EXHIBIT 4.3
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VOICESTREAM WIRELESS CORPORATION
VOICESTREAM WIRELESS HOLDINGS CORPORATION
TO
XXXXXX TRUST COMPANY OF CALIFORNIA,
AS TRUSTEE
Indenture
Dated as of November 9, 1999
Up to $1,470,000,000
11 7/8% Senior Discount Notes Due 2009
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TABLE OF CONTENTS
Page
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ARTICLE 1 - Definitions and Other Provisions of General Application.................. 1
Section 1.1. Definitions.................................................... 1
Section 1.2. Compliance Certificates and Opinions...........................27
Section 1.3. Form of Documents Delivered to Trustee.........................27
Section 1.4. Acts of Holders; Record Date...................................28
Section 1.5. Notices, Etc., to Trustee and Issuer...........................29
Section 1.6. Notice to Holders; Waiver......................................29
Section 1.7. Conflict with Trust Indenture Act..............................30
Section 1.8. Effect of Headings and Table of Contents.......................30
Section 1.9. Successors and Assigns.........................................30
Section 1.10. Separability Clause............................................30
Section 1.11. Benefits of Indenture..........................................30
Section 1.12. Governing Law..................................................30
Section 1.13. Legal Holidays.................................................30
ARTICLE 2 - Security Forms...........................................................31
Section 2.1. Forms Generally................................................31
Section 2.2. Form of Face of Security.......................................31
Section 2.3. Form of Reverse of Security....................................36
Section 2.4. Form of Trustee's Certificate of Authentication................39
ARTICLE 3 - The Securities...........................................................39
Section 3.1. Title and Terms................................................39
Section 3.2. Denominations..................................................40
Section 3.3. Execution, Authentication, Delivery and Dating.................40
Section 3.4. Temporary Securities...........................................41
Section 3.5. Global Securities..............................................42
Section 3.6. Registration, Registration of Transfer and Exchange
Generally; Certain Transfers and Exchanges;
Securities Act Legends.........................................43
Section 3.7. Mutilated, Destroyed, Lost and Stolen Securities...............48
Section 3.8. Payment of Interest; Interest Rights Preserved.................49
Section 3.9. Persons Deemed Owners..........................................50
Section 3.10. Cancellation...................................................50
Section 3.11. Computation of Interest........................................50
ARTICLE 4 - Satisfaction and Discharge...............................................50
Section 4.1. Satisfaction and Discharge of Indenture........................50
Section 4.2. Application of Trust Money.....................................52
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ARTICLE - 5 Remedies.................................................................52
Section 5.1. Events of Default..............................................52
Section 5.2. Acceleration of Maturity; Rescission and Annulment.............54
Section 5.3. Collection of Indebtedness and Suits for Enforcement
by Trustee.....................................................55
Section 5.4. Trustee May File Proofs of Claim...............................55
Section 5.5. Trustee May Enforce Claims Without Possession of Securities....56
Section 5.6. Application of Money Collected.................................56
Section 5.7. Limitation on Suits............................................56
Section 5.8. Unconditional Right of Holders to Receive Principal,
Premium and Interest ..........................................57
Section 5.9. Restoration of Rights and Remedies.............................57
Section 5.10. Rights and Remedies Cumulative.................................57
Section 5.11. Delay or Omission Not Waiver...................................58
Section 5.12. Control by Holders.............................................58
Section 5.13. Waiver of Past Defaults........................................58
Section 5.14. Undertaking for Costs..........................................59
Section 5.15. Waiver of Stay or Extension Laws...............................59
ARTICLE 6 - The Trustee..............................................................59
Section 6.1. Certain Duties and Responsibilities............................59
Section 6.2. Notice of Defaults.............................................60
Section 6.3. Certain Rights of Trustee......................................60
Section 6.4. Not Responsible for Recitals or Issuance of Securities.........61
Section 6.5. May Hold Securities............................................61
Section 6.6. Money Held in Trust............................................61
Section 6.7. Compensation and Reimbursement.................................62
Section 6.8. Disqualification; Conflicting Interests........................62
Section 6.9. Corporate Trustee Required; Eligibility........................62
Section 6.10. Resignation and Removal; Appointment of Successor..............63
Section 6.11. Acceptance of Appointment by Successor.........................64
Section 6.12. Merger, Conversion, Consolidation or Succession to Business....64
Section 6.13. Preferential Collection of Claims Against the Issuers..........64
Section 6.14. Appointment of Authenticating Agent............................65
ARTICLE 7 - Holders' Lists and Reports by Trustee and Issuers........................66
Section 7.1. Issuers to Furnish Trustee Names and Addresses of Holders......66
Section 7.2. Preservation of Information; Communications to Holders.........66
Section 7.3. Reports by Trustee.............................................67
Section 7.4. Reports by Issuers.............................................67
ARTICLE 8 - Consolidation, Merger, Conveyance, Transfer or Lease.....................67
Section 8.1. Issuers May Consolidate, Etc. Only on Certain Terms............67
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Section 8.2. Successor Substituted..........................................68
Section 8.3. Effect of the Reorganizations..................................69
ARTICLE 9 - Supplemental Indentures..................................................69
Section 9.1. Supplemental Indentures Without Consent of Holders.............69
Section 9.2. Supplemental Indentures with Consent of Holders................70
Section 9.3. Execution of Supplemental Indentures...........................71
Section 9.4. Effect of Supplemental Indentures..............................71
Section 9.5. Conformity with Trust Indenture Act............................71
Section 9.6. Reference in Securities to Supplemental Indentures.............71
Section 9.7. Notice of Supplemental Indenture...............................71
ARTICLE 10 - Covenants...............................................................71
Section 10.1. Payment of Principal, Premium and Interest.....................71
Section 10.2. Maintenance of Office or Agency................................72
Section 10.3. Money for Security Payments to be Held in Trust................72
Section 10.4. Existence......................................................73
Section 10.5. Maintenance of Properties......................................73
Section 10.6. Payment of Taxes and Other Claims..............................74
Section 10.7. Maintenance of Insurance.......................................74
Section 10.8. Limitation on Consolidated Indebtedness........................74
Section 10.9. Limitation on Issuances and Sales of Capital Stock of
Restricted Subsidiaries.......................................77
Section 10.10.Limitation on Restricted Payments..............................78
Section 10.11.Limitations Concerning Distributions and Transfers
By Restricted Subsidiaries.....................................80
Section 10.12.Limitation on Liens............................................82
Section 10.13.Limitation on Transactions with Affiliates and Related
Persons .......................................................83
Section 10.14.Limitation on Certain Asset Dispositions.......................84
Section 10.15.Limitation on Sale and Leaseback Transactions..................86
Section 10.16.Change of Control Triggering Event.............................86
Section 10.17.Statement by Officers as to Default; Compliance Certificates...88
Section 10.18.Waiver of Certain Covenants....................................89
Section 10.19.Provision of Financial Information.............................89
ARTICLE 11 - Redemption of Securities................................................90
Section 11.1. Right of Redemption............................................90
Section 11.2. Applicability of Article.......................................90
Section 11.3. Election to Redeem; Notice to Trustee..........................90
Section 11.4. Selection by Trustee of Securities to Be Redeemed..............90
Section 11.5. Notice of Redemption...........................................91
Section 11.6. Deposit of Redemption Price....................................91
Section 11.7. Securities Payable on Redemption Date..........................92
Section 11.8. Securities Redeemed in Part....................................92
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ARTICLE 12 - Defeasance and Covenant Defeasance......................................92
Section 12.1. Issuers' Option to Effect Defeasance or Covenant Defeasance....92
Section 12.2. Defeasance and Discharge.......................................92
Section 12.3. Covenant Defeasance............................................93
Section 12.4. Conditions to Defeasance or Covenant Defeasance................93
Section 12.5. Deposited Money and U.S. Government Obligations to be Held
in Trust; Other Miscellaneous Provisions.......................95
Section 12.6. Reinstatement..................................................96
ANNEXES
Annex A Form of Regulation S Certificate.....................................A-1
Annex B Form of Restricted Securities Certificate............................B-1
Annex C Form of Unrestricted Securities Certificate..........................C-1
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INDENTURE, dated as of November 9, 1999, between (i) VoiceStream
Wireless Corporation, a corporation duly organized and existing under the laws
of the State of Washington ("VoiceStream") and VoiceStream Wireless Holding
Corporation, a corporation duly incorporated and existing under the laws of the
State of Delaware ("VoiceStream Holdings")(unless otherwise provided by Section
803, VoiceStream and VoiceStream Holdings shall hereinafter be referred to as
the "Issuers"), each having its principal office at 0000 000xx Xxxxxx XX,
Xxxxxxxx, Xxxxxxxxxx 00000, and (ii) Xxxxxx Trust Company of California, a trust
company duly organized and existing under the laws of the State of California,
as Trustee (the "Trustee").
RECITALS OF THE ISSUER
The Issuers have duly authorized the execution and delivery of this
Indenture to provide for the issuance from time to time of up to $1,470,000,000
of their 11 7/8% Senior Discount Notes Due 2009 (the "Securities") of
substantially the tenor and amount hereinafter set forth.
