (such registration statement, the “Exchange Offer Registration Statement,” and such offer, the “Exchange Offer”) any and all of the Registrable Securities for a like aggregate principal amount of debt securities issued by Exchange Notes. The Issuers agree to use their reasonable best efforts to cause the Company and guaranteed by the Guarantors, which debt securities and guarantees are substantially identical Exchange Offer Registration Statement to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that is substantially identical to the Indenture become or is the Indenture and that has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an be declared effective registration statement under the Securities Act and do not contain provisions for as soon as practicable after the additional interest contemplated in Section 2(b) below (such new debt securities are hereinafter called “Closing Date. The Exchange Securities”), (ii) cause the Exchange Registration Statement to become effective Offer will be registered under the Securities Act on the appropriate form and will comply with the Exchange Act, (iii) commence . The Issuers further agree to use their reasonable best efforts to complete the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold not later than 450 days following the Exchange Offer open for at least 20 Business Days Closing Date (or longer if required by applicable lawsuch 450th day is not a business day, the next succeeding business day) after (the date that notice of the Exchange Offer is mailed Date”) and to holders of the Securities, (v) exchange Exchange Securities Notes for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate Offer. The Issuers shall keep the Exchange Offer on open for a period of not less than the earliest practicable date after minimum period required under applicable United States federal and state securities laws to complete the Exchange Registration Statement has become effectiveOffer; provided, but however, that in no event later shall such period be less than 30 Business Days thereafter (such 30th Business Day being 20 business days after the “Consummation Date”). The date notice of the Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Actis mailed to holders. The Exchange Offer will be deemed to have been “completed” completed only (A) if the debt securities and related guarantees Exchange Notes received by holders holders, other than Restricted Holders Holders, in the Exchange Offer in exchange for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states States of the United States of America, and (B) . The Exchange Offer shall be deemed to have been completed upon the earlier to occur of (1i) the Company Issuers having exchanged the Exchange Securities Notes for all outstanding Registrable Securities pursuant to the Exchange Offer and (2ii) the Company Issuers having exchanged, pursuant to the Exchange Offer, Exchange Securities Notes for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days following the commencement of the Exchange Offer. The Company and the Guarantors Issuers agree (Ix) to include in the Exchange Offer Registration Statement a prospectus for use in any resales by any holder of Exchange Securities Notes that is a broker-dealer and identifies itself as such by written notice to the Issuers prior to the effectiveness of the Exchange Offer Registration Statement and (IIy) to keep such Exchange Offer Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities Notes are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Offer Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (bc), (cd) and (de) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) on or prior to the time the Exchange Offer is completed existing law or Commission policy or interpretations are changed such that the Exchange Notes received by holders, other than Restricted Holders, in the Exchange Offer in exchange for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the Exchange Offer has not been consummated completed by the Exchange Date, (iii) any Purchaser so requests with respect to Registrable Securities that are not eligible to be exchanged for Exchange Notes in the Exchange Offer and that are held by it following the consummation of the Exchange Offer, or (iv) the Exchange Offer is not available to any holder (other than a Purchaser) which notifies the Issuers in writing, then, in each case, the Issuers shall, in lieu of (or, in the case of clause (iii) or (iv), in addition to) conducting the Exchange Offer contemplated by Section 2(a), file a “shelf” registration statement in accordance with the remainder of this Section 2(b) below, under the Securities Act with respect to the Notes that could not be exchanged for any reason set forth in clauses (i) through (iv) above. The Issuers shall, on or prior to 30 business days after the time such obligation to file arises, file a “shelf” registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the “Shelf Registration” and such registration statement, the “Shelf Registration Statement”). The Issuers agree to use their reasonable best efforts (x) to cause the Shelf Registration Statement to become or be declared effective by the Commission on or prior to the Consummation Datelater of 450 days (or if such 450th day is not a business day, the next succeeding business day) following the Closing Date and the 90th day (or if such 90th day is not a business day, the next succeeding business day) after the date such filing obligations arises (the “Shelf Filing Deadline”) and to keep such Shelf Registration Statement continuously effective for a period ending on the earlier of (i) the second anniversary of the Effective Time or (ii) such time as there are no longer any Registrable Securities outstanding; provided, however, that no holder (other than a Purchaser) shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder, and (y) after the Effective Time of the Shelf Registration Statement, promptly upon the request of any holder of Registrable Securities that is not then an Electing Holder, to take any action reasonably necessary to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement; provided, however, that nothing in this clause (y) shall relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Issuers in accordance with Section 3(e)(iii) hereof. The Issuers further agree to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Issuers for such Shelf Registration Statement or by the Securities Act for shelf registration, and the Issuers agree to furnish to each Electing Holder copies of any such supplement or amendment prior to its being used or promptly following its filing with the Commission. (c) In the event that (i) the Shelf Registration Statement has not become effective or been declared effective by the Commission on or prior to the Shelf Filing Deadline, (ii) the Securities have Exchange Offer has not become Freely Tradable been completed on or before prior to the Free Trade Exchange Date, or (iii) any the Exchange Offer Registration Statement required by this Agreement Section 2(a) hereof is filed and becomes or is declared effective but thereafter shall either be withdrawn by the Issuers or shall become subject to an effective stop order issued pursuant to Section 8(d) of the Securities Act suspending the effectiveness of such registration statement (except as specifically permitted herein) without being succeeded immediately by an additional registration statement filed and declared effective, in each case prior to the completion of the Exchange Offer or (iv) the Shelf Registration Statement required by Section 2(b) hereof is filed and becomes or is declared effective but shall thereafter cease either be withdrawn by the Issuers or shall become subject to be an effective or fail stop order issued pursuant to be usable for its intended purpose Section 8(d) of the Securities Act suspending the effectiveness of such registration statement (except as specifically permitted herein) without being succeeded immediately by a post-an additional registration statement filed and declared effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iiiiv), a “Registration Default,” and the each period during which a Registration Default has occurred and is continuing, the a “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b9(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue on the aggregate principal amount of the outstanding Transfer Restricted Notes (as defined below) affected by such Registration Default at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.00.50% thereafter for the remaining portion of the Registration Default Period, provided that commencing on (A) the 90th day after the filing of such Shelf Registration Statement was required, in the case of clause (i) above (but in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate prior to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th 450th day after the Closing Date; provided that if ), (B) the Company receives such a request on or 450th day after the fifth Business Day immediately preceding Closing Date, in the Free Trade Date case of clause (ii) above, (C) the day such Exchange Offer Registration Statement ceases to be effective, in the case of clause (iii) above and (D) the day such Shelf Registration Statement ceases to be effective, in the case of clause (iv) above. Following the cure of all Registration Defaults relating to particular Transfer Restricted Notes (which shall be the Effective Time of the Shelf Registration Statement in the case of clause (i) above, the date of the completion of the Exchange Offer, in the case of clause (ii) above, the date that the Exchange Offer Registration Statement again becomes effective, in the case of clause (iii) above, and the restrictive legend on date that the Securities has not been removed Shelf Registration Statement again becomes effective, in the case of clause (iv) above), the interest rate borne by the close relevant Transfer Restricted Notes will be reduced to the original interest rate borne by such Transfer Restricted Notes; provided, however, that, if after any such reduction in interest rate, a different Registration Default occurs, the interest rate borne by the relevant Transfer Restricted Notes shall again be increased pursuant to the foregoing provisions. All accrued Special Interest shall be paid in cash by the Issuers on each Interest Payment Date (as defined in the Indenture). For purposes of business on this Agreement, “Transfer Restricted Notes” shall mean, with respect to any Registration Default, any Notes or Exchange Notes which have not ceased being Registrable Securities pursuant to the fifth Business Day thereafterdefinition thereof in Section 1 of this Agreement. Notwithstanding anything contained herein, Special Interest shall accrue as provided in this Section 2(b) until be the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective sole and the Exchange Offer has been consummated. (c) The Company shall take, and shall cause the Guarantors to take, all actions necessary or advisable to be taken to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereof. (d) Any reference herein exclusive remedy with respect to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such timeRegistration Default.

Appears in 9 contracts

Samples: Exchange and Registration Rights Agreement (Cco Holdings LLC), Exchange and Registration Rights Agreement (Cco Holdings LLC), Exchange and Registration Rights Agreement (Cco Holdings LLC)

Registration Under the Securities Act. (a) Subject to the last sentence of this Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date, the Company and the Guarantors agree to use all commercially reasonable efforts to (i) file under the Securities Act a registration statement relating to an offer to exchange (such registration statement, the “Exchange Registration Statement,” and such offer, the “Exchange Offer”) any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the Guarantors, which debt securities and guarantees are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that is substantially identical to the Indenture or is the Indenture and that has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest contemplated in Section 2(b) below (such new debt securities are hereinafter called “Exchange Securities”), (ii) cause the Exchange Registration Statement to become effective under the Securities Act, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Date”). The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Exchange Offer will be deemed to have been “completed” only (A) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states of the United States of America, and (B) upon the earlier to occur of (1) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days following the commencement of the Exchange Offer. The Company and the Guarantors agree (I) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (II) to keep such Exchange Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (b), (c) and (d) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) the Exchange Offer has not been consummated prior to the Consummation Date, (ii) the Securities have not become Freely Tradable on or before the Free Trade Date, or (iii) any Exchange Registration Statement required by this Agreement is filed and declared effective, but shall thereafter cease to be effective or fail to be usable for its intended purpose without being succeeded by a post-effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iii), a “Registration Default,” and the period during which a Registration Default has occurred and is continuing, the “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th 365th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. (c) The Company shall take, and shall cause the Guarantors to take, all actions necessary or advisable to be taken to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereof. (d) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 7 contracts

Samples: Exchange and Registration Rights Agreement (Tenet Healthcare Corp), Exchange and Registration Rights Agreement (Tenet Healthcare Corp), Exchange and Registration Rights Agreement (Tenet Healthcare Corp)

Registration Under the Securities Act. (a) Subject to After the last sentence consummation of this Section 2(aan Initial Public Offering, upon a written demand (each, “Shelf Demand”) of CIG (if it then is a Holder), the NBC Entities (if it then is a Holder) or the Securities have not become Freely Tradable on or before the Free Trade DateMajority Holders, the Company shall be required to file, on one and only one occasion, a Shelf Registration Statement with the Guarantors agree SEC to cover resales of the Transfer Restricted Securities. In that case, the Company will use all its commercially reasonable efforts to (i) file under the Securities Act a registration statement relating to an offer to exchange (such registration statementShelf Registration Statement as promptly as practicable, but in any event no later than the “Exchange Registration Statement,” and such offer, the “Exchange Offer”) any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the Guarantors, which debt securities and guarantees are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits sixtieth 60th calendar day after receipt of a trust indenture that is substantially identical to the Indenture or is the Indenture and that has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest contemplated in Section 2(b) below (such new debt securities are hereinafter called “Exchange Securities”)Shelf Demand, (ii) cause the Exchange Shelf Registration Statement to become declared effective under the Securities ActAct as soon as practicable thereafter, but in any event no later than the one hundred twentieth 120th calendar day after the receipt of a Shelf Demand and (iii) commence maintain the Exchange Offer promptly after such Exchange effectiveness of the Shelf Registration Statement has become effective, during the Shelf Effectiveness Period (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Date”defined below). The Exchange Offer will be registered under Company agrees to use its commercially reasonable efforts to keep the Shelf Registration Statement continuously effective, supplemented and amended as required by the Securities Act on and by the appropriate form and will comply with all applicable tender offer rules and regulations under provisions of Section 3 hereof to the Exchange Act. The Exchange Offer will be deemed extent necessary to have been “completed” only ensure that (A) if it is available for resales by the debt securities Holders of Transfer Restricted Securities entitled, subject to the terms and related guarantees received by holders other than Restricted Holders in conditions hereof, to the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under benefit of this Agreement and (B) conforms with the requirements of this Agreement and the Securities Act and the Exchange Act rules and without material restrictions under the blue sky or securities laws of a substantial majority regulations of the states of the United States of AmericaSEC promulgated thereunder as announced from time to time, and (B) upon the earlier to occur of (1) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days following the commencement of the Exchange Offer. The Company and the Guarantors agree (I) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (II) to keep such Exchange Registration Statement effective for a period (the “Resale Shelf Effectiveness Period”) beginning when Exchange from the date the Shelf Registration Statement becomes effective until the date that the Notes have ceased to be Transfer Restricted Securities. The Company shall be deemed not have used its commercially reasonable efforts to keep the Shelf Registration Statement effective during the Shelf Effectiveness Period if it voluntarily takes any action that would result in Holders of Transfer Restricted Securities are first issued not being able to offer and sell such securities at any time during the Shelf Effectiveness Period, unless such action is (x) required by applicable law or otherwise undertaken by the Company in the Exchange Offer good faith and ending upon the earlier for valid business reasons (not including avoidance of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(aCompany’s obligations hereunder), including the acquisition or divestiture of assets, or (b), (cy) and (d) permitted by the second to the last paragraph of Section 3 hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If The Company shall pay all Registration Expenses in connection with the registration pursuant to Section 2(a) hereof. Each Holder shall pay all underwriting discounts and commissions, brokerage commissions and transfer taxes, if any, relating to the sale or disposition of such Holder’s Transfer Restricted Securities pursuant to the Shelf Registration Statement. (c) A Shelf Registration Statement pursuant to Section 2(a) hereof will not be deemed to have become effective unless it has been declared effective by the SEC. In the event that the Shelf Registration is not declared effective by the date specified in Section 2(a) (the “Target Registration Date”), the interest rate on the Transfer Restricted Securities will be increased by (i) 0.25% per annum for the Exchange Offer has not been consummated prior to first 90-day period immediately following the Consummation Date, Target Registration Date and (ii) an additional 0.25% per annum with respect to each subsequent 90-day period, in each case until the Shelf Registration Statement, if required hereby, is declared effective by the SEC or the Notes become freely tradable under the Securities have not become Freely Tradable Act, at which time the interest rate on or before the Free Trade DateTransfer Restricted Securities will revert to the original interest rate borne by such Transfer Restricted Securities. If the Shelf Registration Statement, or (iii) any Exchange Registration Statement if required by this Agreement is filed hereby, has been declared effective and declared effective, but shall thereafter cease either ceases to be effective or fail the Prospectus contained therein ceases to be usable at any time during the Shelf Effectiveness Period (other than for its intended purpose without being succeeded by a post-effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to reasons described in clauses (ix) through and (iiiy) of the last paragraph of Section 2(a) hereof), a “and such failure to remain effective or usable exists for more than 60 days (whether or not consecutive) (plus any time required in connection with updating the Shelf Registration Default,” and Statement in accordance with Section 10(a)(3) of the period during which a Registration Default has occurred and is continuingSecurities Act) in any 12-month period, then the “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to interest rate on the provisions of Section 8(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue at a Transfer Restricted Securities will be increased by 0.25% per annum rate of 0.25% for the first 90 days 90-day period immediately commencing on the 61st day (whether or not consecutive) in any 12-month period, which rate shall be increased by an additional 0.25% per annum at the beginning of each subsequent 90-day period, and continue thereafter, in each case until the Shelf Registration Default PeriodStatement has again been declared effective or the Prospectus again becomes usable, at a per annum which time the interest rate of on the Transfer Restricted Securities will revert to the original interest rate borne by such Transfer Restricted Securities. Notwithstanding the foregoing, the maximum aggregate increase in the interest rate borne by the Transfer Restricted Securities pursuant to this Section 2(c) shall in no event exceed 0.50% for per annum. For the second 90 days avoidance of the Registration Default Perioddoubt, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required interest rate increase with respect to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on other securities of the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue Company, as a result of this Section 2(c). (d) Without limiting the remedies available to the Holders, the Company acknowledges that any failure by the Company to comply with its obligations under Section 2(a) hereof may result in material irreparable injury to the Holders for which there is no adequate remedy at law, that it will not be possible to measure damages for such injuries precisely and that, in the event of any such failure, the Holders may obtain such relief as may be required to specifically enforce the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. (c) The Company shall take, and shall cause the Guarantors to take, all actions necessary or advisable to be taken to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees obligations under the Exchange Registration Statement contemplated in Section 2(a) hereof. (d) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 5 contracts

Samples: Registration Rights Agreement (Ion Media Networks Inc.), Registration Rights Agreement (NBC Universal, Inc.), Master Transaction Agreement (Ion Media Networks Inc.)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors agree agrees to use all commercially reasonable efforts to (i) file under the Securities Act Act, as soon as practicable, but no later than 90 days after the Closing Date, a registration statement relating to an offer to exchange (such registration statement, the “Exchange Registration Statement,” ”, and such offer, the “Exchange Offer”) any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the Guarantors, which debt securities and guarantees are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that which is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest Special Interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called “Exchange Securities”), (ii) . The Company agrees to use its reasonable best efforts to cause the Exchange Registration Statement to become effective under the Securities ActAct as soon as practicable, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) but no later than 180 days after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Closing Date”). The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Company further agrees to use its reasonable best efforts to commence and complete the Exchange Offer promptly, but no later than 30 days after such registration statement has become effective, hold the Exchange Offer open for at least 20 business days and exchange Exchange Securities for all Registrable Securities that have been validly tendered and not validly withdrawn on or prior to the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been “completed” only (A) if the debt securities and related guarantees received by holders holders, other than Restricted Holders Holders, in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states States of the United States of America, and (B) . The Exchange Offer shall be deemed to have been completed upon the earlier to occur of (1i) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2ii) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly validly tendered and not validly withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days following the commencement of the Exchange Offer. The Company and the Guarantors agree agrees (Ix) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (IIy) to keep such Exchange Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (bc), (cd) and (de) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) on or prior to the time the Exchange Offer is completed existing Commission interpretations are changed such that the debt securities or the related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the Exchange Offer has not been consummated completed within 210 days following the Closing Date or (iii) the Exchange Offer is not available to any holder of the Securities, the Company shall, in lieu of (or, in the case of clause (iii), in addition to) conducting the Exchange Offer contemplated by Section 2(a), file under the Securities Act as soon as practicable, but no later than 30 days after the time such obligation to file arises, a “shelf” registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the “Shelf Registration” and such registration statement, the “Shelf Registration Statement”). The Company agrees to use its reasonable best efforts (x) to cause the Shelf Registration Statement to become or be declared effective no later than 120 days after such Shelf Registration Statement is filed and to keep such Shelf Registration Statement continuously effective for a period ending on the earlier of the second anniversary of the Effective Time or such time as there are no longer any Registrable Securities outstanding, provided, however, that no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder, and (y) after the Effective Time of the Shelf Registration Statement, promptly upon the request of any holder of Registrable Securities that is not then an Electing Holder, to take any action reasonably necessary to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement, provided, however, that nothing in this Clause (y) shall relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Company in accordance with Section 3(d)(iii) hereof. The Company further agrees to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, and the Company agrees to furnish to each Electing Holder copies of any such supplement or amendment prior to its being used or promptly following its filing with the Consummation Date, Commission. (iic) In the event that (i) the Securities have Company has not become Freely Tradable filed the Exchange Registration Statement or Shelf Registration Statement on or before the Free Trade Datedate on which such registration statement is required to be filed pursuant to Section 2(a) or 2(b), respectively, or (ii) such Exchange Registration Statement or Shelf Registration Statement has not become effective or been declared effective by the Commission on or before the date on which such registration statement is required to become or be declared effective pursuant to Section 2(a) or 2(b), respectively, or (iii) the Exchange Offer has not been completed within 30 days after the initial effective date of the Exchange Registration Statement relating to the Exchange Offer (if the Exchange Offer is then required to be made) or (iv) any Exchange Registration Statement or Shelf Registration Statement required by this Agreement Section 2(a) or 2(b) hereof is filed and declared effective, effective but shall thereafter cease either be withdrawn by the Company or shall become subject to be an effective or fail stop order issued pursuant to be usable for its intended purpose Section 8(d) of the Securities Act suspending the effectiveness of such registration statement (except as specifically permitted herein) without being succeeded immediately by a an additional registration statement or post-effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure filed and that is itself declared effectively promptly effective (each such event referred to in clauses (i) through (iiiiv), a “Registration Default,” and the each period during which a Registration Default has occurred and is continuing, the a “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b9(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue on the outstanding Securities at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. (cd) The Company shall take, and shall cause the Guarantors each Guarantor to take, all actions necessary or advisable to be taken by it to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement registration statement contemplated in Section 2(a) or 2(b) hereof, as applicable. (de) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 3 contracts

Samples: Indenture (Hornbeck Offshore Services Inc /La), Exchange and Registration Rights Agreement (Hornbeck Offshore Services Inc /La), Exchange and Registration Rights Agreement (Hornbeck Offshore Services Inc /La)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors agree agrees to use all commercially reasonable efforts to (i) file under the Securities Act Act, no later than 90 days after the Closing Date, a registration statement relating to an offer to exchange (such registration statement, the “Exchange Registration Statement,” ”, and such offer, the “Exchange Offer”) any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the GuarantorsCompany, which debt securities and guarantees are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that which is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called “Exchange Securities”), (ii) . The Company agrees to use its reasonable best efforts to cause the Exchange Registration Statement to become effective under the Securities Act, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) Act no later than 180 days after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Closing Date”). The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Company further agrees to use its reasonable best efforts to commence and complete the Exchange Offer no later than 45 days after such registration statement has become effective, hold the Exchange Offer open for at least 30 days and exchange the Exchange Securities for all Registrable Securities that may legally be exchanged in the Exchange Offer and that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been “completed” only (A) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act (except for the requirement to deliver a prospectus included in the Exchange Offer Registration Statement applicable to resales by certain broker-dealers of Exchange Securities received by them pursuant to the Exchange Offer) and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states of the United States of America, and (B) Act. The Exchange Offer shall be deemed to have been completed upon the earlier to occur of (1i) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2ii) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that may legally be exchanged in the Exchange Offer and that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days 30 days following the commencement of the Exchange Offer. The Company and the Guarantors agree agrees (Ix) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer eligible under Commission interpretations as of the date hereof to use such a prospectus for such resales and (IIy) to keep such Exchange Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (bc), (cd) and (de) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) on or prior to the time the Exchange Offer is completed existing Commission interpretations are changed such that the debt securities received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act ; (ii) the Exchange Offer has not been consummated completed within 255 days following the Closing Date or (iii) the Exchange Offer is not available to any holder of the Securities because of applicable law or Commission interpretations and, unless it is a Purchaser, such holder notifies the Company of such unavailability prior to the Consummation Date60th day following consummation of the Exchange Offer, the Company shall, in lieu of (iior, in the case of clause (iii), in addition to) conducting the Exchange Offer contemplated by Section 2(a), use its reasonable best efforts to file under the Securities Act no later than the later of 90 days following the Closing Date and 45 days after the time such obligation to file arises, a “shelf” registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the “Shelf Registration” and such registration statement, the “Shelf Registration Statement”). The Company agrees to use its reasonable best efforts (x) to cause the Shelf Registration Statement to become or be declared effective no later than 120 days after such Shelf Registration Statement is filed and to keep such Shelf Registration Statement continuously effective for a period ending on the earlier of the second anniversary of the Effective Time or such time as there are no longer any Registrable Securities outstanding, provided, however, that no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder, and (y) after the Effective Time of the Shelf Registration Statement, promptly upon the request of any holder of Registrable Securities that is not then an Electing Holder, to take any action reasonably necessary to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement; provided, however, that nothing in this Clause (y) shall (a) relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Company in accordance with Section 3(d)(iii) hereof or (b) in the case of a Shelf Registration under clause (iii) above, require the Company to enable any holder not covered by such clause to use such prospectus. The Company further agrees to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, and the Company agrees to furnish to each Electing Holder copies of any such supplement or amendment prior to its being used or promptly following its filing with the Commission. (c) In the event that (i) the Securities have Company has not become Freely Tradable filed the Exchange Registration Statement or Shelf Registration Statement on or before the Free Trade Datedate on which such registration statement is required to be filed pursuant to Section 2(a) or 2(b), respectively, or (ii) such Exchange Registration Statement or Shelf Registration Statement has not become effective or been declared effective by the Commission on or before the date on which such registration statement is required to become or be declared effective pursuant to Section 2(a) or 2(b), respectively, or (iii) the Exchange Offer has not been completed within 45 days after the initial effective date of the Exchange Registration Statement relating to the Exchange Offer (if the Exchange Offer is then required to be made) or (iv) any Exchange Registration Statement or Shelf Registration Statement required by this Agreement Section 2(a) or 2(b) hereof is filed and declared effective, effective but shall thereafter cease either be withdrawn by the Company or shall become subject to be an effective or fail stop order issued pursuant to be usable for its intended purpose Section 8(d) of the Securities Act suspending the effectiveness of such registration statement (except as specifically permitted herein) without being succeeded as promptly as practicable by a post-an additional registration statement filed and declared effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iiiiv), a “Registration Default,” and the each period during which a Registration Default has occurred and is continuing, the a “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period. Following the cure of all Registration Defaults, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. accrual of Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummatedcease. (cd) The Company shall take, and shall cause the Guarantors to take, take all actions reasonably necessary or advisable to be taken by it to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereof. (de) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 3 contracts

Samples: Exchange and Registration Rights Agreement (Pogo Producing Co), Exchange and Registration Rights Agreement (Pogo Producing Co), Exchange and Registration Rights Agreement (Pogo Producing Co)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors agree to use all commercially reasonable efforts to (i) file under the Securities Act Act, within 210 days after the Closing Date, a registration statement relating to an offer to exchange (such registration statement, the “Exchange Registration Statement,” and such offer, the “Exchange Offer”) any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the Guarantors, which debt securities and guarantees are will be substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that is substantially identical to the Indenture or is the Indenture and that has been qualified under the Trust Indenture ActIndenture), except that they have been registered pursuant to an effective registration statement under the Securities Act and do will not contain provisions for the additional interest Special Interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called “Exchange Securities”), (ii) . The Company and the Guarantors agree to use commercially reasonable efforts to cause the Exchange Registration Statement to become be declared effective by the Commission under the Securities Act, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) Act no later than 270 days after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Closing Date”). The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. Unless the Exchange Offer would not be permitted by applicable law or Commission policy, the Company further agrees to use commercially reasonable efforts to (i) commence the Exchange Offer promptly (but no later than 10 Business Days) following the Effective Time of such Exchange Registration Statement, (ii) hold the Exchange Offer open for at least 20 Business Days in accordance with Regulation 14E promulgated by the Commission under the Exchange Act and (iii) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn promptly following the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been “completed” only (Ai) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states of the United States of America, and (Bii) upon the earlier to occur of (1) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 and not more than 30 Business Days following the commencement of the Exchange Offer. The Company and the Guarantors agree agree, that upon request, they will (Ix) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (IIy) to keep such Exchange Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections Subsections 6(a), (bc), (cd) and (d) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradablee). (b) If (i) on or prior to the time the Exchange Offer is completed the Company determines, upon advice of outside counsel, that existing law or Commission interpretations are changed such that the debt securities or the related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the Effective Time of the Exchange Registration Statement is not within 270 days following the Closing Date and the Exchange Offer has not been consummated completed within 30 Business Days of such Effective Time or (iii) any holder of Registrable Securities notifies the Company prior to the Consummation 20th Business Day following the completion of the Exchange Offer that: (A) it is prohibited by law or Commission policy from participating in the Exchange Offer, (B) it may not resell the Exchange Securities to the public without delivering a prospectus and the prospectus supplement contained in the Exchange Registration Statement is not appropriate or available for such resales, (C) it is a broker-dealer and owns Securities acquired directly from the Company or an affiliate of the Company or (D) it is an affiliate of the Company, then the Company and the Guarantors shall, in lieu of (or, in the case of clause (iii), in addition to) conducting the Exchange Offer contemplated by Section 2(a), file under the Securities Act no later than 30 days after the time such obligation to file arises (but no earlier than 210 days after the Closing Date), a “shelf” registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the “Shelf Registration” and such registration statement, the “Shelf Registration Statement”). The Company and the Guarantors agree to use commercially reasonable efforts to cause the Shelf Registration Statement to become or be declared effective no later than 90 days after such Shelf Registration Statement filing obligation arises (but no earlier than 270 days after the Closing Date); provided, that if at any time the Company is or becomes a “well-known seasoned issuer” (as defined in Rule 405) and is eligible to file an “automatic shelf registration statement” (as defined in Rule 405), then the Company and the Guarantors shall file the Shelf Registration Statement in the form of an automatic shelf registration statement as provided in Rule 405. The Company and the Guarantors agree to use commercially reasonable efforts to keep such Shelf Registration Statement continuously effective for a period ending on the earlier of the second anniversary of the Effective Time or such time as there are no longer any Registrable Securities outstanding. No holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder. The Company and the Guarantors agree, after the Effective Time of the Shelf Registration Statement and promptly upon the request of any holder of Registrable Securities that is not then an Electing Holder, to use commercially reasonable efforts to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement (whether by post-effective amendment thereto or by filing a prospectus pursuant to Rules 430B and 424(b) under the Securities Act identifying such holder), provided, however, that nothing in this sentence shall relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Company in accordance with Section 3(d)(iii). Notwithstanding anything to the contrary in this Section 2(b), upon notice to the Electing Holders, the Company may suspend the use or the effectiveness of such Shelf Registration Statement which shall not exceed 45 days in any three-month period or 90 days in any twelve-month period (a “Suspension Period”) if the Board of Directors of the Company determines that there is a valid business purpose for suspension of the Shelf Registration Statement; provided that the Company shall promptly notify the Electing Holders when the Shelf Registration Statement may once again be used or is effective. (c) In the event that (i) the Company and the Guarantors have not filed the Shelf Registration Statement on or before the date on which such Shelf Registration Statement is required to be filed pursuant to Section 2(b), or (ii) the Securities have Exchange Registration Statement or Shelf Registration Statement has not become Freely Tradable effective or been declared effective by the Commission on or before the Free Trade Datedate on which such registration statement is required to become or be declared effective pursuant to Section 2(a) or Section 2(b), respectively, or (iii) the Exchange Offer has not been completed within 30 Business Days after the Effective Time of the Exchange Registration Statement relating to the Exchange Offer (if the Exchange Offer is then required to be made) or (iv) any Exchange Registration Statement or Shelf Registration Statement required by this Agreement Section 2(a) or Section 2(b) is filed and declared effective, effective but shall thereafter cease either be withdrawn by the Company or shall become subject to be an effective or fail stop order issued pursuant to be usable for its intended purpose Section 8(d) of the Securities Act suspending the effectiveness of such registration statement (except as specifically permitted herein, including, with respect to any Shelf Registration Statement, during any applicable Suspension Period in accordance with the last sentence of Section 2(b)) without being succeeded immediately by a post-an additional or amended registration statement filed and declared effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iiiiv), a “Registration Default,” and the each period during which a Registration Default has occurred and is continuingcontinuing until the Exchange Offer is completed or the Shelf Registration statement is declared effective, the a “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b9(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue on all Registrable Securities then outstanding at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.00.50% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. accrual of Special Interest shall not accrue as a result of be the Company’s failure to provide a certificate sole and exclusive remedy available to the Trustee instructing the Trustee that the restrictive legend on the Holders of Registrable Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange for any Registration Statement has been declared effective and the Exchange Offer has been consummated. (c) The Company shall take, and shall cause the Guarantors to take, all actions necessary or advisable to be taken to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereofDefault. (d) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time time; and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 3 contracts

Samples: Exchange and Registration Rights Agreement (iHeartCommunications, Inc.), Exchange and Registration Rights Agreement (Clear Channel Communications Inc), Exchange and Registration Rights Agreement (Clear Channel Communications Inc)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors Issuers agree to use all commercially reasonable efforts to (i) file under the Securities Act Act, as soon as practicable, a registration statement relating to an offer to exchange (such registration statement, the “Exchange Offer Registration Statement,” and such offer, the “Exchange Offer”) any and all of the Registrable Securities for a like aggregate principal amount of debt securities issued by Exchange Notes. The Issuers agree to use their reasonable best efforts to cause the Company and guaranteed by the Guarantors, which debt securities and guarantees are substantially identical Exchange Offer Registration Statement to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that is substantially identical to the Indenture become or is the Indenture and that has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an be declared effective registration statement under the Securities Act and do not contain provisions for as soon as practicable after the additional interest contemplated in Section 2(b) below (such new debt securities are hereinafter called “Closing Date. The Exchange Securities”), (ii) cause the Exchange Registration Statement to become effective Offer will be registered under the Securities Act on the appropriate form and will comply with the Exchange Act, (iii) commence . The Issuers further agree to use their reasonable best efforts to complete the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold not later than 450 days following the Exchange Offer open for at least 20 Business Days Closing Date (or longer if required by applicable lawsuch 450th day is not a business day, the next succeeding business day) after (the date that notice of the Exchange Offer is mailed Date”) and to holders of the Securities, (v) exchange Exchange Securities Notes for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate Offer. The Issuers shall keep the Exchange Offer on open for a period of not less than the earliest practicable date after minimum period required under applicable United States federal and state securities laws to complete the Exchange Registration Statement has become effectiveOffer; provided, but however, that in no event later shall such period be less than 30 Business Days thereafter (such 30th Business Day being 20 business days after the “Consummation Date”). The date notice of the Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Actis mailed to holders. The Exchange Offer will be deemed to have been “completed” completed only (A) if the debt securities and related guarantees Exchange Notes received by holders holders, other than Restricted Holders Holders, in the Exchange Offer in exchange for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states States of the United States of America, and (B) . The Exchange Offer shall be deemed to have been completed upon the earlier to occur of (1i) the Company Issuers having exchanged the Exchange Securities Notes for all outstanding Registrable Securities pursuant to the Exchange Offer and (2ii) the Company Issuers having exchanged, pursuant to the Exchange Offer, Exchange Securities Notes for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days following the commencement of the Exchange Offer. The Company and the Guarantors Issuers agree (Ix) to include in the Exchange Offer Registration Statement a prospectus for use in any resales by any holder of Exchange Securities Notes that is a broker-dealer and identifies itself as such by written notice to the Issuers prior to the effectiveness of the Exchange Offer Registration Statement and (IIy) to keep such Exchange Offer Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities Notes are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Offer Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (bc), (cd) and (de) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) on or prior to the time the Exchange Offer is completed existing law or Commission policy or interpretations are changed such that the Exchange Notes received by holders, other than Restricted Holders, in the Exchange Offer in exchange for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the Exchange Offer has not been consummated completed by the Exchange Date, (iii) any Purchaser so requests with respect to Registrable Securities that are not eligible to be exchanged for Exchange Notes in the Exchange Offer and that are held by it following the consummation of the Exchange Offer, or (iv) the Exchange Offer is not available to any holder (other than a Purchaser) which notifies the Issuers in writing, then, in each case, the Issuers shall, in lieu of (or, in the case of clause (iii) or (iv), in addition to) conducting the Exchange Offer contemplated by Section 2(a), file a “shelf” registration statement in accordance with the remainder of this Section 2(b) below, under the Securities Act with respect to the Notes that could not be exchanged for any reason set forth in clauses (i) through (iv) above. The Issuers shall, on or prior to 30 business days after the time such obligation to file arises, file a “shelf” registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the “Shelf Registration” and such registration statement, the “Shelf Registration Statement”). The Issuers agree to use their reasonable best efforts (x) to cause the Shelf Registration Statement to become or be declared effective by the Commission on or prior to the Consummation Datelater of 450 days (or if such 450th day is not a business day, the next succeeding business day) following the Closing Date and the 90th day (or if such 90th day is not a business day, the next succeeding business day) after the date such filing obligations arises (the “Shelf Filing Deadline”) and to keep such Shelf Registration Statement continuously effective for a period ending on the earlier of (i) the second anniversary of the Effective Time or (ii) such time as there are no longer any Registrable Securities outstanding; provided, however, that no holder (other than a Purchaser) shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder, and (y) after the Effective Time of the Shelf Registration Statement, promptly upon the request of any holder of Registrable Securities that is not then an Electing Holder, to take any action reasonably necessary to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement; provided, however, that nothing in this clause (y) shall relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Issuers in accordance with Section 3(e)(iii) hereof. The Issuers further agree to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Issuers for such Shelf Registration Statement or by the Securities Act for shelf registration, and the Issuers agree to furnish to each Electing Holder copies of any such supplement or amendment prior to its being used or promptly following its filing with the Commission. (c) In the event that (i) the Shelf Registration Statement has not become effective or been declared effective by the Commission on or prior to the Shelf Filing Deadline, (ii) the Securities have Exchange Offer has not become Freely Tradable been completed on or before prior to the Free Trade Exchange Date, or (iii) any the Exchange Offer Registration Statement required by this Agreement Section 2(a) hereof is filed and becomes or is declared effective but thereafter shall either be withdrawn by the Issuers or shall become subject to an effective stop order issued pursuant to Section 8(d) of the Securities Act suspending the effectiveness of such registration statement (except as specifically permitted herein) without being succeeded immediately by an additional registration statement filed and declared effective, in each case prior to the completion of the Exchange Offer or (iv) the Shelf Registration Statement required by Section 2(b) hereof is filed and becomes or is declared effective but shall thereafter cease either be withdrawn by the Issuers or shall become subject to be an effective or fail stop order issued pursuant to be usable for its intended purpose Section 8(d) of the Securities Act suspending the effectiveness of such registration statement (except as specifically permitted herein) without being succeeded immediately by a post-an additional registration statement filed and declared effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iiiiv), a “Registration Default,” and the each period during which a Registration Default has occurred and is continuing, the a “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b9(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue on the aggregate principal amount of the outstanding Transfer Restricted Notes (as defined below) affected by such Registration Default at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.00.50% thereafter for the remaining portion of the Registration Default Period, provided that commencing on (A) the 90th day after the filing of such Shelf Registration Statement was required, in the case of clause (i) above (but in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate prior to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th 450th day after the Closing Date; provided that if ), (B) the Company receives such a request on or 450th day after the fifth Business Day immediately preceding Closing Date, in the Free Trade Date case of clause (ii) above, (C) the day such Exchange Offer Registration Statement ceases to be effective, in the case of clause (iii) above and (D) the day such Shelf Registration Statement ceases to be effective, in the case of clause (iv) above. Following the cure of all Registration Defaults relating to particular Transfer Restricted Notes (which shall be the Effective Time of the Shelf Registration Statement in the case of clause (i) above, the date of the completion of the Exchange Offer, in the case of clause (ii) above, the date that the Exchange Offer Registration Statement again becomes effective, in the case of clause (iii) above, and the restrictive legend on date that the Securities has not been removed Shelf Registration Statement again becomes effective, in the case of clause (iv) above), the interest rate borne by the close of business on relevant Transfer Restricted Notes will be reduced to the fifth Business Day thereafteroriginal interest rate borne by such Transfer Restricted Notes; provided, however, that, if after any such reduction in interest rate, a different Registration Default occurs, the interest rate borne by the relevant Transfer Restricted Notes shall again be increased pursuant to the foregoing provisions. All accrued Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. (c) The Company shall take, and shall cause the Guarantors to take, all actions necessary or advisable to be taken to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereof. (d) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.paid in

Appears in 3 contracts

Samples: Exchange and Registration Rights Agreement, Exchange and Registration Rights Agreement (Cco Holdings LLC), Exchange and Registration Rights Agreement (Cco Holdings LLC)

Registration Under the Securities Act. (a) Subject The Companies and the Guarantors shall use their commercially reasonable efforts to file under the Securities Act within 90 days after the Issue Date a “shelf” registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the “Shelf Registration” and such registration statement, the “Shelf Registration Statement”) and to use their commercially reasonable efforts to cause the Shelf Registration Statement to be declared effective by the Commission as soon thereafter as practicable. The Companies and the Guarantors will also use their commercially reasonable efforts to keep such Shelf Registration Statement effective and available (subject to customary exceptions) until the later of (A) the date on which no broker-dealer making a market in the Exchange Securities is deemed to be an affiliate of the Companies and (B) the second anniversary of the Issue Date or such earlier time as there are no longer any Registrable Securities outstanding, provided, however, that no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder or an Affiliated Market Maker, and (y) after the Effective Time of the Shelf Registration Statement, promptly upon the request of any Affiliated Market Maker or holder of Registrable Securities that is not then an Electing Holder, to take any action reasonably necessary to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities, including, without limitation, any action necessary to identify such Affiliated Market Maker or holder as a selling securityholder in the Shelf Registration Statement, provided, however, that nothing in this clause (y) shall (A) relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the last Companies in accordance with Section 3(c)(ii) hereof or (B) require the Companies or the Guarantors to file more than one post-effective amendment to the Shelf Registration Statement in any 45-day period. The Companies and the Guarantors further agree to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Companies and the Guarantors for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, and the Companies agree to furnish to each Electing Holder copies of any such supplement or amendment prior to its being used or promptly following its filing with the Commission. Notwithstanding the foregoing, no broker-dealer that is an affiliate of the Companies shall be required to give notice within the time period specified in the first sentence of this Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date, the Company ) in order to maintain its registration rights pursuant to this Section 2. The Companies and the Guarantors agree shall cause the Shelf Registration Statement to use all commercially reasonable efforts be declared effective by the date (the “Effectiveness Date”) that is 180 days from the Issue Date. (b) In lieu of a Shelf Registration, the Companies and the Guarantors may at their option file a registration statement with respect to notes having terms identical to the Senior Subordinated Exchange Notes (ithe “Substitute Notes”) in which the Companies offer to holders of Senior Subordinated Exchange Notes registered Substitute Notes in exchange for the Subordinated Notes. In such case, the Companies and the Guarantors must file under the Securities Act within 90 days after the Issue Date a registration statement relating to an offer to exchange (such registration statement, the “Exchange Offer Registration Statement,” ”, and such offer, the “Exchange Offer”) any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company Companies and guaranteed by the Guarantors, which debt securities and guarantees are substantially identical to to, and represent the same underlying indebtedness as, the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that which is substantially identical to the Indenture or is the relevant Indenture and that which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest Additional Interest contemplated in Section 2(b2(f) below (such new debt securities are hereinafter called “Exchange Securities”), (ii) cause the Exchange Registration Statement to become effective under the Securities Act, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Date”). The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Companies and the Guarantors further agree to use all commercially reasonable efforts to consummate the Exchange Offer no later than 30 business days after such registration statement has become effective, hold the Exchange Offer open for at least 30 days, or longer, if required by the federal securities laws, and exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been “completed” only (A) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states of the United States of America, and (B) U.S. states. The Exchange Offer shall be deemed to have been completed upon the earlier to occur of (1i) the Company Companies having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2ii) the Company Companies having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days 30 days following the commencement of the Exchange Offer. The Company Companies and the Guarantors shall cause the Exchange Offer Registration Statement to be declared effective and the Exchange Offer to be completed by the Effectiveness Date. The Companies agree (Ix) to include in the Exchange Offer Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (IIy) to keep such Exchange Offer Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Offer Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (bc), (cd) and (de) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (bc) If (i) the Companies and the Guarantors are not permitted to consummate the Exchange Offer because the Exchange Offer is not permitted by applicable law or Commission policy; or (ii) any holder of Registrable Securities notifies the Companies prior to the 20th business day following consummation of the Exchange Offer that (A) such holder was prohibited by law or Commission policy from participating in the Exchange Offer, (B) such holder may not resell the Exchange Securities acquired by it in the Exchange Offer to the public without delivering a prospectus and the prospectus contained in the Exchange Offer Registration Statement is not appropriate or available for such resales by such holder or (C) such holder is a broker-dealer and holds Registrable Securities acquired directly from the Companies or an affiliate of the Companies or is an Affiliated Market Maker, then the Companies and the Guarantors shall, in lieu of (or, in the case of clause (ii), in addition to) conducting the Exchange Offer contemplated by Section 2(b)), use commercially reasonable efforts to file under the Securities Act no later than the later of 30 days after the time such obligation to file arises, a Shelf Registration Statement and to use their commercially reasonably efforts to cause the Shelf Registration Statement to be declared effective by the Commission as soon thereafter as practicable. (d) On the date of consummation of the Exchange Offer, the Companies shall provide notice to the Trustee, as representative of the Noteholders, which notice shall state (i) that the Exchange Offer has not been consummated prior and the date of consummation; (ii) whether any holders of Registrable Securities did not participate in the Exchange Offer; and (iii) if any holders of Registrable Securities did not participate in the Exchange Offer, to the Consummation extent available to the Companies, the name, address and telephone number of each such holder who did not participate and the principal amount of Securities held by each such holder. Following the delivery of such notice, the Trustee shall be entitled, but in no way obligated, to contact each holder of Registrable Securities who did not participate in the Exchange Offer and, among other things, provide such holder with the information specified in clause (i) above. (e) Notwithstanding the foregoing, the Companies may issue a notice that the Shelf Registration Statement is no longer effective or the prospectus included therein is no longer usable for offers and sales of Registrable Securities covered by the Shelf Registration Statement for a period not to exceed 60 days in the aggregate in any twelve-month period (a “suspension period”) if (i) such action is required by applicable law; or (ii) due to the existence of material non-public information, disclosure of such material non-public information would be required to make the statements contained in the applicable registration statement not misleading (including for the avoidance of doubt, the pendancy of an acquisition, disposition or public or private offering by the Companies), and the Companies have a bona fide business purpose for preserving as confidential such material non-public information (other than avoidance of their obligations hereunder); provided that (x) the Companies promptly thereafter comply with the requirements of Section 3(d) hereof and (y) the required period of effectiveness for the Shelf Registration Period set forth in Section 2(b) hereof shall be extended by the number of days during which such Shelf Registration Statement was not effective or usable pursuant to the foregoing provisions. (f) In the event that (i) the Shelf Registration Statement has not become effective or been declared effective by the Commission on or before the Effectiveness Date, (ii) the Securities have Exchange Offer is not become Freely Tradable completed on or before the Free Trade Effectiveness Date, or (iii) or any Exchange Shelf Registration Statement required by this Agreement Section 2(a) or 2(c) hereof is filed and declared effective, effective but shall thereafter cease either be withdrawn by the Companies or shall become subject to be an effective or fail stop order issued pursuant to be usable for its intended purpose Section 8(d) of the Securities Act suspending the effectiveness of such registration statement (except as specifically permitted herein) without being succeeded immediately by a post-an additional registration statement filed and declared effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iii), a “Registration Default,” and the each period during which a Registration Default has occurred and is continuing, the a “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b9(b), special additional interest (“Special Additional Interest”), in addition to the Base Interest, shall accrue at a in an amount equal to $.05 per annum rate week per $1,000 principal amount of 0.25% Registrable Securities held by such holder for the first 90 days of the Registration Default Period. The amount of Additional Interest shall increase by an additional $.05 per week per $1,000 principal amount of Registrable Securities with respect to each subsequent 90-day period until all Registration Defaults have been cured, at up to a maximum amount of Additional Interest for all Registration Defaults of $.20 per annum week per $1,000 principal amount of Registrable Securities. Notwithstanding the foregoing, the interest rate of 0.50borne by the Notes shall not exceed 11.0% for per annum, except as otherwise specified in the second 90 days Indentures. To the extent the interest rate borne by any of the Registration Default PeriodSecurities exceeds 11.0% per annum, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required Companies may elect to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on such excess interest through the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result issuance of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafteradditional notes, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummatedIndentures. (cg) The Company Parent and the Companies shall take, and shall cause the Guarantors to take, all actions reasonably necessary or advisable to be taken by them to ensure that the transactions contemplated herein are effected as so contemplated, including all actions reasonably necessary or desirable advisable to register the Guarantees under the Exchange Registration Statement registration statement contemplated in Section 2(a) or 2(b) hereof, as applicable. (dh) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 2 contracts

Samples: Exchange and Registration Rights Agreement, Exchange and Registration Rights Agreement (Premdor Finace LLC)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company Companies and the Guarantors agree to use all their commercially reasonable efforts to (i) no later than the 366th day following the Closing Date, file under the Securities Act Act, a registration statement relating to an offer to exchange (such registration statement, the “Exchange Offer Registration Statement,” ”, and such offer, the “Exchange Offer”) any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company Companies and guaranteed by the Guarantors, which debt securities and guarantees are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that is substantially identical to the Indenture or is the Indenture and that has been qualified under the Trust Indenture ActIndenture), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest Special Interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called “Exchange Securities”), (ii) cause the Exchange Offer Registration Statement to become effective under the Securities Act, Act and (iii) commence no later than the 450th day following the Closing Date, cause the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Date”)be completed. The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. Unless the Exchange Offer would not be permitted by applicable law or Commission policy, the Companies further agree to use commercially reasonable efforts to (i) commence the Exchange Offer promptly following the Effective Time of such Exchange Offer Registration Statement, (ii) hold the Exchange Offer open for at least 20 Business Days (or longer if the Exchange Offer is extended or if required by applicable law) after the date notice of the Exchange Offer is mailed to the holders of the Registrable Securities in accordance with Regulation 14E promulgated by the Commission under the Exchange Act and (iii) issue on or prior to 30 Business Days (or longer if required by the federal securities laws) after the date on which the Exchange Offer Registration Statement was declared effective by the Commission, Exchange Securities in exchange for the Registrable Securities that have been properly tendered and not withdrawn promptly following the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been “completed” only (Ai) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states of the United States of America, and (Bii) upon the earlier to occur of (1) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2) the Company Companies having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days following the commencement of the Exchange Offer. The Company Companies and the Guarantors agree (Ix) to include in the Exchange Offer Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (IIy) to keep such Exchange Offer Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Offer Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections Subsections 6(a), (bc), (cd) and (d) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradablee). (b) If (i) prior to the time the Exchange Offer is completed existing law or Commission interpretations are changed such that the debt securities or the related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the Exchange Offer is not completed on or before the 450th day following the Closing Date, (iii) any Initial Purchaser so requests with respect to Registrable Securities not eligible to be exchanged for Exchange Securities in the Exchange Offer, (iv) any holder (other than an Initial Purchaser) notifies the Companies prior to the 20th Business Day following the completion of the Exchange Offer that (A) it is prohibited by law or Commission policy from participating in the Exchange Offer, (B) it may not resell the Exchange Securities to the public without delivering a prospectus and the prospectus supplement contained in the Exchange Offer Registration Statement is not appropriate or available for such resales or (C) it is a broker-dealer and owns Securities acquired directly from a Company or an affiliate of a Company or, (v) in the case of any Initial Purchaser that participates in the Exchange Offer or otherwise acquires Exchange Securities under this Agreement, such Initial Purchaser does not receive freely tradeable Exchange Securities on the date of the exchange, it being understood that (A) the requirement that an Initial Purchaser deliver the prospectus contained in the Exchange Offer Registration Statement containing the information required by Item 507 or 508 of Regulation S-K under the Securities Act in connection with sales of Exchange Securities shall not result in such new securities being not “freely tradeable” and (B) the requirement that a participating broker-dealer deliver the prospectus contained in the Exchange Offer Registration Statement in connection with sales of Exchange Securities shall not result in such Exchange Securities being not “freely tradeable”; in the case of each of clauses (i), (ii), (iii), (iv) and (v), then the Companies and the Guarantors shall, in lieu of (or, in the case of clauses (iii), (iv) and (v), in addition to) conducting the Exchange Offer contemplated by Section 2(a), promptly as practicable file under the Securities Act, and in no event later than 60 days after the time such obligation to file arises, a “shelf” registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the “Shelf Registration” and such registration statement, the “Shelf Registration Statement”). The Companies and the Guarantors agree to use commercially reasonable efforts to cause the Shelf Registration Statement to become or be declared effective no later than 120 days after the filing obligation with respect to such Shelf Registration arises; provided, that if at any time the Companies are or become “well-known seasoned issuers” (as defined in Rule 405) and are eligible to file an “automatic shelf registration statement” (as defined in Rule 405), then the Companies and the Guarantors shall file the Shelf Registration Statement in the form of an automatic shelf registration statement as provided in Rule 405. The Companies and the Guarantors agree to use commercially reasonable efforts to keep such Shelf Registration Statement continuously effective until the earlier of the first anniversary of the Effective Time and the date all notes covered by the Shelf Registration Statement have either been sold as contemplated by the Shelf Registration Statement or become freely tradable pursuant to Rule 144 under the Securities Act without volume restrictions (the “Effectiveness Period”). No holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder. The Companies and the Guarantors agree, after the Effective Time of the Shelf Registration Statement and promptly upon the request of any holder of Registrable Securities that is not then an Electing Holder, to use commercially reasonable efforts to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities, including, without limitation, taking any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement (whether by post-effective amendment thereto or by filing a prospectus pursuant to Rules 430B and 424(b) under the Securities Act identifying such holder), provided, however, that nothing in this sentence shall relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Companies in accordance with Section 3(d)(iii). Notwithstanding anything to the contrary in this Section 2(b), upon notice to the Electing Holders, the Companies may suspend the use or the effectiveness of such Shelf Registration Statement, or extend the time period in which it is required to file the Shelf Registration Statement, for a reasonable period of time but not in excess of (i) 30 consecutive days or more than three (3) times during any calendar year so long as all of the Securities cannot be sold pursuant to Rule 144 without limitation by non-affiliates of the Companies under clause (b) of Rule 144 and (ii) 60 consecutive days or more than three (3) times during any calendar year once all of the Securities can be sold pursuant to Rule 144 without limitation by non-affiliates of the Companies under clause (b) of Rule 144 (a “Suspension Period”) if the Parent Guarantor’s Board of Directors determines that there is a valid business purpose for suspension of the Shelf Registration Statement; provided that the Companies shall promptly notify the Electing Holders when the Shelf Registration Statement may once again be used or is effective. (c) In the event that (i) the Shelf Registration Statement has not become effective or been declared effective by the Commission on or before the date on which such registration statement is required to become or be declared effective pursuant to Section 2(b), (ii) the Exchange Offer has not been consummated prior to the Consummation Date, (ii) the Securities have not become Freely Tradable completed on or before the Free Trade Date, 450th day following the Closing Date or (iii) any Exchange Offer Registration Statement or Shelf Registration Statement required by this Agreement Section 2(a) or Section 2(b) is filed and declared effective, effective but shall thereafter cease either be withdrawn by the Companies or shall become subject to be an effective or fail stop order issued pursuant to be usable for its intended purpose Section 8(d) of the Securities Act suspending the effectiveness of such registration statement (except as specifically permitted herein, including, with respect to any Shelf Registration Statement, during any applicable Suspension Period in accordance with the last sentence of Section 2(b)) without being succeeded immediately by a post-an additional registration statement filed and declared effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iii), a “Registration Default,” and the each period during which a Registration Default has occurred and is continuing, the a “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b9(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue on all Registrable Securities then outstanding at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.00.50% thereafter for the remaining portion of the Registration Default Period; provided, provided however, that upon the exchange of the Exchange Securities for Securities tendered, or upon the effectiveness of the applicable Exchange Offer Registration Statement or Shelf Registration Statement which either failed to be, or had ceased to remain, effective, as applicable, Special Interest on the Securities in respect of which such Registration Default relates shall cease to accrue; provided, further, that no event Special Interest shall accrue on the Company Securities following the second anniversary of the Closing Date. Notwithstanding any other provisions of this paragraph, the Companies shall not be required obligated to pay Special Interest for more than one provided in this paragraph during a Suspension Period permitted by Section 2(b) hereof. Special Interest shall accrue and be payable only with respect to a single Registration Default at any given time. The , notwithstanding the fact that multiple Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives Defaults may exist at such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummatedtime. (cd) The Company Companies shall use commercially reasonable efforts to take, and shall cause the Guarantors to use commercially reasonable efforts to take, all actions necessary or advisable to be taken by it to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the any Exchange Offer Registration Statement contemplated in Section 2(a) hereofor Shelf Registration Statement, as applicable. (de) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time time; and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 2 contracts

Samples: Exchange and Registration Rights Agreement (AerCap Holdings N.V.), Exchange and Registration Rights Agreement (AerCap Holdings N.V.)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors agree agrees to use all commercially reasonable efforts to (i) file under the Securities Act a registration statement relating to an offer to exchange (such registration statement, the “Exchange Registration Statement,” ”, and such offer, the “Exchange Offer”) any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the GuarantorsCompany, which debt securities and guarantees are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that is substantially identical to the Indenture or is the Indenture and that has been qualified under the Trust Indenture ActIndenture), except that they have been registered pursuant to an effective registration statement under the Securities Act Act, and do not contain provisions for the additional interest Special Interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called “Exchange Securities”), (ii) . The Company agrees to use all commercially reasonable efforts to cause the Exchange Registration Statement to become effective under the Securities Act, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) Act no later than 365 days after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Closing Date”). The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. Unless the Exchange Offer would not be permitted by applicable law or Commission policy, the Company further agrees to use all commercially reasonable efforts to (i) commence the Exchange Offer promptly (but no later than 10 Business Days) following the Effective Time of such Exchange Registration Statement, (ii) hold the Exchange Offer open for at least 20 Business Days in accordance with Regulation 14E promulgated by the Commission under the Exchange Act and (iii) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn promptly following the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been “completed” only (Ai) if the debt securities and any related guarantees guarantee received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states States of the United States of America, America and (Bii) upon the earlier to occur of (1) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 and not more than 30 Business Days following the commencement of the Exchange Offer. The Company and the Guarantors agree agrees (Ix) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (IIy) to keep such Exchange Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections Subsections 6(a), (b6(c), (c6(d) and (d) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable6(e). (b) If (i) on or prior to the time the Exchange Offer is completed existing law or Commission interpretations are changed such that the debt securities or the related guarantee received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the Effective Time of the Exchange Registration Statement is not within 365 days following the Closing Date and the Exchange Offer has not been consummated completed within 30 Business Days of such Effective Time or (iii) any holder of Registrable Securities notifies the Company prior to the Consummation 20th Business Day following the completion of the Exchange Offer that: (A) it is prohibited by law or Commission policy from participating in the Exchange Offer, (B) it may not resell the Exchange Securities to the public without delivering a prospectus and the prospectus supplement contained in the Exchange Registration Statement is not appropriate or available for such resales or (C) it is a broker-dealer and owns Securities acquired directly from the Company or an affiliate of the Company, then the Company shall, in lieu of (or, in the case of clause (iii), in addition to) conducting the Exchange Offer contemplated by Section 2(a), file under the Securities Act no later than 30 days after the time such obligation to file arises (but no earlier than 90 days after the Closing Date), a “shelf” registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the “Shelf Registration” and such registration statement, the “Shelf Registration Statement”). The Company agrees to use all commercially reasonable efforts to cause the Shelf Registration Statement to become or be declared effective no later than 90 days after such Shelf Registration Statement filing obligation arises (but no earlier than 180 days after the Closing Date); provided, that if at any time the Company is or becomes a “well-known seasoned issuer” (as defined in Rule 405) and is eligible to file an “automatic shelf registration statement” (as defined in Rule 405), then the Company shall file the Shelf Registration Statement in the form of an automatic shelf registration statement as provided in Rule 405. The Company agrees to use all commercially reasonable efforts to keep such Shelf Registration Statement continuously effective for such time as there are no longer any Registrable Securities outstanding. No holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder. The Company agrees, after the Effective Time of the Shelf Registration Statement and promptly upon the request of any holder of Registrable Securities that is not then an Electing Holder, to use all commercially reasonable efforts to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement (whether by post-effective amendment thereto or by filing a prospectus pursuant to Rules 430B and 424(b) under the Securities Act identifying such holder), provided, however, that nothing in this sentence shall relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Company in accordance with Section 3(d)(iii) hereof. The Company further agrees to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, and the Company agrees to furnish, or cause to be furnished, to each Electing Holder copies of any such supplement or amendment prior to its being used or promptly following its filing with the Commission. The Company’s obligation to file a Shelf Registration Statement under clause (i) of this Section 2(b), to cause such Shelf Registration Statement to become and remain effective and to comply with its other undertakings in this Section 2(b) shall terminate upon the completion of the Exchange Offer pursuant to Section 2(a). (c) In the event that (i) the Company has not filed the Shelf Registration Statement on or before the date on which such registration statement is required to be filed pursuant to Section 2(b), or (ii) the Securities have Exchange Registration Statement or Shelf Registration Statement has not become Freely Tradable effective or been declared effective by the Commission on or before the Free Trade Datedate on which such registration statement is required to become or be declared effective pursuant to Section 2(a) or Section 2(b), respectively, or (iii) the Exchange Offer has not been completed within 30 Business Days after the Effective Time of the Exchange Registration Statement relating to the Exchange Offer (if the Exchange Offer is then required to be made) or (iv) any Exchange Registration Statement or Shelf Registration Statement required by this Agreement Section 2(a) or Section 2(b) is filed and declared effective, or becomes effective but shall thereafter cease either be withdrawn by the Company or shall become subject to be an effective or fail stop order issued pursuant to be usable for its intended purpose Section 8(d) of the Securities Act suspending the effectiveness of such registration statement (except as specifically permitted herein) without being succeeded immediately by an additional registration statement filed and declared or otherwise becoming effective; or (v) the Company requires holders to refrain from disposing of their Registrable Securities due to a postSuspension Event (as defined in Section 3(i)) to the extent that such period exceeds 45 days in any one instance or 90 days in the aggregate during any consecutive 12-effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly month period (a “Suspension Period”) (each such event referred to in clauses (i) through (iiiiv), a “Registration Default,” and the each period during which a Registration Default has occurred and is continuing, the a “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b9(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue on all Registrable Securities then outstanding at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, and at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. (cd) The Company shall take, and shall cause the Guarantors to take, take all actions necessary or advisable to be taken by it to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereof. (de) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time time; and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 2 contracts

Samples: Exchange and Registration Rights Agreement (ADT Corp), Exchange and Registration Rights Agreement (ADT Corp)

Registration Under the Securities Act. (a) Subject to the last sentence of this Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date, the Company and the Guarantors agree agrees to use all commercially reasonable efforts to (i) file under the Securities Act a registration statement relating to an offer to exchange (such registration statement, the “Exchange Registration Statement,” and such offer, the “Exchange Offer”) any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the GuarantorsCompany, which debt securities and guarantees are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that is substantially identical to the Indenture or is the Indenture and that has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest contemplated in Section 2(b) below (such new debt securities are hereinafter called “Exchange Securities”), (ii) cause the Exchange Registration Statement to become effective under the Securities Act, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Date”). The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Exchange Offer will be deemed to have been “completed” only (A) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states of the United States of America, and (B) upon the earlier to occur of (1) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days following the commencement of the Exchange Offer. The Company and the Guarantors agree agrees (I) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (II) to keep such Exchange Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (b), (c) and (d) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) the Exchange Offer has not been consummated prior to the Consummation Date, (ii) the Securities have not become Freely Tradable on or before the Free Trade Date, or (iii) any Exchange Registration Statement required by this Agreement is filed and declared effective, but shall thereafter cease to be effective or fail to be usable for its intended purpose without being succeeded by a post-effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iii), a “Registration Default,” and the period during which a Registration Default has occurred and is continuing, the “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. (c) The Company shall take, and shall cause the Guarantors to take, take all actions necessary or advisable to be taken to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereof. (d) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 2 contracts

Samples: Exchange and Registration Rights Agreement (Tenet Healthcare Corp), Exchange and Registration Rights Agreement (Tenet Healthcare Corp)

Registration Under the Securities Act. (ai) Subject to the last sentence of this Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date7(b) below, the Company shall prepare and the Guarantors agree to use all commercially reasonable efforts to (i) promptly file under the Securities Act a registration statement relating on Form S-3 or an amendment to an offer to exchange existing registration statement on Form S-3, either of which may include shares of the Premier Common Stock for resale by other Company shareholders (such registration statement, the “Exchange "Purchased Share Shelf Registration Statement,” "), registering the Purchased Shares for resale by the Purchaser and such offershall use its reasonable best efforts to cause the Purchased Share Shelf Registration Statement to be declared effective by the SEC as soon as practicable following the Expiration Date. (A) The Company shall use its reasonable best efforts to cause each installment of Contingent Shares, the “Exchange Offer”) any and all of the Securities for a like aggregate principal amount of debt securities if any, issued by the Company and guaranteed by the Guarantors, which debt securities and guarantees are substantially identical to the Securities Purchaser pursuant to the terms of the Purchase Agreement and the related Guarantees, respectively (and are entitled Warrants to the benefits of a trust indenture that is substantially identical to the Indenture or is the Indenture and that has been qualified under the Trust Indenture Act), except that they have been be registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for as soon as practicable after the additional interest contemplated exercise of the Warrants. (B) Notwithstanding the foregoing, if there is a Suspension Event (as defined in Section 2(b7(b) below (such new debt securities are hereinafter called “Exchange Securities”)below) occurring at the time of issuance of any Contingent Shares, (ii) cause in lieu of delivering to the Exchange Registration Statement to become effective Purchaser Contingent Shares registered under the Securities Act, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold Company may give notice to the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) after the date that notice Purchaser of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered Suspension Event and not withdrawn on or prior deliver to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Date”). The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Exchange Offer will be deemed to have been “completed” only (A) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder Purchaser Contingent Shares issued without restriction registration under the Securities Act and the Exchange Act and without material restrictions under the blue sky file as soon as practicable thereafter a registration statement on Form S-3 or securities laws an amendment to an existing registration statement on Form S-3, either of a substantial majority which may include shares of the states of the United States of America, and (B) upon the earlier to occur of (1) Premier Common Stock for resale by the Company having exchanged stockholders (in each case, a "Contingent Share Shelf Registration Statement"), registering the Exchange Securities Contingent Shares for all outstanding Registrable Securities pursuant to resale by the Exchange Offer and (2) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days following the commencement of the Exchange OfferPurchaser. The Company shall use its reasonable best efforts to cause each Contingent Share Shelf Registration Statement to be declared effective by the SEC as soon as practicable thereafter but in any event not later than 120 days after termination of the Suspension Event. (iii) The Company agrees to use its reasonable best efforts to keep the Purchased Share Shelf Registration Statement and the Guarantors agree any Contingent Share Shelf Registration Statement continuously effective (I) and to include in a Prospectus at all times meeting the Exchange Registration Statement a prospectus for use in any resales by any holder requirements of Exchange the Securities that is a broker-dealer and Act, including (IIS) to keep such Exchange Registration Statement effective 10(a)(3) thereof) for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (b), (c) and (d) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on one year from the date on which of effectiveness of such Shelf Registration Statement (such period is referred to as the Securities become Freely Tradable"Shelf Period"). (b) If (i) the Exchange Offer has not been consummated prior to the Consummation Date, (ii) the Securities have not become Freely Tradable on or before the Free Trade Date, or (iii) any Exchange Registration Statement required by this Agreement is filed and declared effective, but shall thereafter cease to be effective or fail to be usable for its intended purpose without being succeeded by a post-effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iii), a “Registration Default,” and the period during which a Registration Default has occurred and is continuing, the “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. (c) The Company shall take, and shall cause the Guarantors to take, pay all actions necessary or advisable to be taken to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated Expenses in Section 2(a) hereof. (d) Any reference herein to connection with a registration statement or prospectus as of any time shall be deemed pursuant to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such timethis Agreement.

Appears in 2 contracts

Samples: Registration Rights Agreement (Premier Laser Systems Inc), Registration Rights Agreement (Premier Laser Systems Inc)

Registration Under the Securities Act. (a) Subject The Holders may submit one or more Registration Requests covering all or part of the Registrable Shares held by such Holders at any time and from time to time, subject to Section 2(b) and Section 3(p) hereof. Each Registration Request shall state the last sentence of this Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade DateHolders whose Registrable Shares are to be registered, the Company number of Registrable Shares to be registered for each such Holder and the Guarantors agree intended plan of distribution thereof. The IRT Parties shall be deemed to use all commercially reasonable efforts have satisfied their obligation with respect to (i) file under the Securities Act a registration statement relating to an offer to exchange (such registration statement, the “Exchange Registration Statement,” and such offer, the “Exchange Offer”) any and all of the Securities for Request if a like aggregate principal amount of debt securities issued by the Company and guaranteed by the Guarantors, which debt securities and guarantees are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that is substantially identical to the Indenture or is the Indenture and that has been qualified under the Trust Indenture Act), except that they have been registered Registration Statement filed pursuant to an such Registration Request becomes effective registration statement under the Securities Act and do not contain provisions remains effective for the additional interest contemplated period required hereby. IRT agrees to use its reasonable best efforts (i) to file the Registration Statement as promptly as practicable but in Section 2(bany event by the 45th day after the demand therefor, if IRT is then eligible to use Form S-3 (or any successor or replacement forms) below (such new debt securities are hereinafter called “Exchange Securities”)with respect thereto, or the 90th day if IRT is not then so eligible, (ii) to cause the Exchange Registration Statement to become effective under the Securities Actbe declared effective, (iii) commence to keep the Exchange Offer promptly after such Exchange Registration Statement has become effective, continuously effective until the earlier of the time that all the Registrable Shares covered by the Registration Statement have been sold pursuant to the Registration Statement or termination of the Registration Statement pursuant to Rule 415 under the Securities Act (the “Effectiveness Period”) and (iv) hold cause the Exchange Offer open for at least 20 Business Days (Registration Statement and the related Prospectus and any amendment or longer supplement thereto not to contain any untrue statement of a material fact required to be stated therein or necessary to make the statements therein not misleading during the period that the Registration Statement is required to be effective. Nothing contained in this Agreement shall obligate IRT to effect an underwritten offering on behalf of the Holders of Registrable Shares. IRT further agrees to supplement or amend the Registration Statement and the related Prospectus if required by any applicable lawlaws, rules, regulations or instructions, and to use its reasonable best efforts to cause any such amendment to become effective and such Registration Statement and Prospectus to become usable as soon as thereafter practicable. IRT agrees to furnish to the Holders which are registering Registrable Shares copies of any such supplement or amendment promptly after its being used or filed with the SEC. (b) The Holders shall be entitled to (i) an unlimited number of registrations on Form S-3 or any successor or replacement forms with respect to any Registration Requests; (ii) if Form S-3 (or any successor or replacement form) is not available to be used by IRT with respect to a Registration Request, then a maximum of three registrations on any other form IRT is then eligible to use, and (iii) within six months after the date that notice termination of the Exchange Offer Advisory Agreement, and if IRT is mailed not then eligible to holders use Form S-3 (or any successor or replacement form), a single registration on such form as IRT is then eligible to use; provided, however, that the demand rights under clause (i) may only be exercised with respect to at least 20% of the SecuritiesRegistrable Shares, the demand rights under clause (vii) may only be exercised with respect to at least one-third of the Registrable Shares; and the demand right under clause (iii) may only be exercised by RAIT Parties and may only be exercised with respect to all of the Registrable Shares then held by the RAIT Parties; provided, further, that the Holders, collectively and as a group, shall not be permitted under any circumstances to exercise Demand Registration more than once in any consecutive six (6) month period and IRT shall not be obligated to effect any Demand Registration within six (6) months after the effective date of a previous Demand Registration; and provided, further, that IRT shall not be obligated to effect, or take any action to effect, a Registration Statement (i) during any lock-up period required by the underwriters in any Underwritten Offering conducted by IRT on its own behalf or on behalf of selling shareholders, or (ii) during the period commencing with the date IRT delivers a Registration Notice, and ending on the earlier of the date of the termination or delay of, or the date sixty (60) days after the effective date of a Registration Statement with respect to, an offering by IRT with respect to which IRT gave a Registration Notice and provided, further, however, that a Registration Request withdrawn by written notice from Holders holding a majority of the Registrable Shares included in such Registration Statement before the effectiveness of the relevant Registration Statement shall not be counted towards the maximum in clause (ii). In calculating the portion of the Registrable Shares to be registered under this clause (b), the total number of Registrable Shares shall equal the sum of the number of shares of Common Stock held by any Holder outstanding at the time of the delivery of the relevant Registration Request plus the Registrable Shares issuable upon the conversion or exchange Exchange Securities of outstanding securities held by any Holder for all Registrable Securities that have been properly tendered and not withdrawn on which such Holder has notified the IRT Parties at or prior to the expiration time of the Exchange Offer and (vi) consummate delivery of the Exchange Offer on relevant Registration Request of such Holder’s intention to convert or exchange such securities for Registrable Shares prior to the earliest practicable date after effectiveness of the Exchange Registration Statement has become effective, but to be filed in no event later than 30 Business Days thereafter response to such Registration Request. (such 30th Business Day being c) If IRT’s board of directors (or a committee thereof) approves the “Consummation Date”). The Exchange Offer will be registered offering of shares of Common Stock under the Securities Act for IRT’s account in an Underwritten Offering (excluding, without limitation, offerings on Form S-3 solely for dividend reinvestment and stock purchase plans, or secondary offerings, or the filing of shelf registration statements on any forms with the SEC that, in each case, do not name any underwriters, and other than offerings on Form S-4 or Form S-8 promulgated under the Securities Act (or any successor forms thereto) and other than pursuant to Section 2(a) hereof), IRT shall give written notice (a “Registration Notice”) of such approval to the Holders within two (2) Business Days after such approval. Each Holder agrees to keep the information relating to the Registration Notice confidential and, subject to Section 3(p) hereof, not to trade in any IRT securities until such information is publicly disclosed by IRT or IRT notifies such Holder that plans for such offering have been terminated or delayed. Once a Registration Notice is received by a Holder, then such Holder may request (the “Piggyback Request”) that IRT include in such registration Registrable Shares held by such Holder. The Piggyback Request shall specify the number of Registrable Shares proposed to be included in such registration (“Included Registrable Shares”) and shall be delivered to IRT within five (5) Business Days after receipt of the Registration Notice. Subject to IRT’s rights to reduce the number of Included Registrable Shares as set forth in this Section 2(c), a Holder may withdraw all or a portion of its Included Registrable Shares from the registration statement only (i) with the written consent of IRT, which shall be in IRT’s sole and complete discretion; or (ii) in the event that IRT exercises its rights to reduce the number of Included Registrable Shares and the reduction in the number of Included Registrable Shares exceeds 10% of the Included Registrable Shares, and provided that Holders exercising their withdrawal rights under clause (ii) shall provide notice to IRT within two (2) Business Days of receipt of the Allocation Notice. Any such withdrawal shall be by written notice to IRT. IRT shall use its best efforts to cause all such Included Registrable Shares to be included in such registration on the appropriate form same terms and will comply conditions as the Common Stock otherwise being sold in such registration; provided, however, that if the managing underwriter or underwriters advise IRT that, or in its or their view, the inclusion of all Included Registrable Shares requested to be included in such registration, together with shares sought to be included in such registration by Persons (“Pari Passu Persons”) with pari passu registration rights (“Pari Passu Shares”) would interfere with the successful marketing (including pricing) of the Common Stock proposed to be registered by IRT or would exceed the largest number of shares that can be sold without having an adverse effect on such offering, then the Registrable Shares to be included in such offering shall include the number of Registrable Shares that the managing underwriter or underwriters advises IRT can be sold without having such adverse effect, with such number to be allocated pro rata amongst the Holders and Pari Passu Persons who have requested participation in such offering based on (x) the number of Registrable Shares and Pari Passu Shares held by each such Holder or Pari Passu Person divided by (y) the aggregate number of Registrable Shares and Pari Passu Shares held by all applicable tender offer rules Holders and regulations Pari Passu Persons who have requested participation in such offering. IRT shall provide notice of any such allocation to the Holders and Pari Passu Persons participating in such offering (an “Allocation Notice”). Notwithstanding the foregoing, if, at any time after giving written notice of its intention to register any shares of Common Stock and prior to the effective date of the registration statement filed in connection with such registration, IRT shall determine for any reason either not to register or to delay registration of such shares, IRT may, at its election, give written notice of such determination to each holder of Included Registrable Shares and, thereupon (i) in the case of a determination not to register, shall be relieved of its obligation to register any Included Registrable Shares in connection with such registration (but not from its obligation to pay the expenses of such registration), without prejudice, however, to the rights of any Holder or Holders of Included Registrable Shares entitled to do so to request that such registration be effected as a registration statement pursuant to Section 2(c) of this Agreement, and (ii) in the case of a determination to delay registering, shall be permitted to delay registering any Included Registrable Shares, for the same period as the delay in registering such shares of Common Stock. No registration effected pursuant to this Section 2(c) shall relieve IRT of its obligation to effect any registration upon request under the Exchange Act. The Exchange Offer will Section 2(a), nor shall any registration hereunder be deemed to have been “completed” only (A) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states of the United States of America, and (B) upon the earlier to occur of (1) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities effected pursuant to the Exchange Offer and (2) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days following the commencement of the Exchange Offer. The Company and the Guarantors agree (I) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (II) to keep such Exchange Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (b), (c) and (d) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on ). IRT may require that each Holder who receives a Registration Notice enter into customary agreements with the date on which Underwriters in connection with the Securities become Freely Tradable. (b) If (i) the Exchange Offer has not been consummated prior to the Consummation Daterelated offering, (ii) the Securities have not become Freely Tradable on or before the Free Trade Dateincluding, or (iii) any Exchange Registration Statement required by this Agreement is filed and declared effective, but shall thereafter cease to be effective or fail to be usable for its intended purpose without being succeeded by a post-effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iii)limitation, a “Registration Default,” and the period during which a Registration Default has occurred and is continuing, the “Registration Default Period”), then, as liquidated damages for customary lock-up agreement relating to any of such Registration Default, subject to the provisions of Section 8(b), special interest (“Special Interest”), Holder’s Registrable Shares that are not included in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. (c) The Company shall take, and shall cause the Guarantors to take, all actions necessary or advisable to be taken to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereofoffering. (d) Any reference herein The IRT Parties shall pay all Registration Expenses in connection with any Demand Registration or Piggyback Registration. Each Holder named as a selling stockholder in any Registration Statement shall pay all underwriting discounts and commissions, brokerage commissions and transfer taxes, if any, relating to a registration statement the sale or prospectus as disposition of such Holder’s Registrable Shares pursuant to the Registration Statement. (e) Without limiting the remedies available to the RAIT Parties and the Holders, IRT acknowledges that any failure by it to comply with its obligations in connection with any Demand Registration or Piggyback Registration may result in material irreparable injury to the RAIT Parties or the Holders for which there is no adequate remedy at law, that it will not be possible to measure damages for such injuries precisely and that, in the event of any time shall such failure, the RAIT Parties or any Holder may obtain such relief as may be deemed required to include specifically enforce IRT’s obligations in connection with any document incorporated, Demand Registration or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such timePiggyback Registration.

