EXHIBIT 4.10
OMNIBUS INSTRUMENT
WHEREAS, the parties named herein desire to enter into certain Program
Documents contained herein, each such document dated as of this o day of o,
200o, relating to the issuance by Principal Life Income Fundings Trust o (the
"Trust") of Notes with a [principal amount/face amount] of $o to investors under
Principal Life's secured notes program;
WHEREAS, the Trust is a trust and will be organized under and its
activities will be governed by the provisions of the Trust Agreement (set forth
in Section A of this Omnibus Instrument), dated as of the date of the Pricing
Supplement (attached to this Omnibus Instrument as Exhibit D) (the "Pricing
Supplement"), by and between the parties thereto indicated in Section F herein;
WHEREAS, certain expense and indemnification arrangements between
Principal Life and the Trustee, on behalf of itself and on behalf of the Trust,
are governed pursuant to the provisions of the Expense and Indemnity Agreement
dated as of o, 2006, by and between Principal Life and the Trustee;
WHEREAS, certain licensing arrangements between the Trust and Principal
Financial Services, Inc. will be governed pursuant to the provisions of the
License Agreement (set forth in Section B of this Omnibus Instrument), dated as
of the date of the Pricing Supplement, by and between the parties thereto
indicated in Section F herein;
WHEREAS, certain custodial arrangements of the Funding Agreement and
the Guarantee will be governed pursuant to the provisions of the Custodial
Agreement (the "Custodial Agreement") dated as of o, 2006 by and among Bankers
Trust Company, N.A., acting as custodian (the "Custodian"), the Indenture
Trustee and the Trustee, on behalf of the Trust;
WHEREAS, the Notes will be issued pursuant to the Indenture (set forth
in Section C of this Omnibus Instrument), dated as of the Original Issue Date,
by and between the parties thereto indicated in Section F herein;
WHEREAS, the sale of the Notes will be governed by the Terms Agreement
(set forth in Section D of this Omnibus Instrument), dated the date of the
Pricing Supplement, by and among the parties thereto indicated in Section F
herein; and
WHEREAS, certain agreements relating to the Notes, the Funding
Agreement and the Guarantee are set forth in the Coordination Agreement (set
forth in Section E of this Omnibus Instrument), dated as of the date of the
Pricing Supplement, by and among the parties thereto indicated in Section F
herein.
All capitalized terms used herein and not otherwise defined will have
the meanings set forth in the Indenture.
[Remainder of Page Left Intentionally Blank.]
SECTION A
TRUST AGREEMENT
This TRUST AGREEMENT (this "Trust Agreement"), dated as of the date of
the Pricing Supplement, is entered into by and between GSS Holdings II, Inc., a
Delaware corporation, as trust beneficial owner (the "Trust Beneficial Owner"),
and U.S. Bank Trust National Association, a national banking association, as
Trustee (the "Trustee").
W I T N E S S E T H:
WHEREAS, the Trust Beneficial Owner and the Trustee desire to authorize
the issuance of a Trust Beneficial Interest and a series of Notes in connection
with the entry into this Trust Agreement;
WHEREAS, all things necessary to make this Trust Agreement a valid and
legally binding agreement of the Trustee and the Trust Beneficial Owner,
enforceable in accordance with its terms, have been done;
WHEREAS, the parties intend to provide for, among other things, (i) the
issuance and sale of the Notes (pursuant to the Indenture, the Distribution
Agreement and the related Terms Agreement) and the Trust Beneficial Interest,
(ii) the use of the proceeds of the sale of the Notes and Trust Beneficial
Interest to acquire the Funding Agreement, the payment obligations of which will
be fully and unconditionally guaranteed by the Guarantee, and (iii) all other
actions deemed necessary or desirable in connection with the transactions
contemplated by this Trust Agreement; and
WHEREAS, the parties hereto desire to incorporate by reference those
certain Standard Trust Terms, dated as of o, 2006, and attached to the Omnibus
Instrument as Exhibit A (the "Standard Trust Terms") and all capitalized terms
not otherwise defined herein (including the recitals hereof) shall have the
meanings set forth in the Standard Trust Terms (the Standard Trust Terms and
this Trust Agreement, collectively, the "Trust Agreement").
NOW, THEREFORE, in consideration of the agreements and obligations set
forth herein and for other good and valuable consideration, the sufficiency of
which are hereby acknowledged, each party hereby agrees as follows:
ARTICLE 1
Section 1.01 Incorporation by Reference. All terms, provisions and
agreements set forth in the Standard Trust Terms (except to the extent expressly
modified herein) are hereby incorporated herein by reference with the same force
and effect as though fully set forth herein. To the extent that the terms set
forth in Article 2 of this Trust Agreement are inconsistent with the terms of
the Standard Trust Terms, the terms set forth in Article 2 herein shall apply.