All things necessary to make the Securities, when executed by the
Issuers and authenticated and delivered hereunder and duly issued by the
Issuers, the valid obligations of the Issuers, and to make this Indenture a
valid agreement of the Issuers, in accordance with their and its terms, have
been done.
NOW, THEREFORE, THIS INDENTURE WITNESSETH:
For and in consideration of the premises and the purchase of the
Securities by the Holders thereof, it is mutually covenanted and agreed, for the
equal and proportionate benefit of all Holders of the Securities, as follows:
ARTICLE 1
DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
Section 1.1. Definitions.
For all purposes of this Indenture, except as otherwise expressly
provided or unless the context otherwise requires:
- the terms defined in this Article have the meanings assigned to
them in this Article and include the plural as well as the
singular;
- all other terms used herein which are defined in the Trust
Indenture Act, either directly or by reference therein, have the
meanings assigned to them therein;
- all accounting terms not otherwise defined herein have the
meanings assigned to them in accordance with generally accepted
accounting principles (whether or not such is indicated herein),
and, except as otherwise herein expressly provided, the term
"generally accepted
accounting principles" with respect to any computation required
or permitted hereunder shall mean such accounting principles as
are generally accepted at the date of such computation;
- unless otherwise specifically set forth herein, all calculations
or determinations of a Person shall be performed or made on a
consolidated basis in accordance with generally accepted
accounting principles but shall not include the accounts of
Unrestricted Subsidiaries, except to the extent of dividends and
distributions actually paid to the Issuers or one of their
Wholly Owned Restricted Subsidiaries; and
- the words "herein," "hereof" and "hereunder" and other words of
similar import refer to this Indenture as a whole and not to any
particular Article, Section or other subdivision.
Certain terms, used principally in Article Six, are defined in that
Article.
"Accreted Value" means, as of any date prior to November 15, 2004, an
amount per $1,000 principal amount at maturity of Securities that is equal to
the sum of (1) the initial offering price ($560.61 per $1,000 principal amount
at maturity of Securities) of such Securities; and (2) the portion of the excess
of the principal amount of such Securities over such initial offering price
which shall have been amortized through such date, such amount to be so
amortized on a daily basis and compounded semi-annually on each May 15 and
November 15 at the rate of 11 7/8% per annum from the date of original issue of
the Securities through the date of determination computed on the basis of a
360-day year of twelve 30-day months, and as of any date on or after November
15, 2004 the principal amount of each Security.
"Acquired Indebtedness" means, with respect to any specified Person:
- Indebtedness of any other Person existing at the time such other
Person is merged with or into or became a Subsidiary of such
specified Person, including, without limitation, Indebtedness
incurred in connection with, or in contemplation of, such other
Person merging with or into or becoming a Subsidiary of such
specified Person; and
- Indebtedness secured by a Lien encumbering any asset acquired by
such specified Person.
"Act," when used with respect to any Holder, has the meaning specified
in Section 104.
"Adjusted Treasury Rate" will be determined on the third business day
preceding any applicable redemption date and is the sum of:
- the arithmetic mean of the yields under the heading "Week
Ending" published in the Statistical Release most recently
published prior to the
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date of determination under the caption "Treasury Constant
Maturities" for the maturity (rounded to the nearest month)
corresponding to the remaining life to maturity, as of the
redemption date, of the principal being redeemed; and
- 0.50%;
provided, however, that if no maturity set forth under such heading
exactly corresponds to the maturity of such principal, yields for the two
published maturities most closely corresponding to the maturity of such
principal will be calculated as provided immediately above, and the Adjusted
Treasury Rate will be interpolated or extrapolated from such yields on a
straight-line basis, rounding in each of the relevant periods to the nearest
month.
"Administrative Agent" means the Person or Persons designated as such
under the Credit Facility or, if the Omnipoint Reorganization is completed, the
Anticipated New Credit Facility.
"Aerial" means Aerial Communications, Inc., a Delaware corporation.
"Aerial Reorganization" means the reorganization and related
transactions contemplated by the Agreement and Plan of Reorganization, dated as
of September 17, 1999, among VoiceStream, VoiceStream Holdings, VoiceStream
Subsidiary II Corporation, Aerial and Telephone and Data Systems, Inc.
"Affiliate" of any Person means any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with
such Person. For the purposes of this definition, "control" when used with
respect to any Person means the power to direct the management and policies of
such Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise; and the terms "controlling" and
"controlled" have meanings correlative to the foregoing.
"Agent Member" means any member of, or participant in, the Depositary.
"Anticipated New Credit Facility" means the new credit facility to be
entered into upon and assuming completion of the Omnipoint Reorganization by a
wholly-owned subsidiary of VoiceStream Holdings, together with a subsidiary of
Omnipoint, which the Issuers are currently negotiating with a consortium of
lenders, but for which the Issuers have not received commitments.
"Applicable Procedures" means, with respect to any transfer or
transaction involving a Global Security or beneficial interest therein, the
rules and procedures of the Depositary for such Security, Euroclear and Cedel,
in each case to the extent applicable to such transaction and as in effect from
time to time.
"Asset Disposition" by any Person means any transfer, conveyance, sale,
lease or other disposition by such Person or any of its Restricted Subsidiaries
(including a consolidation or merger or other sale of any such Restricted
Subsidiaries with, into or to
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another Person in a transaction in which such Restricted Subsidiary ceases to be
a Restricted Subsidiary, but excluding a disposition by a Subsidiary of such
Person to such Person or a Wholly Owned Restricted Subsidiary of such Person or
by such Person to a Wholly Owned Restricted Subsidiary of such Person) of (i)
shares of Capital Stock (other than directors' qualifying shares) or other
ownership interests of a Subsidiary of such Person, (ii) substantially all of
the assets of such Person or any of its Subsidiaries representing a division or
line of business or (iii) other assets or rights of such Person or any of its
Subsidiaries.
Notwithstanding the preceding, the following items shall not be deemed
to be Asset Dispositions:
- any single transaction or series of related transactions that
(a) involves assets having a Fair Market Value of less than $15
million; or (b) results in net proceeds to either Issuer or any
of its respective Restricted Subsidiaries of less than $15
million;
- a Restricted Payment that is permitted under Section 1010;
- sales or other dispositions of inventory in the ordinary course
of business and of receivables;
- substantially simultaneous exchanges by either Issuer or any of
its Restricted Subsidiaries of Telecommunications Assets for
other Telecommunications Assets, provided that the
Telecommunications Assets received by such Issuer or such
Restricted Subsidiary have at least substantially equal or
greater value to such Issuer or such Restricted Subsidiary (as
determined by the Board of Directors whose good faith
determination shall be conclusive and evidenced by a Board
Resolution);
- any sale or other disposition of any or all the Capital Stock of
an Unrestricted Subsidiary; or
- any sale or other disposition of Temporary Cash Investments.
Additionally, the contribution of Telecommunications Assets to an
Unrestricted Subsidiary whereby an Issuer or a Restricted Subsidiary of an
Issuer receives Capital Stock of an Unrestricted Subsidiary shall be deemed a
Restricted Payment only and shall not be deemed an Asset Disposition.
"Attributable Value" means, as to any particular lease under which any
Person is at the time liable other than a Capital Lease Obligation, and at any
date as of which the amount thereof is to be determined, the total net amount of
rent required to be paid by such Person under such lease during the initial term
thereof as determined in accordance with generally accepted account principles,
discounted from the last date of such initial term to the date of determination
at a rate per annum equal to the discount rate which would be applicable to a
Capital Lease Obligation with like term in accordance with
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generally accepted accounting principles. The net amount of rent required to be
paid under any such lease for any such period shall be the aggregate amount of
rent payable by the lessee with respect to such period after excluding amounts
required to be paid on account of insurance, taxes, assessments, utility,
operating and labor costs and similar charges. In the case of any lease which is
terminable by the lessee upon the payment of penalty, such net amount shall also
include the lesser of the amount of such penalty (in which case no rent shall be
considered as required to be paid under such lease subsequent to the first date
upon which it may be so terminated) or the rent which would otherwise be
required to be paid if such lease is not so terminated. "Attributable Value"
means, as to a Capital Lease Obligation, the principal amount thereof.
"Authenticating Agent" means any Person authorized by the Trustee to act
on behalf of the Trustee to authenticate Securities.
"Average Life" means, as of the date of determination, with respect to
any Indebtedness, the quotient obtained by dividing (i) the sum of the products
of the numbers of years from the date of determination to the dates of each
successive scheduled principal payment of such Indebtedness and the amount of
such principal payment, by (ii) the sum of all such principal payments. "Board
of Directors" means, with respect to an Issuer, either the board of directors of
such Issuer or any duly authorized committee of that board.
"Board Resolution" means a copy of a resolution certified by the
Secretary or an Assistant Secretary of VoiceStream, VoiceStream Holdings or one
of their subsidiaries, as the case may be, to have been duly adopted by the
Board of Directors, to be in full force and effect on the date of such
certification and delivered to the Trustee.
"Business Day" means each Monday, Tuesday, Wednesday, Thursday and
Friday which is not a day on which banking institutions in New York City, the
State of Washington, the State of Illinois or the State of California are
authorized or obligated by law or executive order to close.