Appears in 2 contracts

Samples: Registration Rights Agreement (Independence Realty Trust, Inc), Registration Rights Agreement (Independence Realty Trust, Inc)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors agree agrees to use all commercially reasonable efforts to (i) file under the Securities Act Act, as soon as practicable, but no later than 90 days after the Closing Date, a registration statement relating to an offer to exchange (such registration statement, the "Exchange Registration Statement,” ", and such offer, the "Exchange Offer") any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the GuarantorsCompany, which debt securities and guarantees are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that which is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called "Exchange Securities"), (ii) . The Company agrees to use its reasonable best efforts to cause the Exchange Registration Statement to become effective under the Securities ActAct as soon as practicable, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) but no later than 180 days after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Closing Date”). The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Company further agrees to use its best efforts to commence and complete the Exchange Offer promptly, but no later than 45 days after such registration statement has become effective, hold the Exchange Offer open for at least 30 days and exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been "completed" only (A) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states States of the United States of America, and (B) . The Exchange Offer shall be deemed to have been completed upon the earlier to occur of (1i) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2ii) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days 30 days following the commencement of the Exchange Offer. The Company and the Guarantors agree agrees (Ix) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (IIy) to keep such Exchange Registration Statement effective for a period (the "Resale Period") beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (bc), (cd) and (de) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) on or prior to the time the Exchange Offer is completed existing Commission interpretations are changed such that the debt securities received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the Exchange Offer has not been consummated completed within 255 days following the Closing Date or (iii) the Exchange Offer is not available to any holder of the Securities, the Company shall, in lieu of (or, in the case of clause (iii), in addition to) conducting the Exchange Offer contemplated by Section 2(a), file under the Securities Act as soon as practicable, but no later than the later of 30 days after the time such obligation to file arises, a "shelf" registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the "Shelf Registration" and such registration statement, the "Shelf Registration Statement"). The Company agrees to use its reasonable best efforts (x) to cause the Shelf Registration Statement to become or be declared effective no later than 120 days after such Shelf Registration Statement is filed and to keep such Shelf Registration Statement continuously effective for a period ending on the earlier of the second anniversary of the Effective Time or such time as there are no longer any Registrable Securities outstanding, provided, however, that no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder, and (y) after the Effective Time of the Shelf Registration Statement, promptly upon the request of any holder of Registrable Securities that is not then an Electing Holder, but who is eligible to be a holder under the Commission's rules, regulations or guidance at that time, to take any action reasonably necessary to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement, provided, however, that nothing in this Clause (y) shall relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Company in accordance with Section 3(d)(iii) hereof. The Company further agrees to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, and the Company agrees to furnish to each Electing Holder copies of any such supplement or amendment prior to its being used or promptly following its filing with the Consummation Date, Commission. (iic) In the event that (i) the Securities have Company has not become Freely Tradable filed the Exchange Registration Statement or Shelf Registration Statement on or before the Free Trade Datedate on which such registration statement is required to be filed pursuant to Section 2(a) or 2(b), respectively, or (ii) such Exchange Registration Statement or Shelf Registration Statement has not become effective or been declared effective by the Commission on or before the date on which such registration statement is required to become or be declared effective pursuant to Section 2(a) or 2(b), respectively, or (iii) the Exchange Offer has not been completed within 45 days after the initial effective date of the Exchange Registration Statement relating to the Exchange Offer (if the Exchange Offer is then required to be made) or (iv) any Exchange Registration Statement or Shelf Registration Statement required by this Agreement Section 2(a) or 2(b) hereof is filed and declared effective, effective but shall thereafter cease either be withdrawn by the Company or shall become subject to be an effective or fail stop order issued pursuant to be usable for its intended purpose Section 8(d) of the Securities Act suspending the effectiveness of such registration statement (except as specifically permitted herein) without being succeeded immediately by a post-an additional registration statement filed and declared effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iiiiv), a "Registration Default,” " and the each period during which a Registration Default has occurred and is continuing, the “a "Registration Default Period"), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b9(b), special interest ("Special Interest"), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, No Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the to Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummatedafter they cease to be Registrable Securities. (cd) The Company shall take, and shall cause the Guarantors to take, take all actions necessary or advisable to be taken by it to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereof. (de) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 2 contracts

Samples: Exchange and Registration Rights Agreement (Evergreen Resources Inc), Purchase Agreement (Evergreen Resources Inc)

Registration Under the Securities Act. (a) Subject The Company agrees to the last sentence of this Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date, the Company and the Guarantors agree to use all commercially reasonable efforts to (i) file under the Securities Act as soon as practicable, but in any event within 30 days after the Closing Date, a shelf registration statement relating providing for the registration of, and the sale on a continuous or delayed basis by the Holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission; provided that such registration statement shall be an offer “automatic shelf registration statement,” as such term is defined in Rule 405 under the Securities Act, if the Company is eligible to exchange (such use automatic shelf registration statements at the time of filing. If the Shelf Registration Statement is not an automatic shelf registration statement, the Company agrees to use commercially reasonable efforts to cause the Shelf Registration Statement to be declared effective as promptly as possible, but in any event no later than 90 days after the Closing Date. Subject to the Company’s right to suspend use of the Shelf Registration Statement under Section 3(b), the Company agrees to use commercially reasonable efforts to keep such Shelf Registration Statement continuously effective until the earlier of (i) the first anniversary of the Closing Date or (ii) such time as each of the Registrable Securities covered by the Shelf Registration Statement ceases to be a Registrable Security (as defined herein) (the Exchange Effective Period”). (b) The Company further agrees that it shall cause the Shelf Registration Statement,” and such offer, the “Exchange Offer”related Prospectus and any amendment or supplement thereto, as of the effective date of the Shelf Registration Statement, and as of the date of any such amendment or supplement, (i) any and to comply in all material respects with the applicable requirements of the Securities Act and (ii) not to contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein (in the case of the Prospectus, in the light of the circumstances under which they were made) not misleading, and the Company agrees to furnish to the Holders of the Registrable Securities seeking to sell Securities pursuant to such amendment or supplement, and to any other Holder, such number of copies as such Holders may reasonably request of any supplement or amendment prior to its being used or promptly following its filing with the Commission; provided, however, that the Company shall have no obligation to deliver to Holders of Registrable Securities copies of any amendment consisting exclusively of an Exchange Act report or other Exchange Act or Securities Act filing otherwise publicly available through links on the Company’s website or in the Commission’s XXXXX database. If the Shelf Registration Statement, as amended or supplemented from time to time, ceases to be effective for any reason at any time during the Effective Period (other than because all Registrable Securities registered thereunder shall have been sold pursuant thereto or shall have otherwise ceased to be Registrable Securities), the Company shall use commercially reasonable efforts to obtain the prompt withdrawal of any order suspending the effectiveness thereof. (c) Notwithstanding any other provision hereof, no Holder of Registrable Securities shall be entitled to include any of their Registrable Securities in any Shelf Registration Statement pursuant to this Agreement unless and until such Holder furnishes to the Company the Notice and Questionnaire and such other information in writing as the Company may reasonably request in writing for use in connection with the Shelf Registration Statement or Prospectus included therein. The Company shall issue one or more press releases through a like aggregate principal amount reputable national newswire service of debt securities issued its filing of (or intention to designate an automatic shelf registration statement as) the Shelf Registration Statement and of the anticipated filing date thereof. In order to be named as a selling securityholder in the Prospectus at the time it is first made available for use, each Holder must furnish the completed Notice and Questionnaire and such other information that the Company may reasonably request in writing, if any, to the Company in writing no later than the tenth Business Day prior to the effective date of the Shelf Registration Statement. (d) From and after the date the Shelf Registration Statement is initially effective, the Company shall, as promptly as is practicable after the date a proper Notice and Questionnaire is delivered, and in any event within (x) ten (10) Business Days after the date such Notice and Questionnaire is received by the Company or (y) if a Notice and guaranteed Questionnaire is so received during a Deferral Period, the later of the tenth (10th) Business Day after the date such Notice and Questionnaire is received by the GuarantorsCompany or the fifth (5th) Business Day after the expiration of such Deferral Period, (i) if required by applicable law, which debt securities and guarantees are substantially identical file with the Commission a post-effective amendment to the Securities Shelf Registration Statement or prepare and, if required by applicable law, file a supplement to the related Prospectus or a supplement or amendment to any document incorporated therein by reference or file any other required document so that the Holder delivering such Notice and Questionnaire is named as a selling security holder in the Shelf Registration Statement and the related GuaranteesProspectus in such a manner as to permit such Holder to deliver such Prospectus to purchasers of the Registrable Securities in accordance with applicable law and, respectively (and are entitled if the Company shall file a post-effective amendment to the benefits of a trust indenture that Shelf Registration Statement and such amendment is substantially identical not automatically effective, use commercially reasonable efforts to the Indenture cause such post-effective amendment to be declared or is the Indenture and that has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an otherwise become effective registration statement under the Securities Act as promptly as is practicable; (ii) provide such Holder with as many copies of any documents filed pursuant to Section 2(d)(i) as such Holder may reasonably request in connection with the Securities covered by such Holder’s Notice and do not contain provisions for Questionnaire; and (iii) notify such Holder as promptly as practicable after the additional interest contemplated effectiveness under the Securities Act of any post-effective amendment filed pursuant to Section 2(d)(i); provided that if such Notice and Questionnaire is delivered during a Deferral Period, the Company shall so inform the Holder delivering such Notice and Questionnaire and shall take the actions set forth in Section 2(b) below clauses (such new debt securities are hereinafter called “Exchange Securities”i), (ii) cause the Exchange Registration Statement to become effective under the Securities Act, and (iii) commence above upon expiration of the Exchange Offer promptly Deferral Period in accordance with Section 3(b). Notwithstanding anything contained herein to the contrary, the Company shall be under no obligation to name any Holder that is not a Notice Holder as a selling securityholder in any Shelf Registration Statement or related Prospectus; provided, however, that any Holder that becomes a Notice Holder pursuant to the provisions of this Section 2(d) (whether or not such Holder was a Notice Holder at the time the Shelf Registration Statement was declared or otherwise become effective) shall be named as a selling securityholder in the Shelf Registration Statement or related Prospectus in accordance with the requirements of this Section 2(d). (e) If any of the following events (any such event a “Registration Default”) shall occur, then additional interest (the “Additional Interest”) shall become payable by the Company to Holders in respect of the Notes as follows: (i) if the Shelf Registration Statement is not filed with the Commission within 30 days following the Closing Date (other than a Registration Default relating to a failure to file a Shelf Registration Statement with respect to the Shares), then commencing on the 31st day after the Closing Date, Additional Interest shall accrue on the principal amount of the outstanding Notes at a rate of 0.25% per annum for the first 90 days following such Exchange 30th day and at a rate of 0.5% per annum thereafter; or (ii) if the Shelf Registration Statement has not become or is not declared effective by the Commission within 90 days following the Closing Date (other than a Registration Default relating to a failure to have a Shelf Registration Statement effective with respect to Shares), then commencing on the 91st day after the Closing Date, Additional Interest shall accrue on the principal amount of the outstanding Notes at a rate of 0.25% per annum for the first 90 days following such 90th day and at a rate of 0.50% per annum thereafter; or (iii) if the Company has failed to perform its obligations set forth in Section 2(d) hereof within the time periods required therein, then, commencing on the first day after the date by which the Company was required to perform such obligations, Additional Interest shall accrue on the principal amount of the outstanding Notes that are Registrable Securities and for which a Holder has delivered a Notice and Questionnaire under Section 2(d) with respect to which the Company has failed to perform its obligations set forth in Section 2(d) hereof, at a rate of 0.25% per annum for the first 90 days and at a rate of 0.50% per annum thereafter; (iv) if the Shelf Registration Statement has become or been declared effective but such Shelf Registration Statement ceases to be effective at any time during the Effective Period (other than a Registration Default relating to a failure to have a Shelf Registration Statement effective with respect to Shares or pursuant to Section 3(b) hereof), then, commencing on the day such Shelf Registration Statement ceases to be effective, Additional Interest shall accrue on the principal amount of the outstanding Notes at a rate of 0.25% per annum for the first 90 days following such date on which the Shelf Registration Statement ceases to be effective and at a rate of 0.50% per annum thereafter; or (v) if the aggregate duration of Deferral Periods in any period exceeds the number of days permitted in respect of such period pursuant to Section 3(b) hereof, then, commencing on the day the aggregate duration of Deferral Periods in any period exceeds the number of days permitted in respect of such period (and again on the first day of any subsequent Deferral Period during such period), Additional Interest shall accrue on the principal amount of the outstanding Notes that are Registrable Securities at a rate of 0.25% per annum for the first 90 days and at a rate of 0.50% per annum thereafter; provided, however, that the Additional Interest rate on the Notes shall not exceed in the aggregate 0.50% per annum and shall not be payable under more than one clause above for any given period of time, except that if Additional Interest would be payable under more than one clause above, but at a rate of 0.25% per annum under one clause and at a rate of 0.50% per annum under the other, then the Additional Interest rate shall be the higher rate of 0.50% per annum; provided further, however, that (1) upon the filing of the Shelf Registration Statement (in the case of clause (i) above), (2) upon the effectiveness of the Shelf Registration Statement (in the case of clause (ii) above), (3) upon the performance by the Company of its obligations set forth in Section 2(d) hereof (in the case of clause (iii) above), (4) upon the effectiveness of the Shelf Registration Statement which had ceased to remain effective (in the case of clause (iv) hold above), (5) upon the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) after the date that notice termination of the Exchange Offer is mailed Deferral Period that caused the limit on the aggregate duration of Deferral Periods in a period set forth in Section 3(b) to holders be exceeded (in the case of the Securities, clause (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on above) or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Date”). The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Exchange Offer will be deemed to have been “completed” only (A) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states of the United States of America, and (B6) upon the earlier to occur of (1A) the Company having exchanged first anniversary of the Exchange Closing Date or (B) when the Notes are no longer Registrable Securities (in the case of each of clauses (i) – (v) above), Additional Interest on the Notes as a result of such clause, as the case may be, shall cease to accrue. Additional Interest on the Notes, if any, will be payable in cash on February 1 and August 1 of each year (the “Additional Interest Payment Date”) to holders of record of outstanding Notes that are Registrable Securities at the close of business on January 15 or July 15 (whether or not a Business Day), as the case may be, immediately preceding the relevant interest payment date in the manner and subject to the exceptions provided for the payment of regular interest on the Notes as set forth in the Indenture; provided that in the case of an event of the type described in clause (iii) above, such Additional Interest shall be paid only to the Holders of Restricted Securities. Following the cure of all outstanding Registration Defaults requiring the payment of Additional Interest to the Holders of Notes that are Registrable Securities pursuant to this Section, the Exchange Offer and accrual of Additional Interest will cease (2) without in any way limiting the Company having exchanged, pursuant to effect of any subsequent Registration Default requiring the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before payment of Additional Interest). Additional Interest will be computed on the expiration basis of the Exchange Offer, which shall be on a date that is at least 20 Business Days following the commencement 360-day year composed of the Exchange Offertwelve 30-day months. The Company shall notify the Trustee immediately upon the happening of each and every Registration Default. The Trustee shall be entitled, on behalf of Holders of Securities, to seek any available remedy for the Guarantors enforcement of this Agreement, including for the payment of any Additional Interest. Notwithstanding the foregoing, the parties agree (I) to include in that the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (II) to keep such Exchange Registration Statement effective sole monetary damages payable for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier violation of the expiration terms of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With this Agreement with respect to such Exchange Registration Statement, such holders which additional monetary amounts are expressly provided shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (b), (c) and (d) hereof. The obligations of the Company and the Guarantors be as set forth in this Section 2(a) 2(e). Nothing shall cease on the date on which the preclude a Notice Holder or Holder of Registrable Securities become Freely Tradablefrom pursuing or obtaining specific performance or other equitable relief with respect to this Agreement. (b) If (i) the Exchange Offer has not been consummated prior to the Consummation Date, (ii) the Securities have not become Freely Tradable on or before the Free Trade Date, or (iii) any Exchange Registration Statement required by this Agreement is filed and declared effective, but shall thereafter cease to be effective or fail to be usable for its intended purpose without being succeeded by a post-effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iii), a “Registration Default,” and the period during which a Registration Default has occurred and is continuing, the “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. (c) The Company shall take, and shall cause the Guarantors to take, all actions necessary or advisable to be taken to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereof. (d) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 2 contracts

Samples: Registration Rights Agreement (Headwaters Inc), Registration Rights Agreement (Headwaters Inc)

Registration Under the Securities Act. (ai) Subject to the last sentence of this Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date7(b) below, the Company shall prepare and the Guarantors agree to use all commercially reasonable efforts to (i) promptly file under the Securities Act a registration statement relating on Form S-3 or an amendment to an offer to exchange existing registration statement on Form S-3, either of which may include shares of the Premier Common Stock for resale by other Company shareholders (such registration statement, the “Exchange "Purchased Share Shelf Registration Statement,” "), registering the Purchased Shares for resale by the Purchaser and such offershall use its reasonable best efforts to cause the Purchased Share Shelf Registration Statement to be declared effective by the SEC as soon as practicable following the Expiration Date. (A) The Company shall use its reasonable best efforts to cause each installment of Contingent Shares, the “Exchange Offer”) any and all of the Securities for a like aggregate principal amount of debt securities if any, issued by the Company and guaranteed by the Guarantors, which debt securities and guarantees are substantially identical to the Securities Purchaser pursuant to the terms of the Purchase Agreement and the related Guarantees, respectively (and are entitled Warrants to the benefits of a trust indenture that is substantially identical to the Indenture or is the Indenture and that has been qualified under the Trust Indenture Act), except that they have been be registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for as soon as practicable after the additional interest contemplated exercise of the Warrants. (B) Notwithstanding the foregoing, if there is a Suspension Event (as defined in Section 2(b7(b) below (such new debt securities are hereinafter called “Exchange Securities”)below) occurring at the time of issuance of any Contingent Shares, (ii) cause in lieu of delivering to the Exchange Registration Statement to become effective Purchaser Contingent Shares registered under the Securities Act, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold Company may give notice to the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) after the date that notice Purchaser of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered Suspension Event and not withdrawn on or prior deliver to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Date”). The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Exchange Offer will be deemed to have been “completed” only (A) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder Purchaser Contingent Shares issued without restriction registration under the Securities Act and the Exchange Act and without material restrictions under the blue sky file as soon as practicable thereafter a registration statement on Form S-3 or securities laws an amendment to an existing registration statement on Form S-3, either of a substantial majority which may include shares of the states of the United States of America, and (B) upon the earlier to occur of (1) Premier Common Stock for resale by the Company having exchanged stockholders (in each case, a "Contingent Share Shelf Registration Statement"), registering the Exchange Securities Contingent Shares for all outstanding Registrable Securities pursuant to resale by the Exchange Offer and (2) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days following the commencement of the Exchange OfferPurchaser. The Company shall use its reasonable best efforts to cause each Contingent Share Shelf Registration Statement to be declared effective by the SEC as soon as practicable thereafter. (iii) The Company agrees to use its reasonable best efforts to keep the Purchased Share Shelf Registration Statement and the Guarantors agree any Contingent Share Shelf Registration Statement continuously effective (I) and to include in a Prospectus at all times meeting the Exchange Registration Statement a prospectus for use in any resales by any holder requirements of Exchange the Securities that is a broker-dealer and Act, including (IIS) to keep such Exchange Registration Statement effective 10(a)(3) thereof) for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (b), (c) and (d) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on one year from the date on which of effectiveness of such Shelf Registration Statement (such period is referred to as the Securities become Freely Tradable"Shelf Period"). (b) If (i) the Exchange Offer has not been consummated prior to the Consummation Date, (ii) the Securities have not become Freely Tradable on or before the Free Trade Date, or (iii) any Exchange Registration Statement required by this Agreement is filed and declared effective, but shall thereafter cease to be effective or fail to be usable for its intended purpose without being succeeded by a post-effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iii), a “Registration Default,” and the period during which a Registration Default has occurred and is continuing, the “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. (c) The Company shall take, and shall cause the Guarantors to take, pay all actions necessary or advisable to be taken to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated Expenses in Section 2(a) hereof. (d) Any reference herein to connection with a registration statement or prospectus as of any time shall be deemed pursuant to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such timethis Agreement.

Appears in 2 contracts

Samples: Registration Rights Agreement (Premier Laser Systems Inc), Registration Rights Agreement (Premier Laser Systems Inc)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors agree agrees to use all commercially reasonable efforts to (i) file under the Securities Act Act, as soon as practicable, but no later than 60 days after the Closing Date, a registration statement relating to an offer to exchange (such registration statement, the "Exchange Registration Statement,” ", and such offer, the "Exchange Offer") any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the GuarantorsCompany, which debt securities and guarantees are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that which is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called "Exchange Securities"), (ii) . The Company agrees to use its best efforts to cause the Exchange Registration Statement to become effective under the Securities ActAct as soon as practicable, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) but no later than 180 days after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Closing Date”). The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Company further agrees to use its best efforts to commence and complete the Exchange Offer promptly, but no later than 45 days after such registration statement has become effective, hold the Exchange Offer open for at least 30 days and exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been "completed" only (A) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states States of the United States of America, and (B) . The Exchange Offer shall be deemed to have been completed upon the earlier to occur of (1i) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2ii) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days 30 days following the commencement of the Exchange Offer. The Company and the Guarantors agree agrees (Ix) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (IIy) to keep such Exchange Registration Statement effective for a period (the "Resale Period") beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (bc), (cd) and (de) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) on or prior to the time the Exchange Offer is completed existing Commission interpretations are changed such that the debt securities received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the Exchange Offer has not been consummated completed within 225 days following the Closing Date or (iii) the Exchange Offer is not available to any holder of the Securities, the Company shall, in lieu of (or, in the case of clause (iii), in addition to) conducting the Exchange Offer contemplated by Section 2(a), file under the Securities Act as soon as practicable, but no later than the later of 30 days after the time such obligation to file arises, a "shelf" registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the "Shelf Registration" and such registration statement, the "Shelf Registration Statement"). The Company agrees to use its best efforts (x) to cause the Shelf Registration Statement to become or be declared effective no later than 120 days after such Shelf Registration Statement is filed and to keep such Shelf Registration Statement continuously effective for a period ending on the earlier of the second anniversary of the Effective Time or such time as there are no longer any Registrable Securities outstanding, provided, however, that no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder, and (y) after the Effective Time of the Shelf Registration Statement, promptly upon the request of any holder of Registrable Securities that is not then an Electing Holder, to take any action reasonably necessary to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement, provided, however, that nothing in this Clause (y) shall relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Company in accordance with Section 3(d)(iii) hereof. The Company further agrees to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, and the Company agrees to furnish to each Electing Holder copies of any such supplement or amendment prior to its being used or promptly following its filing with the Consummation Date, Commission. (iic) In the event that (i) the Securities have Company has not become Freely Tradable filed the Exchange Registration Statement or Shelf Registration Statement on or before the Free Trade Datedate on which such registration statement is required to be filed pursuant to Section 2(a) or 2(b), respectively, or (ii) such Exchange Registration Statement or Shelf Registration Statement has not become effective or been declared effective by the Commission on or before the date on which such registration statement is required to become or be declared effective pursuant to Section 2(a) or 2(b), respectively, or (iii) the Exchange Offer has not been completed within 45 days after the initial effective date of the Exchange Registration Statement relating to the Exchange Offer (if the Exchange Offer is then required to be made) or (iv) any Exchange Registration Statement or Shelf Registration Statement required by this Agreement Section 2(a) or 2(b) hereof is filed and declared effective, effective but shall thereafter cease either be withdrawn by the Company or shall become subject to be an effective or fail stop order issued pursuant to be usable for its intended purpose Section 8(d) of the Securities Act suspending the effectiveness of such registration statement (except as specifically permitted herein) without being succeeded immediately by a post-an additional registration statement filed and declared effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iiiiv), a "Registration Default,” " and the each period during which a Registration Default has occurred and is continuing, the “a "Registration Default Period"), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b9(b), special interest ("Special Interest"), in addition to the Base Interest, shall accrue at a per annum rate of 0.250.5% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period. Upon the cure of the Registration Default, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not no longer accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on and the Securities no longer applies unless will bear interest at the Company has received original rate; provided, however, that if, after any such cure, a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafterdifferent Registration Default occurs, then Special Interest shall again accrue as provided in this Section 2(b) until accordance with the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummatedforegoing provisions. (cd) The Company shall take, and shall cause the Guarantors to take, take all actions necessary or advisable to be taken by it to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereof. (de) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 2 contracts

Samples: Exchange and Registration Rights Agreement (Intrawest Corp), Exchange and Registration Rights Agreement (Intrawest Corp)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors agree to use all commercially reasonable efforts to (i) file under the Securities Act a registration statement relating to an offer to exchange (such registration statement, the “Exchange Registration Statement,” ”, and such offer, the “Exchange Offer”) any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the Guarantors, which debt securities and guarantees are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that is substantially identical to the Indenture or is the Indenture and that has been qualified under the Trust Indenture ActIndenture), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest Special Interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called “Exchange Securities”), . The Company and the Guarantors agree to use all commercially reasonable efforts (iii) to cause the such Exchange Registration Statement to become effective under the Securities Act, (iii) commence the Exchange Offer Act as promptly as practicable after such Exchange Registration Statement has become effective, is filed and (ivii) hold to cause the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) after the date that notice to be completed within 365 days of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Closing Date”). The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. Unless the Exchange Offer would not be permitted by applicable law or Commission policy, the Company further agrees to use all commercially reasonable efforts to (i) commence the Exchange Offer promptly (but no later than 10 Business Days) following the Effective Time of such Exchange Registration Statement, (ii) hold the Exchange Offer open for at least 20 Business Days in accordance with Regulation 14E promulgated by the Commission under the Exchange Act and (iii) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn promptly following the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been “completed” only (Ai) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states States of the United States of America, America and (Bii) upon the earlier to occur of (1) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 and not more than 30 Business Days following the commencement of the Exchange Offer. The Company and the Guarantors agree (Ix) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (IIy) to keep such Exchange Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections Subsections 6(a), (bc), (cd) and (d) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradablee). (b) If (i) on or prior to the time the Exchange Offer is completed existing law or Commission interpretations are changed such that the debt securities or the related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the Exchange Offer has not been consummated completed within 365 days after the Closing Date or (iii) any holder of Registrable Securities notifies the Company prior to the Consummation Date20th Business Day following the completion of the Exchange Offer that: (A) it is prohibited by law or Commission policy from participating in the Exchange Offer, (B) it may not resell the Exchange Securities to the public without delivering a prospectus and the prospectus supplement contained in the Exchange Registration Statement is not appropriate or available for such resales or (C) it is a broker-dealer and owns Securities acquired directly from the Company or an affiliate of the Company, then the Company and the Guarantors shall, in lieu of (or, in the case of clause (iii), in addition to) conducting the Exchange Offer contemplated by Section 2(a) (each of clause (i), (ii) and (iii), a “Shelf Registration Trigger Event”), file under the Securities Act no later than 90 days after the occurrence of any Shelf Registration Trigger Event, a “shelf” registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the “Shelf Registration” and such registration statement, the “Shelf Registration Statement”). The Company and the Guarantors agree to use all commercially reasonable efforts to cause the Shelf Registration Statement to become or be declared effective as promptly as practicable after such Shelf Registration Statement is filed; provided, that if at any time the Company is or becomes a “well-known seasoned issuer” (as defined in Rule 405) and is eligible to file an “automatic shelf registration statement” (as defined in Rule 405), then the Company and the Guarantors shall file the Shelf Registration Statement in the form of an automatic shelf registration statement as provided in Rule 405. The Company and the Guarantors agree to use all commercially reasonable efforts to keep such Shelf Registration Statement continuously effective for a period ending on the earlier of the second anniversary of the Effective Time or such time as there are no longer any Registrable Securities outstanding. No holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder. The Company and the Guarantors agree, after the Effective Time of the Shelf Registration Statement and promptly upon the request of any holder of Registrable Securities that is not then an Electing Holder, to use all commercially reasonable efforts to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement (whether by post-effective amendment thereto or by filing a prospectus pursuant to Rules 430B and 424(b) under the Securities Act identifying such holder), provided, however, that nothing in this sentence shall relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Company in accordance with Section 3(d)(iii). Notwithstanding anything to the contrary in this Section 2(b), upon notice to the Electing Holders, the Company may suspend the use or the effectiveness of such Shelf Registration Statement, or extend the time period in which it is required to file the Shelf Registration Statement, for up to 30 consecutive days and up to 60 days in the aggregate, in each case in any 12-month period (a “Suspension Period”) if the Board of Directors of the Company determines that there is a valid business purpose for suspension of the Shelf Registration Statement; provided that the Company shall promptly notify the Electing Holders when the Shelf Registration Statement may once again be used or is effective. (c) In the event that (i) the Company and the Guarantors have not become Freely Tradable filed the Exchange Registration Statement or the Shelf Registration Statement on or before the Free Trade Datedate on which such registration statement is required to be filed pursuant to Section 2(a) or Section 2(b), respectively, or (ii) the Exchange Offer has not been completed within 365 days of the Closing Date or the Shelf Registration Statement has not been declared effective in accordance with Section 2(b), or (iii) the Exchange Offer has not been completed within 30 Business Days after the Effective Time of the Exchange Registration Statement relating to the Exchange Offer (if the Exchange Offer is then required to be made) or (iv) any Exchange Registration Statement or Shelf Registration Statement required by this Agreement Section 2(a) or Section 2(b) is filed and declared effective, effective but shall thereafter cease either be withdrawn by the Company or shall become subject to be an effective or fail stop order issued pursuant to be usable for its intended purpose Section 8(d) of the Securities Act suspending the effectiveness of such registration statement (except as specifically permitted herein including, with respect to any Shelf Registration Statement, during any applicable Suspension Period in accordance with the last sentence of Section 2(b)) without being succeeded immediately by a post-an additional registration statement filed and declared effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iiiiv), a “Registration Default,” and the each period during which a Registration Default has occurred and is continuing, the a “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b9(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue on all Registrable Securities then outstanding at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay . Special Interest for more than one shall accrue and be payable only with respect to a single Registration Default at any given time. The , notwithstanding the fact that multiple Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives Defaults may exist at such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummatedtime. (cd) The Company shall take, and shall cause the Guarantors to take, all actions necessary or advisable to be taken by it to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the any Exchange Registration Statement contemplated in Section 2(a) hereofor Shelf Registration Statement, as applicable. (de) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time time; and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 2 contracts

Samples: Exchange and Registration Rights Agreement (Valeant Pharmaceuticals International), Exchange and Registration Rights Agreement (Valeant Pharmaceuticals International)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors agree agrees to use all its commercially reasonable efforts to (i) file under the Securities Act a registration statement relating to an offer to exchange (such registration statement, the “Exchange Registration Statement,” and such offer, the “Exchange Offer”) any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the Guarantors, which debt securities and guarantees are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that which is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and Act, do not contain restrictions on transfer, do not contain provisions for the additional interest contemplated in Section 2(b2(c) below below, do not contain provisions for the liquidated damages provided in Section 2(d) below, will bear a different CUSIP or ISIN number from the Notes, will not entitle their holders to registration rights, and will be subject to terms relating to book-entry procedures and administrative terms relating to transfers that differ from those of the Notes (such new debt securities are hereinafter called “Exchange Securities”), (ii) . The Company agrees to use its commercially reasonable efforts to cause the Exchange Registration Statement to become effective under the Securities Act, (iii) commence Act within 365 days following the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Closing Date”). The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Exchange Offer will be deemed Company further agrees to have been “completed” only (A) if the debt securities and related guarantees received by holders other than Restricted Holders in use its commercially reasonable efforts to commence the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and promptly after the Exchange Act and without material restrictions under Registration Statement becomes effective, hold the blue sky or securities laws of a substantial majority Exchange Offer open for the period required by applicable law (including pursuant to any applicable interpretation by the staff of the states of the United States of AmericaCommission), but in any event for at least 10 business days, and (B) upon the earlier to occur of (1) the Company having exchanged exchange the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly validly tendered and not withdrawn before on or prior to the expiration of the Exchange Offer. If the Company commences the Exchange Offer, which shall the Company will be on a date that is at least 20 Business Days following entitled to close the Exchange Offer 30 days after the commencement thereof (or at the end of such shorter period permitted by applicable law; provided that such period shall not, in any case, be less than 10 business days), provided that the Company has accepted all the Securities validly tendered in accordance with the terms of the Exchange Offer. The Company and the Guarantors agree agrees (Ix) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (IIy) to keep such Exchange Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th 90th day after the Exchange Offer has been completed or and such time as such broker-dealers no longer own any Registrable Securities. With respect Each holder participating in the Exchange Offer shall be required to represent to the Company that (i) any Exchange Securities received by such holder will be acquired in the ordinary course of business, (ii) such holder has no arrangement or understanding with any person to participate in the distribution of the Securities or the Exchange Securities, (iii) such holder is not an “affiliate,” as defined in Rule 405, of the Company, (iv) if such holder is not a broker-dealer, that it is not engaged in, and does not intend to engage in, the distribution of the Exchange Securities, (v) if such holder is a broker-dealer, that it will receive Exchange Securities for its own account in exchange for Securities that were acquired as a result of market making activities or other trading activities and, that it will deliver a prospectus in connection with any resale of such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (b), (c) Securities and (dvi) hereof. The obligations such holder is not acting on behalf of any person who could not truthfully make the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradableforegoing representations. (b) If (i) on or before the date of consummation of the Exchange Offer existing Commission interpretations are changed such that the Exchange Securities received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the Exchange Offer has not been completed within 395 days following the Closing Date, (iii) any Initial Purchaser so requests with respect to Registrable Securities not eligible to be exchanged for Exchange Securities in the Exchange Offer and held by it following consummation of the Exchange Offer or (iv) any holder (other than an Initial Purchaser) shall be, and shall notify the Company that such holder is, not permitted by law or Commission policy to participate in the Exchange Offer or such holder may not resell the Exchange Securities acquired in the Exchange Offer to the public without delivering a prospectus and the prospectus contained in the Exchange Registration Statement is not available for such resales by such holder (other than, in either case, (x) due solely to the status of such holder as an affiliate of the Company within the meaning of Rule 405 or (y) due to such holder’s inability to make the representations set forth in the second paragraph of Section 2(a) hereof) and any such holder so requests, the Company shall, in lieu of (or, in the case of clauses (iii) and (iv), in addition to) conducting the Exchange Offer contemplated by Section 2(a), use its commercially reasonable efforts to file under the Securities Act as promptly as reasonably practicable, a “shelf” registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities (or, in the case of clause (iii), the Registrable Securities held by the Initial Purchasers, or, in the case of clause (iv), by the holders referred to in clause (iv), as the case may be), pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the “Shelf Registration” and such registration statement, the “Shelf Registration Statement”). The Company agrees to use its commercially reasonable efforts (x) to cause the Shelf Registration Statement to become effective within 365 days after the date on which the obligation to file such Shelf Registration Statement arises and to use its commercially reasonable efforts to cause such Shelf Registration Statement to remain effective for a period ending on the earlier of 365 days following the Effective Time or such shorter period that will terminate when all the Registrable Securities covered by the Shelf Registration Statement have been sold pursuant to the Shelf Registration Statement or are distributed to the public pursuant to Rule 144 or, after the 90th day following the Effective Time, would be eligible for resale (if held by a non-affiliate of the Company) pursuant to Rule 144 without restriction on volume or manner of sale, if any; provided, however, that no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder, and (y) after the Effective Time of the Shelf Registration Statement, promptly upon the request of any holder of Registrable Securities that is not then an Electing Holder, to take any action reasonably necessary to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement; provided, however, that nothing in this clause (y) shall relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Company in accordance with Section 3(d)(iii) hereof. The Company further agrees to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, and the Company agrees to furnish to each Electing Holder copies of any such supplement or amendment promptly following its filing with the Commission. Notwithstanding the foregoing, the Company may suspend the availability of any Shelf Registration Statement (x) for up to an aggregate of 60 days in any consecutive 12 month period if (i) such action is required by applicable law or (ii) such action is taken by the Company in good faith and for valid business reasons (not including avoidance of the Company’s obligations hereunder), including the acquisition or divestiture of assets, or (y) with respect to a Shelf Registration Statement required to be filed due to a failure to consummate the Exchange Offer within the required time period, if such action occurs following the consummation of the Exchange Offer. (c) In the event that (i) the Exchange Registration Statement has not become effective or been declared effective by the Commission on or before 365 days following the Closing Date, or (ii) the Exchange Offer has not been consummated prior to within 395 days after the Consummation Date, (ii) the Securities have not become Freely Tradable on or before the Free Trade Closing Date, or (iii) if a Shelf Registration Statement required to be filed under Section 2(b) hereof is not declared effective within 365 days following the date on which the obligation to file the Shelf Registration Statement arises, or (iv) if any Exchange Shelf Registration Statement required by this Agreement Section 2(b) hereof is filed and declared effective, but and during the period the Company is required to use its commercially reasonable efforts to cause the Shelf Registration Statement to remain effective, (x) the Company shall thereafter have suspended the Shelf Registration Statement pursuant to Section 2(b) hereof for more than 60 days in the aggregate in any consecutive 12 month period and be continuing to suspend the availability of the Shelf Registration Statement or (y) the Shelf Registration Statement shall cease to be effective or fail (other than by action of the Company pursuant to be usable for its intended purpose the second paragraph of Section 2(b) hereof) without being succeeded replaced within 90 days by a post-effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and shelf registration statement that is itself filed and declared effectively promptly effective (each such event referred to in clauses (i) through (iiiiv), a “Registration Default,” and the each period during which a Registration Default has occurred and is continuing, the a “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue on the respective Registrable Securities for the Registration Default Period (but only with respect to one Registration Default at any particular time) until such time as all Registration Defaults have been cured at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at which rate shall increase by an additional 0.25% during each subsequent 90-day period, up to a per annum rate maximum of 0.50% for the second 90 days regardless of the number of Registration Defaults that shall have occurred and be continuing. Immediately following the cure of all Registration Defaults, the accrual of Special Interest will cease. A Registration Default Period, at a per annum rate of 0.75% for the third 90 days under clause (iii) or (iv) will be deemed cured upon consummation of the Exchange Offer in the case of a Shelf Registration Default Statement required to be filed due to a failure to consummate the Exchange Offer within the required time period. (d) If during the Resale Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Exchange Offer Registration Default Period, provided that in no event shall Statement is suspended by the Company or ceases to be required to pay Special Interest for more than one Registration Default at effective such that any given time. The Registration Default Period shall terminate on the date on which broker-dealer that (i) receives Exchange Securities in the Securities become Freely Tradable or Exchange Offer and (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall is subject to prospectus delivery requirements cannot accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless fulfill such requirements, the Company has received shall, during the respective Resale Period, pay liquidated damages to such broker-dealers in an amount calculated in a request manner consistent with that specified above with respect to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummatedDefaults. (ce) The Company shall take, and shall cause the Guarantors to take, take all actions reasonably necessary or advisable to be taken by it to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees (if any) under the Exchange Registration Statement registration statement contemplated in Section 2(a) or 2(b) hereof, as applicable. (df) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 2 contracts

Samples: Exchange and Registration Rights Agreement (Hertz Entertainment Services Corp), Exchange and Registration Rights Agreement (Hertz Global Holdings Inc)

Registration Under the Securities Act. (a) Subject The Company shall, prior to the last sentence later of this Section 2(a)(i) the Filing Deadline or (ii) the 45th day prior to the expiration of any resale restrictions pursuant to any bank regulatory obligation or agreement to which the Holders are subject, if file with the Commission a shelf Registration Statement on Form S-1 or such other form under the Securities have not become Freely Tradable on or before Act then available to the Free Trade DateCompany (a “Shelf Registration Statement”) relating to the offer and sale of the Registrable Securities by the Holders from time to time pursuant to Rule 415 in accordance with the methods of distribution elected by such Holders holding a majority of the Registrable Securities and set forth in such Shelf Registration Statement (such date, the Company and the Guarantors agree to “Filing Date”) and, thereafter, shall use all its commercially reasonable efforts to (i) file cause such Shelf Registration Statement to be declared effective under the Securities Act as soon as practicable after the initial filing thereof, but no later than 90 calendar days following the Filing Date; provided, however, that the Company may, upon written notice to the Holders, postpone having the Shelf Registration Statement declared effective for a registration statement relating reasonable period not to an offer to exchange (such registration statementexceed 90 days if the Company possesses material non-public information, the “Exchange Registration Statement,” and such offer, the “Exchange Offer”) any and all disclosure of the Securities for which would have a like aggregate principal amount of debt securities issued by material adverse effect on the Company and guaranteed by its subsidiaries taken as a whole. The Company agrees to use commercially reasonable efforts to keep such Shelf Registration Statement (or any replacement Shelf Registration Statement) continuously effective until there are no longer any Registrable Securities outstanding; provided however, that if the Guarantorsregistration statement filed pursuant to this Section 2(a) shall be no longer effective for any reason, which debt securities and guarantees are substantially identical any of the Registrable Securities remain unsold, the Company will promptly file a new Shelf Registration Statement on Form S-1 or such other form under the Securities Act then available to the Company relating to such unsold Registrable Securities and will use its commercially reasonable efforts to cause such Registration Statement to be declared effective no later than 90 calendar days following the related Guaranteesdate of filing, respectively (and are entitled will take all other action necessary or appropriate to permit the public offering and sale of the remaining Registrable Securities to continue as contemplated under the terms of this Agreement with respect to the benefits of a trust indenture that is substantially identical to expired Shelf Registration Statement. Notwithstanding the Indenture or is foregoing, if the Indenture and that Company has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement Shelf Registration Statement on Form S-1 under the Securities Act and do not contain provisions for the additional interest contemplated in Section 2(b) below (becomes eligible to use Form S-3 or such new debt securities are hereinafter called “Exchange Securities”), (ii) cause the Exchange Registration Statement to become effective other short-form registration statement form under the Securities Act, (iii) commence the Exchange Offer promptly after such Exchange Company may, upon 30 Business Days prior written notice to the Holders, register any Registrable Securities registered but not yet distributed under the effective Shelf Registration Statement has become on such a short-form Shelf Registration Statement and, once the short-form Shelf Registration Statement is declared effective, de-register such shares under the previous Registration Statement or transfer the filing fees from the previous Registration Statement (ivsuch transfer pursuant to Rule 429, if applicable) hold unless any Holder registered under the Exchange Offer open for at least 20 initial Shelf Registration Statement notifies the Company within 15 Business Days (of receipt of the Company notice that such a registration under a new Registration Statement and de-registration of the initial Shelf Registration Statement would interfere with its distribution of Registrable Securities already in progress, in which case the Company shall delay the effectiveness of the short-form Registration Statement and termination of the then-effective initial Registration Statement or longer if required by applicable law) after any short-form Registration Statement for the period necessary to complete such distribution and no more than 45 days from the date that the Company receives the notice from such Holders requesting a delay. Any Shelf Registration Statement shall provide for the resale from time to time and pursuant to any method or combination of methods legally available (including, without limitation, an Underwritten Offering, a direct sale to purchasers or a sale through brokers or agents, which may include sales over the internet) by the Holders of any and all Registrable Securities. (b) Following the later of (i) any registered public offering of securities of the Exchange Offer is mailed to holders of Company (including in accordance with Section 2(a)) or (ii) the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or 45th day prior to the expiration of any resale restrictions pursuant to any bank regulatory obligation or agreement to which the Exchange Offer and (vi) consummate Holders are subject, each Holder shall have the Exchange Offer right to cause the Company to file on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (Form S-1 or such 30th Business Day being the “Consummation Date”). The Exchange Offer will be registered other form under the Securities Act on then available to the appropriate form Company a registration statement (including a resale shelf registration statement) (a “Demand Registration Statement”) with respect to all or a portion of the Registrable Securities held by such Holder and will comply with all applicable tender offer rules its affiliates. Such Holder shall specify the amount of Registrable Securities to be included in such registration statement and regulations under the Exchange Actintended method(s) of distribution (which may include, without limitation, an Underwritten Offering, a direct sale to purchasers or a sale through brokers or agents, which may include sales over the internet). The Exchange Offer Company shall use its commercially reasonable efforts to cause such Demand Registration Statement to be declared effective under Securities Act no later than 90 calendar days following the date such Demand Registration Statement is filed with the Commission and to cause such Demand Registration Statement to remain effective for a period of at least 6 months following the effective date (or in the case of a shelf registration statement, it shall remain continuously effective until such time as there are no longer any Registrable Securities outstanding). Notwithstanding the first sentence hereof, the Company shall not be required to file and cause to become effective more than three (3) Demand Registration Statements, it being understood and agreed that a registration statement will be deemed to have been “completed” only not count as one of the permitted Demand Registration Statements (A) if the debt securities registration statement has not become effective, (B) if the registration statement has not remained effective until the earlier of when all Registrable Securities requested to be included therein by the requesting Holder and related guarantees received by holders other than Restricted Holders its affiliates are sold or the end of the six-month period described in the Exchange Offer preceding sentence, as the case may be, (C) if, after it has become effective, such registration statement becomes subject to any stop order, injunction or other order or requirement of the Commission or other governmental entity for any reason, unless such order or requirement is lifted and the registration statement becomes effective, (D) if the conditions to closing specified in the purchase agreement or underwriting agreement entered into in connection with the offering and sale of Registrable Securities areunder such registration statement are not satisfied or waived, upon receiptor (E) if the requesting Holder and its affiliates are not able to register and sell at least 66.67% of the Registrable Securities requested to be included by such requesting Holder and its affiliates in such Demand Registration Statement. If any of the Registrable Securities covered by a Demand Registration are to be sold in an Underwritten Offering, transferable by each the requesting Holder shall have the right to select the managing underwriter(s) to administer the offering subject to the approval of the Company, which will not be unreasonably withheld. (c) If the Company proposes to file a registration statement on Form S-1 or such holder without restriction other form under the Securities Act and providing for the Exchange Act and without material restrictions under initial public offering of its shares of Common Stock (the blue sky or securities laws of a substantial majority “IPO Registration Statement”), the Company will notify each Holder in writing of the states of the United States of America, proposed filing and (B) upon the earlier to occur of (1) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days following the commencement of the Exchange Offer. The Company and the Guarantors agree (I) afford each Holder an opportunity to include in the Exchange IPO Registration Statement a prospectus for use all or any part of the Registrable Securities then held by such Holder. Each Holder desiring to include in any resales the IPO Registration Statement all or part of the Registrable Securities held by such Holder shall, within 20 days after receipt of the above-described notice from the Company, so notify the Company in writing, and in such notice shall inform the Company of the number of Registrable Securities such Holder wishes to include in the IPO Registration Statement. Any election by any holder of Exchange Holder to include any Registrable Securities that is a broker-dealer and (II) to keep such Exchange in the IPO Registration Statement effective for a period (will not affect the “Resale Period”) beginning when Exchange inclusion of such Registrable Securities are first issued in the Exchange Offer and ending upon Shelf Registration Statement until such Registrable Securities have been sold under the earlier of the expiration of the 180th day after the Exchange Offer has been completed or IPO Registration Statement; provided, however, that at such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statementof sale, such holders the Company shall have the benefit of right to de-register from the rights of indemnification and contribution set forth in Sections 6(a), (b), (c) and (d) hereof. The obligations of Shelf Registration Statement the Company and Registrable Securities sold pursuant to the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely TradableIPO Registration Statement. (b) If (i) The Company shall have the Exchange Offer has not been consummated prior right to terminate or withdraw the Consummation Date, (ii) the Securities have not become Freely Tradable on or before the Free Trade Date, or (iii) any Exchange IPO Registration Statement required initiated by this Agreement is filed it and declared effective, but shall thereafter cease to be effective or fail to be usable for its intended purpose without being succeeded by a post-effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iii), a “Registration Default,” and the period during which a Registration Default has occurred and is continuing, the “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until prior to the date on which (i) effectiveness of such registration whether or not any Holder has elected to include Registrable Securities in such registration; provided, however, the Company must provide each Holder that elected to include any Registrable Securities become Freely Tradable in such IPO Registration Statement prompt written notice of such termination or withdrawal. (ii) In the Exchange event the IPO Registration Statement has been is not declared effective and within 90 days following the Exchange Offer has been consummatedinitial filing of the IPO Registration Statement, unless a road show for the Underwritten Offering pursuant to the IPO Registration Statement is actually in progress at such time, the Company shall promptly provide a new written notice to the Holders giving them another opportunity to elect to include Registrable Securities in the pending IPO Registration Statement. Each Holder receiving such notice shall have the same election rights afforded such Holder as described in clause (b) above. (ciii) The Company shall takehave the sole right to select the managing underwriter(s) for its initial public offering, and shall cause regardless of whether any Registrable Securities are included in the Guarantors to take, all actions necessary or advisable to be taken to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange IPO Registration Statement contemplated in or otherwise. (iv) The Company’s obligation to file the Shelf Registration Statement pursuant to Section 2(a) hereofhereof shall not be affected by the filing or effectiveness of the IPO Registration Statement. (v) The Company shall advise the Holders of the underwriter for the Underwritten Offering proposed under the IPO Registration Statement. The right of any such Holder’s Registrable Securities to be included in the IPO Registration Statement pursuant to Section 2(b) shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. The Holders proposing to distribute their Registrable Securities through such underwriting shall enter into an underwriting agreement in customary form with the managing underwriter(s) selected for such underwriting and complete and execute any questionnaires, powers of attorney, indemnities, lock-up agreements (not to exceed 180 days), custody agreements, securities escrow agreements and other documents, including opinions of counsel, reasonably required under the terms of such underwriting, and furnish to the Company such information as the Company may reasonably request in writing for inclusion in the Registration Statement; provided, however, that no Holder shall be required to make any representations, warranties or indemnities to or agreements with the Company or the underwriters other than representations, warranties, indemnities or agreements regarding such Holder and such Holder’s intended method of distribution and other representations required by law or reasonably and customarily requested by the underwriters from selling shareholders; provided, further, that no Holder shall be required to make any representation or warranty or any agreement that is more extensive or burdensome than those made by other shareholders. The IPO Registration Statement shall include all Registrable Securities requested by the Holders to be included therein in accordance with Section 2(b). Notwithstanding any other provision of this Agreement, if the managing underwriter(s) determine(s) in good faith that marketing factors require a limitation on the number of shares to be included, then the managing underwriter(s) may exclude shares (including Registrable Securities) from the IPO Registration Statement and Underwritten Offering, and any shares included in such IPO Registration Statement and Underwritten Offering shall be allocated first, to the Company, and second, to each of the Holders requesting inclusion of their Registrable Securities in such IPO Registration Statement and to other holders having comparable registration rights (on a pro rata basis based on the total number of Registrable Securities then held by each such Holder or holder who is requesting inclusion). (vi) By electing to include the Registrable Securities in the IPO Registration Statement, the Holder of such Registrable Securities shall be deemed to have agreed not to effect any public sale or distribution of Securities of the Company of the same or similar class or classes of the Securities included in the IPO Registration Statement or any Securities convertible into or exchangeable or exercisable for such Securities, including a sale pursuant to Rule 144 or Rule 144A under the Securities Act, on terms no less favorable to the Holders than are applicable to the Company, the Company’s directors and officers, and the beneficial owners of 5% or more of the Common Stock, during such periods as reasonably requested (but in no event for a period longer than 30 days prior to and 180 days following the effective date of the IPO Registration Statement) by the representatives of the underwriters, if an Underwritten Offering, or by the Company in any other registration. (vii) If any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by written notice to the Company and the managing underwriter(s), delivered at least five Business Days prior to the effective date of the IPO Registration Statement. Any Registrable Securities excluded or withdrawn from such underwriting shall be excluded and withdrawn from the registration. (d) Any reference herein The Company represents and agrees that, unless it obtains the prior consent of the Holders or the consent of the managing underwriter(s) in connection with any Underwritten Offering of Registrable Securities, and each Holder represents and agrees that, unless it obtains the prior consent of the Company and any such underwriter, it will not make any offer relating to the Securities that would constitute an “issuer free writing prospectus,” as defined in Rule 433 (an “Issuer Free Writing Prospectus”), or that would otherwise constitute a registration statement or prospectus “free writing prospectus,” as of defined in Rule 405, required to be filed with the Commission. The Company represents that any time shall be deemed to Issuer Free Writing Prospectus will not include any document incorporatedinformation that conflicts with the information contained in any Registration Statement or the related Prospectus, and any Issuer Free Writing Prospectus, when taken together with the information in such Registration Statement and the related Prospectus, will not include any untrue statement of a material fact or deemed omit to be incorporatedstate any material fact necessary in order to make the statements therein, therein by reference as in light of the circumstances under which they were made, not misleading. (e) The Company may suspend the use of the Prospectus for a period not to exceed 30 days in any 90 day period or an aggregate of 90 days in any 12 month period (such period, a “Suspension Period”) if the Board of Directors of the Company shall have determined in good faith that because of valid business reasons (not including avoidance of the Company’s obligations hereunder), including the acquisition or divestiture of assets, pending corporate developments and similar events, it is in the best interests of the Company to suspend such use, and prior to suspending such use the Company provides the Holders with written notice of such time and any reference herein suspension, which notice need not specify the nature of the event giving rise to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such timesuspension.

Appears in 2 contracts

Samples: Registration Rights Agreement (Talmer Bancorp, Inc.), Registration Rights Agreement (Talmer Bancorp, Inc.)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors agree agrees to use all commercially its reasonable best efforts to (i) file under the Securities Act Act, as soon as practicable, but no later than 75 days after the Closing Date, a registration statement relating to an offer to exchange (such registration statement, the "Exchange Registration Statement,” ", and such offer, the "Exchange Offer") any and all of the Registrable Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the Guarantors, which debt securities and guarantees guarantee are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that which is substantially identical to the applicable Indenture or is the such Indenture and that which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for registration rights or the additional interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called "Exchange Securities"), (ii) . The Company agrees to use its reasonable best efforts to cause the Exchange Registration Statement to become effective under the Securities ActAct as soon as practicable, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) after but no later than 210 days following the date that notice of filing of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Date”)Statement. The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Company further agrees to use its reasonable best efforts to commence and complete the Exchange Offer promptly, but no later than 45 days after such registration statement has become effective, hold the Exchange Offer open for at least 30 days and exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been "completed" only (A) if the debt securities and related guarantees guarantee received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states States of the United States of America, and (B) it being understood that broker-dealers receiving Exchange Notes will be subject to certain prospectus delivery requirements with respect to resale of the Exchange Notes. The Exchange Offer shall be deemed to have been completed upon the earlier to occur of (1i) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2ii) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days 30 days following the commencement of the Exchange Offer. The Company and the Guarantors agree agrees (Ix) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (IIy) to keep such Exchange Registration Statement effective for a period (the "Resale Period") beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th 120th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (bc), (cd) and (de) hereof. The obligations Each holder that participates in the Exchange Offer will be required, as a condition to its participation in the Exchange Offer, to represent to the Company in writing (which may be contained in the applicable letter of transmittal) (i) that any Exchange Securities to be received by it will be acquired in the ordinary course of its business, (ii) that at the time of the commencement of the Exchange Offer such holder will have no arrangement or understanding with any Person to participate in the distribution (within the meaning of the Securities Act) of the Exchange Securities in violation of the provisions of the Securities Act, (iii) that such holder is not an affiliate of the Company and within the Guarantors set forth in this Section 2(a) shall cease on the date on which meaning of the Securities become Freely TradableAct and (iv) that such holder is not acting on behalf of a Person who could not make the foregoing representations. In addition, each broker-dealer that will receive Exchange Securities for its own account in exchange for Securities that were acquired as a result of market-making or other trading activities will be required to represent that the Securities being tendered by such broker-dealer were acquired in ordinary trading or market-making activities. A broker-dealer that is not able to make the foregoing representation will not be permitted to participate in the Exchange Offer. (b) If (i) on or prior to the time the Exchange Offer is completed existing Commission interpretations are changed such that the debt securities or the related guarantee received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the Exchange Offer has not been consummated prior completed within 255 days following the date of filing of the Exchange Registration Statement or (iii) the Exchange Offer is not available to any holder of the Securities by reason of U.S. law or Commission policy (other than due solely to the Consummation Datestatus of such holder as an affiliate of the Company within the meaning of the Securities Act), the Company shall, in lieu of (or, in the case of clause (iii), in addition to) conducting the Exchange Offer contemplated by Section 2(a), file under the Securities Act as soon as practicable, but no later than the later of 75 days after the time such obligation to file arises, a "shelf" registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the "Shelf Registration" and such registration statement, the "Shelf Registration Statement"). The Company agrees to use its reasonable best efforts (x) to cause the Shelf Registration Statement to become or be declared effective no later than 210 days after such Shelf Registration Statement is filed and to keep such Shelf Registration Statement continuously effective for a period ending on the earlier of the second anniversary of the Effective Time or such time as there are no longer any Registrable Securities outstanding, provided, however, that (I) no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder and (II) the Company shall be permitted to take any action that would suspend the effectiveness of a Shelf Registration Statement or result in holders covered by a Shelf Registration Statement not being able to offer and sell such Securities if (i) such action is required by law or (ii) such action is taken by the Company in good faith and for valid business reasons involving a material undisclosed event, and (y) after the Effective Time of the Shelf Registration Statement, within 30 days following the request of any holder of Registrable Securities that is not then an Electing Holder, to take any action reasonably necessary to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement, provided, however, that nothing in this Clause (y) shall relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Company in accordance with Section 3(d)(iii) hereof. The Company further agrees to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement or by the Securities have Act or rules and regulations thereunder for shelf registration, and the Company agrees to furnish to each Electing Holder copies of any such supplement or amendment prior to its being used or promptly following its filing with the Commission. (c) In the event that (i) the Company has not become Freely Tradable filed the Exchange Registration Statement or Shelf Registration Statement on or before the Free Trade Datedate on which such registration statement is required to be filed pursuant to Section 2(a) or 2(b), respectively, or (ii) such Exchange Registration Statement or Shelf Registration Statement has not become effective or been declared effective by the Commission on or before the date on which such registration statement is required to become or be declared effective pursuant to Section 2(a) or 2(b), respectively, or (iii) the Exchange Offer has not been completed within 45 days after the initial effective date of the Exchange Registration Statement relating to the Exchange Offer (if the Exchange Offer is then required to be made) or (iv) any Exchange Registration Statement or Shelf Registration Statement required by this Agreement Section 2(a) or 2(b) hereof is filed and declared effective, effective but shall thereafter cease either be withdrawn by the Company or shall become subject to be an effective or fail stop order issued pursuant to be usable for its intended purpose Section 8(d) of the Securities Act suspending the effectiveness of such registration statement (except as specifically permitted herein) without being succeeded immediately by a post-an additional registration statement filed and declared effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iiiiv), a "Registration Default,” " and the each period during which a Registration Default has occurred and is continuing, the “a "Registration Default Period"), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b9(b), special interest ("Special Interest"), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period; provided, provided however, that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as if the failure of the Company to comply with its obligations hereunder is a result of the Company’s failure of any of the holders, underwriters, Purchasers or placement or sales agents to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummatedfulfill their respective obligations hereunder. (cd) The Company shall take, and shall cause the Guarantors to take, all actions necessary or advisable to be taken by it to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement registration statement contemplated in Section 2(a) or 2(b) hereof, as applicable. (de) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 2 contracts

Samples: Exchange and Registration Rights Agreement (Huntsman Texas Holdings LLC), Exchange and Registration Rights Agreement (Huntsman Texas Holdings LLC)

Registration Under the Securities Act. (a) Subject to To the last sentence extent not prohibited by any applicable law or applicable interpretations of this the staff of the SEC and except in the circumstances contemplated by Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b)(i) hereof, the Company and the Guarantors agree to shall use all commercially its reasonable best efforts to (i) file under cause to be filed with the Securities Act a registration statement relating to SEC an Exchange Offer Registration Statement covering an offer to the Holders to exchange (such registration statement, all the Registrable Notes for Exchange Registration Statement,” and such offer, Notes as soon as practicable following the “Exchange Offer”) any and all filing with the SEC of the Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the Guarantors, which debt securities and guarantees are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that is substantially identical to the Indenture or is the Indenture and that has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions Company’s annual report on Form 20-F for the additional interest contemplated in Section 2(b) below (such new debt securities are hereinafter called “Exchange Securities”)year ended December 31, 2009, (ii) cause the such Exchange Offer Registration Statement to become effective under the Securities ActAct as soon as practicable following filing with the SEC, and (iii) have such Registration Statement remain effective until the earlier of (A) 120 days after the closing of the Exchange Offer and (B) such time as all Participating Broker-Dealers no longer own any Registrable Notes. The Company shall use its reasonable best efforts to commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required Registration Statement is declared effective by applicable law) after the date that notice of SEC and to complete the Exchange Offer is mailed to holders not later than 60 days after such effective date. For purposes of the Securitiesthis Agreement, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Date”). The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Exchange Offer will shall be deemed to have been “completed” only (A) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states of the United States of America, and (B) completed upon the earlier to occur of (1i) the Company having exchanged the Exchange Securities Notes for all outstanding Registrable Securities Notes (other than those held by Holders that are ineligible to participate in the Exchange Offer) pursuant to the Exchange Offer and (2ii) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities Notes for all Registrable Securities Notes that have been properly tendered and not withdrawn before the expiration of the Exchange Offer; provided, however, that the Company may, in its discretion, accept tenders of Registrable Notes for Exchange Notes subsequent to the date the Company consummates the Exchange Offer with respect to Registrable Notes tendered as of the date of initial consummation, and the Exchange Offer shall be deemed to have been consummated notwithstanding any such extension of the tender period. The Company shall commence the Exchange Offer by mailing the related Prospectus, appropriate letters of transmittal and other accompanying documents to each Holder stating, in addition to such other disclosures as are required by applicable law: (i) that the Exchange Offer is being made pursuant to this Agreement and that all Registrable Notes validly tendered and not properly withdrawn will be accepted for exchange; (ii) the dates of acceptance for exchange (which shall be on a date that is period of at least 20 Business Days following from the date such notice is mailed) (the “Exchange Dates”); (iii) that any Registrable Note not tendered will remain outstanding and continue to accrue interest but will not retain any rights under this Agreement; (iv) that any Holder electing to have a Registrable Note exchanged pursuant to the Exchange Offer will be required to surrender such Registrable Note, together with the appropriate letters of transmittal, to the institution and at the address (located in New York City) and in the manner specified in the notice, prior to the close of business on the last Exchange Date; and (v) that any Holder will be entitled to withdraw its election, not later than the close of business on the last Exchange Date, in the manner specified in such notice. As a condition to participating in the Exchange Offer, a Holder will be required to represent to the Company that (i) any Exchange Notes to be received by it will be acquired in the ordinary course of its business, (ii) at the time of the commencement of the Exchange Offer it has no arrangement or understanding with any Person to participate in the distribution (within the meaning of the Securities Act) of the Exchange Notes in violation of the provisions of the Securities Act, (iii) it is not an “affiliate” (within the meaning of Rule 405 under Securities Act) of the Company and (iv) if such Holder is a broker-dealer, that it will receive Exchange Notes for its own account in exchange for Registrable Notes that were acquired as a result of market-making or other trading activities, and that it will deliver, to the extent required by applicable law or regulation or SEC pronouncement, a Prospectus in connection with any resale of such Exchange Notes. As soon as practicable after the last Exchange Date, the Company shall: (i) accept for exchange Registrable Notes or portions thereof validly tendered and not properly withdrawn pursuant to the Exchange Offer; and (ii) deliver, or cause to be delivered, to the Trustee for cancellation all Registrable Notes or portions thereof so accepted for exchange by the Company and issue, and cause the Trustee to promptly authenticate and deliver to each Holder, Exchange Notes equal in principal amount to the principal amount of the Registrable Notes surrendered by such Holder. The Company shall use its reasonable best efforts to complete the Exchange Offer as provided above and shall comply with the applicable requirements of the Securities Act, the Exchange Act and other applicable laws and regulations in connection with the Exchange Offer. (b) In the event that (i) the Company determines that the Exchange Offer Registration provided for in Section 2(a) hereof is not permitted or may not be completed as soon as practicable after the last Exchange Date because it would violate any applicable law or applicable interpretations of the Staff of the SEC, or because the Exchange Notes received by Holders are not or would not be, upon receipt, transferable by each such holder without need for further compliance with Section 5 of the Securities Act (except for the requirement to deliver a Prospectus in connection with any resale by a Participating Broker-Dealer), (ii) the Exchange Offer is not for any other reason completed by September 30, 2010 or (iii) upon completion of the Exchange Offer any of the Initial Purchasers shall so request in connection with any offering or sale of Registrable Notes initially purchased by it pursuant to the Purchase Agreement, the Company shall use its reasonable best efforts to cause to be filed as soon as practicable after such determination, date or request, as the case may be, a Shelf Registration Statement providing for the sale of all the Registrable Notes by the Holders thereof and to have such Shelf Registration Statement become effective under the Securities Act. If the Company receives reasonable advance notice that it will be required to file a Shelf Registration Statement pursuant to clause (iii) of the preceding paragraph, the Company shall use its reasonable best efforts to file and have become effective under the Securities Act both an Exchange Offer Registration Statement pursuant to Section 2(a) hereof with respect to all Registrable Notes and a Shelf Registration Statement (which may be a combined Registration Statement with the Exchange Offer Registration Statement) with respect to offers and sales of Registrable Notes held by the Initial Purchasers after completion of the Exchange Offer. The Company and agrees to use its reasonable best efforts to keep the Guarantors agree (I) to include in the Exchange Shelf Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (II) to keep such Exchange Registration Statement continuously effective for a period of not less than 90 days with respect to the Registrable Notes or such shorter period that will terminate when all the Registrable Notes covered by the Shelf Registration Statement have been sold pursuant to the Shelf Registration Statement (the “Resale Shelf Effectiveness Period”) beginning when Exchange Securities are first issued in ). The Company further agrees that during the Exchange Offer and ending upon Shelf Effectiveness Period it will supplement or amend the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Shelf Registration Statement, the related Prospectus and any Free Writing Prospectus if required by the rules, regulations or instructions applicable to the registration form used by the Company for such holders shall have Shelf Registration Statement or by the benefit Securities Act or by any other rules and regulations thereunder for shelf registration or if reasonably requested by a Holder of Registrable Notes with respect to information relating to such Holder, and will use its reasonable best efforts to cause any such amendment to become effective and such Shelf Registration Statement, Prospectus or Free Writing Prospectus, as the rights of indemnification and contribution set forth in Sections 6(a)case may be, (b), (c) and (d) hereofto become usable as soon as thereafter practicable. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) the Exchange Offer has not been consummated prior agrees to furnish to the Consummation Date, (ii) Holders of Registrable Notes copies of any such supplement or amendment promptly after its being used or filed with the Securities have not become Freely Tradable on or before the Free Trade Date, or (iii) any Exchange Registration Statement required by this Agreement is filed and declared effective, but shall thereafter cease to be effective or fail to be usable for its intended purpose without being succeeded by a post-effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iii), a “Registration Default,” and the period during which a Registration Default has occurred and is continuing, the “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummatedSEC. (c) The Company shall take, and shall cause pay all Registration Expenses in connection with the Guarantors to take, all actions necessary or advisable to be taken to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated registration provided in Section 2(a) and Section 2(b) hereof. Each Holder shall pay all transfer taxes, if any, relating to the sale or disposition of such Holder’s Registrable Notes pursuant to the Shelf Registration Statement. (d) An Exchange Offer Registration Statement pursuant to Section 2(a) hereof will not be deemed to have become effective unless it has been declared effective by the SEC. A Shelf Registration Statement pursuant to Section 2(b) hereof will not be deemed to have become effective unless it has been declared effective by the SEC or becomes automatically effective upon filing with the SEC as provided by Rule 462 under the Securities Act. Any obligation to file with the SEC a Shelf Registration Statement pursuant to Section 2(b) hereof will be deemed to be satisfied if the Company has previously filed a registration statement with the SEC that may be used without limitation or restriction for the purposes contemplated by Section 2(b) hereof. (de) Any reference herein In the event that either the Exchange Offer is not completed or the Shelf Registration Statement, if required hereby, has not become effective under the Securities Act on or prior to a registration statement September 30, 2010, the interest rate on the Registrable Notes will be increased by 0.50% per annum until the Exchange Offer is completed or prospectus as of the Shelf Registration Statement, if required hereby, become effective under the Securities Act, at which time, if any, the increased interest shall cease to accrue. If the Shelf Registration Statement has become effective under the Securities Act and thereafter either ceases to be effective or the Prospectus contained therein ceases to be usable at any time during the Shelf Effectiveness Period, and such failure to remain effective or usable exists for more than 30 days (whether or not consecutive) in any 12-month period (two suspensions not to exceed 30 days each in any 365-day period in the case of a suspension described in Section 3 hereof), then the interest rate on the Registrable Notes will be increased by 0.50% per annum commencing on the 31st day in such 12-month period and ending on such date that the Shelf Registration Statement has again become effective under the Securities Act or the Prospectus again becomes usable, at which time the increased interest shall be deemed cease to include any document incorporatedaccrue; provided, or deemed however, that if the Prospectus ceases to be incorporated, therein usable because financial statements are required to be filed with the SEC and incorporated by reference as in the Shelf Registration Statement to comply with the undertaking of the Company pursuant to Item 512(a)(4) of Regulation S-K (or any successor provision), such time a suspension shall not be a suspension for purposes of the foregoing provision unless and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such timethe extent its duration exceeds 60 days.

Appears in 1 contract

Samples: Registration Rights Agreement (Telefonos De Mexico S a B De C V)

Registration Under the Securities Act. (a) Subject to the last sentence of this (i) Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company Guarantor and the Guarantors Trust agree to use all commercially their reasonable best efforts to (i) file under the Securities Act within 150 days after the Closing Date, a registration statement (the “Exchange Offer Registration Statement”) relating to an offer to exchange (such registration statement, the “Exchange Registration Statement,” and such offer, the “Exchange Offer”) any and all of the Securities for a like aggregate principal amount of debt capital securities issued by the Company Trust and guaranteed by the GuarantorsGuarantor and underlying junior subordinated deferrable interest debentures of the Guarantor, which debt securities capital securities, guarantee and guarantees debentures are substantially identical to the Securities Capital Securities, the Guarantee and the related GuaranteesDebentures, respectively (and are entitled to the benefits of a trust indenture that is substantially identical to the Indenture or is the Indenture and that has indentures which have been qualified under the Trust Indenture Act), ) except that they have been registered pursuant to an effective registration statement under the Securities Act Act, do not contain restrictions on transfers and do not contain provisions for the additional interest and additional distributions contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called “Exchange Securities”), (ii) . The Guarantor and the Trust agree to use their reasonable best efforts to cause the Exchange Offer Registration Statement to become effective under the Securities ActAct within 180 days after the Closing Date and, in connection with the foregoing, (iiiA) commence the file all pre-effective amendments to such Exchange Offer promptly after Registration Statement as may be necessary in order to cause such Exchange Offer Registration Statement has to become effective, (ivB) hold the if applicable, file a post-effective amendment to such Exchange Offer open for at least 20 Business Days Registration Statement pursuant to Rule 430A under the Securities Act and (or longer if required by applicable lawC) after cause all necessary filings in connection with the date that notice registration and qualification of the Exchange Offer is mailed Securities to holders be made under the blue sky laws of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior such jurisdiction as are necessary to the expiration permit completion of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Date”)Offer. The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Guarantor and the Trust further agree to use their reasonable best efforts to commence and complete the Exchange Offer promptly after the Exchange Offer Registration Statement has become effective, hold the Exchange Offer open for at least 30 days and exchange Exchange Securities for all Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been “completed” completed only (A) if the debt securities and related guarantees Exchange Securities received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states States of the United States of America, and (B) . The Exchange Offer shall be deemed to have been completed upon the earlier to occur of (1i) the Company Guarantor and the Trust having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2ii) the Company Guarantor having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days 30 days following the commencement of the Exchange Offer. The Company Guarantor and the Guarantors Trust, agree (Ix) to include in the Exchange Registration Statement registration statement a prospectus for use in connection with any resales by any holder of Exchange Securities by a holder that is a broker-dealer, other than resales of Exchange Securities received by a broker-dealer pursuant to the Exchange Offer in exchange for Registrable Securities acquired by such broker-dealer directly from the Trust, and (IIy) to keep such the Exchange Offer Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of (i) either (a) the expiration of the 180th day after the Exchange Offer has been completed or (b) in the event the Guarantor and the Trust have at any time notified any broker-dealers pursuant to Section 3(f)(iii) hereof, the day beyond the 180th day after the Exchange Offer has been completed that reflects an additional period of days equal to the number of days during all of the periods from and including the dates the Guarantor and the Trust give notice pursuant to Section 3(f)(iii)(F) hereof to and including the date when broker-dealers receive an amended or supplemented prospectus necessary to permit resales of Exchange Securities or to and including the date on which the Guarantor and the Trust give notice that the resale of Exchange Securities under the Exchange Offer Registration Statement may resume or (ii) such time as such broker-dealers no longer own any Registrable Securities. With respect to such registration statement, each broker-dealer that holds Exchange Registration Statement, such holders Securities received in an Exchange Offer in exchange for Registerable Securities not acquired by it directly from the Guarantor shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (b), (c) and (d) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) the Exchange Offer has not been consummated prior to the Consummation Date, (ii) the Securities have not become Freely Tradable on or before the Free Trade Date, or (iii) any Exchange Registration Statement required by this Agreement is filed and declared effective, but shall thereafter cease to be effective or fail to be usable for its intended purpose without being succeeded by a post-effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iii), a “Registration Default,” and the period during which a Registration Default has occurred and is continuing, the “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. (c) The Company shall take, and shall cause the Guarantors to take, all actions necessary or advisable to be taken to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) 6 hereof. (d) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 1 contract

Samples: Registration Rights Agreement (Cullen Frost Capital Trust Ii)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors agree agrees to use all commercially its reasonable best efforts to (i) file under the Securities Act Act, as soon as practicable, but no later than 90 days after the Closing Date, a registration statement relating to an offer to exchange (such registration statement, the “Exchange Registration Statement,” and such offer, the “"Exchange Offer") any and all of the Securities for a like aggregate principal amount of debt securities issued by of the Company and guaranteed by the Guarantors, which debt securities and guarantees are substantially identical in all material respects to the Securities and the related Guarantees, respectively (and which are entitled to the benefits of a trust indenture that which is substantially identical in all material respects to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), ) except that they have been registered pursuant to an effective registration statement under the Securities Act and do will not contain provisions for the additional interest contemplated in by Section 2(b2(c) below hereof or provisions restricting transfer (such new debt securities are hereinafter called "Exchange Securities"), (ii) cause . The Company will require each holder of Registrable Securities who wishes to exchange such Registrable Securities for Exchange Securities in the Exchange Registration Statement Offer to represent that any Exchange Securities to be received by it will be acquired in the ordinary course of its business, that at the time of the commencement of the Exchange Offer it has no arrangement with any person to participate in the distribution (within the meaning of the Securities Act) of the Exchange Securities and that it is not an affiliate of the Company within the meaning of Rule 405 under the Securities Act. The Company agrees to use its reasonable best efforts to cause such registration statement to become effective under the Securities Act, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest Act as soon as practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Date”)thereafter. The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Company further agrees to use its reasonable best efforts to commence the Exchange Offer promptly after such registration statement has become effective, hold the Exchange Offer open for at least 30 days and exchange the Exchange Securities for all Registrable Securities that have been validly tendered and not withdrawn on or prior to the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been “completed” completed only (A) if the debt securities and related guarantees Exchange Securities received by holders (other than Restricted Holders Holders) in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky Blue Sky or securities laws of a substantial majority of the states States of the United States of America, and (B) it being understood that broker-dealers receiving Exchange Securities will be subject to certain prospectus delivery requirements with respect to resale of the Exchange Securities. The Exchange Offer shall be deemed to have been completed upon the earlier to occur of (1i) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2ii) the Company having exchanged, pursuant to the Exchange Offer, Exchange Exchangeable Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days 30 days following the commencement of the Exchange Offer. The Company and the Guarantors agree agrees (Ii) to include in the Exchange Registration Statement registration statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (IIii) to keep such Exchange Registration Statement registration statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon on the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statementregistration statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (b), (c) and (d) Section 6 hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If In the event that (i) on or prior to the consummation of the Exchange Offer existing Commission interpretations are changed such that the Exchange Securities received by holders (other than Restricted Holders) in the Exchange Offer for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the Exchange Offer has not been consummated prior to the Consummation Date, (ii) the Securities have not become Freely Tradable on or before the Free Trade 240th day after the Closing Date or (iii) the Exchange Offer is not available to any holder of Registrable Securities, the Company shall, in lieu of (or, in the case of clause (iii), in addition to) conducting the Exchange Offer contemplated by Section 2(a), file under the Securities Act as soon as practicable a "shelf" registration statement providing for the registration of, and the resale on a continuous or delayed basis by the holders of, all of the Registrable Securities (or, in the case of clause (iii), of the holders referred to in such clause (iii)), pursuant to Rule 415 under the Securities Act and/or any similar rule that may be adopted by the Commission (the "Shelf Registration"). The Company agrees to use its reasonable best efforts to cause the Shelf Registration to become or be declared effective as soon as practicable after the Closing Date and to keep such Shelf Registration continuously effective for a period ending on the earlier of the second anniversary of the initial effective date of registration statement relating to the Shelf Registration or such time as all of the Registrable Securities registered on such Shelf Registration have been sold pursuant to thereto. The Company further agrees to supplement or make amendments to the Shelf Registration, as and when required by the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration or by the Securities Act or rules and regulations thereunder for shelf registration, and the Company agrees to furnish to the holders of the Registrable Securities copies of any such supplement or amendment prior to its being used and/or filed with the Commission. (c) In the event that (i) the Company has not filed the registration statement relating to the Exchange Offer (or, if applicable, the Shelf Registration) on or before the 90th day after the Closing Date, or (ii) such registration statement (or, if applicable, the Shelf Registration) has not become effective or been declared effective by the Commission on or before the 210th day after the Closing Date, or (iii) the Exchange Offer has not been completed within 30 business days after the initial effective date of the registration statement (if the Exchange Offer is then required to be made) or (iv) any Exchange Registration Statement registration statement required by this Agreement Section 2(a) or 2(b) is filed and declared effective, effective but shall thereafter cease to be effective or fail to be usable for its intended purpose (except as specifically permitted herein) without being succeeded immediately by a post-an additional registration statement filed and declared effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iiiiv), a "Registration Default,” "), then the per annum interest rate of the Securities as set forth in the Securities shall increase by 0.5% during the first 90-day period following the occurrence of the Registration Default, and the per annum interest rate on the Securities will increase by an additional 0.5% for each subsequent 90-day period during which a any Registration Default has occurred and is continuing, the “Registration Default Period”), then, as liquidated damages for such Registration Default, subject remains in effect up to the provisions of Section 8(b), special a maximum additional interest (“Special Interest”), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% 1%, for the first 90 days period from and including the date of occurrence of the Registration Default Period, to but excluding such date as no Registration Default is in effect (at a per annum which time the interest rate will be restored to its initial rate). In the event that the interest rate of 0.50% for the second 90 days of the Registration Default PeriodSecurities is so increased, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at shall promptly notify the Trustee of such increase, including any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective subsequent increase, and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date beginning and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummatedending dates therefor. (c) The Company shall take, and shall cause the Guarantors to take, all actions necessary or advisable to be taken to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereof. (d) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (Loews Cineplex Entertainment Corp)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors agree agrees to use all commercially reasonable its best efforts to (i) file under the Securities Act no later than 60 days after the Closing Date, a registration statement relating to an offer to exchange (such registration statement, the “Exchange Registration Statement,” and such offer, the “"Exchange Offer") any and all of the Securities for a like aggregate principal amount of debt securities issued by of the Company and guaranteed by the Guarantors, which debt securities and guarantees are substantially identical to the Securities and the related Guarantees, respectively (and which are entitled to the benefits of a trust indenture that which is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), ) except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest contemplated in Section 2(b) below (such new debt securities are hereinafter called "Exchange Securities”), (ii") for any or all of the Registrable Securities. The Company agrees to use its reasonable best efforts to cause the Exchange Registration Statement such registration statement to become effective under the Securities Act, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) Act no later than 90 days after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Closing Date”). The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Company further agrees to commence and complete the Exchange Offer promptly after such registration statement has become effective, hold the Exchange Offer open for at least 30 days and exchange Exchange Securities for all Registrable Securities that have been tendered and not withdrawn on or prior to the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been “completed” completed only (A) if the debt securities and related guarantees Exchange Securities received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states States of the United States of America, and (B) . The Exchange Offer shall be deemed to have been completed upon the earlier to occur of (1i) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2ii) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days 30 days following the commencement of the Exchange Offer. The Company and the Guarantors agree agrees (Ii) to include in the Exchange Registration Statement registration statement a prospectus for use in connection with any resales by any holder of Exchange Securities that is a broker-dealer and (IIii) to keep such Exchange Registration Statement registration statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon on the earlier of the expiration of the 180th 90th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, registration statement the Company and any such holders holder shall have the benefit of of, and shall each provide to the other, the rights of indemnification and contribution set forth in Sections 6(a), (b), (c) and (d) Section 6 hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If prior to the consummation of the Exchange Offer existing Commission interpretations are changed such that the Exchange Securities received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, in lieu of conducting the Exchange Offer contemplated by Section 2(a) the Company shall file under the Securities Act a "shelf" registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 under the Securities Act and/or any similar rule that may be adopted by the Commission (the "Shelf Registration"). The Company agrees to use its reasonable best efforts to cause the Shelf Registration to become or be declared effective no later than 90 days after the Closing Date and to keep such Shelf Registration continuously effective for a period ending on the earlier of the third anniversary of the Closing Date or such time as there are no longer any Registrable Securities outstanding. The Company further agrees to supplement or make amendments to the Shelf Registration, as and when required by the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration or by the Securities Act or rules and regulations thereunder for shelf registration, and the Company agrees to furnish to the holders of the Registrable Securities copies of any such supplement or amendment prior to its being used and/or filed with the Commission. (c) In the event that (i) the Company has not filed the registration statement relating to the Exchange Offer (or, if applicable, the Shelf Registration) on or before the 60th day after the Closing Date, or (ii) such registration statement or, in lieu thereof, the Shelf Registration, has not become effective or been declared effective by the Commission on or before the 90th day after the Closing Date, or (iii) the Exchange Offer has not been consummated prior completed within 45 days after the initial effective date of the registration statement (if the Exchange Offer is then required to the Consummation Date, (iibe made) the Securities have not become Freely Tradable on or before the Free Trade Date, or (iiiiv) any Exchange Registration Statement registration statement required by this Agreement Section 2(a) or 2(b) is filed and declared effective, effective but shall thereafter cease to be effective or fail to be usable for its intended purpose (except as specifically permitted herein) without being succeeded promptly by a post-an additional registration statement filed and declared effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iiiiv), a "Registration Default,” and the period during which a Registration Default has occurred and is continuing, the “Registration Default Period”"), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b), special then interest will accrue (“Special Interest”), in addition to the Base Interestoriginal issue discount and any stated interest on the Securities) at the rate of 0.5% per annum on the Accreted Value (as defined in the Indenture) of the Securities (or after November 1, 2001, on the principal amount of the Securities), determined daily (calculated on the same basis as Accreted Value of or interest on the Securities, as the case may be, shall accrue at a per annum rate of 0.25% be calculated) for the first 90 days period from the occurrence of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the until such time as no Registration Default Periodis in effect (after which time no such special interest will accrue). Such special interest (the "Special Interest") will be payable in cash semi-annually in arrears on each May 1 and November 1 in accordance with the Indenture. In addition, at a per annum rate of 0.75% for in the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided event that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has not been consummated. Special Interest shall completed or, if applicable, the Shelf Registration has not accrue as a result of become effective or been declared effective by the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee Commission on or after before the 380th 135th day after the Closing Date; provided that if , then the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close per annum rate of business on the fifth Business Day thereafter, Special Interest shall accrue increase by an additional 0.5%, and Special Interest will be paid at such increased rate until such time as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and Company completes the Exchange Offer or, if applicable, the Shelf Registration has become or been consummated. (c) The Company shall take, and shall cause the Guarantors to take, all actions necessary or advisable to be taken to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereofdeclared effective. (d) Any reference herein In the event that either of the Purchasers shall not have sold all of the Securities initially purchased by it pursuant to the Purchase Agreement within 60 days after the Closing Date and such Purchaser requests on the business day following the expiration of such 60- day period that the Company register a resale of such unsold Securities, the Company shall file under the Securities Act as soon as practicable after receipt of such request a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as on the appropriate form covering a resale of such time unsold Securities (the "Resale Registration") and any reference herein will use its reasonable best efforts to any post-effective amendment to a cause such registration statement or to become effective under the Securities Act as promptly as practicable and to keep such registration statement continuously effective pursuant to Rule 415 under the Securities Act and/or any prospectus supplement as similar rule that may be adopted by the Commission for a period of any time shall be deemed up to include any document incorporated, or deemed to be incorporated, therein by reference as of such time30 days.