A-1
ARTICLE 2
Section 2.01 Name. The Trust created and governed by the Trust
Agreement shall be the trust specified in the Omnibus Instrument. The name of
the Trust shall be the name specified in the first paragraph of the Omnibus
Instrument, as such name may be modified from time to time by the Trustee
following written notice to the Trust Beneficial Owner.
Section 2.02 Jurisdiction. The Trust is hereby organized in, and formed
under and pursuant to, the laws of the State of New York.
Section 2.03 Initial Capital Contribution and Ownership. The Trust
Beneficial Owner has paid or has caused to be paid to, or to an account at the
direction of, the Trustee, on the date hereof, the sum of $15 (or, in the case
of Notes issued with original issue discount, such amount multiplied by the
issue price of the Notes). The Trustee hereby acknowledges receipt in trust from
the Trust Beneficial Owner, as of the date hereof, of the foregoing
contribution, which shall be used along with the proceeds from the sale of the
series of Notes to purchase the Funding Agreement. Upon the creation of the
Trust and the registration of the Trust Beneficial Interest in the Securities
Register (as defined in the Trust Agreement) by the Registrar in the name of the
Trust Beneficial Owner, the Trust Beneficial Owner shall be the sole beneficial
owner of the Trust.
Section 2.04 Acknowledgment. The Trustee, on behalf of the Trust,
expressly acknowledges its duties and obligations set forth in the Standard
Trust Terms incorporated herein.
Section 2.05 Additional Terms.
None
Section 2.06 Omnibus Instrument; Execution and Incorporation of Terms.
The parties to the Trust Agreement will enter into the Trust Agreement
by executing the Omnibus Instrument.
By executing the Omnibus Instrument, the Trustee and the Trust
Beneficial Owner hereby agree that the Trust Agreement will constitute a legal,
valid and binding agreement between the Trustee and the Trust Beneficial Owner.
All terms relating to the Trust or the series of Notes not otherwise
included in the Trust Agreement will be as specified in the Omnibus Instrument,
the Pricing Supplement or the Distribution Agreement as indicated herein.
A-2
Section 2.07 Governing Law. The Trust Agreement will be governed by,
and construed in accordance with, the laws of the State of New York.
Section 2.08 Counterparts. The Trust Agreement, through the Omnibus
Instrument, may be executed in any number of counterparts, each of which
counterparts shall be deemed to be an original, and all of which counterparts
shall constitute but one and the same instrument.
[Remainder of Page Left Intentionally Blank.]
A-3
SECTION B
LICENSE AGREEMENT
This LICENSE AGREEMENT (this "License Agreement"), dated as of the date
of the Pricing Supplement, is entered into by and between Principal Financial
Services, Inc., an Iowa corporation with its principal place of business at 000
Xxxx Xxxxxx, Xxx Xxxxxx, Xxxx 00000 (the "Licensor"), and the Principal Life
Income Fundings Trust specified in the Omnibus Instrument (the "Licensee").
W I T N E S S E T H:
WHEREAS, the Licensor is the owner of certain trademarks and service
marks and registrations and pending applications therefor, and may acquire
additional trademarks and service marks in the future, all as described more
fully below;
WHEREAS, the Licensee desires to use certain of the Licensor's
trademarks and service marks in connection with the Licensee's activities, as
described more fully below;
WHEREAS, the Licensor and the Licensee wish to formalize the agreement
between them regarding the Licensee's use of the Licensor's marks; and
WHEREAS, the parties hereto desire to incorporate by reference those
certain Standard License Agreement Terms, dated March 5, 2004, and attached to
the Omnibus Instrument as Exhibit B (the "Standard License Agreement Terms") and
all capitalized terms not otherwise defined herein (including the recitals
hereof) shall have the meanings set forth in the Standard License Agreement
Terms (the Standard License Agreement Terms and this License Agreement,
collectively, the "License Agreement").
NOW, THEREFORE, in consideration of the mutual promises set forth
herein and for other good and valuable consideration, the sufficiency and
receipt of which are hereby acknowledged, each party hereby agrees as follows:
ARTICLE 1
Section 1.01 Incorporation by Reference. All terms, provisions and
agreements set forth in the Standard License Agreement Terms (except to the
extent expressly modified herein) are hereby incorporated herein by reference
with the same force and effect as though fully set forth herein. To the extent
that the terms set forth in Article 2 of this License Agreement are inconsistent
with the terms of the Standard License Agreement Terms, the terms set forth in
Article 2 herein shall apply.
ARTICLE 2
Section 2.01 Additional Terms.
None
B-1
Section 2.02 Omnibus Instrument; Execution and Incorporation of Terms.
The parties to the License Agreement will enter into the License
Agreement by executing the Omnibus Instrument.
By executing the Omnibus Instrument, the Licensor and the Licensee
hereby agree that the License Agreement will constitute a legal, valid and
binding agreement between the Licensor and the Licensee.
All terms relating to the Trust or the Notes not otherwise included in
the License Agreement will be as specified in the Omnibus Instrument or Pricing
Supplement, as indicated herein.