"Capital Lease Obligation" of any Person means the obligation to pay
rent or other payment amounts under a lease of (or other Indebtedness
arrangements conveying the right to use) real or personal property of such
Person which is required to be classified and accounted for as a capital lease
or a liability on the face of a balance sheet of such Person in accordance with
generally accepted accounting principles (a "Capital Lease"). The stated
maturity of such obligation shall be the date of the last payment of rent or any
other amount due under such lease prior to the first date upon which such lease
may be terminated by the lessee without payment of a penalty. The principal
amount of such obligation shall be the capitalized amount thereof that would
appear on the face of a balance sheet of such Person in accordance with
generally accepted accounting principles.
"Capital Stock" means:
- in the case of a corporation, corporate stock;
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- in the case of an association or business entity, any and all
shares, interests, participations, rights or other equivalents
(however designated) of corporate stock;
- in the case of a partnership or limited liability company,
partnership or membership interests (whether general or
limited); and
- any other interest or participation that confers on a Person the
right to receive a share of the profits and losses of, or
distributions of assets of, the issuing Person.
"Cedel" means Cedel Bank, S.A. (or any successor securities clearing
agency).
"Change of Control" means
- directly or indirectly a sale, transfer or other conveyance of
all or substantially all the assets of VoiceStream or
VoiceStream Holdings, as the case may be, on a consolidated
basis, to any "person" or "group" (as such terms are used for
purposes of Sections 13(d) and 14(d) of the Exchange Act,
whether or not applicable), excluding transfers or conveyances
to or among such Issuer or such Issuers' Wholly Owned Restricted
Subsidiaries, as an entirety or substantially as an entirety in
one transaction or series of related transactions, in each case
with the effect that any Person or group of Persons that, as of
the date of this Indenture, are not Initial Investors or
Affiliates of the Initial Investors, own more than 50% of the
total Voting Power entitled to vote in the election of
directors, managers or trustees of the transferee entity
immediately after such transaction;
- the adoption of a plan relating to the liquidation or
dissolution of VoiceStream or VoiceStream Holdings, as the case
may be;
- any "person" or "group" (as such terms are used for purposes of
Sections 13(d) and 14(d) of the Exchange Act, whether or not
applicable), other than the Initial Investors (or any Person or
group of Persons that, as of the date of this Indenture, are
Affiliates of the Initial Investors), is or becomes the
"beneficial owner" (as that term is used in Rules 13d-3 and
13d-5 under the Exchange Act, whether or not applicable, except
that a Person shall be deemed to have "beneficial ownership" of
all shares that any such Person has the right to acquire,
whether such right is exercisable immediately or only after the
passage of time), directly or indirectly, of more than 50% of
the total Voting Power of VoiceStream or VoiceStream Holdings,
as the case may be; or
- during any period of 24 consecutive months, individuals who at
the beginning of such period constituted the Board of Directors
of VoiceStream or VoiceStream Holdings, as the case may be
(together with
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any new directors whose election by such Board or whose
nomination for election by the stockholders of the applicable
Issuer was approved by a vote of a majority of the directors
then still in office who were either directors at the beginning
of such period or whose election or nomination for election was
previously so approved), cease for any reason to constitute a
majority of the Board of Directors of VoiceStream or VoiceStream
Holdings, as the case may be, then in office.
"Change of Control Payment Date" has the meaning specified in Section
1016.
"Change of Control Triggering Event" has the meaning specified in
Section 1016.
"Commission" means the Securities and Exchange Commission, as from time
to time constituted, created under the Exchange Act, or, if at any time after
the execution of this instrument such Commission is not existing and performing
the duties now assigned to it under the Trust Indenture Act, then the body
performing such duties at such time.
"Common Stock" of any Person means Capital Stock of such Person that
does not rank prior, as to the payment of dividends or as to the distribution of
assets upon any voluntary or involuntary liquidation, dissolution or winding up
of such Person, to shares of Capital Stock of any other class of such Person.
"Consolidated Income Tax Expense" of any Person means for any period the
provision for income taxes of such Person and its Consolidated Restricted
Subsidiaries for such period.
"Consolidated Indebtedness" of any Person means at any date the
Indebtedness of such Person and its Consolidated Restricted Subsidiaries at such
date.
"Consolidated Interest Expense" of any Person means for any period the
interest expense included in an income statement (taking into account the effect
of any Interest Rate Agreements but without deduction of interest income) of
such Person and its Consolidated Restricted Subsidiaries for such period,
including without limitation or duplication (or, to the extent not so included,
with the addition of), (i) the portion of any rental obligation in respect of
any Capital Lease Obligation allocable to interest expense in accordance with
generally accepted accounting principles; (ii) the amortization of Indebtedness
discounts; (iii) any payments or fees with respect to letters of credit, bankers
acceptances or similar facilities; (iv) fees with respect to Interest Rate
Agreements; (v) the portion of any rental obligations in respect of any Sale and
Leaseback Transaction allocable to interest expense (determined as if such were
treated as a Capital Lease Obligation); and (vi) Preferred Stock dividends
declared and payable in cash.
"Consolidated Net Income" of any Person means for any period the net
income (or loss) of such Person for such period determined on a consolidated
basis in accordance with generally accepted accounting principles; provided that
there shall be excluded therefrom (to the extent included and without
duplication) (i) the net income (or loss) of any Person acquired by such Person
or a Restricted Subsidiary of such Person after the
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date of this Indenture in a pooling-of-interests transaction for any period
prior to the date of such transaction, (ii) the net income (or loss) of any
Person that is not a Consolidated Restricted Subsidiary of such Person except to
the extent of the amount of dividends or other distributions actually paid to
such Person by such other Person during such period, (iii) gains or losses from
sales of assets other than sales of assets acquired and held for resale in the
ordinary course of business and (iv) all extraordinary gains and extraordinary
losses.
"Consolidated Restricted Subsidiary" of any Person means all other
Persons that would be accounted for as consolidated Persons in such Person's
financial statements in accordance with generally accepted accounting principles
other than Unrestricted Subsidiaries.
"Corporate Trust Office" means the principal office of the Trustee in
Los Angeles, California at which at any particular time its corporate trust
business shall be administered or its operations center in Chicago, Illinois, or
such other location designated by the Trustee in a report pursuant to Section
703(a).
"corporation" means a corporation, association, company, joint-stock
company, partnership or business trust.
"Credit Facility" means the Loan Agreement, dated as of June 26, 1998,
among VoiceStream PCS Holding L.L.C. (as successor in interest to Western PCS
Holding Corporation), Toronto-Dominion Bank (Texas), Inc., as Administrative
Agent, and the other financial institutions named therein, as it may be amended,
supplemented, restated or otherwise modified from time to time.
"Cumulative EBITDA" means EBITDA of the Issuers and their respective
Consolidated Restricted Subsidiaries for the period beginning on January 1,
2001, through and including the end of the last fiscal quarter preceding the
date of any proposed Restricted Payment.
"Cumulative Interest Expense" means the total amount of Consolidated
Interest Expense of the Issuers and their respective Consolidated Restricted
Subsidiaries for the period beginning on January 1, 2001, through and including
the end of the last fiscal quarter preceding the date of any proposed Restricted
Payment.
"Currency Protection Agreements" means any currency swap, cap, collar,
floor, caption or swaption agreements, or any similar arrangements designed to
hedge against a risk in the fluctuation of the exchange rate of a currency in
which a payment to be made or received by either Issuer or any of its Restricted
Subsidiaries is denominated, arising at any time between either Issuer or any of
its Restricted Subsidiaries, on the one hand, and any Person (other than an
Affiliate of either Issuer or any of its Restricted Subsidiaries), on the other
hand, as such agreement or arrangement may be modified, supplemented and in
effect from time to time.
"Default Amount" has the meaning specified in Section 502.
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"Defaulted Interest" has the meaning specified in Section 308.
"Depositary" means a clearing agency registered under the Exchange Act
that is designated to act as Depositary for the Securities until a successor
Depositary shall have become such pursuant to the applicable provisions of this
Indenture, and thereafter "Depositary" shall mean such successor Depositary. The
Depositary initially is DTC.
"Disqualified Stock" of any person means any Capital Stock of such
Person which, by its terms (or by the terms of any security into which it is
convertible of or for which it is exchangeable), or upon the happening of any
event, matures or is mandatorily redeemable, pursuant to a sinking fund
obligation or otherwise, or is redeemable at the option of such Person, any
Restricted Subsidiary of such Person or the holder thereof, in whole or in part,
on or prior to the final Stated Maturity of the Securities; provided, however,
that any Preferred Stock which would not constitute Disqualified Stock but for
provisions thereof giving holders thereof the right to require either Issuer to
repurchase or redeem such Preferred Stock upon the occurrence of a Change of
Control occurring prior to the final Stated Maturity of the Securities shall not
constitute Disqualified Stock if the change of control provisions applicable to
such Preferred Stock specifically provide that such Issuer will not repurchase
or redeem any such stock pursuant to such provisions prior to the Issuers'
repurchase of such Securities as are required to be repurchased pursuant to
Section 1016.
"DTC" means The Depository Trust Company, a New York corporation.
"EBITDA" of any Person means for any period the Consolidated Net Income
for such period increased by the sum of (i) Consolidated Interest Expense of
such Person for such period, plus (ii) Consolidated Income Tax Expense of such
Person for such period, plus (iii) the consolidated depreciation and
amortization expense included in the income statement of such Person and its
Consolidated Restricted Subsidiaries for such period, plus (iv) all other
non-cash charges and expenses that were deducted in determining Consolidated Net
Income for such period, minus (v) all non-cash revenues and gains to the extent
included in Consolidated Net Income for such period.