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (Brooks Fiber Properties Inc)

Registration Under the Securities Act. (a) Subject to the last sentence of this Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date, the Company If FBS and the Guarantors agree to use all commercially reasonable efforts to (i) Trust file under the Securities Act a registration statement relating pursuant to Section 2(a) of the Capital Securities Exchange and Registration Rights Agreement, then FBS and the Trust agree, jointly and severally, to include in such registration statement an offer to exchange (such registration statementthe "Exchange Offer") the Guarantee for a new guarantee of FBS to be extended pursuant to a new guarantee agreement to be entered into by FBS and the Property Trustee for the benefit of holders of the Exchange Securities (as defined below), the “Exchange Registration Statement,” Registrable Securities, if any, and such offerthe Securities, if any (the “Exchange Offer”) any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the Guarantors"New Guarantee Agreement"), which debt securities and guarantees are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that is substantially identical to the Indenture or is the Indenture and that has been will be qualified under the Trust Indenture Act), such new guarantee to be substantially identical to the Guarantee except that they have been it will relate to the Exchange Securities, the Registrable Securities, if any, and the Securities, if any, and it will be registered pursuant to an effective registration statement under the Securities Act and do such new guarantee will not contain provisions for restricting transfer in the additional interest contemplated in Section 2(b) below absence of registration under the Securities Act (such new debt securities are guarantee hereinafter called "Exchange Guarantee"). Such registration statement shall also relate to, and the consummation of the Exchange Offer shall be conditioned upon the consummation of, an offer to exchange the Debentures for substantially identical debentures of FBS pursuant to the Debenture Exchange and Registration Rights Agreement (the "Exchange Debentures") and to an offer to exchange the Securities for substantially identical capital securities of the Trust pursuant to the Capital Securities Exchange and Registration Rights Agreement (the "Exchange Securities"). FBS and the Trust agree, (ii) jointly and severally, to use their reasonable best efforts to cause the Exchange Registration Statement such registration statement to become effective under the Securities Act, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest Act as soon as practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Date”)thereafter. The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Actform. The Exchange Offer will shall be deemed to have been “completed” only (A) if completed upon the debt securities and related guarantees received by holders other than Restricted Holders in completion of the exchange of the Exchange Offer Guarantee for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states of the United States of America, and (B) upon the earlier to occur of (1) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2) the Company having exchanged, Guarantee pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days following the commencement of the Exchange Offer. The Company and the Guarantors agree (I) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (II) to keep such Exchange Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (b), (c) and (d) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If FBS and the Trust file a "shelf" registration statement pursuant to section 2(b) of the Capital Securities Exchange and Registration Rights Agreement without also filing a registration statement pursuant to Section 2(a) thereof, then such "shelf" registration statement shall provide for the registration of the Guarantee (the "Shelf Registration"). The Shelf Registration shall also provide for the registration of the Debentures pursuant to the Debenture Exchange and Registration Rights Agreement and for the registration of and the sale on a continuous or delayed basis by the holders of, all of the Securities pursuant to Rule 415 under the Securities Act and/or any similar rule that may be adopted by the Commission pursuant to the Capital Securities Exchange and Registration Rights Agreement. FBS and the Trust agree, jointly and severally, to use their reasonable best efforts to cause the Shelf Registration to become or be declared effective and to keep such Shelf Registration continuously effective for a period ending on the earlier of (A) the third anniversary of the Issue Date or (B) the later of (i) the Exchange Offer has not been consummated prior to the Consummation Date, (ii) the such time as there are no longer any Securities have not become Freely Tradable on or before the Free Trade Date, or (iii) any Exchange Registration Statement required by this Agreement is filed and declared effective, but shall thereafter cease to be effective or fail to be usable for its intended purpose without being succeeded by a post-effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iii), a “Registration Default,” and the period during which a Registration Default has occurred and is continuing, the “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable outstanding or (ii) as required under the Debenture Exchange and Registration Statement has been declared effective Rights Agreement. FBS and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure Trust further agree, jointly and severally, to provide a certificate supplement or make amendments to the Trustee instructing Shelf Registration, as and when required by the Trustee that rules, regulations or instructions applicable to the restrictive legend on registration form used by FBS and the Trust for such Shelf Registration or by the Securities no longer applies unless the Company has received a request to do so by a holder of Securities Act or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date rules and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummatedregulations thereunder for shelf registration. (c) The Company shall take, and shall cause the Guarantors to take, all actions necessary or advisable to be taken to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereof. (d) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, incorporated therein by reference as of such time the applicable Effective Time and any reference herein to any post-post effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, incorporated therein by reference as of a time after such timeEffective Time.

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (First Bank System Inc)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors agree Issuer agrees to use all its commercially reasonable efforts to (i) file or cause to be filed under the Securities Act Act, as soon as practicable, but no later than on or before July 31, 2020, a registration statement relating to an offer offers to exchange (such registration statement, the “A/B Exchange Offer Registration Statement,” ”, and such offeroffers, the “A/B Exchange OfferOffers”) any and all of the Registrable Securities for a like aggregate principal amount of debt securities issued by the Company Issuer and guaranteed by the GuarantorsGuarantor, which debt securities and guarantees are guaranties will be substantially identical to the Securities and the related GuaranteesGuaranty, respectively (and are entitled to the benefits of a trust indenture that which is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act Act, and do not contain provisions for the additional interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called called, collectively, the A/B Exchange Securities”), (ii) . The Issuer agrees to use its commercially reasonable efforts to cause the A/B Exchange Offer Registration Statement to become effective by the Commission under the Securities Act as soon as practicable, but no later than August 31, 2020. The A/B Exchange Offers will be registered under the Securities Act on the appropriate form and will comply with all applicable rules and regulations under the Exchange Act, (iii) . The Issuer further agrees to use its commercially reasonable efforts to commence the A/B Exchange Offer Offers promptly after such Exchange Registration Statement has become effectivedeclaration of effectiveness, (iv) hold the Exchange Offer open for at least 20 Business Days (and in any case issue, on or longer if required by applicable law) after the date that notice of the Exchange Offer is mailed to holders of the Securitiesbefore September 30, (v) exchange 2020, A/B Exchange Securities in exchange for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the A/B Exchange Offers. Each holder of Registrable Securities who wishes to exchange such Registrable Securities for A/B Exchange Securities in, and in accordance with the terms of, the A/B Exchange Offers will be required to make certain customary representations in connection therewith, including representations that such holder is not a Restricted Holder. Upon the effectiveness of the A/B Exchange Offer and (vi) consummate Registration Statement, the Issuer shall promptly commence the A/B Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effectiveOffers, but in no event later than 30 Business Days thereafter (such 30th Business Day it being the “Consummation Date”). The objective of such A/B Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Exchange Offer will be deemed to have been “completed” only Offers that each holder (A) if the debt securities and related guarantees received by holders other than a Restricted Holders Holder) electing to participate in the A/B Exchange Offer for Registrable Offers will receive A/B Exchange Securities that are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states of the United States of America, and (B) . The A/B Exchange Offers shall be deemed to have been completed upon the earlier to occur of (1i) the Company Issuer having exchanged the A/B Exchange Securities for all outstanding Registrable Securities pursuant to the A/B Exchange Offer Offers and (2ii) the Company Issuer having exchanged, pursuant to the A/B Exchange OfferOffers, A/B Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the A/B Exchange OfferOffers, which shall be on a date that is at least 20 Business Days 30 days following the commencement of the A/B Exchange OfferOffers. The Company and the Guarantors agree Issuer agrees (Ix) to include in the A/B Exchange Offer Registration Statement a prospectus for use in any resales by any holder of A/B Exchange Securities that is a broker-dealer and (IIy) to keep such A/B Exchange Offer Registration Statement effective for a period (the “Resale Period”) beginning when A/B Exchange Securities are first issued in the A/B Exchange Offer Offers and ending upon the earlier of the expiration of the 180th day after the A/B Exchange Offer has Offers have been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such A/B Exchange Offer Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (bc), (cd) and (de) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) the Exchange Offer has not been consummated on or prior to the Consummation Datetime the A/B Exchange Offers are completed, existing Commission interpretations are changed such that the debt securities or the related guaranties received by holders other than Restricted Holders in the A/B Exchange Offers for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the Securities A/B Exchange Offers have not become Freely Tradable been completed on or before the Free Trade DateSeptember 30, 2020 or (iii) any holder notifies the Issuer prior to 20 days after the consummation of the A/B Exchange Offers that (A) based on the advice of counsel, due to a change in law or Commission policy it may not resell the A/B Exchange Securities acquired by it in the A/B Exchange Offers to the public without delivering a prospectus and the prospectus contained in the A/B Exchange Offer Registration Statement is not appropriate or available for such resales by such holder or (B) it is a purchaser and owns Registrable Securities acquired directly from the Issuer or an affiliate of the Issuer or (C) on or prior to the consummation of the A/B Exchange Offers existing laws, regulations and/or applicable Commission interpretations have been changed such that the holders of at least a majority in aggregate principal amount of the Registrable Securities would not be able to resell the A/B Exchange Securities acquired by them in, and in accordance with the terms of, the A/B Exchange Offers to the public without restriction under the Securities Act and without restriction under applicable blue sky or state securities laws, the Issuer shall, in lieu of (or, in the case of clause (iii), in addition to) conducting the A/B Exchange Offers contemplated by Section 2(a), use its commercially reasonable efforts to file or cause to be filed or amend or supplement an existing “shelf” registration statement under the Securities Act providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the “Shelf Registration” and such registration statement, the “Shelf Registration Statement”) no later than September 30, 2020 or 30 days after such obligation to file arises; provided, however, that the Issuer shall not be required to file a Shelf Registration Statement or amend or supplement an existing Shelf Registration Statement during any statutory or self-imposed blackout period. The Issuer agrees to use its commercially reasonable efforts (x) to cause the Shelf Registration Statement to become or be declared effective on or prior to 60 days after such filing was required to be made hereunder and (y) to keep such Shelf Registration Statement continuously effective for a period of one year (or, if shorter, the period after which Rule 144(d) generally becomes available to non-affiliates of the Issuer) from the effective date of the Shelf Registration Statement (subject to extension pursuant to Sections 2(d) and 3(h)); provided, however, that the Issuer shall not be obligated to keep the Shelf Registration Statement effective during any statutory or self-imposed blackout period; provided further, however, that no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder. The Issuer further agrees to supplement or make amendments to the Shelf Registration Statement, as and when required by this Agreement the rules, regulations or instructions applicable to the registration form used by the Issuer for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, and the Issuer agrees to furnish to each Electing Holder copies of any such supplement or amendment promptly after its being used or promptly following its filing with the Commission. (c) If (i) the A/B Exchange Offer Registration Statement (or a Shelf Registration Statement in lieu thereof) is not filed and on or before July 31, 2020, (ii) the A/B Exchange Offer Registration Statement (or a Shelf Registration Statement in lieu thereof) is not declared effectiveeffective by the Commission on or before August 31, 2020, (iii) the A/B Exchange Offers are not completed on or before September 30, 2020, (iv) a Shelf Registration Statement, or an amendment or supplement thereof, required to be filed is not filed on or before the date specified above for such filing, (v) a Shelf Registration Statement, or an amendment or supplement thereof, otherwise required to be filed is not declared effective on or before the date specified above for effectiveness thereof or (vi) a Shelf Registration Statement, or an amendment or supplement thereof, is declared effective but shall thereafter cease thereafter, subject to certain exceptions, ceases to be effective or fail usable (whether due to be usable for its intended purpose without being succeeded by a post-effective amendment stop order or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly otherwise) in connection with resales of Registrable Securities during the period specified in Section 2(b) above (each such event referred to in clauses (i) through (iii)vi) above, a “Registration Default,” and the period during which a Registration Default has occurred and is continuing, the “Registration Default Period”), then, as liquidated damages for in the case of a Registration Default referred to in clause (i), (ii) or (iii) above, the interest rate on all Registrable Securities or, in the case of a Registration Default referred to in clause (iv), (v) or (vi) above, the interest rate on the Registrable Securities to which such Registration Default relates, will increase by 0.25% per annum with respect to each 90-day period that passes until all such Registration Defaults have been cured, up to a maximum amount of 1.00% per annum (“Additional Interest”); provided, however, that such Additional Interest will cease to accrue at the later of (i) the date on which the Securities become freely transferable pursuant to Rule 144 and (ii) the date on which the J.X. Xxxxxx Corporate Emerging Markets Bond Index (CEMBI) is modified to permit the inclusion of freely transferable securities that have not been registered under the Securities Act. Upon the cure of any such Registration Default, the interest rate borne by the Registrable Securities shall be reduced thereafter by the full amount of any such increase or increases that resulted from such Registration Default. The Issuer shall notify the Trustee within three business days after each and every date on which an event occurs in respect of which Additional Interest is required to be paid (an “Event Date”). Additional Interest shall be paid by depositing with the Trustee, in trust, for the benefit of the holders, on or before the applicable semiannual interest payment date, immediately available funds in sums sufficient to pay the Additional Interest then due. The Additional Interest due shall be payable on each interest payment date to the record holder entitled to receive the interest payment to be paid on such date as set forth in the Indenture. Each obligation to pay Additional Interest shall be deemed to accrue from and including the day following the applicable Event Date. (d) Any A/B Exchange Offer Registration Statement pursuant to Section 2(a) and any Shelf Registration Statement pursuant to Section 2(b) will not be deemed to have become effective unless it has been declared effective by the Commission; provided, however, that, if after it has been declared effective, the offering of Securities pursuant to a Shelf Registration Statement is subject to the provisions of Section 8(b)any stop order, special interest (“Special Interest”), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for the first 90 days injunction or other order or requirement of the Commission or any other governmental agency or court, such Registration Default PeriodStatement will be deemed not to have been effective for such Securities during the period it was so subject, at a per annum rate until the offering of 0.50% for the second 90 days of the such Securities pursuant to such Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in Statement may legally resume. In no event shall the Company Issuer be required deemed to pay Special Interest for more than one be in breach of its obligations under the second paragraph of Section 2(b) nor shall a Registration Default at any given time. The Registration Default Period shall terminate on the date on which described in Section 2(c)(vi) be deemed to have occurred (i) as a result of any action required by applicable law which renders the Securities become Freely Tradable Issuer unable to comply with the Commission disclosure requirements or (ii) if compliance with its obligations under this Agreement to maintain the Exchange effectiveness of, supplement or amend any Registration Statement, upon advice of U.S. counsel to the Issuer, would require additional disclosure of material non-public information by the Issuer or its subsidiaries as to which, and so long as, the Issuer or its subsidiaries has a bona fide business purpose in preserving its confidentiality; provided, however, that the maximum period of time during which the Issuer shall be entitled to postpone the effectiveness, supplementing or amending of any Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure pursuant to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or clause (ii) of this paragraph shall be 45 calendar days; provided, further, that (x) upon the Exchange exercise of its right under clause (ii) of this paragraph to postpone the effectiveness, supplementing or amending of any such Registration Statement Statement, the Issuer shall give the holders prompt written notice of such exercise and an approximation of the anticipated length of such postponement and (y) after the exercise of its right under clause (ii) of this paragraph to postpone the effectiveness, supplementing or amending of any such Registration Statement, the Issuer shall not, within six months of the expiration of any such postponement, exercise again its right of postponement under clause (ii) of this paragraph. The holders hereby acknowledge that any notice given by the Issuer pursuant to this paragraph may constitute material non-public information and that the United States securities laws prohibit any person who has been declared effective and material non-public information about a company from purchasing or selling securities of the Exchange Offer has been consummatedcompany or from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such securities. (ce) The Company Issuer shall take, and shall cause the Guarantors to take, take all actions necessary or advisable to cause the Guaranty to be taken to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees registered under the Exchange Registration Statement registration statement contemplated in Section 2(a) or 2(b) hereof, as applicable. (df) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 1 contract

Samples: Registration Rights Agreement (Petrobras Global Finance B.V.)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors agree agrees to use all commercially its reasonable efforts to (i) file under the Securities Act Act, as soon as practicable, but no later than 120 days after the Closing Date, a single registration statement relating to an offer to exchange (such registration statement, the "Exchange Registration Statement,” and " and, such offer, the “an "Exchange Offer") any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the GuarantorsCompany, which debt securities and guarantees are will be substantially identical to such Securities tendered by the Securities and the related Guarantees, respectively holders (and are will be entitled to the benefits of a trust indenture that is will be substantially identical to the Indenture or is the Indenture and that has been will be qualified under the Trust Indenture Act), except that they such new debt securities will have been registered pursuant to an effective registration statement under the Securities Act Act, will not be subject to transfer restrictions or registration rights and do will not contain be entitled to the benefit of provisions for the additional interest Liquidated Damages contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called "Exchange Securities"), (ii) . The Company agrees to use its reasonable efforts to cause the Exchange Registration Statement to become effective under the Securities ActAct as soon as practicable, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) but no later than 210 days after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Closing Date”). The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Company further agrees to use its reasonable efforts to commence and complete the Exchange Offer will promptly, but no later than 45 Business Days after the date on which the Exchange Registration Statement has become effective, to hold the Exchange Offer open for at least 30 days and to exchange the Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer. The Exchange Offer shall be deemed to have been “completed” only (A) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states of the United States of America, and (B) completed upon the earlier to occur of (1i) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities that are properly tendered and not withdrawn pursuant to the Exchange Offer and (2ii) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days 30 days following the commencement of the Exchange Offer. The Company and the Guarantors agree agrees (Ix) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (IIy) to keep such Exchange Registration Statement effective for a period (the "Resale Period") beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th 120th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (b5(a), (c), (d) and (de) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) the Company determines that the Exchange Registration Statement is not available or the Exchange Offer may not be consummated because it would violate applicable law or the applicable interpretations of the staff of the Commission, (ii) the Exchange Offer has not been consummated prior to completed within 210 days plus 45 Business Days following the Consummation Date, (ii) the Securities have not become Freely Tradable on or before the Free Trade Date, Closing Date or (iii) in the opinion of counsel for the Purchasers, under applicable law or the applicable interpretations of the staff of the Commission, the Purchasers are not entitled to tender Securities in the Exchange Offer or must comply with the registration and prospectus delivery requirements of the Securities Act in connection with any offering or sale of Registrable Securities, the Company shall, in lieu of conducting the Exchange Offer contemplated by Section 2(a) hereof, use its reasonable efforts to file under the Securities Act, as soon as practicable after the time such obligation to file arises, a "shelf" registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the "Shelf Registration" and, such registration statement, the "Shelf Registration Statement"). The Company agrees to use its reasonable efforts to cause the Shelf Registration Statement required by this Agreement is filed and declared effective, but shall thereafter cease to become or be effective or fail to be usable for its intended purpose without being succeeded by a post-effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iii), a “Registration Default,” and the period during which a Registration Default has occurred and is continuing, the “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and to keep such Shelf Registration Statement continuously effective for a period ending on the Exchange Offer has been consummated. Special Interest shall not accrue as a result earlier of the Company’s failure second anniversary of the Closing Date or, if Rule 144(k) is amended to provide a certificate shorter restrictive period, such shorter period (the "Rule 144(k) Holding Period") or such time as there are no longer any Registrable Securities outstanding; provided, however, that no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder, and furnishes to the Trustee instructing the Trustee that the restrictive legend on Company in writing, within 20 days after receipt of a request therefor, such information with respect to such Electing Holder required under Regulation S-K under the Securities no longer applies unless Act as the Company has received a may reasonably request for use in connection with any Shelf Registration Statement or Prospectus or preliminary prospectus included therein. No Electing Holder shall be entitled to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if Liquidated Damages pursuant to Section 2(c) hereof unless and until such Electing Holder shall have used its reasonable efforts to provide all such reasonably requested information. Each Electing Holder as to which any Shelf Registration Statement is being effected agrees to furnish promptly to the Company receives all information required to be disclosed in order to make the information previously furnished to the Company by such a request on Electing Holder not materially misleading. The Company further agrees to supplement or after make amendments to the fifth Business Day immediately preceding Shelf Registration Statement, as and when required by the Free Trade Date rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, and the restrictive legend on Company agrees to furnish to each Electing Holder copies of any such supplement or amendment promptly after its being used following its filing with the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummatedCommission. (c) The Company shall takeagrees to pay liquidated damages (the "Liquidated Damages") upon the occurrence of any of the following events (each such event, and shall cause the Guarantors to take, all actions necessary or advisable to be taken to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under a "Liquidated Damages Event"): (i) if the Exchange Registration Statement contemplated in Section 2(a) hereof.or Shelf Registration Statement is not filed within 120 days following the Closing Date, then commencing on the 121st day after the Closing Date, Liquidated Damages shall accrue on the Securities over and above the otherwise applicable interest rate at a rate of 0.25% per year; or (dii) Any reference herein if an Exchange Registration Statement or Shelf Registration Statement is filed and is not declared effective within 210 days following the Closing Date, then commencing on the 211th day after the Closing Date, Liquidated Damages shall accrue on the Securities over and above the otherwise applicable interest rate at a rate of 0.25% per year; or (iii) if either (A) the Company has not exchanged Exchange Securities for all Securities validly tendered in accordance with the terms of the Exchange Offer on or prior to a registration statement 45 Business Days after the date on which the Exchange Registration Statement was declared effective, or prospectus as of (B) the Shelf Registration Statement has been declared effective, but such Shelf Registration Statement ceases to be effective at any time (I) prior to the expiration of the Rule 144(k) Holding Period and (II) while Registrable Securities are outstanding, then Liquidated Damages shall be deemed to include any document incorporatedaccrue on the Securities over and above the otherwise applicable interest rate at a rate of 0.25% per year commencing on the (x) 46th Business Day after such effective date, in the case of (A) above, or deemed (y) the day the Shelf Registration Statement ceases to be incorporatedeffective, therein by reference as in the case of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.(B) above;

Appears in 1 contract

Samples: Registration Rights Agreement (Kinder Morgan Inc)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors agree agrees to use all commercially its reasonable best efforts to (i) file under the Securities Act no later than 45 days after the Closing Date, a registration statement relating to an offer to exchange (such registration statement, the “Exchange Registration Statement,” and such offer, the “"Exchange Offer") any and all of the Registrable Securities for a like aggregate principal liquidation preference and amount of debt securities issued by preferred shares of the Company and guaranteed by the Guarantors, which debt securities and guarantees of the Company which are substantially identical to the Securities Preferred Shares and the related GuaranteesNotes, respectively respectively, (and and, in the case of the debt securities, which are entitled to the benefits of a trust indenture that which is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), ) except that they have been registered pursuant to an effective registration statement under the Securities Act and do such new preferred shares and debt securities will not contain provisions for the additional interest dividends and additional interest, respectively, contemplated in Section 2(b2(c) below or provisions restricting transfer in the absence of registration under the Securities Act (such new preferred shares and debt securities are hereinafter called "Exchange Securities"), (ii) . The Company agrees to use its reasonable best efforts to cause the Exchange Registration Statement such registration statement to become effective under the Securities Act, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest Act as soon as practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Date”)thereafter. The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply in all material respects with all applicable tender offer rules and regulations under the Exchange Act. The Company further agrees to commence the Exchange Offer promptly after such registration statement has become effective, hold the Exchange Offer open for at least 30 days and Exchange Securities for all Registrable Securities that have been tendered and not withdrawn on or prior to the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been “completed” completed only (A) if the debt securities and related guarantees Exchange Securities received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states States of the United States of America, and (B) it being understood that broker-dealers receiving Exchange Securities will be subject to certain prospectus delivery requirements with respect to resale of the Exchange Securities. The Exchange Offer shall be deemed to have been completed upon the earlier to occur of (1i) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2ii) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days 30 days following the commencement of the Exchange Offer. The Company and the Guarantors agree agrees (Ii) to include in the Exchange Registration Statement registration statement a prospectus for use in connection with any resales by any holder of Exchange Securities that is a broker-dealer and (IIii) to keep such Exchange Registration Statement registration statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon on the earlier of the expiration of the 180th 90th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, registration statement the Company and any such holders holder shall have the benefit of of, and shall each provide to the other, the rights of indemnification and contribution set forth in Sections 6(a), (b), (c) and (d) Section 6 hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If on or prior to the consummation of the Exchange Offer existing Commission interpretations are changed such that the Exchange Securities received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, in lieu of conducting the Exchange Offer contemplated by Section 2(a) the Company shall file under the Securities Act a "shelf" registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 under the Securities Act and/or any similar rule that may be adopted by the Commission (the "Shelf Registration"). The Company agrees to use its reasonable best efforts to cause the Shelf Registration to become or be declared effective and to keep such Shelf Registration continuously effective for a period ending on the earlier of the third anniversary of the Closing Date or such time as there are no longer any Registrable Securities outstanding. The Company further agrees to supplement or make amendments to the Shelf Registration, as and when required by the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration or by the Securities Act or rules and regulations thereunder for shelf registration, and the Company agrees to furnish to the holders of the Registrable Securities copies of any such supplement or amendment prior to its being used and/or filed with the Commission. (c) In the event that (i) the Company has not filed the registration statement relating to the Exchange Offer (or, if applicable, the Shelf Registration) on or before the 45th day after the Closing Date, or (ii) such registration statement (or, if applicable, the Shelf Registration) has not become effective or been declared effective by the Commission on or before the 120th day after the Closing Date, or (iii) the Exchange Offer has not been consummated prior completed within 30 business days after the initial effective date of the registration statement (if the Exchange Offer is then required to the Consummation Date, (iibe made) the Securities have not become Freely Tradable on or before the Free Trade Date, or (iiiiv) any Exchange Registration Statement registration statement required by this Agreement Section 2(a) or 2(b) is filed and declared effective, effective but shall thereafter cease to be effective or fail to be usable for its intended purpose (except as specifically permitted herein) without being succeeded promptly by a post-an additional registration statement filed and declared effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iiiiv), a "Registration Default,” and the period during which a Registration Default has occurred and is continuing, the “Registration Default Period”"), then, as liquidated damages for such Registration Defaultapplicable, subject to the provisions of Section 8(b), special interest either (“Special Interest”), i) dividends will accumulate (in addition to the Base stated dividends on the Preferred Shares) at the rate of 0.25% per annum on the liquidation preference of the Preferred Shares or (ii) interest will accrue (in addition to the stated interest on the Notes) at the rate of 0.25% per annum on the principal amount of the Notes, in each case for the period from and including the occurrence of the Registration Default until such time as no Registration Default is in effect. Such additional dividends (the "Special Dividends") will be payable quarterly in arrears on February 1, May 1, August 1 and November 1 in accordance with the Certificate of Designations, and such additional interest (the "Special Interest") will be payable semi-annually in arrears on each February 1 and August 1 in accordance with the Indenture. For each 90-day period that the Registration Default continues, shall accrue at a the per annum rate of Special Dividends or Special Interest, as applicable, shall increase by an additional 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period%, provided that such rate shall in no event shall exceed 1.0% per annum in the Company aggregate. Special Dividends or Special Interest, if any, will be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate computed on the date on which (i) basis of a 365 or 366 day year, as the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective case may be, and the Exchange Offer has been consummated. Special Interest shall not accrue as a result number of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. (c) The Company shall take, and shall cause the Guarantors to take, all actions necessary or advisable to be taken to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereofdays actually elapsed. (d) Any reference herein Notwithstanding any other provisions of this Agreement, in the event that the Notes are issued in exchange for the Preferred Shares prior to a registration statement the time when there are no outstanding Registrable Securities, then from the time of such exchange (i) all references in this Section 2 and Section 3 to Securities, Registrable Securities and Exchange Securities shall not include the Preferred Shares or prospectus as of any time shall be deemed to include any document incorporated, or deemed the preferred shares to be incorporatedissued in exchange therefor in the Exchange Offer, therein as applicable, and (ii) all requirements for action to be taken by reference as the Company in or pursuant to this Section 2 and Section 3 shall apply only to the Notes and the debt securities to be issued in exchange therefor in the Exchange Offer; PROVIDED, HOWEVER, that if the Preferred Shares are accumulating Special Dividends at the time of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement exchange of Preferred Shares for Notes, the Notes shall upon their issuance accrue Special Interest at the same per annum rate as the per annum rate of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of the Special Dividends at such time.

Appears in 1 contract

Samples: Preferred Exchange and Registration Rights Agreement (Nextlink Communications LLC)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors agree agrees to use all commercially reasonable efforts to (i) file under the Securities Act Act, no later than 90 days after the Closing Date, a registration statement relating to an offer to exchange (such registration statement, the “Exchange Offer Registration Statement,” ”, and such offer, the “Exchange Offer”) any and all of the Securities for a like Accreted Value and aggregate principal amount at maturity of debt securities issued by the Company and guaranteed by the GuarantorsCompany, which debt securities and guarantees are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that is substantially identical to the Indenture (or is the Indenture Indenture) and that has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest Special Interest contemplated in Section 2(b2(d) below (such new debt securities are hereinafter called “Exchange Securities”), (ii) . The Company agrees to use all commercially reasonable efforts to cause the Exchange Offer Registration Statement to become effective under the Securities Act, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) Act no later than 180 days after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Closing Date”). The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Company further agrees to use all commercially reasonable efforts to consummate the Exchange Offer no later than 30 Business Days after such registration statement has become effective, hold the Exchange Offer open for at least 30 days, or longer, if required by the federal securities laws, and exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been “completed” only (A) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states States of the United States of America, and (B) . The Exchange Offer shall be deemed to have been completed upon the earlier to occur of (1i) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2ii) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days 30 days following the commencement of the Exchange Offer. The Company and the Guarantors agree agrees (Ix) to include in the Exchange Offer Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (IIy) to keep such Exchange Offer Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Offer Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (bc), (cd) and (de) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) the Company is not (A) required to file the Exchange Offer Registration Statement or (B) permitted to consummate the Exchange Offer because the Exchange Offer is not permitted by applicable law or Commission policy; or (ii) any holder of Registrable Securities notifies the Company prior to the 20th Business Day following consummation of the Exchange Offer that (A) such holder was prohibited by law or Commission policy from participating in the Exchange Offer, (B) such holder may not resell the Exchange Securities acquired by it in the Exchange Offer to the public without delivering a prospectus and the prospectus contained in the Exchange Offer Registration Statement is not appropriate or available for such resales by such holder or (C) such holder is a broker-dealer and holds Registrable Securities acquired directly from the Company or an affiliate of the Company, then the Company shall, in lieu of (or, in the case of clause (ii), in addition to) conducting the Exchange Offer contemplated by Section 2(a) hereof, use all commercially reasonable efforts to file under the Securities Act, no later than the later of 30 days after the time such obligation to file arises (but no earlier than 90 days after the Closing Date), a “shelf” registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the “Shelf Registration” and such registration statement, the “Shelf Registration Statement”). The Company agrees to use all commercially reasonable efforts (x) to cause the Shelf Registration Statement to be declared effective by the Commission on or prior to 90 days after such filing obligation arises (but no earlier than 180 days following the Closing Date) and to keep such Shelf Registration Statement continuously effective for a period ending on the earlier of the second anniversary of the Effective Time or such time as there are no longer any Registrable Securities outstanding; provided, however, that no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder, and (y) after the Effective Time of the Shelf Registration Statement, promptly upon the request of any holder of Registrable Securities that is not then an Electing Holder, to take any action reasonably necessary to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement; provided, however, that nothing in this clause (y) shall (A) relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Company in accordance with Section 3(d)(iii) hereof or (B) require the Company to file more than one post-effective amendment to the Shelf Registration Statement in any 45-day period. The Company further agrees to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, and the Company agrees to furnish to each Electing Holder copies of any such supplement or amendment prior to its being used or promptly following its filing with the Commission. (c) Notwithstanding the foregoing, the Company may issue a notice that the Shelf Registration Statement is no longer effective or the prospectus included therein is no longer usable for offers and sales of Registrable Securities covered by the Shelf Registration Statement for a period not to exceed 60 days in the aggregate in any twelve-month period (a “suspension period”) if (i) such action is required by applicable law; or (ii) due to the existence of material non-public information, disclosure of such material non-public information would be required to make the statements contained in the applicable registration statement not misleading (including for the avoidance of doubt, the pendency of an acquisition, disposition or public or private offering by the Company), and the Company has a bona fide business purpose for preserving as confidential such material non-public information (other than avoidance of its obligations hereunder); provided that (x) the Company promptly thereafter complies with the requirements of Section 3(d) hereof and (y) the required period of effectiveness for the Shelf Registration Period set forth in Section 2(b) hereof shall be extended by the number of days during which such Shelf Registration Statement was not effective or usable pursuant to the foregoing provisions. (d) In the event that (i) the Company has not filed the Exchange Offer Registration Statement or Shelf Registration Statement on or before the date on which such registration statement is required to be filed pursuant to Section 2(a) or 2(b) hereof, respectively, or (ii) the Exchange Offer Registration Statement or Shelf Registration Statement has not become effective or been declared effective by the Commission on or before the date on which such registration statement is required to become or be declared effective pursuant to Section 2(a) or 2(b) hereof, respectively, or (iii) the Exchange Offer has not been consummated prior within 60 Business Days after the initial effective date of the Exchange Offer Registration Statement relating to the Consummation Date, Exchange Offer (iiif the Exchange Offer is then required to be made) the Securities have not become Freely Tradable on or before the Free Trade Date, or (iiiiv) any Exchange Offer Registration Statement or Shelf Registration Statement required by this Agreement Section 2(a) or 2(b) hereof is filed and declared effective, effective but shall thereafter cease either be withdrawn by the Company or shall become subject to be an effective or fail stop order issued pursuant to be usable for its intended purpose Section 8(d) of the Securities Act suspending the effectiveness of such registration statement (except as specifically permitted herein) without being succeeded immediately by a post-an additional registration statement filed and declared effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iiiiv), a “Registration Default,” and the each period during which a Registration Default has occurred and is continuing, the a “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b)9(b) hereof, special interest (“Special Interest”), in addition to the Base Interest, shall accrue at a on the Registrable Securities in an amount equal to $.05 per annum rate week per $1,000 principal amount of 0.25% the average Accreted Value (during such week) of such Registrable Securities for the first 90 days of the Registration Default Period, at a . The amount of Special Interest shall increase by an additional $.05 per annum rate of 0.50% for the second 90 days week per $1,000 principal amount of the average Accreted Value (during such week) of such Registrable Securities with respect to each subsequent 90-day period until all Registration Default PeriodDefaults have been cured, at up to a per annum rate maximum amount of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one all Registration Default at any given time. The Registration Default Period Defaults of $.20 per week per $1,000 principal amount of the average Accreted Value (during such week) of such Registrable Securities. (e) Any Special Interest due pursuant to Section 2(d) hereof shall terminate on the date on which be, (i) if such Special Interest accrued on or prior to the Securities become Freely Tradable or Full Accretion Date, added to the Accreted Value of each Registrable Security, and (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. if such Special Interest shall not accrue as a result of accrued after the Company’s failure to provide a certificate Full Accretion Date, payable in cash, in each case, semi-annually on each May 1 and November 1 (to the Trustee instructing the Trustee that the restrictive legend holders of record on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day April 15 and October 15 immediately preceding such dates), commencing with the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, first such date occurring after such Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummatedcommences to accrue. (cf) The Company shall take, and shall cause the Guarantors to take, take all actions reasonably necessary or advisable to be taken by it to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereof. (dg) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (PanAmSat Holding CORP)

Registration Under the Securities Act. (a3 Except as set forth in Section 2(b) Subject to the last sentence of this Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Datebelow, the Company and the Guarantors agree agrees to use all commercially reasonable efforts to (i) file under the Securities Act Act, as soon as practicable, but no later than 60 days after the Closing Date, a registration statement relating to an offer to exchange (such registration statement, the "Exchange Registration Statement,” ", and such offer, the "Exchange Offer") any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the GuarantorsCompany, which debt securities and guarantees are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that which is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called "Exchange Securities"), (ii) . The Company agrees to use all commercially reasonable efforts to cause the Exchange Registration Statement to become effective under the Securities ActAct as soon as practicable, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) but no later than 180 days after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Closing Date”). The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Company further agrees to use all commercially reasonable efforts to commence and complete the Exchange Offer promptly, but no later than 45 days after such registration statement has become effective, hold the Exchange Offer open for at least 30 days and exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been "completed" only (A) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states States of the United States of America, and (B) . The Exchange Offer shall be deemed to have been completed upon the earlier to occur of (1i) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2ii) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days following the commencement of the Exchange Offer. The Company and the Guarantors agree (I) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (II) to keep such Exchange Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (b), (c) and (d) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) the Exchange Offer has not been consummated prior to the Consummation Date, (ii) the Securities have not become Freely Tradable on or before the Free Trade Date, or (iii) any Exchange Registration Statement required by this Agreement is filed and declared effective, but shall thereafter cease to be effective or fail to be usable for its intended purpose without being succeeded by a post-effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iii), a “Registration Default,” and the period during which a Registration Default has occurred and is continuing, the “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. (c) The Company shall take, and shall cause the Guarantors to take, all actions necessary or advisable to be taken to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereof. (d) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.pursuant

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (Arrow Electronics Inc)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors agree agrees to use all commercially reasonable efforts to (i) file under the Securities Act Act, as soon as practicable, but no later than 150 days after the Closing Date, a registration statement relating to an offer to exchange (such registration statement, the "Exchange Registration Statement,” ", and such offer, the "Exchange Offer") any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the GuarantorsCompany, which debt securities and guarantees are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that which is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called "Exchange Securities"), (ii) . The Company agrees to use its reasonable best efforts to cause the Exchange Registration Statement to become effective under the Securities ActAct as soon as practicable, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) but no later than 180 days after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Closing Date”). The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Company further agrees to use its best efforts to commence and complete the Exchange Offer promptly, but no later than 45 days after such registration statement has become effective, hold the Exchange Offer open for at least 30 days and exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been "completed" only (A) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states States of the United States of America, and (B) . The Exchange Offer shall be deemed to have been completed upon the earlier to occur of (1i) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2ii) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days 30 days following the commencement of the Exchange Offer. The Company and the Guarantors agree agrees (Ix) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (IIy) to keep such Exchange Registration Statement effective for a period (the "Resale Period") beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (bc), (cd) and (de) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) on or prior to the time the Exchange Offer is completed existing Commission interpretations are changed such that the debt securities received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the Exchange Offer has not been consummated prior to completed within 225 days following the Consummation Date, (ii) the Securities have not become Freely Tradable on or before the Free Trade Date, Closing Date or (iii) the Exchange Offer is not available to any Exchange Registration Statement required by this Agreement is filed and declared effectiveholder of the Securities, but shall thereafter cease to be effective or fail to be usable for its intended purpose without being succeeded by a post-effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly the Company shall, in lieu of (each such event referred to or, in clauses (i) through the case of clause (iii), a “Registration Default,” and the period during which a Registration Default has occurred and is continuing, the “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (ito) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and conducting the Exchange Offer has been consummatedcontemplated by Section 2(a), file under the Securities Act as soon as practicable, but no later than the later of 30 days after the time such obligation to file arises, a "shelf" registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the "Shelf Registration" and such registration statement, the "Shelf Registration Statement"). Special Interest The Company agrees to use its reasonable best efforts (x) to cause the Shelf Registration Statement to become or be declared effective no later than 30 days after such Shelf Registration Statement is filed and to keep such Shelf Registration Statement continuously effective for a period ending on the earlier of the second anniversary of the Effective Time or such time as there are no longer any Registrable Securities outstanding, provided, however, that no holder shall not accrue be entitled to be named as a result selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder, and (y) after the Effective Time of the Company’s failure Shelf Registration Statement, promptly upon the request of any holder of Registrable Securities that is not then an Electing Holder, to provide take any action reasonably necessary to enable such holder to use the prospectus forming a certificate part thereof for resales of Registrable Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement, provided, however, that nothing in this Clause (y) shall relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this accordance with Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. (c) The Company shall take, and shall cause the Guarantors to take, all actions necessary or advisable to be taken to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereof. (d) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.3(d)(iii)

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (Pseg Energy Holdings LLC)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors agree agrees to use all commercially its reasonable best efforts to (i) file under the Securities Act Act, as soon as practicable, but no later than 75 days after the Closing Date, a registration statement relating to an offer to exchange (such registration statement, the "Exchange Registration Statement,” ", and such offer, the "Exchange Offer") any and all of the Registrable Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the Guarantors, which debt securities and guarantees guarantee are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that which is substantially identical to the applicable Indenture or is the such Indenture and that which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for registration rights or the additional interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called "Exchange Securities"), (ii) . The Company agrees to use its reasonable best efforts to cause the Exchange Registration Statement to become effective under the Securities ActAct as soon as practicable, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) after but no later than 210 days following the date that notice of filing of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Date”)Statement. The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Company further agrees to use its reasonable best efforts to commence and complete the Exchange Offer promptly, but no later than 45 days after such registration statement has become effective, hold the Exchange Offer open for at least 30 days and exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been "completed" only (A) if the debt securities and related guarantees guarantee received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states States of the United States of America, and (B) it being understood that broker-dealers receiving Exchange Notes will be subject to certain prospectus delivery requirements with respect to resale of the Exchange Notes. The Exchange Offer shall be deemed to have been completed upon the earlier to occur of (1i) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2ii) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days 30 days following the commencement of the Exchange Offer. The Company and the Guarantors agree agrees (Ix) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (IIy) to keep such Exchange Registration Statement effective for a period (the "Resale Period") beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th 120th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (bc), (cd) and (de) hereof. The obligations Each holder that participates in the Exchange Offer will be required, as a condition to its participation in the Exchange Offer, to represent to the Company in writing (which may be contained in the applicable letter of transmittal) (i) that any Exchange Securities to be received by it will be acquired in the ordinary course of its business, (ii) that at the time of the commencement of the Exchange Offer such holder will have no arrangement or understanding with any Person to participate in the distribution (within the meaning of the Securities Act) of the Exchange Securities in violation of the provisions of the Securities Act, (iii) that such holder is not an affiliate of the Company and within the Guarantors set forth in this Section 2(a) shall cease on the date on which meaning of the Securities become Freely TradableAct and (iv) that such holder is not acting on behalf of a Person who could not make the foregoing representations. In addition, each broker-dealer that will receive Exchange Securities for its own account in exchange for Securities that were acquired as a result of market-making or other trading activities will be required to represent that the Securities being tendered by such broker-dealer were acquired in ordinary trading or market-making activities. A broker-dealer that is not able to make the foregoing representation will not be permitted to participate in the Exchange Offer. (b) If (i) on or prior to the time the Exchange Offer is completed existing Commission interpretations are changed such that the debt securities or the related guarantee received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the Exchange Offer has not been consummated prior completed within 255 days following the date of filing of the Exchange Registration Statement or (iii) the Exchange Offer is not available to any holder of the Securities by reason of U.S. law or Commission policy (other than due solely to the Consummation Datestatus of such holder as an affiliate of the Company within the meaning of the Securities Act), the Company shall, in lieu of (or, in the case of clause (iii), in addition to) conducting the Exchange Offer contemplated by Section 2(a), file under the Securities Act as soon as practicable, but no later than the later of 75 days after the time such obligation to file arises, a "shelf" registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the "Shelf Registration" and such registration statement, the "Shelf Registration Statement"). The Company agrees to use its reasonable best efforts (x) to cause the Shelf Registration Statement to become or be declared effective no later than 210 days after such Shelf Registration Statement is filed and to keep such Shelf Registration Statement continuously effective for a period ending on the earlier of the second anniversary of the Effective Time or such time as there are no longer any Registrable Securities outstanding, provided, however, that (I) no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder and (II) the Company shall be permitted to take any action that would suspend the effectiveness of a Shelf Registration Statement or result in holders covered by a Shelf Registration Statement not being able to offer and sell such Securities if (i) such action is required by law or (ii) such action is taken by the Company in good faith and for valid business reasons involving a material undisclosed event, and (y) after the Effective Time of the Shelf Registration Statement, within 30 days following the request of any holder of Registrable Securities that is not then an Electing Holder, to take any action reasonably necessary to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement, provided, however, that nothing in this Clause (y) shall relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Company in accordance with Section 3(d)(iii) hereof. The Company further agrees to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement or by the Securities have Act or rules and regulations thereunder for shelf registration, and the Company agrees to furnish to each Electing Holder copies of any such supplement or amendment prior to its being used or promptly following its filing with the Commission. (c) In the event that (i) the Company has not become Freely Tradable filed the Exchange Registration Statement or Shelf Registration Statement on or before the Free Trade Datedate on which such registration statement is required to be filed pursuant to Section 2(a) or 2(b), respectively, or (ii) such Exchange Registration Statement or Shelf Registration Statement has not become effective or been declared effective by the Commission on or before the date on which such registration statement is required to become or be declared effective pursuant to Section 2(a) or 2(b), respectively, or (iii) the Exchange Offer has not been completed within 45 days after the initial effective date of the Exchange Registration Statement relating to the Exchange Offer (if the Exchange Offer is then required to be made) or (iv) any Exchange Registration Statement or Shelf Registration Statement required by this Agreement Section 2(a) or 2(b) hereof is filed and declared effective, effective but shall thereafter cease either be withdrawn by the Company or shall become subject to be an effective or fail stop order issued pursuant to be usable for its intended purpose Section 8(d) of the Securities Act suspending the effectiveness of such registration statement (except as specifically permitted herein) without being succeeded immediately by a post-an additional registration statement filed and declared effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iiiiv), a "Registration Default,” " and the each period during which a Registration Default has occurred and is continuing, the “a "Registration Default Period"), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b9(b), special interest ("Special Interest"), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period; provided, provided however, that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as if the failure of the Company to comply with its obligations hereunder is a result of the Company’s failure of any of the holders, underwriters, Purchaser or placement or sales agents to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummatedfulfill their respective obligations hereunder. (cd) The Company shall take, and shall cause the Guarantors to take, all actions necessary or advisable to be taken by it to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement registration statement contemplated in Section 2(a) or 2(b) hereof, as applicable. (de) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (Huntsman Texas Holdings LLC)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors agree agrees to use all commercially reasonable efforts to (i) file under the Securities Act Act, as soon as practicable, but no later than 150 days after the Closing Date, a registration statement relating to an offer to exchange (such registration statement, the "Exchange Registration Statement,” ", and such offer, the "Exchange Offer") any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the GuarantorsCompany, which debt securities and guarantees are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that which is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called "Exchange Securities"), (ii) . The Company agrees to use its reasonable best efforts to cause the Exchange Registration Statement to become effective under the Securities ActAct as soon as practicable, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) but no later than 180 days after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Closing Date”). The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Company further agrees to use its best efforts to commence and complete the Exchange Offer promptly, but no later than 45 days after such registration statement has become effective, hold the Exchange Offer open for at least 30 days and exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been "completed" only (A) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states States of the United States of America, and (B) . The Exchange Offer shall be deemed to have been completed upon the earlier to occur of (1i) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2ii) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days 30 days following the commencement of the Exchange Offer. The Company and the Guarantors agree agrees (Ix) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (IIy) to keep such Exchange Registration Statement effective for a period (the "Resale Period") beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (bc), (cd) and (de) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) on or prior to the time the Exchange Offer is completed existing Commission interpretations are changed such that the debt securities received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the Exchange Offer has not been consummated completed within 225 days following the Closing Date or (iii) the Exchange Offer is not available to any holder of the Securities, the Company shall, in lieu of (or, in the case of clause (iii), in addition to) conducting the Exchange Offer contemplated by Section 2(a), file under the Securities Act as soon as practicable, but no later than the later of 30 days after the time such obligation to file arises, a "shelf" registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the "Shelf Registration" and such registration statement, the "Shelf Registration Statement"). The Company agrees to use its reasonable best efforts (x) to cause the Shelf Registration Statement to become or be declared effective no later than 30 days after such Shelf Registration Statement is filed and to keep such Shelf Registration Statement continuously effective for a period ending on the earlier of the second anniversary of the Effective Time or such time as there are no longer any Registrable Securities outstanding, provided, however, that no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder, and (y) after the Effective Time of the Shelf Registration Statement, promptly upon the request of any holder of Registrable Securities that is not then an Electing Holder, to take any action reasonably necessary to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement, provided, however, that nothing in this Clause (y) shall relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Company in accordance with Section 3(d)(iii) hereof. The Company further agrees to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, and the Company agrees to furnish to each Electing Holder copies of any such supplement or amendment prior to its being used or promptly following its filing with the Consummation Date, Commission. (iic) In the event that (i) the Securities have Company has not become Freely Tradable filed the Exchange Registration Statement or Shelf Registration Statement on or before the Free Trade Datedate on which such registration statement is required to be filed pursuant to Section 2(a) or 2(b), respectively, or (ii) such Exchange Registration Statement or Shelf Registration Statement has not become effective or been declared effective by the Commission on or before the date on which such registration statement is required to become or be declared effective pursuant to Section 2(a) or 2(b), respectively, or (iii) the Exchange Offer has not been completed within 45 days after the initial effective date of the Exchange Registration Statement relating to the Exchange Offer (if the Exchange Offer is then required to be made) or (iv) any Exchange Registration Statement or Shelf Registration Statement required by this Agreement Section 2(a) or 2(b) hereof is filed and declared effective, effective but shall thereafter cease either be withdrawn by the Company or shall become subject to be an effective or fail stop order issued pursuant to be usable for its intended purpose Section 8(d) of the Securities Act suspending the effectiveness of such registration statement (except as specifically permitted herein) without being succeeded immediately by a post-an additional registration statement filed and declared effective amendment or prospectus supplement to such (v) the transactions contemplated by the Exchange Registration Statement that cures such or the Shelf Registration Statement shall have been consummated but for whatever reason (other than due to the failure of a holder to perform any act in accordance with the provisions of this Agreement or due to a change in law) the Exchange Securities or the Securities sold pursuant to the effective Shelf Registration Statement are not designated by the same CUSIP and that is itself declared effectively promptly ISIN Numbers as the $400,000,000 8.625% Senior Notes due 2008 previously issued by the Company and outstanding on the date hereof or are otherwise not fungible therewith (each such event referred to in clauses (i) through (iiiv), a "Registration Default,” " and the each period during which a Registration Default has occurred and is continuing, the “a "Registration Default Period"), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b9(b), special interest ("Special Interest"), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. (cd) The Company shall take, and shall cause the Guarantors to take, take all actions necessary or advisable to be taken by it to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereof. (de) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (Pseg Energy Holdings LLC)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company Issuers and the Guarantors agree to use all commercially reasonable efforts file with the Commission, on or prior to (i) file 90 days after the Closing Date an exchange offer registration statement on the appropriate form under the Securities Act a registration statement relating with respect to an offer to exchange (such registration statement, the “Exchange Offer Registration Statement,” ”, and such offer, the “Exchange Offer”) any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company Issuers and guaranteed by the Guarantors, which debt securities and guarantees Guarantees are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that is substantially identical to the Indenture or is the Indenture and that has been qualified under the Trust Indenture ActIndenture), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest Special Interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called “Exchange Securities”), (ii) cause . The Issuers and the Exchange Registration Statement Guarantors agree to become effective under the Securities Act, (iii) commence use all commercially reasonable efforts to have the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold declared effective by the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn Commission on or prior to 180 days after the expiration of Closing Date, which may be extended for an additional 90 days if the sole reason for the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effectivenot becoming declared effective is the result of the failure of the Issuers to obtain necessary approvals of applicable Gaming Authorities; provided, but in no event later than 30 Business Days thereafter (that during such 30th Business Day being extension the “Consummation Date”)Issuers shall continue to use their commercially reasonable efforts to obtain such approvals. The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. Unless the Exchange Offer would not be permitted by applicable law or Commission policy, the Issuers and the Guarantors will (i) commence the Exchange Offer promptly; and (ii) use all commercially reasonable efforts to (A) hold the Exchange Offer open for at least 20 Business Days in accordance with Regulation 14E promulgated by the Commission under the Exchange Act and (B) exchange Exchange Securities for all Entitled Securities that have been properly tendered and not withdrawn promptly following the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been “completed” only (Ai) if the debt securities Exchange Securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Entitled Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states States of the United States of America, America and (Bii) upon the earlier to occur of (1) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2) the Company Issuers having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Entitled Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 and not more than 30 Business Days following the commencement of the Exchange Offer. The Company Issuers and the Guarantors agree (Ix) to include in the Exchange Offer Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a brokerBroker-dealer Dealer and (IIy) to keep such Exchange Offer Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such brokerBroker-dealers Dealers no longer own any Registrable Entitled Securities. With respect to such Exchange Offer Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections subsections 6(a), (bc), (cd) and (d) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradablee). (b) If (i) on or prior to the time the Exchange Offer is completed the Issuers and the Guarantors are not (A) required to file the Exchange Offer Registration Statement or (B) permitted to consummate the Exchange Offer because the Exchange Offer is not permitted by applicable law or Commission policy; or (ii) any holder of Entitled Securities notifies the Issuers prior to the 20th Business Day following consummation of the Exchange Offer that (A) it is prohibited by law or Commission policy from participating in the Exchange Offer, (B) it may not resell the Exchange Securities acquired by it in the Exchange Offer to the public without delivering a prospectus and the prospectus contained in the Exchange Offer Registration Statement is not appropriate or available for such resales or (C) it is a Broker-Dealer and owns Securities acquired directly from the Issuers or an affiliate of the Issuers, then the Issuers and the Guarantors shall, in lieu of (or, in the case of clause (B), in addition to) conducting the Exchange Offer contemplated by Section 2(a), use all commercially reasonable efforts to file with the Commission on or prior to 30 days after such filing obligation arises (but no earlier than 90 days after the Closing Date), a “shelf” registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Entitled Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the “Shelf Registration” and such registration statement, the “Shelf Registration Statement”) to cover resales of the Entitled Securities by the Electing Holders who satisfy certain conditions relating to the provision of information in connection with the Shelf Registration Statement. If obligated to file the Shelf Registration Statement, the Issuers and the Guarantors will use all commercially reasonable efforts to cause the Shelf Registration Statement be declared effective by the Commission on or prior to 90 days after such Shelf Registration Statement filing obligation arises (but no earlier than 180 days after the Closing Date). The Issuers and the Guarantors agree to use all commercially reasonable efforts to keep such Shelf Registration Statement continuously effective for a period ending on the earlier of the second anniversary of the Effective Time or such time as there are no longer any Entitled Securities outstanding. No holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Entitled Securities unless such holder is an Electing Holder. The Issuers and the Guarantors agree, after the Effective Time of the Shelf Registration Statement and promptly upon the request of any holder of Entitled Securities that is not then an Electing Holder, to use all commercially reasonable efforts to enable such holder to use the prospectus forming a part thereof for resales of Entitled Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement (whether by post-effective amendment thereto or by filing a prospectus pursuant to Rules 430B and 424(b) under the Securities Act identifying such holder), provided, however, that nothing in this sentence shall relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Issuers in accordance with Section 3(d)(iii). Notwithstanding anything to the contrary in this Section 2(b), upon notice to the Electing Holders, the Issuers may suspend the use or the effectiveness of such Shelf Registration Statement, or extend the time period in which it is required to file the Shelf Registration Statement, for up to 30 consecutive days and up to 60 days in the aggregate, in each case in any 12-month period (a “Suspension Period”) if the Board of Directors of the Issuers determines that there is a valid business purpose for suspension of the Shelf Registration Statement; provided that the Issuers shall promptly notify the Electing Holders when the Shelf Registration Statement may once again be used or is effective (c) In the event that (i) the Issuers and the Guarantors have not filed the Exchange Offer Registration Statement or the Shelf Registration Statement on or before the date on which such registration statement is required to be filed pursuant to Section 2(a) or Section 2(b), respectively, or (ii) such Exchange Offer Registration Statement or Shelf Registration Statement has not been declared effective by the Commission on or prior to the date specified for such effectiveness (the “Effectiveness Target Date”), or (iii) the Exchange Offer has not been consummated prior completed within 30 Business Days of the Effectiveness Target Date with respect to the Consummation Date, (ii) the Securities have not become Freely Tradable on or before the Free Trade Date, Exchange Offer Registration Statement or (iiiiv) any Exchange Offer Registration Statement or Shelf Registration Statement required by this Agreement is filed and declared effective, but shall thereafter cease to be effective or fail to be usable for its intended purpose without being succeeded by a post-effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iii), a “Registration Default,” and the period during which a Registration Default has occurred and is continuing, the “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. (c) The Company shall take, and shall cause the Guarantors to take, all actions necessary or advisable to be taken to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereof. (d) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.Section

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (American Casino & Entertainment Properties LLC)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors agree agrees to use all commercially reasonable efforts to (i) file under the Securities Act Act, as soon as practicable, but no later than 90 days after the Closing Date, a registration statement relating to an offer to exchange (such registration statement, the "Exchange Registration Statement,” ", and such offer, the "Exchange Offer") any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the GuarantorsCompany, which debt securities and guarantees are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that which is substantially identical to the Indenture Mortgage or is the Indenture Mortgage and that which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest liquidated damages contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called "Exchange Securities"), (ii) . The Company agrees to use all commercially reasonable efforts to cause the Exchange Registration Statement to become effective under the Securities ActAct as soon as practicable, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) but no later than 180 days after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Closing Date”). The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Company further agrees to use its best efforts to commence and complete the Exchange Offer promptly, but no later than 45 days after such registration statement has become effective, hold the Exchange Offer open for at least 30 days and exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been "completed" only (A) if the debt securities and related guarantees received in the Exchange Offer by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states of the United States of America, and (B) . The Exchange Offer shall be deemed to have been completed upon the earlier to occur of (1i) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2ii) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days 30 days following the commencement of the Exchange Offer. The Company and the Guarantors agree agrees (Ix) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (IIy) to keep such Exchange Registration Statement effective for a period (the "Resale Period") beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (bc), (cd) and (de) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) on or prior to the time the Exchange Offer is completed, existing Commission interpretations are changed such that the debt securities received by holders other than Restricted Holders in the Exchange Offer are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act,(ii) the Exchange Offer has not been consummated within 225 days following the Closing Date or (iii) the Exchange Offer is not available to any holder of the Securities, the Company shall, in lieu of (or, in the case of clause (iii), in addition to) conducting the Exchange Offer contemplated by Section 2(a), file under the Securities Act as soon as practicable, but no later than 30 days after the time such obligation to file arises, a "shelf" registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the "Shelf Registration" and such registration statement, the "Shelf Registration Statement"). The Company agrees to use all commercially reasonable efforts (x) to cause the Shelf Registration Statement to become or be declared effective no later than 90 days after such Shelf Registration Statement is filed and to keep such Shelf Registration Statement continuously effective for a period ending on the earlier of the second anniversary of the Effective Time or such time as there are no longer any Registrable Securities outstanding, provided, however, that no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder, and (y) after the Effective Time of the Shelf Registration Statement, promptly upon the request of any holder of Registrable Securities that is not then an Electing Holder, to take any action reasonably necessary to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement, provided, however, that nothing in this Clause (y) shall relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Company in accordance with Section 3(d)(iii) hereof. The Company further agrees to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, and the Company agrees to furnish to each Electing Holder copies of any such supplement or amendment prior to its being used or promptly following its filing with the Consummation DateCommission. Notwithstanding the foregoing, if the Board of Directors of the Company determines in good faith that it is in the best interests of the Company not to disclose the existence of or facts surrounding any proposed or pending material corporate transaction involving the Company, the Company may allow the Shelf Registration Statement to fail to be effective and usable as a result of such nondisclosure for up to 60 days during the two year period of effectiveness required by Section 2 hereof, but in no event for any period in excess of 30 consecutive days. (iic) In the event that (i) the Securities have Company has not become Freely Tradable filed the Exchange Registration Statement or Shelf Registration Statement on or before the Free Trade Datedate on which such registration statement is required to be filed pursuant to Section 2(a) or 2(b), respectively, or (ii) such Exchange Registration Statement or Shelf Registration Statement has not become effective or been declared effective by the Commission on or before the date on which such registration statement is required to become or be declared effective pursuant to Section 2(a) or 2(b), respectively, or (iii) the Exchange Offer has not been completed within 45 days after the initial effective date of the Exchange Registration Statement relating to the Exchange Offer (if the Exchange Offer is then required to be made) or (iv) any Exchange Registration Statement or Shelf Registration Statement required by this Agreement Section 2(a) or 2(b) hereof is filed and declared effective, effective but shall thereafter cease either be withdrawn by the Company or shall become subject to be an effective or fail stop order issued pursuant to be usable for its intended purpose Section 8(d) of the Securities Act suspending the effectiveness of such registration statement (except as specifically permitted herein) without being succeeded immediately by a post-an additional registration statement filed and declared effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iiiiv), a "Registration Default,” " and the each period during which a Registration Default has occurred and is continuing, the “a "Registration Default Period"), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b9(b), special interest liquidated damages (“Special Interest”"Liquidated Damages"), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for will be (1) with respect to the first 90 days 90-day period immediately following the occurrence of the first Registration Default PeriodDefault, at a an amount equal to $0.05 per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a week per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder $1,000 principal amount of Securities or outstanding; and (2) an additional $0.05 per week per $1,000 principal amount of Securities with respect to each subsequent 90-day period, up to a maximum amount of Liquidated Damages for all Registration Defaults of $0.20 per week per $1,000 principal amount of Securities outstanding, to and including the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the first week in which all Registration Defaults have been cured, but only so long as any Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummatedare Registrable Securities. (cd) The Company shall take, and shall cause the Guarantors to take, take all actions necessary or advisable to be taken by it to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereof. (de) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (Avista Corp)

Registration Under the Securities Act. (a) Subject To the extent not prohibited by any applicable law or applicable interpretations of the Staff, the Issuer and, if applicable, the Guarantors shall use their reasonable best efforts to (x) cause to be filed an Exchange Offer Registration Statement covering an offer to the last sentence of this Section 2(a)Holders to exchange all the Registrable Securities for Exchange Securities, if provided that the Securities have not become Freely Tradable on or before the Free Trade Date, the Company Issuer and the Guarantors agree shall not be obligated to use all commercially reasonable efforts cause to (i) file under be filed separate Exchange Offer Registration Statements covering the Securities Act a registration statement relating to an offer to exchange (such registration statement, the “Exchange Registration Statement,” and such offer, the “Exchange Offer”) any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the Guarantors, which debt securities and guarantees are substantially identical to the Registrable Securities and the Other Securities that are registrable securities (as such term is defined in the registration rights agreement related Guarantees, respectively (and are entitled to the benefits of a trust indenture that is substantially identical to the Indenture or is the Indenture and that has been qualified under the Trust Indenture ActOther Securities), except that they and (y) have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest contemplated in Section 2(b) below (such new debt securities are hereinafter called “Exchange Securities”), (ii) cause the Exchange Registration Statement to become and remain effective under until 180 days after the Securities Actlast Exchange Date for use by one or more Participating Broker-Dealers. Unless not permitted by applicable law or SEC policy, (iii) the Issuer and, if applicable, the Guarantors shall commence the Exchange Offer promptly after the Exchange Offer Registration Statement is declared effective by the SEC and use their reasonable best efforts to complete the Exchange Offer not later than 60 days after such effective date. After the Exchange Offer Registration Statement has become effective, (iv) hold the Issuer and, if applicable, the Guarantors shall commence the Exchange Offer open by mailing or making available the related Prospectus, appropriate letters of transmittal and other accompanying documents to each Holder stating, in addition to such other disclosures as are required by applicable law, substantially the following: (i) that the Exchange Offer is being made pursuant to this Agreement and that all Registrable Securities validly tendered and not properly withdrawn will be accepted for exchange; (ii) the dates of acceptance for exchange (which shall be a period of at least 20 Business Days (or longer if required by applicable law) after from the date such notice is mailed or made available) (the “Exchange Dates”); (iii) that notice any Registrable Security not tendered will remain outstanding and continue to accrue interest but will not retain any rights under this Agreement, except as otherwise specified herein; (iv) that any Holder electing to have a Registrable Security exchanged pursuant to the Exchange Offer will be required to (A) surrender such Registrable Security, together with the appropriate letters of transmittal, to the institution and at the address and in the manner specified in the notice, or (B) effect such exchange otherwise in compliance with the applicable procedures of the depositary for such Registrable Security, in each case prior to the close of business on the last Exchange Date; and (v) that any Holder will be entitled to withdraw its election, not later than the close of business on the last Exchange Date, by (A) sending to the institution and at the address specified in the notice, a telegram, facsimile transmission or letter setting forth the name of such Holder, the principal amount of Registrable Securities delivered for exchange and a statement that such Holder is withdrawing its election to have such Securities exchanged or (B) effecting such withdrawal in compliance with the applicable procedures of the depositary for the Registrable Securities. As a condition to participating in the Exchange Offer, a Holder will be required to represent to the Issuer and, if applicable, the Guarantors that (1) any Exchange Securities to be received by it will be acquired in the ordinary course of its business, (2) at the time of the commencement of the Exchange Offer is mailed it has no arrangement or understanding with any Person to holders participate in the distribution (within the meaning of the SecuritiesSecurities Act) of the Exchange Securities in violation of the provisions of the Securities Act, (v3) exchange it is not an “affiliate” (within the meaning of Rule 405 under the Securities Act) of the Escrow Issuer, the Company or, if applicable, any Guarantor and (4) if such Holder is a broker-dealer that will receive Exchange Securities for its own account in exchange for Registrable Securities that were acquired as a result of market-making or other trading activities, then such Holder will deliver a Prospectus (or, to the extent permitted by law, make available a Prospectus to purchasers) in connection with any resale of such Exchange Securities. As soon as practicable after the last Exchange Date, the Issuer and, if applicable, the Guarantors shall: (I) accept for exchange Registrable Securities or portions thereof validly tendered and not properly withdrawn pursuant to the Exchange Offer; and (II) deliver, or cause to be delivered, to the Trustee for cancellation all Registrable Securities that have been properly tendered or portions thereof so accepted for exchange by the Issuer and not withdrawn on or prior issue, and cause the Trustee to promptly authenticate and deliver to each Holder, Exchange Securities equal in principal amount to the expiration principal amount of the Registrable Securities tendered by such Holder. The Issuer and, if applicable, the Guarantors shall use their reasonable best efforts to complete the Exchange Offer as provided above and (vi) consummate shall comply with the applicable requirements of the Securities Act, the Exchange Offer on the earliest practicable date after Act and other applicable laws and regulations in connection with the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Date”)Offer. The Exchange Offer will shall not be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under subject to any conditions, other than that the Exchange Act. The Offer does not violate any applicable law or applicable interpretations of the Staff. (b) In the event that (i) the Issuer and, if applicable, the Guarantors determine that the Exchange Offer will Registration provided for in Section 2(a) hereof is not available or the Exchange Offer may not be deemed completed as soon as practicable after the last Exchange Date because it would violate any applicable law or applicable interpretations of the Staff, (ii) the Exchange Offer is not for any other reason completed by the Target Registration Date or (iii) upon receipt of a written request (a “Shelf Request”) from any Initial Purchaser representing that it holds Registrable Securities that are or were ineligible to have been “completed” only (A) if the debt securities and related guarantees received by holders other than Restricted Holders be exchanged in the Exchange Offer Offer, the Issuer and, if applicable, the Guarantors shall use their reasonable best efforts to cause to be filed as soon as practicable after such determination, date or Shelf Request, as the case may be, a Shelf Registration Statement providing for the sale of all the Registrable Securities areby the Holders thereof and to have such Shelf Registration Statement become effective; provided that no Holder will be entitled to have any Registrable Securities included in any Shelf Registration Statement, upon receiptor be entitled to use the prospectus forming a part of such Shelf Registration Statement, transferable until such Holder shall have delivered a completed and signed Notice and Questionnaire and provided such other information regarding such Holder to the Issuer as is contemplated by each such holder without restriction under Section 3(b) hereof, and provided further that the Securities Act Issuer and the Exchange Act Guarantors shall not be obligated to cause to be filed separate Shelf Registration Statements covering the Registrable Securities and without material restrictions under the blue sky or Other Securities that are registrable securities laws of (as such term is defined in the registration rights agreement related to the Other Securities). In the event that the Issuer and, if applicable, the Guarantors are required to file a substantial majority Shelf Registration Statement pursuant to clause (iii) of the states preceding paragraph, the Issuer and, if applicable, the Guarantors shall use their reasonable best efforts to file and have become effective both an Exchange Offer Registration Statement pursuant to Section 2(a) hereof with respect to all Registrable Securities and a Shelf Registration Statement (which may be a combined Registration Statement with the Exchange Offer Registration Statement) with respect to offers and sales of Registrable Securities held by the Initial Purchasers after completion of the United States of AmericaExchange Offer. The Issuer and, and (Bif applicable, the Guarantors agree to use their reasonable best efforts to keep the Shelf Registration Statement continuously effective, except during any Blackout Period permitted by Section 3(d) upon hereof, until the earlier to occur of (1i) the Company having exchanged date when the Exchange Securities cease to be Registrable Securities and (ii) one year following the date when such Shelf Registration Statement becomes effective (the “Shelf Effectiveness Period”). The Issuer and, if applicable, the Guarantors further agree to supplement or amend the Shelf Registration Statement, the related Prospectus and any Free Writing Prospectus if required by the rules, regulations or instructions applicable to the registration form used by the Issuer for such Shelf Registration Statement or by the Securities Act or by any other rules and regulations thereunder or if reasonably requested in writing by a Participating Holder of Registrable Securities with respect to information relating to such Holder, and to use their reasonable best efforts to cause any such amendment to become effective, if required, and such Shelf Registration Statement, Prospectus or Free Writing Prospectus, as the case may be, to become usable as soon as thereafter practicable. The Issuer and, if applicable, the Guarantors agree to furnish to the Participating Holders copies of any such supplement or amendment promptly after its being used or filed with the SEC. (c) The Issuer and, if applicable, the Guarantors shall pay all outstanding Registration Expenses in connection with any registration pursuant to Section 2(a) or Section 2(b) hereof. Each Holder shall pay all underwriting discounts and commissions, brokerage commissions and transfer taxes, if any, relating to the sale or disposition of such Holder’s Registrable Securities pursuant to the Shelf Registration Statement. (d) An Exchange Offer Registration Statement pursuant to Section 2(a) hereof will not be deemed to have become effective unless it has been declared effective by the SEC. A Shelf Registration Statement pursuant to Section 2(b) hereof will not be deemed to have become effective unless it has been declared effective by the SEC or is automatically effective upon filing with the SEC as provided by Rule 462 under the Securities Act. If a Registration Default occurs, the interest rate on the Registrable Securities will be increased by (i) 0.25% per annum for the first 90-day period beginning on the day immediately following such Registration Default and (ii) an additional 0.25% per annum with respect to each subsequent 90-day period, in each case until and including the date such Registration Default ends, up to a maximum increase of 1.00% per annum. A Registration Default ends when the Securities cease to be Registrable Securities or, if earlier, (1) in the case of a Registration Default under clause (i) of the definition thereof, when the Exchange Offer is completed, (2) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days following the commencement of the Exchange Offer. The Company and the Guarantors agree (I) to include in the Exchange case of a Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (II) to keep such Exchange Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (b), (c) and (d) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) the Exchange Offer has not been consummated prior to the Consummation Date, Default under clause (ii) the Securities have not become Freely Tradable on or before the Free Trade Date, or clause (iii) any Exchange of the definition thereof, when the Shelf Registration Statement required by this Agreement is filed and declared effective, but shall thereafter cease to be becomes effective or fail to be usable for its intended purpose without being succeeded by (3) in the case of a post-effective amendment Registration Default under clause (iv) or prospectus supplement to such Exchange clause (v) of the definition thereof, when the Shelf Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iii), a “Registration Default,” and again becomes effective or the period during which a Prospectus again becomes usable. If at any time more than one Registration Default has occurred and is continuing, the “Registration Default Period”), then, as liquidated damages for such until the next date that there is no Registration Default, subject to the provisions of Section 8(b), special increase in interest (“Special Interest”), in addition to the Base Interest, rate provided for by this paragraph shall accrue at apply as if there occurred a per annum rate of 0.25% for the first 90 days of the single Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate begins on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend earliest such Registration Default occurred and ends on such next date that there is no Registration Default. The parties hereto agree that the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; additional interest provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided for in this Section 2(b2(d) until is intended to constitute the date on which (i) the Securities become Freely Tradable or (ii) the Exchange sole remedy for monetary damages in connection with any Registration Statement has been declared effective and the Exchange Offer has been consummatedDefault. (c) The Company shall take, and shall cause the Guarantors to take, all actions necessary or advisable to be taken to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereof. (d) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 1 contract

Samples: Registration Rights Agreement (Centene Corp)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a2(b), if the Securities have not become Freely Tradable on or before the Free Trade Date, the Company and the Guarantors agree agrees to use all commercially its reasonable best efforts to (i) file under the Securities Act a registration statement (the "Exchange Offer Registration Statement") relating to an offer to exchange (such registration statement, the “Exchange Registration Statement,” and such offer, the “"Exchange Offer") any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the GuarantorsCompany, which debt securities and guarantees are substantially identical to have the same terms as the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act Act, do not contain restrictions on transfers and do not contain provisions for the additional interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called "Exchange Securities"), (ii) . The Company agrees to use its reasonable best efforts to cause the Exchange Offer Registration Statement to become effective under the Securities Act, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) Act within 180 days after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Closing Date”). The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Company further agrees to use its reasonable best efforts to commence and complete the Exchange Offer promptly after the Exchange Offer Registration Statement has become effective for all Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been “completed” completed only (A) if the debt securities and related guarantees Exchange Securities received by holders (other than Restricted Holders Holders) in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under imposed thereon by the Securities Act and or the Exchange Act and without material restrictions under imposed thereon by the blue sky or securities laws of a substantial majority of the states States of the United States of America, and (B) upon the earlier to occur of (1) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the . The Exchange Offer and (2) shall be deemed to have been completed upon the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days 30 days following the commencement of the Exchange Offer. The Company and the Guarantors agree (I) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (II) to keep such Exchange Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (b), (c) and (d) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) because of any change in law or in applicable interpretations by the staff of the Commission, the Company is not permitted to effect the Exchange Offer has not been consummated prior to the Consummation Date, or (ii) in the case of any holder, other than a Restricted Holder, that participates in the Exchange Offer, such holder does not receive Exchange Securities on the date of the exchange that may be sold without restriction under state and federal securities laws (other than due solely to the status of such holder as an affiliate of the Company within the meaning of the Securities have not Act), then in addition to or in lieu of conducting the Exchange Offer contemplated by Section 2(a), the Company shall file under the Securities Act as promptly as practicable a "shelf" registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (the "Shelf Registration"). The Company agrees to use its reasonable best efforts to cause the Shelf Registration to become Freely Tradable or be declared effective and to keep such Shelf Registration continuously effective for a period ending on or before the Free Trade Date, or (iii) any Exchange Registration Statement required by this Agreement is filed and declared effective, but shall thereafter cease to be effective or fail to be usable for its intended purpose without being succeeded by a post-effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses earlier of (i) through the second anniversary of the Closing Date or (iii)ii) such time as there are no longer any Registrable Securities outstanding. The Company further agrees to supplement or make amendments to the Shelf Registration, as and when required by the rules, regulations or instructions applicable to the registration form used for such Shelf Registration or by the Securities Act or rules and regulations thereunder for shelf registration, and the Company agrees to furnish to the holders of the Registrable Securities copies of any such supplement or amendment prior to its being used or promptly following its filing with the Commission. (c) If any of the following events (any such event a "Registration Default,” and the period during which a Registration Default has occurred and is continuing, the “Registration Default Period”)") shall occur, then, as liquidated damages for such Registration Defaultdamages, subject to the provisions of Section 8(b), special additional interest (“Special the "Registration Default Interest”)") shall become payable in respect of the Securities as follows: (i) if the Exchange Offer Registration Statement or a Shelf Registration is not filed with the Commission within 150 days following the Closing Date, in addition to then commencing on the Base Interest151st day after the Closing Date, Registration Default Interest shall accrue on the principal amount of the Securities at a per annum rate of 0.25% for per annum; or (ii) if neither the first 90 days Exchange Offer Registration Statement nor a Shelf Registration is declared effective by the Commission on or prior to the 180th day following the Closing Date, then commencing on the 181st day after the Closing Date, Registration Default Interest shall accrue on the principal amount of the Registration Default Period, Securities at a per annum rate of 0.500.25% per annum; or (iii) if either (A) the Company has not exchanged Exchange Securities for all Securities validly tendered and not withdrawn, in accordance with the second 90 days terms of the Registration Default PeriodExchange Offer, at a per annum rate of 0.75% for the third 90 on or prior to 35 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on after the date on which (i) the Securities become Freely Tradable Exchange Offer Registration Statement was declared effective, or (iiB) if applicable, the Exchange Shelf Registration Statement has been declared effective and but such Shelf Registration ceases to be effective at any time prior to two years from the Closing Date, then commencing on (x) the 36th day after such effective date, in the case of (A) above, or (y) the day such Shelf Registration ceases to be effective, in the case of (B) above, Registration Default Interest shall accrue on the principal amount of Securities at a rate of 0.25% per annum. provided, however, that the Registration Default Interest rate on the Securities, shall not exceed in the aggregate 0.25% per annum; provided further, however, that (1) upon the filing of the Exchange Offer has been consummated. Special Interest shall Registration Statement or a Shelf Registration (in the case of clause (i) above), (2) upon the effectiveness of the Exchange Offer Registration Statement or a Shelf Registration (in the case of clause (ii) above), (3) upon the exchange of Exchange Securities for all Securities validly tendered and not accrue withdrawn (in the case of clause (iii) (A) above), or upon the effectiveness of the Shelf Registration which had ceased to remain effective (in the case of clause (iii) (B) above), or (4) upon the termination of certain transfer restrictions on the Securities as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend application of Rule 144(k), Registration Default Interest on the Securities no longer applies unless the Company has received as a request to do so by a holder result of Securities such clause (or the Trustee on or after relevant subclause thereof), as the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereaftercase may be, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. (c) The Company shall take, and shall cause the Guarantors cease to take, all actions necessary or advisable to be taken to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereofaccrue. (d) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, incorporated therein by reference as of such time the applicable Effective Time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, incorporated therein by reference as of a time after such timeEffective Time. (e) Notwithstanding any other provision of this Agreement, no holder of Registrable Securities who does not comply with the provisions of Section 3(d), if applicable, shall be entitled to receive Registration Default Interest unless and until such holder complies with the provisions of such section, if applicable.