Section 2.03 Counterparts. The License Agreement, through the Omnibus
Instrument, may be executed in any number of counterparts, each of which
counterparts shall be deemed to be an original, and all of which counterparts
shall constitute but one and the same instrument.
[Remainder of Page Left Intentionally Blank.]
B-2
SECTION C
INDENTURE
This INDENTURE (this "Indenture") is entered into as of the Original
Issue Date by and between the Principal Life Income Fundings Trust specified in
the Omnibus Instrument (the "Trust") and [Citibank, N.A.][indenture trustee if
Citibank, N.A. is not acting as indenture trustee], as indenture trustee (the
"Indenture Trustee").
[Citibank, N.A.][indenture trustee if Citibank, N.A. is not acting as
indenture trustee], in its capacity as indenture trustee, hereby accepts its
role as Registrar, Paying Agent, Transfer Agent and Calculation Agent hereunder.
References herein to "Indenture Trustee," "Registrar," "Transfer
Agent," "Paying Agent" or "Calculation Agent" shall include the permitted
successors and assigns of any such entity from time to time.
W I T N E S S E T H:
WHEREAS, the Trust has duly authorized the execution and delivery of
this Indenture to provide for the issuance of Notes;
WHEREAS, all things necessary to make this Indenture a valid and
legally binding agreement of the Trust and the other parties to this Indenture,
enforceable in accordance with its terms, have been done, and the Trust proposes
to do all things necessary to make the Notes, when executed by the Trust and
authenticated and delivered pursuant hereto, valid and legally binding
obligations of the Trust as hereinafter provided; and
WHEREAS, the parties hereto desire to incorporate by reference those
certain Standard Indenture Terms, dated as of o, 2006, and attached to the
Omnibus Instrument as Exhibit C (the "Standard Indenture Terms") and all
capitalized terms not otherwise defined herein (including the recitals hereof)
shall have the meanings set forth in the Standard Indenture Terms (the Standard
Indenture Terms and this Indenture, collectively, the "Indenture").
NOW, THEREFORE, for and in consideration of the premises and the
purchase of the Notes by the Holders thereof, it is mutually covenanted and
agreed by each of the parties hereto as follows:
ARTICLE 1
Section 1.01 Incorporation by Reference. All terms, provisions and
agreements set forth in the Standard Indenture Terms (except to the extent
expressly modified herein) are hereby incorporated herein by reference (with the
same force and effect as though fully set forth herein). To the extent that the
terms set forth in Article 2 of this Indenture are inconsistent with the terms
of the Standard Indenture Terms, the terms set forth in Article 2 herein shall
apply.
C-1
ARTICLE 2
Section 2.01 Agreement to be Bound. Each of the Trust, the Indenture
Trustee, the Registrar, the Transfer Agent, the Paying Agent and the Calculation
Agent hereby agrees to be bound by all of the terms, provisions and agreements
set forth in the Indenture, with respect to all matters contemplated in the
Indenture, including, without limitation, those relating to the issuance of the
below-referenced Notes.
Section 2.02 Designation of the Trust, the Notes, the Funding Agreement
and the Guarantee. The Trust created by the Trust Agreement and referred to in
the Indenture is the Principal Life Income Fundings Trust specified in the
Omnibus Instrument. The Notes issued by the Trust and governed by the Indenture
shall be the Notes specified in the Pricing Supplement. The Funding Agreement
designated hereby is the Funding Agreement designated in the Pricing Supplement
dated as of the Original Issue Date between the Trust and Principal Life. The
Guarantee designated hereby is the Guarantee dated as of the Original Issue Date
of PFG.
Section 2.03 Additional Terms.
None
Section 2.04 Omnibus Instrument; Execution and Incorporation of Terms.
The parties to the Indenture will enter into the Indenture by executing
the Omnibus Instrument.
By executing the Omnibus Instrument, the Indenture Trustee, the
Registrar, the Transfer Agent, the Paying Agent, the Calculation Agent and the
Trust hereby agree that the Indenture will constitute a legal, valid and binding
agreement between the Indenture Trustee, the Registrar, the Transfer Agent, the
Paying Agent, the Calculation Agent and the Trust.
All terms relating to the Trust or the Notes not otherwise included in
the Indenture will be as specified in the Omnibus Instrument or Pricing
Supplement, as indicated herein.
Section 2.05 Counterparts. The Indenture, through the Omnibus
Instrument, may be executed in any number of counterparts, each of which
counterparts shall be deemed to be an original, and all of which counterparts
shall constitute one and the same instrument.
[Remainder of Page Left Intentionally Blank.]
C-2
SECTION D
TERMS AGREEMENT
This TERMS AGREEMENT (this "Terms Agreement") is entered into as of the
Original Issue Date by and among Principal Life Insurance Company ("Principal
Life"), Principal Financial Group, Inc. ("PFG"), the Principal Life Income
Fundings Trust specified in the Omnibus Instrument (the "Trust") and the
Purchasing Agent specified in the Pricing Supplement (the "Purchasing Agent").