"Eligible Institution" means a commercial banking institution that has
combined capital and surplus of not less than $500 million or its equivalent in
foreign currency, whose debt is rated "A-3" or higher, "A-" or higher or "A-" or
higher according to Xxxxx'x Investors Service, Inc., Standard & Poor's Ratings
Group or Duff & Xxxxxx Credit Rating Co. (or such similar equivalent rating by
at least one "nationally recognized statistical rating organization" (as defined
in Rule 436 under the Securities Act) respectively, at the time as of which any
investment or rollover therein is made.
"Equity Interests" means Capital Stock and all warrants, options or
other rights to acquire Capital Stock (but excluding any debt security that is
convertible into, or exchangeable for, Capital Stock).
"Euroclear" means the Euroclear Clearance System (or any successor
securities clearing agency).
9
"Event of Default" has the meaning specified in Section 501.
"Exchange Act" refers to the Securities Exchange Act of 1934 as it may
be amended and any successor act thereto.
"Exchange Offer" means an offer made pursuant to an effective
registration statement under the Securities Act by the Issuers to exchange
securities substantially identical to Outstanding Securities (except for the
differences provided for herein) for Outstanding Securities.
"Exchange and Registration Rights Agreement" means the Exchange and
Registration Rights Agreement, dated as of November 4, 1999, among the Issuers
and the Initial Purchasers, as such agreement may be amended from time to time.
"Exchange Registration Statement" means a registration statement of the
Issuers under the Securities Act registering Exchange Securities for
distribution pursuant to the Exchange Offer.
"Exchange Securities" means the Securities issued pursuant to the
Exchange Offer or sold pursuant to the Resale Registration Statement and their
Successor Securities.
"Expiration Date" has the meaning specified in the definition of Offer
to Purchase.
"Fair Market Value" means, with respect to any assets or Person, the
price which could be negotiated in an arm's-length free market transaction, for
cash, between a willing seller and a willing buyer, neither of whom is under
undue pressure or compulsion to complete the transaction. Fair Market Value will
be determined (i) if such Person or assets has a Fair Market Value of less than
$5 million, by any officer of VoiceStream or VoiceStream Holdings, as the case
may be, and evidenced by an Officers' Certificate, dated within 30 days of the
relevant transaction, or (ii) if such Person or assets has a Fair Market Value
of $5 million or more, by a majority of the Board of Directors of VoiceStream or
VoiceStream Holdings, as the case may be, and evidenced by a Board Resolution,
dated within 30 days of the relevant transaction
"Global Security" means a Security that evidences all or part of the
Securities of any series and bears the applicable legend set forth in Section
202.
"Government Securities" means direct obligations of, or obligations
guaranteed by, the United States of America for the payment of which obligations
or guarantee the full faith and credit of the United States is pledged and which
have a remaining weighted average life to maturity of not more than one year
from the date of Investment therein.
"Gradation" means a gradation within a Rating Category or a change to
another Rating Category, which shall include:
10
- "+" and "-" in the case of S&P's current Rating Categories
(e.g., a decline from BB+ to BB would constitute a decrease of
one gradation);
- 1, 2 and 3 in the case of Moody's current Rating Categories
(e.g., a decline from Ba1 to Ba2 would constitute a decrease of
one gradation); or
- the equivalent in respect of successor Rating Categories of S&P
or Moody's or Rating Categories used by Rating Agencies other
that S&P or Moody's.
"Guarantee" by any Person means any obligation, contingent or otherwise,
of such Person guaranteeing any Indebtedness of any other Person (the "primary
obligor") in any manner, whether directly or indirectly, and including, without
limitation, any obligation of such Person, (i) to purchase or pay (or advance or
supply funds for the purchase or payment of) such Indebtedness or to purchase
(or to advance or supply funds for the purchase of) any security for the payment
of such Indebtedness, (ii) to purchase property, securities or services for the
purpose of assuring the holder of such Indebtedness of the payment of such
Indebtedness or (iii) to maintain working capital, equity capital or other
financial statement condition or liquidity of the primary obligor so as to
enable the primary obligor to pay such Indebtedness (and "Guaranteed",
"Guaranteeing" and "Guarantor" shall have meanings correlative to the
foregoing); provided, however, that the Guarantee by any Person shall not
include endorsements by such Person for collection or deposit, in either case,
in the ordinary course of business.
"Holder" means a Person in whose name a Security is registered in the
Security Register.
"Incur" means, with respect to any Indebtedness or other obligation of
any Person, to create, issue, incur (by conversion, exchange or otherwise),
assume, Guarantee or otherwise become liable in respect of such Indebtedness or
other obligation or the recording, as required pursuant to generally accepted
accounting principles or otherwise, of any such Indebtedness or other obligation
on the balance sheet of such Person (and "Incurrence," "Incurred," "Incurrable"
and "Incurring" shall have meanings correlative to the foregoing); provided,
however, that a change in generally accepted accounting principles that results
in an obligation of such Person that exists at such time becoming Indebtedness
shall not be deemed an Incurrence of such Indebtedness.
"Indebtedness" means (without duplication), with respect to any Person,
whether recourse is to all or a portion of the assets of such Person and whether
or not contingent, (i) every obligation of such Person for money borrowed, (ii)
every obligation of such Person evidenced by bonds, debentures, notes or similar
instruments, including obligations Incurred in connection with the acquisition
of property, assets or businesses, (iii) every reimbursement obligation of such
Person with respect to letters of credit, bankers' acceptances or similar
facilities issued for the account of such Person, (iv) every obligation of such
Person issued or assumed as the deferred purchase price of property or services
(but excluding trade accounts payable or accrued liabilities arising in the
ordinary course of business), (v) every Capital Lease Obligation of such Person,
(vi) the
11
maximum fixed redemption or repurchase price of Redeemable Stock of such Person
at the time of determination, (vii) every obligation to pay rent or other
payment amounts of such Person with respect to any Sale and Leaseback
Transaction to which such Person is a party and (viii) every obligation of the
type referred to in Clauses (i) through (vii) of another Person and all
dividends of another Person the payment of which, in either case, such Person
has Guaranteed or is responsible or liable, directly or indirectly, as obligor,
Guarantor or otherwise.
The amount of any Indebtedness outstanding as of any date shall be:
- the accreted value thereof, in the case of any Indebtedness that
does not require current payments of interest; and
- the principal amount thereof, together with any interest thereon
that is more than 30 days past due, in the case of any other
Indebtedness.
"Indebtedness to EBITDA Ratio" of any Person means at any date the ratio
of Consolidated Indebtedness outstanding on such date to the product calculated
by multiplying the aggregate EBITDA for the first full fiscal quarter
immediately preceding such date by four; provided, however, that, in the event
such Person or any of its Restricted Subsidiaries has acquired a Person during
or after such period in a pooling-of-interests transaction, such computation
shall be made on a pro forma basis as if the transaction had taken place on the
first day of such period.
"Indenture" means this instrument as originally executed or as it may
from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof.
"Initial Investors" means Xxxxxxxxx Whampoa Limited and its Affiliates,
Xxxx X. Xxxxxxx and Xxxxxxx X. Xxxxxxxxx and their Affiliates and Providence
Media Partners, L.P. and its Affiliates.
"Initial Purchasers" means Xxxxxxx, Sachs & Co., Chase Securities Inc.,
Xxxxxxxxx, Xxxxxx & Xxxxxxxx Securities Corporation, Xxxxxxx Xxxxx Barney Inc.,
Banc of America Securities LLC, TD Securities (USA) Inc., Barclays Capital Inc.
and XX Xxxxx Securities Corporation.
"Initial Regulation S Securities" means the Securities sold by the
Initial Purchasers in the initial offering contemplated by the Purchase
Agreement in reliance on Regulation S.
"Interest Payment Date" means the Stated Maturity of an installment of
interest on the Securities.
"Interest Rate Agreements" means any interest rate swap, cap, collar,
floor, caption or swaption agreements, or any similar arrangements designed to
hedge the risk of variable interest rate volatility or to reduce interest costs,
arising at any time between either Issuer or any Restricted Subsidiary, on the
one hand, and any Person (other than an
12
Affiliate of either Issuer or any Restricted Subsidiary), on the other hand, as
such agreement or arrangement may be modified, supplemented and in effect from
time to time.
"Investment" by any Person means any direct or indirect loan, advance or
other extension of credit or capital contribution (by means of transfers of cash
or other property to others or payments for property or services for the account
or use of others, or otherwise) to, or purchase or acquisition of Capital Stock,
bonds, notes, debentures or other securities or evidence of Indebtedness issued
by, any other Person, including any payment on a guarantee of any obligation of
such other Person, but shall not include trade accounts receivable in the
ordinary course of business on credit terms made generally available to the
customers of such Person.
"Investment Grade" means a rating of at least BBB-, in the case of S&P,
or Baa3, in the case of Moody's.
"Issuers" has the meaning specified in the preamble.