Appears in 1 contract

Samples: Registration Rights Agreement (Avon Products Inc)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors agree agrees to use all commercially reasonable efforts to (i) file under the Securities Act Act, as soon as practicable, but no later than 240 days after the Closing Date, a registration statement relating to an offer to exchange (such registration statement, the "Exchange Registration Statement,” ", and such offer, the "Exchange Offer") any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the GuarantorsCompany, which debt securities and guarantees are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that which is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called "Exchange Securities"), (ii) . The Company agrees to use its reasonable best efforts to cause the Exchange Registration Statement to become effective under the Securities ActAct as soon as practicable, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) but no later than 270 days after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Closing Date”). The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Company further agrees to use its best efforts to commence and complete the Exchange Offer promptly, but no later than 45 days after such registration statement has become effective, hold the Exchange Offer open for at least 30 days and exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been "completed" only (A) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states States of the United States of America, and (B) . The Exchange Offer shall be deemed to have been completed upon the earlier to occur of (1i) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2ii) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days 30 days following the commencement of the Exchange Offer. The Company and the Guarantors agree agrees (Ix) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (IIy) to keep such Exchange Registration Statement effective for a period (the "Resale Period") beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (bc), (cd) and (de) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) on or prior to the time the Exchange Offer is completed existing Commission interpretations are changed such that the debt securities received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the Exchange Offer has not been consummated completed within 315 days following the Closing Date or (iii) the Exchange Offer is not available to any holder of the Securities, the Company shall, in lieu of (or, in the case of clause (iii), in addition to) conducting the Exchange Offer contemplated by Section 2(a), file under the Securities Act as soon as practicable, but no later than the later of 30 days after the time such obligation to file arises, a "shelf" registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the "Shelf Registration" and such registration statement, the "Shelf Registration Statement"). The Company agrees to use its reasonable best efforts (x) to cause the Shelf Registration Statement to become or be declared effective no later than 30 days after such Shelf Registration Statement is filed and to keep such Shelf Registration Statement continuously effective for a period ending on the earlier of the second anniversary of the Effective Time or such time as THERE ARE NO LONGER ANY REGISTRABLE SECURITIES OUTSTANDING, PROVIDED, HOWEVER, that no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder, and (y) after the Effective Time of the Shelf Registration Statement, promptly upon the request of any holder of Registrable Securities that is not then an Electing Holder, to take any action reasonably necessary to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement, PROVIDED, HOWEVER, that nothing in this Clause (y) shall relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Company in accordance with Section 3(d)(iii) hereof. The Company further agrees to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, and the Company agrees to furnish to each Electing Holder copies of any such supplement or amendment prior to its being used or promptly following its filing with the Consummation Date, Commission. (iic) In the event that (i) the Securities have Company has not become Freely Tradable filed the Exchange Registration Statement or Shelf Registration Statement on or before the Free Trade Datedate on which such registration statement is required to be filed pursuant to Section 2(a) or 2(b), respectively, or (ii) such Exchange Registration Statement or Shelf Registration Statement has not become effective or been declared effective by the Commission on or before the date on which such registration statement is required to become or be declared effective pursuant to Section 2(a) or 2(b), respectively, or (iii) the Exchange Offer has not been completed within 45 days after the initial effective date of the Exchange Registration Statement relating to the Exchange Offer (if the Exchange Offer is then required to be made) or (iv) any Exchange Registration Statement or Shelf Registration Statement required by this Agreement Section 2(a) or 2(b) hereof is filed and declared effective, effective but shall thereafter cease either be withdrawn by the Company or shall become subject to be an effective or fail stop order issued pursuant to be usable for its intended purpose Section 8(d) of the Securities Act suspending the effectiveness of such registration statement (except as specifically permitted herein) without being succeeded immediately by a post-an additional registration statement filed and declared effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iiiiv), a "Registration Default,” " and the each period during which a Registration Default has occurred and is continuing, the “a "Registration Default Period"), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b9(b), special interest ("Special Interest"), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. (cd) The Company shall take, and shall cause the Guarantors to take, take all actions necessary or advisable to be taken by it to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereof. (de) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (Pseg Energy Holdings Inc)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors agree agrees to use all commercially reasonable efforts to (i) file under the Securities Act a registration statement relating to an offer to exchange (such registration statement, the “Exchange Registration Statement,” and such offer, the “Exchange Offer”) any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the Guarantors, which debt securities and guarantees are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that is substantially identical to the Indenture or is the Indenture and that has been qualified under the Trust Indenture ActIndenture), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional special interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called “Exchange Securities”), (ii) . The Company agrees to use commercially reasonable efforts to cause the Exchange Registration Statement to become effective under the Securities Act, (iii) commence to register the Exchange Offer promptly under the Securities Act on the appropriate form and to comply with all applicable tender offer rules and regulations under the Exchange Act. The Company further agrees to use commercially reasonable efforts to complete the Exchange Offer no later than 60 days after such Exchange Registration Statement has become effectiveits commencement, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) days and exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Date”)Offer. The Exchange Offer will shall be registered under deemed to have been completed upon the Securities Act on earlier to occur of (i) the appropriate form and will comply with all applicable tender offer rules and regulations under Company having exchanged the Exchange ActSecurities for all outstanding Registrable Securities pursuant to the Exchange Offer and (ii) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 days following the commencement of the Exchange Offer. The Notwithstanding the foregoing, the Exchange Offer will be deemed to have been “completed” only (A) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial substan­tial majority of the states States of the United States of America, and (B) upon the earlier to occur of (1) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days following the commencement of the Exchange Offer. The Company and the Guarantors agree agrees (Ix) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (IIy) to keep such Exchange Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (bc), (cd) and (de) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) on or prior to the time the Exchange Offer is completed existing Commission interpretations are changed such that the debt securities or the related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the Exchange Offer has not been consummated completed within 270 days following the Closing Date or (iii) the Exchange Offer is not available to any holder of the Securities, the Company shall, in lieu of (or, in the case of clause (iii), in addition to) conducting the Exchange Offer contemplated by Section 2(a), use commercially reasonable efforts to file under the Securities Act a “shelf” registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the “Shelf Registration” and such registration statement, the “Shelf Registration Statement”). The Company agrees to use commercially reasonable efforts: (x) to cause the Shelf Registration Statement to become or be declared effective no later than 180 days after such Shelf Registration Statement is filed and to keep such Shelf Registration Statement continuously effective for a period ending on the earlier of the second anniversary of the Closing Date or such time as there are no longer any Registrable Securities outstanding (provided, however, that no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder), and (y) after the Effective Time of the Shelf Registration Statement, promptly upon the written request of any holder of Registrable Securities that is not then an Electing Holder, to take any action reasonably necessary to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement; provided that the Company shall not be required to file more than one post-effective amendment to the Shelf Registration Statement during any 90-day period; provided further, however, that nothing in this clause (y) shall relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Company in accordance with Section 3(d)(iii) hereof. The Company further agrees to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, and the Company agrees to furnish to each Electing Holder copies of any such supplement or amendment prior to its being used or promptly following its filing with the Consummation Date, Commission. (iic) In the event that (i) the Securities have Exchange Offer is not become Freely Tradable completed (or, if required pursuant to Section 2(b), the Shelf Registration Statement is not declared effective) on or before the Free Trade Date, date that is 270 days after the Closing Date or (iiiii) any Exchange Registration Statement or Shelf Registration Statement required by this Agreement Section 2(a) or 2(b) hereof is filed and declared effective, effective but shall thereafter cease either be withdrawn by the Company or shall become subject to be an effective stop order issued pursuant to Section 8(d) of the Securities Act suspending the effectiveness of such registration statement (except as specifically permitted herein), in each case for a period in excess of 45 days (whether or fail to be usable for its intended purpose without being succeeded by a postnot consecutive) in any 12-effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly month period (each such event referred to in clauses (i) through and (iiiii), a “Registration Default,” and the period during which a Registration Default has occurred and is continuing, the “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b9(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for the first 90 days of the during which such Registration Default Periodhas occurred and is continuing, at a per annum rate of 0.50% for the second 90 days of the during which such Registration Default Periodis continuing, at a per annum rate of 0.75% for the third 90 days of the during which such Registration Default Period is continuing and at a per annum rate of 1.01.00% thereafter for the remaining portion of the period during which such Registration Default Period, provided that in no event shall the Company be required to pay is continuing. Such Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on immediately cease to accrue upon the date on which earlier of (ix) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and completion of the Exchange Offer has been consummated. Special Interest shall not accrue as a result or (y) the Effective Time of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Shelf Registration Statement has been declared effective and the Exchange Offer has been consummatedStatement. (cd) The Company shall take, and shall cause the Guarantors to take, all actions necessary or advisable to be taken by it to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement registration statement contemplated in Section 2(a) or 2(b) hereof, as applicable. (de) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (Titan International Inc)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors agree agrees to use all commercially reasonable efforts to (i) file under the Securities Act Act, as soon as practicable, but no later than 60 days after the Acquisition Closing, a registration statement relating to an offer to exchange (such registration statement, the "Exchange Registration Statement,” ", and such offer, the "Exchange Offer") any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the Guarantors, which debt securities and guarantees are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that which is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called "Exchange Securities"), (ii) . The Company agrees to use its best efforts to cause the Exchange Registration Statement to become effective under the Securities ActAct as soon as practicable, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) but no later than 180 days after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Date”)Acquisition Closing. The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Company further agrees to use its best efforts to commence and complete the Exchange Offer promptly, but no later than 45 days after such registration statement has become effective, hold the Exchange Offer open for at least 30 days and issue Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been "completed" only (A) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under need for further compliance with Section 5 of the Securities Act and the Exchange Act (except for the requirement to deliver a prospectus included in the Exchange Registration Statement applicable to resales by broker-dealers of Exchange Securities received by such broker-dealer pursuant to an Exchange Offer in exchange for Registrable Securities other than those acquired by the broker-dealer directly from the Company), and without material restrictions under the blue sky or securities laws of a substantial majority of the states States of the United States of America, and (B) . The Exchange Offer shall be deemed to have been completed upon the earlier to occur of (1i) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and and (2b) If prior to the time the Exchange Offer is completed existing Commission interpretations are changed such that the Securities or any related Guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without need for further compliance with Section 5 of the Securities Act (except for the requirement to deliver a prospectus included in the Exchange Registration Statement applicable to resales by broker-dealers of Exchange Securities received by such broker-dealer pursuant to an Exchange Offer in exchange for Registrable Securities other than those acquired by the broker-dealer directly from the Company), in lieu of conducting the Exchange Offer contemplated by Section 2(a) the Company having exchangedshall file under the Securities Act as soon as practicable, but no later than the later of 30 days after the time such obligation to file arises and 60 days after the Acquisition Closing, a "shelf" registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Exchange OfferCommission (such filing, Exchange the "Shelf Registration" and such registration statement, the "Shelf Registration Statement"). In addition, in the event that the Purchasers shall not have resold all of the Securities for all Registrable Securities that have been properly tendered and not withdrawn before initially purchased by them from the expiration Company pursuant to the Note Purchase Agreement prior to the consummation of the Exchange Offer, which the Company shall be on file under the Securities Act as soon as practicable a date that is at least 20 Business Days following the commencement of the Exchange OfferShelf Registration Statement. The Company and the Guarantors agree agrees to use its best efforts (Ii) to include cause the Shelf Registration Statement to become or be declared effective no later than 120 days after such Shelf Registration Statement is filed and to keep such Shelf Registration Statement continuously effective in order to permit the prospectus forming a part thereof to be usable by holders for resales of Registrable Securities for a period ending on the earlier of the third anniversary of the Effective Time or such time as there are no longer any Registrable Securities outstanding, provided, however, that no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder, and (ii) after the Effective Time of the Shelf Registration Statement, promptly upon the request of any holder of Registrable Securities that is not then an Electing Holder, to take any action reasonably necessary to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement, provided, however, that nothing (c) In the event that (i) the Company has not filed the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that or Shelf Registration Statement on or before the date on which such registration statement is a broker-dealer and required to be filed pursuant to Section 2(a) or 2(b), respectively, or (IIii) to keep such Exchange Registration Statement or Shelf Registration Statement has not become effective for a period (or been declared effective by the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed Commission on or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (b), (c) and (d) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on before the date on which the Securities such registration statement is required to become Freely Tradable. or be declared effective pursuant to Section 2(a) or 2(b), respectively, or (b) If (iiii) the Exchange Offer has not been consummated prior completed within 45 days after the initial effective date of the Exchange Registration Statement relating to the Consummation Date, Exchange Offer (iiif the Exchange Offer is then required to be made) the Securities have not become Freely Tradable on or before the Free Trade Date, or (iiiiv) any Exchange Registration Statement or Shelf Registration Statement required by this Agreement Section 2(a) or 2(b) hereof is filed and declared effective, effective but shall thereafter cease either be withdrawn by the Company or shall become subject to be an effective or fail stop order issued pursuant to be usable for its intended purpose Section 8(d) of the Securities Act suspending the effectiveness of such registration statement (except as specifically permitted herein) without being succeeded immediately by a post-an additional registration statement filed and declared effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iiiiv), a "Registration Default,” " and the each period during which a Registration Default has occurred and is continuing, the “a "Registration Default Period"), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b9(b), special interest ("Special Interest"), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. (cd) The Each of Allied Parent and the Company shall take, and shall cause the Guarantors each Guarantor to take, all reasonable actions necessary or advisable to be taken by it to ensure that the transactions contemplated herein are effected as so contemplated, including all reasonable actions necessary or desirable to register the Guarantees under the Exchange Registration Statement registration statement contemplated in Section 2(a) or 2(b) hereof, as applicable. (de) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (Allied Waste Industries Inc)

Registration Under the Securities Act. (aExcept as set forth in Section 2(b) Subject to the last sentence of this Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Datebelow, the Company and the Guarantors Issuers agree to use all commercially reasonable efforts to (i) file under the Securities Act Act, as soon as practicable, but no later than 90 days after the Closing Date, a registration statement relating to an offer to exchange (such registration statement, the "Exchange Offer Registration Statement,” ", and such offer, the "Exchange Offer") any and all of the Securities Notes for a like aggregate principal amount of debt securities notes issued by the Company and guaranteed by the GuarantorsIssuers, which debt securities and guarantees notes are substantially identical in all material respects to the Securities and the related Guarantees, respectively Notes (and are entitled to the benefits of a trust indenture that is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest contemplated in Section 2(b2(c) below (such new debt securities are notes hereinafter called "Exchange Securities”Notes"), (ii) . The Issuers agree to use their reasonable best efforts to cause the Exchange Offer Registration Statement to become or be declared effective under the Securities Act as soon as practicable, but no later than 210 days after the Closing Date. The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with the Exchange Act, (iii) commence . The Issuers further agree to use their reasonable best efforts to complete the Exchange Offer promptly (but no later than 35 business days or longer, if required by the federal securities laws, after such Exchange Registration Statement registration statement has become effective), (iv) hold the Exchange Offer open for at least 20 Business Days business days (or longer if required by applicable law) after the date that notice of calculated in accordance with the Exchange Offer is mailed to holders of the Securities, (vAct) and exchange Exchange Securities Notes for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Date”). The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange ActOffer. The Exchange Offer will be deemed to have been "completed" only (A) if the debt securities and related guarantees Exchange Notes received by holders holders, other than Restricted Holders Holders, in the Exchange Offer in exchange for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states States of the United States of America, and (B) . The Exchange Offer shall be deemed to have been completed upon the earlier to occur of (1i) the Company Issuers having exchanged the Exchange Securities Notes for all outstanding Registrable Securities pursuant to the Exchange Offer and (2ii) the Company Issuers having exchanged, pursuant to the Exchange Offer, Exchange Securities Notes for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days following the commencement of the Exchange Offer. The Company and the Guarantors Issuers agree (Ix) to include in the Exchange Offer Registration Statement a prospectus for use in any resales by any holder of Exchange Securities Notes that is a broker-dealer and (IIy) to keep such Exchange Offer Registration Statement effective for a period (the "Resale Period") beginning when Exchange Securities Notes are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Offer Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (bc), (cd) and (de) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) on or prior to the time the Exchange Offer is completed, existing law or Commission policy or interpretations are changed such that the Exchange Notes received by holders, other than Restricted Holders, in the Exchange Offer in exchange for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the Exchange Offer has not been consummated prior to completed within 240 days following the Consummation Closing Date, (iii) the Exchange Offer is not available to any holder of the Notes, or the Exchange Notes received by any Restricted Holder in the Exchange Offer are not transferable without restriction under the Securities Act, or (iv) at the time the Exchange Offer is completed, any Notes are held by a Restricted Holder, the Issuers shall, in lieu of (or, in the case of clause (iii), in addition to) conducting the Exchange Offer contemplated by Section 2(a), file under the Securities Act, on or prior to 30 business days after the time such obligation to file arises, a "shelf" registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the "Shelf Registration" and such registration statement, the "Shelf Registration Statement"). The Issuers agree to use their reasonable best efforts (x) to cause the Shelf Registration Statement to become or be declared effective by the Commission no later than 90 days after such obligation to file arises (provided that if at the time the transactions contemplated by the Exchange Agreements are completed, any Notes are issued to a Restricted Holder, the Issuers shall use their reasonable best efforts to cause the Shelf Registration Statement to become or be declared effective by the Commission no later than the date on which the Exchange Offer is completed) and to keep such Shelf Registration Statement continuously effective for a period ending on the earlier of (i) the second anniversary of the Effective Time or (ii) such time as there are no longer any Registrable Securities outstanding; provided, however, that no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder, and (y) after the Effective Time of the Shelf Registration Statement, promptly upon the request of any holder of Registrable Securities that is not then an Electing Holder, to take any action reasonably necessary to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement, provided, however, that nothing in this clause (y) shall relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Issuers in accordance with Section 3(d)(iii) hereof. The Issuers further agree to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Issuers for such Shelf Registration Statement or by the Securities Act for shelf registration, and the Issuers agree to furnish to each Electing Holder copies of any such supplement or amendment prior to its being used or promptly following its filing with the Commission. In the event that (i) the Issuers have not become Freely Tradable filed the Exchange Offer Registration Statement or Shelf Registration Statement on or before the Free Trade Datedate on which such registration statement is required to be filed pursuant to Section 2(a) or 2(b), respectively, or (ii) such Exchange Offer Registration Statement or Shelf Registration Statement has not become effective or been declared effective by the Commission on or before the date on which such registration statement is required to become or be declared effective pursuant to Section 2(a) or 2(b), respectively, or (iii) the Exchange Offer has not been completed within 35 business days after the initial effective date of the Exchange Offer Registration Statement relating to the Exchange Offer (if the Exchange Offer is then required to be made) or (iv) any Exchange Offer Registration Statement or Shelf Registration Statement required by this Agreement Section 2(a) or 2(b) hereof is filed and becomes or is declared effective, effective but shall thereafter cease either be withdrawn by the Issuers or shall become subject to be an effective or fail stop order issued pursuant to be usable for its intended purpose Section 8(d) of the Securities Act suspending the effectiveness of such registration statement (except as specifically permitted herein) without being succeeded immediately by a post-an additional registration statement filed and declared effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iiiiv), a "Registration Default,” " and the each period during which a Registration Default has occurred and is continuing, the “a "Registration Default Period"), then, as liquidated damages for such Registration Default, subject in addition to the provisions of Section 8(b9(b), special interest ("Special Interest"), in addition to the Base Interest, shall accrue on the aggregate principal amount of the outstanding Notes at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. All accrued Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed be paid in cash by the close Issuers on each Interest Payment Date (as defined in the Indenture). Following the cure of business on all Registration Defaults, the fifth Business Day thereafter, accrual of Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. (c) cease. The Company Issuers shall take, and shall cause the Guarantors use their reasonable best efforts to take, take all actions necessary or advisable to be taken by them to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) or 2(b) hereof. (d) . Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (Charter Communications Holdings LLC)

Registration Under the Securities Act. (a) Subject The Company agrees that if: (i) on the six-month anniversary of the last date of original issuance of the Notes any Registrable Securities are held by any Person other than an Affiliate of the Company; (ii) at any time after the six-month anniversary of the last date of original issuance of the Notes the conditions set forth in paragraph (c)(1) of Rule 144 are not satisfied with respect to the last sentence Securities; or (iii) a Holder of this Section 2(a)Registrable Securities requests; the Company shall file an Automatic Shelf Registration Statement, if the Company is eligible to do so and has not already done so (provided such previously filed Automatic Shelf Registration Statement covers all Holders of Registrable Securities have not become Freely Tradable on or before determined as of the Free Trade Datedate such subsequent obligation arose), and, if the Company is not eligible for an Automatic Shelf Registration Statement, then in lieu of the foregoing the Company shall file a Shelf Registration Statement for the registration of, and the Guarantors agree to use all commercially reasonable efforts to (i) file under sale on a continuous or delayed basis by the Securities Act a registration statement relating to an offer to exchange (such registration statementHolders of, the “Exchange Registration Statement,” and such offer, the “Exchange Offer”) any and all of the Registrable Securities for a like aggregate principal amount of debt securities issued pursuant to Rule 415 or any similar rule that may be adopted by the Company Commission, and guaranteed by the Guarantors, which debt securities and guarantees are substantially identical use its best efforts to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that is substantially identical to the Indenture or is the Indenture and that has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest contemplated in Section 2(b) below (such new debt securities are hereinafter called “Exchange Securities”), (ii) cause the Exchange Shelf Registration Statement to become or be declared effective under the Securities Act, (x) on the day that is six months after the last date of original issuance of the Notes, in the case of clause (i) above, (y) as soon as practicable in the case of clause (ii) above and (z) by the 30th day after the date of receipt of notice requesting registration from a Notice Holder but not before the six-month anniversary of the last date of original issuance of the Notes, in the case of clause (iii) commence above. It being understood that if there are no Registrable Securities entitled to be included in the Exchange Offer promptly after such Exchange Shelf Registration Statement has become at such time that the Company shall have no obligation to file such Shelf Registration Statement at such time. The Company agrees to use its best efforts to keep such Shelf Registration Statement continuously effective, subject to Section 3(b), until the earliest of (ivx) hold one year from the last date of original issuance of the Notes; (y) the date by which all Registrable Securities have been sold pursuant to such Shelf Registration Statement; and (z) such date as each of the Registrable Securities covered by the Shelf Registration Statement ceases to be a Registrable Security (the “Effective Period”). (b) The Company further agrees that it shall cause the Shelf Registration Statement, the related Prospectus and any amendment or supplement thereto, as of the effective date of the Shelf Registration Statement, as of the time of sale of any Securities under such Shelf Registration Statement, and as of the date of any such amendment or supplement, (i) to comply in all material respects with the applicable requirements of the Securities Act and (ii) not to contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein (in the case of the Prospectus, in the light of the circumstances under which they were made) not misleading, and the Company agrees to furnish to the Holders such number of copies as such Holders may reasonably request of any supplement or amendment prior to its being used or promptly following its filing with the Commission; provided, however, that the Company shall have no obligation to deliver to Holders copies of any amendment consisting exclusively of an Exchange Offer open Act report or other Exchange Act filing otherwise publicly available on the Company’s website. If the Shelf Registration Statement, as amended or supplemented from time to time, ceases to be effective for any reason at least 20 any time during the Effective Period (other than because all Registrable Securities registered thereunder shall have been sold pursuant thereto or shall have otherwise ceased to be Registrable Securities), the Company shall use its reasonable efforts to obtain the prompt withdrawal of any order suspending the effectiveness thereof. (c) Each Holder agrees that if such Xxxxxx wishes to sell Registrable Securities pursuant to the Shelf Registration Statement and related Prospectus, it will do so only in accordance with this Section 2(c), Section 3(c) and Section 4. From and after the date the Shelf Registration Statement is initially effective, the Company shall, as promptly as is reasonably practicable after the date a Notice and Questionnaire is delivered by a Notice Holder, and in any event within (x) ten (10) Business Days after the date such Notice and Questionnaire is received by the Company or (or longer y) if a Notice and Questionnaire is so received during a Deferral Period, ten (10) Business Days after the expiration of such Deferral Period, (i) if required by applicable law) after , file with the date Commission a post-effective amendment to the Shelf Registration Statement or prepare and, if required by applicable law, file a supplement to the related Prospectus or a supplement or amendment to any document incorporated therein by reference or file any other required document so that notice the Holder delivering such Notice and Questionnaire is named as a selling security holder in the Shelf Registration Statement and the related Prospectus in such a manner as to permit such Holder to deliver such Prospectus to purchasers of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior in accordance with applicable law and, if the Company shall file a post-effective amendment to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Shelf Registration Statement has become and such amendment is not automatically effective, but in no event later than 30 Business Days thereafter (use its reasonable efforts to cause such 30th Business Day being the “Consummation Date”). The Exchange Offer will post-effective amendment to be registered declared or to otherwise become effective under the Securities Act on as promptly as is reasonably practicable; (ii) provide such Holder with as many copies of any documents filed pursuant to Section 2(c)(i) as such Holder may reasonably request in connection with the appropriate form Securities covered by such Xxxxxx’s Notice and will comply with all applicable tender offer rules and regulations under Questionnaire; and (iii) notify such Holder as promptly as reasonably practicable after the Exchange Act. The Exchange Offer will be deemed to have been “completed” only (A) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction effectiveness under the Securities Act of any post-effective amendment filed pursuant to Section 2(c)(i); provided that if such Notice and Questionnaire is delivered during a Deferral Period, the Exchange Act Company shall so inform the Holder delivering such Notice and without material restrictions under Questionnaire and shall take the blue sky or securities laws of a substantial majority actions set forth in this Section 2(c) above upon expiration of the states of Deferral Period in accordance with Section 3(b). Notwithstanding anything contained herein to the United States of Americacontrary, and (B) upon the earlier to occur of (1) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities shall be under no obligation to name any Holder that is not a Notice Holder as a selling securityholder in any Shelf Registration Statement or related Prospectus or prospectus supplement; provided, however, that any Holder that becomes a Notice Holder pursuant to the Exchange Offer and provisions of this Section 2(c) (2whether or not such Holder was a Notice Holder at the time the Shelf Registration Statement was declared or otherwise became effective) shall be named as a selling securityholder in the Company having exchanged, pursuant to Shelf Registration Statement or related Prospectus in accordance with the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration requirements of this Section 2(c). (d) If any of the Exchange Offerfollowing events (any such event a “Registration Default”) shall occur, which shall be on a date that is at least 20 Business Days following the commencement of the Exchange Offer. The Company and the Guarantors agree (I) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (II) to keep such Exchange Registration Statement effective for a period then additional interest (the “Resale PeriodAdditional Interest”) beginning when Exchange shall become payable by the Company to Holders in respect of the Notes as follows: (i) if on the day that is six months after the last date of original issuance of the Notes, Registrable Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own held by any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (b), (c) and (d) hereof. The obligations Person other than an Affiliate of the Company and the Guarantors Shelf Registration Statement has not been filed with and declared effective by the Commission by such date (other than pursuant to Section 3(b) hereof), then, commencing on such date, Additional Interest shall accrue on the principal amount of the outstanding Notes that are Registrable Securities at a rate of 0.50% per annum; (ii) at any time after the six-month anniversary of the last date of original issuance of the Notes the conditions set forth in paragraph (c)(1) of Rule 144 are not satisfied with respect to the Securities and the Shelf Registration Statement has not been filed with and declared effective by the Commission at or prior to the later of (x) the six month anniversary of the last date of original issuance of the Notes and (y) the time that such conditions cease to be satisfied (other than pursuant to Section 3(b) hereof), then, commencing on such later date, Additional Interest shall accrue on the principal amount of the outstanding Notes that are Registrable Securities at a rate of 0.50% per annum; (iii) if the Shelf Registration Statement has become or been declared effective but such Shelf Registration Statement ceases to be effective or the prospectus contained therein ceases to be usable in connection with the resales of Registrable Securities at any time during the Effective Period (other than pursuant to Section 3(b) hereof), then, commencing on the day such Shelf Registration Statement ceases to be effective, Additional Interest shall accrue on the principal amount of the outstanding Notes that are Registrable Securities at a rate of 0.50% per annum following such date on which the Shelf Registration Statement ceases to be effective; (iv) if the aggregate duration of Deferral Periods in any period exceeds the number of days permitted in respect of such period pursuant to Section 3(b) hereof, then, commencing on the day the aggregate duration of Deferral Periods in any period exceeds the number of days permitted in respect of such period, Additional Interest shall accrue on the principal amount of the outstanding Notes that are Registrable Securities at a rate of 0.50% per annum; (v) by the one year anniversary of the last date of issuance of the Notes, the Company has failed to remove the legends from the Securities relating to the Securities Act, then, commencing on such one year anniversary, Additional Interest shall accrue on the principal amount of the outstanding Notes at a rate of 0.50% per annum; (1) the filing and effectiveness of the Shelf Registration Statement (in the case of clauses (i) and (ii) above), (2) the effectiveness of the Shelf Registration Statement which had ceased to remain effective (in the case of clause (iii) above) and (3) the termination of the Deferral Period that caused the limit on the aggregate duration of Deferral Periods in a period set forth in Section 3(b) to be exceeded (in the case of clause (iv) above). Additional Interest on the Notes as a result of clause (v) above shall cease to accrue upon the removal from the Securities of the legends relating to the Securities Act. Additional Interest on the Notes, if any, will be payable in arrears in cash on February 15 and August 15 of each year (the “Additional Interest Payment Date”) to holders of record of outstanding Notes that are Registrable Securities at the close of business on February 1 or August 1 (whether or not a Business Day), as the case may be, immediately preceding the relevant interest payment date; provided that any Additional Interest accrued with respect to any Notes or portion thereof submitted for repurchase on a repurchase date or converted into Shares on a conversion date prior to the Registration Default shall, in any such event, be paid instead to the Holder who submitted such Notes or portion thereof for repurchase or conversion on the applicable repurchase date or conversion date, as the case may be, on such date (or promptly following the conversion date, in the case of conversion). Following the cure of all Registration Defaults requiring the payment of Additional Interest to the Holders of Notes that are Registrable Securities pursuant to this Section 2(d), the accrual of Additional Interest will cease (without in any way limiting the effect of any subsequent Registration Default requiring the payment of Additional Interest). Additional Interest on the Notes, if any, will accrue beginning on the date provided for in clauses 2(d)(i) through (v) above, as applicable, to, but excluding, the date on which all Registration Defaults have been cured. If a Holder converts some or all of the Notes into Shares, the Holder will not be entitled to receive Additional Interest on such Shares. The Company shall notify the Trustee promptly upon the happening of each and every Registration Default. The Trustee shall be entitled, on behalf of Holders, to seek any available remedy for the enforcement of this Agreement, including for the payment of any Additional Interest if any becomes due. Notwithstanding the foregoing, the parties agree that the sole monetary damages payable for a violation of the terms of this Agreement with respect to which additional monetary amounts are expressly provided shall be as set forth in this Section 2(a) 2(d). Nothing shall cease on the date on which the Securities become Freely Tradablepreclude a Notice Holder or Holder from pursuing or obtaining specific performance or other equitable relief with respect to this Agreement. (b) If (i) the Exchange Offer has not been consummated prior to the Consummation Date, (ii) the Securities have not become Freely Tradable on or before the Free Trade Date, or (iii) any Exchange Registration Statement required by this Agreement is filed and declared effective, but shall thereafter cease to be effective or fail to be usable for its intended purpose without being succeeded by a post-effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iii), a “Registration Default,” and the period during which a Registration Default has occurred and is continuing, the “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. (c) The Company shall take, and shall cause the Guarantors to take, all actions necessary or advisable to be taken to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereof. (d) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 1 contract

Samples: Registration Rights Agreement (Nasdaq Omx Group, Inc.)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors agree agrees to use all commercially reasonable efforts to (i) file under the Securities Act Act, as soon as practicable, but no later than 120 days after the Closing Date, or if the 120th day is not a business day, the first business day thereafter, a registration statement relating to an offer to exchange (such registration statement, the “Exchange Registration Statement,” and such offer, the “Exchange Offer”) any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the Guarantors, which debt securities and guarantees guarantee are substantially identical to the Securities and the related GuaranteesGuarantee, respectively (and are entitled to the benefits of a trust indenture that is indentures which are substantially identical to the Indenture Indentures or is are the Indenture Indentures and that has which have been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called “Exchange Securities”), (ii) . The Company agrees to use all commercially reasonable efforts to cause the Exchange Registration Statement to become effective under the Securities ActAct as soon as reasonably practicable, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) but no later than 210 days after the date that notice of Closing Date, or if the Exchange Offer 210th day is mailed to holders of not a business day, the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Date”)first business day thereafter. The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Company further agrees to use all commercially reasonable efforts to commence and complete the Exchange Offer promptly, but no later than 45 business days after such registration statement has become effective, hold the Exchange Offer open for at least 30 days and exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been “completed” only (A) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act (except for the requirement to deliver a prospectus included in the Exchange Registration Statement applicable to resales by any broker-dealer pursuant to an Exchange Offer in exchange for Registrable Securities other than those acquired by the broker-dealer directly from the Company) and without material restrictions under the blue sky or securities laws of a substantial majority of the states States of the United States of America, and (B) . The Exchange Offer shall be deemed to have been completed upon the earlier to occur of (1i) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2ii) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days 30 days following the commencement of the Exchange Offer. The Company and the Guarantors agree agrees (Ix) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (IIy) to keep such Exchange Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (bc), (cd) and (de) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) the Company and the Guarantors are not permitted to consummate the Exchange Offer because the Exchange Offer is not permitted by applicable law or Commission policy; (ii) the Exchange Offer has not been consummated prior to completed within 255 days following the Consummation Date, (ii) the Securities have not become Freely Tradable on or before the Free Trade Date, Closing Date or (iii) any Restricted Holder notifies the Company prior to the 15th business day following consummation of the Exchange Offer that (a) it is prohibited by law or Commission policy from participating in the Exchange Offer, (b) it may not resell the Exchange Securities acquired by it in the Exchange Offer to the public without delivering a prospectus and the prospectus contained in the Exchange Offer Registration Statement is not appropriate or available for such resales or (c) it is a broker-dealer and owns Securities acquired directly from the Company or an affiliate of the Company, the Company shall, in lieu of (or, in the case of clause (iii), in addition to) conducting the Exchange Offer contemplated by Section 2(a), file under the Securities Act as soon as reasonably practicable, but no later than 45 business days after the time such obligation to file arises, a “shelf” registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the “Shelf Registration” and such registration statement, the “Shelf Registration Statement”). The Company agrees to use all commercially reasonable efforts (x) to cause the Shelf Registration Statement to become or be declared effective no later than 150 days after such Shelf Registration Statement is filed and to keep such Shelf Registration Statement continuously effective (other than during any Blackout Period (as defined in Section 2(f) below)) for a period ending on the earlier of the second anniversary of the Effective Time or such time as there are no longer any Registrable Securities outstanding, provided, however, that no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder, and (y) after the Effective Time of the Shelf Registration Statement, promptly upon the request of any holder of Registrable Securities that is not then an Electing Holder, to take any action reasonably necessary to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement, provided, however, that nothing in this Clause (y) shall relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Company in accordance with Section 3(d)(iii) hereof. The Company further agrees to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, and the Company agrees to furnish to each Electing Holder copies of any such supplement or amendment prior to its being used or promptly following its filing with the Commission. (c) In the event that (i) the Company has not filed the Exchange Registration Statement or Shelf Registration Statement on or before the date on which such registration statement is required to be filed pursuant to Section 2(a) or 2(b) hereof, respectively, (ii) such Exchange Registration Statement or Shelf Registration Statement has not become effective or been declared effective by the Commission on or before the date on which such registration statement is required to become or be declared effective pursuant to Section 2(a) or 2(b), respectively, (iii) the Exchange Offer, if any, has not been completed within 45 business days after the initial effective date of the Exchange Registration Statement relating to the Exchange Offer (if the Exchange Offer is then required to be made) or (iv) any Exchange Registration Statement or Shelf Registration Statement required by this Agreement Section 2(a) or 2(b) hereof is filed and declared effective, effective but shall thereafter cease either be withdrawn by the Company or shall become subject to be an effective or fail stop order issued pursuant to be usable for its intended purpose Section 8(d) of the Securities Act suspending the effectiveness of such registration statement (except as specifically permitted herein, including any Blackout Period permitted herein) without being succeeded immediately by a post-an additional registration statement filed and declared effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iiiiv), a “Registration Default,” and the each period during which a Registration Default Default(s) has occurred and is continuing, the a “Registration Default Period”), then, as liquidated damages for such Registration DefaultDefault(s), the Securities affected thereby will be subject to the provisions of Section 8(b9(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue on the outstanding principal amount of such Securities at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. (cd) The Company shall take, and shall cause the Guarantors to take, all actions necessary or advisable to be taken by them to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees Guarantee under the Exchange Registration Statement registration statement contemplated in Section 2(a) or 2(b) hereof, as applicable. (de) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time. (f) Notwithstanding anything herein to the contrary, the Company, upon advising the Purchasers in writing, may, pursuant to the advice of outside counsel to the Company, delay the filing or effectiveness of any Exchange Registration Statement or Shelf Registration Statement (if not filed or effective, as applicable) or suspend, or otherwise fail to maintain, the effectiveness thereof or cease to permit the use of the prospectus included therein for a period (the “Blackout Period”) not to exceed an aggregate of 60 days in any twelve consecutive month period in the event that (i) the Boards of Directors or Board of Managers, as the case may be, of the Company reasonably and in good faith determines that the premature disclosure of a material event at such time could reasonably be expected to have a material adverse effect on the Company’s business, operations or prospects or (ii) the disclosure otherwise relates to a material business transaction which has not been publicly disclosed and the Boards of Directors or Board of Managers, as the case may be, of the Company reasonably and in good faith determines that any such disclosure could reasonably be expected to jeopardize the success of such transaction; provided, that, upon the termination of such Blackout Period, the Company promptly shall advise the Purchasers that such Blackout Period has been terminated.

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (NewPage Energy Services LLC)

Registration Under the Securities Act. (a) Subject Except as set forth in Section 2(b) below, the Issuer agrees to the last sentence of this Section 2(a), if use its best efforts to file or cause to be filed under the Securities have not become Freely Tradable Act, as soon as practicable, but no later than on or before the Free Trade DateSeptember 30, the Company and the Guarantors agree to use all commercially reasonable efforts to (i) file under the Securities Act 2023, a registration statement relating to an offer offers to exchange (such registration statement, the “Exchange Offer Registration Statement,” ”, and such offeroffers, the “Exchange OfferOffers”) any and all of the Securities 2033 Notes for a like aggregate principal amount of debt securities issued by the Company Issuer and guaranteed by the Guarantors, which debt securities and guarantees guaranties are substantially identical to the Securities and the related GuaranteesGuaranties, respectively (and are entitled to the benefits of a trust indenture that which is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act Act, and do not contain provisions for the additional interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called the “Exchange Securities”), (ii) . The Issuer agrees to use its best efforts to cause the Exchange Offer Registration Statement to become effective by the Commission under the Securities ActAct as soon as practicable, (iii) commence but no later than March 1, 2024. The Exchange Offers will be registered under the Securities Act on the appropriate form and will comply with all applicable rules and regulations under the Exchange Offer promptly after such Act. The Issuer further agrees to use its best efforts to commence and complete the Exchange Registration Statement has become effectiveOffers promptly, (iv) but no later than April 5, 2024, hold the Exchange Offer Offers open for at least 20 Business Days (or longer if required by applicable law) after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange 30 days and issue and deliver Exchange Securities in exchange for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer Offers. Each holder of Registrable Securities who wishes to exchange such Registrable Securities for Exchange Securities in, and (vi) consummate in accordance with the terms of, the Exchange Offers will be required to make certain customary representations in connection therewith, including representations that such holder is not a Restricted Holder. Upon the effectiveness of the Exchange Offer on Registration Statement, the earliest practicable date after Issuer shall promptly commence the Exchange Registration Statement has become effectiveOffers, but in no event later than 30 Business Days thereafter (such 30th Business Day it being the “Consummation Date”). The objective of such Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Exchange Offer will be deemed to have been “completed” only Offers that each holder (A) if the debt securities and related guarantees received by holders other than a Restricted Holders Holder) electing to participate in the Exchange Offer for Registrable Offers will receive Exchange Securities that are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states of the United States of America, and (B) . The Exchange Offers shall be deemed to have been completed upon the earlier to occur of (1i) the Company Issuer having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer Offers and (2ii) the Company Issuer having exchanged, pursuant to the Exchange OfferOffers, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange OfferOffers, which shall be on a date that is at least 20 Business Days 30 days following the commencement of the Exchange OfferOffers. The Company and the Guarantors agree Issuer agrees (Ix) to include in the Exchange Offer Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (IIy) to keep such Exchange Offer Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer Offers and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has Offers have been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Offer Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (bc), (cd) and (de) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) the Exchange Offer has not been consummated on or prior to the Consummation Datetime the Exchange Offers are completed, existing Commission interpretations are changed such that the debt securities or the related guaranties received by holders other than Restricted Holders in the Exchange Offers for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the Securities Exchange Offers have not become Freely Tradable been completed on or before the Free Trade DateApril 5, 2024 or (iii) any holder notifies the Issuer prior to 20 days after the consummation of the Exchange Offers that (A) based on the advice of counsel, due to a change in law or Commission policy it may not resell the Exchange Securities acquired by it in the Exchange Offers to the public without delivering a prospectus and the prospectus contained in the Exchange Offer Registration Statement is not appropriate or available for such resales by such holder or (B) it is a purchaser and owns Registrable Securities acquired directly from the Issuer or an affiliate of the Issuer or (C) on or prior to the consummation of the Exchange Offers existing laws, regulations and/or applicable Commission interpretations have been changed such that the holders of at least a majority in aggregate principal amount of the Registrable Securities would not be able to resell the Exchange Securities acquired by them in, and in accordance with the terms of, the Exchange Offers to the public without restriction under the Securities Act and without restriction under applicable blue sky or state securities laws, the Issuer shall, in lieu of (or, in the case of clause (iii), in addition to) conducting the Exchange Offers contemplated by Section 2(a), use its best efforts to file or cause to be filed under the Securities Act as soon as practicable, but no later than the later of March 1, 2024 or 30 days after the time such obligation to file arises (but in no event prior to August 1 or after September 30 of any calendar year), a “shelf” registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the “Shelf Registration” and such registration statement, the “Shelf Registration Statement”). The Issuer agrees to use its best efforts (x) to cause the Shelf Registration Statement to become or be declared effective on or prior to 60 days after such filing was required to be made hereunder (but in no event prior to August 1 or after September 30 of any calendar year) and (y) to keep such Shelf Registration Statement continuously effective for a period of one year (or, if shorter, the period after which Rule 144(d) generally becomes available to non-affiliates of the Issuer) from the effective date of the Shelf Registration Statement (subject to extension pursuant to Sections 2(d) and 3(h)); provided, however, that if such Shelf Registration Statement has been filed solely at the request of the Purchasers pursuant to clause (iii)(B) of this Section 2(b), the Issuer shall only be required to use its best efforts to keep such Shelf Registration Statement continuously effective for a period of one year from the date of issuance of the Securities (subject to extension pursuant to Sections 2(d) and 3(h)) or until all of the Securities covered by the Shelf Registration Statement have been sold pursuant to the Shelf Registration Statement or cease to be outstanding; provided further, however, that no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder. The Issuer further agrees to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Issuer for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, and the Issuer agrees to furnish to each Electing Holder copies of any such supplement or amendment promptly after its being used or promptly following its filing with the Commission. (c) If (i) the Exchange Offer Registration Statement (or a Shelf Registration Statement in lieu thereof) is not filed on or before September 30, 2023, (ii) the Exchange Offer Registration Statement (or a Shelf Registration Statement in lieu thereof) is not declared effective by the Commission on or before March 1, 2024, (iii) the Exchange Offers are not consummated on or before April 5, 2024, (iv) a Shelf Registration Statement required by this Agreement to be filed is not filed and on or before the date specified above for such filing, (v) a Shelf Registration Statement otherwise required to be filed is not declared effectiveeffective on or before the date specified above for effectiveness thereof or (vi) a Shelf Registration Statement is declared effective but thereafter, but shall thereafter cease subject to certain exceptions, ceases to be effective or fail usable (whether due to be usable for its intended purpose without being succeeded by a post-effective amendment stop order or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly otherwise) in connection with resales of Registrable Securities during the period specified in Section 2(b) above (each such event referred to in clauses (i) through (iii)vi) above, a “Registration Default,” and the period during which a Registration Default has occurred and is continuing, the “Registration Default Period”), then, as liquidated damages for in the case of a Registration Default referred to in clause (i), (ii) or (iii) above, the interest rate on all Registrable Securities or, in the case of a Registration Default referred to in clause (iv), (v) or (vi) above, the interest rate on the Registrable Securities to which such Registration Default relates, will increase by 0.25% per annum with respect to each 90-day period that passes until all such Registration Defaults have been cured, up to a maximum amount of 1.00% per annum (“Additional Interest”); provided, however, that such Additional Interest will cease to accrue at the later of (i) the date on which the Securities become freely transferable pursuant to Rule 144 and (ii) the date on which the Barclays Capital U.S. Aggregate Bond Index is modified to permit the inclusion of freely transferable securities that have not been registered under the Securities Act. Upon the cure of any such Registration Default, the interest rate borne by the Registrable Securities shall be reduced thereafter by the full amount of any such increase or increases that resulted from such Registration Default. The Issuer shall notify the Trustee within three business days after each and every date on which an event occurs in respect of which Additional Interest is required to be paid (an “Event Date”). Additional Interest shall be paid by depositing with the Trustee, in trust, for the benefit of the holders, on or before the applicable semiannual interest payment date, immediately available funds in sums sufficient to pay the Additional Interest then due. The Additional Interest due shall be payable on each interest payment date to the record holder entitled to receive the interest payment to be paid on such date as set forth in the Indenture. Each obligation to pay Additional Interest shall be deemed to accrue from and including the day following the applicable Event Date. (d) Any Exchange Offer Registration Statement pursuant to Section 2(a) and any Shelf Registration Statement pursuant to Section 2(b) will not be deemed to have become effective unless it has been declared effective by the Commission; provided, however, that, if after it has been declared effective, the offering of Securities pursuant to a Shelf Registration Statement is subject to the provisions of Section 8(b)any stop order, special interest (“Special Interest”), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for the first 90 days injunction or other order or requirement of the Commission or any other governmental agency or court, such Registration Default PeriodStatement will be deemed not to have been effective for such Securities during the period it was so subject, at a per annum rate until the offering of 0.50% for the second 90 days of the such Securities pursuant to such Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in Statement may legally resume. In no event shall the Company Issuer be required deemed to pay Special Interest for more than one be in breach of its obligations under the second paragraph of Section 2(b) nor shall a Registration Default at any given time. The Registration Default Period shall terminate on the date on which described in Section 2(c)(vi) be deemed to have occurred (i) as a result of any action required by applicable law which renders the Securities become Freely Tradable Issuer unable to comply with the Commission disclosure requirements or (ii) if compliance with its obligations under this Agreement to maintain the Exchange effectiveness of, supplement or amend any Registration Statement, upon advice of U.S. counsel to the Issuer, would require additional disclosure of material non-public information by the Issuer or its subsidiaries as to which, and so long as, the Issuer or its subsidiaries has a bona fide business purpose in preserving its confidentiality; provided, however, that the maximum period of time during which the Issuer shall be entitled to postpone the effectiveness, supplementing or amending of any Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure pursuant to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or clause (ii) of this paragraph shall be 45 calendar days; provided, further, that (x) upon the Exchange exercise of its right under clause (ii) of this paragraph to postpone the effectiveness, supplementing or amending of any such Registration Statement Statement, the Issuer shall give the holders prompt written notice of such exercise and an approximation of the anticipated length of such postponement and (y) after the exercise of its right under clause (ii) of this paragraph to postpone the effectiveness, supplementing or amending of any such Registration Statement, the Issuer shall not, within six months of the expiration of any such postponement, exercise again its right of postponement under clause (ii) of this paragraph. The holders hereby acknowledge that any notice given by the Issuer pursuant to this paragraph may constitute material non-public information and that the United States securities laws prohibit any person who has been declared effective and material non-public information about a company from purchasing or selling securities of the Exchange Offer has been consummatedcompany or from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such securities. (ce) The Company Issuer shall take, and shall cause the Guarantors to take, take all actions necessary or advisable to cause the Guaranties to be taken to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees registered under the Exchange Registration Statement registration statement contemplated in Section 2(a) or 2(b) hereof, as applicable. (df) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (Pemex Exploration & Production PEP)

Registration Under the Securities Act. (a) Subject Except as set forth in Section 2(b) below, the Issuer agrees to the last sentence of this Section 2(a), if use its best efforts to file or cause to be filed under the Securities have not become Freely Tradable Act, as soon as practicable, but no later than on or before the Free Trade DateSeptember 30, the Company and the Guarantors agree to use all commercially reasonable efforts to (i) file under the Securities Act 2022, a registration statement relating to an offer offers to exchange (such registration statement, the “Exchange Offer Registration Statement,” ”, and such offeroffers, the “Exchange OfferOffers”) any and all of the Securities 2032 Notes for a like aggregate principal amount of debt securities issued by the Company Issuer and guaranteed by the Guarantors, which debt securities and guarantees guaranties are substantially identical to the Securities and the related GuaranteesGuaranties, respectively (and are entitled to the benefits of a trust indenture that which is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act Act, and do not contain provisions for the additional interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called the “Exchange Securities”), (ii) . The Issuer agrees to use its best efforts to cause the Exchange Offer Registration Statement to become effective by the Commission under the Securities ActAct as soon as practicable, (iii) commence but no later than March 1, 2023. The Exchange Offers will be registered under the Securities Act on the appropriate form and will comply with all applicable rules and regulations under the Exchange Offer promptly after such Act. The Issuer further agrees to use its best efforts to commence and complete the Exchange Registration Statement has become effectiveOffers promptly, (iv) but no later than April 5, 2023, hold the Exchange Offer Offers open for at least 20 Business Days (or longer if required by applicable law) after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange 30 days and issue and deliver Exchange Securities in exchange for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer Offers. Each holder of Registrable Securities who wishes to exchange such Registrable Securities for Exchange Securities in, and (vi) consummate in accordance with the terms of, the Exchange Offers will be required to make certain customary representations in connection therewith, including representations that such holder is not a Restricted Holder. Upon the effectiveness of the Exchange Offer on Registration Statement, the earliest practicable date after Issuer shall promptly commence the Exchange Registration Statement has become effectiveOffers, but in no event later than 30 Business Days thereafter (such 30th Business Day it being the “Consummation Date”). The objective of such Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Exchange Offer will be deemed to have been “completed” only Offers that each holder (A) if the debt securities and related guarantees received by holders other than a Restricted Holders Holder) electing to participate in the Exchange Offer for Registrable Offers will receive Exchange Securities that are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states of the United States of America, and (B) . The Exchange Offers shall be deemed to have been completed upon the earlier to occur of (1i) the Company Issuer having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer Offers and (2ii) the Company Issuer having exchanged, pursuant to the Exchange OfferOffers, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange OfferOffers, which shall be on a date that is at least 20 Business Days 30 days following the commencement of the Exchange OfferOffers. The Company and the Guarantors agree Issuer agrees (Ix) to include in the Exchange Offer Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (IIy) to keep such Exchange Offer Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer Offers and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has Offers have been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Offer Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (bc), (cd) and (de) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) the Exchange Offer has not been consummated on or prior to the Consummation Datetime the Exchange Offers are completed, existing Commission interpretations are changed such that the debt securities or the related guaranties received by holders other than Restricted Holders in the Exchange Offers for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the Securities Exchange Offers have not become Freely Tradable been completed on or before the Free Trade DateApril 5, 2023 or (iii) any holder notifies the Issuer prior to 20 days after the consummation of the Exchange Offers that (A) based on the advice of counsel, due to a change in law or Commission policy it may not resell the Exchange Securities acquired by it in the Exchange Offers to the public without delivering a prospectus and the prospectus contained in the Exchange Offer Registration Statement is not appropriate or available for such resales by such holder or (B) it is a purchaser and owns Registrable Securities acquired directly from the Issuer or an affiliate of the Issuer or (C) on or prior to the consummation of the Exchange Offers existing laws, regulations and/or applicable Commission interpretations have been changed such that the holders of at least a majority in aggregate principal amount of the Registrable Securities would not be able to resell the Exchange Securities acquired by them in, and in accordance with the terms of, the Exchange Offers to the public without restriction under the Securities Act and without restriction under applicable blue sky or state securities laws, the Issuer shall, in lieu of (or, in the case of clause (iii), in addition to) conducting the Exchange Offers contemplated by Section 2(a), use its best efforts to file or cause to be filed under the Securities Act as soon as practicable, but no later than the later of March 1, 2023 or 30 days after the time such obligation to file arises (but in no event prior to August 1 or after September 30 of any calendar year), a “shelf” registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the “Shelf Registration” and such registration statement, the “Shelf Registration Statement”). The Issuer agrees to use its best efforts (x) to cause the Shelf Registration Statement to become or be declared effective on or prior to 60 days after such filing was required to be made hereunder (but in no event prior to August 1 or after September 30 of any calendar year) and (y) to keep such Shelf Registration Statement continuously effective for a period of one year (or, if shorter, the period after which Rule 144(d) generally becomes available to non-affiliates of the Issuer) from the effective date of the Shelf Registration Statement (subject to extension pursuant to Sections 2(d) and 3(h)); provided, however, that if such Shelf Registration Statement has been filed solely at the request of the Dealer Managers pursuant to clause (iii)(B) of this Section 2(b), the Issuer shall only be required to use its best efforts to keep such Shelf Registration Statement continuously effective for a period of one year from the date of issuance of the Securities (subject to extension pursuant to Sections 2(d) and 3(h)) or until all of the Securities covered by the Shelf Registration Statement have been sold pursuant to the Shelf Registration Statement or cease to be outstanding; provided further, however, that no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder. The Issuer further agrees to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Issuer for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, and the Issuer agrees to furnish to each Electing Holder copies of any such supplement or amendment promptly after its being used or promptly following its filing with the Commission. (c) If (i) the Exchange Offer Registration Statement (or a Shelf Registration Statement in lieu thereof) is not filed on or before September 30, 2022, (ii) the Exchange Offer Registration Statement (or a Shelf Registration Statement in lieu thereof) is not declared effective by the Commission on or before Xxxxx 0, 0000, (xxx) the Exchange Offers are not consummated on or before April 5, 2023, (iv) a Shelf Registration Statement required by this Agreement to be filed is not filed and on or before the date specified above for such filing, (v) a Shelf Registration Statement otherwise required to be filed is not declared effectiveeffective on or before the date specified above for effectiveness thereof or (vi) a Shelf Registration Statement is declared effective but thereafter, but shall thereafter cease subject to certain exceptions, ceases to be effective or fail usable (whether due to be usable for its intended purpose without being succeeded by a post-effective amendment stop order or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly otherwise) in connection with resales of Registrable Securities during the period specified in Section 2(b) above (each such event referred to in clauses (i) through (iii)vi) above, a “Registration Default,” and the period during which a Registration Default has occurred and is continuing, the “Registration Default Period”), then, as liquidated damages for in the case of a Registration Default referred to in clause (i), (ii) or (iii) above, the interest rate on all Registrable Securities or, in the case of a Registration Default referred to in clause (iv), (v) or (vi) above, the interest rate on the Registrable Securities to which such Registration Default relates, will increase by 0.25% per annum with respect to each 90-day period that passes until all such Registration Defaults have been cured, up to a maximum amount of 1.00% per annum (“Additional Interest”); provided, however, that such Additional Interest will cease to accrue at the later of (i) the date on which the Securities become freely transferable pursuant to Rule 144 and (ii) the date on which the Barclays Capital U.S. Aggregate Bond Index is modified to permit the inclusion of freely transferable securities that have not been registered under the Securities Act. Upon the cure of any such Registration Default, the interest rate borne by the Registrable Securities shall be reduced thereafter by the full amount of any such increase or increases that resulted from such Registration Default. The Issuer shall notify the Trustee within three business days after each and every date on which an event occurs in respect of which Additional Interest is required to be paid (an “Event Date”). Additional Interest shall be paid by depositing with the Trustee, in trust, for the benefit of the holders, on or before the applicable semiannual interest payment date, immediately available funds in sums sufficient to pay the Additional Interest then due. The Additional Interest due shall be payable on each interest payment date to the record holder entitled to receive the interest payment to be paid on such date as set forth in the Indenture. Each obligation to pay Additional Interest shall be deemed to accrue from and including the day following the applicable Event Date. (d) Any Exchange Offer Registration Statement pursuant to Section 2(a) and any Shelf Registration Statement pursuant to Section 2(b) will not be deemed to have become effective unless it has been declared effective by the Commission; provided, however, that, if after it has been declared effective, the offering of Securities pursuant to a Shelf Registration Statement is subject to the provisions of Section 8(b)any stop order, special interest (“Special Interest”), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for the first 90 days injunction or other order or requirement of the Commission or any other governmental agency or court, such Registration Default PeriodStatement will be deemed not to have been effective for such Securities during the period it was so subject, at a per annum rate until the offering of 0.50% for the second 90 days of the such Securities pursuant to such Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in Statement may legally resume. In no event shall the Company Issuer be required deemed to pay Special Interest for more than one be in breach of its obligations under the second paragraph of Section 2(b) nor shall a Registration Default at any given time. The Registration Default Period shall terminate on the date on which described in Section 2(c)(vi) be deemed to have occurred (i) as a result of any action required by applicable law which renders the Securities become Freely Tradable Issuer unable to comply with the Commission disclosure requirements or (ii) if compliance with its obligations under this Agreement to maintain the Exchange effectiveness of, supplement or amend any Registration Statement, upon advice of U.S. counsel to the Issuer, would require additional disclosure of material non-public information by the Issuer or its subsidiaries as to which, and so long as, the Issuer or its subsidiaries has a bona fide business purpose in preserving its confidentiality; provided, however, that the maximum period of time during which the Issuer shall be entitled to postpone the effectiveness, supplementing or amending of any Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure pursuant to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or clause (ii) of this paragraph shall be 45 calendar days; provided, further, that (x) upon the Exchange exercise of its right under clause (ii) of this paragraph to postpone the effectiveness, supplementing or amending of any such Registration Statement Statement, the Issuer shall give the holders prompt written notice of such exercise and an approximation of the anticipated length of such postponement and (y) after the exercise of its right under clause (ii) of this paragraph to postpone the effectiveness, supplementing or amending of any such Registration Statement, the Issuer shall not, within six months of the expiration of any such postponement, exercise again its right of postponement under clause (ii) of this paragraph. The holders hereby acknowledge that any notice given by the Issuer pursuant to this paragraph may constitute material non-public information and that the United States securities laws prohibit any person who has been declared effective and material non-public information about a company from purchasing or selling securities of the Exchange Offer has been consummatedcompany or from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such securities. (ce) The Company Issuer shall take, and shall cause the Guarantors to take, take all actions necessary or advisable to cause the Guaranties to be taken to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees registered under the Exchange Registration Statement registration statement contemplated in Section 2(a) or 2(b) hereof, as applicable. (df) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (Pemex Exploration & Production PEP)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors agree agrees to use all commercially reasonable its best efforts to (i) file under the Securities Act Act, as soon as practicable, but no later than 90 days after the Closing Date, a registration statement relating to an offer to exchange (such registration statement, the “Exchange Registration Statement,” and such offer, the “"Exchange Offer") any and all of the Securities for a like aggregate principal amount of debt securities issued by of the Company and guaranteed by the Guarantors, which debt securities and guarantees are substantially identical in all material respects to the Securities and the related Guarantees, respectively (and which are entitled to the benefits of a trust indenture that which is substantially identical in all material respects to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), ) except that they have been registered pursuant to an effective registration statement under the Securities Act and do will not contain provisions for the additional interest contemplated in by Section 2(b2(c) below hereof or provisions restricting transfer (such new debt securities are hereinafter called "Exchange Securities"), (ii) . The Company agrees to use its best efforts to cause the Exchange Registration Statement such registration statement to become effective under the Securities Act, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest Act as soon as practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Date”)thereafter. The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Company further agrees to use its best efforts to commence the Exchange Offer promptly after such registration statement has become effective, hold the Exchange Offer open for at least 30 days and exchange the Exchange Securities for all Registrable Securities that have been validly tendered and not withdrawn on or prior to the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been “completed” completed only (A) if the debt securities and related guarantees Exchange Securities received by holders (other than Restricted Holders Holders) in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky Blue Sky or securities laws of a substantial majority of the states States of the United States of America, and (B) upon it being understood that broker-dealers receiving Exchange Securities will be subject to certain prospectus delivery requirements with respect to resale of the earlier Exchange Securities. The Exchange Offer shall be deemed to occur of (1) have been completed at such time as the Company having has exchanged the Exchange Securities for all outstanding Registrable Securities that have been validly tendered pursuant to the Exchange Offer and (2) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days 30 days following the commencement of the Exchange Offer. The Company and the Guarantors agree agrees (Ii) to include in the Exchange Registration Statement registration statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (IIii) to keep such Exchange Registration Statement registration statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon on the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statementregistration statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (b), (c) and (d) Section 6 hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If In the event that (i) on or prior to the consummation of the Exchange Offer existing Commission interpretations are changed such that the Exchange Securities received by holders (other than Restricted Holders) in the Exchange Offer for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the Exchange Offer has not been consummated prior to the Consummation Date, (ii) the Securities have not become Freely Tradable on or before the Free Trade 240th day after the Closing Date or (iii) the Exchange Offer is not available to any holder of Registrable Securities, the Company shall, in lieu of (or, in the case of clause (iii), in addition to) conducting the Exchange Offer contemplated by Section 2(a), file under the Securities Act as soon as practicable a "shelf" registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 under the Securities Act and/or any similar rule that may be adopted by the Commission (the "Shelf Registration"). The Company agrees to use its best efforts to cause the Shelf Registration to become or be declared effective as soon as practicable after the Closing Date and to keep such Shelf Registration continuously effective for a period ending on the earlier of the second anniversary of the initial effective date of registration statement relating to the Shelf Registration or such time as all of the Registrable Securities registered on such Shelf Registration have been sold pursuant to thereto. The Company further agrees to supplement or make amendments to the Shelf Registration, as and when required by the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration or by the Securities Act or rules and regulations thereunder for shelf registration, and the Company agrees to furnish to the holders of the Registrable Securities copies of any such supplement or amendment prior to its being used and/or filed with the Commission. (c) In the event that (i) the Company has not filed the registration statement relating to the Exchange Offer (or, if applicable, the Shelf Registration) on or before the 90th day after the Closing Date, or (ii) such registration statement (or, if applicable, the Shelf Registration) has not become effective or been declared effective by the Commission on or before the 210th day after the Closing Date, or (iii) the Exchange Offer has not been completed within 30 business days after the initial effective date of the registration statement (if the Exchange Offer is then required to be made) or (iv) any Exchange Registration Statement registration statement required by this Agreement Section 2(a) or 2(b) is filed and declared effective, effective but shall thereafter cease to be effective or fail to be usable for its intended purpose (except as specifically permitted herein) without being succeeded immediately by a post-an additional registration statement filed and declared effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iiiiv), a "Registration Default,” "), then the per annum interest rate of the Securities as set forth in the Securities shall increase by 0.5% during the first 90-day period following the occurrence of the Registration Default, and the per annum interest rate on the Securities will increase by an additional 0.5% for each subsequent 90-day period during which a any Registration Default has occurred and is continuing, the “Registration Default Period”), then, as liquidated damages for such Registration Default, subject remains in effect up to the provisions of Section 8(b), special a maximum additional interest (“Special Interest”), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% 1%, for the first 90 days period from and including the date of occurrence of the Registration Default Period, to but excluding such date as no Registration Default is in effect (at a per annum which time the interest rate will be restored to its initial rate). In the event that the interest rate of 0.50% for the second 90 days of the Registration Default PeriodSecurities is so increased, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at shall promptly notify the Trustee of such increase, including any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective subsequent increase, and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date beginning and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummatedending dates therefor. (c) The Company shall take, and shall cause the Guarantors to take, all actions necessary or advisable to be taken to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereof. (d) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (Loews Cineplex Entertainment Corp)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company Issuer and the Guarantors Guarantor agree to use all commercially reasonable efforts to (i) file under the Securities Act Act, as soon as practicable, but no later than 90 days after the Initial Closing Date, (i) an amendment to an existing Initial Exchange Registration Statement or (ii) a registration statement statement, relating to an offer to exchange (such amendment or registration statement, the “Exchange Registration Statement,” ”, and such offer, the “Exchange Offer”) any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company Issuer and guaranteed by the GuarantorsGuarantor, which debt securities and guarantees guarantee are substantially identical to the Securities and the related GuaranteesGuarantee, respectively (and are entitled to the benefits of a trust indenture that which is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called “Exchange Securities”), (ii) . The Issuer and the Guarantor agree to use their best efforts to cause the Exchange Registration Statement to become effective under the Securities ActAct as soon as practicable, (iii) commence but no later than 180 days after the Exchange Offer promptly after such Initial Closing Date and in any event concurrently with the effectiveness of an Initial Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Date”)Statement. The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Issuer and the Guarantor further agree to use their best efforts to commence and complete the Exchange Offer promptly, but no later than 45 days after such registration statement has become effective and in any event concurrently with the commencement and completion of an Initial Exchange Offer, hold the Exchange Offer open for at least 20 business days and exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been “completed” only (A) if the debt securities and related guarantees guarantee received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states States of the United States of America, and (B) . The Exchange Offer shall be deemed to have been completed upon the earlier to occur of (1i) the Company Issuer having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2ii) the Company Issuer having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days business days following the commencement of the Exchange Offer. The Company Issuer and the Guarantors Guarantor agree (Ix) to include in the Exchange Registration Statement a prospectus Prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (IIy) to keep such Exchange Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (b5(a), (c), (d) and (de) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) on or prior to the time the Exchange Offer is completed existing Commission interpretations are changed such that the debt securities or the related guarantee received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the Exchange Offer has not been consummated prior completed within 225 days following the Initial Closing Date or (iii) the Exchange Offer is not available to the Consummation DatePurchaser for any Securities acquired directly from the Issuer and the Guarantor, the Issuer and the Guarantor shall, in lieu of (or, in the case of clause (iii), in addition to) conducting the Exchange Offer contemplated by Section 2(a), file under the Securities Act as soon as practicable, but in any event concurrently with the filing of an Initial Shelf Registration Statement and no later than the later of 30 days in the case of clause (i) or (ii) and 90 days in the case of clause (iii) after the time such obligation to file arises, a “shelf” registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the “Shelf Registration” and such registration statement, the “Shelf Registration Statement”). The Issuer and the Guarantor agree to use their best efforts (x) to cause the Shelf Registration Statement to become or be declared effective no later than 90 days after such Shelf Registration Statement is filed and in any event concurrently with the effectiveness of the Initial Shelf Registration Statement and to keep such Shelf Registration Statement continuously effective for a period ending on the earlier of the second anniversary of the Initial Closing Date or such time as there are no longer any Registrable Securities outstanding, provided, however, that no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the Prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder, and (y) after the Effective Time of the Shelf Registration Statement, promptly upon the request of any holder of Registrable Securities that is not then an Electing Holder, to take any action reasonably necessary to enable such holder to use the Prospectus forming a part thereof for resales of Registrable Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement, provided, however, that nothing in this Clause (y) shall relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Issuer in accordance with Section 3(d)(ii) and 3(d)(iii) hereof. (c) In the event that (i) the Issuer and the Guarantor have not become Freely Tradable filed the Exchange Registration Statement or Shelf Registration Statement on or before the Free Trade Datedate on which such registration statement is required to be filed pursuant to Section 2(a) or 2(b), respectively, or (ii) such Exchange Registration Statement or Shelf Registration Statement has not become effective or been declared effective by the Commission on or before the date on which such registration statement is required to become or be declared effective pursuant to Section 2(a) or 2(b), respectively, or (iii) the Exchange Offer has not been completed within 45 days after the initial effective date of the Exchange Registration Statement relating to the Exchange Offer (if the Exchange Offer is then required to be made) or (iv) any Exchange Registration Statement or Shelf Registration Statement required by this Agreement Section 2(a) or 2(b) hereof is filed and declared effective, effective but shall thereafter cease either be withdrawn by the Issuer or the Guarantor or shall become subject to be an effective or fail stop order issued pursuant to be usable for its intended purpose Section 8(d) of the Securities Act suspending the effectiveness of such registration statement (except as specifically permitted herein) without being succeeded immediately by a post-an additional registration statement filed and declared effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iiiiv), a “Registration Default,” and the each period during which a Registration Default has occurred and is continuing, the a “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b7(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, and at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. (cd) The Company Issuer and the Guarantor shall take, and shall cause the Guarantors to take, each take all actions reasonable and necessary or advisable to be taken by it to ensure that the transactions contemplated herein are effected as so contemplated, including all actions reasonable and necessary or desirable to register the Guarantees Guarantee under the Exchange Registration Statement registration statement contemplated in Section 2(a) or 2(b) hereof, as applicable. (de) Any reference herein Each holder of Registrable Securities hereby acknowledges and agrees that any broker-dealer and any such holder using the Exchange Offer to participate in a distribution of the Exchange Securities (x) could not under Commission policy as in effect on the date of this Agreement rely on the position of the Commission in Exxon Capital Holdings Corporation (pub. avail. May 13, 1988) and Xxxxxx Xxxxxxx and Co., Inc. (pub. avail. June 5, 1991), as interpreted in the Commission’s letter to Shearman & Sterling dated July 2, 1993 and similar no-action letters; and (y) must comply with the registration and prospectus delivery requirements of the Securities Act in connection with any secondary resale transaction, which must be covered by an effective registration statement containing the selling security holder information required by Item 507 or prospectus 508, as applicable, of any time Regulation S-K under the Act if the resales are of Exchange Securities obtained by such holder in exchange for Registrable Securities acquired by such holder directly from the Issuer or one of its affiliates. Accordingly, the Issuer’s obligation to accept for exchange a holder’s Registrable Securities tendered in the Exchange Offer shall be deemed conditioned upon such holder representing to include the Issuer that, at the time of the consummation of the Exchange Offer: (i) that any document incorporated, or deemed to Exchange Securities received by such holder will be incorporated, therein by reference as acquired in the ordinary course of such time holder’s business; (ii) that such holder will have no arrangement or understanding with any person to participate in the distribution of the Exchange Securities within the meaning of the Act; (iii) that such holder is not an affiliate of the Issuer; and (iv) that if such holder is a broker-dealer that it will receive Exchange Securities for its own account in exchange for Registrable Securities acquired as a result of market making activities or other trading activities and acknowledges that such holder will deliver a Prospectus in connection with any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as resale of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such timethe Exchange Securities.

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (Berkshire Hathaway Inc)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors agree agrees to use all commercially reasonable efforts to (i) file under the Securities Act Act, as soon as practicable, but no later than 150 days after the Closing Date, a registration statement relating to an offer to exchange (such registration statement, the "Exchange Registration Statement,” ", and such offer, the "Exchange Offer") any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the GuarantorsCompany, which debt securities and guarantees are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that which is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called "Exchange Securities"), (ii) . The Company agrees to use its reasonable best efforts to cause the Exchange Registration Statement to become effective under the Securities ActAct as soon as practicable, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) but no later than 210 days after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Closing Date”). The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Company further agrees to use its reasonable best efforts to commence and complete the Exchange Offer promptly, but no later than 45 days after such registration statement has become effective, hold the Exchange Offer open for at least 30 days and exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been "completed" only (A) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states States of the United States of America, and (B) . The Exchange Offer shall be deemed to have been completed upon the earlier to occur of (1i) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2ii) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days 30 days following the commencement of the Exchange Offer. The Company and the Guarantors agree agrees (Ix) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (IIy) to keep such Exchange Registration Statement effective for a period (the "Resale Period") beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (bc), (cd) and (de) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) on or prior to the time the Exchange Offer is completed existing Commission interpretations are changed such that the debt securities received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the Exchange Offer has not been consummated completed within 255 days following the Closing Date or (iii) the Exchange Offer is not available to any holder of the Securities, the Company shall, in lieu of (or, in the case of clause (iii), in addition to) conducting the Exchange Offer contemplated by Section 2(a), file under the Securities Act as soon as reasonably practicable, but no later than the later of 30 days after the time such obligation to file arises, a "shelf" registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the "Shelf Registration" and such registration statement, the "Shelf Registration Statement"). The Company agrees to use its reasonable best efforts (x) to cause the Shelf Registration Statement to become or be declared effective no later than 120 days after such Shelf Registration Statement is filed and to keep such Shelf Registration Statement continuously effective for a period ending on the earlier of the second anniversary of the Effective Time or such time as there are no longer any Registrable Securities outstanding, provided, however, that no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder, and (y) after the Effective Time of the Shelf Registration Statement, promptly upon the request of any holder of Registrable Securities that is not then an Electing Holder, to take any action reasonably necessary to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement, provided, however, that nothing in this Clause (y) shall relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Company in accordance with Section 3(d)(iii) hereof. The Company further agrees to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, and the Company agrees to furnish to each Electing Holder copies of any such supplement or amendment prior to its being used or promptly following its filing with the Consummation DateCommission, if such supplement or amendment is not available via the Commission's XXXXX database. Notwithstanding the foregoing, and subject to the requirements set forth in Section 3(e) hereof, the Company may, by notice to holders of Registrable Securities, suspend the availability of a Shelf Registration Statement and the use of the related prospectus for up to an aggregate of 45 days in any consecutive twelve-month period, if (i) the board of directors of the Company determines in good faith that it is in the Company's best interests to refrain from disclosing the existence of or facts surrounding any proposed or pending material corporate transaction or (ii) the Securities have existence of any fact or the happening of any event that makes any statement or a material fact made in the Shelf Registration Statement or the related prospectus untrue or requires the making of any changes in or additions to the Shelf Registration Statement or related prospectus to make the statements therein not become Freely Tradable misleading. (c) In the event that (i) the Company has not filed the Exchange Registration Statement or Shelf Registration Statement on or before the Free Trade Datedate on which such registration statement is required to be filed pursuant to Section 2(a) or 2(b), respectively, or (ii) such Exchange Registration Statement or Shelf Registration Statement has not become effective or been declared effective by the Commission on or before the date on which such registration statement is required to become or be declared effective pursuant to Section 2(a) or 2(b), respectively, or (iii) the Exchange Offer has not been completed within 45 days after the initial effective date of the Exchange Registration Statement relating to the Exchange Offer (if the Exchange Offer is then required to be made), or (iv) any Exchange Registration Statement or Shelf Registration Statement required by this Agreement Section 2(a) or 2(b) hereof is filed and declared effective but shall thereafter either be withdrawn by the Company or shall become subject to an effective stop order issued pursuant to Section 8(d) of the Securities Act suspending the effectiveness of such registration statement (except as specifically permitted herein) without being succeeded immediately by an additional registration statement filed and declared effective, or (v) if any Shelf Registration Statement required by Section 2(b) hereof is filed and declared effective, but shall thereafter cease and during the period the Company is required to be effective or fail use its reasonable best efforts to be usable for its intended purpose without being succeeded by a post-effective amendment or prospectus supplement to such Exchange cause the Shelf Registration Statement that cures such failure to remain effective, the Company shall have suspended the availability of the Shelf Registration Statement and that is itself declared effectively promptly the use of the related prospectus pursuant to Section 2(b) hereof for more than 45 days in the aggregate in any consecutive twelve-month period and be continuing to suspend the availability of the Shelf Registration Statement (each such event referred to in clauses (i) through (iiiv), a "Registration Default,” " and the each period during which a Registration Default has occurred and is continuing, the “a "Registration Default Period"), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b9(b), special interest ("Special Interest"), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. (cd) The Company shall take, and shall cause the Guarantors to take, take all actions reasonable and necessary or advisable to be taken by it to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereof. (de) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time. (f) Each holder of Registrable Securities hereby acknowledges and agrees that any broker-dealer and any such holder using the Exchange Offer to participate in a distribution of the Exchange Securities (x) could not under Commission policy as in effect on the date of this Agreement rely on the position of the Commission in Exxon Capital Holdings Corporation (pub. avail. May 13, 1988) and Xxxxxx Xxxxxxx and Co., Inc. (pub. avail. June 5, 1991), as interpreted in the Commission's letter to Shearman & Sterling dated July 2, 1993 and similar no-action letters; and (y) must comply with the registration and prospectus delivery requirements of the Securities Act in connection with any secondary resale transaction, which must be covered by an effective registration statement containing the selling security holder information required by Item 507 or 508, as applicable, of Regulation S-K under the Securities Act if the resales are of Exchange Securities obtained by such holder in exchange for Registrable Securities acquired by such holder directly from the Company or one of its affiliates. Accordingly, the Company's obligation to accept for exchange a holder's Registrable Securities tendered in the Exchange Offer shall be conditioned upon such holder representing to the Company that, at the time of the consummation of the Exchange Offer: (i) that any Exchange Securities received by such holder will be acquired in the ordinary course of such holder's business; (ii) that such holder will have no arrangement or understanding with any person to participate in the distribution of the Exchange Securities within the meaning of the Act; (iii) that such holder is not an affiliate of the Company; and (iv) that if such holder is a broker-dealer that it will receive Exchange Securities for its own account in exchange for Registrable Securities acquired as a result of market making activities or other trading activities and acknowledges that such holder will deliver a prospectus in connection with any resale of the Exchange Securities.