W I T N E S S E T H:
WHEREAS, Principal Life, PFG and the agents named therein, including
the Purchasing Agent have entered into that certain Distribution Agreement dated
o, 2006 (the "Distribution Agreement").
NOW, THEREFORE, in consideration of the mutual promises set forth
herein and other good and valuable consideration, the sufficiency and receipt of
which are hereby acknowledged, each of the parties hereby agrees as follows:
ARTICLE 1
Section 1.01 Incorporation by Reference. The provisions of the
Distribution Agreement and the related definitions (unless otherwise specified
herein) are incorporated by reference herein and shall be deemed to have the
same force and effect as if set forth in full herein.
ARTICLE 2
Section 2.01 Addition of Trust as Party to Distribution Agreement.
Pursuant to Section 1 of the Distribution Agreement, each of the
undersigned parties hereby acknowledges and agrees that the Trust, upon
execution hereof by the Trust and the other parties to the Distribution
Agreement (other than any other trusts organized in connection with the
Registration Statement that are party thereto as of the date hereof), shall
become a Trust for purposes of the Distribution Agreement in accordance with the
terms thereof, in respect of the Notes, with all the authority, rights, powers,
duties and obligations of a Trust under the Distribution Agreement. The Trust
confirms that any agreement, covenant, acknowledgment, representation or
warranty under the Distribution Agreement applicable to the Trust is made by the
Trust at the date hereof, unless another time or times are specified in the
Distribution Agreement, in which case such agreement, covenant, acknowledgment,
representation or warranty shall be deemed to be confirmed by the Trust at such
specified time or times.
Section 2.02 Purchase of Notes as Principal.
(a) Subject in all respects to the terms and conditions of the
Distribution Agreement, the Trust hereby agrees to sell to the Purchasing Agent
and the Purchasing Agent hereby agrees to purchase the Notes having the terms
specified in the Pricing Supplement relating to such Notes.
D-1
(b) In connection with any purchase of Notes from the Trust by the
Purchasing Agent as principal, the parties agrees that the items specified on
Schedule I of the Omnibus Instrument will be delivered as of the Settlement
Date.
Section 2.03 Termination. Upon the termination of this Terms Agreement
pursuant to Section 13(b) of the Distribution Agreement the undersigned parties
hereby agree to that the expenses reasonably incurred prior to or in connection
with such termination will be borne by Principal Life and PFG.
Section 2.04 Applicable Time. For purposes of the Distribution
Agreement, the Applicable Time shall be o.
Section 2.05 Free Writing Prospectus. For purposes of the Distribution
Agreement, each free writing prospectus (attached to this Omnibus Instrument as
Exhibit G) constitutes a part of the Time of Sale Prospectus.
Section 2.06 Governing Law. This Terms Agreement shall be governed by
and construed in accordance with the laws of the State of New York without
regard to the principles of conflicts of laws thereof.
Section 2.07 Notices. For purposes of Section 14 of the Distribution
Agreement, the Trust's communications details are as set forth in Section E of
the Omnibus Instrument.
Section 2.08 Omnibus Instrument; Execution and Incorporation of Terms.
The parties to this Terms Agreement will enter into this Terms
Agreement by executing the Omnibus Instrument.
By executing the Omnibus Instrument, each party hereto agrees that this
Terms Agreement will constitute a legal, valid and binding agreement by and
among such parties.
All terms relating to the Trust or the Notes not otherwise included in
this Terms Agreement will be as specified in the Omnibus Instrument, the Pricing
Supplement or the Distribution Agreement as indicated herein.
Section 2.09 Counterparts. This Terms Agreement, through the Omnibus
Instrument, may be executed in any number of counterparts, each of which
counterparts shall be deemed to be an original, and all of which counterparts
shall constitute but one and the same instrument.
[Remainder of Page Left Intentionally Blank.]
D-2
SECTION E
COORDINATION AGREEMENT
This COORDINATION AGREEMENT (this "Coordination Agreement"), dated as
of the date of the Pricing Supplement, is entered into by and among Principal
Life Insurance Company ("Principal Life"), Principal Financial Group, Inc.
("PFG"), the Principal Life Income Fundings Trust specified in the Omnibus
Instrument (the "Trust"), Principal Financial Services, Inc. ("PFSI"), Bankers
Trust Company, N.A. and [Citibank, N.A.,][indenture trustee if Citibank, N.A. is
not acting as indenture trustee], as indenture trustee (the "Indenture
Trustee").