"Issuer Request" or "Issuer Order" means a written request or order
signed in the name of VoiceStream or VoiceStream Holdings, as the case may be,
by its Chairman or Vice Chairman of the Board, its President or a Vice
President, and by its Treasurer, an Assistant Treasurer, its Secretary or an
Assistant Secretary, and delivered to the Trustee.
"Lien" means, with respect to any property or assets, any mortgage or
deed of trust, pledge, hypothecation, assignment, deposit arrangement, security
interest, lien, charge, easement (other than any easement not materially
impairing usefulness or marketability), encumbrance, preference, priority or
other security agreement or preferential arrangement of any kind or nature
whatsoever on or with respect to such property or assets (including, without
limitation, any conditional sale or other title retention agreement having
substantially the same economic effect as any of the foregoing).
"Maturity" means, when used with respect to any Security, the date on
which the principal of such Security becomes due and payable as therein or
herein provided, whether at the Stated Maturity or by declaration of
acceleration, call for redemption or otherwise.
"Moody's" means Xxxxx'x Investors Service, Inc. or, if Xxxxx'x Investors
Service, Inc. shall cease rating debt securities having a maturity at original
issuance of at least one year and such ratings business shall have been
transferred to a successor Person, such successor Person; provided, however,
that if Xxxxx'x Investors Service, Inc. ceases rating debt securities having a
maturity at original issuance of at least one year and its rating business with
respect thereto shall not have been transferred to any successor Person, then
"Moody's" shall mean any other national recognized rating agency (other than
S&P) that rates debt securities having a maturity at original issuance of at
least one year and that shall have been designated by VoiceStream or VoiceStream
Holdings, as the case may be, by a written notice given to the trustee.
13
"Net Available Proceeds" from any Asset Disposition means the aggregate
amount of cash (including any other consideration that is converted into cash)
received by an Issuer or any of its Restricted Subsidiaries in respect of such
an Asset Disposition, less the sum of (i) all fees, commissions and other
expenses Incurred in connection with such Asset Disposition, including the
amount of income taxes required to be paid by such Issuer or any of its
Restricted Subsidiaries in connection therewith and (ii) the aggregate amount of
cash so received which is used to retire any existing Indebtedness of such
Issuer or any of its Restricted Subsidiaries which is required to be repaid in
connection therewith.
"Net Cash Proceeds" from the sale of Equity Interests means the
aggregate amount of cash (including any other consideration that is converted
into cash) received by an Issuer or any of its Restricted Subsidiaries in
respect of such sale of Equity Interests, less the sum of:
- all fees, commissions and other expenses incurred in connection
with such sale of Equity Interests, including the amount of
income taxes required to be paid by such Issuer or any of its
Restricted Subsidiaries in connection therewith; and
- the aggregate amount of cash so received which is used to retire
any existing Indebtedness of such Issuer or any of its
Restricted Subsidiaries which is required to be repaid in
connection therewith.
"Non-Recourse Debt" means Indebtedness:
- as to which neither of the Issuers nor any of their respective
Restricted Subsidiaries;
- provides credit support of any kind (including any undertaking,
agreement or instrument that would constitute Indebtedness);
- is directly or indirectly liable (as a guarantor or otherwise);
or
- constitutes the lender;
- no default with respect to which (including any rights that the
holders thereof may have to take enforcement action against an
Unrestricted Subsidiary of such Issuer) would permit (upon
notice, lapse of time or both) any holder of any other
Indebtedness of either Issuer or any of its Restricted
Subsidiaries to declare a default on such other Indebtedness or
cause the payment thereof to be accelerated or payable prior to
its stated maturity; and
- as to which the lenders have been notified in writing that they
will not have any recourse to the stock or assets of either
Issuer or any of its Restricted Subsidiaries.
14
"Offer" has the meaning specified in the definition of Offer to
Purchase.
"Offer to Purchase" means a written offer (the "Offer") sent by the
Issuers by first class mail, postage prepaid, to each Holder at his address
appearing in the Security Register on the date of the Offer offering to purchase
up to the principal amount of Securities specified in such Offer at the purchase
price specified in such Offer (as determined pursuant to this Indenture). Unless
otherwise required by applicable law, the Offer shall specify an expiration date
(the "Expiration Date") of the Offer to Purchase which, subject to any contrary
requirements of applicable law, shall be not less than 30 days nor more than 60
days after the date of such Offer to Purchase and a settlement date (the
"Purchase Date") for purchase of Securities within five Business Days after the
Expiration Date. The Issuers shall notify the Trustee at least 15 Business Days
(or such shorter period as is acceptable to the Trustee) prior to the mailing of
the Offer of the Issuers' obligation to make an Offer to Purchase, and the Offer
shall be mailed by the Issuers or, at the Issuers' request, by the Trustee in
the name and at the expense of the Issuers. The Offer shall contain information
concerning the business of the Issuers and their respective Subsidiaries which
the Issuers in good faith believe will enable such Holders to make an informed
decision with respect to the Offer to Purchase (which at a minimum will include
(i) the most recent annual and quarterly financial statements and "Management's
Discussion and Analysis of Financial Condition and Results of Operations"
contained in the documents required to be filed with the Trustee pursuant to
Section 704 (which requirements may be satisfied by delivery of such documents
together with the Offer), (ii) a description of material developments in the
Issuers' business subsequent to the date of the latest of such financial
statements referred to in Clause (i) (including a description of the events
requiring the Issuers to make the Offer to Purchase), (iii) if applicable,
appropriate pro forma financial information concerning the Offer to Purchase and
the events requiring the Issuers to make the Offer to Purchase and (iv) any
other information required by applicable law to be included therein. The Offer
shall contain all instructions and materials necessary to enable such Holders to
tender Securities pursuant to the Offer to Purchase. The Offer shall also state:
- the Section of this Indenture pursuant to which the Offer to
Purchase is being made;
- the Expiration Date and the Purchase Date;
- the aggregate principal amount of the Outstanding Securities
offered to be purchased by the Issuers pursuant to the Offer to
Purchase (including, if less than 100%, the manner by which such
has been determined pursuant to the Section hereof requiring the
Offer to Purchase) (the "Purchase Amount");
- the purchase price to be paid by the Issuers for each $1,000
aggregate principal amount of Securities accepted for payment
(as specified pursuant to this Indenture) (the "Purchase
Price");
15
- that the Holder may tender all or any portion of the Securities
registered in the name of such Holder and that any portion of a
Security tendered must be tendered in an integral multiple of
$1,000 principal amount;
- the place or places where Securities are to be surrendered for
tender pursuant to the Offer to Purchase;
- that on the Purchase Date the Purchase Price will become due and
payable upon each Security accepted for payment pursuant to the
Offer to Purchase and that interest thereon shall cease to
accrue on and after the Purchase Date;
- that each Holder electing to tender a Security pursuant to the
Offer to Purchase will be required to surrender such Security at
the place or places specified in the Offer prior to the close of
business on the Expiration Date (such Security being, if the
Issuers or the Trustee so requires, duly endorsed by, or
accompanied by a written instrument of transfer in form
satisfactory to the Issuers and the Trustee duly executed by,
the Holder thereof or his attorney duly authorized in writing);
- that Holders will be entitled to withdraw all or any portion of
Securities tendered if the Issuers (or its Paying Agent)
receives, not later than the close of business on the Expiration
Date, a telegram, telex, facsimile transmission or letter
setting forth the name of the Holder, the principal amount of
the Security the Holder tendered, the certificate number of the
Security the Holder tendered and a statement that such Holder is
withdrawing all or a portion of his tender;
- that (a) if Securities in an aggregate principal amount less
than or equal to the Purchase Amount are duly tendered and not
withdrawn pursuant to the Offer to Purchase, the Issuers shall
purchase all such Securities and (b) if Securities in an
aggregate principal amount in excess of the Purchase Amount are
tendered and not withdrawn pursuant to the Offer to Purchase,
the Issuers shall purchase Securities having an aggregate
principal amount equal to the Purchase Amount on a pro rata
basis (with such adjustments as may be deemed appropriate so
that only Securities in denominations of $1,000 or integral
multiples thereof shall be purchased); and
- that in case of any Holder whose Security is purchased only in
part, the Issuers shall execute, and the Trustee shall
authenticate and deliver to the Holder of such Security without
service charge, a new Security or Securities, of any authorized
denomination as requested by such Holder, in an aggregate
principal amount equal to and in exchange for the unpurchased
portion of the Security so tendered.
Any Offer to Purchase shall be governed by and effected in accordance
with the Offer for such Offer to Purchase.
16
"Officers' Certificate" means a certificate signed by two officers at
least one of whom shall be the principal executive officer, principal accounting
officer or principal financial officer of VoiceStream or VoiceStream Holdings,
as the case may be, and delivered to the Trustee."Omnipoint" means Omnipoint
Corporation, a Delaware corporation.
"Omnipoint Reorganization" means the reorganization and related
transactions contemplated by that Agreement and Plan of Reorganization, dated as
of June 23, 1999, among VoiceStream, VoiceStream Holdings and Omnipoint.
"Opinion of Counsel" means a written opinion of counsel, who may be
counsel for an Issuer, and who shall be reasonably acceptable to the Trustee and
delivered to the Trustee.
"Original Securities" means all Securities other than Exchange
Securities.