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (Aspen Insurance Holdings LTD)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors Issuers agree to use all commercially reasonable efforts to (i) file under the Securities Act Act, as soon as practicable, but no later than 180 days after the Closing Date, or if the 180th day is not a business day the first business day thereafter, a registration statement relating to an offer to exchange (such registration statement, the “Exchange Registration Statement,” and such offer, the “Exchange Offer”) any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company Issuers and guaranteed by the Guarantors, which debt securities and guarantees guarantee are substantially identical to the Securities and the related GuaranteesGuarantee, respectively (and are entitled to the benefits of a trust indenture that which is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called “Exchange Securities”), (ii) . The Issuers agree to use all commercially reasonable efforts to cause the Exchange Registration Statement to become effective under the Securities ActAct as soon as reasonably practicable, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) but no later than 270 days after the date that notice of Closing Date, or if the Exchange Offer 270th day is mailed to holders of not a business day, the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Date”)first business day thereafter. The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Issuers further agree to use all commercially reasonable efforts to commence and complete the Exchange Offer promptly, but no later than 45 business days after such registration statement has become effective, hold the Exchange Offer open for at least 30 days and exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been “completed” only (A) if the debt securities and related guarantees guarantee received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act (except for the requirement to deliver a prospectus included in the Exchange Registration Statement applicable to resales by any broker-dealer pursuant to an Exchange Offer in exchange for Registrable Securities other than those acquired by the broker-dealer directly from the Issuers) and without material restrictions under the blue sky or securities laws of a substantial majority of the states States of the United States of America, and (B) . The Exchange Offer shall be deemed to have been completed upon the earlier to occur of (1i) the Company Issuers having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2ii) the Company Issuers having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days 30 days following the commencement of the Exchange Offer. The Company Issuers and the Guarantors agree (Ix) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and any other person to which the requirement to deliver a prospectus included in the Exchange Registration Statement is applicable and (IIy) to keep such Exchange Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed 180 days (or such time as shorter period during which such broker-dealers no longer own any Registrable Securitiesare required by law to deliver a prospectus). With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (bc), (cd) and (de) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) the Issuers and the Guarantors are not permitted to consummate the Exchange Offer because the Exchange Offer is not permitted by applicable law or Commission policy; (ii) the Exchange Offer has not been consummated completed within 310 days following the Closing Date or (iii) any Restricted Holder notifies the Issuers prior to the Consummation Date15th business day following consummation of the Exchange Offer that (a) it is prohibited by law or Commission policy from participating in the Exchange Offer, (iib) it may not resell the Exchange Securities acquired by it in the Exchange Offer to the public without delivering a prospectus and the prospectus contained in the Exchange Offer Registration Statement is not appropriate or available for such resales or (c) it is a broker-dealer and owns Securities acquired directly from the Issuers or an affiliate of either Issuer, the Issuers and the Guarantors shall, in lieu of (or, in the case of clause (iii), in addition to) conducting the Exchange Offer contemplated by Section 2(a), file under the Securities Act as soon as reasonably practicable, but no later than 45 business days after the time such obligation to file arises, a “shelf” registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the “Shelf Registration” and such registration statement, the “Shelf Registration Statement”). The Issuers agree to use all commercially reasonable efforts (x) to cause the Shelf Registration Statement to become or be declared effective no later than 150 days after such Shelf Registration Statement is filed and to keep such Shelf Registration Statement continuously effective (other than during any Blackout Period) for a period ending on the earlier of the anniversary of the Effective Time or such time as there are no longer any Registrable Securities outstanding, provided, however, that no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder, and (y) after the Effective Time of the Shelf Registration Statement, promptly upon the request of any holder of Registrable Securities that is not then an Electing Holder, to take any action reasonably necessary to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement, provided, however, that nothing in this Clause (y) shall relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Issuers in accordance with Section 3(d)(iii) hereof. The Issuers further agree to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Issuers for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, and the Issuers agree to furnish to each Electing Holder copies of any such supplement or amendment prior to its being used or promptly following its filing with the Commission. (c) In the event that (i) the Securities Issuers have not become Freely Tradable filed the Exchange Registration Statement or Shelf Registration Statement on or before the Free Trade Datedate on which such registration statement is required to be filed pursuant to Section 2(a) or 2(b) hereof, respectively, or (ii) such Exchange Registration Statement or Shelf Registration Statement has not become effective or been declared effective by the Commission on or before the date on which such registration statement is required to become or be declared effective pursuant to Section 2(a) or 2(b), respectively, or (iii) the Exchange Offer has not been completed within 45 business days after the initial effective date of the Exchange Registration Statement relating to the Exchange Offer (if the Exchange Offer is then required to be made) or (iv) any Exchange Registration Statement or Shelf Registration Statement required by this Agreement Section 2(a) or 2(b) hereof is filed and declared effective, effective but shall thereafter cease either be withdrawn by the Issuers or shall become subject to be an effective or fail stop order issued pursuant to be usable for its intended purpose Section 8(d) of the Securities Act suspending the effectiveness of such registration statement (except as specifically permitted herein, including any Blackout Period permitted herein) without being succeeded immediately by a post-an additional registration statement filed and declared effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iiiiv), a “Registration Default,” and the each period during which a Registration Default Default(s) has occurred and is continuing, the a “Registration Default Period”), then, as liquidated damages for such Registration DefaultDefault(s), subject to the provisions of Section 8(b9(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue on the outstanding principal amount of the Registrable Securities at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. (cd) The Company Issuers shall take, and shall cause the Guarantors to take, all actions necessary or advisable to be taken by them to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees Guarantee under the Exchange Registration Statement registration statement contemplated in Section 2(a) or 2(b) hereof, as applicable. (de) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time. (f) Notwithstanding anything herein to the contrary, the Issuers, upon advising the Purchasers in writing, may, pursuant to the advice of outside counsel to the Issuers, delay the filing or effectiveness of any Exchange Registration Statement or Shelf Registration Statement (if not filed or effective, as applicable) or suspend, or otherwise fail to maintain, the effectiveness thereof or cease to permit the use of the prospectus included therein for a period (the “Blackout Period”) not to exceed an aggregate of 60 days in any twelve consecutive month period in the event that (i) the Board of Directors or Board of Managers, as the case may be, of an Issuer reasonably and in good faith determines that the premature disclosure of a material event at such time could reasonably be expected to have a material adverse effect on the Issuers’ business, operations or prospects or (ii) the disclosure otherwise relates to a material business transaction which has not been publicly disclosed and the Board of Directors or Board of Managers, as the case may be, of an Issuer reasonably and in good faith determines that any such disclosure could reasonably be expected to jeopardize the success of such transaction; provided, that, upon the termination of such Blackout Period, the Issuers promptly shall advise the Purchasers that such Blackout Period has been terminated.

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (DynCorp International LLC)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors agree agrees to use all commercially reasonable efforts to (i) file under the Securities Act Act, as soon as practicable, but no later than 60 days after the Closing, a registration statement relating to an offer to exchange (such registration statement, the "Exchange Registration Statement," and such offer, the "Exchange Offer") any and all of the Securities for a like aggregate principal amount at maturity of debt securities issued by the Company and guaranteed by the GuarantorsCompany, which debt securities and guarantees are substantially identical to the Securities and the related GuaranteesSecurities, respectively (and are entitled to the benefits of a trust indenture that which is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called "Exchange Securities"), (ii) . The Company agrees to use its best efforts to cause the Exchange Registration Statement to become effective under the Securities ActAct as soon as practicable, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) but no later than 150 days after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Date”)Closing. The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Company further agrees to use its best efforts to commence and complete the Exchange Offer promptly, but no later than 45 days after such registration statement has become effective, hold the Exchange Offer open for at least 30 days and issue Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been “completed” Acompleted" only (A) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under need for further compliance with Section 5 of the Securities Act and the Exchange Act (except for the requirement to deliver a prospectus included in the Exchange Registration Statement applicable to resales by any broker-dealer of Exchange Securities received by such broker-dealer pursuant to an Exchange Offer in exchange for Registrable Securities other than those acquired by the broker-dealer directly from the Company), and without material restrictions under the blue sky or securities laws of a substantial majority of the states States of the United States of America, and (B) . The Exchange Offer shall be deemed to have been completed upon the earlier to occur of (1i) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2ii) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days 30 days following the commencement of the Exchange Offer. The Company and the Guarantors agree agrees (Ix) to include in the Exchange Registration Statement a prospectus for use in connection with any resales by any holder of Exchange Securities that is by a broker-dealer, other than resales of Exchange Securities received by a broker-dealer pursuant to an Exchange Offer in exchange for Registrable Securities acquired by the broker-dealer directly from the Company, and (IIy) to keep such Exchange Registration Statement effective for a period (the "Resale Period") beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th 90th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders each broker-dealer that holds Exchange Securities received in an Exchange Offer in exchange for Registerable Securities not acquired by it directly from the Company shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (bc), (cd) and (de) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If prior to the time the Exchange Offer is completed existing Commission interpretations are changed such that the Securities received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without need for further compliance with Section 5 of the Securities Act (except for the requirement to deliver a prospectus included in the Exchange Registration Statement applicable to resales by broker-dealers of Exchange Securities received by such broker-dealer pursuant to an Exchange Offer in exchange for Registrable Securities other than those acquired by the broker-dealer directly from the Company), in lieu of conducting the Exchange Offer contemplated by Section 2(a) the Company shall file under the Securities Act as soon as practicable, but no later than the later of 30 days after the time such obligation to file arises and 60 days after the Closing, a "shelf" registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the "Shelf Registration" and such registration statement, the "Shelf Registration Statement"). In addition, in the event that the Purchasers shall not have resold all of the Securities initially purchased by them from the Company pursuant to the Note Purchase Agreement prior to the consummation of the Exchange Offer, the Company shall file under the Securities Act as soon as practicable a Shelf Registration Statement. The Company agrees to use its best efforts (i) to cause the Shelf Registration Statement to become or be declared effective no later than 120 days after such Shelf Registration Statement is filed and to keep such Shelf Registration Statement continuously effective in order to permit the prospectus forming a part thereof to be usable by holders for resales of Registrable Securities for a period ending on the earlier of the second anniversary of the Closing or such time as there are no longer any Registrable Securities outstanding, provided, however, that no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder, and (ii) after the Effective Time of the Shelf Registration Statement, promptly upon the request of any holder of Registrable Securities that is not then an Electing Holder, to take any action reasonably necessary to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement, provided, however, that nothing in this Clause (ii) shall relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Company in accordance with Section 3(d)(iii) hereof. The Company further agrees to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, and the Company agrees to furnish to each Electing Holder copies of any such supplement or amendment prior to its being used or promptly following its filing with the Commission. Notwithstanding the immediately preceding sentence, the Company may postpone, for a period not to exceed 30 days, supplementing or amending the Shelf Registration Statement if (i) the Exchange Offer has Company is in possession of material non-public information related to a proposed financing, recapitalization, acquisition, business combination or other material transaction and the Board of Directors of the Company determines (in good faith in a written resolution) that disclosure of such information would have a material adverse effect on the business or operations of the Company and its subsdiaries and disclosure of such information is not been consummated prior to the Consummation Date, otherwise required by law and (ii) the Securities have Company delivers notice (which shall include a copy of the resolution of the Board of Directors with respect to such determination) to the Electing Holders and any placement agent or underwriting as contemplated by Section 3(d)(viii)(F) to the effect that Electing Holders may not make offers or sales under the Shelf Registration Statement; provided, however, that the Company may deliver only two such notices within any 12-month period. Promptly upon the earlier of (x) public disclosure of such material non-public information, (y) the date on which such non-public information is no longer material and (z) 30 days after the date notice is given by the Company pursuant to clause (ii) above, the Company shall supplement or amend the Shelf Registration Statement as required by the immediately preceding sentence and give notice to the Electing Holders that offers and sales under the Shelf Registration Statement may be resumed. (c) In the event that (i) the Company has not filed the Exchange Registration Statement on or prior to the 60th day after the Closing, or (ii) such Exchange Registration Statement has not become Freely Tradable effective or been declared effective by the Commission on or before the Free Trade Date150th day after the Closing, or (iii) the Exchange Offer is not consummated or a Shelf Registration Statement is not declared effective on or prior to the 180th day after the Closing, or (iv) any Exchange Registration Statement or Shelf Registration Statement required by this Agreement Section 2(a) or 2(b) hereof is filed and declared effective, effective but shall thereafter cease either be withdrawn by the Company or shall become subject to be an effective or fail stop order issued pursuant to be usable for its intended purpose Section 8(d) of the Securities Act suspending the effectiveness of such registration statement (except as specifically permitted herein) without being succeeded immediately by a post-an additional registration statement filed and declared effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iiiiv), a "Registration Default,” and the period during which a Registration Default has occurred and is continuing, the “Registration Default Period”)", then, as liquidated damages for each such Registration Default, subject to the provisions of Section 8(b9(b), special the interest (“Special Interest”), in addition to rate borne by the Base Interest, Registrable Securities shall accrue at a be increased by 0.50% per annum rate following such 60-day period in the case of 0.25% for clause (i) above, following such 150-day period in the first 90 days case of clause (ii) above, following such 180-day period in the Registration Default Period, at a per annum rate case of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period clause (iii) above and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on following the date on which such Exchange Offer Registration Statement or the Shelf Registration Statement, as the case may be, ceases to become effective in the case of clause (iv) above; provided that the aggregate amount of such increase in the interest rate will in no event exceed 1.00% per annum. Upon (w) the filing of the Exchange Offer Registration Statement after the 60-day period described in clause (i) above, (x) the Securities become Freely Tradable or effectiveness of the Exchange Offer Registration Statement after the 150-day period described in clause (ii) above, (y) the Exchange Registration Statement has been declared effective and consummation of the Exchange Offer has been consummated. Special Interest shall not accrue as a result or the effectiveness of the Company’s failure to provide a certificate to Shelf Registration Statement, as the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or case may be, after the 380th 180-day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided period described in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. (c) The Company shall take, and shall cause the Guarantors to take, all actions necessary or advisable to be taken to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereof. (d) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.clause

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (Regal Cinemas Inc)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors agree to use all commercially reasonable efforts to (i) file under the Securities Act Act, no later than 120 days after the Closing Date, a registration statement relating to an offer to exchange (such registration statement, the “Exchange Registration Statement,” and such offer, the “Exchange Offer”) any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the Guarantors, which debt securities and guarantees are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that which is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called “Exchange Securities”), (ii) . The Company and the Guarantors agree to use all commercially reasonable efforts to cause the Exchange Registration Statement to become effective under the Securities Act, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) Act no later than 210 days after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Closing Date”). The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Company and the Guarantors further agree to use all commercially reasonable efforts to commence and complete the Exchange Offer promptly, but no later than 30 Business Days after such registration statement has become effective, hold the Exchange Offer open for at least 20 Business Days and exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been “completed” only (A) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states States of the United States of America, and (B) upon the earlier to occur of (1) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the . The Exchange Offer and (2) shall be deemed to have been completed upon the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days following the commencement of the Exchange Offer. The Company and the Guarantors agree agrees (Ix) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (IIy) to the extent necessary to ensure that such prospectus is available for sales of Exchange Securities by broker-dealers, to use all commercially reasonable efforts to keep such Exchange Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (bc), (cd) and (de) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) on or prior to the time the Exchange Offer is completed, existing Commission interpretations are changed such that the debt securities or the related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the Company and the Guarantors are not required to file the Exchange Registration Statement; or (iii) any holder of Registrable Securities notifies the Company prior to the 20th Business Day following the consummation of the Exchange Offer that: (a) it is prohibited by law or Commission policy from participating in the Exchange Offer; (b) it may not resell the Exchange Securities to the public without delivering a prospectus and the prospectus supplement contained in the Exchange Registration Statement is not appropriate or available for such resales; or (c) it is a broker-dealer and owns Securities acquired directly from the Company or an affiliate of the Company, the Company and the Guarantors shall, in lieu of (or, in the case of clause (iii), in addition to) conducting the Exchange Offer contemplated by Section 2(a), file under the Securities Act as soon as practicable, but no later than the later of 30 days after the time such obligation to file arises (but no earlier than 120 days after the date of the Indenture), a “shelf” registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the “Shelf Registration” and such registration statement, the “Shelf Registration Statement”). The Company and the Guarantors agree to use all commercially reasonable efforts (x) to cause the Shelf Registration Statement to become or be declared effective no later than 90 days after such Shelf Registration Statement filing obligation arises (but no earlier than 210 days after the date of the Indenture) and to keep such Shelf Registration Statement continuously effective for a period ending on the earlier of the second anniversary of the Effective Time or such time as there are no longer any Registrable Securities outstanding, provided, however, that no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder, and (y) after the Effective Time of the Shelf Registration Statement, promptly upon the request of any holder of Registrable Securities that is not then an Electing Holder, to take any action reasonably necessary to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement, provided, however, that nothing in this Clause (y) shall relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Company and the Guarantors in accordance with Section 3(d)(iii) hereof; provided further that each holder shall promptly furnish additional information required to be disclosed in order to make information previously furnished to the Company by such holder not misleading. The Company and the Guarantors further agree to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Company and the Guarantors for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, and the Company agrees to furnish to each Electing Holder copies of any such supplement or amendment prior to its being used or promptly following its filing with the Commission. (c) In the event that (i) the Company and the Guarantors have not filed the Exchange Registration Statement or Shelf Registration Statement on or before the date on which such registration statement is required to be filed pursuant to Section 2(a) or 2(b), respectively, or (ii) such Exchange Registration Statement or Shelf Registration Statement has not become effective or been declared effective by the Commission on or before the date on which such registration statement is required to become or be declared effective pursuant to Section 2(a) or 2(b), respectively, or (iii) the Exchange Offer has not been consummated prior completed within 30 Business Days after the initial effective date of the Exchange Registration Statement relating to the Consummation Date, Exchange Offer (iiif the Exchange Offer is then required to be made) the Securities have not become Freely Tradable on or before the Free Trade Date, or (iiiiv) any Exchange Registration Statement or Shelf Registration Statement required by this Agreement Section 2(a) or 2(b) hereof is filed and declared effective, effective but shall thereafter cease ceases to be effective or fail to be usable for its intended purpose without being succeeded by a post-effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly in connection with resales of Transfer Restricted Securities during the periods specified in Section 2(b) hereof (each such event referred to in clauses (i) through (iiiiv), a “Registration Default,” and the each period during which a Registration Default has occurred and is continuing, the a “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b9(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. (cd) The Company shall use all commercially reasonable efforts to take, and shall to cause the Guarantors to take, all actions necessary or advisable to be taken by it to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement registration statement contemplated in Section 2(a) or 2(b) hereof, as applicable. (de) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (Fti Consulting Inc)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors agree to use all their respective commercially reasonable efforts to (i) file under the Securities Act a registration statement relating to an offer to exchange any and all of the Initial Securities that constitute Registrable Securities (such registration statement, the “Exchange Registration Statement,” ”, and such offer, the “Exchange Offer”) any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the Guarantors, which debt securities and guarantees are substantially identical to the Securities Initial Notes and the related Initial Guarantees, respectively (and are entitled to the benefits of a trust indenture that which is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain restrictions on transfer or provisions for the additional interest contemplated in Section 2(b2(c) below or the liquidated damages provided in Section 2(d) below (such new debt securities are securities, including their related guarantees, hereinafter called “Exchange Securities”), (ii) . The Company and the Guarantors agree to use their respective commercially reasonable efforts to cause the Exchange Registration Statement to become effective under the Securities Act, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) Act within 270 days after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Closing Date”). The Exchange Offer will be registered under the Securities Act on the appropriate form to effect the registration of the Exchange Securities and to permit resales by broker-dealers as contemplated herein, and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Exchange Offer will be deemed Company further agrees to have been “completed” only (A) if the debt securities and related guarantees received by holders other than Restricted Holders in use its commercially reasonable efforts to commence the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and promptly after the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states of the United States of AmericaRegistration Statement becomes effective, and (B) upon the earlier to occur of (1) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to hold the Exchange Offer and open for the period required by applicable law (2) the Company having exchanged, including pursuant to any applicable interpretation by the Exchange Offerstaff of the Commission), but in any event for at least 20 business days, and exchange the Exchange Securities for all Registrable Securities that have been properly validly tendered and not withdrawn before on or prior to the expiration of the Exchange Offer. If the Company commences the Exchange Offer, which the Company shall be on a date close the Exchange Offer as soon as practicable, provided that is at least 20 Business Days following the commencement Company has accepted all the Registrable Securities validly tendered and not validly withdrawn in accordance with the terms of the Exchange Offer. The Company and the Guarantors agree (Ix) to include in the Exchange Registration Statement a prospectus (including a “Plan of Distribution” section which contains all information with respect to resales by broker-dealers required by the Commission, but which shall not name or disclose the amount of Registrable Securities held by any broker-dealer) for use in any resales by any holder of Exchange Securities that is a broker-dealer and (IIy) to keep such Exchange Registration Statement effective for a period (the “Resale Period”) beginning when the Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th 90th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect Each holder participating in the Exchange Offer shall be required to represent to the Company that (i) any Exchange Securities received by such holder will be acquired in the ordinary course of business, (ii) at the time of the commencement of the Exchange Offer such holder has no arrangements or understanding with any person to participate in the distribution of the Initial Securities or the Exchange Securities within the meaning of the Securities Act, (iii) such holder is not an “affiliate,” as defined in Rule 405 of the Securities Act, of the Company, or if it is such an “affiliate,” it will comply with the registration and prospectus delivery requirements of the Securities Act to the extent applicable, (iv) if such holder is not a broker-dealer, that it is not engaged in, and does not intend to engage in, the distribution of the Exchange Securities, (v) if such holder is a broker-dealer, that it will receive the Exchange Securities for its own account in exchange for Initial Securities that were acquired as a result of market-making activities or other trading activities (other than Initial Securities acquired directly from the Company or any of its affiliates) and that it will deliver a prospectus in connection with any resale of such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (b), (c) Securities and (dvi) hereof. The obligations such holder is not acting on behalf of any person who could not truthfully make the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradableforegoing representations. (b) If (i) on or prior to the time the Exchange Offer is consummated existing Commission interpretations are changed such that the Exchange Securities received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the Exchange Offer has not been completed within 360 days following the Closing Date, (iii) any Initial Purchaser so requests with respect to Registrable Securities not eligible to be exchanged for the aExchange Securities in the Exchange Offer and held by it following consummation of the Exchange Offer or (iv) any holder (other than an Initial Purchaser) shall be, and shall notify the Company that such holder is, prohibited by law or Commission policy from participating in the Exchange Offer or such holder may not resell the Exchange Securities acquired in the Exchange Offer to the public without delivering a prospectus and the prospectus contained in the Exchange Registration Statement is not available for such resales by such holder (other than in either case (x) due solely to the status of such holder as an affiliate of the Company within the meaning of the Securities Act or (y) due to such holder’s inability to make the representations set forth in the second paragraph of Section 2(a)) and any such holder so requests, the Company and the Guarantors shall, in lieu of (or, in the case of clauses (iii) and (iv), in addition to) conducting the Exchange Offer contemplated by Section 2(a), use their respective commercially reasonable efforts to file under the Securities Act as promptly as reasonably practicable, a “shelf” registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities (or in the case of clause (iii), the Registrable Securities held by the Initial Purchasers), pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the “Shelf Registration” and such registration statement, the “Shelf Registration Statement”). The Company and the Guarantors agree to use their respective commercially reasonable efforts (x) to cause the Shelf Registration Statement to become effective within 90 days after the date on which the obligation to file such Shelf Registration Statement arises and to use their respective commercially reasonable efforts to cause such Shelf Registration Statement to remain effective for a period ending on the earlier of the first anniversary of the Effective Time or such shorter period that will terminate when all the Registrable Securities covered by the Shelf Registration Statement have been sold pursuant to the Shelf Registration Statement or are distributed to the public pursuant to Rule 144 or would be eligible to be sold by a person that is not an “affiliate” (as defined in Rule 144) of the Company pursuant to Rule 144 without volume restriction; provided, however, that no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder, and (y) after the Effective Time of the Shelf Registration Statement, promptly upon the request of any holder of Registrable Securities that is not then an Electing Holder to take any action reasonably necessary to identify such holder as a selling securityholder in the Shelf Registration Statement and include any disclosure necessary or advisable in order to comply with the Securities Act or rules and regulations thereunder; provided, however, that (i) nothing in this clause (y) shall relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Company in accordance with Section 3(d)(iii) hereof and (ii) the Company shall not be required to take any such action with respect to any such holders more than once every quarter. The Company further agrees to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, and the Company agrees to furnish to each Electing Holder copies of any such supplement or amendment promptly following its filing with the Commission. Notwithstanding the foregoing, the Company may suspend the availability of any Shelf Registration Statement (x) for up to an aggregate of 60 days in any consecutive twelve-month period if (i) such action is required by applicable law or (ii) such action is taken by the Company in good faith and for valid business reasons (not including avoidance of the Company’s obligations hereunder) as determined by the board of directors of the Company or an authorized committee thereof, including the acquisition or divestiture of assets, or (y) with respect to a Shelf Registration Statement required to be filed due to a failure to consummate the Exchange Offer within the required time period, if such action occurs following the consummation of the Exchange Offer; provided that the Company shall promptly notify the Electing Holders when the Shelf Registration Statement may once again be used or is effective. (c) In the event that (i) the Exchange Offer has not been consummated prior to within 360 days after the Consummation Closing Date, (ii) the Securities have a Shelf Registration Statement required to be filed under Section 2(b) hereof is not become Freely Tradable declared effective on or before 90 days after the Free Trade Date, date on which the obligation to file the Shelf Registration Statement arises or (iii) any Exchange Shelf Registration Statement required by this Agreement Section 2(b) hereof is filed and declared effective, but and during the period the Company and the Guarantors are required to use their respective commercially reasonable efforts to cause the Shelf Registration Statement to remain effective, and (x) the Company shall thereafter have suspended the Shelf Registration Statement pursuant to Section 2(b) hereof for more than 60 days in the aggregate in any consecutive twelve-month period and is continuing to suspend the availability of the Shelf Registration Statement or (y) the Shelf Registration Statement shall cease to be effective or fail (other than by action of the Company pursuant to be usable for its intended purpose the second paragraph of Section 2(b) hereof) without being succeeded replaced within 90 days by a post-effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and shelf registration statement that is itself filed and declared effectively promptly effective (each such event referred to in clauses (i) through (iii), a “Registration Default,” and the each period during which a Registration Default has occurred and is continuing, the a “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b9(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue on Registrable Securities for the Registration Default Period (but only with respect to one Registration Default at any particular time) until such time as all Registration Defaults have been cured at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at which rate shall increase by an additional 0.25% during any subsequent 90-day period, up to a per annum rate maximum of 0.50% for the second 90 days regardless of the number of Registration Defaults that shall have occurred and are continuing. Following the cure of all Registration Defaults, the accrual of any Special Interest will cease. A Registration Default Period, at a per annum rate of 0.75% for the third 90 days under clauses (ii) or (iii) in this Section will be deemed cured upon consummation of the Exchange Offer in the case of a Shelf Registration Default Period and at Statement required to be filed due to a per annum rate of 1.0% thereafter for failure to consummate the remaining portion Exchange Offer within the required time period. (d) If during the 90-day period referenced in the final sentence of the first paragraph of Section 2(a) hereof the Exchange Offer Registration Default Period, provided that in no event shall Statement is suspended by the Company or ceases to be required to pay Special Interest for more than one Registration Default at effective such that any given time. The Registration Default Period shall terminate on the date on which broker-dealer that (i) receives Exchange Securities in the Securities become Freely Tradable or Exchange Offer and (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall is subject to prospectus delivery requirements cannot accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless fulfill such requirements, the Company has received shall pay liquidated damages to such broker-dealers in an amount calculated in a request manner consistent with that specified in Section 2(c) above with respect to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummatedDefaults. (ce) The Company shall take, and shall cause the Guarantors each Guarantor to take, all actions reasonably necessary or advisable to be taken by it to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement registration statement contemplated in Section 2(a) or 2(b) hereof, as applicable. (df) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (Tribune Media Co)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors agree agrees to use all commercially reasonable efforts to (i) file under the Securities Act Act, as soon as practicable, but no later than 90 days after the Closing Date, a registration statement relating to an offer to exchange (such registration statement, the "Exchange Registration Statement,” ", and such offer, the "Exchange Offer") any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the GuarantorsCompany, which debt securities and guarantees are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that which is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called "Exchange Securities"), (ii) . The Company agrees to use its reasonable best efforts to cause the Exchange Registration Statement to become effective under the Securities ActAct as soon as practicable, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) but no later than 180 days after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Closing Date”). The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Company further agrees to use its reasonable best efforts to commence and complete the Exchange Offer promptly, but no later than 45 days after such registration statement has become effective, hold the Exchange Offer open for at least 30 days and exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been "completed" only (A) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states States of the United States of America, and (B) . The Exchange Offer shall be deemed to have been completed upon the earlier to occur of (1i) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2ii) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days 30 days following the commencement of the Exchange Offer. The Company and the Guarantors agree agrees (Ix) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (IIy) to keep such Exchange Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (b), (c) and (d) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) the Exchange Offer has not been consummated prior to the Consummation Date, (ii) the Securities have not become Freely Tradable on or before the Free Trade Date, or (iii) any Exchange Registration Statement required by this Agreement is filed and declared effective, but shall thereafter cease to be effective or fail to be usable for its intended purpose without being succeeded by a post-effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iii), a “Registration Default,” and the period during which a Registration Default has occurred and is continuing, the “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. (c) The Company shall take, and shall cause the Guarantors to take, all actions necessary or advisable to be taken to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereof. (d) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.such

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (Ust Inc)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors agree agrees to use all commercially reasonable efforts to (i) file under the Securities Act Act, a registration statement relating to an offer to exchange (such registration statement, the “Exchange Registration Statement,” ”, and such offer, the “Exchange Offer”) any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the GuarantorsCompany, which debt securities and guarantees are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that is substantially identical to the Indenture or is the Indenture and that has been qualified under the Trust Indenture ActIndenture), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest Special Interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called “Exchange Securities”), (ii) . The Company agrees to use commercially reasonable efforts to cause the Exchange Registration Statement to become effective under the Securities Act, (iii) commence . The Company shall use commercially reasonable efforts to cause the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold to be completed on or before the Exchange Offer open for at least 20 Business Days 360th day following the Closing Date (or longer if required by applicable law) after the date that notice of the Exchange Offer is mailed to holders of the SecuritiesMarch 16, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Date”2013). The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. Unless the Exchange Offer would not be permitted by applicable law or Commission policy, the Company further agrees to use commercially reasonable efforts to (i) commence the Exchange Offer promptly following the Effective Time of such Exchange Registration Statement, (ii) hold the Exchange Offer open for at least 20 Business Days in accordance with Regulation 14E promulgated by the Commission under the Exchange Act and (iii) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn promptly following the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been “completed” only (Ai) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority such jurisdictions as are necessary to permit completion of the states of the United States of America, and (B) upon the earlier to occur of (1) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2ii) upon the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days following the commencement of the Exchange Offer. The Company and the Guarantors agree agrees (Ix) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (IIy) to keep such Exchange Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day (1) 90 days after the Exchange Offer Registration Statement has been completed or declared effective, (2) the date on which such time as such a broker-dealers dealer is no longer own any Registrable Securitiesrequired to deliver a prospectus in connection with market-making or other activities and (3) the date on which all Securities covered by such Exchange Registration Statement have been sold pursuant to such Exchange Registration Statement. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections Subsections 6(a), (bc), (cd) and (d) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradablee). (b) If (i) on or prior to the time the Exchange Offer is completed existing law or Commission interpretations are changed such that the debt securities received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the Exchange Offer is not completed within 360 days following the Closing Date or (iii) any holder of Registrable Securities notifies the Company prior to the 20th Business Day following the completion of the Exchange Offer that: (A) it is prohibited by law or Commission policy from participating in the Exchange Offer, (B) it may not resell the Exchange Securities to the public without delivering a prospectus and the prospectus supplement contained in the Exchange Registration Statement is not appropriate or available for such resales or (C) it is a broker-dealer and owns Securities acquired directly from the Company or an affiliate of the Company, in the case of each of clauses (i), (ii), and (iii), then the Company shall, in lieu of (or, in the case of clause (iii), in addition to) conducting the Exchange Offer contemplated by Section 2(a), promptly file under the Securities Act, and in no event later than 90 days after the time such obligation to file arises, a “shelf” registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the “Shelf Registration” and such registration statement, the “Shelf Registration Statement”). The Company agrees to use commercially reasonable efforts to cause the Shelf Registration Statement to become or be declared effective no later than 90 days after the filing of such Shelf Registration filing obligation arises. The Company agrees to use commercially reasonable efforts to keep such Shelf Registration Statement continuously effective for a period ending on the earlier of the second anniversary of the Effective Time or such time as there are no longer any Registrable Securities outstanding (the “Effectiveness Period”). No holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder. The Company agrees, after the Effective Time of the Shelf Registration Statement and promptly upon the request of any holder of Registrable Securities that is not then an Electing Holder, to use commercially reasonable efforts to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement (whether by post-effective amendment thereto or by filing a prospectus pursuant to Rules 430B and 424(b) under the Securities Act identifying such holder), provided, however, that nothing in this sentence shall relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Company in accordance with Section 3(d)(iii). Notwithstanding anything to the contrary in this Section 2(b), upon notice to the Electing Holders, the Company may suspend the use or the effectiveness of such Shelf Registration Statement, or extend the time period in which it is required to file the Shelf Registration Statement, for a reasonable period of time but not in excess of 60 consecutive days or more than three (3) times during any calendar year (a “Suspension Period”) if the Board of Directors of the Company determines that there is a valid business purpose for suspension of the Shelf Registration Statement; provided that the Company shall promptly notify the Electing Holders when the Shelf Registration Statement may once again be used or is effective. (c) In the event that (i) the Company has not filed the the Shelf Registration Statement on or before the date on which such registration statement is required to be filed pursuant to Section 2(b), (ii) the Shelf Registration Statement has not become effective or been declared effective by the Commission on or before the date on which such registration statement is required to become or be declared effective pursuant to Section 2(b), (iii) the Exchange Offer has not been consummated prior to completed within 360 days following the Consummation Date, (ii) the Securities have not become Freely Tradable on or before the Free Trade Date, Closing Date or (iiiiv) any Exchange Registration Statement or Shelf Registration Statement required by this Agreement Section 2(a) or Section 2(b) is filed and declared effective, effective but shall thereafter cease either be withdrawn by the Company or shall become subject to be an effective or fail stop order issued pursuant to be usable for its intended purpose Section 8(d) of the Securities Act suspending the effectiveness of such registration statement during the Effectiveness Period (except as specifically permitted herein , including, with respect to any Shelf Registration Statement, during any applicable Suspension Period in accordance with the last sentence of Section 2(b)) without being succeeded immediately by a post-an additional registration statement filed and declared effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iiiiv), a “Registration Default,” and the each period during which a Registration Default has occurred and is continuing, the a “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b9(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue on all Registrable Securities then outstanding at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default PeriodPeriod commencing on (x) the 361st day following the Closing Date, provided in the case of clause (i) above, or (y) the day such Shelf Registration Statement ceases to be effective in the case of clause (ii) above; provided, however, that upon the exchange of the Exchange Securities for Securities tendered, or upon the effectiveness of the applicable Shelf Registration Statement which had ceased to remain effective, Special Interest on the Notes in respect of which such events relate as a result of such clause (or the relevant subclause thereof), as the case may be, shall cease to accrue; provided, further, that no event Special Interest shall accrue on the Notes following the second anniversary of the Closing Date. Notwithstanding any other provisions of this paragraph, the Company shall not be required obligated to pay Special Interest for more than one provided in this paragraph during a Shelf Suspension Period permitted by Section 2(b) hereof. Special Interest shall accrue and be payable only with respect to a single Registration Default at any given time, notwithstanding the fact that multiple Registration Defaults may exist at such time. (d) So long as (x) any of the Securities (whether Registrable Securities, Exchange Securities or otherwise) are outstanding, (y) the Market Maker proposes to make a market in the Securities as part of its business in the ordinary course and (z) in the reasonable opinion of Xxxxxxx, Sachs & Co., it would be necessary or appropriate under applicable laws, rules and regulations for the Market Maker to deliver a prospectus in connection with market-making activities with respect to the Securities (clauses (x) through (z) collectively, the “Market-Making Conditions”), the following provisions of this Section 2(d) shall apply for the sole benefit of the Market Maker (it being understood that only a person for whom the Market-Making Conditions apply at the applicable time shall be entitled to the use of the Market-Making Registration Statement and related provisions of this Agreement at any time). The Company shall use commercially reasonable efforts to file under the Securities Act, a “shelf” registration statement (which may be the Exchange Registration Default Period shall terminate Statement or the Shelf Registration Statement if permitted by the rules and regulations of the Commission) pursuant to Rule 415 under the Securities Act or any similar rule that may be adopted by the Commission providing for the registration of, and the sale on a continuous or delayed basis in secondary transactions by the date Market Maker of, Securities (such filing, a “Market-Making Registration”, such registration statement as amended or supplemented from time to time, a “Market-Making Registration Statement”, and the prospectus contained in such Market-Making Registration Statement, as amended or supplemented from time to time, a “Market-Making Prospectus”). The Company agrees to use commercially reasonable efforts to cause the Market-Making Registration Statement to become or be declared effective on which or prior to (i) the Securities become Freely Tradable date the Exchange Offer is completed pursuant to Section 2(a) above or (ii) the Exchange date the Shelf Registration becomes or is declared effective pursuant to Section 2(b) above, and to keep such Market-Making Registration Statement has been declared continuously effective and for so long as the Market Maker may be required to deliver a prospectus in connection with transactions in the Securities. In the event that the Market Maker holds Securities at the time an Exchange Offer has been consummatedis to be conducted under Section 2(a) above, the Company agrees that the Market-Making Registration shall provide for the resale by the Market Maker of such Securities and shall use commercially reasonable efforts to keep the Market-Making Registration Statement continuously effective until such time that the Market Maker is no longer required to deliver a prospectus in connection with the sale of such Securities. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate Notwithstanding anything to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided contrary in this Section 2(b2(d), the Company may suspend the offering and sale under the Market-Making Registration Statement for a Suspension Period if the Board of Directors of the Company reasonably determines in good faith that such suspension to be advisable for valid business reasons, but in any event not in excess of 60 consecutive days or more than three (3) until times during any calendar year during which such Market-Making Registration Statement is required to be effective and usable hereunder (measured from the date on which Effective Time of such Market-Making Registration Statement to successive anniversaries thereof) if (i) the Securities become Freely Tradable Board of Directors of the Company reasonably determines in good faith that such action is advisable for valid business reasons or (ii) such Market-Making Registration Statement, prospectus or amendment or supplement thereto contains an untrue statement of a material fact or omits to state a material fact necessary in order to make the Exchange statements therein, in light of the circumstances under which they were made, not misleading; provided that the Company shall promptly notify the Market Maker when the Market-Making Registration Statement has been declared effective and the Exchange Offer has been consummatedmay once again be used or is effective. (ce) The Company shall take, and shall cause the Guarantors to take, take all actions necessary or advisable to be taken by it to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereof. (df) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time time; and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (TransUnion Holding Company, Inc.)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors Issuers agree to use all commercially reasonable efforts to (i) file under the Securities Act a Act, one or more registration statement statements relating to an offer to exchange (such registration statementstatements, collectively, the “Exchange Offer Registration Statement,” ”, and such offer, the “Exchange Offer”) any and all of the Securities Notes, including the related Note Guarantee, for a like aggregate principal amount of debt securities notes issued by the Company and guaranteed by the GuarantorsIssuers, which debt securities and guarantees notes are substantially identical in all material respects to the Securities and the related Guarantees, respectively Notes (and are entitled to the benefits of a trust indenture that is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called notes, collectively, the “Exchange SecuritiesNotes”). Unless the context otherwise requires, (ii) cause all references to an “Exchange Note” or “Exchange Notes” include the Exchange Registration Statement related Note Guarantee. The Issuers shall use commercially reasonable best efforts to become effective under the Securities Act, (iii) commence Consummate the Exchange Offer promptly after with respect to the Notes registered pursuant to such Exchange Offer Registration Statement has become effectivenot later than 370 days following the Closing Date (the “Exchange Date”); provided, however, that the Issuers shall not be required to Consummate such Exchange Offer if all of the Notes are Freely Tradable (ivother than such Notes held by affiliates of the Issuers) on the Exchange Date. The Issuers further agree to use their commercially reasonable best efforts to hold the Exchange Offer open for at least 20 Business Days business days (or longer if required by applicable law) after the date that notice of calculated in accordance with the Exchange Offer is mailed to holders of Act) and exchange the Securities, (v) exchange Exchange Securities Notes for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Date”)Offer. The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Exchange Offer will be deemed If required to have been “completed” only (A) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states of the United States of America, and (B) upon the earlier to occur of (1) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2) the Company having exchanged, pursuant to Consummate the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days following the commencement of the Exchange Offer. The Company and the Guarantors Issuers agree (Ix) to include in the Exchange Offer Registration Statement a prospectus for use in any resales by any holder of Exchange Securities Notes that is a broker-dealer and (IIy) to keep such Exchange Offer Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities Notes are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Offer Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (bc), (cd) and (de) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) on or prior to the time the Exchange Offer is completed existing law or Commission policy or interpretations are changed such that the Exchange Notes received by holders, other than Restricted Holders, in the Exchange Offer in exchange for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the Exchange Offer has not been consummated Consummated by the Exchange Date or (iii) the Exchange Offer is not available to any holder, the Issuers shall, in lieu of (or, in the case of clause (iii), in addition to) conducting the Exchange Offer contemplated by Section 2(a), file one or more “shelf” registration statements in accordance with the remainder of this Section 2(b) below, under the Securities Act with respect to any Registrable Securities that are outstanding on the Exchange Date. The Issuers shall, on or prior to the Consummation Datelater of (x) the Exchange Date and (y) 30 days after the time such obligation to file arises, file one or more “shelf” registration statements providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the “Shelf Registration” and such registration statements, collectively, the “Shelf Registration Statement”). The Issuers agree to use their commercially reasonable best efforts (x) to cause the Shelf Registration Statement to become or be declared effective by the Commission on or prior to 30 days after such obligation to file arises and to keep such Shelf Registration Statement continuously effective for a period ending on the earlier of (i) the one year anniversary of the Effective Time or (ii) such time as there are no longer any Registrable Securities outstanding; provided, however, that no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder, and (y) after the Effective Time of the Shelf Registration Statement, promptly upon the request of any holder of Registrable Securities that is not then an Electing Holder, to take any action reasonably necessary to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement; provided, however, that nothing in this clause (y) shall relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Issuers in accordance with Section 3(e)(iii) hereof. The Issuers further agree to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Issuers for such Shelf Registration Statement or by the Securities have Act for shelf registration, and the Issuers agree to furnish to each Electing Holder copies of any such supplement or amendment prior to its being used or promptly following its filing with the Commission. (c) In the event the Notes are not become Freely Tradable on the Exchange Date and either (i) the Exchange Offer with respect to the Notes has not been Consummated; (ii) a Shelf Registration Statement with respect to the Notes, if required hereby, has not been declared effective by the Commission on or before the Free Trade Exchange Date, or ; (iii) any Exchange Offer Registration Statement or Shelf Registration Statement required by this Agreement Section 2(a) or Section 2(b) hereof has not been filed; or (iv) any Exchange Offer Registration Statement or Shelf Registration Statement required by Section 2(a) or 2(b) hereof is filed and becomes or is declared effective, effective but shall thereafter cease either be withdrawn by either of the Issuers or shall become subject to be an effective or fail stop order issued pursuant to be usable for its intended purpose Section 8(d) of the Securities Act suspending the effectiveness of such registration statement (except as specifically permitted herein) without being succeeded immediately by a post-an additional registration statement filed and declared effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iiiiv), a “Registration Default,” and the each period during which a Registration Default has occurred and is continuing, the a “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. (c) The Company shall take, and shall cause the Guarantors to take, all actions necessary or advisable to be taken to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereof. (d) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.as

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (Charter Communications Inc /Mo/)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors agree agrees to use all commercially its reasonable best efforts to (i) file under the Securities Act Act, as soon as practicable, but no later than 75 days after the Closing Date, a registration statement relating to an offer to exchange (such registration statement, the “Exchange Registration Statement,” and such offer, the “"Exchange Offer") any and all of the Securities for a like number or aggregate principal amount of debt securities issued by of the Company and guaranteed by the Guarantors, which debt securities and guarantees are substantially identical to the Securities and the related Guarantees, respectively (and which are entitled to the benefits of a trust indenture that which is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), ) except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest contemplated in Section 2(b) below (such new debt securities are hereinafter called "Exchange Securities"), . The Company agrees to use its reasonable best efforts to cause such registration statement (iithe "Exchange Offer Registration Statement") cause the Exchange Registration Statement to become effective under the Securities ActAct as soon as practicable, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) but no later than 150 days after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Closing Date”). The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Company further agrees to use its reasonable best efforts to commence and complete the Exchange Offer promptly after such registration statement has become effective, hold the Exchange Offer open for at least 30 days and exchange Exchange Securities for all Registrable Securities that have been tendered and not withdrawn on or prior to the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been “completed” completed only (A) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states States of the United States of America, and (B) . The Exchange Offer shall be deemed to have been completed upon the earlier to occur of (1i) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2ii) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days 30 days following the commencement of the Exchange Offer. Upon the making of an Exchange Offer in accordance with this paragraph (a), the Company may omit to comply with such of the procedures set forth in Section 3(c) hereof as may be appropriate under the circumstances without adversely affecting the interests of the holders of Registrable Securities under this Exchange and Registration Rights Agreement, taken as a whole, but the other provisions of this Exchange and Registration Rights Agreement other than Sections 3(d), 3(e), clause (i) and the last sentence of Section 4, and Section 7, shall continue to apply mutatis mutandis. The Company and shall include within the Guarantors agree (I) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (II) to keep such Exchange Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued contained in the Exchange Offer and ending upon Registration Statement a section entitled "Plan of Distribution," reasonably acceptable to the earlier Purchasers, that shall contain a summary statement of the expiration positions taken or policies made by the staff of the 180th day after Commission with respect to the potential "underwriter" status of any broker-dealer that is the beneficial owner (as defined in Rule 13d-3 under the Exchange Act) of Exchange Securities received by such broker-dealer (a "Participating Broker-Dealer") in the Exchange Offer has (other than with respect to any Securities acquired by them and having, or that are reasonably likely to be determined to have, the status of an unsold allotment in the initial distribution), and whether such positions or policies have been completed publicly disseminated by the staff of the Commission or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have positions or policies represent the benefit prevailing views of the rights of indemnification and contribution set forth in Sections 6(a), (b), (c) and (d) hereof. The obligations staff of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) the Exchange Offer has not been consummated prior to the Consummation Date, (ii) the Securities have not become Freely Tradable on or before the Free Trade Date, or (iii) any Exchange Registration Statement required by this Agreement is filed and declared effective, but shall thereafter cease to be effective or fail to be usable for its intended purpose without being succeeded by a post-effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iii), a “Registration Default,” and the period during which a Registration Default has occurred and is continuing, the “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given timeCommission. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. (c) The Company shall take, and shall cause the Guarantors to take, all actions necessary or advisable to be taken to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereof. (d) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.Such "Plan of

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (Granite Broadcasting Corp)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors agree agrees to use all its commercially reasonable efforts to (i) file under the Securities Act a registration statement relating to an offer to exchange (such registration statement, the “Exchange Registration Statement,” and such offer, the “Exchange Offer”) any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the Guarantors, which debt securities and guarantees are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that which is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and Act, do not contain restrictions on transfer, do not contain provisions for the additional interest contemplated in Section 2(b2(c) below below, do not contain provisions for the liquidated damages provided in Section 2(d) below, will bear a different CUSIP or ISIN number from the Notes, will not entitle their holders to registration rights, and will be subject to terms relating to book-entry procedures and administrative terms relating to transfers that differ from those of the Notes (such new debt securities are hereinafter called “Exchange Securities”), (ii) . The Company agrees to use its commercially reasonable efforts to cause the Exchange Registration Statement to become effective under the Securities Act, (iii) commence Act within 365 days following the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Closing Date”). The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Exchange Offer will be deemed Company further agrees to have been “completed” only (A) if the debt securities and related guarantees received by holders other than Restricted Holders in use its commercially reasonable efforts to commence the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and promptly after the Exchange Act and without material restrictions under Registration Statement becomes effective, hold the blue sky or securities laws of a substantial majority Exchange Offer open for the period required by applicable law (including pursuant to any applicable interpretation by the staff of the states of the United States of AmericaCommission), but in any event for at least 10 business days, and (B) upon the earlier to occur of (1) the Company having exchanged exchange the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly validly tendered and not withdrawn before on or prior to the expiration of the Exchange Offer. If the Company commences the Exchange Offer, which shall the Company will be on a date that is at least 20 Business Days following entitled to close the Exchange Offer 30 days after the commencement thereof (or at the end of such shorter period permitted by applicable law; provided that such period shall not, in any case, be less than 10 business days), provided that the Company has accepted all the Securities validly tendered and not withdrawn in accordance with the terms of the Exchange Offer. The Company and the Guarantors agree agrees (Ix) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (IIy) to keep such Exchange Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th 90th day after the Exchange Offer has been completed or and such time as such broker-dealers no longer own any Registrable Securities. With respect Each holder participating in the Exchange Offer shall be required to represent to the Company that (i) any Exchange Securities received by such holder will be acquired in the ordinary course of business, (ii) such holder has no arrangement or understanding with any person to participate in the distribution of the Securities or the Exchange Securities, (iii) such holder is not an “affiliate,” as defined in Rule 405, of the Company, (iv) if such holder is not a broker-dealer, that it is not engaged in, and does not intend to engage in, the distribution of the Exchange Securities, (v) if such holder is a broker-dealer, that it will receive Exchange Securities for its own account in exchange for Securities that were acquired as a result of market making activities or other trading activities and, that it will deliver a prospectus in connection with any resale of such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (b), (c) Securities and (dvi) hereof. The obligations such holder is not acting on behalf of any person who could not truthfully make the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradableforegoing representations. (b) If (i) on or before the date of consummation of the Exchange Offer existing Commission interpretations are changed such that the Exchange Securities received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the Exchange Offer has not been completed within 395 days following the Closing Date, (iii) any Initial Purchaser so requests with respect to Registrable Securities not eligible to be exchanged for Exchange Securities in the Exchange Offer and held by it following consummation of the Exchange Offer or (iv) any holder (other than an Initial Purchaser) shall be, and shall notify the Company that such holder is, not permitted by law or Commission policy to participate in the Exchange Offer or such holder may not resell the Exchange Securities acquired in the Exchange Offer to the public without delivering a prospectus and the prospectus contained in the Exchange Registration Statement is not available for such resales by such holder (other than, in either case, (x) due solely to the status of such holder as an affiliate of the Company within the meaning of Rule 405 or (y) due to such holder’s inability to make the representations set forth in the second paragraph of Section 2(a) hereof) and any such holder so requests, the Company shall, in lieu of (or, in the case of clauses (iii) and (iv), in addition to) conducting the Exchange Offer contemplated by Section 2(a), use its commercially reasonable efforts to file under the Securities Act as promptly as reasonably practicable, a “shelf” registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities (or, in the case of clause (iii), the Registrable Securities held by the Initial Purchaser, or, in the case of clause (iv), by the holders referred to in clause (iv), as the case may be), pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the “Shelf Registration” and such registration statement, the “Shelf Registration Statement”). The Company agrees to use its commercially reasonable efforts (x) to cause the Shelf Registration Statement to become effective within 365 days after the date on which the obligation to file such Shelf Registration Statement arises and to use its commercially reasonable efforts to cause such Shelf Registration Statement to remain effective for a period ending on the earlier of 365 days following the Effective Time or such shorter period that will terminate when all the Registrable Securities covered by the Shelf Registration Statement have been sold pursuant to the Shelf Registration Statement or are distributed to the public pursuant to Rule 144 or, after the 90th day following the Effective Time, would be eligible for resale (if held by a non-affiliate of the Company) pursuant to Rule 144 without restriction on volume or manner of sale, if any; provided, however, that no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder, and (y) after the Effective Time of the Shelf Registration Statement, promptly upon the request of any holder of Registrable Securities that is not then an Electing Holder, to take any action reasonably necessary to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement; provided, however, that nothing in this clause (y) shall relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Company in accordance with Section 3(d)(iii) hereof. The Company further agrees to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, and the Company agrees to furnish to each Electing Holder copies of any such supplement or amendment promptly following its filing with the Commission. Notwithstanding the foregoing, the Company may suspend the availability of any Shelf Registration Statement (x) for up to an aggregate of 60 days in any consecutive 12 month period if (i) such action is required by applicable law or (ii) such action is taken by the Company in good faith and for valid business reasons (not including avoidance of the Company’s obligations hereunder), including the acquisition or divestiture of assets, or (y) with respect to a Shelf Registration Statement required to be filed due to a failure to consummate the Exchange Offer within the required time period, if such action occurs following the consummation of the Exchange Offer. (c) In the event that (i) the Exchange Registration Statement has not become effective or been declared effective by the Commission on or before 365 days following the Closing Date, or (ii) the Exchange Offer has not been consummated prior to within 395 days after the Consummation Date, (ii) the Securities have not become Freely Tradable on or before the Free Trade Closing Date, or (iii) if a Shelf Registration Statement required to be filed under Section 2(b) hereof is not declared effective within 365 days following the date on which the obligation to file the Shelf Registration Statement arises, or (iv) if any Exchange Shelf Registration Statement required by this Agreement Section 2(b) hereof is filed and declared effective, but and during the period the Company is required to use its commercially reasonable efforts to cause the Shelf Registration Statement to remain effective, (x) the Company shall thereafter have suspended the Shelf Registration Statement pursuant to Section 2(b) hereof for more than 60 days in the aggregate in any consecutive 12 month period and be continuing to suspend the availability of the Shelf Registration Statement or (y) the Shelf Registration Statement shall cease to be effective or fail (other than by action of the Company pursuant to be usable for its intended purpose the second paragraph of Section 2(b) hereof) without being succeeded replaced within 90 days by a post-effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and shelf registration statement that is itself filed and declared effectively promptly effective (each such event referred to in clauses (i) through (iiiiv), a “Registration Default,” and the each period during which a Registration Default has occurred and is continuing, the a “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue on the respective Registrable Securities for the Registration Default Period (but only with respect to one Registration Default at any particular time) until such time as all Registration Defaults have been cured at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at which rate shall increase by an additional 0.25% during each subsequent 90-day period, up to a per annum rate maximum of 0.50% for the second 90 days regardless of the number of Registration Defaults that shall have occurred and be continuing. Immediately following the cure of all Registration Defaults, the accrual of Special Interest will cease. A Registration Default Period, at a per annum rate of 0.75% for the third 90 days under clause (iii) or (iv) will be deemed cured upon consummation of the Exchange Offer in the case of a Shelf Registration Default Statement required to be filed due to a failure to consummate the Exchange Offer within the required time period. (d) If during the Resale Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Exchange Offer Registration Default Period, provided that in no event shall Statement is suspended by the Company or ceases to be required to pay Special Interest for more than one Registration Default at effective such that any given time. The Registration Default Period shall terminate on the date on which broker-dealer that (i) receives Exchange Securities in the Securities become Freely Tradable or Exchange Offer and (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall is subject to prospectus delivery requirements cannot accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless fulfill such requirements, the Company has received shall, during the respective Resale Period, pay liquidated damages to such broker-dealers in an amount calculated in a request manner consistent with that specified above with respect to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummatedDefaults. (ce) The Company shall take, and shall cause the Guarantors to take, take all actions reasonably necessary or advisable to be taken by it to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees (if any) under the Exchange Registration Statement registration statement contemplated in Section 2(a) or 2(b) hereof, as applicable. (df) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (Hertz Global Holdings Inc)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors agree to use all commercially reasonable efforts to agrees to: (i1) file under the Securities Act Act, no later than 120 days after the Closing Date, a registration statement relating to an offer to exchange (such registration statement, the "Exchange Offer Registration Statement," and such offer, the "Exchange Offer") any and all of the Securities (other than Exchange Securities) for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the GuarantorsCompany, which debt securities and guarantees are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust an indenture that which is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called "Exchange Securities"), ; (ii2) use its reasonable best efforts to cause the Exchange Offer Registration Statement to become effective under the Securities ActAct as soon as practicable, but no later than 180 days after the Closing Date; (iii3) use its reasonable best efforts to commence and complete the Exchange Offer promptly promptly, but no later than 225 days after such Exchange Registration Statement has become effective, the Closing Date; and (iv4) hold the Exchange Offer open for at least 20 Business Days business days (or longer if required by applicable law) after the date that the notice of the Exchange Offer is mailed to the holders of the Securities, (v) exchange and issue Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Date”)Offer. The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Exchange Offer will be deemed to have been "completed" only (A) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under need for further compliance with Section 5 of the Securities Act and the Exchange Act (except for the requirement to deliver a prospectus included in the Exchange Offer Registration Statement applicable to resales by any broker-dealer of Exchange Securities received by such broker-dealer pursuant to the Exchange Offer in exchange for Registrable Securities other than those acquired by the broker-dealer directly from the Company), and without material restrictions under the blue sky or securities laws of a substantial majority of the states States of the United States of America. Subject to the preceding sentence, and (B) the Exchange Offer shall be deemed to have been completed upon the earlier to occur of (1i) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities (other than those held by Restricted Holders) pursuant to the Exchange Offer and (2ii) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days 30 days following the commencement of the Exchange Offer. The Company and the Guarantors agree agrees (Ix) to include in the Exchange Offer Registration Statement a prospectus for use in connection with any resales by any holder of Exchange Securities that is by a broker-dealer, other than resales of Exchange Securities received by a broker-dealer pursuant to an Exchange Offer in exchange for Registrable Securities acquired by the broker-dealer directly from the Company, and (IIy) to keep such Exchange Offer Registration Statement effective for a period (the "Resale Period") beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed (subject to extension pursuant to Section 3(c)(iv)) or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Offer Registration Statement, such holders each broker-dealer that holds Exchange Securities received in an Exchange Offer in exchange for Registrable Securities not acquired by it directly from the Company shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (bc), (cd) and (de) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If If, on or prior to the date of consummation of the Exchange Offer, (i) existing Commission interpretations are changed such that the Securities received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without need for further compliance with Section 5 of the Securities Act (except for the requirement to deliver a prospectus included in the Exchange Offer Registration Statement applicable to resales by a broker-dealer of Exchange Securities received by such broker-dealer pursuant to the Exchange Offer in exchange for Registrable Securities other than those acquired by the broker-dealer directly from the Company), (ii) the holder of the Securities shall notify the Company that: (A) the holder is prohibited by law or Commission policy from participating in the Exchange Offer, or (1) the holder may not resell the Exchange Notes acquired by it in the Exchange Offer to the public without delivering a prospectus and (2) the prospectus contained in the Exchange Offer Registration Statement is not appropriate or available for such resales by the holder, or (iii) if for any other reason, the Company does not consummate the Exchange Offer within 225 days of the Closing Date, in lieu of conducting the Exchange Offer contemplated by Section 2(a) the Company shall, as promptly as practicable, file a "shelf" registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such registration, the "Resale Registration" and such registration statement, the "Resale Registration Statement"). In addition, in the event that, prior to the consummation of the Exchange Offer, the Initial Purchasers shall not have resold all of the Securities initially purchased by them from the Company pursuant to the Purchase Agreement and the Initial Purchasers shall so request, the Company shall file under the Securities Act as soon as practicable a Resale Registration Statement covering such unsold Registrable Securities. (In the case of any Resale Registration required only by the second sentence of this Section 2(b), references herein to "Registrable Securities" mean those Securities that the Initial Purchasers shall have purchased from the Company pursuant to the Purchase Agreement and shall not have resold.) The Company agrees to use its reasonable best efforts: (1) to cause the Resale Registration Statement to become or be declared effective, (2) to keep such Resale Registration Statement continuously effective until the earliest of (A) the time when the Registrable Securities may be sold pursuant to Rule 144 (assuming that no holder at such date or within the 90-day period preceding such date was an affiliate of the Company) without any limitations under clauses (c), (e), (f) and (h) of Rule 144, (B) two years from the Closing Date or (C) the date on which all Registrable Securities registered under the Shelf Registration Statement are disposed of in accordance therewith, in order to permit the prospectus forming a part thereof to be usable by holders for resales of Registrable Securities, provided, however, that no holder shall be entitled to be named as a selling securityholder in the Resale Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder, and (3) after the Effective Time of the Resale Registration Statement and for so long as the Resale Registration Statement is required to be kept continuously effective pursuant to clause (i) above, promptly upon the request of any holder of Registrable Securities that is not then an Electing Holder, and provided that such holder shall have returned a completed and signed Notice and Questionnaire to the Company in accordance with Section 3(d)(iii) hereof, to take any action reasonably necessary to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities, including any action necessary to identify such holder as a selling securityholder in the Resale Registration Statement. The Company further agrees to supplement or make amendments to the Resale Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Company for such Resale Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, and the Company agrees to furnish to each Electing Holder copies of any such supplement or amendment prior to its being used or promptly following its filing with the Commission. (c) In the event that: (i) the Company has not filed the Exchange Offer Registration Statement on or before the 120th day after the Closing Date, (ii) such Exchange Offer Registration Statement has not become effective or been declared effective by the Commission on or prior to the 180th day after the Closing Date, (iii) the Exchange Offer has not been consummated completed on or prior to the Consummation Date, 225th day after the Closing Date (iiif the Exchange Offer is then required to be made), (iv) the Securities have not become Freely Tradable Company is obligated to file the Resale Registration Statement, the Company fails to file the Resale Registration Statement with the Commission on or before prior to the Free Trade Date30th day after the filing obligation arises, (v) the Company is obligated to file the Resale Registration Statement, the Resale Registration Statement is not declared effective on or prior to the 90th day after the obligation to file the Resale Registration Statement arises, or (iiivi) any Exchange Offer Registration Statement or Resale Registration Statement required by this Agreement Section 2(a) or 2(b) hereof is filed and declared effective, effective but shall thereafter either be withdrawn by the Company, become subject to an effective stop order issued pursuant to Section 8(d) of the Securities Act suspending the effectiveness of such registration statement or otherwise cease to be effective or fail to be usable available for its intended purpose resales of Registrable Securities covered thereby (except as specifically permitted herein) without being succeeded promptly by a post-an additional registration statement filed, declared effective amendment or prospectus supplement to and available for such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly purposes (each such event referred to in clauses (i) through (iiivi), a "Registration Default,” and the period during which a Registration Default has occurred and is continuing, the “Registration Default Period”"), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b9(b) and the last sentence of this Section 2(c), special the Company will pay additional interest (“Special Interest”), in addition to the Base Interest, shall accrue at a interest otherwise due on the Securities) to each holder of Securities during the first 90-day period immediately following the occurrence of each such Registration Default in an amount equal to 0.25% per annum. The amount of interest will increase by an additional 0.25% per annum rate of 0.25% for the first 90 days of the each subsequent 90-day period until such Registration Default Periodis cured, at up to a per annum rate maximum amount of additional interest of 0.50% for the second 90 days of the per annum. Such additional interest will cease accruing on such Securities with respect to any Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the when such Registration Default Period and at has been cured. In the event of a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Periodunder clause (vi) of this Section 2(c), provided that in no event additional interest shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate accrue on the date Securities affected thereby over and above the interest rate due on such Securities only if the aggregate number of days in any consecutive 12-month period for which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest Registration Statement or Resale Registration Statement shall not accrue as a result of be available exceeds 60 days in the Company’s failure to provide a certificate aggregate (whether or not consecutive), and in such case from and including the next day following the 60th such day to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives date such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummatedDefault is cured. (cd) The Company shall take, and shall cause the Guarantors to take, take all reasonable actions necessary or advisable to be taken by it to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereof. (de) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time time, and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (Tyson Foods Inc)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors agree agrees to use all commercially reasonable efforts to (i) file under the Securities Act Act, as soon as practicable, but no later than 120 days after the Closing Date, a registration statement relating to an offer to exchange (such registration statement, the “Exchange Registration Statement,” ”, and such offer, the “Exchange Offer”) any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the GuarantorsCompany, which debt securities and guarantees are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that which is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called “Exchange Securities”), (ii) . The Company agrees to use its reasonable best efforts to cause the Exchange Registration Statement to become effective under the Securities ActAct as soon as practicable, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) but no later than 180 days after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Closing Date”). The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Company further agrees to use its reasonable best efforts to commence and complete the Exchange Offer promptly, but no later than 210 days after the Closing Date, hold the Exchange Offer open for at least 30 days and exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been “completed” only (A) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states States of the United States of America, and (B) . The Exchange Offer shall be deemed to have been completed upon the earlier to occur of (1i) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2ii) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days 30 days following the commencement of the Exchange Offer. The Company and the Guarantors agree agrees (Ix) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (IIy) to keep such Exchange Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th 90th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (bc), (cd) and (de) hereof. The obligations Each holder that participates in the Exchange Offer will be required, as a condition to its participation in the Exchange Offer, to represent to the Company in writing (which may be contained in the applicable letter of transmittal) substantially to the effect that (i) any Exchange Securities to be received by it will be acquired in the ordinary course of its business, (ii) at the time of the commencement of the Exchange Offer such holder will have no arrangement or understanding with any person to participate in the distribution (within the meaning of the Securities Act) of the Exchange Securities in violation of the provisions of the Securities Act, (iii) such holder is not an affiliate of the Company and within the Guarantors set forth in this Section 2(a) shall cease on the date on which meaning of the Securities become Freely TradableAct and (iv) such holder is not acting on behalf of a person who could make the foregoing representations. In addition, each broker-dealer that will receive Exchange Securities for its own account in exchange for Registrable Securities that were acquired as a result of market-making or other trading activities will be required to represent that the Registrable Securities of such broker-dealer were acquired in ordinary trading or market-making activities. A broker-dealer that is not able to make the foregoing representation will not be permitted to participate in the Exchange Offer. (b) If (i) on or prior to the time the Exchange Offer is completed existing Commission interpretations are changed such that the debt securities received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the Exchange Offer has not been consummated completed within 210 days following the Closing Date or (iii) the Exchange Offer is not available to any holder of the Securities, the Company shall, in lieu of (or, in the case of clause (iii), in addition to) conducting the Exchange Offer contemplated by Section 2(a), file under the Securities Act as soon as practicable, but no later than 30 days after the time such obligation to file arises, a “shelf” registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the “Shelf Registration” and such registration statement, the “Shelf Registration Statement”). The Company agrees to use its reasonable best efforts (x) to cause the Shelf Registration Statement to become or be declared effective no later than 120 days after such Shelf Registration Statement is filed and to keep such Shelf Registration Statement continuously effective for a period ending on the earlier of the second anniversary of the Effective Time or such time as there are no longer any Registrable Securities outstanding, provided, however, that no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder, and (y) after the Effective Time of the Shelf Registration Statement, from time to time after the request of any holder of Registrable Securities that is not then an Electing Holder, to take any action reasonably necessary to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement, provided, however, that nothing in this clause (y) shall relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Company in accordance with Section 3(d)(iii) hereof. The Company further agrees to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, and the Company agrees to furnish to each Electing Holder copies of any such supplement or amendment prior to its being used or promptly following its filing with the Consummation Date, Commission. (iic) In the event that (i) the Securities have Company has not become Freely Tradable filed the Exchange Registration Statement or Shelf Registration Statement on or before the Free Trade Datedate on which such registration statement is required to be filed pursuant to Section 2(a) or 2(b), respectively, or (ii) such Exchange Registration Statement or Shelf Registration Statement has not become effective or been declared effective by the Commission on or before the date on which such registration statement is required to become or be declared effective pursuant to Section 2(a) or 2(b), respectively, or (iii) the Exchange Offer has not been completed within 210 days after the Closing Date (if the Exchange Offer is then required to be made) or (iv) any Exchange Registration Statement or Shelf Registration Statement required by this Agreement Section 2(a) or 2(b) hereof is filed and declared effective, effective but shall thereafter cease either be withdrawn by the Company or shall become subject to be an effective or fail stop order issued pursuant to be usable for its intended purpose Section 8(d) of the Securities Act suspending the effectiveness of such registration statement (except as specifically permitted herein) without being succeeded immediately by a post-an additional registration statement filed and declared effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iiiiv), a “Registration Default,” and the each period during which a Registration Default has occurred and is continuing, the a “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b9(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. (cd) The Company shall take, and shall cause the Guarantors to take, take all reasonable actions necessary or advisable to be taken by it to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereof. (de) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (Ust Inc)

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Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors agree agrees to use all commercially reasonable efforts to (i) file under the Securities Act Act, as soon as practicable, but no later than 90 days after the Closing Date, a registration statement relating to an offer to exchange (such registration statement, the “Exchange Registration Statement,” ”, and such offer, the “Exchange Offer”) any and all of the Registrable Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the GuarantorsCompany, which debt securities and guarantees are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust an indenture that which is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called “Exchange Securities”), (ii) . The Company agrees to use its reasonable best efforts to cause the Exchange Registration Statement to become effective under the Securities ActAct as soon as practicable, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) but no later than 240 days after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Closing Date”). The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Company further agrees to use its reasonable best efforts to commence and complete the Exchange Offer promptly, but no later than 30 days after such registration statement has become effective, hold the Exchange Offer open for at least 30 days and exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been “completed” only (A) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states States of the United States of America, and (B) . The Exchange Offer shall be deemed to have been completed upon the earlier to occur of (1i) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2ii) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days 30 days following the commencement of the Exchange Offer. The Company and the Guarantors agree agrees (Ix) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (IIy) to keep such Exchange Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders hol ders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (b5(a), (c), (d) and (de) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) on or prior to the time the Exchange Offer is completed existing Commission interpretations are changed such that the debt securities received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the Exchange Offer has not been consummated completed within 270 days following the Closing Date or (iii) the Exchange Offer is not available to any holder of the Securities and such holder provides notice to the Company, the Company shall, in lieu of (or, in the case of clause (iii), in addition to) conducting the Exchange Offer contemplated by Section 2(a), file under the Securities Act as soon as practicable, but no later than the later of 45 days after the time such obligation to file arises, a “shelf” registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the “Shelf Registration” and such registration statement, the “Shelf Registration Statement”). The Company agrees to use its reasonable best efforts (x) to cause the Shelf Registration Statement to become or be declared effective no later than 90 days after such Shelf Registration Statement is filed and to keep such Shelf Registration Statement continuously effective for a period ending on the earlier of the second anniversary of the Effective Time or such time as there are no longer any Registrable Securities outstanding, provided, however, that no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder, and (y) after the Effective Time of the Shelf Registration Statement, promptly upon the request of any holder of Registrable Securities that is not then an Electing Holder, to take any action reasonably necessary to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement, provided, however, that nothing in this Clause (y) shall relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Company in accordance with Section 3(d)(iii) hereof. During the time the Company is required to keep such Shelf Registration Statement continuously effective as set forth above, the Company further agrees to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, and the Company agrees to furnish to each Electing Holder copies of any such supplement or amendment prior to its being used or promptly following its filing with the Consummation Date, Commission. (iic) In the event that (i) the Securities have Company has not become Freely Tradable filed the Exchange Registration Statement or Shelf Registration Statement on or before the Free Trade Datedate on which such registration statement is required to be filed pursuant to Section 2(a) or 2(b), respectively, or (ii) such Exchange Registration Statement or Shelf Registration Statement has not become effective or been declared effective by the Commission on or before the date on which such registration statement is required to become or be declared effective pursuant to Section 2(a) or 2(b), respectively, or (iii) the Exchange Offer has not been completed within 30 days after the initial effective date of the Exchange Registration Statement relating to the Exchange Offer (if the Exchange Offer is then required to be made) or (iv) any Exchange Registration Statement or Shelf Registration Statement required by this Agreement Section 2(a) or 2(b) hereof is filed and declared effective, effective but shall thereafter cease either be withdrawn by the Company or shall become subject to be an effective or fail stop order issued pursuant to be usable for its intended purpose Section 8(d) of the Securities Act suspending the effectiveness of such registration statement (except as specifically permitted herein) without being succeeded immediately by a post-an additional registration statement filed and declared effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iiiiv), a “Registration Default,” and the each period during which a Registration Default has occurred and is continuing, the a “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b9(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue on each of the two classes of Securities at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. (cd) The Company shall take, and shall cause the Guarantors to take, take all actions reasonably necessary or advisable to be taken by it to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereof. (de) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (Vivendi Universal)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors agree agrees to use all commercially reasonable efforts to (i) file under the Securities Act Act, as soon as practicable, but no later than 90 days after the Closing Date, a registration statement relating to an offer to exchange (such registration statement, the "Exchange Registration Statement,” ", and such offer, the "Exchange Offer") any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the GuarantorsCompany, which debt securities and guarantees are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that which is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called "Exchange Securities"), (ii) . The Company agrees to use all commercially reasonable efforts to cause the Exchange Registration Statement to become effective under the Securities Act as soon as practicable, but no later than 180 days after the Closing Date. The Exchange Offer will be registered under the Securities Act on an appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act, (iii) . The Company further agrees to use all commercially reasonable efforts to commence and complete the Exchange Offer promptly promptly, but no later than 45 days after such Exchange Registration Statement registration statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) 30 days and exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Date”)Offer. The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Exchange Offer will shall be deemed to have been “completed” only (A) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states of the United States of America, and (B) completed upon the earlier to occur of (1i) the Company having exchanged exchanged, pursuant to the Exchange Offer, the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2ii) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days 30 days following the commencement of the Exchange Offer. The Company and the Guarantors agree agrees (Ix) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer holding securities for its own account as a result of market-making activities or other trading activities and (IIy) to keep such Exchange Registration Statement effective for a period (the "Resale Period") beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable such Exchange Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (bc), (cd) and (de) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) either (x) the Exchange Offer is not permitted under applicable law or rules or regulations of the Commission or (y) on or prior to the time the Exchange Offer is completed existing Commission interpretations are changed such that the debt securities received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the Exchange Offer has not been consummated completed within 225 days following the Closing Date or (iii) if, prior to the Consummation Dateconsummation of the Exchange Offer, any holder shall notify the Company in writing that it holds any Securities acquired by it that have, or that are reasonably likely to be determined to have, the status of an unsold allotment in the initial distribution of the Securities (any such notice to specify the amount of Securities so held), or any holder notifies the Company in writing that it believes that it is not entitled to participate in the Exchange Offer (other than because it has an understanding or arrangement with any person to participate in the distribution of the Exchange Securities) (any such notice to specify the amount of Securities held by such holder as to which it may not so participate and a brief explanation as to the reasons therefore) and such holder has not received a written opinion of counsel to the Company, reasonably acceptable to such holder, to the effect that such holder is legally permitted to participate in the Exchange Offer, the Company shall, in lieu of (or, in the case of clause (iii), in addition to) conducting the Exchange Offer contemplated by Section 2(a), file under the Securities Act as soon as practicable, but no later than the later of 90 days after the time such obligation to file arises, a "shelf" registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, (x) in the case of clauses (i) and (ii) above, all of the Registrable Securities, and (y) in the case of clause (iii) above, the principal amount of Registrable Securities subject to clause (iii) above, in each case pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the "Shelf Registration" and such registration statement, the "Shelf Registration Statement"). The Company agrees to use all commercially reasonable efforts to cause the Shelf Registration Statement to become or be declared effective no later than 180 days after such obligation to file arises and to keep such Shelf Registration Statement continuously effective for a period ending on the earlier of the second anniversary of the Effective Time or such time as there are no longer any Registrable Securities outstanding, provided, however, that no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder. The Company further agrees to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement or by the Securities have Act or rules and regulations thereunder for shelf registration, and the Company agrees to furnish to each Electing Holder copies of any such supplement or amendment prior to its being used or promptly following its filing with the Commission. (c) In the event that (i) the Company has not become Freely Tradable filed the Exchange Registration Statement (other than in the circumstances contemplated by clause (i) of Section 2(b)) or Shelf Registration Statement with the Commission on or before the Free Trade Datedate on which such registration statement is required to be filed pursuant to Section 2(a) or 2(b), respectively, or (ii) such Exchange Registration Statement (other than in the circumstances contemplated by clause (i) of Section 2(b)) or Shelf Registration Statement has not become effective or been declared effective by the Commission on or before the date on which such registration statement is required to become or be declared effective pursuant to Section 2(a) or 2(b), respectively, or (iii) the Exchange Offer has not been completed within 45 days after the initial effective date of the Exchange Registration Statement relating to the Exchange Offer (if the Exchange Offer is then required to be made), other than in circumstances contemplated by clause (i) of Section 2(b) above and other than with respect to any Registrable Securities for which notice has been provided to the Company by any holders pursuant to clause (iii) of Section 2(b) above, or (iv) any Exchange Registration Statement (other than in the circumstances contemplated by clause (i) of Section 2(b)) or Shelf Registration Statement required by this Agreement Section 2(a) or 2(b) hereof is filed and declared effective, effective but shall thereafter cease either be withdrawn by the Company or shall become subject to be an effective or fail stop order issued pursuant to be usable for its intended purpose Section 8(d) of the Securities Act suspending the effectiveness of such registration statement (except as specifically permitted herein including pursuant to Section 2(f)) without being succeeded immediately by a post-an additional registration statement filed and declared effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iiiiv), a "Registration Default,” " and the each period during which a Registration Default has occurred and is continuing, the “a "Registration Default Period"), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b10(b), the Company shall pay to each holder of Registrable Securities (but not in respect of any Registrable Securities for any period after such securities cease to be Registrable Securities) special interest ("Special Interest"), in addition to the Base Interest, which Special Interest shall accrue at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period. Notwithstanding anything to the contrary in this Section 2(c), provided that in no event shall the Company shall not be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Registrable Securities if such holder failed to comply with its obligations to make the representations set forth in Section 2(e) or failed to provide the Trustee on or after the 380th day after the Closing Date; information required to be provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this it pursuant to Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated3(d)(ii). (cd) The Company shall take, and shall cause the Guarantors to take, take all actions necessary or advisable to be taken by it to ensure that the transactions contemplated herein are effected as so contemplated. (e) Each holder participating in the Exchange Offer shall be required to represent to the Company in writing (which may be contained in the applicable letter of transmittal) that at the time of the consummation of the Exchange Offer (i) any Exchange Securities received by such holder will be acquired in the ordinary course of business, including all actions necessary (ii) such holder will have no arrangements or desirable understanding with any person to register participate in the Guarantees distribution of the Securities or the Exchange Securities within the meaning of the Securities Act, (ii) such holder is not an affiliate of the Company or, if it is such an affiliate, such holder will comply with the registration and prospectus delivery requirements of the Securities Act to the extent applicable, and (iv) if such holder is a broker-dealer, that it will deliver a prospectus in connection with any resale of such Exchange Securities. (f) Notwithstanding any other provisions of this Exchange and Registration Rights Agreement (but subject to the further provisions of this Section 2(f)), the Company may for valid business reasons, including, without limitation, a potential acquisition, divestiture of assets or other material corporate event or transaction, issue a notice that the Shelf Registration Statement is no longer effective or the prospectus included therein is no longer usable for offers and sales of Registrable Securities covered by the Shelf Registration Statement and may issue any notice suspending use of the Shelf Registration Statement required under applicable law to be issued; provided that the use of the Shelf Registration Statement shall not be suspended for more than 60 days in the aggregate in any consecutive 12-month period. The provisions of the foregoing sentence of this Section 2(f) shall also be applicable to the Exchange Registration Statement contemplated during the Resale Period; provided that the use of such Exchange Registration Statement shall not be suspended for more than 60 days in Section 2(a) hereofthe aggregate in any consecutive 12-month period; provided, further, that the Resale Period shall be extended for the number of days that the use of the Exchange Registration Statement was suspended. (dg) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time. Any references herein to a prospectus shall, except where the context otherwise requires, include any prospectus (or amendment or supplement thereto) filed with the Commission pursuant to Section 7 of this Exchange and Registration Rights Agreement.