W I T N E S S E T H
WHEREAS, the Trust will enter into the Funding Agreement with Principal
Life dated as of the Original Issue Date specified in the Pricing Supplement;
WHEREAS, PFG will issue a Guarantee to the Trust as of the Original
Issue Date specified in the Pricing Supplement, which will fully and
unconditionally guarantee the payment obligations of Principal Life under the
Funding Agreement;
WHEREAS, the Purchasing Agent (as defined in the Distribution
Agreement) have agreed to sell the Notes in accordance with the Registration
Statement;
WHEREAS, the Trust intends to issue the Notes in accordance with the
Indenture, to collaterally assign to, and grant a security interest in, the
Funding Agreement and the Guarantee to and in favor of the Indenture Trustee in
accordance with the Indenture to secure payment of the Notes;
WHEREAS, the Custodian will hold the Funding Agreement and the
Guarantee on behalf of the Indenture Trustee pursuant to the terms of the
Custodial Agreement; and
WHEREAS, certain licensing arrangements between the Trust and PFSI will
be governed pursuant to the provisions of the License Agreement.
NOW, THEREFORE, to give effect to the agreements and arrangements
established under the Terms Agreement included in the Omnibus Instrument, as
applicable, the Trust Agreement, the Indenture and the Notes, and in
consideration of the agreements and obligations set forth herein and for other
good and valuable consideration, the sufficiency of which are hereby
acknowledged, each party hereby agrees as follows:
ARTICLE 1
Section 1.01 Delivery of the Funding Agreement and the Guarantee. The
Trust hereby authorizes the Custodian, on behalf of the Indenture Trustee, to
receive the Funding Agreement from Principal Life and the Guarantee from PFG
pursuant to the assignment of the Funding Agreement and Guarantee (the
"Assignment"), to be entered into on the Original Issue Date, included in the
closing instrument dated as of the Original Issue Date (the "Closing
Instrument").
E-1
Section 1.02 Issuance and Purchase of the Notes.
(a) Delivery of the Funding Agreement and the Guarantee to the
Custodian, on behalf of the Indenture Trustee, pursuant to the Assignment or
execution of the cross receipt contained in the Closing Instrument shall be
confirmation of payment by the Trust for the Funding Agreement.
(b) The Trust hereby directs the Indenture Trustee, upon receipt by the
Custodian, on behalf of the Indenture Trustee, of the Funding Agreement pursuant
to the Assignment and upon receipt by the Custodian, on behalf of the Indenture
Trustee, of the Guarantee, (i) to authenticate the certificates representing the
Notes (the "Notes Certificates") in accordance with the Indenture and (ii) to
(A) deliver each relevant Notes Certificate to the clearing system or systems
identified in each such Notes Certificate, or to the nominee of such clearing
system, or the custodian thereof, for credit to such accounts as the Purchasing
Agent may direct, or (B) deliver each relevant Notes Certificate to the
purchasers thereof as identified by the Purchasing Agent.
ARTICLE 2
Section 2.01 Directions Regarding Periodic Payments. As registered
owner of the Funding Agreement and the Guarantee as collateral securing payments
on the Notes, the Indenture Trustee will receive payments on the Funding
Agreement and the Guarantee on behalf of the Trust. The Trust hereby directs the
Indenture Trustee to use such funds to make payments on behalf of the Trust
pursuant to the Trust Agreement and the Indenture.
Section 2.02 Maturity of the Funding Agreement. Upon the maturity of
the Funding Agreement and the return of funds thereunder, the Trust hereby
directs the Indenture Trustee to set aside from such funds an amount sufficient
for the repayment of the outstanding principal on the Notes and Trust Beneficial
Interest when due.
ARTICLE 3
Section 3.01 Certificates. Principal Life hereby agrees to deliver an
Officer's Certificate, a copy of which is attached hereto as Exhibit E, on a
quarterly basis to any rating agency currently rating the Program. The Trust
hereby agrees to deliver an Officer's Certificate, a copy of which is attached
hereto as Exhibit F, on a quarterly basis to any rating agency currently rating
the Program.
Section 3.02 Filings. Principal Life hereby covenants, as sponsor and
depositor, to file, or cause to be filed, in a timely manner on behalf of the
Trust all reports, certifications or similar filings required under the
Securities Exchange Act of 1934, as amended.
ARTICLE 4
Section 4.01 No Additional Liability. Nothing in this Coordination
Agreement shall impose any liability or obligation on the part of any party to
this Coordination Agreement to make any payment or disbursement in addition to
any liability or obligation such party has under the Program Documents, except
to the extent that a party has actually received funds which it is obligated to
disburse pursuant to this Coordination Agreement.
E-2
Section 4.02 No Conflict. This Coordination Agreement is intended to be
in furtherance of the agreements reflected in the documents related to the
Program Documents, and not in conflict. To the extent that a provision of this
Coordination Agreement conflicts with the provisions of one or more Program
Documents, the provisions of such Program Documents shall govern.
Section 4.03 Governing Law. This Coordination Agreement shall be
governed by and construed in accordance with the laws of the State of New York
without regard to the principles of conflicts of laws thereof.
Section 4.04 Severability. If any provision in this Coordination
Agreement shall be invalid, illegal or unenforceable, such provision shall be
deemed severable from the remaining provisions of this Coordination Agreement
and shall in no way affect the validity or enforceability of such other
provisions of this Coordination Agreement.