"Outstanding," when used with respect to Securities, means, as of the
date of determination, all Securities theretofore authenticated and delivered
under this Indenture, except:
- Securities theretofore canceled by the Trustee or delivered to
the Trustee for cancellation;
- Securities for whose payment or redemption money in the
necessary amount has been theretofore deposited with the Trustee
or any Paying Agent (other than the Issuers) in trust or set
aside and segregated in trust by the Issuers (if the Issuers
shall act as their own Paying Agent) for the Holders of such
Securities; provided that, if such Securities are to be
redeemed, notice of such redemption has been duly given pursuant
to this Indenture or provision therefor satisfactory to the
Trustee has been made; and
- Securities which have been paid pursuant to Section 307 or in
exchange for or in lieu of which other Securities have been
authenticated and delivered pursuant to this Indenture, other
than any such Securities in respect of which there shall have
been presented to the Trustee proof satisfactory to it that such
Securities are held by a bona fide purchaser in whose hands such
Securities are valid obligations of the Issuers;
provided, however, that in determining whether the Holders of the
requisite principal amount of the Outstanding Securities have given any request,
demand, authorization, direction, notice, consent or waiver hereunder,
Securities owned by the Issuers or any other obligor upon the Securities or any
Affiliate of the Issuers or of such other obligor shall be disregarded and
deemed not to be Outstanding, except that, in determining whether the Trustee
shall be protected in relying upon any such request, demand, authorization,
direction, notice, consent or waiver, only Securities which a Responsible
Officer of the Trustee has actual knowledge to be so owned shall be so
17
disregarded. Securities so owned which have been pledged in good faith may be
regarded as Outstanding if the pledgee establishes to the satisfaction of the
Trustee the pledgee's right so to act with respect to such Securities and that
the pledgee is not an Issuer or any other obligor upon the Securities or any
Affiliate of the Issuers or of such other obligor.
"pari passu," when used with respect to the ranking of any Indebtedness
of any Person in relation to other Indebtedness of such Person, means that each
such Indebtedness (a) either (i) is not subordinated in right of payment to any
other Indebtedness of such Person or (ii) is subordinate in right of payment to
the same Indebtedness of such Person as is the other and is so subordinate to
the same extent and (b) is not subordinate in right of payment to the other or
to any Indebtedness of such Person as to which the other is not so subordinate.
"Paying Agent" means any Person authorized by the Issuers to pay the
principal of (and premium, if any) or interest on any Securities on behalf of
the Issuers.
"Permitted Investments" include:
- Investments in either Issuer or any Restricted Subsidiary of
either Issuer;
- Investments in a Person such that the Person will become a
Restricted Subsidiary after giving effect to the Investment or
purchases of additional Equity Interests of a Restricted
Subsidiary or of a Person who becomes a Restricted Subsidiary as
a result of any such purchase;
- a Temporary Cash Investment;
- stock, obligations or other consideration received in
satisfaction of judgments;
- an Investment in any Person to the extent such Investment
represents the non-cash portion of the consideration received
for an Asset Disposition as permitted under Section 1014;
- Investments (including acquisitions of other Telecommunications
Businesses) not to exceed two times the Net Cash Proceeds from
the sale of Equity Interests;
- Investments (including acquisitions of other Telecommunications
Businesses) made with Capital Stock;
- Restricted Equity Investments;
- Strategic Investments;
- customary loans or advances made in the ordinary course of
business to officers, directors or employees of an Issuer or any
of its Restricted
18
Subsidiaries for travel, entertainment and moving and other
relocation expenses; and
- any other Investments not to exceed $100 million in the
aggregate.
"Person" means any individual, corporation, partnership, joint venture,
trust, unincorporated organization or government or any agency or political
subdivision thereof.
"Predecessor Security" of any particular Security means every previous
Security evidencing all or a portion of the same debt as that evidenced by such
particular Security; and, for the purposes of this definition, any Security
authenticated and delivered under Section 307 in exchange for or in lieu of a
mutilated, destroyed, lost or stolen Security shall be deemed to evidence the
same debt as the mutilated, destroyed, lost or stolen Security.
"Preferred Stock," as applied to the Capital Stock of any Person, means
Capital Stock of such Person of any class or classes (however designated) that
ranks prior, as to the payment of dividends or as to the distribution of assets
upon any voluntary or involuntary liquidation, dissolution or winding up of such
Person, to shares of Capital Stock of any other class of such Person.
"Public Equity Offering" means an underwritten primary public offering
of Common Stock pursuant to an effective registration statement under the
Securities Act.
"Purchase Agreement" means the Purchase Agreement, dated as of November
4, 1999, among the Issuers and the Initial Purchasers, as such agreement may be
amended from time to time.
"Purchase Amount" has the meaning specified in the definition of Offer
to Purchase.
"Purchase Date" has the meaning specified in the definition of Offer to
Purchase.
"Purchase Price" has the meaning specified in the definition of Offer to
Purchase.
"Rating Agency" means (1) S&P and Moody's or (2) any other rating
agencies contemplated by the definitions of "S&P" and "Xxxxx'x".
"Rating Category" means:
- with respect to S&P, any of the following categories (any of
which may include a "+" or "-"): AAA, AA, A, BBB, BB, B, CCC,
CC, C and D (or equivalent successor categories);
- with respect to Moody's, any of the following categories (any of
which may include a "1", "2" or "3"); Aaa, Aa, A, Baa, Ba, B,
Caa, Ca, C and D (or equivalent successor categories); and
19
- the equivalent of any such categories of S&P or Moody's used by
another Rating Agency, if applicable.
"Ratings Decline" has the meaning specified in Section 1016.
"Redeemable Stock" of any Person means any equity security of such
Person that by its terms or otherwise is required to be redeemed prior to the
final Stated Maturity of the Securities or is redeemable at the option of the
holder thereof at any time prior to the final Stated Maturity of the Securities.
"Redemption Date," when used with respect to any Security to be
redeemed, means the date fixed for such redemption by or pursuant to this
Indenture.
"Redemption Price," when used with respect to any Security to be
redeemed, means the price at which it is to be redeemed pursuant to this
Indenture.
"Registered Securities" means the Exchange Securities and all other
Securities sold or otherwise disposed of pursuant to an effective registration
statement under the Securities Act, together with their respective Successor
Securities.
"Registration Default" has the meaning specified in the form of the
Securities set forth in Section 202.
"Regular Record Date" for the interest payable on any Interest Payment
Date means the May 1 or November 1 (whether or not a Business Day), as the case
may be, next preceding such Interest Payment Date.
"Regulation S" means Regulation S under the Securities Act (or any
successor provision), as it may be amended from time to time.
"Regulation S Certificate" means a certificate substantially in the form
set forth in Annex A.
"Regulation S Global Security" has the meaning specified in Section 201.
"Regulation S Legend" means a legend substantially in the form of the
legend required in the form of Security set forth in Section 202 to be placed
upon a Regulation S Global Security.
"Regulation S Securities" means all Securities required pursuant to
Section 306(c) to bear a Regulation S Legend. Such term includes the Regulation
S Global Security.
"Related Person" of any Person means any other Person owning (a) 5% or
more of the outstanding Common Stock of such Person or (b) 5% or more of the
Voting Power of such Person.
"Reorganizations" means the Omnipoint Reorganization and the Aerial
Reorganization.
20
"Resale Registration Statement" means a shelf registration statement
under the Securities Act filed by the Issuers, if required by, and meeting the
requirements of, the Exchange and Registration Rights Agreement, registering
Original Securities for resale.
"Responsible Officer," when used with respect to the Trustee, means the
chairman or vice-chairman of the executive committee of the board of directors,
the president, any vice-president, any trust officer or assistant trust officer,
or any other officer of the Trustee customarily performing functions similar to
those performed by any of the above designated officers and also means, with
respect to a particular corporate trust matter, any other officer to whom such
matter is referred because of his or her knowledge of and familiarity with the
particular subject.
"Restricted Entity" means, as applied to any Person, any corporation or
other entity:
- engaged in the acquisition, ownership, operation and management
of assets in the Telecommunications Business;
- over which such Person is responsible (either directly or
through a services agreement) for day-to-day operations or
otherwise has a technical services or comparable agreement that
provides such Person with such rights, duties and obligations as
are substantially similar to those rights, duties and
obligations of VoiceStream (as assignee of Western Wireless
Corporation) under that certain Technical Services Agreement
dated July 30, 1996, as amended, with respect to Xxxx Inlet
Western Wireless PV/SS PCS, L.P.;
- of which more than 40% of the outstanding Capital Stock (other
than directors' qualifying shares) having ordinary voting power
to elect its board of directors, regardless of the existence at
the time of a right of the holders of any class or classes of
securities of such corporation to exercise such voting power by
reason of the happening of any contingency, in the case a
corporation, or more than 40% of the outstanding ownership
interests, in the case of an entity other than a corporation, is
at the time owned directly or indirectly by such Person, or by
one or more Subsidiaries of such Person, or by such Person and
by one or more Subsidiaries of such Person; and
- that is formed or the ownership in which is acquired pursuant to
an arms' length negotiation between such Person and the
Restricted Entity or the other investors in such Restricted
Entity that satisfies the requirements of Section 1013.