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (National Waterworks Inc)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors agree agrees to use all commercially reasonable efforts to (i) file under the Securities Act Act, as soon as practicable, but no later than 120 days after the Closing Date, a registration statement relating to an offer to exchange (such registration statement, the "Exchange Registration Statement,” ", and such offer, the "Exchange Offer") any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the Guarantors, which debt securities and guarantees are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that which is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called "Exchange Securities"), (ii) . The Company agrees to use its reasonable best efforts to cause the Exchange Registration Statement to become effective under the Securities ActAct as soon as practicable, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) but no later than 210 days after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Closing Date”). The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Company further agrees to use its reasonable best efforts to commence and complete the Exchange Offer promptly, but no later than 45 days after such registration statement has become effective, hold the Exchange Offer open for at least 30 days and exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been "completed" only (A) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states States of the United States of America, and (B) . The Exchange Offer shall be deemed to have been completed upon the earlier to occur of (1i) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2ii) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days 30 days following the commencement of the Exchange Offer. The Company and the Guarantors agree agrees (Ix) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (IIy) to keep such Exchange Registration Statement effective for a period (the "Resale Period") beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (b5(a), (c), (d) and (de) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) on or prior to the time the Exchange Offer is completed existing Commission interpretations are changed such that the debt securities received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the Exchange Offer has not been consummated completed within 255 days following the Closing Date or (iii) the Exchange Offer is not available to any holder of the Securities, the Company shall, in lieu of (or, in the case of clause (iii), in addition to) conducting the Exchange Offer contemplated by Section 2(a), file under the Securities Act as soon as practicable, but no later than 60 days after the time such obligation to file arises, a "shelf" registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the "Shelf Registration" and such registration statement, the "Shelf Registration Statement"). The Company agrees to use its reasonable best efforts (x) to cause the Shelf Registration Statement to become or be declared effective no later than 120 days after such Shelf Registration Statement is filed and to keep such Shelf Registration Statement continuously effective for a period ending on the earlier of the second anniversary of the Effective Time or such time as there are no longer any Registrable Securities outstanding, provided, however, that no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder, and (y) after the Effective Time of the Shelf Registration Statement, promptly upon the request of any holder of Registrable Securities that is not then an Electing Holder, to take any action reasonably necessary to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement; provided, however, that nothing in this clause (y) shall relieve any such holder of the obligation to provide the information required by Section 3(f) hereof. The Company further agrees to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, and the Company agrees to furnish to each Electing Holder copies of any such supplement or amendment prior to its being used or promptly following its filing with the Consummation Date, Commission. (iic) In the event that (i) the Securities have Company has not become Freely Tradable filed the Exchange Registration Statement or Shelf Registration Statement on or before the Free Trade Datedate on which such registration statement is required to be filed pursuant to Section 2(a) or 2(b), respectively, or (ii) such Exchange Registration Statement or Shelf Registration Statement has not become effective or been declared effective by the Commission on or before the date on which such registration statement is required to become or be declared effective pursuant to Section 2(a) or 2(b), respectively, or (iii) the Exchange Offer has not been completed within 45 days after the initial effective date of the Exchange Registration Statement relating to the Exchange Offer (if the Exchange Offer is then required to be made), or (iv) any Exchange Registration Statement or Shelf Registration Statement required by this Agreement Section 2(a) or 2(b) hereof is filed and declared effective, effective but shall thereafter cease to be effective or fail to be usable for its intended purpose without being succeeded by (provided that the unavailability of a post-effective amendment or prospectus supplement to such Exchange Registration Statement that cures for the use of a holder as a result of such holder's failure and that is itself declared effectively promptly to provide information pursuant to Section 3(f) hereof shall not be deemed to make the Registration Statement fail to be usable) (each such event referred to in clauses (i) through (iiiiv), a "Registration Default,” " and the each period during which a Registration Default has occurred and is continuing, the “a "Registration Default Period"), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b)), special interest ("Special Interest"), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a Period and an additional 0.25% per annum rate of 0.50% for from and after the second 90 days 91st day following the commencement of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of until the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in has been cured. In no event shall the Special Interest exceed 0.50% per annum. The Company be required to shall pay Special Interest for more than one Registration Default to holders of the Registrable Securities in the same manner and at any given time. The Registration Default Period shall terminate the same time as interest on the date on Securities is paid. In the event that the Company fails to perform any terms of this Exchange and Registration Rights Agreement with respect to which (iSpecial Interest pursuant to Section 2(c) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective hereof is expressly provided as a remedy, and the Exchange Offer has been consummated. Company is not in default of payment of such Special Interest, payment of such Special Interest shall not accrue as a result of constitute the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives sole monetary damages for such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummatedfailure. (cd) The Company shall take, and shall cause the Guarantors to take, take all actions necessary or advisable to be taken by it to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereof. (de) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (Halliburton Co)

Registration Under the Securities Act. (a) Subject Except as set forth in Section 2(b) below, the Issuer agrees to the last sentence of this Section 2(a), if use its best efforts to file or cause to be filed under the Securities have not become Freely Tradable Act, as soon as practicable, but no later than on or before the Free Trade DateSeptember 30, the Company and the Guarantors agree to use all commercially reasonable efforts to (i) file under the Securities Act 2013, a registration statement relating to an offer to exchange (such registration statement, the “Exchange Offer Registration Statement,” ”, and such offer, the “Exchange Offer”) any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company Issuer and guaranteed by the Guarantors, which debt securities and guarantees guaranties are substantially identical to the Securities and the related GuaranteesGuaranties, respectively respectively, (and are entitled to the benefits of a trust indenture that which is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act Act, and do not contain provisions for the additional interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called “Exchange Securities”), (ii) . The Issuer agrees to use its best efforts to cause the Exchange Offer Registration Statement to become effective by the Commission under the Securities Act as soon as practicable, but no later than March 1, 2014. The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable rules and regulations under the Exchange Act, (iii) . The Issuer further agrees to use its best efforts to commence and complete the Exchange Offer promptly after such Exchange Registration Statement has become effectivepromptly, (iv) but no later than April 5, 2014, hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange 30 days and issue and deliver Exchange Securities in exchange for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer Offer. Each holder of Registrable Securities who wishes to exchange such Registrable Securities for Exchange Securities in, and (vi) consummate in accordance with the Exchange Offer on terms of, the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Date”). The Exchange Offer will be registered under required to make certain customary representations in connection therewith, including representations that such holder is not a Restricted Holder. Upon the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under effectiveness of the Exchange Act. The Offer Registration Statement, the Issuer shall promptly commence the Exchange Offer, it being the objective of such Exchange Offer will be deemed to have been “completed” only that each holder (A) if the debt securities and related guarantees received by holders other than a Restricted Holders Holder) electing to participate in the Exchange Offer for Registrable will receive Exchange Securities that are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states of the United States of America, and (B) . The Exchange Offer shall be deemed to have been completed upon the earlier to occur of (1i) the Company Issuer having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2ii) the Company Issuer having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days 30 days following the commencement of the Exchange Offer. The Company and the Guarantors agree Issuer agrees (Ix) to include in the Exchange Offer Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (IIy) to keep such Exchange Offer Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Offer Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (bc), (cd) and (de) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) on or prior to the time the Exchange Offer is completed, existing Commission interpretations are changed such that the debt securities or the related guaranties received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the Exchange Offer has not been consummated completed on or before April 5, 2014 or (iii) any holder notifies the Issuer prior to 20 days after the consummation of the Exchange Offer that (A) based on the advice of counsel, due to a change in law or Commission policy it may not resell the Exchange Securities acquired by it in the Exchange Offer to the public without delivering a prospectus and the prospectus contained in the Exchange Offer Registration Statement is not appropriate or available for such resales by such holder or (B) it is a Purchaser and owns Registrable Securities acquired directly from the Issuer or an affiliate of the Issuer or (C) on or prior to the Consummation Dateconsummation of the Exchange Offer existing laws, regulations and/or applicable Commission interpretations have been changed such that the holders of at least a majority in aggregate principal amount of the Registrable Securities would not be able to resell the Exchange Securities acquired by them in, and in accordance with the terms of, the Exchange Offer to the public without restriction under the Securities Act and without restriction under applicable blue sky or state securities laws, the Issuer shall, in lieu of (or, in the case of clause (iii), in addition to) conducting the Exchange Offer contemplated by Section 2(a), use its best efforts to file or cause to be filed under the Securities Act as soon as practicable, but no later than the later of March 1, 2014 and 30 days after the time such obligation to file arises (but in no event prior to August 1 or after September 30 of any calendar year), a “shelf” registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the “Shelf Registration” and such registration statement, the “Shelf Registration Statement”). The Issuer agrees to use its best efforts (x) to cause the Shelf Registration Statement to become or be declared effective on or prior to 60 days after such filing was required to be made hereunder (but in no event prior to August 1 or after September 30 of any calendar year) and to keep such Shelf Registration Statement continuously effective for a period of one year (or, if shorter, the period after which Rule 144(d) under the Securities Act generally becomes available to non-affiliates of the Issuer from the effective date of the Shelf Registration Statement (subject to extension pursuant to Section 2(d) and Section 3(h)) (provided, however, that if such Shelf Registration Statement has been filed solely at the request of the Purchasers pursuant to clause (iii)(B) of Section 2(b) above, the Issuer shall only be required to use its best efforts to keep such Shelf Registration Statement continuously effective for a period of one year from the date of issuance of the Securities (subject to extension pursuant to Section 2(d) and Section 3(h)) or until all of the Securities covered by the Shelf Registration Statement have been sold pursuant to the Shelf Registration Statement or cease to be outstanding; provided, however, that no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder. The Issuer further agrees to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Issuer for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, and the Issuer agrees to furnish to each Electing Holder copies of any such supplement or amendment promptly after its being used or promptly following its filing with the Commission. (c) If (i) the Exchange Offer Registration Statement (or a Shelf Registration Statement in lieu thereof) is not filed on or before September 30, 2013, (ii) the Securities have Exchange Offer Registration Statement (or a Shelf Registration Statement in lieu thereof) is not become Freely Tradable declared effective by the Commission on or before Xxxxx 0, 0000, (xxx) the Exchange Offer is not consummated on or before April 5, 2014, (iv) a Shelf Registration Statement required to be filed is not filed on or before the Free Trade Datedate specified above for such filing, (v) a Shelf Registration Statement otherwise required to be filed is not declared effective on or before the date specified above for effectiveness thereof or (iiivi) any Exchange a Shelf Registration Statement required by this Agreement is filed and declared effectiveeffective but thereafter, but shall thereafter cease subject to certain exceptions, ceases to be effective or fail usable (whether due to be usable for its intended purpose without being succeeded by a post-effective amendment stop order or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly otherwise) in connection with resales of Registrable Securities during the period specified in 2(b) (each such event referred to in clauses (i) through (iii)vi) above, a “Registration Default,” and the period during which a Registration Default has occurred and is continuing, the “Registration Default Period”), then, as liquidated damages for in the case of a Registration Default referred to in clause (i), (ii) or (iii) above, the interest rate on all Registrable Securities or, in the case of a Registration Default referred to in clause (iv), (v) or (vi) above, the interest rate on the Registrable Securities to which such Registration Default relates, will increase by 0.25% per annum with respect to each 90-day period that passes until all such Registration Defaults have been cured, up to a maximum amount of 1.00% per annum (“Additional Interest”); provided that such Additional Interest will cease to accrue at the later of (i) the date on which the Securities become freely transferable pursuant to Rule 144 under the Securities Act and (ii) the date on which the Barclays Capital U.S. Aggregate Bond Index is modified to permit the inclusion of freely transferable securities that have not been registered under the Securities Act. Upon the cure of any such Registration Default, the interest rate borne by the Registrable Securities shall be reduced thereafter by the full amount of any such increase or increases that resulted from such Registration Default. The Issuer shall notify the Trustee within three business days after each and every date on which an event occurs in respect of which Additional Interest is required to be paid (an “Event Date”). Additional Interest shall be paid by depositing with the Trustee, in trust, for the benefit of the holders, on or before the applicable semiannual interest payment date, immediately available funds in sums sufficient to pay the Additional Interest then due. The Additional Interest due shall be payable on each interest payment date to the record holder entitled to receive the interest payment to be paid on such date as set forth in the Indenture. Each obligation to pay Additional Interest shall be deemed to accrue from and including the day following the applicable Event Date. (d) Any Exchange Offer Registration Statement pursuant to Section 2(a) and any Shelf Registration Statement pursuant to Section 2(b) will not be deemed to have become effective unless it has been declared effective by the Commission; provided, however, that, if after it has been declared effective, the offering of Securities pursuant to a Shelf Registration Statement is subject to the provisions of Section 8(b)any stop order, special interest (“Special Interest”), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for the first 90 days injunction or other order or requirement of the Commission or any other governmental agency or court, such Registration Default PeriodStatement will be deemed not to have been effective for such Securities during the period it was so subject, at a per annum rate until the offering of 0.50% for the second 90 days of the such Securities pursuant to such Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in Statement may legally resume. In no event shall the Company Issuer be required deemed to pay Special Interest for more than one be in breach of its obligations under the second paragraph of Section 2(b) nor shall a Registration Default at any given time. The Registration Default Period shall terminate on the date on which described in Section 2(c)(vi) be deemed to have occurred (i) as a result of any action required by applicable law which renders the Securities become Freely Tradable Issuer unable to comply with the Commission disclosure requirements or (ii) if compliance with its obligations under this Agreement to maintain the Exchange effectiveness of, supplement or amend any Registration Statement, upon advice of U.S. counsel to the Issuer, would require additional disclosure of material non-public information by the Issuer or its subsidiaries as to which, and so long as, the Issuer or its subsidiaries has a bona fide business purpose in preserving its confidentiality; provided, however, that the maximum period of time during which the Issuer shall be entitled to postpone the effectiveness, supplementing or amending of any Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure pursuant to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or clause (ii) of this paragraph shall be 45 calendar days; provided, further, that (x) upon the Exchange exercise of its right under clause (ii) of this paragraph to postpone the effectiveness, supplementing or amending of any such Registration Statement Statement, the Issuer shall give the holders prompt written notice of such exercise and an approximation of the anticipated length of such postponement and (y) after the exercise of its right under clause (ii) of this paragraph to postpone the effectiveness, supplementing or amending of any such Registration Statement, the Issuer shall not, within six months of the expiration of any such postponement, exercise again its right of postponement under clause (ii) of this paragraph. The holders hereby acknowledge that any notice given by the Issuer pursuant to this paragraph may constitute material non-public information and that the United States securities laws prohibit any person who has been declared effective and material non-public information about a company from purchasing or selling securities of the Exchange Offer has been consummatedcompany or from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such securities. (ce) The Company Issuer shall take, and shall cause the Guarantors to take, take all actions necessary or advisable to cause the Guaranties to be taken to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees registered under the Exchange Registration Statement registration statement contemplated in Section 2(a) or 2(b) hereof, as applicable. (df) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (Pemex Gas & Basic Petrochemicals)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a2(b), if the Securities have not become Freely Tradable on or before the Free Trade Date, the Company and the Guarantors agree agrees to use all commercially its reasonable best efforts to (i) file under the Securities Act a registration statement (the "Exchange Offer Registration Statement") relating to an offer to exchange (such registration statement, the “Exchange Registration Statement,” and such offer, the “"Exchange Offer") any and all of the Securities Debentures for a like aggregate principal amount of debt securities Debentures issued by the Company and guaranteed by the GuarantorsCompany, which debt securities and guarantees are substantially identical to have the Securities and same terms as the related Guarantees, respectively Debentures (and are entitled to the benefits of a trust indenture that is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act Act, do not contain restrictions on transfers and do not contain provisions for the additional interest contemplated in Section 2(b2(c) below (such new debt securities are Debentures hereinafter called "Exchange Securities”Debentures"), (ii) . The Company agrees to use its reasonable best efforts to cause the Exchange Offer Registration Statement to become effective under the Securities Act within 180 days after the Closing Date. The Company agrees to use its reasonable best efforts to register the Exchange Offer under the Securities Act on the appropriate form and to comply with all applicable requirements of the Securites Act, (iii) the Exchange Act and other applicable laws in connection with the Exchange Offer. The Company further agrees to use its reasonable best efforts to commence and complete the Exchange Offer promptly after such the Exchange Offer Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities effective for all Registrable Securities Debentures that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Date”). The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange ActOffer. The Exchange Offer will be deemed to have been “completed” completed only (Ai) if the debt securities and related guarantees Exchange Debentures received by holders (other than Restricted Holders Holders) in the Exchange Offer for Registrable Securities Debentures are, upon receipt, transferable by each such holder without restriction under imposed thereon by the Securities Act and or the Exchange Act and without material restrictions under imposed thereon by the blue sky or securities laws of a substantial majority of the states States of the United States of America, America and (Bii) upon the earlier to occur of (1) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities Debentures for all Registrable Securities Debentures that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days 30 days following the commencement of the Exchange Offer. The Company and the Guarantors agree (I) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (II) to keep such Exchange Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (b), (c) and (d) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) because of any change in law or in applicable interpretations by the staff of the Commission, the Company is not permitted to effect the Exchange Offer has not been consummated prior to the Consummation Date, or (ii) in the case of any holder, other than a Restricted Holder, that participates in the Exchange Offer, such holder does not receive Exchange Debentures on the date of the exchange that may be sold without restriction under state and federal securities laws (other than due solely to the status of such holder as an affiliate of the Company within the meaning of the Securities have not become Freely Tradable Act), then in addition to or in lieu of conducting the Exchange Offer contemplated by Section 2(a), the Company shall file under the Securities Act as promptly as practicable a "shelf" registration statement providing for the registration of, and the sale on a continuous or before delayed basis by the Free Trade Dateholders of, all of the Registrable Debentures, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (iii) any Exchange the "Shelf Registration Statement"). The Company agrees to use its reasonable best efforts to cause the Shelf Registration Statement required by this Agreement is filed to become or be declared effective and declared effective, but shall thereafter cease to be effective or fail to be usable for its intended purpose without being succeeded by a post-effective amendment or prospectus supplement to keep such Exchange Shelf Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses continuously effective for a period ending on the earlier of (i) through the second anniversary of the Closing Date or (iii)ii) such time as there are no longer any Registrable Debentures outstanding. The Company further agrees to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registrations, and the Company agrees to furnish to the holders of the Registrable Debentures copies of any such supplement or amendment prior to its being used or promptly following its filing with the Commission. (c) If any of the following events (any such event a "Registration Default,” and the period during which a Registration Default has occurred and is continuing, the “Registration Default Period”)") shall occur, then, as liquidated damages for such Registration Defaultdamages, subject to the provisions of Section 8(b), special additional interest (“Special the "Additional Interest”)") shall become payable in respect of the Debentures as follows: (i) if the Exchange Offer Registration Statement or a Shelf Registration Statement is not filed with the Commission within 120 days following the Closing Date, in addition to then commencing on the Base Interest121st day after the Closing Date, Additional Interest shall accrue on the principal amount of the Debentures at a per annum rate of 0.25% for per annum; or (ii) if neither the first 90 days Exchange Offer Registration Statement nor a Shelf Registration Statement is declared effective by the Commission on or prior to the 180th day following the Closing Date, then commencing on the 181st day after the Closing Date, Additional Interest shall accrue on the principal amount of the Registration Default Period, Debentures at a per annum rate of 0.500.25% per annum; or (iii) if either (A) the Company has not exchanged Exchange Debentures for all Debentures validly tendered and not withdrawn, in accordance with the second 90 days terms of the Registration Default PeriodExchange Offer, at a per annum rate of 0.75% for the third 90 on or prior to 35 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on after the date on which (i) the Securities become Freely Tradable Exchange Offer Registration Statement was declared effective, or (iiB) if applicable, the Exchange Shelf Registration Statement has been declared effective and but such Shelf Registration Statement ceases to be effective at any time prior to two years from the Closing Date, then commencing on (x) the 36th day after such effective date, in the case of (A) above, or (y) the day such Shelf Registration Statement ceases to be effective, in the case of (B) above, Additional Interest shall accrue on the principal amount of Debentures at a rate of 0.25% per annum. provided, however, that the Additional Interest rate on the Debentures, shall not exceed in the aggregate 0.25% per annum; provided further, however, that (1) upon the filing of the Exchange Offer has been consummated. Special Interest shall Registration Statement or a Shelf Registration Statement (in the case of clause (i) above), (2) upon the effectiveness of the Exchange Offer Registration Statement or a Shelf Registration Statement (in the case of clause (ii) above), (3) upon the exchange of Exchange Debentures for all Debentures validly tendered and not accrue withdrawn (in the case of clause (iii) (A) above), or upon the effectiveness of the Shelf Registration Statement which had ceased to remain effective (in the case of clause (iii) (B) above), or (4) upon the termination of certain transfer restrictions on the Debentures as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend application of Rule 144(k), Additional Interest on the Securities no longer applies unless the Company has received Debentures as a request to do so by a holder result of Securities such clause (or the Trustee on or after relevant subclause thereof), as the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereaftercase may be, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. (c) The Company shall take, and shall cause the Guarantors cease to take, all actions necessary or advisable to be taken to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereofaccrue. (d) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, incorporated therein by reference as of such time the applicable Effective Time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, incorporated therein by reference as of a time after such timeEffective Time. (e) Notwithstanding any other provision of this Agreement, no holder of Registrable Debentures who does not comply with the provisions of Section 3(d), if applicable, shall be entitled to receive Additional Interest unless and until such holder complies with the provisions of such section, if applicable.

Appears in 1 contract

Samples: Registration Rights Agreement (Cinergy Corp)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors agree to use all commercially reasonable efforts to Issuer agrees to: (i) file under the Securities Act Act, no later than 90 days after the Closing, a registration statement relating to an offer to exchange (such registration statement, the "Exchange Offer Registration Statement,” ", and such offer, the "Exchange Offer") any and all of the Securities (other than Exchange Securities) for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the GuarantorsIssuer, which debt securities and guarantees are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that which is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called "Exchange Securities"), ; (ii) use its best efforts to cause the Exchange Offer Registration Statement to become effective under the Securities ActAct as soon as practicable, but no later than 150 days after the Closing; (iii) use its best efforts to commence and complete the Exchange Offer promptly promptly, but no later than 180 days after such Exchange Registration Statement has become effective, the Closing; and (iv) hold the Exchange Offer open for at least 20 Business Days 30 days (or longer if required by applicable law) after the date that notice of the Exchange Offer is mailed to the holders of the Securities, (v) exchange and issue Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Date”)Offer. The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Exchange Offer will be deemed to have been "completed" only (A) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under need for further compliance with Section 5 of the Securities Act and the Exchange Act (except for the requirement to deliver a prospectus included in the Exchange Offer Registration Statement applicable to resales by any broker-dealer of Exchange Securities received by such broker-dealer pursuant to the Exchange Offer in exchange for Registrable Securities other than those acquired by the broker-dealer directly from the Issuer), and without material restrictions under the blue sky or securities laws of a substantial majority of the states States of the United States of America. Subject to the preceding sentence, and (B) the Exchange Offer shall be deemed to have been completed upon the earlier to occur of (1) the Company Issuer having exchanged the Exchange Securities for all outstanding Registrable Securities (other than those held by Restricted Holders) pursuant to the Exchange Offer and (2) the Company Issuer having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days 30 days following the commencement of the Exchange Offer. The Company and the Guarantors agree Issuer agrees (I1) to include in the Exchange Offer Registration Statement a prospectus for use in connection with any resales by any holder of Exchange Securities that is by a broker-dealer, other than resales of Exchange Securities received by a broker-dealer pursuant to an Exchange Offer in exchange for Registrable Securities acquired by the broker-dealer directly from the Issuer, and (II2) to keep such Exchange Offer Registration Statement effective for a period (the "Resale Period") beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Offer Registration Statement, such holders each broker-dealer that holds Exchange Securities received in an Exchange Offer in exchange for Registrable Securities not acquired by it directly from the Issuer shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (bc), (cd) and (de) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If If, (i) (A) existing Commission interpretations are changed such that the Securities received by holders other than Restricted Holders in the Exchange Offer has for Registrable Securities are not been consummated prior or would not be, upon receipt, transferable by each such holder without need for further compliance with Section 5 of the Securities Act (except for the requirement to deliver a prospectus included in the Exchange Offer Registration Statement applicable to resales by a broker-dealer of Exchange Securities received by such broker-dealer pursuant to the Consummation DateExchange Offer in exchange for Registrable Securities other than those acquired by the broker-dealer directly from the Issuer) or (B) for any reason, the Issuer does not consumate the Exchange Offer within 180 days of the Closing; or (ii) a holder of the Securities have not become Freely Tradable on or before shall notify the Free Trade Date, or Issuer that: (iii) any Exchange Registration Statement required by this Agreement is filed and declared effective, but shall thereafter cease to be effective or fail to be usable for its intended purpose without being succeeded by a post-effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iii), a “Registration Default,” and the period during which a Registration Default has occurred and is continuing, the “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (iA) the Securities become Freely Tradable holder is prohibited by law or Commission policy from participating in the Exchange Offer, (ii1) the holder may not resell the Exchange Registration Statement has been declared effective and Securities acquired by it in the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received public without delivering a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date prospectus and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i2) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and prospectus contained in the Exchange Offer has been consummated.Registration Statement is not appropriate or available for such resales by the holder, or (cC) The Company shall takethe holder is a broker-dealer and holds Securities that are part of an unsold allotment from the initial sale of Securities; then the Issuer shall, as promptly as practicable, file a "shelf" registration statement providing for the registration of, and shall cause the Guarantors to takesale on a continuous or delayed basis by the holders of, all actions necessary of the Registrable Securities, pursuant to Rule 415 or advisable to any similar rule that may be taken to ensure that adopted by the transactions contemplated herein are effected as so contemplatedCommission (such registration, including all actions necessary or desirable to register the Guarantees under "Resale Registration" and such registration statement, the Exchange "Resale Registration Statement contemplated in Section 2(a) hereofStatement"). (d) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (Allegheny Technologies Inc)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors agree agrees to use all commercially reasonable efforts to (i) file under the Securities Act Act, as soon as practicable, but no earlier than 180 days after the Closing Date, or if the 180th day is not a business day, the first business day thereafter, a registration statement relating to an offer to exchange (such registration statement, the “Exchange Registration Statement,” and such offer, the “Exchange Offer”) any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the GuarantorsCompany, which debt securities and guarantees are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that which is substantially identical to the Indenture or is the Indenture and that has which have been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest contemplated in Section 2(b2(d) below (such new debt securities are hereinafter called “Exchange Securities”), (ii) . The Company agrees to use all commercially reasonable efforts to cause the Exchange Registration Statement to become effective under the Securities ActAct as soon as reasonably practicable, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) but no later than 270 days after the date that notice of Closing Date, or if the Exchange Offer 270th day is mailed to holders of not a business day, the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Date”)first business day thereafter. The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Company further agrees to use all commercially reasonable efforts to commence and complete the Exchange Offer promptly, but no later than 45 business days after such registration statement has become effective, hold the Exchange Offer open for at least 30 days and exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been “completed” only (A) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act (except for the requirement to deliver a prospectus included in the Exchange Registration Statement applicable to resales by any broker-dealer pursuant to an Exchange Offer in exchange for Registrable Securities other than those acquired by the broker-dealer directly from the Company) and without material restrictions under the blue sky or securities laws of a substantial majority of the states States of the United States of America, and (B) . The Exchange Offer shall be deemed to have been completed upon the earlier to occur of (1i) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2ii) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days 30 days following the commencement of the Exchange Offer. The Company and the Guarantors agree agrees (Ix) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (IIy) to keep such Exchange Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (bc), (cd) and (de) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) the Company is not permitted to consummate the Exchange Offer because the Exchange Offer is not permitted by applicable law or Commission policy; (ii) the Exchange Offer has not been consummated prior to completed within 315 days following the Consummation Date, (ii) the Securities have not become Freely Tradable on or before the Free Trade Date, Closing Date or (iii) any Restricted Holder notifies the Company after and prior to the 30th business day following, consummation of the Exchange Offer that (a) it is prohibited by law or Commission policy from participating in the Exchange Offer, (b) it may not resell the Exchange Securities acquired by it in the Exchange Offer to the public without delivering a prospectus and the prospectus contained in the Exchange Offer Registration Statement is not appropriate or available for such resales or (c) it is a broker-dealer and owns Securities acquired directly from the Company or an affiliate of the Company, the Company shall, in lieu of (or, in the case of clause (iii), in addition to) conducting the Exchange Offer contemplated by Section 2(a), file under the Securities Act as soon as reasonably practicable, but no later than 45 business days after the time such obligation arises, a “shelf” registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the “Shelf Registration” and such registration statement, the “Shelf Registration Statement”). The Company agrees to use all commercially reasonable efforts (x) to cause the Shelf Registration Statement to become or be declared effective no later than 150 days after such Shelf Registration Statement is filed and to keep such Shelf Registration Statement continuously effective (other than during any Blackout Period (as defined in Section 2(g) below)) for a period ending on the earlier of the second anniversary of the Closing Date or such time as there are no longer any Registrable Securities outstanding, provided, however, that no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder, and (y) after the Effective Time of the Shelf Registration Statement, promptly upon the request of any holder of Registrable Securities that is not then an Electing Holder, to take any action reasonably necessary to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement, provided, however, that nothing in this Clause (y) shall relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Company in accordance with Section 3(d)(iii) hereof. The Company further agrees to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, and the Company agrees to furnish to each Electing Holder copies of any such supplement or amendment prior to its being used or promptly following its filing with the Commission. (c) If the Company (i) has not filed a Shelf Registration Statement and (ii) receives a Private Placement Notice, it shall assist with the Private Placement contemplated by the Private Placement Holders by using commercially reasonable efforts to provide to such Private Placement Holders as soon as practicable, but in no event later than 30 days after the receipt of such Private Placement Notice, a complete printed Offering Memorandum, in form, substance and scope as are customarily used in connection with an offering of debt securities in the 144A market relating to the Private Placement and to provide documents and perform obligations as specified in Section 3(g) hereof; provided that (a) in the event that such Offering Memorandum is required to contain financial results for the fiscal quarter ended March 31, 2005, such Offering Memorandum shall not be required to be delivered prior to June 15, 2005 and (b) in the event that the 30th day following the receipt of such Private Placement Notice would fall on a date that is within 10 days of a Staleness Date, such 30-day period shall be extended to 40 days. For the avoidance of doubt, the obligation of the Company under Section 2(a) and 2(b) herein shall inure to the benefit of, and shall be enforceable by, the holders of the Registrable Securities who purchased such Securities under the Private Placement. The Company shall only be required to prepare three Offering Memoranda pursuant to this Agreement; provided, however, if any Shelf Registration Statement has not become effective or been declared effective by the Commission on or before the date on which such Shelf Registration Statement is required to become or be declared effective pursuant to Section 2(b), there shall be no limit on the number of Offering Memoranda to be provided by the Company from such date until the date on which such Shelf Registration Statement has become or declared effective by the Commission. (d) In the event that (i) the Company has not filed the Exchange Registration Statement or Shelf Registration Statement on or before the date on which such registration statement is required to be filed pursuant to Section 2(a) or 2(b) hereof, respectively, (ii) such Exchange Registration Statement or Shelf Registration Statement has not become effective or been declared effective by the Commission on or before the date on which such registration statement is required to become or be declared effective pursuant to Section 2(a) or 2(b), respectively, (iii) the Exchange Offer, if any, has not been completed within 45 business days after the initial effective date of the Exchange Registration Statement relating to the Exchange Offer (if the Exchange Offer is then required to be made), (iv) any Exchange Registration Statement or Shelf Registration Statement required by this Agreement Section 2(a) or 2(b) hereof is filed and declared effective, effective but shall thereafter cease either be withdrawn by the Company or shall become subject to be an effective or fail stop order issued pursuant to be usable for its intended purpose Section 8(d) of the Securities Act suspending the effectiveness of such registration statement (except as specifically permitted herein, including any Blackout Period permitted herein) without being succeeded immediately by a post-an additional registration statement filed and declared effective amendment or prospectus supplement (v) the Company has not provided the assistance as required to be provided under Section 2(c) hereof on or before the date on which such Exchange Registration Statement that cures such failure and that assistance is itself declared effectively promptly required to be provided (each such event referred to in clauses (i) through (iiiv), a “Registration Default,” and the each period during which a Registration Default Default(s) has occurred and is continuing, the a “Registration Default Period”), then, as liquidated damages for such Registration DefaultDefault(s), the Securities (including, for the avoidance of doubt, any Additional Notes outstanding) affected thereby will be subject to the provisions of Section 8(b9(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue on the outstanding principal amount of such Securities at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. (ce) The Company shall take, and shall cause the Guarantors to take, take all actions necessary or advisable to be taken by them to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereof. (df) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time. Any reference herein to an Offering Memorandum as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any prospectus supplement amendment to an Offering Memorandum as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time. (g) Notwithstanding anything herein to the contrary, the Company, upon advising the Purchasers in writing, may, pursuant to the advice of outside counsel to the Company, delay its assistance with a Private Placement, the filing or effectiveness of any Exchange Registration Statement or Shelf Registration Statement (if not filed or effective, as applicable) or suspend, or otherwise fail to maintain, the effectiveness thereof or cease to permit the use of an Offering Memorandum or the prospectus included in such Registration Statement for a period (the “Blackout Period”) not to exceed an aggregate of 60 days in any twelve consecutive month period in the event that (i) the Board of Directors of the Company reasonably and in good faith determines that the premature disclosure of a material event at such time could reasonably be expected to have a material adverse effect on the Company’s business, operations or prospects or (ii) the disclosure otherwise relates to a material business transaction which has not been publicly disclosed and the Board of Directors of the Company reasonably and in good faith determines that any such disclosure could reasonably be expected to jeopardize the success of such transaction; provided, that, upon the termination of such Blackout Period, the Company promptly shall advise the Purchasers that such Blackout Period has been terminated. Notwithstanding the foregoing, no Blackout Period shall be declared by the Company for a period of 60 days from the Closing Date.

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (NewPage Holding CORP)

Registration Under the Securities Act. (a) Subject Except as set forth in Section 2(b) below, the Issuer agrees to the last sentence of this Section 2(a), if use its best efforts to file or cause to be filed under the Securities have not become Freely Tradable Act, as soon as practicable, but no later than on or before the Free Trade DateSeptember 30, the Company and the Guarantors agree to use all commercially reasonable efforts to (i) file under the Securities Act 2012, a registration statement relating to an offer to exchange (such registration statement, the “Exchange Offer Registration Statement,” ”, and such offer, the “Exchange Offer”) any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company Issuer and guaranteed by the Guarantors, which debt securities and guarantees guaranties are substantially identical to the Securities and the related GuaranteesGuaranties, respectively respectively, (and are entitled to the benefits of a trust indenture that which is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act Act, and do not contain provisions for the additional interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called “Exchange Securities”), (ii) . The Issuer agrees to use its best efforts to cause the Exchange Offer Registration Statement to become effective by the Commission under the Securities Act as soon as practicable, but no later than March 1, 2013. The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable rules and regulations under the Exchange Act, (iii) . The Issuer further agrees to use its best efforts to commence and complete the Exchange Offer promptly after such Exchange Registration Statement has become effectivepromptly, (iv) but no later than April 5, 2013, hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange 30 days and issue and deliver Exchange Securities in exchange for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer Offer. Each holder of Registrable Securities who wishes to exchange such Registrable Securities for Exchange Securities in, and (vi) consummate in accordance with the Exchange Offer on terms of, the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Date”). The Exchange Offer will be registered under required to make certain customary representations in connection therewith, including representations that such holder is not a Restricted Holder. Upon the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under effectiveness of the Exchange Act. The Offer Registration Statement, the Issuer shall promptly commence the Exchange Offer, it being the objective of such Exchange Offer will be deemed to have been “completed” only that each holder (A) if the debt securities and related guarantees received by holders other than a Restricted Holders Holder) electing to participate in the Exchange Offer for Registrable will receive Exchange Securities that are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states of the United States of America, and (B) . The Exchange Offer shall be deemed to have been completed upon the earlier to occur of (1i) the Company Issuer having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2ii) the Company Issuer having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days 30 days following the commencement of the Exchange Offer. The Company and the Guarantors agree Issuer agrees (Ix) to include in the Exchange Offer Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (IIy) to keep such Exchange Offer Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Offer Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (bc), (cd) and (de) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) on or prior to the time the Exchange Offer is completed, existing Commission interpretations are changed such that the debt securities or the related guaranties received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the Exchange Offer has not been consummated completed on or before April 5, 2013 or (iii) any holder notifies the Issuer prior to 20 days after the consummation of the Exchange Offer that (A) based on the advice of counsel, due to a change in law or Commission policy it may not resell the Exchange Securities acquired by it in the Exchange Offer to the public without delivering a prospectus and the prospectus contained in the Exchange Offer Registration Statement is not appropriate or available for such resales by such holder or (B) it is a Purchaser and owns Registrable Securities acquired directly from the Issuer or an affiliate of the Issuer or (C) on or prior to the Consummation Dateconsummation of the Exchange Offer existing laws, regulations and/or applicable Commission interpretations have been changed such that the holders of at least a majority in aggregate principal amount of the Registrable Securities would not be able to resell the Exchange Securities acquired by them in, and in accordance with the terms of, the Exchange Offer to the public without restriction under the Securities Act and without restriction under applicable blue sky or state securities laws, the Issuer shall, in lieu of (or, in the case of clause (iii), in addition to) conducting the Exchange Offer contemplated by Section 2(a), use its best efforts to file or cause to be filed under the Securities Act as soon as practicable, but no later than the later of March 1, 2013 and 30 days after the time such obligation to file arises (but in no event prior to August 1 or after September 30 of any calendar year), a “shelf” registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the “Shelf Registration” and such registration statement, the “Shelf Registration Statement”). The Issuer agrees to use its best efforts (x) to cause the Shelf Registration Statement to become or be declared effective on or prior to 60 days after such filing was required to be made hereunder (but in no event prior to August 1 or after September 30 of any calendar year) and to keep such Shelf Registration Statement continuously effective for a period of one year (or, if shorter, the period after which Rule 144(d) under the Securities Act generally becomes available to non-affiliates of the Issuer from the effective date of the Shelf Registration Statement (subject to extension pursuant to Section 2(d) and Section 3(h)) (provided, however, that if such Shelf Registration Statement has been filed solely at the request of the Purchasers pursuant to clause (iii)(B) of Section 2(b) above, the Issuer shall only be required to use its best efforts to keep such Shelf Registration Statement continuously effective for a period of one year from the date of issuance of the Securities (subject to extension pursuant to Section 2(d) and Section 3(h)) or until all of the Securities covered by the Shelf Registration Statement have been sold pursuant to the Shelf Registration Statement or cease to be outstanding; provided, however, that no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder. The Issuer further agrees to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Issuer for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, and the Issuer agrees to furnish to each Electing Holder copies of any such supplement or amendment promptly after its being used or promptly following its filing with the Commission. (c) If (i) the Exchange Offer Registration Statement (or a Shelf Registration Statement in lieu thereof) is not filed on or before September 30, 2012, (ii) the Securities have Exchange Offer Registration Statement (or a Shelf Registration Statement in lieu thereof) is not become Freely Tradable declared effective by the Commission on or before Xxxxx 0, 0000, (xxx) the Exchange Offer is not consummated on or before April 5, 2013, (iv) a Shelf Registration Statement required to be filed is not filed on or before the Free Trade Datedate specified above for such filing, (v) a Shelf Registration Statement otherwise required to be filed is not declared effective on or before the date specified above for effectiveness thereof or (iiivi) any Exchange a Shelf Registration Statement required by this Agreement is filed and declared effectiveeffective but thereafter, but shall thereafter cease subject to certain exceptions, ceases to be effective or fail usable (whether due to be usable for its intended purpose without being succeeded by a post-effective amendment stop order or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly otherwise) in connection with resales of Registrable Securities during the period specified in 2(b) (each such event referred to in clauses (i) through (iii)vi) above, a “Registration Default,” and the period during which a Registration Default has occurred and is continuing, the “Registration Default Period”), then, as liquidated damages for in the case of a Registration Default referred to in clause (i), (ii) or (iii) above, the interest rate on all Registrable Securities or, in the case of a Registration Default referred to in clause (iv), (v) or (vi) above, the interest rate on the Registrable Securities to which such Registration Default relates, will increase by 0.25% per annum with respect to each 90-day period that passes until all such Registration Defaults have been cured, up to a maximum amount of 1.00% per annum (“Additional Interest”); provided that such Additional Interest will cease to accrue at the later of (i) the date on which the Securities become freely transferable pursuant to Rule 144 under the Securities Act and (ii) the date on which the Barclays Capital U.S. Aggregate Bond Index is modified to permit the inclusion of freely transferable securities that have not been registered under the Securities Act. Upon the cure of any such Registration Default, the interest rate borne by the Registrable Securities shall be reduced thereafter by the full amount of any such increase or increases that resulted from such Registration Default. The Issuer shall notify the Trustee within three business days after each and every date on which an event occurs in respect of which Additional Interest is required to be paid (an “Event Date”). Additional Interest shall be paid by depositing with the Trustee, in trust, for the benefit of the holders, on or before the applicable semiannual interest payment date, immediately available funds in sums sufficient to pay the Additional Interest then due. The Additional Interest due shall be payable on each interest payment date to the record holder entitled to receive the interest payment to be paid on such date as set forth in the Indenture. Each obligation to pay Additional Interest shall be deemed to accrue from and including the day following the applicable Event Date. (d) Any Exchange Offer Registration Statement pursuant to Section 2(a) and any Shelf Registration Statement pursuant to Section 2(b) will not be deemed to have become effective unless it has been declared effective by the Commission; provided, however, that, if after it has been declared effective, the offering of Securities pursuant to a Shelf Registration Statement is subject to the provisions of Section 8(b)any stop order, special interest (“Special Interest”), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for the first 90 days injunction or other order or requirement of the Commission or any other governmental agency or court, such Registration Default PeriodStatement will be deemed not to have been effective for such Securities during the period it was so subject, at a per annum rate until the offering of 0.50% for the second 90 days of the such Securities pursuant to such Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in Statement may legally resume. In no event shall the Company Issuer be required deemed to pay Special Interest for more than one be in breach of its obligations under the second paragraph of Section 2(b) nor shall a Registration Default at any given time. The Registration Default Period shall terminate on the date on which described in Section 2(c)(vi) be deemed to have occurred (i) as a result of any action required by applicable law which renders the Securities become Freely Tradable Issuer unable to comply with the Commission disclosure requirements or (ii) if compliance with its obligations under this Agreement to maintain the Exchange effectiveness of, supplement or amend any Registration Statement, upon advice of U.S. counsel to the Issuer, would require additional disclosure of material nonpublic information by the Issuer or its subsidiaries as to which, and so long as, the Issuer or its subsidiaries has a bona fide business purpose in preserving its confidentiality; provided, however, that the maximum period of time during which the Issuer shall be entitled to postpone the effectiveness, supplementing or amending of any Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure pursuant to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or clause (ii) of this paragraph shall be 45 calendar days; provided, further, that (x) upon the Exchange exercise of its right under clause (ii) of this paragraph to postpone the effectiveness, supplementing or amending of any such Registration Statement Statement, the Issuer shall give the holders prompt written notice of such exercise and an approximation of the anticipated length of such postponement and (y) after the exercise of its right under clause (ii) of this paragraph to postpone the effectiveness, supplementing or amending of any such Registration Statement, the Issuer shall not, within six months of the expiration of any such postponement, exercise again its right of postponement under clause (ii) of this paragraph. The holders hereby acknowledge that any notice given by the Issuer pursuant to this paragraph may constitute material nonpublic information and that the United States securities laws prohibit any person who has been declared effective and material non-public information about a company from purchasing or selling securities of the Exchange Offer has been consummatedcompany or from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such securities. (ce) The Company Issuer shall take, and shall cause the Guarantors to take, take all actions necessary or advisable to cause the Guaranties to be taken to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees registered under the Exchange Registration Statement registration statement contemplated in Section 2(a) or 2(b) hereof, as applicable. (df) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (Pemex Gas & Basic Petrochemicals)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a)2(b) below, if the Securities have not become Freely Tradable on or before the Free Trade Date, the Company FBS and the Guarantors agree Trust agree, jointly and severally, to use all commercially their reasonable best efforts to (i) file under the Securities Act Act, as soon as practicable, but no later than 150 days after the Issue Date, a registration statement relating to an offer to exchange (such registration statement, the “Exchange Registration Statement,” and such offer, the “"Exchange Offer") any and all of the Securities for a like aggregate principal amount Liquidation Amount of debt capital securities issued by of the Company and guaranteed by the Guarantors, Trust which debt securities and guarantees are substantially identical to the Securities and the related Guarantees, respectively (and which are entitled to the benefits of a trust indenture that is substantially identical to the Indenture or is the Indenture and that has been Trust Agreement which will be qualified under the Trust Indenture Act), ) except that they have been registered pursuant to an effective registration statement under the Securities Act and do such new capital securities will not contain provisions for Special Distributions or provisions restricting transfer in the additional interest contemplated in Section 2(b) below absence of registration under the Securities Act (such new debt capital securities are hereinafter called "Exchange Securities”)") for any or all of the Registrable Securities. Such registration statement shall also relate to, (ii) cause and the consummation of the Exchange Offer shall be conditioned upon the consummation of, an offer to exchange the Debentures for substantially identical debentures of FBS pursuant to the Debenture Exchange and Registration Statement Rights Agreement (the "Exchange Debentures") and to an offer to exchange the Guarantee for a substantially identical guarantee of FBS pursuant to the Guarantee Exchange and Registration Rights Agreement (the "Exchange Guarantee"). FBS and the Trust agree, jointly and severally, to use their reasonable best efforts to cause such registration statement to become effective under the Securities Act as soon as practicable thereafter. The Exchange Offer will be registered under the Act on the appropriate form and will comply in all material respects with all applicable tender offer rules and regulations under the Exchange Act. FBS and the Trust further agree, (iii) jointly and severally, to commence the Exchange Offer promptly after such Exchange Registration Statement registration statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) after 30 days and the date that notice of the Exchange Offer is mailed Trust agrees to holders of the Securities, (v) exchange issue Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Date”). The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange ActOffer. The Exchange Offer will be deemed to have been “completed” completed only (A) if the debt securities and related guarantees Exchange Securities received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority Act, it being understood that broker-dealers receiving Securities will be subject to certain prospectus delivery requirements with respect to resale of the states of the United States of America, and (B) Securities. The Exchange Offer shall be deemed to have been completed upon the earlier to occur of (1i) the Company Trust having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2ii) the Company Trust having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days 30 days following the commencement of the Exchange Offer. The Company FBS and the Guarantors agree Trust agree, jointly and severally, (Ix) to include in the Exchange Registration Statement registration statement a prospectus for use in connection with any resales by any holder of Exchange Securities that is by a broker-dealer, other than resales of Exchange Securities received by a broker-dealer pursuant to the Exchange Offer in exchange for Registrable Securities acquired by the broker-dealer directly from the Trust, and (IIy) to the extent any broker-dealer participates in the Exchange Offer and notifies FBS or causes FBS to be notified in writing that it is a participating broker-dealer, to use their reasonable efforts to keep such Exchange Registration Statement registration statement effective for a period (the "Resale Period") beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th 90th day after the Exchange Offer has been completed or such time as shorter period if all Exchange Securities received by such broker-dealer in exchange for Registrable Securities acquired for their own account as a result of market-making or other trading activities have been disposed of by such broker-dealer; and no broker-dealers shall be authorized by FBS to, and shall not, deliver such Prospectus after such period in connection with resales contemplated by this Section 2(a) or otherwise; it being understood that, notwithstanding anything in this Exchange and Registration Rights Agreement to the contrary, FBS shall not be required to comply with any provision of this Section 2(a) or any other provision of this Exchange and Registration Rights Agreement relating to the distribution of Exchange Securities by broker-dealers, to the extent that FBS reasonably concludes that compliance with such provision is no longer own any Registrable Securitiesrequired by applicable law or interpretation of the Staff of the SEC. With respect to such registration statement, each broker-dealer that holds Exchange Registration Statement, such holders Securities received in an Exchange Offer in exchange for Registrable Securities not acquired by it directly from the Trust shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (b), (c) and (d) Section 6 hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) on or prior to the consummation of the Exchange Offer existing Commission interpretations are changed such that the Exchange Securities received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the Exchange Offer has not been consummated prior within 210 days following the Issue Date or (iii) the Purchasers so request (but only with respect to the Consummation DateSecurities) within 60 days after the consummation of the Exchange Offer with respect to any Securities held by them which are not freely transferable following consummation of the Exchange Offer, in lieu of (or, in the case of clause (iii), in addition to) conducting the Exchange Offer contemplated by Section 2(a) FBS and the Trust shall file under the Securities Act, as soon as practicable, a "shelf" registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities (or, in the case of clause (iii), of the Securities held by the Purchasers for resale by the Purchasers), pursuant to Rule 415 under the Securities Act and/or any similar rule that may be adopted by the Commission (the "Shelf Registration"). Unless the Shelf Registration has been filed in addition to conducting the Exchange Offer contemplated by Section 2(a), the Shelf Registration shall also provide for the registration of the Debentures pursuant to the Debenture Exchange and Registration Rights Agreement and for the registration of the Guarantee pursuant to the Guarantee Exchange and Registration Rights Agreement. FBS and the Trust agree, jointly and severally, to use their reasonable best efforts to cause the Shelf Registration to become or be declared effective and to keep such Shelf Registration continuously effective for a period ending on the earlier of (A) the third anniversary of the Issue Date (or, in the case of clause (iii), the first anniversary) or (B) the later of (i) such time as there are no longer any Registrable Securities outstanding or (ii) as required under the Debenture Exchange and Registration Rights Agreement. FBS and the Trust further agree, jointly and severally, to supplement or make amendments to the Shelf Registration, as and when required by the rules, regulations or instructions applicable to the registration form used by FBS and the Trust for such Shelf Registration or by the Securities Act or rules and regulations thereunder for shelf registration, and FBS and the Trust agree, jointly and severally, to furnish to the holders of the Registrable Securities copies of any such supplement or amendment prior to its being used and/or filed with the Commission. (c) In the event that (i) FBS and the Trust have not become Freely Tradable filed the registration statement relating to the Exchange Offer (or, if applicable, the Shelf Registration) on or before the Free Trade 150th day after the Issue Date, or (ii) such registration statement (or, if applicable, the Shelf Registration) has not become effective or been declared effective by the Commission on or before the 180th day after the Issue Date, or (iii) any of the Exchange Offer, the exchange offer contemplated by the Guarantee Exchange and Registration Statement Rights Agreement and the exchange offer contemplated by the Debenture Exchange and Registration Rights Agreement has not been completed within 210 days after the Issue Date (if the Exchange Offer is then required to be made) or (iv) any registration statement required by this Agreement Section 2(a) or 2(b) is filed and declared effective, effective but shall thereafter cease to be effective or fail to be usable for its intended purpose (except as specifically permitted herein) without being succeeded immediately by a post-an additional registration statement filed and declared effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iiiiv), a "Registration Default,” and the period during which a Registration Default has occurred and is continuing, the “Registration Default Period”"), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b), special then interest will accrue (“Special Interest”), in addition to the Base Interest, shall accrue stated interest rate on the Debentures) at a per annum the rate of 0.25% per annum on the principal amount of the Debentures, and the distributions will accrue (in addition to the stated distribution rate on the Securities) at the rate of 0.25% per annum on the Liquidation Amount of the Securities, for the first 90 days period from the occurrence of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the until such time as no Registration Default Periodis in effect. Such additional interest (the "Special Interest") and such additional distributions (the "Special Distributions") will be payable in cash semi-annually in arrears on each May 15 and November 15 in accordance with, at a per annum rate of 0.75% for and subject to the third 90 days of deferral provisions of, the Registration Default Period Indenture and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default PeriodTrust Agreement, provided that in no event shall the Company respectively. Special Interest, if any, and Special Distributions, if any, will be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate computed on the date on which (i) basis of a 365 or 366 day year, as the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective case may be, and the Exchange Offer has been consummated. Special Interest shall not accrue as a result number of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. (c) The Company shall take, and shall cause the Guarantors to take, all actions necessary or advisable to be taken to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereofdays actually elapsed. (d) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, incorporated therein by reference as of such time the applicable Effective Time and any reference herein to any post-post effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, incorporated therein by reference as of a time after such timeEffective Time.

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (First Bank System Inc)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors agree agrees to use all commercially reasonable efforts to (i) file under the Securities Act Act, as soon as practicable, but no later than 60 days after the Closing Date, a registration statement relating to an offer to exchange (such registration statement, the "Exchange Registration Statement,” ", and such offer, the "Exchange Offer") any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the GuarantorsCompany, which debt securities and guarantees are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that which is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called "Exchange Securities"), (ii) . The Company agrees to use its best efforts to cause the Exchange Registration Statement to become effective under the Securities ActAct as soon as practicable, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) but no later than 180 days after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Closing Date”). The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Company further agrees to use its best efforts to commence and complete the Exchange Offer promptly, but no later than 45 days after such registration statement has become effective, hold the Exchange Offer open for at least 30 days and exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been "completed" only (A) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states States of the United States of America, and (B) . The Exchange Offer shall be deemed to have been completed upon the earlier to occur of (1i) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2ii) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days 30 days following the commencement of the Exchange Offer. The Company and the Guarantors agree agrees (Ix) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (IIy) to keep such Exchange Registration Statement effective for a period (the "Resale Period") beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (bc), (cd) and (de) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) on or prior to the time the Exchange Offer is completed existing Commission interpretations are changed such that the debt securities received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the Exchange Offer has not been consummated completed within 225 days following the Closing Date or (iii) the Exchange Offer is not available to any holder of the Securities, the Company shall, in lieu of (or, in the case of clause (iii), in addition to) conducting the Exchange Offer contemplated by Section 2(a), file under the Securities Act as soon as practicable, but no later than the later of 30 days after the time such obligation to file arises, a "shelf" registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the "Shelf Registration" and such registration statement, the "Shelf Registration Statement"). The Company agrees to use its best efforts (x) to cause the Shelf Registration Statement to become or be declared effective no later than 120 days after such Shelf Registration Statement is filed and to keep such Shelf Registration Statement continuously effective for a period ending on the earlier of the second anniversary of the Effective Time or such time as there are no longer any Registrable Securities outstanding, PROVIDED, HOWEVER, that no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder, and (y) after the Effective Time of the Shelf Registration Statement, promptly upon the request of any holder of Registrable Securities that is not then an Electing Holder, to take any action reasonably necessary to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement, PROVIDED, HOWEVER, that nothing in this Clause (y) shall relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Company in accordance with Section 3(d)(iii) hereof. The Company further agrees to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, and the Company agrees to furnish to each Electing Holder copies of any such supplement or amendment prior to its being used or promptly following its filing with the Consummation Date, Commission. (iic) In the event that (i) the Securities have Company has not become Freely Tradable filed the Exchange Registration Statement or Shelf Registration Statement on or before the Free Trade Datedate on which such registration statement is required to be filed pursuant to Section 2(a) or 2(b), respectively, or (ii) such Exchange Registration Statement or Shelf Registration Statement has not become effective or been declared effective by the Commission on or before the date on which such registration statement is required to become or be declared effective pursuant to Section 2(a) or 2(b), respectively, or (iii) the Exchange Offer has not been completed within 45 days after the initial effective date of the Exchange Registration Statement relating to the Exchange Offer (if the Exchange Offer is then required to be made) or (iv) any Exchange Registration Statement or Shelf Registration Statement required by this Agreement Section 2(a) or 2(b) hereof is filed and declared effective, effective but shall thereafter cease either be withdrawn by the Company or shall become subject to be an effective or fail stop order issued pursuant to be usable for its intended purpose Section 8(d) of the Securities Act suspending the effectiveness of such registration statement (except as specifically permitted herein) without being succeeded immediately by a post-an additional registration statement filed and declared effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iiiiv), a "Registration Default,” " and the each period during which a Registration Default has occurred and is continuing, the “a "Registration Default Period"), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b9(b), special interest ("Special Interest"), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. (cd) The Company shall take, and shall cause the Guarantors to take, take all actions necessary or advisable to be taken by such party to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereof. (de) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (Zions Bancorporation /Ut/)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company Partnership and the Guarantors Regency agree to use all commercially their reasonable best efforts to (i) file under the Securities Act no later than 60 days after the Closing Date, a registration statement relating to an offer to exchange (such registration statement, the “Exchange Registration Statement,” and such offer, the “Exchange Offer”) any and all of the Securities for a like aggregate principal amount of debt securities issued by of the Company Partnership and guaranteed by the Guarantors, Regency which debt securities and guarantees are substantially identical to the Securities and the related Guarantees, respectively (and which are entitled to the benefits of a trust indenture that which is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), ) except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest contemplated in Section 2(b) below (such new debt securities are hereinafter called “Exchange Securities”), (ii) for any or all of the Registrable Securities. The Partnership and Regency agree to use their reasonable best efforts to cause the Exchange Registration Statement such registration statement to become effective under the Securities Act, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) Act as soon as practicable after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Date”)filing thereof. The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Partnership and Regency further agree to commence and complete the Exchange Offer promptly after such registration statement has become effective, hold the Exchange Offer open for at least 30 days and exchange Exchange Securities for all Registrable Securities that have been tendered and not withdrawn on or prior to the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been “completed” completed only (A) if the debt securities and related guarantees Exchange Securities received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states States of the United States of America, and (B) . The Exchange Offer shall be deemed to have been completed upon the earlier to occur of (1i) the Company Partnership and Regency having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2ii) the Company Partnership and Regency having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days 30 days following the commencement of the Exchange Offer. The Company Partnership and the Guarantors Regency agree (Ii) to include in the Exchange Registration Statement registration statement a prospectus for use in connection with any resales by any holder of Exchange Securities that is a broker-dealer and (IIii) to keep such Exchange Registration Statement registration statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon on the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statementregistration statement the Partnership, Regency and any such holders holder shall have the benefit of of, and shall each provide to the other, the rights of indemnification and contribution set forth in Sections 6(a), (b), (c) and (d) Section 6 hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) prior to the consummation of the Exchange Offer existing Commission interpretations are changed such that the Exchange Securities received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the Exchange Offer has not been consummated prior to within 180 days following the Consummation Date, (ii) the Securities have not become Freely Tradable on or before the Free Trade Closing Date, or (iii) a holder of Registrable Securities so requests within 60 days after the consummation of the Exchange Offer with respect to Exchange Notes held by it following consummation of the Exchange Offer that may not be sold without restriction under federal or state securities laws, in lieu of conducting the Exchange Offer contemplated by Section 2(a), the Partnership and Regency shall file under the Securities Act a “shelf” registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 under the Securities Act and/or any similar rule that may be adopted by the Commission (the “Resale Registration”). The Partnership and Regency agree to use their reasonable best efforts to cause the Resale Registration to be filed on or prior to the earliest to occur of (x) the later of (A) the 30th day after the date on which the Partnership or Regency determine that existing Commission interpretations are changed as described in clause (i) above or (B) the 60th day following the Closing Date, (y) the 30th day after the date on which the Partnership or Regency receives the request from a holder of Registrable Securities referred to in clause (iii) above, or (z) the 180th day following the Closing Date if the Exchange Offer is not consummated by such date (such earliest date being referred to herein as the “Resale Registration Statement Filing Date”) and to cause the Resale Registration to become or be declared effective no later than the later of (I) 180 days after the Closing Date or (II) 60 days after the Resale Registration Filing Date and to keep such Resale Registration continuously effective for a period ending on the earlier of the second anniversary of the Closing Date or such time as there are no longer any Registrable Securities outstanding. The Partnership and Regency further agree to supplement or make amendments to the Resale Registration, as and when required by this Agreement the rules, regulations or instructions applicable to the registration form used by the Partnership and Regency for such Resale Registration or by the Securities Act or rules and regulations thereunder for shelf registration, and the Partnership and Regency agree to furnish to the holders of the Registrable Securities copies of any such supplement or amendment prior to its being used and/or filed with the Commission. (c) In the event that (i) the Partnership and Regency have not filed the registration statement relating to the Exchange Offer within 60 days following the Closing Date or, if applicable, the Resale Registration by the Resale Registration Filing Deadline, or (ii) such registration statement has not become effective or been declared effective by the Commission within 180 days following the Closing Date or, if applicable, the Resale Registration has not been declared effective within 90 days of the Resale Registration Filing Deadline, or (iii) the Exchange Offer has not been consummated within 30 business days after the initial effective date of the registration statement (if the Exchange Offer is then required to be made) or (iv) any registration statement required by Section 2(a) or 2(b) is filed and declared effective, effective but shall thereafter cease to be effective or fail to be usable for its intended purpose (except as specifically permitted herein) without being succeeded immediately by a post-an additional registration statement filed and declared effective amendment or prospectus supplement to such (v) the Partnership and Regency have not consummated the Exchange Offer (or, if applicable, the Resale Registration Statement that cures such failure and that is itself declared effectively promptly has not become effective) within 240 days following the Closing Date (each any such event referred to in clauses (i) through (iiiv), a “Registration Default,” and the period during which a Registration Default has occurred and is continuing, the “Registration Default PeriodDefault”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b), special then interest will accrue (“Special Interest”), in addition to any stated interest on the Base Interest, shall accrue Securities) at a per annum the rate of 0.25% per annum on the principal amount of the Securities for the first 90 days after the occurrence of the Registration Default Period, and at a per annum rate of 0.50% for per annum on the second 90 days principal amount of the Registration Default PeriodSecurities thereafter, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate determined daily (calculated on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue same basis as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend interest on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(bbe calculated) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. (c) The Company shall take, and shall cause the Guarantors to take, all actions necessary or advisable to be taken to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereof. (d) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time as no Registration Default is in effect (at which time no such special interest will accrue). Such additional interest (the “Additional Interest”) will be payable in cash semi-annually in arrears on each and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such timein accordance with the Indenture.

Appears in 1 contract

Samples: Registration Rights Agreement (Regency Centers Corp)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors agree agrees to use all commercially reasonable efforts to (i) file under the Securities Act Act, as soon as practicable, but no later than 60 days after the Closing Date, a registration statement relating to an offer to exchange (such registration statement, the "Exchange Registration Statement,” ", and such offer, the "Exchange Offer") any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the GuarantorsCompany, which debt securities and guarantees are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that which is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called "Exchange Securities"), (ii) . The Company agrees to use its best efforts to cause the Exchange Registration Statement to become effective under the Securities ActAct as soon as practicable, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) but no later than 180 days after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Closing Date”). The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Company further agrees to use its best efforts to commence and complete the Exchange Offer promptly, but no later than 45 days after such registration statement has become effective, hold the Exchange Offer open for at least 30 days and exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been "completed" only (A) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states States of the United States of America, and (B) . The Exchange Offer shall be deemed to have been completed upon the earlier to occur of (1i) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2ii) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days 30 days following the commencement of the Exchange Offer. The Company and the Guarantors agree agrees (Ix) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (IIy) to keep such Exchange Registration Statement effective for a period (the "Resale Period") beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders broker-dealers shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (bc), (cd) and (de) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) on or prior to the time the Exchange Offer is completed, existing Commission interpretations are changed such that the debt securities received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the Exchange Offer has not been consummated completed within 225 days following the Closing Date or (iii) the Exchange Offer is not available to any holder of the Securities, the Company shall, in lieu of (or, in the case of clause (iii), in addition to) conducting the Exchange Offer contemplated by Section 2(a), file under the Securities Act as soon as practicable, but no later than 30 days after the time such obligation to file arises, a "shelf" registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the "Shelf Registration" and such registration statement, the "Shelf Registration Statement"). The Company agrees to use its best efforts (x) to cause the Shelf Registration Statement to become or be declared effective no later than 120 days after such Shelf Registration Statement is filed and to keep such Shelf Registration Statement continuously effective for a period ending on the earlier of the second anniversary of the Effective Time or such time as there are no longer any Registrable Securities outstanding, PROVIDED, HOWEVER, that no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder, and (y) after the Effective Time of the Shelf Registration Statement, promptly upon the request of any holder of Registrable Securities that is not then an Electing Holder, to take any action reasonably necessary to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement, PROVIDED, HOWEVER, that nothing in this Clause (y) shall relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Company in accordance with Section 3(d)(iii) hereof. The Company further agrees to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, and the Company agrees to furnish to each Electing Holder copies of any such supplement or amendment prior to its being used or promptly following its filing with the Consummation Date, Commission. (iic) In the event that (i) the Securities have Company has not become Freely Tradable filed the Exchange Registration Statement or Shelf Registration Statement on or before the Free Trade Datedate on which such registration statement is required to be filed pursuant to Section 2(a) or 2(b), respectively, or (ii) such Exchange Registration Statement or Shelf Registration Statement has not become effective or been declared effective by the Commission on or before the date on which such registration statement is required to become or be declared effective pursuant to Section 2(a) or 2(b), respectively, or (iii) the Exchange Offer has not been completed within 45 days after the initial effective date of the Exchange Registration Statement relating to the Exchange Offer (if the Exchange Offer is then required to be made) or (iv) any Exchange Registration Statement or Shelf Registration Statement required by this Agreement Section 2(a) or 2(b) hereof is filed and declared effective, effective but shall thereafter cease either be withdrawn by the Company or shall become subject to be an effective or fail stop order issued pursuant to be usable for its intended purpose Section 8(d) of the Securities Act suspending the effectiveness of such registration statement (except as specifically permitted herein) without being succeeded immediately by a post-an additional registration statement filed and declared effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iiiiv), a "Registration Default,” " and the each period during which a Registration Default has occurred and is continuing, the “a "Registration Default Period"), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b9(b), special interest ("Special Interest"), in addition to the Base Interest, shall accrue at a per annum rate of 0.250.50% for the first 90 days of the Registration Default Period, at a per annum rate of 0.501.00% for the second 90 days of the Registration Default Period, at a per annum rate of 0.751.50% for the third 90 days of the Registration Default Period and at a per annum rate of 1.02.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. (cd) The Company shall take, and shall cause the Guarantors to take, take all actions necessary or advisable to be taken by it to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereof. (de) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (Overseas Shipholding Group Inc)

Registration Under the Securities Act. (a) Subject to the last sentence of this Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date, the Company If Crestar and the Guarantors agree to use all commercially reasonable efforts to (i) Trust file under the Securities Act a registration statement relating pursuant to Section 2(a) of the Capital Securities Exchange and Registration Rights Agreement, then Crestar and the Trust agree, jointly and severally, to include in such registration statement an offer to exchange (such registration statementthe "Exchange Offer") the Guarantee for a new guarantee of Crestar to be extended pursuant to a new guarantee agreement to be entered into by Crestar and the Guarantee Trustee for the benefit of holders of the Exchange Securities (as defined below), the “Exchange Registration Statement,” Registrable Securities, if any, and such offerthe Securities, if any (the “Exchange Offer”) any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the Guarantors"New Guarantee Agreement"), which debt securities and guarantees are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that is substantially identical to the Indenture or is the Indenture and that has been will be qualified under the Trust Indenture Act), such new guarantee to be substantially identical to the Guarantee except that they have been it will relate to the Exchange Securities, the Registrable Securities, if any, and the Securities, if any, and it will be registered pursuant to an effective registration statement under the Securities Act and do such new guarantee will not contain provisions for restricting transfer in the additional interest contemplated in Section 2(b) below absence of registration under the Securities Act (such new debt securities are guarantee hereinafter called "Exchange Guarantee"). Such registration statement shall also relate to, and the consummation of the Exchange Offer shall be conditioned upon the consummation of, an offer to exchange the Debentures for substantially identical debentures of Crestar pursuant to the Debenture Exchange and Registration Rights Agreement (the "Exchange Debentures") and to an offer to exchange the Securities for substantially identical capital securities of the Trust pursuant to the Capital Securities Exchange and Registration Rights Agreement (the "Exchange Securities"). Crestar and the Trust agree, (ii) jointly and severally, to use their reasonable best efforts to cause the Exchange Registration Statement such registration statement to become effective under the Securities Act, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) Act as soon as practicable after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Date”)filing thereof. The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Actform. The Exchange Offer will shall be deemed to have been “completed” only (A) if completed upon the debt securities and related guarantees received by holders other than Restricted Holders in completion of the exchange of the Exchange Offer Guarantee for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states of the United States of America, and (B) upon the earlier to occur of (1) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2) the Company having exchanged, Guarantee pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days following the commencement of the Exchange Offer. The Company and the Guarantors agree (I) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (II) to keep such Exchange Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (b), (c) and (d) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If Crestar and the Trust file a "shelf" registration statement pursuant to section 2(b) of the Capital Securities Exchange and Registration Rights Agreement without also filing a registration statement pursuant to Section 2(a) thereof, then such "shelf" registration statement shall provide for the registration of the Guarantee (the "Shelf Registration"). The Shelf Registration shall also provide for the registration of the Debentures pursuant to the Debenture Exchange and Registration Rights Agreement and for the registration of and the sale on a continuous or delayed basis by the holders of, all of the Securities pursuant to Rule 415 under the Securities Act and/or any similar rule that may be adopted by the Commission pursuant to the Capital Securities Exchange and Registration Rights Agreement. Crestar and the Trust agree, jointly and severally, to use their reasonable best efforts to cause the Shelf Registration to become or be declared effective and to keep such Shelf Registration continuously effective for a period ending on the earlier of (A) the third anniversary of the Issue Date or (B) the later of (i) the Exchange Offer has not been consummated prior to the Consummation Date, (ii) the such time as there are no longer any Securities have not become Freely Tradable on or before the Free Trade Date, or (iii) any Exchange Registration Statement required by this Agreement is filed and declared effective, but shall thereafter cease to be effective or fail to be usable for its intended purpose without being succeeded by a post-effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iii), a “Registration Default,” and the period during which a Registration Default has occurred and is continuing, the “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable outstanding or (ii) as required under the Debenture Exchange and Registration Statement has been declared effective Rights Agreement. Crestar and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure Trust further agree, jointly and severally, to provide a certificate supplement or make amendments to the Trustee instructing Shelf Registration, as and when required by the Trustee that rules, regulations or instructions applicable to the restrictive legend on registration form used by Crestar and the Trust for such Shelf Registration or by the Securities no longer applies unless the Company has received a request to do so by a holder of Securities Act or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date rules and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummatedregulations thereunder for shelf registration. (c) The Company shall take, and shall cause the Guarantors to take, all actions necessary or advisable to be taken to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereof. (d) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, incorporated therein by reference as of such time the applicable Effective Time and any reference herein to any post-post effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, incorporated therein by reference as of a time after such timeEffective Time.