Section 4.05 Severability. If any provision in this Coordination
Agreement shall be invalid, illegal or unenforceable, such provision shall be
deemed severable from the remaining provisions of this Coordination Agreement
and shall in no way affect the validity or enforceability of such other
provisions of this Coordination Agreement.
Section 4.06 Notices. All demands, notices and communications under
this Coordination Agreement shall be in writing and shall be deemed to have been
duly given upon receipt at the addresses set forth below:
To the Trust:
Principal Life Income Fundings Trust (followed by the number
set forth in the Omnibus Instrument)
c/o U.S. Bank Trust National Association
000 Xxxx Xxxxxx, 00xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Corporate Trust Administration
Telephone: (000) 000-0000
Facsimile: (000) 000-0000
To the Indenture Trustee:
[Citibank, N.A.
Citibank Agency & Trust
000 Xxxxxxxxxx Xxxxxx, 00xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Xxxxx Xxxxx
Telephone: (000) 000-0000
Facsimile: (000) 000-0000]
[or if Citibank, N.A. is not acting as Indenture Trustee,
then to:
[ ]]
E-3
To Principal Life:
Principal Life Insurance Company
000 Xxxx Xxxxxx
Xxx Xxxxxx, Xxxx 00000
Attention: General Counsel
Telephone: (000) 000-0000
Facsimile: (000) 000-0000
With a copy to:
Principal Life Insurance Company
000 Xxxx Xxxxxx
Xxx Xxxxxx, Xxxx 00000
Attention: Xxx Xxxxxxx
Telephone: (000) 000-0000
Facsimile: (000) 000-0000
To PFG:
Principal Financial Group, Inc.
000 Xxxx Xxxxxx
Xxx Xxxxxx, Xxxx 00000
Attention: General Counsel
Telephone: (000) 000-0000
Facsimile: (000) 000-0000
With a copy to:
Principal Life Insurance Company
000 Xxxx Xxxxxx
Xxx Xxxxxx, Xxxx 00000
Attention: Xxx Xxxxxxx
Telephone: (000) 000-0000
Facsimile: (000) 000-0000
To Principal Financial Services, Inc.:
Principal Financial Services, Inc.
000 Xxxx Xxxxxx
Xxx Xxxxxx, Xxxx 00000
Attention: General Counsel
Telephone: (000) 000-0000
Facsimile: (000) 000-0000
E-4
With a copy to:
Principal Life Insurance Company
000 Xxxx Xxxxxx
Xxx Xxxxxx, Xxxx 00000
Attention: Xxx Xxxxxxx
Telephone: (000) 000-0000
Facsimile: (000) 000-0000
To Bankers Trust Company, N.A:
Bankers Trust Company, N.A.
000 0xx Xxxxxx
Xxx Xxxxxx, Xxxx 00000-0000
Attention: Xxxxxx X. Brick
Telephone: (000) 000-0000
Facsimile: (000) 000-0000
or at such other address as shall be designated by any such party in a written
notice to the other parties.
ARTICLE 5
Section 5.01 Omnibus Instrument; Execution and Incorporation of Terms.
The parties to this Coordination Agreement will enter into this
Coordination Agreement by executing the Omnibus Instrument.
By executing the Omnibus Instrument, each party hereto agrees that this
Coordination Agreement will constitute a legal, valid and binding agreement by
and among the Trust, Principal Life, PFG, PFSI, the Custodian and the Indenture
Trustee.
All terms relating to the Trust or the Notes not otherwise included in
this Coordination Agreement will be as specified in the Omnibus Instrument or
Pricing Supplement, as indicated herein.
Section 5.02 Acknowledgment. Principal Life hereby acknowledges Section
2.10 of the Indenture and Section 6.1 of the Custodial Agreement. The Trust
hereby acknowledges and agrees to the terms of the Custodial Agreement.
Section 5.03 Counterparts. This Coordination Agreement, through the
Omnibus Instrument, may be executed in any number of counterparts, each of which
counterparts shall be deemed to be an original, and all of which counterparts
shall constitute but one and the same instrument.
Section 5.04 Capitalized Terms. All capitalized terms used herein and
not otherwise defined in this Coordination Agreement will have the meanings set
forth in the Indenture.
[Remainder of Page Left Intentionally Blank.]
E-5
SECTION F
MISCELLANEOUS AND EXECUTION PAGES
This Omnibus Instrument may be executed by each of the parties hereto
in any number of counterparts, and by each of the parties hereto on separate
counterparts, each of which counterparts, when so executed and delivered, shall
be deemed to be an original, but all such counterparts shall together constitute
but one and the same instrument.
Each signatory, by its execution hereof, does hereby become a party to
each of the agreements or indenture identified for such party as of the date
specified in such agreements or indenture.
IN WITNESS WHEREOF, the undersigned have executed this Omnibus
Instrument with respect to the Notes as of the date first written above.