"Restricted Equity Investments" means:
- any payment on account of the purchase, redemption, retirement
or acquisition of (a) any shares of Capital Stock or other
ownership interests
21
in a Restricted Entity or (b) any option, warrant or other right
to acquire shares of Capital Stock or ownership interests of a
Restricted Entity; or
- any loan, advance, lease, capital contribution to, or Investment
in, or payment of a Guarantee of any obligation of a Restricted
Entity.
"Restricted Global Security" has the meaning specified in Section 201.
"Restricted Payment" has the meaning specified in Section 1010.
"Restricted Period" means the period of 41 consecutive days beginning on
and including the later of (i) the day on which Securities are first offered to
persons other than distributors (as defined in Regulation S) in reliance on
Regulation S and (ii) the day on which the closing of the offering of Securities
pursuant to the Purchase Agreement occurs.
"Restricted Securities" means all Securities required pursuant to
Section 306(c) to bear a Restricted Securities Legend. Such term includes the
Restricted Global Security.
"Restricted Securities Certificate" means a certificate substantially in
the form set forth in Annex B.
"Restricted Securities Legend" means a legend substantially in the form
of the legend required in the form of Security set forth in Section 202 to be
placed upon a Restricted Security.
"Restricted Subsidiary" of any Person means any Subsidiary of such
Person other than an Unrestricted Subsidiary.
"Rule 144A" means Rule 144A under the Securities Act (or any successor
provision), as it may be amended from time to time.
"Rule 144A Securities" means the Securities purchased by the Initial
Purchasers from the Issuers pursuant to the Purchase Agreement, other than the
Initial Regulation S Securities.
"Sale and Leaseback Transaction" of any Person means an arrangement with
any lender or investor or to which such lender or investor is a party providing
for the leasing by such Person of any property or asset of such Person which has
been or is being sold or transferred by such Person more than 270 days after the
acquisition thereof or the completion of construction or commencement of
operation thereof to such lender or investor or to any person to whom funds have
been or are to be advanced by such lender or investor on the security of such
property or asset. The stated maturity of such arrangement shall be the date of
the last payment of rent or any other amount due under such arrangement prior to
the first date on which such arrangement may be terminated by the lessee without
payment of a penalty.
22
"Securities" means securities designated in the first paragraph of the
recitals and includes the Exchange Securities.
"Securities Act" refers to the Securities Act of 1933 as it may be
amended and any successor act thereto.
"Securities Act Legend" means a Restricted Securities Legend or a
Regulation S Legend.
"Security Registrar" and "Security Register" have the respective
meanings specified in Section 306.
"Special Interest" has the meaning specified in the form of the
Securities set forth in Section 202.
"S&P" means Standard & Poor's Rating Services or, if Standard & Poor's
Rating Services shall cease rating debt securities having a maturity at original
issuance of at least one year and such ratings business shall have been
transferred to a successor Person, such successor Person; provided, however,
that if Standard & Poor's Rating Services ceases rating debt securities having a
maturity at original issuance of at least one year and its rating business with
respect thereto shall not have been transferred to any successor Person, then
"S&P" shall mean any other national recognized rating agency (other than
Moody's) that rates debt securities having a maturity at original issuance of at
least one year and that shall have been designated by VoiceStream or VoiceStream
Holdings, as the case may be, by a written notice given to the Trustee.
"Stated Maturity," when used with respect to any Security or any
installment of interest thereon, means the date specified in such Security as
the date on which the principal of such Security or such installment of interest
is due and payable.
"Statistical Release" means the statistical release designated
"H.15(519)" or any successor publication which is published weekly by the
Federal Reserve System and which establishes yields on actively traded United
States government securities adjusted to constant maturities, or, if such
statistical release is not published at the time of any determination under this
Indenture, then such other reasonably comparable index which shall be designated
by VoiceStream or VoiceStream Holdings, as the case may be.
"Step-Down Date" has the meaning specified in the form of the Securities
set forth in Section 202.
"Step-Up" has the meaning specified in the form of the Securities set
forth in Section 202.
"Strategic Equity Infusion" means an equity investment in VoiceStream or
VoiceStream Holdings, as the case may be, made by a Strategic Investor in an
aggregate amount of not less than $250 million.
23
"Strategic Investment" means an Investment in one or more Persons
engaged in a Telecommunications Business, provided that the aggregate amount of
all such Investments does not exceed (1) $100 million or (2), provided that
after giving effect to such Strategic Investment the Issuers would comply with
the first paragraph of Section 1008, $175 million.
"Strategic Investor" means a corporation, partnership or other entity
engaged in one or more Telecommunications Businesses that has, or 80% or more of
the voting stock of which is owned by a Person that has, an equity market
capitalization, at the time of its initial Investment in the applicable Issuer,
in excess of $1 billion.
"Subsidiary" of any Person means (i) any corporation of which more than
fifty percent (50%) of the outstanding Capital Stock (other than directors'
qualifying shares) having ordinary Voting Power to elect its board of directors,
regardless of the existence at the time of a right of the holders of any class
or classes of securities of such corporation to exercise such Voting Power by
reason of the happening of any contingency, or any entity other than a
corporation of which more than fifty percent (50%) of the outstanding ownership
interests, is at the time owned directly or indirectly by such Person, or by one
or more Subsidiaries of such Person, or by such Person and one or more
Subsidiaries of such Person, or (ii) any other entity which is directly or
indirectly controlled or capable of being controlled by such Person, or by one
or more Subsidiaries of such Person, or by such Person and one or more
Subsidiaries of such Person.
"Successor Security" of any particular Security means every Security
issued after, and evidencing all or a portion of the same debt as that evidenced
by, such particular Security; and, for the purposes of this definition, any
Security authenticated and delivered under Section 307 in exchange for or in
lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to
evidence the same debt as the mutilated, destroyed, lost or stolen Security.
"Telecommunications Asset" means any asset of a Telecommunications
Business, including, without limitation, Equity Interests or joint venture,
partnership or membership interests of an entity engaged in the
Telecommunications Business.
"Telecommunications Business" means the business of:
- transmitting, or providing services relating to the transmission
of, voice, video or data through owned or leased wireline or
wireless transmission facilities;
- creating, developing, acquiring, constructing, installing,
repairing, maintaining or marketing communications-related
systems, network equipment and facilities, software and other
products; or
- evaluating, owning, operating, participating in or pursuing any
other business that is primarily related to those identified in
clause (1) or (2) above (in the case of this clause (3),
however, in a manner consistent with
24
VoiceStream's and, assuming completion of either of the
Reorganizations, Omnipoint's or Aerial's, as applicable, manner
of business on the date of this Indenture), and shall, in any
event, include all businesses in which VoiceStream and, assuming
completion of either of the Reorganizations, Omnipoint or
Aerial, as applicable, or any of their Subsidiaries is engaged
on the date of this Indenture or has entered into agreements to
engage in or to acquire a company to engage in or contemplate
engaging in, as expressly set forth in VoiceStream's Form 10/A
filed with the Commission on April 13, 1999 or its Form 10-Q for
the quarter ended June 30, 1999 or its current reports on Form
8-K filed prior to October 15, 1999 (or not required to be
disclosed therein pursuant to the rules and regulations of the
Commission) and, assuming completion of the Reorganizations,
each of Omnipoint's and Aerial's Form 10-K for the fiscal year
ended December 31, 1998 and Forms 10-Q and 8-K filed during
calendar year 1999 prior to the date of the offering circular
associated with the Securities (or not required to be disclosed
therein pursuant to the rules and regulations of the
Commission); provided that the determination of what constitutes
a Telecommunications Business shall be made in good faith by the
Board of Directors of VoiceStream or VoiceStream Holdings, as
the case may be.
"Telecommunications Indebtedness" means Indebtedness (including Acquired
Indebtedness) of an Issuer or any of its Restricted Subsidiaries that is
incurred for the (1) development, construction, acquisition, operations or
improvement by such Issuer or any of its Restricted Subsidiaries of
Telecommunications Assets (including any Indebtedness assumed in connection with
an acquisition of Telecommunications Assets) or (2) acquisition of Equity
Interests of a Person engaged in a Telecommunications Business; provided that
with respect to clause (1) the net proceeds of such Telecommunications
Indebtedness do not exceed 100% of the cost of construction, development,
acquisition, operations or improvement of the applicable Telecommunications
Assets.
"Temporary Cash Investment" means:
- Government Securities;
- any time deposit account, money market deposit and certificate
of deposit maturing not more than 270 days after the date of
acquisition issued by, or time deposit of, an Eligible
Institution;
- commercial paper maturing not more than 270 days after the date
of acquisition issued by a corporation (other than an Affiliate
of either Issuer) with a rating, at the time as of which any
investment therein is made, of "P-1" or higher according to
Xxxxx'x Investors Service, Inc., "A-1" or higher according to
Standard & Poor's Ratings Group or "A-1" or higher according to
Duff & Xxxxxx Credit Rating Co. (or such similar equivalent
rating by at least one "nationally recognized statistical rating
organization" (as defined in Rule 436 under the Securities
Act));
25
- any banker's acceptances or money market deposit accounts issued
or offered by an Eligible Institution;
- repurchase obligations with a term of not more than 7 days for
Government Securities entered into with an Eligible Institution;
and
- any fund investing exclusively in investments of the types
described in clauses (1) through (5) above.