Appears in 1 contract

Samples: Guarantee Exchange and Registration Rights Agreement (Crestar Financial Corp)

Registration Under the Securities Act. (a) Subject Except as set forth in Section 2(b) below, to the last sentence extent not prohibited by any applicable law or applicable interpretations of this Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade DateCommission, the Company and the Guarantors agree agrees to use all its commercially reasonable efforts to (i) file under the Securities Act Act, no earlier than the last to occur of (i) the day after the Acquisition Closing Date, (ii) the filing with the OSC of the Company’s management information circular for the Company’s 2017 annual general meeting and (iii) four months and one day after the Closing Date, and no later than 270 days after the Acquisition Closing Date, a registration statement relating to an offer to exchange (such registration statement, the “Exchange Registration Statement,” ”, and such offer, the “Exchange Offer”) any and all of the Securities for a like aggregate principal amount of each series of debt securities issued by the Company and guaranteed by the GuarantorsCompany, which debt securities and guarantees are substantially identical to the corresponding series of Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that is substantially identical to the Indenture or is the Indenture and that has been qualified under the Trust Indenture ActIndenture), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest Special Interest contemplated in Section 2(b2(c) below or special mandatory redemption (such new debt securities are hereinafter called “Exchange Securities”), (ii) . The Exchange Securities will be issued under the Indenture as provided therein and pursuant thereto shall be evidence of the same continuing indebtedness of the Company and will not constitute the creation of new indebtedness. The Company agrees to use commercially reasonable efforts to cause the Exchange Registration Statement to become or be declared effective under the Securities Act, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) Act no later than 365 days after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Acquisition Closing Date”). The Exchange Offer will be registered under the Securities Act on the any available and appropriate form (which may, as determined by the Company in its sole discretion, be on Form F-10, including a Canadian Prospectus, in the form of a base shelf prospectus contemplated by National Instrument 44-102 — Shelf Distributions or a short form prospectus or other appropriate form, prepared and filed with the OSC; provided, however, that such Form F-10 is available for exchange offers) and will comply with all applicable tender offer rules and regulations under the Exchange Act. Unless the Exchange Offer would not be permitted by applicable law or Commission policy, the Company further agrees to use commercially reasonable efforts to (i) commence the Exchange Offer promptly (but no later than 10 Business Days) following the Effective Time of such Exchange Registration Statement, (ii) hold the Exchange Offer open for at least 20 Business Days in accordance with Regulation 14E promulgated by the Commission under the Exchange Act (or a longer period if required by the U.S. federal securities laws) and (iii) promptly following the expiration of the Exchange Offer, exchange Exchange Securities for all Registrable Securities that have been properly tendered and not validly withdrawn prior to the close of business on the date of such expiration. The Exchange Offer will be deemed to have been “completed” only (Ai) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states States of the United States of America, U.S. and (Bii) upon the earlier to occur of (1) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2) the Company having exchanged, pursuant to the Exchange Offer, applicable Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days and not more than 30 Business Days following the commencement of the Exchange Offer. The Company and the Guarantors agree agrees (Ix) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer that has acquired Registrable Securities from the Company or for its own account as a result of market-making activities or other trading activities, and (IIy) to use commercially reasonable efforts to keep such Exchange Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities; provided that the Company may, in its sole discretion, in lieu of, or in addition to, keeping any such Exchange Registration Statement effective during the Resale Period, file a “shelf” registration statement on any available and appropriate form providing for the registration of such Registrable Securities held by such broker-dealers during the Resale Period. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections Subsections 6(a), (bc), (cd) and (d) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradablee). (b) If (i) on or prior to the time the Exchange Offer is completed existing law or Commission interpretations are changed such that the debt securities received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the Effective Time of the Exchange Registration Statement is not within 365 days following the Acquisition Closing Date and the Exchange Offer has not been consummated prior to the Consummation Date, (ii) the Securities have not become Freely Tradable on or before the Free Trade Date, completed within 30 Business Days of such Effective Time or (iii) any holder of Registrable Securities notifies the Company prior to the 20th Business Day following the completion of the Exchange Offer that: (A) it is prohibited by law or Commission policy from participating in the Exchange Offer, (B) it may not resell the Exchange Securities to the public without delivering a prospectus and the prospectus supplement or Canadian Prospectus, as applicable, contained in the Exchange Registration Statement is not appropriate or available for such resales, (C) it is a broker-dealer and owns Securities acquired directly from the Company or an affiliate of the Company or (D) it is an affiliate of the Company, then the Company shall, in lieu of (or, in the case of clause (iii), in addition to) conducting the Exchange Offer contemplated by Section 2(a), use commercially reasonable efforts to file under the Securities Act no later than 60 days after the time such obligation to file arises (which in the case of clause (iii) above, shall be the date that the applicable holder so notifies the Company) (but in any case no earlier than 270 days after the Acquisition Closing Date), a “shelf” registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (or under Canadian shelf prospectus rules if the Company is eligible to use Form F-10) (such filing, the “Shelf Registration” and such registration statement, the “Shelf Registration Statement”). The Company agrees to use commercially reasonable efforts to cause the Shelf Registration Statement to become or be declared effective no later than 180 days after such Shelf Registration Statement filing obligation arises; provided, that if at any time the Company is or becomes a “well-known seasoned issuer” (as defined in Rule 405) and is eligible to file an “automatic shelf registration statement” (as defined in Rule 405), then the Company shall file the Shelf Registration Statement in the form of an automatic shelf registration statement as provided in Rule 405. The Company agrees to use commercially reasonable efforts to keep such Shelf Registration Statement continuously effective for a period ending on the earlier of the second anniversary of the Effective Time or such time as there are no longer any Registrable Securities outstanding. No holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder. The Company agrees, after the Effective Time of the Shelf Registration Statement and promptly upon the request of any holder of Registrable Securities that is not then an Electing Holder, to use commercially reasonable efforts to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement (whether by post-effective amendment thereto or by filing a prospectus pursuant to Rules 430B and 424(b) under the Securities Act identifying such holder), provided, however, that nothing in this sentence shall relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Company in accordance with Section 3(d)(iii). Notwithstanding anything to the contrary in this Section 2(b), upon notice to the Electing Holders, the Company may suspend the use of the Shelf Registration Statement for a reasonable period of time (but not in excess of 60 consecutive days or more than two times during any single calendar year) (a “Suspension Period”) if the board of directors of the Company determines that there is a valid business purpose for suspension of the Shelf Registration Statement; provided, however, that the Company shall promptly notify the Electing Holders when the Shelf Registration Statement may once again be used or is effective. (c) In the event that (i) the Company has not filed the Exchange Registration Statement or the Shelf Registration Statement on or before the date on which such registration statement is required to be filed pursuant to Section 2(a) or Section 2(b), respectively, or (ii) such Exchange Registration Statement or Shelf Registration Statement has not become effective or been declared effective by the Commission on or before the date on which such registration statement is required to become or be declared effective pursuant to Section 2(a) or Section 2(b), respectively, (iii) the Exchange Offer has not been completed within 30 Business Days after the Effective Time of the Exchange Registration Statement relating to the Exchange Offer (if the Exchange Offer is then required to be made) or (iv) any Exchange Registration Statement or Shelf Registration Statement required by this Agreement Section 2(a) or Section 2(b) is filed and declared effective, effective but shall thereafter cease either be withdrawn by the Company or shall become subject to be an effective or fail stop order issued pursuant to be usable for its intended purpose Section 8(d) of the Securities Act suspending the effectiveness of such registration statement (except as specifically permitted herein, including, with respect to any Shelf Registration Statement, during any applicable Suspension Period in accordance with the last sentence of Section 2(b)) without being succeeded immediately by a post-an additional registration statement filed and declared effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iiiiv), a “Registration Default,” and the each period during which a Registration Default has occurred and is continuing, the a “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b9(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue on all Registrable Securities then outstanding at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.00.50% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. (cd) The Company shall take, and shall cause the Guarantors to take, take all commercially reasonable actions necessary or advisable to be taken by it to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereof. (de) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time time; and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (Fortis Inc.)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors agree agrees to use all commercially reasonable efforts to (i) file under the Securities Act Act, as soon as practicable, but no later than 240 days after the Closing Date, a registration statement relating to an offer to exchange (such registration statement, the "Exchange Registration Statement,” ", and such offer, the "Exchange Offer") any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the GuarantorsCompany, which debt securities and guarantees are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that which is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called "Exchange Securities"), (ii) . The Company agrees to use its reasonable best efforts to cause the Exchange Registration Statement to become effective under the Securities ActAct as soon as practicable, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) but no later than 270 days after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Closing Date”). The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Company further agrees to use its best efforts to commence and complete the Exchange Offer promptly, but no later than 45 days after such registration statement has become effective, hold the Exchange Offer open for at least 30 days and exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been "completed" only (A) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states States of the United States of America, and (B) . The Exchange Offer shall be deemed to have been completed upon the earlier to occur of (1i) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2ii) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days 30 days following the commencement of the Exchange Offer. The Company and the Guarantors agree agrees (Ix) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (IIy) to keep such Exchange Registration Statement effective for a period (the "Resale Period") beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (bc), (cd) and (de) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) on or prior to the time the Exchange Offer is completed existing Commission interpretations are changed such that the debt securities received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the Exchange Offer has not been consummated completed within 315 days following the Closing Date or (iii) the Exchange Offer is not available to any holder of the Securities, the Company shall, in lieu of (or, in the case of clause (iii), in addition to) conducting the Exchange Offer contemplated by Section 2(a), file under the Securities Act as soon as practicable, but no later than the later of 30 days after the time such obligation to file arises, a "shelf" registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the "Shelf Registration" and such registration statement, the "Shelf Registration Statement"). The Company agrees to use its reasonable best efforts (x) to cause the Shelf Registration Statement to become or be declared effective no later than 30 days after such Shelf Registration Statement is filed and to keep such Shelf Registration Statement continuously effective for a period ending on the earlier of the second anniversary of the Effective Time or such time as there are no longer any Registrable Securities outstanding, provided, however, that no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder, and (y) after the Effective Time of the Shelf Registration Statement, promptly upon the request of any holder of Registrable Securities that is not then an Electing Holder, to take any action reasonably necessary to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement, provided, however, that nothing in this Clause (y) shall relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Company in accordance with Section 3(d)(iii) hereof. The Company further agrees to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, and the Company agrees to furnish to each Electing Holder copies of any such supplement or amendment prior to its being used or promptly following its filing with the Consummation Date, Commission. (iic) In the event that (i) the Securities have Company has not become Freely Tradable filed the Exchange Registration Statement or Shelf Registration Statement on or before the Free Trade Datedate on which such registration statement is required to be filed pursuant to Section 2(a) or 2(b), respectively, or (ii) such Exchange Registration Statement or Shelf Registration Statement has not become effective or been declared effective by the Commission on or before the date on which such registration statement is required to become or be declared effective pursuant to Section 2(a) or 2(b), respectively, or (iii) the Exchange Offer has not been completed within 45 days after the initial effective date of the Exchange Registration Statement relating to the Exchange Offer (if the Exchange Offer is then required to be made) or (iv) any Exchange Registration Statement or Shelf Registration Statement required by this Agreement Section 2(a) or 2(b) hereof is filed and declared effective, effective but shall thereafter cease either be withdrawn by the Company or shall become subject to be an effective or fail stop order issued pursuant to be usable for its intended purpose Section 8(d) of the Securities Act suspending the effectiveness of such registration statement (except as specifically permitted herein) without being succeeded immediately by a post-an additional registration statement filed and declared effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iiiiv), a "Registration Default,” " and the each period during which a Registration Default has occurred and is continuing, the “a "Registration Default Period"), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b9(b), special interest ("Special Interest"), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. (cd) The Company shall take, and shall cause the Guarantors to take, take all actions necessary or advisable to be taken by it to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereof. (de) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (Pseg Energy Holdings Inc)

Registration Under the Securities Act. (a) Subject To the extent not prohibited by any applicable law or applicable interpretations of the Staff, the Issuer and, if applicable, the Guarantors shall use their reasonable best efforts to (x) cause to be filed an Exchange Offer Registration Statement covering an offer to the last sentence of this Section 2(a)Holders to exchange all the Registrable Securities for Exchange Securities, if provided that the Securities have not become Freely Tradable on or before the Free Trade Date, the Company Issuer and the Guarantors agree shall not be obligated to use all commercially reasonable efforts cause to (i) file under be filed separate Exchange Offer Registration Statements covering the Securities Act a registration statement relating to an offer to exchange (such registration statement, the “Exchange Registration Statement,” and such offer, the “Exchange Offer”) any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the Guarantors, which debt securities and guarantees are substantially identical to the Registrable Securities and the Other Securities that are registrable securities (as such term is defined in the registration rights agreement related Guarantees, respectively (and are entitled to the benefits of a trust indenture that is substantially identical to the Indenture or is the Indenture and that has been qualified under the Trust Indenture ActOther Securities), except that they and (y) have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest contemplated in Section 2(b) below (such new debt securities are hereinafter called “Exchange Securities”), (ii) cause the Exchange Registration Statement to become and remain effective under until 180 days after the Securities Actlast Exchange Date for use by one or more Participating Broker-Dealers. Unless not permitted by applicable law or SEC policy, (iii) the Issuer and, if applicable, the Guarantors shall commence the Exchange Offer promptly after the Exchange Offer Registration Statement is declared effective by the SEC and use their reasonable best efforts to complete the Exchange Offer not later than 60 days after such effective date. After the Exchange Offer Registration Statement has become effective, (iv) hold the Issuer and, if applicable, the Guarantors shall commence the Exchange Offer open by mailing or making available the related Prospectus, appropriate letters of transmittal and other accompanying documents to each Holder stating, in addition to such other disclosures as are required by applicable law, substantially the following: (i) that the Exchange Offer is being made pursuant to this Agreement and that all Registrable Securities validly tendered and not properly withdrawn will be accepted for exchange; (ii) the dates of acceptance for exchange (which shall be a period of at least 20 Business Days (or longer if required by applicable law) after from the date such notice is mailed or made available) (the “Exchange Dates”); (iii) that notice any Registrable Security not tendered will remain outstanding and continue to accrue interest but will not retain any rights under this Agreement, except as otherwise specified herein; (iv) that any Holder electing to have a Registrable Security exchanged pursuant to the Exchange Offer will be required to (A) surrender such Registrable Security, together with the appropriate letters of transmittal, to the institution and at the address and in the manner specified in the notice, or (B) effect such exchange otherwise in compliance with the applicable procedures of the depositary for such Registrable Security, in each case prior to the close of business on the last Exchange Date; and (v) that any Holder will be entitled to withdraw its election, not later than the close of business on the last Exchange Date, by (A) sending to the institution and at the address specified in the notice, a telegram, facsimile transmission or letter setting forth the name of such Holder, the principal amount of Registrable Securities delivered for exchange and a statement that such Holder is withdrawing its election to have such Securities exchanged or (B) effecting such withdrawal in compliance with the applicable procedures of the depositary for the Registrable Securities. As a condition to participating in the Exchange Offer, a Holder will be required to represent to the Issuer and, if applicable, the Guarantors that (1) any Exchange Securities to be received by it will be acquired in the ordinary course of its business, (2) at the time of the commencement of the Exchange Offer is mailed it has no arrangement or understanding with any Person to holders participate in the distribution (within the meaning of the SecuritiesSecurities Act) of the Exchange Securities in violation of the provisions of the Securities Act, (v3) exchange it is not an “affiliate” (within the meaning of Rule 405 under the Securities Act) of the Escrow Issuer, the Company or, if applicable, any Guarantor and (4) if such Holder is a broker-dealer that will receive Exchange Securities for its own account in exchange for Registrable Securities that were acquired as a result of market-making or other trading activities, then such Holder will deliver a Prospectus (or, to the extent permitted by law, make available a Prospectus to purchasers) in connection with any resale of such Exchange Securities. As soon as practicable after the last Exchange Date, the Issuer and, if applicable, the Guarantors shall: (I) accept for exchange Registrable Securities or portions thereof validly tendered and not properly withdrawn pursuant to the Exchange Offer; and (II) deliver, or cause to be delivered, to the Trustee for cancellation all Registrable Securities that have been properly tendered or portions thereof so accepted for exchange by the Issuer and not withdrawn on or prior issue, and cause the Trustee to promptly authenticate and deliver to each Holder, Exchange Securities equal in principal amount to the expiration principal amount of the Registrable Securities tendered by such Holder. The Issuer and, if applicable, the Guarantors shall use their reasonable best efforts to complete the Exchange Offer as provided above and (vi) consummate shall comply with the applicable requirements of the Securities Act, the Exchange Offer on the earliest practicable date after Act and other applicable laws and regulations in connection with the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Date”)Offer. The Exchange Offer will shall not be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under subject to any conditions, other than that the Exchange Act. The Offer does not violate any applicable law or applicable interpretations of the Staff. (b) In the event that (i) the Issuer and, if applicable, the Guarantors determine that the Exchange Offer will Registration provided for in Section 2(a) hereof is not available or the Exchange Offer may not be deemed completed as soon as practicable after the last Exchange Date because it would violate any applicable law or applicable interpretations of the Staff, (ii) the Exchange Offer is not for any other reason completed by the Target Registration Date or (iii) upon receipt of a written request (a “Shelf Request”) from any Initial Purchaser representing that it holds Registrable Securities that are or were ineligible to have been “completed” only (A) if the debt securities and related guarantees received by holders other than Restricted Holders be exchanged in the Exchange Offer Offer, the Issuer and, if applicable, the Guarantors shall use their reasonable best efforts to cause to be filed as soon as practicable after such determination, date or Shelf Request, as the case may be, a Shelf Registration Statement providing for the sale of all the Registrable Securities areby the Holders thereof and to have such Shelf Registration Statement become effective; provided that no Holder will be entitled to have any Registrable Securities included in any Shelf Registration Statement, upon receiptor be entitled to use the prospectus forming a part of such Shelf Registration Statement, transferable until such Holder shall have delivered a completed and signed Notice and Questionnaire and provided such other information regarding such Holder to the Issuer as is contemplated by each such holder without restriction under Section 3(b) hereof, and provided further that the Securities Act Issuer and the Exchange Act Guarantors shall not be obligated to cause to be filed separate Shelf Registration Statements covering the Registrable Securities and without material restrictions under the blue sky or Other Securities that are registrable securities laws of (as such term is defined in the registration rights agreement related to the Other Securities). In the event that the Issuer and, if applicable, the Guarantors are required to file a substantial majority Shelf Registration Statement pursuant to clause (iii) of the states preceding paragraph, the Issuer and, if applicable, the Guarantors shall use their reasonable best efforts to file and have become effective both an Exchange Offer Registration Statement pursuant to Section 2(a) hereof with respect to all Registrable Securities and a Shelf Registration Statement (which may be a combined Registration Statement with the Exchange Offer Registration Statement) with respect to offers and sales of Registrable Securities held by the Initial Purchasers after completion of the United States of AmericaExchange Offer. The Issuer and, and (Bif applicable, the Guarantors agree to use their reasonable best efforts to keep the Shelf Registration Statement continuously effective, except during any Blackout Period permitted by Section 3(d) upon hereof, until the earlier to occur of (1i) the Company having exchanged date when the Exchange Securities cease to be Registrable Securities and (ii) one year following the date when such Shelf Registration Statement becomes effective (the “Shelf Effectiveness Period”). The Issuer and, if applicable, the Guarantors further agree to supplement or amend the Shelf Registration Statement, the related Prospectus and any Free Writing Prospectus if required by the rules, regulations or instructions applicable to the registration form used by the Issuer for such Shelf Registration Statement or by the Securities Act or by any other rules and regulations thereunder or if reasonably requested in writing by a Participating Holder of Registrable Securities with respect to information relating to such Holder, and to use their reasonable best efforts to cause any such amendment to become effective, if required, and such Shelf Registration Statement, Prospectus or Free Writing Prospectus, as the case may be, to become usable as soon as thereafter practicable. The Issuer and, if applicable, the Guarantors agree to furnish to the Participating Holders copies of any such supplement or amendment promptly after its being used or filed with the SEC. (c) The Issuer and, if applicable, the Guarantors shall pay all outstanding Registration Expenses in connection with any registration pursuant to Section 2(a) or Section 2(b) hereof. Each Holder shall pay all underwriting discounts and commissions, brokerage commissions and transfer taxes, if any, relating to the sale or disposition of such Holder’s Registrable Securities pursuant to the Shelf Registration Statement. (d) An Exchange Offer Registration Statement pursuant to Section 2(a) hereof will not be deemed to have become effective unless it has been declared effective by the SEC. A Shelf Registration Statement pursuant to Section 2(b) hereof will not be deemed to have become effective unless it has been declared effective by the SEC or is automatically effective upon filing with the SEC as provided by Rule 462 under the Securities Act. If a Registration Default occurs, the interest rate on the Registrable Securities will be increased by (i) 0.25% per annum for the first 90-day period beginning on the day immediately following such Registration Default and (ii) an additional 0.25% per annum with respect to each subsequent 90-day period, in each case until and including the date such Registration Default ends, up to a maximum increase of 1.00% per annum. A Registration Default ends when the Securities cease to be Registrable Securities or, if earlier, (1) in the case of a Registration Default under clause (i) of the definition thereof, when the Exchange Offer is completed, (2) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days following the commencement of the Exchange Offer. The Company and the Guarantors agree (I) to include in the Exchange case of a Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (II) to keep such Exchange Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (b), (c) and (d) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) the Exchange Offer has not been consummated prior to the Consummation Date, Default under clause (ii) the Securities have not become Freely Tradable on or before the Free Trade Date, or clause (iii) any Exchange of the definition thereof, when the Shelf Registration Statement required by this Agreement is filed and declared effective, but shall thereafter cease to be becomes effective or fail to be usable for its intended purpose without being succeeded by (3) in the case of a post-effective amendment Registration Default under clause (iv) or prospectus supplement to such Exchange clause (v) of the definition thereof, when the Shelf Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iii), a “Registration Default,” and again becomes effective or the period during which a Prospectus again becomes usable. If at any time more than one Registration Default has occurred and is continuing, the “Registration Default Period”), then, as liquidated damages for such until the next date that there is no Registration Default, subject to the provisions of Section 8(b), special increase in interest (“Special Interest”), in addition to the Base Interest, rate provided for by this paragraph shall accrue at apply as if there occurred a per annum rate of 0.25% for the first 90 days of the single Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate begins on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend earliest such Registration Default occurred and ends on such next date that there is no Registration Default. The parties hereto agree that the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; additional interest provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided for in this Section 2(b2(d) until is intended to constitute the date on which (i) the Securities become Freely Tradable or (ii) the Exchange sole remedy for monetary damages in connection with any Registration Statement has been declared effective and the Exchange Offer has been consummatedDefault. (c) The Company shall take, and shall cause the Guarantors to take, all actions necessary or advisable to be taken to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereof. (d) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 1 contract

Samples: Registration Rights Agreement (Centene Corp)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors Issuers agree to use all commercially reasonable efforts to (i) file under the Securities Act Act, as soon as practicable, but no later than 90 days after the Closing Date, a registration statement relating to an offer to exchange (such registration statement, the "Exchange Offer Registration Statement,” ", and such offer, the "Exchange Offer") any and all of the Securities Notes for a like aggregate principal amount of debt securities notes issued by the Company and guaranteed by the GuarantorsIssuers, which debt securities and guarantees notes are substantially identical in all material respects to the Securities and the related Guarantees, respectively Notes (and are entitled to the benefits of a trust indenture that is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest contemplated in Section 2(b2(c) below (such new debt securities are notes hereinafter called "Exchange Securities”Notes"), (ii) . The Issuers agree to use their reasonable best efforts to cause the Exchange Offer Registration Statement to become or be declared effective under the Securities Act as soon as practicable, but no later than 210 days after the Closing Date. The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with the Exchange Act, (iii) commence . The Issuers further agree to use their reasonable best efforts to complete the Exchange Offer promptly promptly, but no later than 30 business days or longer, if required by the federal securities laws, after such Exchange Registration Statement registration statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days business days (or longer if required by applicable law) after the date that notice of calculated in accordance with the Exchange Offer is mailed to holders of the Securities, (vAct) and exchange Exchange Securities Notes for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Date”). The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange ActOffer. The Exchange Offer will be deemed to have been “completed” completed only (A) if the debt securities and related guarantees Exchange Notes received by holders holders, other than Restricted Holders Holders, in the Exchange Offer in exchange for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states States of the United States of America, and (B) . The Exchange Offer shall be deemed to have been completed upon the earlier to occur of (1i) the Company Issuers having exchanged the Exchange Securities Notes for all outstanding Registrable Securities pursuant to the Exchange Offer and (2ii) the Company Issuers having exchanged, pursuant to the Exchange Offer, Exchange Securities Notes for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days following the commencement of the Exchange Offer. The Company and the Guarantors Issuers agree (Ix) to include in the Exchange Offer Registration Statement a prospectus for use in any resales by any holder of Exchange Securities Notes that is a broker-dealer and (IIy) to keep such Exchange Offer Registration Statement effective for a period (the "Resale Period") beginning when Exchange Securities Notes are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Offer Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (bc), (cd) and (de) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) on or prior to the time the Exchange Offer is completed existing law or Commission policy or interpretations are changed such that the Exchange Notes received by holders, other than Restricted Holders, in the Exchange Offer in exchange for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the Exchange Offer Registration Statement has not been declared effective under the Securities Act within 210 days following the Closing Date, or completed within 30 business days after the effectiveness of the Exchange Offer Registration Statement, or longer, if required by the federal securities laws, (iii) any Purchaser so requests with respect to Registrable Securities that are not eligible to be exchanged for Exchange Notes in the Exchange Offer and that are held by it following the consummation of the Exchange Offer, or (iv) the Exchange Offer is not available to any holder (other than a Purchaser), the Issuers shall, in lieu of (or, in the case of clause (iii) or (iv), in addition to) conducting the Exchange Offer contemplated by Section 2(a), file a "shelf" registration statement in accordance with the remainder of this Section 2(b) below, under the Securities Act. The Issuers shall, on or prior to 30 business days after the time such obligation to file arises, file a "shelf" registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the "Shelf Registration" and such registration statement, the "Shelf Registration Statement"). The Issuers agree to use their reasonable best efforts (x) to cause the Shelf Registration Statement to become or be declared effective by the Commission no later than 90 days after such obligation to file arises and to keep such Shelf Registration Statement continuously effective for a period ending on the earlier of (i) the second anniversary of the Effective Time or (ii) such time as there are no longer any Registrable Securities outstanding; provided, however, that no holder (other than a Purchaser) shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder, and (y) after the Effective Time of the Shelf Registration Statement, promptly upon the request of any holder of Registrable Securities that is not then an Electing Holder, to take any action reasonably necessary to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement, provided, however, that nothing in this clause (y) shall relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Issuers in accordance with Section 3(e)(iii) hereof. The Issuers further agree to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Issuers for such Shelf Registration Statement or by the Securities Act for shelf registration, and the Issuers agree to furnish to each Electing Holder copies of any such supplement or amendment prior to its being used or promptly following its filing with the Commission. (c) In the event that (i) the Issuers have not filed the Exchange Offer Registration Statement or Shelf Registration Statement on or before the date on which such registration statement is required to be filed pursuant to Section 2(a) or 2(b), respectively, or (ii) such Exchange Offer Registration Statement or Shelf Registration Statement has not become effective or been declared effective by the Commission on or before the date on which such registration statement is required to become or be declared effective pursuant to Section 2(a) or 2(b), respectively, or (iii) the Exchange Offer has not been consummated prior within 30 business days after the initial effective date of the Exchange Offer Registration Statement relating to the Consummation Date, Exchange Offer (iiif the Exchange Offer is then required to be made) the Securities have not become Freely Tradable on or before the Free Trade Date, or (iiiiv) any Exchange Offer Registration Statement or Shelf Registration Statement required by this Agreement Section 2(a) or 2(b) hereof is filed and becomes or is declared effective, effective but shall thereafter cease either be withdrawn by the Issuers or shall become subject to be an effective or fail stop order issued pursuant to be usable for its intended purpose Section 8(d) of the Securities Act suspending the effectiveness of such registration statement (except as specifically permitted herein) without being succeeded immediately by a post-an additional registration statement filed and declared effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iiiiv), a "Registration Default,” " and the each period during which a Registration Default has occurred and is continuing, the “a "Registration Default Period"), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b9(b), special interest ("Special Interest"), in addition to the Base Interest, shall accrue on the aggregate principal amount of the outstanding Transfer Restricted Notes (as defined below) affected by such Registration Default at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.01.00% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay . All accrued Special Interest for more than one Registration Default at any given timeshall be paid in cash by the Issuers on each Interest Payment Date (as defined in the Indenture). The Registration Default Period shall terminate on Notwithstanding the date on which (i) foregoing and anything in this Agreement to the Securities become Freely Tradable or contrary, in the case of an event referred to in clause (ii) the Exchange above, a "Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. (c) The Company shall take, and shall cause the Guarantors to take, all actions necessary or advisable to be taken to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereof. (d) Any reference herein to a registration statement or prospectus as of any time Default" shall be deemed not to include any document incorporatedhave occurred so long as the Issuers have used and are continuing to use their reasonable best efforts to cause such Exchange Offer Registration Statement or Shelf Registration Statement, as the case may be, to become or deemed to be incorporateddeclared effective. For purposes of this Agreement, therein by reference as of such time and any reference herein "Transfer Restricted Notes" shall mean, with respect to any post-effective amendment Registration Default, any Notes or Exchange Notes which have not ceased being Registrable Securities pursuant to a registration statement or to any prospectus supplement as the definition thereof in Section 1 of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such timethis Agreement.

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (Cco Holdings Capital Corp)

Registration Under the Securities Act. (a) Subject to the last sentence of this Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date, the Company If Dominion Resources and the Guarantors agree to use all commercially reasonable efforts to (i) Trust file under the Securities Act a registration statement relating pursuant to Section 2(a) of the Capital Securities Exchange and Registration Rights Agreement, then Dominion Resources and the Trust agree, jointly and severally, to include in such registration statement an offer to exchange (such registration statement, the “Exchange Registration Statement,” and such offer, the “"Exchange Offer") any and all of the Securities Debentures for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the Guarantors, a new series of junior subordinated deferrable interest debentures of Dominion Resources which debt securities and guarantees are substantially identical to the Securities and the related Guarantees, respectively Debentures (and which are entitled to the benefits of a trust indenture that is substantially identical to the Indenture or is the Indenture and that has been which will be qualified under the Trust Indenture Act), ) except that they have been registered pursuant to an effective registration statement under the Securities Act and do such new debentures will not contain provisions for Special Interest or provisions restricting transfer in the additional interest contemplated in Section 2(b) below absence of registration under the Securities Act (such new debt securities are debentures hereinafter called "Exchange Debentures"). Such registration statement shall also relate to, and the consummation of the Exchange Offer shall be conditioned upon the consummation of, an offer to exchange the Securities for substantially identical capital securities of the Trust pursuant to the Capital Securities Exchange and Registration Rights Agreement (the "Exchange Securities") and to an offer to exchange the Guarantee for a substantially identical guarantee of Dominion Resources pursuant to the Guarantee Exchange and Registration Rights Agreement (the "Exchange Guarantee"). Dominion Resources and the Trust agree, (ii) jointly and severally, to use their reasonable best efforts to cause the Exchange Registration Statement such registration statement to become effective under the Securities Act, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) after the date that notice Act within 180 days of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Issue Date”). The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Actform. The Exchange Offer will shall be deemed to have been “completed” only (A) if completed upon the debt securities and related guarantees received by holders other than Restricted Holders in completion of the exchange of the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states of the United States of America, and (B) upon the earlier to occur of (1) the Company having exchanged the Exchange Securities Debentures for all outstanding Registrable Securities pursuant to the Exchange Offer and (2) the Company having exchanged, Debentures pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days following the commencement of the Exchange Offer. The Company and the Guarantors agree (I) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (II) to keep such Exchange Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (b), (c) and (d) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) Dominion Resources and the Trust file a "shelf" registration statement pursuant to Section 2(b) of the Capital Securities Exchange and Registration Rights Agreement without also filing a registration statement pursuant to Section 2(a) thereof or (ii) none of the Securities or the Registrable Securities is outstanding and the Exchange Offer has not been consummated prior to effected, then in the Consummation Datecase of clause (i), such "shelf" registration statement shall provide for the registration of the Debentures and, in the case of clause (ii) Dominion Resources shall file under the Securities Act, as soon as practicable, a "shelf" registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 under the Securities Act and/or any similar rule that may be adopted by the Commission (in each case, the "Shelf Registration"). In the case of clause (i) only, the Shelf Registration shall also provide for the registration of the Securities pursuant to the Capital Securities Exchange and Registration Rights Agreement and for the registration of the Guarantee pursuant to the Guarantee Exchange and Registration Rights Agreement. Dominion Resources and, if applicable, the Trust agree, jointly and severally, to use their reasonable best efforts to cause the Shelf Registration to become or be declared effective and to keep such Shelf Registration continuously effective for a period ending on the earlier of (A) the second anniversary of the Issue Date or (B) such time as there are no longer any Registrable Securities outstanding. Dominion Resources and, if applicable, the Trust further agree, jointly and severally, to supplement or make amendments to the Shelf Registration, as and when required by the rules, regulations or instructions applicable to the registration form used by Dominion Resources and, if applicable, the Trust for such Shelf Registration or by the Securities Act or rules and regulations thereunder for shelf registration, and Dominion Resources and, if applicable, the Trust agree, jointly and severally, to furnish to the holders of the Registrable Securities copies of any such supplement or amendment prior to its being used and/or filed with the Commission. (c) In the event that (i) Dominion Resources and, if applicable, the Trust have not become Freely Tradable filed the registration statement relating to the Exchange Offer on or before the Free Trade 150th day after the Issue Date, or (ii) such registration statement has not become effective or been declared effective by the Commission or, if applicable, a Shelf Registration has not been filed on or before the 180th day after the Issue Date, or (iii) any of the Exchange Offer, the exchange offers contemplated by the Capital Securities Exchange and Registration Statement Rights Agreement and the exchange offer contemplated by the Guarantee Exchange and Registration Rights Agreement has not been completed or, if applicable, a Shelf Registration is not declared effective within 210 days after the Issue Date (if the Exchange Offer is then required to be made) or (iv) any registration statement required by this Agreement Section 2(b) is filed and declared effective, effective but shall thereafter cease to be effective at any time prior to the second anniversary of the Issue Date (other than after such time as all Securities have been disposed of thereunder or fail otherwise cease to be usable for its intended purpose without being succeeded by a post-effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly Registrable Securities within the meaning of this Agreement), (each such event referred to in clauses (i) through (iiiiv), a "Registration Default,” and the period during which a Registration Default has occurred and is continuing, the “Registration Default Period”"), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b), special then interest will accrue (“Special Interest”), in addition to the Base Interest, shall accrue stated interest rate on the Debentures) at a per annum the rate of 0.25% for per annum on the first 90 days principal amount of the Registration Default PeriodDebentures (the "Special Interest"), at a per annum rate commencing on (w) the 151st day after the Issue Date in the case of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) above, (x) the Securities become Freely Tradable or 181st day after the Issue Date in the case of (ii) above, (y) the Exchange Registration Statement has been declared 211th day after the Issue Date in the case of (iii) above, or (z) the day after such shelf registration statement ceases to be effective and in the Exchange Offer has been consummated. Special Interest shall not accrue case of (iv) above; provided, that if, in the case of (iv) above, such shelf registration statement ceases to be effective as a result of a Material Event, no Special Interest shall accumulate or accrue so long as such shelf registration statement again becomes effective within 60 days of the Company’s failure to provide a certificate to date notice of such Material Event was received by the Trustee instructing holders of the Trustee that Securities, the restrictive legend on Guarantee and the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing DateDebentures; and provided further, that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has shelf registration statement does not been removed by the close of business on the fifth Business Day thereafteragain become effective within such 60-day period, Special Interest shall accrue as provided commencing on the 61st day after such shelf registration statement ceases to be effective. (1) upon the filing of the registration statement (in this Section 2(b) until the date on which case of (i) above), (2) upon the Securities become Freely Tradable effectiveness of the registration statement or the filing of a shelf registration statement (in the case of (ii) above), (3) upon the Exchange Registration Statement has been declared effective completion of the exchange of the Securities, the Guarantee and the Exchange Offer has been consummated. Debentures or upon the effectiveness of the shelf registration statement (in the case of (iii) above), (4) upon the effectiveness of the shelf registration statement which had ceased to remain effective (in the case of (iv) above), (5) at the time when the Securities can be sold by non-affiliates pursuant to Rule 144 under the Securities Act without any limitation under clauses (c), (e), (f) The Company and (h) of Rule 144, (6) at the second anniversary of the date the Securities are issued, or (7) the date as of which all securities are sold pursuant to the shelf registration statement, additional interest on the Debentures shall takecease to accrue. Such Additional Interest will be payable in cash semi-annually in arrears on each June 1 and December 1 in accordance with, and shall cause subject to the Guarantors to takedeferral provisions of, all actions necessary the Indenture and the Trust Agreement, respectively. Special Interest, if any, will be computed on the basis of a 365 or advisable to be taken to ensure that 366 day year, as the transactions contemplated herein are effected as so contemplatedcase may be, including all actions necessary or desirable to register and the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereofnumber of days actually elapsed. (d) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, incorporated therein by reference as of such time the applicable Effective Time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, incorporated therein by reference as of a time after such timeEffective Time.

Appears in 1 contract

Samples: Debenture Exchange and Registration Rights Agreement (Dominion Resources Inc /Va/)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors agree agrees to use all its commercially reasonable efforts to (i) file under the Securities Act a registration statement relating to an offer to exchange (such registration statement, the “Exchange Registration Statement,” and such offer, the “Exchange Offer”) any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the Guarantors, which debt securities and guarantees are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that which is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and Act, do not contain restrictions on transfer, do not contain provisions for the additional interest contemplated in Section 2(b2(c) below below, do not contain provisions for the liquidated damages provided in Section 2(d) below, will bear a different CUSIP or ISIN number from the Notes, will not entitle their holders to registration rights, and will be subject to terms relating to book-entry procedures and administrative terms relating to transfers that differ from those of the Notes (such new debt securities are hereinafter called “Exchange Securities”), (ii) . The Company agrees to use its commercially reasonable efforts to cause the Exchange Registration Statement to become effective under the Securities Act, (iii) commence Act within 365 days following the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Closing Date”). The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Exchange Offer will be deemed Company further agrees to have been “completed” only (A) if the debt securities and related guarantees received by holders other than Restricted Holders in use its commercially reasonable efforts to commence the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and promptly after the Exchange Act and without material restrictions under Registration Statement becomes effective, hold the blue sky or securities laws of a substantial majority Exchange Offer open for the period required by applicable law (including pursuant to any applicable interpretation by the staff of the states of the United States of AmericaCommission), but in any event for at least 10 business days, and (B) upon the earlier to occur of (1) the Company having exchanged exchange the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly validly tendered and not withdrawn before on or prior to the expiration of the Exchange Offer. If the Company commences the Exchange Offer, which shall the Company will be on a date that is at least 20 Business Days following entitled to close the Exchange Offer 30 days after the commencement thereof (or at the end of such shorter period permitted by applicable law; provided that such period shall not, in any case, be less than 10 business days), provided that the Company has accepted all the Securities validly tendered in accordance with the terms of the Exchange Offer. The Company and the Guarantors agree agrees (Ix) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (IIy) to keep such Exchange Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th 90th day after the Exchange Offer has been completed or and such time as such broker-dealers no longer own any Registrable Securities. With respect Each holder participating in the Exchange Offer shall be required to represent to the Company that (i) any Exchange Securities received by such holder will be acquired in the ordinary course of business, (ii) such holder has no arrangement or understanding with any person to participate in the distribution of the Securities or the Exchange Securities, (iii) such holder is not an “affiliate,” as defined in Rule 405, of the Company, (iv) if such holder is not a broker-dealer, that it is not engaged in, and does not intend to engage in, the distribution of the Exchange Securities, (v) if such holder is a broker-dealer, that it will receive Exchange Securities for its own account in exchange for Securities that were acquired as a result of market making activities or other trading activities and, that it will deliver a prospectus in connection with any resale of such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (b), (c) Securities and (dvi) hereof. The obligations such holder is not acting on behalf of any person who could not truthfully make the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradableforegoing representations. (b) If (i) on or prior to the time the Exchange Offer is consummated existing Commission interpretations are changed such that the Exchange Securities received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the Exchange Offer has not been completed within 395 days following the Closing Date, (iii) any Initial Purchaser so requests with respect to Registrable Securities not eligible to be exchanged for Exchange Securities in the Exchange Offer and held by it following consummation of the Exchange Offer or (iv) any holder (other than an Initial Purchaser) shall be, and shall notify the Company that such holder is, prohibited by law or Commission policy from participating in the Exchange Offer or such holder may not resell the Exchange Securities acquired in the Exchange Offer to the public without delivering a prospectus and the prospectus contained in the Exchange Registration Statement is not available for such resales by such holder (other than in either case (x) due solely to the status of such holder as an affiliate of the Company within the meaning of Rule 405 or (y) due to such holder’s inability to make the representations set forth in the second paragraph of Section 2(a) hereof) and any such holder so requests, the Company shall, in lieu of (or, in the case of clauses (iii) and (iv), in addition to) conducting the Exchange Offer contemplated by Section 2(a), use its commercially reasonable efforts to file under the Securities Act as promptly as reasonably practicable, a “shelf” registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities (or, in the case of clause (iii), the Registrable Securities held by the Initial Purchasers, or, in the case of clause (iv), by the holders referred to in clause (iv), as the case may be), pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the “Shelf Registration” and such registration statement, the “Shelf Registration Statement”). The Company agrees to use its commercially reasonable efforts (x) to cause the Shelf Registration Statement to become effective within 365 days after the date on which the obligation to file such Shelf Registration Statement arises and to use its commercially reasonable efforts to cause such Shelf Registration Statement to remain effective for a period ending on the earlier of 365 days following the Effective Time or such shorter period that will terminate when all the Registrable Securities covered by the Shelf Registration Statement have been sold pursuant to the Shelf Registration Statement or are distributed to the public pursuant to Rule 144 or, after the 90th day following the Effective Time, would be eligible for resale (if held by a non-affiliate of the Company) pursuant to Rule 144 without restriction on volume or manner of sale, if any; provided, however, that no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder, and (y) after the Effective Time of the Shelf Registration Statement, promptly upon the request of any holder of Registrable Securities that is not then an Electing Holder, to take any action reasonably necessary to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement; provided, however, that nothing in this clause (y) shall relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Company in accordance with Section 3(d)(iii) hereof. The Company further agrees to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, and the Company agrees to furnish to each Electing Holder copies of any such supplement or amendment promptly following its filing with the Commission. Notwithstanding the foregoing, the Company may suspend the availability of any Shelf Registration Statement (x) for up to an aggregate of 60 days in any consecutive 12 month period if (i) such action is required by applicable law or (ii) such action is taken by the Company in good faith and for valid business reasons (not including avoidance of the Company’s obligations hereunder), including the acquisition or divestiture of assets, or (y) with respect to a Shelf Registration Statement required to be filed due to a failure to consummate the Exchange Offer within the required time period, if such action occurs following the consummation of the Exchange Offer. (c) In the event that (i) the Exchange Registration Statement has not become effective or been declared effective by the Commission on or before 365 days following the Closing Date, or (ii) the Exchange Offer has not been consummated prior to within 395 days after the Consummation Date, (ii) the Securities have not become Freely Tradable on or before the Free Trade Closing Date, or (iii) if a Shelf Registration Statement required to be filed under Section 2(b) hereof is not declared effective within 365 days following the date on which the obligation to file the Shelf Registration Statement arises, or (iv) if any Exchange Shelf Registration Statement required by this Agreement Section 2(b) hereof is filed and declared effective, but and during the period the Company is required to use its commercially reasonable efforts to cause the Shelf Registration Statement to remain effective, (x) the Company shall thereafter have suspended the Shelf Registration Statement pursuant to Section 2(b) hereof for more than 60 days in the aggregate in any consecutive 12 month period and be continuing to suspend the availability of the Shelf Registration Statement or (y) the Shelf Registration Statement shall cease to be effective or fail (other than by action of the Company pursuant to be usable for its intended purpose the second paragraph of Section 2(b) hereof) without being succeeded replaced within 90 days by a post-effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and shelf registration statement that is itself filed and declared effectively promptly effective (each such event referred to in clauses (i) through (iiiiv), a “Registration Default,” and the each period during which a Registration Default has occurred and is continuing, the a “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue on the respective Registrable Securities for the Registration Default Period (but only with respect to one Registration Default at any particular time) until such time as all Registration Defaults have been cured at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at which rate shall increase by an additional 0.25% during each subsequent 90-day period, up to a per annum rate maximum of 0.50% for the second 90 days regardless of the number of Registration Defaults that shall have occurred and be continuing. Immediately following the cure of all Registration Defaults, the accrual of Special Interest will cease. A Registration Default Period, at a per annum rate of 0.75% for the third 90 days under clause (iii) or (iv) will be deemed cured upon consummation of the Exchange Offer in the case of a Shelf Registration Default Statement required to be filed due to a failure to consummate the Exchange Offer within the required time period. (d) If during the Resale Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Exchange Offer Registration Default Period, provided that in no event shall Statement is suspended by the Company or ceases to be required to pay Special Interest for more than one Registration Default at effective such that any given time. The Registration Default Period shall terminate on the date on which broker-dealer that (i) receives Exchange Securities in the Securities become Freely Tradable or Exchange Offer and (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall is subject to prospectus delivery requirements cannot accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless fulfill such requirements, the Company has received shall, during the respective Resale Period, pay liquidated damages to such broker-dealers in an amount calculated in a request manner consistent with that specified above with respect to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummatedDefaults. (ce) The Company shall take, and shall cause the Guarantors to take, take all actions reasonably necessary or advisable to be taken by it to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees (if any) under the Exchange Registration Statement registration statement contemplated in Section 2(a) or 2(b) hereof, as applicable. (df) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (Hertz Global Holdings Inc)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors agree to use all commercially reasonable efforts to (i) file under the Securities Act Act, as soon as practicable, but no later than 120 days after the Closing Date, or if the 120th day is not a Business Day, the first Business Day thereafter, a registration statement relating to an offer to exchange (such registration statement, the “Exchange Registration Statement,” ”, and such offer, the “Exchange Offer”) any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the Guarantors, which debt securities and guarantees are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that which is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest Special Interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called “Exchange Securities”), (ii) . The Company and the Guarantors agree to use all commercially reasonable efforts to cause the Exchange Registration Statement to become effective under the Securities ActAct as soon as reasonably practicable, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) but no later than 210 days after the date that notice of Closing Date, or if the Exchange Offer 210th day is mailed to holders of not a Business Day, the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th first Business Day being the “Consummation Date”)thereafter. The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. Unless the Exchange Offer would not be permitted by applicable law or Commission policy, the Company and the Guarantors further agree to use all commercially reasonable efforts to (i) commence the Exchange Offer promptly (but no later than 45 Business Days) following the Effective Time of such Exchange Registration Statement, (ii) hold the Exchange Offer open for at least 20 Business Days in accordance with Regulation 14E promulgated by the Commission under the Exchange Act and (iii) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn promptly following the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been “completed” only (Ai) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act (except for the requirement to deliver a prospectus included in the Exchange Registration Statement applicable to resales by any broker-dealer pursuant to an Exchange Offer in exchange for Registrable Securities other than those acquired by the broker-dealer directly from the Company) and without material restrictions under the blue sky or securities laws of a substantial majority of the states States of the United States of America, America and (Bii) upon the earlier to occur of (1) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days and not more than 30 Business Days following the commencement of the Exchange Offer. The Company and the Guarantors agree (Ix) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (IIy) to keep such Exchange Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections Subsections 6(a), (bc), (cd) and (de) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) the Company and the Guarantors are not permitted to consummate the Exchange Offer because the Exchange Offer is not permitted by applicable law or Commission policy, (ii) the Exchange Offer has not been consummated prior to completed within 255 days following the Consummation Date, (ii) the Securities have not become Freely Tradable on or before the Free Trade Date, Closing Date or (iii) any holder of Registrable Securities notifies the Company prior to the 15th Business Day following consummation of the Exchange Offer that: (A) it is prohibited by law or Commission policy from participating in the Exchange Offer, (B) it may not resell the Exchange Securities acquired by it in the Exchange Offer to the public without delivering a prospectus and the prospectus supplement contained in the Exchange Registration Statement is not appropriate or available for such resales or (C) it is a broker-dealer and owns Securities acquired directly from the Company or an affiliate of the Company, the Company and the Guarantors shall, in lieu of (or, in the case of clause (iii), in addition to) conducting the Exchange Offer contemplated by Section 2(a), file under the Securities Act as soon as reasonably practicable, but no later than 45 Business Days after the time such obligation to file arises, a “shelf” registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the “Shelf Registration” and such registration statement, the “Shelf Registration Statement”). The Company and the Guarantors agree to use all commercially reasonable efforts to cause the Shelf Registration Statement to become or be declared effective no later than 150 days after such Shelf Registration Statement is filed; provided, that if at any time the Company is or becomes a “well-known seasoned issuer” (as defined in Rule 405) and is eligible to file an “automatic shelf registration statement” (as defined in Rule 405), then the Company and the Guarantors shall file the Shelf Registration Statement in the form of an automatic shelf registration statement as provided in Rule 405 and to keep such Shelf Registration Statement continuously effective for a period ending on the earlier of the second anniversary of the Effective Time or such time as there are no longer any Registrable Securities outstanding. No holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder. The Company and the Guarantors agree, after the Effective Time of the Shelf Registration Statement and promptly upon the request of any holder of Registrable Securities that is not then an Electing Holder, to take any action reasonably necessary to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement (whether by post-effective amendment thereto or by filing a prospectus pursuant to Rules 430B and 424(b) under the Securities Act identifying such holder), provided, however, that nothing in this sentence shall relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Company in accordance with Section 3(d)(iii) hereof. The Company further agrees to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, and the Company agrees to furnish to each Electing Holder copies of any such supplement or amendment prior to its being used or promptly following its filing with the Commission. Notwithstanding anything to the contrary in this Section 2(b), upon notice to the Electing Holders, the Company may suspend the use or the effectiveness of such Shelf Registration Statement, or extend the time period in which it is required to file the Shelf Registration Statement, for up to 30 consecutive days and up to 60 days in the aggregate, in each case in any 12-month period (a “Suspension Period”) if the Board of Directors of the Company determines that there is a valid business purpose for suspension of the Shelf Registration Statement; provided that the Company shall promptly notify the Electing Holders when the Shelf Registration Statement may once again be used or is effective. (c) In the event that (i) the Company and the Guarantors have not filed the Exchange Registration Statement or the Shelf Registration Statement on or before the date on which such registration statement is required to be filed pursuant to Section 2(a) or Section 2(b) hereof, respectively, (ii) such Exchange Registration Statement or Shelf Registration Statement has not become effective or been declared effective by the Commission on or before the date on which such registration statement is required to become or be declared effective pursuant to Section 2(a) or Section 2(b), respectively, (iii) the Exchange Offer, if any, has not been completed within 45 Business Days after the Effective Time of the Exchange Registration Statement relating to the Exchange Offer (if the Exchange Offer is then required to be made) or (iv) any Exchange Registration Statement or Shelf Registration Statement required by this Agreement Section 2(a) or Section 2(b) hereof is filed and declared effective, effective but shall thereafter cease either be withdrawn by the Company or shall become subject to be an effective or fail stop order issued pursuant to be usable for its intended purpose Section 8(d) of the Securities Act suspending the effectiveness of such registration statement (except as specifically permitted herein, including, with respect to any Shelf Registration Statement, during any applicable Suspension Period in accordance with the last sentence of Section 2(b)) without being succeeded immediately by a post-an additional registration statement filed and declared effective amendment or prospectus supplement to within 60 days of such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly suspension (each such event referred to in clauses (i) through (iiiiv), a “Registration Default,” and the each period during which a Registration Default has occurred and is continuing, the a “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b9(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue on all Registrable Securities then outstanding at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. (cd) The Company shall take, and shall cause the Guarantors to take, all actions necessary or advisable to be taken by them to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the any Exchange Registration Statement contemplated in Section 2(a) hereofor Shelf Registration Statement, as applicable. (de) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time time; and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (NewPage CORP)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors agree to use all commercially reasonable efforts to agrees to: (i1) file under the Securities Act Act, no later than 120 days after the Closing Date, a registration statement relating to an offer to exchange (such registration statement, the "Exchange Offer Registration Statement," and such offer, the "Exchange Offer") any and all of the Securities (other than Exchange Securities) for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the GuarantorsCompany, which debt securities and guarantees are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust an indenture that which is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called "Exchange Securities"), ; (ii2) use its best efforts to cause the Exchange Offer Registration Statement to become effective under the Securities ActAct as soon as practicable, but no later than 180 days after the Closing Date; (iii3) use its best efforts to commence and complete the Exchange Offer promptly promptly, but no later than 210 days after such Exchange Registration Statement has become effective, the Closing Date; and (iv4) hold the Exchange Offer open for at least 20 Business Days 30 days (or longer if required by applicable law) after the date that the notice of the Exchange Offer is mailed to the holders of the Securities, (v) exchange and issue Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Date”)Offer. The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Exchange Offer will be deemed to have been "completed" only (A) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under need for further compliance with Section 5 of the Securities Act and the Exchange Act (except for the requirement to deliver a prospectus included in the Exchange Offer Registration Statement applicable to resales by any broker-dealer of Exchange Securities received by such broker-dealer pursuant to the Exchange Offer in exchange for Registrable Securities other than those acquired by the broker-dealer directly from the Company), and without material restrictions under the blue sky or securities laws of a substantial majority of the states States of the United States of America. Subject to the preceding sentence, and (B) the Exchange Offer shall be deemed to have been completed upon the earlier to occur of (1i) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities (other than those held by Restricted Holders) pursuant to the Exchange Offer and (2ii) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days 30 days following the commencement of the Exchange Offer. The Company and the Guarantors agree agrees (Ix) to include in the Exchange Offer Registration Statement a prospectus for use in connection with any resales by any holder of Exchange Securities that is by a broker-dealer, other than resales of Exchange Securities received by a broker-dealer pursuant to an Exchange Offer in exchange for Registrable Securities acquired by the broker-dealer directly from the Company, and (IIy) to keep such Exchange Offer Registration Statement effective for a period (the "Resale Period") beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Offer Registration Statement, such holders each broker-dealer that holds Exchange Securities received in an Exchange Offer in exchange for Registrable Securities not acquired by it directly from the Company shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (bc), (cd) and (de) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If If, on or prior to the date of consummation of the Exchange Offer, (i) existing Commission interpretations are changed such that the Securities received by holders other than Restricted Holders in the Exchange Offer has for Registrable Securities are not been consummated prior or would not be, upon receipt, transferable by each such holder without need for further compliance with Section 5 of the Securities Act (except for the requirement to deliver a prospectus included in the Exchange Offer Registration Statement applicable to resales by a broker-dealer of Exchange Securities received by such broker-dealer pursuant to the Consummation Date, Exchange Offer in exchange for Registrable Securities other than those acquired by the broker-dealer directly from the Company), (ii) the holder of the Securities have shall notify the Company that: (A) the holder is prohibited by law or Commission policy from participating in the Exchange Offer, or (1) the holder may not become Freely Tradable on resell the Exchange Notes acquired by it in the Exchange Offer to the public without delivering a prospectus and (2) the prospectus contained in the Exchange Offer Registration Statement is not appropriate or before available for such resales by the Free Trade Dateholder, or or (iii) if for any Exchange Registration Statement required by this Agreement is filed and declared effective, but shall thereafter cease to be effective or fail to be usable for its intended purpose without being succeeded by a post-effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iii), a “Registration Default,” and the period during which a Registration Default has occurred and is continuingother reason, the “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to Company does not consummate the provisions of Section 8(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for the first 90 Exchange Offer within 210 days of the Registration Default PeriodClosing Date, at a per annum rate in lieu of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and conducting the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so contemplated by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. (c) The Company shall take, and shall cause the Guarantors to take, all actions necessary or advisable to be taken to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereof. (d) Any reference herein to the Company shall, as promptly as practicable, file a "shelf" registration statement providing for the registration of, and the sale on a continuous or prospectus as delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any time shall similar rule that may be deemed to include any document incorporatedadopted by the Commission (such registration, or deemed to be incorporatedthe "Resale Registration" and such registration statement, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such timethe "Resale Registration Statement").

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (Toys R Us Inc)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors agree agrees to use all commercially its reasonable best efforts to (i) file under the Securities Act Act, as soon as practicable, but no later than 90 days after the Closing, a registration statement relating to an offer to exchange (such registration statement, the "Exchange Registration Statement,” ", and such offer, the "Exchange Offer") any and all of the Securities for a like number or aggregate principal amount of debt securities issued by of the Company and guaranteed by the GuarantorsCompany, which debt securities and guarantees are substantially identical to the Securities and the related GuaranteesSecurities, respectively respectively, (and which, in the case of Exchange Debentures, are entitled to the benefits of a trust indenture that is substantially identical to the Indenture or is the Indenture and that has Indenture, which will have been qualified under the Trust Indenture Act), ) except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest or dividends contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called "Exchange Securities"), (ii) . The Company agrees to use its reasonable best efforts to cause the Exchange Registration Statement to become effective under the Securities Act, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) Act as soon as practicable after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Date”)Closing. The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Company further agrees to use its best efforts to commence the Exchange Offer promptly after such registration statement has become effective, hold the Exchange Offer open for at least 20 business days and issue Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been "completed" only (A) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under need for further compliance with Section 5 of the Securities Act and the Exchange Act (except for the requirement to deliver a prospectus included in the Exchange Registration Statement applicable to resales by any broker-dealer of Exchange Securities received by such broker-dealer pursuant to an Exchange Offer in exchange for Registrable Securities other than those acquired by the broker-dealer directly from the Company), and without material restrictions under the blue sky or securities laws of a substantial majority of the states States of the United States of America, and (B) . The Exchange Offer shall be deemed to have been completed upon the earlier to occur of (1i) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2ii) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days business days following the commencement of the Exchange Offer. The Company and the Guarantors agree agrees (Ix) to include in the Exchange Registration Statement a prospectus for use in connection with any resales by any holder of Exchange Securities that is by a broker-dealer, other than resales of Exchange Securities received by a broker-dealer pursuant to an Exchange Offer in exchange for Registrable Securities acquired by the broker-dealer directly from the Company, and (IIy) to keep such Exchange Registration Statement effective for a period (the "Resale Period") beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders each broker-dealer that holds Exchange Securities received in an Exchange Offer in exchange for Registrable Securities not acquired by it directly from the Company shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (bc), (cd) and (de) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If prior to the time the Exchange Offer is completed existing Commission interpretations are changed such that the Securities received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without need for further compliance with Section 5 of the Securities Act (except for the requirement to deliver a prospectus included in the Exchange Registration Statement applicable to resales by broker-dealers of Exchange Securities received by such broker-dealer pursuant to an Exchange Offer in exchange for Registrable Securities other than those acquired by the broker-dealer directly from the Company) or if the Exchange Offer has not been consummated within 180 days following the Closing, in lieu of conducting the Exchange Offer contemplated by Section 2(a) the Company shall file under the Securities Act as soon as practicable, but no later than the later of 30 days after the time such obligation to file arises and 90 days after the Closing, a "shelf" registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the "Shelf Registration" and such registration statement, the "Shelf Registration Statement"). In addition, in the event that the Purchasers shall not have resold all of the Securities initially purchased by them from the Company pursuant to the Purchase Agreement prior to the consummation of the Exchange Offer, the Company shall file under the Securities Act as soon as practicable a Shelf Registration Statement. The Company agrees to use its reasonable best efforts (i) to cause the Shelf Registration Statement to become or be declared effective no later than 180 days following the Closing and to keep such Shelf Registration Statement continuously effective in order to permit the prospectus forming a part thereof to be usable by holders for resales of Registrable Securities for a period ending on the earlier of the second anniversary of the effective date thereof or such time as there are no longer any Registrable Securities outstanding, provided, however, that no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder, and (ii) after the Effective Time of the Shelf Registration Statement, promptly upon the request of any holder of Registrable Securities that is not then an Electing Holder, to take any action reasonably necessary to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement, provided, however, that nothing in this Clause (ii) shall relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Company in accordance with Section 3(d)(iii) hereof. The Company further agrees to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, and the Company agrees to furnish to each Electing Holder copies of any such supplement or amendment prior to its being used or promptly following its filing with the Commission. (c) In the event that (i) the Company has not filed the Exchange Registration Statement or Shelf Registration Statement on or before the date on which such registration statement is required to be filed pursuant to Section 2(a) or 2(b), respectively, or (ii) such Exchange Registration Statement or Shelf Registration Statement has not become effective or been declared effective by the Commission within 180 days of the Closing, or (iii) the Exchange Offer has not been consummated prior completed within 30 business days after the initial effective date of the Exchange Registration Statement relating to the Consummation Date, Exchange Offer (iiif the Exchange Offer is then required to be made) the Securities have not become Freely Tradable on or before the Free Trade Date, or (iiiiv) any Exchange Registration Statement or Shelf Registration Statement required by this Agreement Section 2(a) or 2(b) hereof is filed and declared effective, effective but shall thereafter cease either be withdrawn by the Company or shall become subject to be an effective or fail stop order issued pursuant to be usable for its intended purpose Section 8(d) of the Securities Act suspending the effectiveness of such registration statement (except as specifically permitted herein) without being succeeded immediately by a post-an additional registration statement filed and declared effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iiiiv), a "Registration Default,” " and the each period during which a Registration Default has occurred and is continuing, the “a "Registration Default Period"), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b9(b), special interest or dividends ("Special Interest" or "Special Dividends"), as the case may be, in addition to the Base InterestInterest or Dividends, shall accrue and be payable at a per annum rate of 0.25% for 0.5%. If the first 90 days of Company has not completed the Exchange Offer (or, if applicable, the Shelf Registration Default Periodhas not become effective) by the 270th day following the Closing, at a per annum rate of 0.50% for the second 90 days of Special Interest or Special Dividends, as the Registration Default Periodcase may be, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period shall accrue and be payable at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall until the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and completed the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities (or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities Shelf Registration has become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummatedeffective). (cd) The Company shall take, and shall cause the Guarantors to take, take all reasonable actions necessary or advisable to be taken by it to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereof. (de) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-post- effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (Clark Usa Inc /De/)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors agree agrees to use all commercially reasonable efforts to (i) file under the Securities Act Act, as soon as practicable, but no later than 90 days after the Closing Date, a registration statement relating to an offer to exchange (such registration statement, the "Exchange Registration Statement,” ", and such offer, the "Exchange Offer") any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by each of the Guarantors, which debt securities and guarantees are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that which is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called "Exchange Securities"), (ii) . The Company agrees to use its reasonable best efforts to cause the Exchange Registration Statement to become effective under the Securities ActAct as soon as practicable, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) but no later than 180 days after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Closing Date”). The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Company further agrees to use its reasonable best efforts to commence and complete the Exchange Offer promptly, but no later than 30 business days after such registration statement has become effective, hold the Exchange Offer open for at least 20 business days and exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been "completed" only (A) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under need for further compliance with Section 5 of the Securities Act and (except for the requirement to deliver a prospectus included in the Exchange Act Registration Statement applicable to resales by broker-dealers of Exchange Securities received by such broker-dealer pursuant to an Exchange Offer in exchange for Registrable Securities other than those acquired by the broker-dealer directly from the Company) and without material restrictions under the blue sky or securities laws of a substantial majority of the states States of the United States of America, and (B) . The Exchange Offer shall be deemed to have been completed upon the earlier to occur of (1i) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2ii) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days 30 days following the commencement of the Exchange Offer. The Company and the Guarantors agree (I) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (II) to keep such Exchange Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (b), (c) and (d) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) the Exchange Offer has not been consummated prior to the Consummation Date, (ii) the Securities have not become Freely Tradable on or before the Free Trade Date, or (iii) any Exchange Registration Statement required by this Agreement is filed and declared effective, but shall thereafter cease to be effective or fail to be usable for its intended purpose without being succeeded by a post-effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iii), a “Registration Default,” and the period during which a Registration Default has occurred and is continuing, the “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. (c) The Company shall take, and shall cause the Guarantors to take, all actions necessary or advisable to be taken to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereof. (d) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.the

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (Airgas East Inc)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and each of the Guarantors agree to use all commercially reasonable efforts to (i) file under the Securities Act Act, as soon as practicable, but no later than 120 days after the Closing Date, a registration statement relating to an offer to exchange (such registration statement, the “Exchange Registration Statement,” ”, and such offer, the “Exchange Offer”) any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by each of the Guarantors, which debt securities and guarantees are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that which is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called “Exchange Securities”), (ii) . The Company and each of the Guarantors agree to use their best efforts to cause the Exchange Registration Statement to become effective under the Securities ActAct as soon as practicable, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) but no later than 210 days after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Closing Date”). The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Company and each of the Guarantors further agree to use their best efforts to commence and complete the Exchange Offer promptly, but no later than 45 business days after the Exchange Registration Statement has become effective, hold the Exchange Offer open for at least 30 days and exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been “completed” only (A) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states States of the United States of America, and (B) . The Exchange Offer shall be deemed to have been completed upon the earlier to occur of (1i) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2ii) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days 30 days following the commencement of the Exchange Offer. The Company and each of the Guarantors agree (Ix) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (IIy) to keep such Exchange Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (bc), (cd) and (de) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) on or prior to the time the Exchange Offer is completed existing Commission interpretations are changed such that the debt securities or the related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the Exchange Offer has not been consummated completed within 210 days plus 45 business days following the Closing Date or (iii) any holder of Securities notifies the Company prior to the Consummation Date20th day following the consummation of the Exchange Offer that, (iiA) it is prohibited by law or Commission policy from participating in the Exchange Offer, (B) it may not resell the Exchange Securities acquired by it in the Exchange Offer to the public without delivering a prospectus and the prospectus contained in the Exchange Offer is not appropriate or available for such resales or (C) that it is a broker-dealer and owns Securities acquired directly from the Company or an affiliate of the Company, the Company and each of the Guarantors shall, in lieu of (or, in the case of clause (iii), in addition to) conducting the Exchange Offer contemplated by Section 2(a), file under the Securities Act as soon as practicable, but no later than the later of 90 days after the time such obligation to file arises, a “shelf” registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the “Shelf Registration” and such registration statement, the “Shelf Registration Statement”). The Company and each of the Guarantors agree to use their best efforts (x) to cause the Shelf Registration Statement to become or be declared effective no later than 180 days after the obligation to file the Shelf Registration Statement arises and to keep such Shelf Registration Statement continuously effective for a period ending on the earlier of the second anniversary of the Effective Time or such time as there are no longer any Registrable Securities outstanding, provided, however, that no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder, and (y) after the Effective Time of the Shelf Registration Statement, promptly upon the request of any holder of Registrable Securities that is not then an Electing Holder, to take any action reasonably necessary to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement, provided, however, that nothing in this clause (y) shall relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Company in accordance with Section 3(d)(iii) hereof. The Company and each of the Guarantors further agree to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Company and the Guarantors for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, and the Company agrees to furnish to each Electing Holder copies of any such supplement or amendment prior to its being used or promptly following its filing with the Commission. (c) In the event that (i) the Securities Company and the Guarantors have not become Freely Tradable filed the Exchange Registration Statement or Shelf Registration Statement on or before the Free Trade Datedate on which such registration statement is required to be filed pursuant to Section 2(a) or 2(b), respectively, or (ii) such Exchange Registration Statement or Shelf Registration Statement has not become effective or been declared effective by the Commission on or before the date on which such registration statement is required to become or be declared effective pursuant to Section 2(a) or 2(b), respectively, or (iii) the Exchange Offer has not been completed within 45 business days after the initial effective date of the Exchange Registration Statement relating to the Exchange Offer (if the Exchange Offer is then required to be made) or (iv) any Exchange Registration Statement or Shelf Registration Statement required by this Agreement Section 2(a) or 2(b) hereof is filed and declared effective, effective but shall thereafter cease either be withdrawn by the Company or shall become subject to be an effective or fail stop order issued pursuant to be usable for its intended purpose Section 8(d) of the Securities Act suspending the effectiveness of such registration statement (except as specifically permitted herein) without being succeeded immediately by a post-an additional registration statement filed and declared effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iiiiv), a “Registration Default,” and the each period during which a Registration Default has occurred and is continuing, the a “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b9(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue at a in an amount equal to $.05 per annum rate week per $1,000 principal amount of 0.25% for Securities with respect to the first 90 days of the Registration Default Period, at a . The amount of Special Interest will increase by an additional $.05 per annum rate week per $1,000 principal amount of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days Securities with respect to each subsequent 90-day period of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of until all the Registration Default PeriodDefaults have been cured, provided that in no event shall the Company be required up to pay a maximum amount of Special Interest for more than one all Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result Defaults of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder $.50 per week per $1,000 principal amount of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummatedSecurities. (cd) The Company shall take, and shall cause each of the Guarantors to take, shall take all actions necessary or advisable to be taken by them to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement registration statement contemplated in Section 2(a) or 2(b) hereof, as applicable. (de) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (Johnson Polymer Inc)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors agree agrees to use all commercially its reasonable best efforts to (i) file under the Securities Act Act, as soon as practicable, but no later than 150 days after the Closing, a registration statement relating to an offer to exchange (such registration statement, the an “Exchange Registration Statement,” ”, and such offer, the an “Exchange Offer”) any and all of the Securities Senior Notes and the Senior Subordinated Notes for a like aggregate principal amount of such respective Senior Notes or Senior Subordinated Notes at maturity of debt securities issued by the Company and guaranteed by the GuarantorsCompany, which debt securities and guarantees are substantially identical to the Securities such Senior Notes and the related Guarantees, respectively Senior Subordinated Notes (and are entitled to the benefits of a trust indenture that is substantially identical to the Indenture or is the Indenture and that has been qualified under the Trust Indenture ActIndenture), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest Special Interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called “Senior Exchange Securities” with respect to the Senior Notes and “Senior Subordinated Exchange Securities” with respect to the Senior Subordinated Notes), (ii) . The Company agrees to use its reasonable best efforts to cause the such Exchange Registration Statement to become effective under the Securities Act, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) Act as soon as practicable after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Date”)Closing. The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Company further agrees to use its reasonable best efforts to commence the Exchange Offer promptly after such registration statement has become effective, hold such Exchange Offer open for at least 20 business days and issue Exchange Securities for all Registrable Securities that have been validly tendered and not withdrawn on or prior to the expiration of such Exchange Offer. Such Exchange Offer will be deemed to have been “completed” only (A) if the debt securities and related guarantees received by holders other than Restricted Holders in the such Exchange Offer for such Registrable Securities are, upon receipt, transferable by each such holder without restriction under need for further compliance with Section 5 of the Securities Act and with the Exchange Act (except for the requirement to deliver a prospectus included in the Exchange Registration Statement applicable to resales by any broker-dealer of Senior Exchange Securities or Senior Subordinated Exchange Securities pursuant to an Exchange Offer in exchange for such Senior Registrable Securities or Senior Subordinated Registrable Securities other than those acquired by the broker-dealer directly from the Company), and without material restrictions under the blue sky sky” or securities laws of a substantial majority of the states States of the United States of America, and (B) . Such Exchange Offer shall be deemed to have been completed upon the earlier to occur of (1i) the Company having exchanged the applicable Senior Exchange Securities for all outstanding Senior Registrable Securities and Senior Subordinated Exchange Securities for all Senior Subordinated Registrable Securities pursuant to the Exchange Offer and (2ii) the Company having exchanged, pursuant to the such Exchange Offer, Senior Exchange Securities for all Senior Registrable Securities and Senior Subordinated Exchange Securities for all Senior Subordinated Registrable Securities that have been properly tendered and not withdrawn before the expiration of the such Exchange Offer, which shall be on a date that is at least 20 Business Days business days following the commencement of the such Exchange Offer. The Company and the Guarantors agree agrees (Ix) to include in the Exchange Registration Statement a prospectus for use in connection with any resales by any holder of such Senior Exchange Securities that is or Senior Subordinated Exchange Securities by a broker-dealer, other than resales of such Senior Exchange Securities or Senior Subordinated Exchange Securities received by a broker-dealer pursuant to an Exchange Offer in exchange for such Senior Registrable Securities or Senior Subordinated Registrable Securities, acquired by the broker-dealer directly from the Company, and (IIy) to keep such Exchange Registration Statement effective for a period (the “Resale Period”) beginning when such Senior Exchange Securities or Senior Subordinated Exchange Securities are first issued in the such Exchange Offer and ending upon the earlier of the expiration of the 180th 90th day after the such Exchange Offer has been completed or such time as such broker-dealers no longer own any Senior Registrable Securities or Senior Subordinated Registrable Securities. With respect to such Exchange Registration Statement, each broker-dealer that holds such holders Senior Exchange Securities or Senior Subordinated Exchange Securities received in such Exchange Offer in exchange for such Senior Registrable Securities or Senior Subordinated Registrable Securities not acquired by it directly from the Company shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (bc), (cd) and (d) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) the Exchange Offer has not been consummated prior to the Consummation Date, (ii) the Securities have not become Freely Tradable on or before the Free Trade Date, or (iii) any Exchange Registration Statement required by this Agreement is filed and declared effective, but shall thereafter cease to be effective or fail to be usable for its intended purpose without being succeeded by a post-effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iii), a “Registration Default,” and the period during which a Registration Default has occurred and is continuing, the “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. (c) The Company shall take, and shall cause the Guarantors to take, all actions necessary or advisable to be taken to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(ae) hereof. (d) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 1 contract

Samples: Registration Rights Agreement (Premcor Refining Group Inc)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors Guarantors, if any exist at such time, agree to use all commercially their respective reasonable efforts best efforts, to (i) the extent not prohibited by any applicable law or interpretations of the Staff or the Commission, to file under the Securities Act a registration statement relating to an offer to exchange (such registration statement, the “Exchange Registration Statement,” ”, and such offer, the “Exchange Offer”) any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the Guarantors, which debt securities and guarantees are substantially identical to the Securities and the any related Guarantees, respectively (and are entitled to the benefits of a trust indenture that which is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), except that they such new debt securities have been registered pursuant to an effective registration statement under the Securities Act Act, accrue interest from the last date on which interest has been paid on the Securities or, if no such interest has been paid, from the date of issuance of the Securities, and do not contain provisions for the additional interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called “Exchange Securities”). The Company and the Guarantors, (ii) if any exist at such time, agree to use their respective reasonable best efforts, to the extent not prohibited by any applicable law or interpretations of the Staff or the Commission, to cause the Exchange Registration Statement to become effective under the Securities Act, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn Act on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date 120 days after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Closing Date”). The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Company and the Guarantors, if any exist at such time, further agree to use their respective reasonable best efforts, to the extent not prohibited by any applicable law or interpretations of the Staff or the Commission, to commence and complete the Exchange Offer as promptly as practicable after the Exchange Registration Statement has become effective, hold the Exchange Offer open for at least 30 days and exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been “completed” only (A) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states States of the United States of America, and (B) . The Exchange Offer shall be deemed to have been completed upon the earlier to occur of (1i) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2ii) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days 30 days following the commencement of the Exchange Offer. The Company and the Guarantors Guarantors, if any exist at such time, agree (Ix) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (IIy) to keep such Exchange Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (bc), (cd) and (de) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) the Company and the Guarantors, if any exist at such time, determine that they are not permitted to consummate the Exchange Offer has not been consummated because the Exchange Offer would violate applicable law or Commission policy or (ii) any holder of Registrable Securities notifies the Company in writing prior to the Consummation 20th day following consummation of the Exchange Offer that (x) it is prohibited by law or Commission policy from participating in the Exchange Offer, (y) it may not resell the Exchange Securities acquired by it in the Exchange Offer to the public without delivering a prospectus and the prospectus in the Exchange Registration Statement is not appropriate or available for such resales, or (z) it is a broker-dealer and owns notes acquired directly from the Company or an affiliate of the Company, the Company and the Guarantors, if any exist at such time, shall, in lieu of (or, in the case of clause (ii), in addition to) conducting the Exchange Offer contemplated by Section 2(a), use their respective reasonable best efforts to file under the Securities Act, as promptly as reasonably practicable after such obligation arises, a “shelf” registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the “Shelf Registration” and such registration statement, the “Shelf Registration Statement”). The Company and the Guarantors, if any exist at such time, agree to use their respective reasonable best efforts (x) to cause the Shelf Registration Statement to become or be declared effective as promptly as reasonably practicable after such Shelf Registration Statement is filed and to keep such Shelf Registration Statement continuously effective for a period ending on the earlier of the second anniversary of the Effective Time or such time as there are no longer any Registrable Securities outstanding, provided, however, that no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder, and (y) after the Effective Time of the Shelf Registration Statement, promptly upon the request of any holder of Registrable Securities that is not then an Electing Holder, to take any action reasonably necessary to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement, provided, however, that nothing in this clause (y) shall relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Company in accordance with Section 3(d)(iii) hereof. The Company and the Guarantors, if any exist at such time, further agree to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Company and the Guarantors for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, and the Company shall furnish to each Electing Holder copies of any such supplement or amendment prior to its being used or promptly following its filing with the Commission. (c) In the event that (i) the Exchange Offer is not completed on or before the date that is 180 days after the Closing Date or, if required, the Shelf Registration Statement is not declared effective on or before the date that is 180 days after the Closing Date, or (ii) the Securities have not become Freely Tradable on or before the Free Trade Date, or (iii) any Exchange Shelf Registration Statement required by this Agreement Section 2(b) hereof is filed and declared effective, effective but shall thereafter cease either be withdrawn by the Company or any Guarantors or shall become subject to be an effective or fail stop order issued pursuant to be usable for its intended purpose Section 8(d) of the Securities Act suspending the effectiveness of such registration statement (except as specifically permitted herein) without being succeeded immediately by a post-an additional registration statement filed and declared effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through and (iiiii), a “Registration Default,” and the each period during which a Registration Default has occurred and is continuing, the a “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b10(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue accrue, with respect to any Security which is then a Registrable Security, at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. (cd) The Company shall take, and shall cause the any Guarantors to take, all actions necessary or advisable to be taken by it to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the any Guarantees under the Exchange Registration Statement registration statement contemplated in Section 2(a) or 2(b) hereof, as applicable. (de) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (Freescale Semiconductor Inc)

Registration Under the Securities Act. (a) Subject Except as set forth in Section 2(b) below, the Issuer agrees to the last sentence of this Section 2(a), if use its best efforts to file or cause to be filed under the Securities have not become Freely Tradable Act, as soon as practicable, but no later than on or before the Free Trade DateSeptember 30, the Company and the Guarantors agree to use all commercially reasonable efforts to (i) file under the Securities Act 2019, a registration statement relating to an offer offers to exchange (such registration statement, the “Exchange Offer Registration Statement,” ”, and such offeroffers, the “Exchange OfferOffers”) any and all of the Securities 2029 Notes for a like aggregate principal amount of debt securities issued by the Company Issuer and guaranteed by the Guarantors, which debt securities and guarantees guaranties are substantially identical to the Securities and the related GuaranteesGuaranties, respectively (and are entitled to the benefits of a trust indenture that which is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act Act, and do not contain provisions for the additional interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called the “Exchange Securities”), (ii) . The Issuer agrees to use its best efforts to cause the Exchange Offer Registration Statement to become effective by the Commission under the Securities ActAct as soon as practicable, (iii) commence but no later than March 1, 2020. The Exchange Offers will be registered under the Securities Act on the appropriate form and will comply with all applicable rules and regulations under the Exchange Offer promptly after such Act. The Issuer further agrees to use its best efforts to commence and complete the Exchange Registration Statement has become effectiveOffers promptly, (iv) but no later than April 5, 2020, hold the Exchange Offer Offers open for at least 20 Business Days (or longer if required by applicable law) after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange 30 days and issue and deliver Exchange Securities in exchange for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer Offers. Each holder of Registrable Securities who wishes to exchange such Registrable Securities for Exchange Securities in, and (vi) consummate in accordance with the terms of, the Exchange Offers will be required to make certain customary representations in connection therewith, including representations that such holder is not a Restricted Holder. Upon the effectiveness of the Exchange Offer on Registration Statement, the earliest practicable date after Issuer shall promptly commence the Exchange Registration Statement has become effectiveOffers, but in no event later than 30 Business Days thereafter (such 30th Business Day it being the “Consummation Date”). The objective of such Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Exchange Offer will be deemed to have been “completed” only Offers that each holder (A) if the debt securities and related guarantees received by holders other than a Restricted Holders Holder) electing to participate in the Exchange Offer for Registrable Offers will receive Exchange Securities that are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states of the United States of America, and (B) . The Exchange Offers shall be deemed to have been completed upon the earlier to occur of (1i) the Company Issuer having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer Offers and (2ii) the Company Issuer having exchanged, pursuant to the Exchange OfferOffers, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange OfferOffers, which shall be on a date that is at least 20 Business Days 30 days following the commencement of the Exchange OfferOffers. The Company and the Guarantors agree Issuer agrees (Ix) to include in the Exchange Offer Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (IIy) to keep such Exchange Offer Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer Offers and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has Offers have been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Offer Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (bc), (cd) and (de) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) the Exchange Offer has not been consummated on or prior to the Consummation Datetime the Exchange Offers are completed, existing Commission interpretations are changed such that the debt securities or the related guaranties received by holders other than Restricted Holders in the Exchange Offers for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the Securities Exchange Offers have not become Freely Tradable been completed on or before the Free Trade DateApril 5, 2020 or (iii) any holder notifies the Issuer prior to 20 days after the consummation of the Exchange Offers that (A) based on the advice of counsel, due to a change in law or Commission policy it may not resell the Exchange Securities acquired by it in the Exchange Offers to the public without delivering a prospectus and the prospectus contained in the Exchange Offer Registration Statement is not appropriate or available for such resales by such holder or (B) it is a purchaser and owns Registrable Securities acquired directly from the Issuer or an affiliate of the Issuer or (C) on or prior to the consummation of the Exchange Offers existing laws, regulations and/or applicable Commission interpretations have been changed such that the holders of at least a majority in aggregate principal amount of the Registrable Securities would not be able to resell the Exchange Securities acquired by them in, and in accordance with the terms of, the Exchange Offers to the public without restriction under the Securities Act and without restriction under applicable blue sky or state securities laws, the Issuer shall, in lieu of (or, in the case of clause (iii), in addition to) conducting the Exchange Offers contemplated by Section 2(a), use its best efforts to file or cause to be filed under the Securities Act as soon as practicable, but no later than the later of March 1, 2020 or 30 days after the time such obligation to file arises (but in no event prior to August 1 or after September 30 of any calendar year), a “shelf” registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the “Shelf Registration” and such registration statement, the “Shelf Registration Statement”). The Issuer agrees to use its best efforts (x) to cause the Shelf Registration Statement to become or be declared effective on or prior to 60 days after such filing was required to be made hereunder (but in no event prior to August 1 or after September 30 of any calendar year) and (y) to keep such Shelf Registration Statement continuously effective for a period of one year (or, if shorter, the period after which Rule 144(d) generally becomes available to non-affiliates of the Issuer) from the effective date of the Shelf Registration Statement (subject to extension pursuant to Sections 2(d) and 3(h)); provided, however, that if such Shelf Registration Statement has been filed solely at the request of the Purchasers pursuant to clause (iii)(B) of this Section 2(b), the Issuer shall only be required to use its best efforts to keep such Shelf Registration Statement continuously effective for a period of one year from the date of issuance of the Securities (subject to extension pursuant to Sections 2(d) and 3(h)) or until all of the Securities covered by the Shelf Registration Statement have been sold pursuant to the Shelf Registration Statement or cease to be outstanding; provided further, however, that no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder. The Issuer further agrees to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Issuer for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, and the Issuer agrees to furnish to each Electing Holder copies of any such supplement or amendment promptly after its being used or promptly following its filing with the Commission. (c) If (i) the Exchange Offer Registration Statement (or a Shelf Registration Statement in lieu thereof) is not filed on or before September 30, 2019, (ii) the Exchange Offer Registration Statement (or a Shelf Registration Statement in lieu thereof) is not declared effective by the Commission on or before Xxxxx 0, 0000, (xxx) the Exchange Offers are not consummated on or before April 5, 2020, (iv) a Shelf Registration Statement required by this Agreement to be filed is not filed and on or before the date specified above for such filing, (v) a Shelf Registration Statement otherwise required to be filed is not declared effectiveeffective on or before the date specified above for effectiveness thereof or (vi) a Shelf Registration Statement is declared effective but thereafter, but shall thereafter cease subject to certain exceptions, ceases to be effective or fail usable (whether due to be usable for its intended purpose without being succeeded by a post-effective amendment stop order or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly otherwise) in connection with resales of Registrable Securities during the period specified in Section 2(b) above (each such event referred to in clauses (i) through (iii)vi) above, a “Registration Default,” and the period during which a Registration Default has occurred and is continuing, the “Registration Default Period”), then, as liquidated damages for in the case of a Registration Default referred to in clause (i), (ii) or (iii) above, the interest rate on all Registrable Securities or, in the case of a Registration Default referred to in clause (iv), (v) or (vi) above, the interest rate on the Registrable Securities to which such Registration Default relates, will increase by 0.25% per annum with respect to each 90-day period that passes until all such Registration Defaults have been cured, up to a maximum amount of 1.00% per annum (“Additional Interest”); provided, however, that such Additional Interest will cease to accrue at the later of (i) the date on which the Securities become freely transferable pursuant to Rule 144 and (ii) the date on which the Barclays Capital U.S. Aggregate Bond Index is modified to permit the inclusion of freely transferable securities that have not been registered under the Securities Act. Upon the cure of any such Registration Default, the interest rate borne by the Registrable Securities shall be reduced thereafter by the full amount of any such increase or increases that resulted from such Registration Default. The Issuer shall notify the Trustee within three business days after each and every date on which an event occurs in respect of which Additional Interest is required to be paid (an “Event Date”). Additional Interest shall be paid by depositing with the Trustee, in trust, for the benefit of the holders, on or before the applicable semiannual interest payment date, immediately available funds in sums sufficient to pay the Additional Interest then due. The Additional Interest due shall be payable on each interest payment date to the record holder entitled to receive the interest payment to be paid on such date as set forth in the Indenture. Each obligation to pay Additional Interest shall be deemed to accrue from and including the day following the applicable Event Date. (d) Any Exchange Offer Registration Statement pursuant to Section 2(a) and any Shelf Registration Statement pursuant to Section 2(b) will not be deemed to have become effective unless it has been declared effective by the Commission; provided, however, that, if after it has been declared effective, the offering of Securities pursuant to a Shelf Registration Statement is subject to the provisions of Section 8(b)any stop order, special interest (“Special Interest”), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for the first 90 days injunction or other order or requirement of the Commission or any other governmental agency or court, such Registration Default PeriodStatement will be deemed not to have been effective for such Securities during the period it was so subject, at a per annum rate until the offering of 0.50% for the second 90 days of the such Securities pursuant to such Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in Statement may legally resume. In no event shall the Company Issuer be required deemed to pay Special Interest for more than one be in breach of its obligations under the second paragraph of Section 2(b) nor shall a Registration Default at any given time. The Registration Default Period shall terminate on the date on which described in Section 2(c)(vi) be deemed to have occurred (i) as a result of any action required by applicable law which renders the Securities become Freely Tradable Issuer unable to comply with the Commission disclosure requirements or (ii) if compliance with its obligations under this Agreement to maintain the Exchange effectiveness of, supplement or amend any Registration Statement, upon advice of U.S. counsel to the Issuer, would require additional disclosure of material non-public information by the Issuer or its subsidiaries as to which, and so long as, the Issuer or its subsidiaries has a bona fide business purpose in preserving its confidentiality; provided, however, that the maximum period of time during which the Issuer shall be entitled to postpone the effectiveness, supplementing or amending of any Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure pursuant to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or clause (ii) of this paragraph shall be 45 calendar days; provided, further, that (x) upon the Exchange exercise of its right under clause (ii) of this paragraph to postpone the effectiveness, supplementing or amending of any such Registration Statement Statement, the Issuer shall give the holders prompt written notice of such exercise and an approximation of the anticipated length of such postponement and (y) after the exercise of its right under clause (ii) of this paragraph to postpone the effectiveness, supplementing or amending of any such Registration Statement, the Issuer shall not, within six months of the expiration of any such postponement, exercise again its right of postponement under clause (ii) of this paragraph. The holders hereby acknowledge that any notice given by the Issuer pursuant to this paragraph may constitute material non-public information and that the United States securities laws prohibit any person who has been declared effective and material non-public information about a company from purchasing or selling securities of the Exchange Offer has been consummatedcompany or from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such securities. (ce) The Company Issuer shall take, and shall cause the Guarantors to take, take all actions necessary or advisable to cause the Guaranties to be taken to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees registered under the Exchange Registration Statement registration statement contemplated in Section 2(a) or 2(b) hereof, as applicable. (df) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (Pemex Drilling & Services)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a2(b), if the Securities have not become Freely Tradable on or before the Free Trade Date, the Company and the Guarantors agree agrees to use all commercially reasonable efforts to (i) file under the Securities Act a registration statement (the "Exchange Offer Registration Statement") relating to an offer to exchange (such registration statement, the “Exchange Registration Statement,” and such offer, the “"Exchange Offer") any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the GuarantorsCompany, which debt securities and guarantees are substantially identical to have the same terms as the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act Act, do not contain restrictions on transfers and do not contain provisions for the additional interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called “Exchange "New Securities"), (ii) . The Company agrees to use its reasonable best efforts to cause the Exchange Offer Registration Statement to become effective under the Securities Act on or before November 15, 1999. The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply in all material respects with all applicable tender offer rules and regulations under the Exchange Act, (iii) . The Company further agrees to commence and complete the Exchange Offer reasonably promptly after such the Exchange Offer Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities effective for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Date”). The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange ActOffer. The Exchange Offer will be deemed to have been “completed” completed only (A) if the debt securities and related guarantees New Securities received by holders Holders (other than Restricted Holders Holders) in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder Holder without restriction under imposed thereon by the Securities Act and or the Exchange Act and without material restrictions under imposed thereon by the blue sky or securities laws of a substantial majority of the states States of the United States of America, and (B) . The Exchange Offer shall be deemed to have been completed upon the earlier to occur of (1) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2) the Company having exchanged, pursuant to the Exchange Offer, Exchange New Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days 30 days following the commencement of the Exchange Offer. The Company and the Guarantors agree (I) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (II) to keep such Exchange Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (b), (c) and (d) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) because of any change in law or in applicable interpretations by the staff of the Commission, the Company is not permitted to effect the Exchange Offer has not been consummated prior to the Consummation Date, or (ii) in the case of any Holder, other than a Restricted Holder, that participates in the Exchange Offer, such Holder does not receive New Securities on the date of the exchange that may be sold without restriction under state and federal securities laws (other than due solely to the status of such Holder as an affiliate of the Company within the meaning of the Securities have not Act), then in addition to or in lieu or conducting the Exchange Offer contemplated by Section 2(a), the Company shall file under the Securities Act as promptly as practicable a "shelf" registration statement providing for the registration of, and the sale on a continuous or delayed basis by any such Holder of, all of the Registrable Securities held by such Holder, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (the "Shelf Registration"). The Company agrees to use its reasonable best efforts to cause the Shelf Registration to become Freely Tradable to be declared effective on or before November 15, 1999 and to keep such Shelf Registration continuously effective for a period (the Free Trade Date, or (iii"Effectiveness Period") any Exchange Registration Statement required by this Agreement is filed and declared effective, but shall thereafter cease to be effective or fail to be usable for its intended purpose without being succeeded by a post-effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iii), a “Registration Default,” and the period during which a Registration Default has occurred and is continuing, the “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate ending on the date on which earlier of (i) the Securities become Freely Tradable second anniversary of the Final Closing Date or (ii) such time as there are no longer any Registrable Securities outstanding. The Company further agrees to supplement or make amendments to the Exchange Shelf Registration during the Effectiveness Period, as and when required by the rules, regulations or instructions applicable to the registration form used for such Shelf Registration or by the Securities Act or rules and regulations thereunder for shelf registration, and the Company agrees to furnish to the Holders of the Registrable Securities copies of any such supplement or amendment prior to its being used or promptly following its filing with the Commission. Notwithstanding the foregoing, if the Board of Directors of the Company determines in good faith that it is in the best interests of the Company not to disclose the existence of or facts surrounding any proposed or pending material corporate transaction involving the Company, the Company may allow the Shelf Registration Statement has been declared to fail to be effective and the Exchange Offer has been consummated. Special Interest shall not accrue usable as a result of such nondisclosure for up to 60 days during the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities two year period of effectiveness required by Section 2 hereof, but in no longer applies unless the Company has received a request to do so by a holder event for any period in excess of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated30 consecutive days. (c) The Company shall take, and shall cause the Guarantors to take, all actions necessary or advisable to be taken to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereof. (d) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, incorporated therein by reference as of such time the applicable Effective Time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, incorporated therein by reference as of a time after such timeEffective Time.