PRINCIPAL LIFE INSURANCE COMPANY (in
executing below agrees and becomes a party
to (i) the Terms Agreement set forth in
Section D herein and (ii) the Coordination
Agreement set forth in Section E herein)
By:_________________________________
Name:
Title:
PRINCIPAL FINANCIAL GROUP, INC. (in
executing below agrees and becomes a party
to (i) the Terms Agreement set forth in
Section D herein and (ii) the Coordination
Agreement set forth in Section E herein)
By:_________________________________
Name:
Title:
PRINCIPAL FINANCIAL SERVICES, INC. (in
executing below agrees and becomes a party
to (i) the License Agreement set forth in
Section B herein and (ii) the Coordination
Agreement set forth in Section E herein)
By:_________________________________
Name:
Title:
[Execution Page 1 of 3]
THE PRINCIPAL LIFE INCOME FUNDINGS TRUST
DESIGNATED IN THIS OMNIBUS INSTRUMENT (in
executing below agrees and becomes a party
to (i) the License Agreement set forth in
Section B herein, (ii) the Indenture set
forth in Section C herein, (iii) the Terms
Agreement set forth in Section D herein and
(iv) the Coordination Agreement set forth in
Section E herein)
By: U.S. Bank Trust National Association,
not in its individual capacity but solely in
its capacity as trustee of the Trust
By:__________________________________
Name:
Title:
U.S. BANK TRUST NATIONAL ASSOCIATION (in
executing below agrees and becomes a party
to the Trust Agreement set forth in Section
A herein), as Trustee
By:__________________________________
Name:
Title:
GSS HOLDINGS II, INC. (in executing below
agrees and becomes a party to the Trust
Agreement set forth in Section A herein), as
Trust Beneficial Owner
By:__________________________________
Name:
Title:
[CITIBANK, N.A.][indenture trustee if
Citibank, N.A. is not acting as indenture
trustee] (in executing below agrees and
becomes a party to (i) the Indenture set
forth in Section C herein, as Indenture
Trustee, Registrar, Transfer Agent, Paying
Agent and Calculation Agent and (ii) the
Coordination Agreement set forth in Section
E herein), as Indenture Trustee, Registrar,
Transfer Agent, Paying Agent and Calculation
Agent
By:__________________________________
Name:
Title:
[Execution Page 2 of 3]
BANKERS TRUST COMPANY, N.A. (in executing
below agrees and becomes a party to the
Coordination Agreement set forth in Section
E herein)
By:__________________________________
Name:
Title:
[Purchasing Agent] (in executing below
agrees and becomes a party to the Terms
Agreement set forth in Section D herein)
By:__________________________________
Name:
Title:
[Execution Page 3 of 3]
INDEX OF EXHIBITS AND SCHEDULES TO THE OMNIBUS INSTRUMENT
Exhibit A Standard Trust Terms -- Incorporated herein by reference to
Exhibit 4.6 to Principal Life Insurance Company's and Principal
Financial Group, Inc.'s Registration Statement on Form S-3
(Registration Nos. 333-129763 and 000-000000-00.
Exhibit B Standard License Agreement Terms -- Incorporated herein by
reference to Exhibit 99.1 to Principal Life Insurance Company's
Current Report on Form 8-K, filed on March 29, 2004.
Exhibit C Standard Indenture Terms -- Incorporated herein by reference to
Exhibit 4.1 to Principal Life Insurance Company's and Principal
Financial Group, Inc.'s Registration Statement on Form S-3
(Registration Nos. 333-129763 and 000-000000-00.
Exhibit D Pricing Supplement -- Incorporated herein by reference to the
Pricing Supplement with respect to Principal Life Income Fundings
Trust o, filed on o, with the Securities and Exchange Commission
pursuant to Rule 424(b)(2) under the Securities Act of 1933, as
amended.
Exhibit E Principal Life Insurance Company Officer's Certificate
Exhibit F Principal Life Income Fundings Trusts Trustee Officer's
Certificate
Exhibit G Free Writing Prospectus(es)
Schedule I Terms Agreement Specifications
EXHIBIT E
Principal Life Insurance Company
Officer's Certificate
The undersigned, an officer of Principal Life Insurance Company, an
Iowa stock life insurance company ("Principal Life"), does hereby certify to
Standard & Poor's Ratings Services, a division of The XxXxxx-Xxxx Companies,
Inc., in such capacity and on behalf of Principal Life, to the knowledge of the
undersigned and after reasonable inquiry, that:
1. each of the representations and warranties of Principal Life
contained in each Expense and Indemnity Agreement entered into
in connection with the Registration Statement (defined below),
and each Funding Agreement issued in connection with the
Program (the "Specified Agreements") (other than any
representation or warranty expressly made as of a date prior
to the date hereof) are true and correct on and as of the date
hereof, with the same effect as though such representation or
warranty had been made on and as of the date hereof;
2. no default under any of the Specified Agreements and no event
or any condition which, with notice or lapse of time or both,
would become a default, has occurred and is continuing as of
the date hereof;
3. Principal Life has performed and complied with, respectively,
in all material respects, all of the agreements, covenants,
obligations and conditions applicable to Principal Life
required by the Specified Agreements to be performed or
complied with by Principal Life on or before the date hereof;
4. the Registration Statement filed on Form S-3 (File Nos.