Appears in 1 contract

Samples: Registration Rights Agreement (Grand Court Lifestyles Inc)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors agree agrees to use all commercially reasonable efforts to (i) file under the Securities Act on or prior to 60 days after September 22, 2004, a registration statement relating to an offer to exchange (such registration statement, the "Exchange Registration Statement,” ", and such offer, the "Exchange Offer") any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the GuarantorsGuarantor, which debt securities and guarantees guarantee are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that which is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called "Exchange Securities"), (ii) . The Exchange Securities will be issued as evidence of the same continuing indebtedness of the Company and will not constitute the creation of new indebtedness. The Company agrees to use its best efforts to cause the Exchange Registration Statement to become effective under the Securities Act, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn Act on or prior to 150 days after September 22, 2004 and the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after Company further agrees to use its commercially reasonable efforts to cause the Exchange Registration Statement has to become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being effective under the “Consummation Date”)Securities Act as promptly as reasonably possible. The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Company further agrees to use its best efforts to commence and complete the Exchange Offer on or prior to 45 business days after such registration statement has become effective, hold the Exchange Offer open for at least 30 days and exchange Exchange Securities for all Transfer Restricted Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been "completed" only (A) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Transfer Restricted Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states States of the United States of America, and (B) States. The Exchange Offer shall be deemed to have been completed upon the earlier to occur of (1i) the Company having exchanged the Exchange Securities for all outstanding Registrable Transfer Restricted Securities pursuant to the Exchange Offer and (2ii) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Transfer Restricted Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days 30 days following the commencement of the Exchange Offer. The Company and the Guarantors agree agrees (Ix) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer that has acquired such Transfer Restricted Securities for its own account as a result of market-making activities or other trading activities and not directly from the Company, and (IIy) to keep such Exchange Registration Statement effective for a period (the "Resale Period") beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Transfer Restricted Securities, other than Transfer Restricted Securities acquired from the Company. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (bc), (cd) and (de) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) on or prior to the time the Exchange Offer is completed existing Commission interpretations are changed such that the debt securities received by holders other than Restricted Holders in the Exchange Offer for Transfer Restricted Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the Exchange Offer has not been consummated completed within the applicable time period set forth in section 2(a) hereof or (iii) the Exchange Offer is not available to any holder of the Securities, the Company and the Guarantor shall, in lieu of (or, in the case of clause (iii), in addition to) conducting the Exchange Offer contemplated by Section 2(a), file under the Securities Act on or prior to 60 days after the time such obligation to file arises, a "shelf" registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Transfer Restricted Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the "Shelf Registration" and such registration statement, the "Shelf Registration Statement"). The Company agrees to use its best efforts (x) to cause the Shelf Registration Statement to become or be declared effective on or prior to 150 days after such obligation to file arises and to keep such Shelf Registration Statement continuously effective for a period ending on the earlier of the second anniversary of the Effective Time or such time as there are no longer any Transfer Restricted Securities outstanding, provided, however, that no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Transfer Restricted Securities unless such holder is an Electing Holder, and (y) after the Effective Time of the Shelf Registration Statement, promptly upon the request of any holder of Transfer Restricted Securities that is not then an Electing Holder, to take any action reasonably necessary to enable such holder to use the prospectus forming a part thereof for resales of Transfer Restricted Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement, provided, however, that nothing in this clause (y) shall relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Company in accordance with Section 3(d)(iii) hereof. The Company further agrees to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, and the Company agrees to furnish to each Electing Holder copies of any such supplement or amendment prior to its being used or promptly following its filing with the Commission. (c) In the event that (i) the Company has not filed the Exchange Registration Statement or Shelf Registration Statement on or prior to the Consummation Datedate on which such registration statement is required to be filed pursuant to Section 2(a) or 2(b), respectively, or (ii) the Securities have such Exchange Registration Statement or Shelf Registration Statement has not become Freely Tradable effective or been declared effective by the Commission on or before prior to the Free Trade Datedate on which such registration statement is required to become or be declared effective pursuant to Section 2(a) or 2(b), respectively, or (iii) the Exchange Offer has not been completed within 45 business days after the initial effective date of the Exchange Registration Statement relating to the Exchange Offer (if the Exchange Offer is then required to be made) or (iv) any Exchange Registration Statement or Shelf Registration Statement required by this Agreement Section 2(a) or 2(b) hereof is filed and declared effective, effective but shall thereafter cease ceases to be effective or fail to be usable for its intended purpose without being succeeded by a post-effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly in connection with resales of Transfer Restricted Securities during the time periods specified herein (each such event referred to in clauses (i) through (iiiiv), a "Registration Default,” " and the each period during which a Registration Default has occurred and is continuing, the “a "Registration Default Period"), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b9(b), special interest ("Special Interest"), in addition to the Base Interest, shall accrue at a per annum rate of 0.250.26% for with respect to the first 90 days 90-day period immediately following the occurrence of the first Registration Default Period, at a Default. The amount of the Special Interest will increase by an additional per annum rate of 0.500.26% for the second with respect to each subsequent 90 days of the day Registration Default PeriodPeriod until all Registration Defaults have been cured, at up to a maximum per annum rate of 0.752.60% of Special Interest for the third 90 days of the all Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event Defaults. The Company shall the Company not be required to pay Special Interest for more than one Registration Default at any given time. Following the cure of all Registration Defaults, the accrual of Special Interest will cease. The Registration Default Period Company shall terminate pay all Special Interest, if any, in the manner and on the date on which (i) dates specified in the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummatedIndenture. (cd) The Company shall take, and shall cause the Guarantors use its best efforts to take, take all actions necessary or advisable to be taken by it to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereof. (de) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (Ainsworth Lumber Co LTD)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company Issuer and the Guarantors agree to use all commercially reasonable efforts to (i) file under the Securities Act Act, no later than 90 days after the Closing Date, a registration statement relating to an offer to exchange (such registration statement, the “Exchange Offer Registration Statement,” ”, and such offer, the “Exchange Offer”) any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company Issuer and guaranteed by the Guarantors, which debt securities and guarantees guarantee are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that is substantially identical to the Indenture or is the Indenture and that has been qualified under the Trust Indenture ActIndenture), except that they have been issued in a transaction registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest Special Interest contemplated in Section 2(b2(c) below (such new debt securities are and guarantee hereinafter called “Exchange Securities”), (ii) . The Issuer and the Guarantors agree to use their reasonable best efforts to cause the Exchange Offer Registration Statement to become effective under the Securities Act, (iii) commence Act no later than 120 days after the Exchange Offer promptly after Closing Date if such Exchange Registration Statement has become effective, (iv) hold is not reviewed by the Exchange Offer open for at least 20 Business Days (SEC or longer if required by applicable law) 270 days after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Closing Date if such Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being is reviewed by the “Consummation Date”)SEC. The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. Unless the Exchange Offer would not be permitted by applicable law or SEC policy, the Issuer and the Guarantors further agree to use their reasonable best efforts to (i) commence the Exchange Offer promptly (but no later than 10 Business Days) following the Effective Time of the Exchange Offer Registration Statement, (ii) hold the Exchange Offer open for at least 20 Business Days in accordance with Regulation 14E promulgated by the SEC under the Exchange Act, (iii) complete the Exchange Offer within 45 days after the Effective Time of the Exchange Offer Registration Statement and (iv) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn promptly following the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been “completed” only (A) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states of the United States of America, and (B) upon the earlier to occur of (1) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2) the Company Issuer having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days following the commencement of the Exchange Offer. The Company Issuer and the Guarantors agree (Ix) to include in the Exchange Offer Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (IIy) to keep such Exchange Offer Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. (b) In the event that (i) the Issuer determines that the Exchange Offer Registration provided for in Section 2(a) above is not available or may not be consummated because it would violate applicable law or the applicable interpretations of the Staff of the SEC, (ii) the Exchange Offer is not for any other reason completed within 45 days after the Effective Time of the Exchange Offer Registration Statement or (iii) the Exchange Offer has been completed and, prior to the 20th Business Day following the completion of the Exchange Offer (the “Shelf Notice Deadline”), a holder of Registrable Securities notifies the Issuer that: (A) it is prohibited by law or SEC policy from participating in the Exchange Offer, (B) it may not resell the Exchange Securities to the public without delivering a prospectus and the prospectus supplement contained in the Exchange Offer Registration Statement is not appropriate or available for such resales or (C) it is a broker-dealer and owns Securities acquired directly from the Issuer or an affiliate of the Issuer, then the Issuer and the Guarantors shall, in lieu of (or, in the case of clause (iii), in addition to) conducting the Exchange Offer contemplated by Section 2(a), file under the Securities Act a “shelf” registration statement providing for the registration of, and the sale by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the SEC (such filing, the “Shelf Registration” and such registration statement, the “Shelf Registration Statement”) as soon as reasonably practicable after such determination, date or notice. With respect The Issuer and the Guarantors agree to use their reasonable best efforts to cause the Shelf Registration Statement to become or be declared effective no later than 120 days after such Exchange Shelf Registration Statement filing obligation arises if such Registration Statement is not reviewed by the SEC or 270 days after such Shelf Registration Statement filing obligation arises if such Registration Statement is reviewed by the SEC. The Issuer and the Guarantors agree to use their reasonable best efforts to keep such Shelf Registration Statement continuously effective for a period ending on the earlier of the first anniversary of the Effective Time or such time as there are no longer any Registrable Securities outstanding. No holder shall be entitled to be named as a selling security holder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder. Notwithstanding anything to the contrary in this Section 2(b), upon notice to the Electing Holders, the Issuer may suspend the use or the effectiveness of such Shelf Registration Statement, such holders shall have or extend the benefit time period in which it is required to file the Shelf Registration Statement, for up to 30 consecutive days and up to 60 days in the aggregate, in each case in any 12-month period (a “Suspension Period”) if the Board of Directors of the rights Issuer determines in good faith that there is a valid business purpose for suspension of indemnification and contribution the Shelf Registration Statement involving a material undisclosed event; provided that the Issuer shall promptly notify the Electing Holders when the Shelf Registration Statement may once again be used or is effective. Any Suspension Period will not alter the obligations of the Issuer to pay Special Interest under the circumstances set forth in Sections 6(a), (b), (c) and (dSection 2(c) hereof, if applicable. The obligations Each Suspension Period shall be deemed to begin on the date the relevant notice is given to the holders and shall be deemed to end on the earlier to occur of the Company and the Guarantors set forth in this Section 2(a(1) shall cease on the date on which the Securities become Freely TradableIssuer gives the holders a notice that the Suspension Period has terminated and (2) the date on which the number of days during which a Suspension Period has been in effect exceeds (x) thirty (30) consecutive days or (y) sixty (60) days in the aggregate in any twelve month period. (bc) If In the event that (i) the Exchange Offer Registration Statement or the Shelf Registration Statement has not been filed with, become effective or been declared effective by the SEC on or before the date on which such registration statement is required to be filed or to become or be declared effective pursuant to Section 2(a) or Section 2(b), respectively, or (ii) the Exchange Offer has not been consummated prior completed within 45 days after the Effective Time of the Exchange Offer Registration Statement relating to the Consummation Date, Exchange Offer (iiif the Exchange Offer is then required to be made) the Securities have not become Freely Tradable on or before the Free Trade Date, or (iii) any Exchange Offer Registration Statement or Shelf Registration Statement required by this Agreement Section 2(a) or Section 2(b) is filed and declared effective, effective but shall thereafter cease either be withdrawn by the Issuer or shall become subject to be an effective or fail stop order issued pursuant to be usable for its intended purpose Section 8(d) of the Securities Act suspending the effectiveness of such registration statement (except as specifically permitted herein) including, with respect to any Shelf Registration Statement, during any applicable Suspension Period in accordance with Section 2(b)) without being succeeded immediately by a post-an additional registration statement filed and declared effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iii), a “Registration Default,” and the each period during which a Registration Default has occurred and is continuing, the a “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b), Default special interest (“Special Interest”), in addition to the Base Interest, shall accrue on all Registrable Securities then outstanding at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at Period and shall increase by 0.25% with respect to each subsequent 90-day period up to a maximum amount of Special Interest of 1.00% per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay . Special Interest for more than one shall accrue and be payable only with respect to a single Registration Default at any given time, notwithstanding the fact that multiple Registration Defaults may exist at such time. The accrual of Special Interest shall be the exclusive remedy available to the holders of Registrable Securities for any Registration Default Period Default. Special Interest shall terminate on only accrue until, but excluding, the earlier of (i) the date on which (i) the Securities become Freely Tradable such Registration Default has been cured or (ii) the Exchange Registration Statement has been declared effective and date on which the Exchange Offer has been consummatedSecurities accruing Special Interest cease to be Registrable Securities. Special Interest accrued for any period shall not accrue as a result be payable at the relevant interest payment date for such period under the terms of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder applicable series of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummatedSecurities. (cd) The Company Issuer shall take, and shall cause the Guarantors Guarantor to take, all actions reasonably necessary or advisable to be taken by it to ensure that the transactions contemplated herein are effected as so contemplated, including all actions reasonably necessary or desirable to register the Guarantees Guarantees, if any, under the Exchange Offer Registration Statement or Shelf Registration Statement contemplated in Section 2(a) hereofor Section 2(b), as applicable. (de) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, incorporated or deemed to be incorporated, incorporated therein by reference as of such time time; and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, incorporated or deemed to be incorporated, incorporated therein by reference as of such time.

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (Radio One, Inc.)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors Guarantor, jointly and severally, agree to use all commercially reasonable efforts to (i) file under the Securities Act Act, as soon as practicable, a registration statement relating to an offer to exchange (such registration statement, the “Exchange Registration Statement,” ”, and such offer, the “Subsequent Exchange Offer”) any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the GuarantorsGuarantor, which debt securities and guarantees guarantee are substantially identical to the Securities and the related GuaranteesGuarantee, respectively (and are entitled to the benefits of a trust indenture that which is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called “Exchange Securities”). The Company and the Guarantor, (ii) jointly and severally, agree to use their commercially reasonable efforts to cause the Exchange Registration Statement to become be declared effective under the Securities ActAct within 245 days following the Closing Date. The Company and the Guarantor, jointly and severally, agree to use their commercially reasonable efforts to cause the Registrable Securities to be freely tradeable (iiithe “Transferability Condition”) commence under Rule 144 by Holders of the Registrable Securities who are not Affiliates of the Company or the Guarantor from the 180th day after the Closing Date until the first anniversary of the Closing Date (the “144 Period”). The Subsequent Exchange Offer shall be deemed to have been completed upon the earlier to occur of (i) the Company having exchanged the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold Securities for all outstanding Registrable Securities pursuant to the Subsequent Exchange Offer open for at least 20 Business Days and (or longer if required by applicable lawii) after the date that notice of Company having exchanged, pursuant to the Subsequent Exchange Offer is mailed to holders of the SecuritiesOffer, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to before the expiration of the Subsequent Exchange Offer, which shall be on a date that is at least 30 days following the commencement of the Subsequent Exchange Offer. The Subsequent Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Date”). The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Exchange Offer will shall be deemed to have been “completed” only (A) if the debt securities and related guarantees guarantee received by holders other than Restricted Holders in the Subsequent Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states States of the United States of America, and (B) upon the earlier to occur of (1) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days following the commencement of the Exchange Offer. The Company and the Guarantors Guarantor, jointly and severally, agree (Ix) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (IIy) to keep such Exchange Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Subsequent Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Subsequent Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, each such holders holder shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (bc), (cd) and (de) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) on or prior to the time the Subsequent Exchange Offer is completed existing Commission interpretations are changed such that the debt securities or the related guarantee received by holders other than Restricted Holders in the Subsequent Exchange Offer for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the Subsequent Exchange Offer has not been consummated prior to completed within 290 days following the Consummation Date, (ii) the Securities have not become Freely Tradable on or before the Free Trade Date, Closing Date or (iii) the Subsequent Exchange Offer is not available to any Exchange Registration Statement required by this Agreement is filed and declared effectiveholder of the Securities, but shall thereafter cease to be effective or fail to be usable for its intended purpose without being succeeded by a post-effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly the Company shall, in lieu of (each such event referred to or, in clauses (i) through the case of clause (iii), in addition to) conducting the Subsequent Exchange Offer contemplated by Section 2(a), file under the Securities Act as soon as practicable, but no later than the later of 60 days after the time such obligation to file arises, a “shelf” registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the “Shelf Registration” and such registration statement, the “Shelf Registration Statement”). The Company and the Guarantor, jointly and severally, agree to use their commercially reasonable efforts (x) to cause the Shelf Registration Statement to become or be declared effective no later than 120 days after such Shelf Registration Statement is filed and to keep such Shelf Registration Statement continuously effective for a period ending on the earlier of the second anniversary of the Effective Time or such time as there are no longer any Registrable Securities outstanding, provided, however, that no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder, and (y) after the Effective Time of the Shelf Registration Statement, promptly upon the request of any holder of Registrable Securities that is not then an Electing Holder, to take any action reasonably necessary to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement, provided, however, that nothing in this Clause (y) shall relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Company in accordance with Section 3(d)(iii) hereof. The Company and the Guarantor, jointly and severally, further agree to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Company and the Guarantor for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, and the Company and the Guarantor, jointly and severally, agree to furnish to each Electing Holder copies of any such supplement or amendment prior to its being used or promptly following its filing with the Commission. The Company’s obligation to file a Shelf Registration Statement under clause (i) of this Section 2(b), to cause such Shelf Registration Statement to become and remain effective and to comply with its other undertakings in this Section 2(b) shall terminate upon the completion of the Subsequent Exchange Offer pursuant to Section 2(a). (c) In the event that the Transferability Condition is not met during the 144 Period (a “Registration Default,” and the each period during which a Registration Default has occurred and is continuing, the a “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b)) hereof, special interest (“Special Interest”), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, and at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. (cd) The Company and the Guarantor shall take, and shall cause the Guarantors to take, take all actions necessary or advisable to be taken by them to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees Guarantee under the Exchange Registration Statement registration statement contemplated in Section 2(a) or 2(b) hereof, as applicable. (de) Any reference herein herein, other than any such reference in Sections 3(d)(vi) and (vii), to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein herein, other than any such reference in Sections 3(d)(vi) and (vii), to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (Tyco International LTD /Ber/)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors Issuers agree to use all commercially reasonable efforts to (i) file under the Securities Act on or prior to 180 days after the Closing Date, a registration statement on Form S-4/F-10 (which shall include a Canadian Prospectus, in the form of a base shelf prospectus contemplated by National Instrument 44-102 - Shelf Distributions (“National Instrument 44-102”) or a short form prospectus or other appropriate form, prepared and filed with the OSC) relating to an offer to exchange (such registration statement, the “Exchange Registration Statement,” ”, and such offer, the “Exchange Offer”) (i) any and all of the Securities Company Notes for a like aggregate principal amount of debt securities issued by the Company and (ii) any and all of the BNAF Notes for a like aggregate principal amount of debt securities issued by BNAF and guaranteed by the GuarantorsCompany, which debt securities and and, in the case of the guarantees of the debt securities issued in exchange for the BNAF Notes, which guarantees are substantially identical to the Securities applicable Notes and the related Guarantees, respectively guarantees (and are entitled to the benefits of a trust indenture that which is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest contemplated in Section 2(b2(c) below (such new debt securities are securities, together with the guarantees, hereinafter called “Exchange Securities”), (ii) . The Exchange Securities will be issued as evidence of the same continuing indebtedness of the Issuers and will not constitute the creation of new indebtedness. The Issuers agree to use their respective commercially reasonable efforts to cause the Exchange Registration Statement to become effective under the Securities ActAct on or prior to 270 days after the Closing Date. Notwithstanding the foregoing, (iii) if the Issuers are not then eligible to file the Exchange Registration Statement or the filing of an Exchange Registration Statement is prohibited by any applicable law or applicable interpretation of the staff of the Commission or the OSC, the Issuers shall then, to the extent not prohibited by applicable law or applicable interpretation of the staff of the Commission or the OSC, prepare and file an Exchange Registration Statement on Form S-4 or another appropriate form permitting registration of the Transfer Restricted Securities under the Securities Act and in accordance with the methods of distribution elected by the holders and set forth in the Exchange Registration Statement. The Issuers further agree to use their commercially reasonable efforts to commence and complete the Exchange Offer promptly on or prior to 60 business days after such Exchange Registration Statement registration statement has become effective, (iv) hold the Exchange Offer open for at least not less than 20 Business Days (or longer if required by applicable law) after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) business days and exchange Exchange Securities for all Registrable Transfer Restricted Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Date”). The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange ActOffer. The Exchange Offer will be deemed to have been “completed” only (A) if the debt securities and related guarantees Exchange Securities received by holders other than Restricted Holders in the Exchange Offer for Registrable Transfer Restricted Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states States of the United States of America, and (B) States. The Exchange Offer shall be deemed to have been completed upon the earlier to occur of (1i) the Company Issuers having exchanged the Exchange Securities for all outstanding Registrable Transfer Restricted Securities pursuant to the Exchange Offer and (2ii) the Company Issuers having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Transfer Restricted Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least not less than 20 Business Days business days following the commencement of the Exchange Offer. The Company and the Guarantors Issuers agree (Ix) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer that has acquired such Transfer Restricted Securities for its own account as a result of market-making activities or other trading activities and not directly from an Issuer, and (IIy) to keep such Exchange Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Transfer Restricted Securities, other than Transfer Restricted Securities acquired from an Issuer. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (bc), (cd) and (de) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) on or prior to the time the Exchange Offer is completed, existing Commission interpretations are changed such that the debt securities received by holders other than Restricted Holders in the Exchange Offer for Transfer Restricted Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the Exchange Offer has not been consummated completed within the applicable time period set forth in section 2(a) hereof or (iii) the Exchange Offer is not available to any holder of the Securities in the United States, the Issuers shall, in lieu of (or, in the case of clause (iii), in addition to) conducting the Exchange Offer contemplated by Section 2(a), use their commercially reasonable efforts to file with the Commission on or prior to 180 days after the time such obligation to file arises, a “shelf” registration statement on Form S-4/F-10 (which shall include a Canadian Prospectus, in the form of a base shelf prospectus contemplated by National Instrument 44-102, prepared and filed with the OSC) or other appropriate form of registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Transfer Restricted Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the “Shelf Registration” and such registration statement, the “Shelf Registration Statement”). The Issuers agree to use their commercially reasonable efforts (x) to cause the Shelf Registration Statement to become or be declared effective on or prior to 270 days after such obligation to file arises and to keep such Shelf Registration Statement continuously effective for a period ending on the earlier of the first anniversary of the Effective Time or such time as there are no longer any Transfer Restricted Securities outstanding, provided, however, that no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Transfer Restricted Securities unless such holder is an Electing Holder, and (y) after the Effective Time of the Shelf Registration Statement, promptly upon the request of any holder of Transfer Restricted Securities that is not then an Electing Holder, to take any action reasonably necessary to enable such holder to use the prospectus forming a part thereof for resales of Transfer Restricted Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement, provided, however, that nothing in this clause (y) shall relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Issuers in accordance with Section 3(b)(iii) hereof. The Issuers further agree to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Issuers for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, and the Issuers agree to furnish to each Electing Holder copies of any such supplement or amendment prior to its being used or promptly following its filing with the Commission. (c) In the event that (i) the Issuers have not filed the Exchange Registration Statement or Shelf Registration Statement on or prior to the Consummation Datedate on which such registration statement is required to be filed pursuant to Section 2(a) or 2(b), respectively, or (ii) the Securities have such Exchange Registration Statement or Shelf Registration Statement has not become Freely Tradable effective or been declared effective by the Commission on or before prior to the Free Trade Datedate on which such registration statement is required to become or be declared effective pursuant to Section 2(a) or 2(b), respectively, or (iii) the Exchange Offer has not been completed within 60 business days after the initial effective date of the Exchange Registration Statement relating to the Exchange Offer (if the Exchange Offer is then required to be made), or (iv) any Exchange Registration Statement or Shelf Registration Statement required by this Agreement Section 2(a) or 2(b) hereof is filed and declared effective, effective but shall thereafter cease ceases to be effective or fail usable in connection with resales of Transfer Restricted Securities during the time periods specified herein, or (v) the Issuers require holders to be usable for its intended purpose without being succeeded by a post-effective amendment refrain from disposing of their Securities or prospectus supplement to such Exchange Registration Statement that cures such failure Securities under the circumstances described in Section 3(g) and that is itself declared effectively promptly suspension period exceeds 45 days in one instance or 90 days in the aggregate during any consecutive 12-month period (each such event referred to in clauses (i) through (iiiv), a “Registration Default,” and the each period during which a Registration Default has occurred and is continuing, the a “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for with respect to the first 90 days 90-day period immediately following the occurrence of the first Registration Default. The amount of the Special Interest will increase by an additional per annum rate of 0.25% with respect to each subsequent 90 day Registration Default PeriodPeriod until all Registration Defaults have been cured, at up to a maximum per annum rate of 0.50% for all Registration Defaults. Following the second 90 days cure of all Registration Defaults, the Registration Default Period, at a per annum rate accrual of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given timewill cease. The Registration Default Period Issuers shall terminate pay all Special Interest, if any, in the manner and on the date on which (i) dates specified in the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummatedIndenture. (cd) The Company Issuers shall take, and shall cause the Guarantors use their commercially reasonable efforts to take, take all actions necessary or advisable to be taken by them to ensure that the transactions contemplated herein are effected as so contemplated, including all . Such actions necessary or desirable to register may include amending and supplementing the Guarantees under prospectus and amending the Exchange Registration Statement contemplated in Section 2(a) hereofor Shelf Registration Statement if required by the rules, regulations or instructions applicable to the registration form used by the Issuers for such Exchange Registration Statement or Shelf Registration Statement. (de) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (Barrick North America Finance LLC)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors agree to use all commercially reasonable efforts to (i) file under the Securities Act Act, as soon as reasonably practicable, but no later than 90 days after the Closing Date, a registration statement relating to an offer to exchange (such registration statement, the "Exchange Registration Statement,” ", and such offer, the "Exchange Offer") any and all of the Registrable Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the Guarantors, which debt securities and guarantees are shall be substantially identical to the Securities and the related Guarantees, respectively (and are shall be entitled to the benefits of a trust indenture that which is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), except that they will have been issued in a transaction registered pursuant to an effective registration statement under the Securities Act and do will not contain provisions for the additional interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called "Exchange Securities"), (ii) . The Company and the Guarantors agree to use commercially reasonable efforts to cause the Exchange Registration Statement to become effective under the Securities ActAct as soon as reasonably practicable, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) but no later than 180 days after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Closing Date”). The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Company and the Guarantors further agree to use commercially reasonable efforts to commence and complete the Exchange Offer promptly, but no later than 30 business days after such registration statement has become effective, or such later date as is required by the Securities Act, hold the Exchange Offer open for at least 20 business days after the date notice of the Exchange Offer is mailed to holders and exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been "completed" only (A) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states States of the United States of America, and (B) . The Exchange Offer shall be deemed to have been completed upon the earlier to occur of (1i) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2ii) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days 30 business days following the commencement of initial date that the Exchange OfferRegistration Statement becomes effective. The Company and the Guarantors agree agrees (Ix) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (IIy) to keep such Exchange Registration Statement effective for a period (the "Resale Period") beginning when Exchange Securities are first issued in the Exchange Offer and ending upon on the earlier of 180 days from the expiration of the 180th day after date on which the Exchange Offer has been completed Registration Statement is declared effective or such time as such broker-dealers are no longer own any Registrable Securitiesrequired to deliver a prospectus in connection with market-making or other trading activities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (bc), (cd) and (de) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) on or prior to the time the Exchange Offer is completed applicable law or existing Commission interpretations are changed such that the debt securities or the related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the Exchange Offer has not been consummated completed within 225 days following the Closing Date or (iii) any holder shall notify the Company prior to the Consummation Date20th day following the completion of the Exchange Offer that (A) such holder is a Purchaser with respect to Securities not eligible to be exchanged in the Exchange Offer or (B) is other than an Purchaser, if such holder is not eligible to exchange Securities in the Exchange Offer or does not receive freely tradeable Exchange Securities in the Exchange Offer other than by reason of the holder being a Restricted Holder (iiit being understood that the requirement that certain broker-dealers deliver the prospectus included in the Exchange Offer Registration Statement in connection with the sales of Exchange Securities will not result in such Exchange Securities not being freely tradeable), the Company and the Guarantors shall, in lieu of (or, in the case of clause (iii), in addition to) conducting the Exchange Offer contemplated by Section 2(a), file under the Securities Act as soon as practicable, but no later than the later of 30 days after the time such obligation to file arises, a "shelf" registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission, which may be an amendment to the Exchange Registration Statement (such filing, the "Shelf Registration" and such registration statement, the "Shelf Registration Statement"). The Company and the Guarantors agree to use commercially reasonable efforts (x) to cause the Shelf Registration Statement to become or be declared effective no later than 90 days after such obligation arises and to keep such Shelf Registration Statement continuously effective for a period ending on the earlier of the second anniversary of the Closing Date or the first anniversary of the Closing Date if such Shelf Registration is filed at the request of a holder as contemplated by clause (b)(iii) above or such shorter period as will terminate when all the Registrable Securities covered by such Shelf Registration Statement (x) have been sold pursuant thereto or (y) are no longer Registrable Securities, provided, however, that no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder, and (y) after the Effective Time of the Shelf Registration Statement, promptly upon the request of any holder of Registrable Securities that is not then an Electing Holder, to take any action reasonably necessary to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement, provided, however, that nothing in this Clause (y) shall relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Company in accordance with Section 3(d)(iii) hereof. The Company and the Guarantors further agree to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Company and the Guarantors for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, and the Company agrees to furnish to each Electing Holder copies of any such supplement or amendment prior to its being used or promptly following its filing with the Commission. (c) In the event that (i) the Securities Company and the Guarantors have not become Freely Tradable filed the Exchange Registration Statement or Shelf Registration Statement on or before the Free Trade Datedate on which such registration statement is required to be filed pursuant to Section 2(a) or 2(b), respectively, or (ii) such Exchange Registration Statement or Shelf Registration Statement has not become effective or been declared effective by the Commission on or before the date on which such registration statement is required to become or be declared effective pursuant to Section 2(a) or 2(b), respectively, or (iii) the Exchange Offer has not been completed within 30 business days after the initial effective date of the Exchange Registration Statement relating to the Exchange Offer (if the Exchange Offer is then required to be made and other than in the event the Company files a Shelf Registration Statement in accordance with Section 2(b)(i) hereof) or (iv) any Exchange Registration Statement or Shelf Registration Statement required by this Agreement Section 2(a) or 2(b) hereof is filed and declared effective but shall thereafter either be withdrawn by the Company or shall become subject to an effective stop order issued pursuant to Section 8(d) of the Securities Act suspending the effectiveness of such registration statement (except as specifically permitted herein) without being succeeded immediately by an additional registration statement filed and declared effective, but shall thereafter cease except, in the case of a Shelf Registration Statement, where such withdrawal or stop order is determined to be effective or fail the direct result of information provided by Electing Holders supplied to be usable the Company under Section 3(d)(ii) and (iii) for its intended purpose without being succeeded by a post-effective amendment or prospectus supplement to inclusion in such Exchange Shelf Registration Statement that cures such failure and that is itself declared effectively promptly being or becoming misleading (each such event referred to in clauses (i) through (iiiiv), a "Registration Default,” " and the each period during which a Registration Default has occurred and is continuing, the “a "Registration Default Period"), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b9(b), special interest ("Special Interest"), in addition to the Base Interest, shall accrue at a $.05 per annum rate whole week per $1,000 principal amount of 0.25% notes for the first 90 days of the Registration Default Period. Such Special Interest shall increase by an additional $.05 per whole week per $1,000 principal amount of notes for every subsequent 90-day period until all Registration Defaults have been cured, at up to a per annum rate maximum amount of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one all Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result Defaults of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder $.50 per whole week per $1,000 principal amount of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummatednotes. (cd) The Company shall take, and shall cause the Guarantors to take, all actions necessary or advisable to be taken by it to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement registration statement contemplated in Section 2(a) or 2(b) hereof, as applicable. (de) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (Payless Shoesource Inc /De/)

Registration Under the Securities Act. (a) Subject to To the last sentence extent not prohibited by any applicable law or applicable interpretations of this the staff of the SEC and except in the circumstances contemplated by Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b)(i) hereof, the Company and the Guarantors agree to shall use all commercially its reasonable best efforts to (i) file under cause to be filed with the Securities Act a registration statement relating to SEC an Exchange Offer Registration Statement covering an offer to the Holders to exchange (such registration statement, all the Registrable Notes for Exchange Registration Statement,” and such offer, Notes as soon as practicable following the “Exchange Offer”) any and all filing with the SEC of the Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the Guarantors, which debt securities and guarantees are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that is substantially identical to the Indenture or is the Indenture and that has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions Company’s annual report on Form 20-F for the additional interest contemplated in Section 2(b) below (such new debt securities are hereinafter called “Exchange Securities”)year ended December 31, 2009, (ii) cause the such Exchange Offer Registration Statement to become effective under the Securities ActAct as soon as practicable following filing with the SEC, and (iii) have such Registration Statement remain effective until the earlier of (A) 90 days after the closing of the Exchange Offer and (B) such time as all Participating Broker-Dealers no longer own any Registrable Notes. The Company shall use its reasonable best efforts to commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required Registration Statement is declared effective by applicable law) after the date that notice of SEC and to complete the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (60 days after such 30th Business Day being the “Consummation Date”)effective date. The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Exchange Offer will be deemed Company shall use its reasonable best efforts to have been “completed” only (A) if the debt securities and related guarantees received by holders other than Restricted Holders accept in the Exchange Offer for tenders of any Registrable Securities areNote that has had its restrictive legend removed at the Company’s direction (i) in response to the request of the Holder thereof or (ii) in connection with a transfer of such Registrable Note. For purposes of this Agreement, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states of the United States of America, and (B) Offer shall be deemed completed upon the earlier to occur of (1i) the Company having exchanged the Exchange Securities Notes for all outstanding Registrable Securities Notes (other than those held by Holders that are ineligible to participate in the Exchange Offer) pursuant to the Exchange Offer and (2ii) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities Notes for all Registrable Securities Notes that have been properly tendered and not withdrawn before the expiration of the Exchange Offer; provided, however, that the Company may, in its discretion, accept tenders of Registrable Notes for Exchange Notes subsequent to the date the Company consummates the Exchange Offer with respect to Registrable Notes tendered as of the date of initial consummation, and the Exchange Offer shall be deemed to have been consummated notwithstanding any such extension of the tender period. The Company shall commence the Exchange Offer by delivering the related Prospectus, appropriate letters of transmittal and other accompanying documents to each Holder stating, in addition to such other disclosures as are required by applicable law: (i) that the Exchange Offer is being made pursuant to this Agreement and that all Registrable Notes validly tendered and not properly withdrawn will be accepted for exchange; (ii) the dates of acceptance for exchange (which shall be on a date that is period of at least 20 Business Days following from the commencement of the Exchange Offer. The Company and the Guarantors agree (Idate such notice is mailed) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (II) to keep such Exchange Registration Statement effective for a period (the “Resale PeriodExchange Dates); (iii) beginning when Exchange Securities are first issued in that any Registrable Note not tendered will remain outstanding and continue to accrue interest but will not retain any rights under this Agreement; (iv) that any Holder electing to have a Registrable Note exchanged pursuant to the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (b), (c) and (d) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) the Exchange Offer has not been consummated prior to the Consummation Date, (ii) the Securities have not become Freely Tradable on or before the Free Trade Date, or (iii) any Exchange Registration Statement required by this Agreement is filed and declared effective, but shall thereafter cease to be effective or fail to be usable for its intended purpose without being succeeded by a post-effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iii), a “Registration Default,” and the period during which a Registration Default has occurred and is continuing, the “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company will be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on surrender such Registrable Note, together with the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result appropriate letters of the Company’s failure to provide a certificate transmittal, to the Trustee instructing institution and at the Trustee that address (located in New York City) and in the restrictive legend on manner specified in the Securities no longer applies unless the Company has received a request notice, prior to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafterlast Exchange Date; and (v) that any Holder will be entitled to withdraw its election, Special Interest shall accrue as provided not later than the close of business on the last Exchange Date, in this Section 2(b) until the date on which manner specified in such notice. As a condition to participating in the Exchange Offer, a Holder will be required to represent to the Company that (i) any Exchange Notes to be received by it will be acquired in the Securities become Freely Tradable or ordinary course of its business, (ii) at the Exchange Registration Statement has been declared effective and time of the commencement of the Exchange Offer it has been consummated.no arrangement or understanding with any Person to participate in the distribution (within the meaning of the Securities Act) of the Exchange Notes in violation of the provisions of the Securities Act, (iii) it is not an “affiliate” (within the meaning of Rule 405 under Securities Act) of the Company and (iv) if such Holder is a broker-dealer, that it will receive Exchange Notes for its own account in exchange for Registrable Notes that were acquired as a result of market-making or other trading activities, and that it will deliver, to the extent required by applicable law or regulation or SEC pronouncement, a Prospectus in connection with any resale of such Exchange Notes. As soon as practicable after the last Exchange Date, the Company shall: (ci) The accept for exchange Registrable Notes or portions thereof validly tendered and not properly withdrawn pursuant to the Exchange Offer; and (ii) deliver, or cause to be delivered, to the Trustee for cancellation all Registrable Notes or portions thereof so accepted for exchange by the Company shall takeand issue, and shall cause the Guarantors Trustee to takepromptly authenticate and deliver to each Holder, all actions necessary or advisable Exchange Notes equal in principal amount to be taken to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register principal amount of the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereofRegistrable Notes surrendered by such Holder. (d) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 1 contract

Samples: Registration Rights Agreement (Coca Cola Femsa Sab De Cv)

Registration Under the Securities Act. (a) Subject Except as set forth in Section 2(b) below, the Issuer agrees to the last sentence of this Section 2(a), if use its best efforts to file or cause to be filed under the Securities have not become Freely Tradable Act, as soon as practicable, but no later than on or before the Free Trade DateSeptember 30, the Company and the Guarantors agree to use all commercially reasonable efforts to (i) file under the Securities Act 2021, a registration statement relating to an offer offers to exchange (such registration statement, the “Exchange Offer Registration Statement,” ”, and such offeroffers, the “Exchange OfferOffers”) any and all of the Securities 2025 Notes for a like aggregate principal amount of debt securities issued by the Company Issuer and guaranteed by the Guarantors, which debt securities and guarantees guaranties are substantially identical to the Securities and the related GuaranteesGuaranties, respectively (and are entitled to the benefits of a trust indenture that which is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act Act, and do not contain provisions for the additional interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called the “Exchange Securities”), (ii) . The Issuer agrees to use its best efforts to cause the Exchange Offer Registration Statement to become effective by the Commission under the Securities ActAct as soon as practicable, (iii) commence but no later than March 1, 2022. The Exchange Offers will be registered under the Securities Act on the appropriate form and will comply with all applicable rules and regulations under the Exchange Offer promptly after such Act. The Issuer further agrees to use its best efforts to commence and complete the Exchange Registration Statement has become effectiveOffers promptly, (iv) but no later than April 5, 2022, hold the Exchange Offer Offers open for at least 20 Business Days (or longer if required by applicable law) after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange 30 days and issue and deliver Exchange Securities in exchange for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer Offers. Each holder of Registrable Securities who wishes to exchange such Registrable Securities for Exchange Securities in, and (vi) consummate in accordance with the terms of, the Exchange Offers will be required to make certain customary representations in connection therewith, including representations that such holder is not a Restricted Holder. Upon the effectiveness of the Exchange Offer on Registration Statement, the earliest practicable date after Issuer shall promptly commence the Exchange Registration Statement has become effectiveOffers, but in no event later than 30 Business Days thereafter (such 30th Business Day it being the “Consummation Date”). The objective of such Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Exchange Offer will be deemed to have been “completed” only Offers that each holder (A) if the debt securities and related guarantees received by holders other than a Restricted Holders Holder) electing to participate in the Exchange Offer for Registrable Offers will receive Exchange Securities that are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states of the United States of America, and (B) . The Exchange Offers shall be deemed to have been completed upon the earlier to occur of (1i) the Company Issuer having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer Offers and (2ii) the Company Issuer having exchanged, pursuant to the Exchange OfferOffers, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange OfferOffers, which shall be on a date that is at least 20 Business Days 30 days following the commencement of the Exchange OfferOffers. The Company and the Guarantors agree Issuer agrees (Ix) to include in the Exchange Offer Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (IIy) to keep such Exchange Offer Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer Offers and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has Offers have been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Offer Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (bc), (cd) and (de) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) the Exchange Offer has not been consummated on or prior to the Consummation Datetime the Exchange Offers are completed, existing Commission interpretations are changed such that the debt securities or the related guaranties received by holders other than Restricted Holders in the Exchange Offers for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the Securities Exchange Offers have not become Freely Tradable been completed on or before the Free Trade DateApril 5, 2022 or (iii) any holder notifies the Issuer prior to 20 days after the consummation of the Exchange Offers that (A) based on the advice of counsel, due to a change in law or Commission policy it may not resell the Exchange Securities acquired by it in the Exchange Offers to the public without delivering a prospectus and the prospectus contained in the Exchange Offer Registration Statement is not appropriate or available for such resales by such holder or (B) it is a purchaser and owns Registrable Securities acquired directly from the Issuer or an affiliate of the Issuer or (C) on or prior to the consummation of the Exchange Offers existing laws, regulations and/or applicable Commission interpretations have been changed such that the holders of at least a majority in aggregate principal amount of the Registrable Securities would not be able to resell the Exchange Securities acquired by them in, and in accordance with the terms of, the Exchange Offers to the public without restriction under the Securities Act and without restriction under applicable blue sky or state securities laws, the Issuer shall, in lieu of (or, in the case of clause (iii), in addition to) conducting the Exchange Offers contemplated by Section 2(a), use its best efforts to file or cause to be filed under the Securities Act as soon as practicable, but no later than the later of March 1, 2022 or 30 days after the time such obligation to file arises (but in no event prior to August 1 or after September 30 of any calendar year), a “shelf” registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the “Shelf Registration” and such registration statement, the “Shelf Registration Statement”). The Issuer agrees to use its best efforts (x) to cause the Shelf Registration Statement to become or be declared effective on or prior to 60 days after such filing was required to be made hereunder (but in no event prior to August 1 or after September 30 of any calendar year) and (y) to keep such Shelf Registration Statement continuously effective for a period of one year (or, if shorter, the period after which Rule 144(d) generally becomes available to non-affiliates of the Issuer) from the effective date of the Shelf Registration Statement (subject to extension pursuant to Sections 2(d) and 3(h)); provided, however, that if such Shelf Registration Statement has been filed solely at the request of the Purchasers pursuant to clause (iii)(B) of this Section 2(b), the Issuer shall only be required to use its best efforts to keep such Shelf Registration Statement continuously effective for a period of one year from the date of issuance of the Securities (subject to extension pursuant to Sections 2(d) and 3(h)) or until all of the Securities covered by the Shelf Registration Statement have been sold pursuant to the Shelf Registration Statement or cease to be outstanding; provided further, however, that no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder. The Issuer further agrees to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Issuer for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, and the Issuer agrees to furnish to each Electing Holder copies of any such supplement or amendment promptly after its being used or promptly following its filing with the Commission. (c) If (i) the Exchange Offer Registration Statement (or a Shelf Registration Statement in lieu thereof) is not filed on or before September 30, 2021, (ii) the Exchange Offer Registration Statement (or a Shelf Registration Statement in lieu thereof) is not declared effective by the Commission on or before Xxxxx 0, 0000, (xxx) the Exchange Offers are not consummated on or before April 5, 2022, (iv) a Shelf Registration Statement required by this Agreement to be filed is not filed and on or before the date specified above for such filing, (v) a Shelf Registration Statement otherwise required to be filed is not declared effectiveeffective on or before the date specified above for effectiveness thereof or (vi) a Shelf Registration Statement is declared effective but thereafter, but shall thereafter cease subject to certain exceptions, ceases to be effective or fail usable (whether due to be usable for its intended purpose without being succeeded by a post-effective amendment stop order or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly otherwise) in connection with resales of Registrable Securities during the period specified in Section 2(b) above (each such event referred to in clauses (i) through (iii)vi) above, a “Registration Default,” and the period during which a Registration Default has occurred and is continuing, the “Registration Default Period”), then, as liquidated damages for in the case of a Registration Default referred to in clause (i), (ii) or (iii) above, the interest rate on all Registrable Securities or, in the case of a Registration Default referred to in clause (iv), (v) or (vi) above, the interest rate on the Registrable Securities to which such Registration Default relates, will increase by 0.25% per annum with respect to each 90-day period that passes until all such Registration Defaults have been cured, up to a maximum amount of 1.00% per annum (“Additional Interest”); provided, however, that such Additional Interest will cease to accrue at the later of (i) the date on which the Securities become freely transferable pursuant to Rule 144 and (ii) the date on which the Barclays Capital U.S. Aggregate Bond Index is modified to permit the inclusion of freely transferable securities that have not been registered under the Securities Act. Upon the cure of any such Registration Default, the interest rate borne by the Registrable Securities shall be reduced thereafter by the full amount of any such increase or increases that resulted from such Registration Default. The Issuer shall notify the Trustee within three business days after each and every date on which an event occurs in respect of which Additional Interest is required to be paid (an “Event Date”). Additional Interest shall be paid by depositing with the Trustee, in trust, for the benefit of the holders, on or before the applicable semiannual interest payment date, immediately available funds in sums sufficient to pay the Additional Interest then due. The Additional Interest due shall be payable on each interest payment date to the record holder entitled to receive the interest payment to be paid on such date as set forth in the Indenture. Each obligation to pay Additional Interest shall be deemed to accrue from and including the day following the applicable Event Date. (d) Any Exchange Offer Registration Statement pursuant to Section 2(a) and any Shelf Registration Statement pursuant to Section 2(b) will not be deemed to have become effective unless it has been declared effective by the Commission; provided, however, that, if after it has been declared effective, the offering of Securities pursuant to a Shelf Registration Statement is subject to the provisions of Section 8(b)any stop order, special interest (“Special Interest”), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for the first 90 days injunction or other order or requirement of the Commission or any other governmental agency or court, such Registration Default PeriodStatement will be deemed not to have been effective for such Securities during the period it was so subject, at a per annum rate until the offering of 0.50% for the second 90 days of the such Securities pursuant to such Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in Statement may legally resume. In no event shall the Company Issuer be required deemed to pay Special Interest for more than one be in breach of its obligations under the second paragraph of Section 2(b) nor shall a Registration Default at any given time. The Registration Default Period shall terminate on the date on which described in Section 2(c)(vi) be deemed to have occurred (i) as a result of any action required by applicable law which renders the Securities become Freely Tradable Issuer unable to comply with the Commission disclosure requirements or (ii) if compliance with its obligations under this Agreement to maintain the Exchange effectiveness of, supplement or amend any Registration Statement, upon advice of U.S. counsel to the Issuer, would require additional disclosure of material non-public information by the Issuer or its subsidiaries as to which, and so long as, the Issuer or its subsidiaries has a bona fide business purpose in preserving its confidentiality; provided, however, that the maximum period of time during which the Issuer shall be entitled to postpone the effectiveness, supplementing or amending of any Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure pursuant to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or clause (ii) of this paragraph shall be 45 calendar days; provided, further, that (x) upon the Exchange exercise of its right under clause (ii) of this paragraph to postpone the effectiveness, supplementing or amending of any such Registration Statement Statement, the Issuer shall give the holders prompt written notice of such exercise and an approximation of the anticipated length of such postponement and (y) after the exercise of its right under clause (ii) of this paragraph to postpone the effectiveness, supplementing or amending of any such Registration Statement, the Issuer shall not, within six months of the expiration of any such postponement, exercise again its right of postponement under clause (ii) of this paragraph. The holders hereby acknowledge that any notice given by the Issuer pursuant to this paragraph may constitute material non-public information and that the United States securities laws prohibit any person who has been declared effective and material non-public information about a company from purchasing or selling securities of the Exchange Offer has been consummatedcompany or from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such securities. (ce) The Company Issuer shall take, and shall cause the Guarantors to take, take all actions necessary or advisable to cause the Guaranties to be taken to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees registered under the Exchange Registration Statement registration statement contemplated in Section 2(a) or 2(b) hereof, as applicable. (df) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (Pemex Exploration & Production PEP)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors agree agrees to use all commercially reasonable efforts to (i) file under the Securities Act Act, as soon as practicable, but no later than 60 days after the Closing Date, a registration statement relating to an offer to exchange (such registration statement, the “Exchange Registration Statement,” ”, and such offer, the “Exchange Offer”) any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the GuarantorsCompany, which debt securities and guarantees are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that is indentures which are substantially identical to the Indenture Indentures or is are the Indenture Indentures and that has which have been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called “Exchange Securities”), (ii) . The Company agrees to use its best efforts to cause the Exchange Registration Statement to become effective under the Securities ActAct as soon as practicable, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) but no later than 180 days after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Closing Date”). The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Company further agrees to use its best efforts to commence and complete the Exchange Offer will promptly, but no later than 45 days after such registration statement has become effective, hold the Exchange Offer open for at least 30 days after the date the Company has first published, sent or given the means to tender to holders and exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer. The Exchange Offer shall be deemed to have been “completed” completed upon the earlier to occur of (i) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (ii) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 30 days following the commencement of the Exchange Offer. In addition, the Exchange Offer shall be deemed to have been completed only (A) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states States of the United States of America, and (B) upon the earlier to occur of (1) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days following the commencement of the Exchange Offer. The Company and the Guarantors agree agrees (Ix) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (IIy) to keep such Exchange Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed (unless such period is extended pursuant to Section 3(c)(iii)) or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (bc), (cd) and (de) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) on or prior to the time the Exchange Offer is completed, existing Commission interpretations are changed such that the debt securities received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the Exchange Offer has not been consummated completed within 225 days following the Closing Date or (iii) the Exchange Offer is not otherwise available to any holder of the Securities, the Company shall, in lieu of (or, in the case of clause (iii), in addition to) conducting the Exchange Offer contemplated by Section 2(a), file under the Securities Act as soon as practicable, but no later than the later of 30 days after the time such obligation to file arises, a “shelf” registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the “Shelf Registration” and such registration statement, the “Shelf Registration Statement”). The Company agrees to use its best efforts (x) to cause the Shelf Registration Statement to become or be declared effective no later than 120 days after such Shelf Registration Statement is filed and to keep such Shelf Registration Statement continuously effective for a period ending on the earlier of the second anniversary of the Effective Time or such time as there are no longer any Registrable Securities outstanding, provided, however, that no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder, and (y) after the Effective Time of the Shelf Registration Statement, reasonably promptly upon the request of any holder of Registrable Securities that is not then an Electing Holder, to take any action reasonably necessary to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities, including, without limitation, any action reasonably necessary to identify such holder as a selling securityholder in the Shelf Registration Statement, provided, however, that nothing in this Clause (y) shall relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Company in accordance with Section 3(d)(iii) hereof. The Company further agrees to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, and the Company agrees to furnish to each Electing Holder copies of any such supplement or amendment prior to its being used or promptly following its filing with the Consummation Date, Commission. (iic) In the event that (i) the Securities have Company has not become Freely Tradable filed the Exchange Registration Statement or Shelf Registration Statement on or before the Free Trade Datedate on which such registration statement is required to be filed pursuant to Section 2(a) or 2(b), respectively, or (ii) such Exchange Registration Statement or Shelf Registration Statement has not become effective or been declared effective by the Commission on or before the date on which such registration statement is required to become or be declared effective pursuant to Section 2(a) or 2(b), respectively, or (iii) the Exchange Offer has not been completed within 45 days after the initial effective date of the Exchange Registration Statement relating to the Exchange Offer (if the Exchange Offer is then required to be made) or (iv) any Exchange Registration Statement or Shelf Registration Statement required by this Agreement Section 2(a) or 2(b) hereof is filed and declared effective but shall thereafter either be withdrawn by the Company or shall become subject to an effective stop order issued pursuant to Section 8(d) of the Securities Act suspending the effectiveness of such registration statement without being succeeded contemporaneously by an additional registration statement filed and declared effective, but shall thereafter cease to be effective or fail to be usable for its intended purpose without being succeeded by a post-effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iii), iv) a “Registration Default,whatever the reason for any such event and whether it is voluntary or involuntary or is beyond the control of the Company or pursuant to the operation of law or as a result of any action or inaction by the Commission and each period during which a Registration Default has occurred and is continuing, the a “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b9(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue on the outstanding Registrable Securities at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period. Upon the cure of all concurrent Registration Defaults, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not no longer accrue and the Securities will bear interest at the original rate; provided, however, that if, after any such cure, a Registration Default occurs, then Special Interest shall again accrue in accordance with the foregoing provisions. (d) Any amounts of Special Interest due will be calculated and payable on the regular interest payment dates with respect to each of the Dollar Senior Notes and the Euro Senior Notes in the manner provided for the Indentures. (e) The Company and the Purchasers each acknowledge that, pursuant to current interpretations by the Commission’s staff of Section 5 of the Securities Act, in the absence of an applicable exemption therefrom, each holder which is a broker-dealer electing to exchange Registrable Securities, acquired for its own account as a result of market making activities or other trading activities, for Exchange Securities, is required to deliver a prospectus containing information similar to that set forth in (a) Exhibit C hereto on the Company’s failure to provide cover, (b) Exhibit D hereto in the “Exchange Offer Procedures” section and the “Purpose of the Exchange Offer” section, and (c) Exhibit E hereto in the “Plan of Distribution” section of such prospectus in connection with a certificate sale of any such Exchange Securities received by such broker-dealer pursuant to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Registered Exchange Offer has been consummated(in each case, subject to the Commission’s “Plain English” rules). (cf) The Company shall take, and shall cause the Guarantors to take, take all actions necessary or advisable to be taken by it to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereof. (dg) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (Rhodia)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors agree to use all commercially reasonable efforts to (i) file under the Securities Act Act, no later than 120 days after the Closing Date, a registration statement relating to an offer to exchange (such registration statement, the “Exchange Registration Statement,” and such offer, the “Exchange Offer”) any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the Guarantors, which debt securities and guarantees are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that which is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called “Exchange Securities”), (ii) . The Company and the Guarantors agree to use all commercially reasonable efforts to cause the Exchange Registration Statement to become effective under the Securities Act, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) Act no later than 210 days after the date that notice of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Closing Date”). The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Company and the Guarantors further agree to use all commercially reasonable efforts to commence and complete the Exchange Offer promptly, but no later than 30 Business Days after such registration statement has become effective, hold the Exchange Offer open for at least 20 Business Days and exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been “completed” only (A) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states States of the United States of America, and (B) upon the earlier to occur of (1) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the . The Exchange Offer and (2) shall be deemed to have been completed upon the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days following the commencement of the Exchange Offer. The Company and the Guarantors agree agrees (Ix) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (IIy) to the extent necessary to ensure that such prospectus is available for sales of Exchange Securities by broker-dealers, to use all commercially reasonable efforts to keep such Exchange Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (bc), (cd) and (de) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If (i) the Company and the Guarantors are not permitted to consummate the Exchange Offer because the Exchange Offer is not permitted by applicable law or Commission Policy, (ii) the Company and the Guarantors are not required to file the Exchange Registration Statement; or (iii) any holder of Registrable Securities notifies the Company prior to the 20th Business Day following the consummation of the Exchange Offer that: (a) it is prohibited by law or Commission policy from participating in the Exchange Offer; (b) it may not resell the Exchange Securities to the public without delivering a prospectus and the prospectus supplement contained in the Exchange Registration Statement is not appropriate or available for such resales; or (c) it is a broker-dealer and owns Securities acquired directly from the Company or an affiliate of the Company, the Company and the Guarantors shall, in lieu of (or, in the case of clause (iii), in addition to) conducting the Exchange Offer contemplated by Section 2(a), use their commercially reasonable efforts to file under the Securities Act on or prior to 30 days after the time such obligation to file arises (but no earlier than 120 days after the date of the Indenture), a “shelf” registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the “Shelf Registration” and such registration statement, the “Shelf Registration Statement”). The Company and the Guarantors agree to use all commercially reasonable efforts (x) to cause the Shelf Registration Statement to become or be declared effective no later than 90 days after such Shelf Registration Statement filing obligation arises (but no earlier than 210 days after the date of the Indenture) and to keep such Shelf Registration Statement continuously effective for a period ending on the earlier of the second anniversary of the Effective Time or such time as there are no longer any Registrable Securities outstanding, provided, however, that no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder, and (y) after the Effective Time of the Shelf Registration Statement, promptly upon the request of any holder of Registrable Securities that is not then an Electing Holder, to take any action reasonably necessary to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement, provided, however, that nothing in this clause (y) shall relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Company and the Guarantors in accordance with Section 3(d)(iii) hereof; provided further that each holder shall promptly furnish additional information required to be disclosed in order to make information previously furnished to the Company by such holder not misleading. The Company and the Guarantors further agree to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Company and the Guarantors for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, and the Company agrees to furnish to each Electing Holder copies of any such supplement or amendment prior to its being used or promptly following its filing with the Commission. (c) In the event that (i) the Company and the Guarantors have not filed the Exchange Registration Statement or Shelf Registration Statement on or before the date on which such registration statement is required to be filed pursuant to Section 2(a) or 2(b), respectively, or (ii) such Exchange Registration Statement or Shelf Registration Statement has not become effective or been declared effective by the Commission on or before the date on which such registration statement is required to become or be declared effective pursuant to Section 2(a) or 2(b), respectively, or (iii) the Exchange Offer has not been consummated prior completed within 30 Business Days after the initial effective date of the Exchange Registration Statement relating to the Consummation Date, Exchange Offer (iiif the Exchange Offer is then required to be made) the Securities have not become Freely Tradable on or before the Free Trade Date, or (iiiiv) any Exchange Registration Statement or Shelf Registration Statement required by this Agreement Section 2(a) or 2(b) hereof is filed and declared effective, effective but shall thereafter cease ceases to be effective or fail to be usable for its intended purpose without being succeeded by a post-effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly in connection with resales of Transfer Restricted Securities during the periods specified in Section 2(b) hereof (each such event referred to in clauses (i) through (iiiiv), a “Registration Default,” and the each period during which a Registration Default has occurred and is continuing, the a “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b9(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. (cd) The Company shall use all commercially reasonable efforts to take, and shall to cause the Guarantors to take, all actions necessary or advisable to be taken by it to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement registration statement contemplated in Section 2(a) or 2(b) hereof, as applicable. (de) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (Fti Consulting Inc)

Registration Under the Securities Act. (a) Subject to the last sentence of this Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date, the Company If Aon and the Guarantors agree to use all commercially reasonable efforts to (i) Trust file under the Securities Act a registration statement relating pursuant to Section 2(a) of the Capital Securities Exchange and Registration Rights Agreement, then Aon and the Trust agree, jointly and severally, to include in such registration statement an offer to exchange (such registration statementthe "Exchange Offer") the Guarantee for a new guarantee of Aon to be extended pursuant to a new guarantee agreement to be entered into by Aon and the Guarantee Trustee for the benefit of holders of the Exchange Securities (as defined below), the “Exchange Registration Statement,” Registrable Securities, if any, and such offerthe Securities, if any (the “Exchange Offer”) any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the Guarantors"New Guarantee Agreement"), which debt securities and guarantees are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust indenture that is substantially identical to the Indenture or is the Indenture and that has been will be qualified under the Trust Indenture Act), such new guarantee to be substantially identical to the Guarantee except that they have been it will relate to the Exchange Securities, the Registrable Securities, if any, and the Securities, if any, and it will be registered pursuant to an effective registration statement under the Securities Act and do such new guarantee will not contain provisions for restricting transfer in the additional interest contemplated in Section 2(b) below absence of registration under the Securities Act (such new debt securities are guarantee hereinafter called "Exchange Guarantee"). Such registration statement shall also relate to, and the consummation of the Exchange Offer shall be conditioned upon the consummation of, an offer to exchange the Debentures for substantially identical debentures of Aon pursuant to the Debenture Exchange and Registration Rights Agreement (the "Exchange Debentures") and to an offer to exchange the Securities for substantially identical capital securities of the Trust pursuant to the Capital Securities Exchange and Registration Rights Agreement (the "Exchange Securities"). Aon and the Trust agree, (ii) jointly and severally, to use their reasonable best efforts to cause the Exchange Registration Statement such registration statement to become effective under the Securities Act, (iii) commence the Exchange Offer promptly after such Exchange Registration Statement has become effective, (iv) hold the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) after the date that notice Act within 180 days of the Exchange Offer is mailed to holders of the Securities, (v) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Issue Date”). The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Actform. The Exchange Offer will shall be deemed to have been “completed” only (A) if completed upon the debt securities and related guarantees received by holders other than Restricted Holders in completion of the exchange of the Exchange Offer Guarantee for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the states of the United States of America, and (B) upon the earlier to occur of (1) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (2) the Company having exchanged, Guarantee pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days following the commencement of the Exchange Offer. The Company and the Guarantors agree (I) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (II) to keep such Exchange Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (b), (c) and (d) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If Aon and the Trust file a "shelf" registration statement pursuant to Section 2(b) of the Capital Securities Exchange and Registration Rights Agreement without also filing a registration statement pursuant to Section 2(a) thereof, then such "shelf" registration statement shall provide for the registration of the Guarantee (the "Shelf Registration"). The Shelf Registration shall also provide for the registration of the Debentures pursuant to the Debenture Exchange and Registration Rights Agreement and for the registration of and the sale on a continuous or delayed basis by the holders of, all of the Securities pursuant to Rule 415 under the Securities Act and/or any similar rule that may be adopted by the Commission pursuant to the Capital Securities Exchange and Registration Rights Agreement. Aon and the Trust agree, jointly and severally, to use their reasonable best efforts to cause the Shelf Registration to become or be declared effective and to keep such Shelf Registration continuously effective for a period ending on the earlier of (A) the third anniversary of the Issue Date or (B) the later of (i) the Exchange Offer has not been consummated prior to the Consummation Date, (ii) the such time as there are no longer any Securities have not become Freely Tradable on or before the Free Trade Date, or (iii) any Exchange Registration Statement required by this Agreement is filed and declared effective, but shall thereafter cease to be effective or fail to be usable for its intended purpose without being succeeded by a post-effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iii), a “Registration Default,” and the period during which a Registration Default has occurred and is continuing, the “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 8(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable outstanding or (ii) as required under the Debenture Exchange and Registration Statement has been declared effective Rights Agreement. Aon and the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure Trust further agree, jointly and severally, to provide a certificate supplement or make amendments to the Trustee instructing Shelf Registration, as and when required by the Trustee that rules, regulations or instructions applicable to the restrictive legend on registration form used by Aon and the Trust for such Shelf Registration or by the Securities no longer applies unless the Company has received a request to do so by a holder of Securities Act or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date rules and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummatedregulations thereunder for shelf registration. (c) The Company shall take, and shall cause the Guarantors to take, all actions necessary or advisable to be taken to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereof. (d) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, incorporated therein by reference as of such time the applicable Effective Time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, incorporated therein by reference as of a time after such timeEffective Time.

Appears in 1 contract

Samples: Guarantee Exchange and Registration Rights Agreement (Aon Corp)

Registration Under the Securities Act. (a) Subject to the last sentence of this Except as set forth in Section 2(a), if the Securities have not become Freely Tradable on or before the Free Trade Date2(b) below, the Company and the Guarantors agree to use all commercially reasonable efforts to agrees to: (i1) file under the Securities Act Act, no later than 120 days after the Closing Date, a registration statement relating to an offer to exchange (such registration statement, the “Exchange Registration Statement"EXCHANGE OFFER REGISTRATION STATEMENT," and such offer, the “Exchange Offer”"EXCHANGE OFFER") any and all of the Securities (other than Exchange Securities) for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the GuarantorsCompany, which debt securities and guarantees are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of a trust an indenture that which is substantially identical to the Indenture or is the Indenture and that which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the additional interest contemplated in Section 2(b2(c) below (such new debt securities are hereinafter called “Exchange Securities”"EXCHANGE SECURITIES"), ; (ii2) use its best efforts to cause the Exchange Offer Registration Statement to become effective under the Securities ActAct as soon as practicable, but no later than 180 days after the Closing Date; (iii3) use its best efforts to commence and complete the Exchange Offer promptly promptly, but no later than 210 days after such Exchange Registration Statement has become effective, the Closing Date; and (iv4) hold the Exchange Offer open for at least 20 Business Days 30 days (or longer if required by applicable law) after the date that the notice of the Exchange Offer is mailed to the holders of the Securities, (v) exchange and issue Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer and (vi) consummate the Exchange Offer on the earliest practicable date after the Exchange Registration Statement has become effective, but in no event later than 30 Business Days thereafter (such 30th Business Day being the “Consummation Date”)Offer. The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. The Exchange Offer will be deemed to have been "completed" only (A) if the debt securities and related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under need for further compliance with Section 5 of the Securities Act and the Exchange Act (except for the requirement to deliver a prospectus included in the Exchange Offer Registration Statement applicable to resales by any broker-dealer of Exchange Securities received by such broker-dealer pursuant to the Exchange Offer in exchange for Registrable Securities other than those acquired by the broker-dealer directly from the Company), and without material restrictions under the blue sky or securities laws of a substantial majority of the states States of the United States of America. Subject to the preceding sentence, and (B) the Exchange Offer shall be deemed to have been completed upon the earlier to occur of (1i) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities (other than those held by Restricted Holders) pursuant to the Exchange Offer and (2ii) the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 Business Days 30 days following the commencement of the Exchange Offer. The Company and the Guarantors agree agrees (Ix) to include in the Exchange Offer Registration Statement a prospectus for use in connection with any resales by any holder of Exchange Securities that is by a broker-dealer, other than resales of Exchange Securities received by a broker-dealer pursuant to an Exchange Offer in exchange for Registrable Securities acquired by the broker-dealer directly from the Company, and (IIy) to keep such Exchange Offer Registration Statement effective for a period (the “Resale Period”"RESALE PERIOD") beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Offer Registration Statement, such holders each broker-dealer that holds Exchange Securities received in an Exchange Offer in exchange for Registrable Securities not acquired by it directly from the Company shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (bc), (cd) and (de) hereof. The obligations of the Company and the Guarantors set forth in this Section 2(a) shall cease on the date on which the Securities become Freely Tradable. (b) If If, on or prior to the date of consummation of the Exchange Offer, (i) existing Commission interpretations are changed such that the Securities received by holders other than Restricted Holders in the Exchange Offer has for Registrable Securities are not been consummated prior or would not be, upon receipt, transferable by each such holder without need for further compliance with Section 5 of the Securities Act (except for the requirement to deliver a prospectus included in the Exchange Offer Registration Statement applicable to resales by a broker-dealer of Exchange Securities received by such broker-dealer pursuant to the Consummation Date, Exchange Offer in exchange for Registrable Securities other than those acquired by the broker-dealer directly from the Company), (ii) the holder of the Securities have shall notify the Company that: (A) the holder is prohibited by law or Commission policy from participating in the Exchange Offer, or (1) the holder may not become Freely Tradable on resell the Exchange Notes acquired by it in the Exchange Offer to the public without delivering a prospectus and (2) the prospectus contained in the Exchange Offer Registration Statement is not appropriate or before available for such resales by the Free Trade Dateholder, or or (iii) if for any Exchange Registration Statement required by this Agreement is filed and declared effective, but shall thereafter cease to be effective or fail to be usable for its intended purpose without being succeeded by a post-effective amendment or prospectus supplement to such Exchange Registration Statement that cures such failure and that is itself declared effectively promptly (each such event referred to in clauses (i) through (iii), a “Registration Default,” and the period during which a Registration Default has occurred and is continuingother reason, the “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to Company does not consummate the provisions of Section 8(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for the first 90 Exchange Offer within 210 days of the Registration Default PeriodClosing Date, at a per annum rate in lieu of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period, provided that in no event shall the Company be required to pay Special Interest for more than one Registration Default at any given time. The Registration Default Period shall terminate on the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and conducting the Exchange Offer has been consummated. Special Interest shall not accrue as a result of the Company’s failure to provide a certificate to the Trustee instructing the Trustee that the restrictive legend on the Securities no longer applies unless the Company has received a request to do so contemplated by a holder of Securities or the Trustee on or after the 380th day after the Closing Date; provided that if the Company receives such a request on or after the fifth Business Day immediately preceding the Free Trade Date and the restrictive legend on the Securities has not been removed by the close of business on the fifth Business Day thereafter, Special Interest shall accrue as provided in this Section 2(b) until the date on which (i) the Securities become Freely Tradable or (ii) the Exchange Registration Statement has been declared effective and the Exchange Offer has been consummated. (c) The Company shall take, and shall cause the Guarantors to take, all actions necessary or advisable to be taken to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantees under the Exchange Registration Statement contemplated in Section 2(a) hereof. (d) Any reference herein to the Company shall, as promptly as practicable, file a "shelf" registration statement providing for the registration of, and the sale on a continuous or prospectus as delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any time shall similar rule that may be deemed to include any document incorporatedadopted by the Commission (such registration, or deemed to be incorporatedthe "RESALE REGISTRATION" and such registration statement, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such timethe "RESALE REGISTRATION STATEMENT").

Appears in 1 contract

Samples: Exchange and Registration Rights Agreement (Cendant Corp)

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