333-129763 and 333-129763-01) (the "Registration Statement")
by Principal Life and Principal Financial Group, Inc. has been
declared effective by the Securities and Exchange Commission
(the "Commission") under the Securities Act of 1933, as
amended (the "Act") and no stop order suspending the
effectiveness of the Registration Statement has been issued
and no proceedings for that purpose have been commenced by or
are pending before or contemplated by the Commission;
5. all filings, if any, required by Rule 424 and Rule 430A under
the Act have been made in a timely manner;
6. since ______, the Trusts organized in connection with the
program contemplated by the Registration Statement have issued
the following series of Notes:
[List each series of Notes.] [(collectively, the
"Designated Notes")]; and
7. the Funding Agreements issued in connection with the
Designated Notes have been executed and delivered by Principal
Life in accordance with the terms and conditions of the
Program Documents.
E-1
Capitalized terms used herein and not otherwise defined herein shall
have the meanings set forth in the Standard Indenture Terms attached as Exhibit
4.1 to the Registration Statement.
IN WITNESS WHEREOF, the undersigned has executed this Certificate as of
the o day of o, 200o.
[NAME], [in his/her] capacity as an
authorized officer of Principal Life
By:__________________________________
Name:
Title:
E-2
EXHIBIT F
Principal Life Income Fundings Trusts
Trustee Officer's Certificate
U.S. Bank Trust National Association, not in its individual capacity
but solely in its capacity as trustee acting on behalf of each common law trust
organized under the laws of the State of New York (in such capacity, the
"Trustee," and each such common law trust being referred to herein as, a
"Trust") in connection with the program contemplated by Registration Statement
Nos. 333-129763 and 000-000000-00 filed on Form S-3 (the "Registration
Statement") by Principal Life Insurance Company and Principal Financial Group,
Inc. with the Securities and Exchange Commission, does hereby certify to
Standard & Poor's Ratings Services, a division of The XxXxxx-Xxxx Companies,
Inc., in such capacity and on behalf of each Trust, to the knowledge of the
Trustee, that:
1. each of the representations and warranties of each Trust
contained in the Notes issued in connection with the Program,
each Indenture entered into in connection with the
Registration Statement and the Expense and Indemnity Agreement
concerning the Trusts (the "Specified Agreements") (other than
any representation or warranty expressly made as of a date
prior to the date hereof) are true and correct on and as of
the date hereof, with the same effect as though such
representation or warranty had been made on and as of the date
hereof;
2. no default under any of the Specified Agreements and no event
or any condition which, with notice or lapse of time or both,
would become a default, has occurred and is continuing as of
the date hereof;
3. each Trust has performed and complied with, respectively, in
all material respects, all of the agreements, covenants,
obligations and conditions applicable to such Trust required
by the Specified Agreements to be performed or complied with
by such Trust on or before the date hereof;
4. the Notes issued in connection with the Program, have been
issued, in all material respects, in accordance with the terms
and conditions of the Program Documents; and
5. each Funding Agreement has been executed and delivered by the
related Trust in accordance with the terms and conditions of
the Program Documents.
Capitalized terms used herein and not otherwise defined herein shall
have the meanings set forth in the Standard Indenture Terms attached as Exhibit
4.1 to the Registration Statement. In no event shall U.S. Bank Trust National
Association in its personal corporate capacity have any liability for any of the
certifications or statements contained in this Trustee Officer's Certificate,
such liability being solely that of each Trust.
F-1
IN WITNESS WHEREOF, the undersigned has executed this Certificate as of
the o day of o, 200o.
U.S. Bank Trust National Association, not in
its capacity but solely in its capacity as
Trustee acting on behalf of each Trust
By: __________________________________
Name:
Title:
F-2
EXHIBIT G
Free Writing Prospectus(es)
[None.]
G-1
SCHEDULE I
Terms Agreement Specifications
In connection with Section 3(a)(iv) of the Distribution Agreement, the
Program under which the Notes are issued is rated Aa2 by Xxxxx'x Investors
Service, Inc. ("Moody's") and AA by Standard & Poor's Rating Services, a
division of The XxXxxx-Xxxx Companies, Inc. ("S&P"). Principal Life and PFG
expect that the Notes will be rated Aa2 by Moody's. The Company's financial
strength rating is Aa2 by Moody's and AA by S&P.
In accordance with Section 2.02(b) of the Terms Agreement and in
connection with the purchase of Notes from the Trust by the Purchasing Agent as
principal, the following items will be delivered on the Settlement Date:
o Opinion of Sidley Austin LLP regarding the enforceability of
the Guarantee and the Notes.
All capitalized terms used herein and not otherwise defined herein will
have the meanings set forth in the Distribution Agreement.
I-1