"Trustee" means the Person named as the "Trustee" in the first paragraph
of this instrument until a successor Trustee shall have become such pursuant to
the applicable provisions of this Indenture, and thereafter "Trustee" shall mean
such successor Trustee.
"Trust Indenture Act" means the Trust Indenture Act of 1939 as in force
at the date as of which this instrument was executed, except as provided in
Section 905; provided, however, that in the event the Trust Indenture Act of
1939 is amended after such date, "Trust Indenture Act" means, to the extent
required by any such amendment, the Trust Indenture Act of 1939 as so amended.
"U.S. Government Obligations" has the meaning specified in Section 1204.
"Unrestricted Securities Certificate" means a certificate substantially
in the form set forth in Annex C.
"Unrestricted Subsidiary" of any Person means (i) any Subsidiary of such
Person that at the time of determination shall be designated an Unrestricted
Subsidiary by the Board of Directors of such Person in the manner provided below
and (ii) any Subsidiary of an Unrestricted Subsidiary. The Board of Directors of
any Person may designate any Restricted Subsidiary to be an Unrestricted
Subsidiary unless such Subsidiary owns any Common Stock or Preferred Stock of,
or owns or holds any Lien on any property of, such Person or any Restricted
Subsidiary; provided that either (A) the Subsidiary to be so designated has
total assets of $1,000 or less or (B) if such Subsidiary has assets greater than
$1,000, the Fair Market Value of the Subsidiary at the time of such designation
would be permitted as an investment under Section 1011. The Board of Directors
of any Person may designate any Unrestricted Subsidiary to be a Restricted
Subsidiary of such Person; provided that immediately after giving effect to such
designation (x) such Person would be permitted to Incur $1.00 of additional
Indebtedness pursuant to the first paragraph of Section 1008 and (y) no Event of
Default or event which with notice or lapse of time or both would become an
Event of Default has occurred and is continuing. Any such designation by the
Board of Directors shall be evidenced by a Board Resolution submitted to the
Trustee.
"Vice President," when used with respect to VoiceStream or VoiceStream
Holdings, as the case may be, or the Trustee, means any vice president, whether
or not designated by a number or a word or words added before or after the title
"vice president."
26
"VoiceStream" has the meaning set forth in the preamble.
"VoiceStream Holdings" has the meaning set forth in the preamble.
"Voting Power" of any Person means the aggregate number of votes of all
classes of Capital Stock of such Person which ordinarily has voting power for
the election of directors of such Person.
"Wholly Owned Restricted Subsidiary" of any Person means a Restricted
Subsidiary of such Person all of the outstanding Capital Stock or other
ownership interests of which (other than directors' qualifying shares) shall at
the time be owned by such Person or by one or more Wholly Owned Restricted
Subsidiaries of such Person or by such Person and one or more Wholly Owned
Restricted Subsidiaries of such Person.
Section 1.2. Compliance Certificates and Opinions.
Upon any application or request by an Issuer to the Trustee to take any
action under any provision of this Indenture, such Issuer shall furnish to the
Trustee such certificates and opinions as may be required under the Trust
Indenture Act. Each such certificate or opinion shall be given in the form of an
Officers' Certificate, if to be given by an officer of such Issuer, or an
Opinion of Counsel, if to be given by counsel, and shall comply with the
requirements of the Trust Indenture Act and any other requirement set forth in
this Indenture.
Every certificate or opinion with respect to compliance with a condition
or covenant provided for in this Indenture shall include
(a) a statement that each individual signing such certificate or opinion
has read such covenant or condition and the definitions herein relating thereto;
(b) a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such
certificate or opinion are based;
(c) a statement that, in the opinion of each such individual, he has
made such examination or investigation as in its reasonable judgment is
necessary to enable him to express an informed opinion as to whether or not such
covenant or condition has been complied with; and
(d) a statement as to whether or not, in the opinion of each such
individual, such condition or covenant has been complied with.
Section 1.3. Form of Documents Delivered to Trustee.
In any case where several matters are required to be certified by, or
covered by an opinion of, any specified Person, it is not necessary that all
such matters be certified by, or covered by the opinion of, only one such
Person, or that they be so certified or covered by only one document, but one
such Person may certify or give an opinion with respect to
27
some matters and one or more other such Persons as to other matters, and any
such Person may certify or give an opinion as to such matters in one or several
documents.
Any certificate or opinion of an officer of an Issuer may be based,
insofar as it relates to legal matters, upon a certificate or opinion of, or
representations by, counsel, unless such officer knows that the certificate or
opinion or representations with respect to the matters upon which his
certificate or opinion is based are erroneous. Any such certificate or opinion
of counsel may be based, insofar as it relates to factual matters, upon a
certificate or opinion of, or representations by, an officer or officers of such
Issuer stating that the information with respect to such factual matters is in
the possession of the Issuers, unless such counsel knows that the certificate or
opinion or representations with respect to such matters are erroneous.
Where any Person is required to make, give or execute two or more
applications, requests, consents, certificates, statements, opinions or other
instruments under this Indenture, they may, but need not, be consolidated and
form one instrument.
Section 1.4. Acts of Holders; Record Date.
(a) Any request, demand, authorization, direction, notice, consent,
waiver or other action provided by this Indenture to be given or taken by
Holders may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such Holders in person or by an agent(s)
duly appointed in writing; and, except as herein otherwise expressly provided,
such action shall become effective when such instrument or instruments are
received by the Trustee and, where it is hereby expressly required, by such
Issuer. Such instrument or instruments (and the action embodied therein and
evidenced thereby) are herein sometimes referred to as the "Act" of the Holders
signing such instrument or instruments. Proof of execution of any such
instrument or of a writing appointing any such agent shall be sufficient for any
purpose of this Indenture and (subject to Section 601) conclusive in favor of
the Trustee and such Issuer, if made in the manner provided in this Section.
(b) The fact and date of the execution by any Person of any such
instrument or writing may be proved by the affidavit of a witness of such
execution or by a certificate of a notary public or other officer authorized by
law to take acknowledgments of deeds, certifying that the individual signing
such instrument or writing acknowledged to him the execution thereof. Where such
execution is by a signer acting in a capacity other than his individual
capacity, such certificate or affidavit shall also constitute sufficient proof
of his authority. The fact and date of the execution of any such instrument or
writing, or the authority of the Person executing the same, may also be proved
in any other manner which the Trustee reasonably deems sufficient.
(c) An Issuer may, in the circumstances permitted by the Trust Indenture
Act, fix any day as the record date for the purpose of determining the Holders
entitled to give or take any request, demand, authorization, direction, notice,
consent, waiver or other action, or to vote on any action, authorized or
permitted to be given or taken by Holders. If not set by such Issuer prior to
the first solicitation of a Holder made by any Person in
28
respect of any such action, or, in the case of any such vote, prior to such
vote, the record date for any such action or vote shall be the 30th day (or, if
later, the date of the most recent list of Holders required to be provided
pursuant to Section 701) prior to such first solicitation or vote, as the case
may be. With regard to any record date, only the Holders on such date (or their
duly designated proxies) shall be entitled to give or take, or vote on, the
relevant action.
(d) The ownership of Securities shall be proved by the Security
Register.
(e) Any request, demand, authorization, direction, notice, consent,
waiver or other Act of the Holder of any Security shall bind every future Holder
of the same Security and the Holder of every Security issued upon the
registration of transfer thereof or in exchange therefor or in lieu thereof in
respect of anything done, omitted or suffered to be done by the Trustee or an
Issuer in reliance thereon, whether or not notation of such action is made upon
such Security.
Section 1.5. Notices, Etc., to Trustee and Issuer.
Any request, demand, authorization, direction, notice, consent, waiver
or Act of Holders or other document provided or permitted by this Indenture to
be made upon, given or furnished to, or filed with,
(a) the Trustee by any Holder or by an Issuer shall be sufficient for
every purpose hereunder if made, given, furnished or filed in writing to or with
the Trustee at its Corporate Trust Office, Attention: Trust Officer, or
(b) an Issuer by the Trustee or by any Holder shall be sufficient for
every purpose hereunder (unless otherwise herein expressly provided) if in
writing and mailed, first-class postage prepaid, to such Issuer, Attention:
Chief Executive Officer, addressed to it at the address of its principal office
specified in the first paragraph of this instrument or at any other address
previously furnished in writing to the Trustee by such Issuer with a copy to its
General Counsel.
Section 1.6. Notice to Holders; Waiver.
Where this Indenture provides for notice to Holders of any event, such
notice shall be sufficiently given (unless otherwise herein expressly provided)
if in writing and mailed, first-class postage prepaid, to each Holder affected
by such event, at his address as it appears in the Security Register, not later
than the latest date (if any), and not earlier than the earliest date (if any),
prescribed for the giving of such notice. In any case where notice to Holders is
given by mail, neither the failure to mail such notice, nor any defect in any
notice so mailed, to any particular Holder shall affect the sufficiency of such
notice with respect to other Holders. Where this Indenture provides for notice
in any manner, such notice may be waived in writing by the Person entitled to
receive such notice, either before or after the event, and such waiver shall be
the equivalent of such notice. Waivers of notice by Holders shall be filed with
the Trustee, but such filing shall not be a condition precedent to the validity
of any action taken in reliance upon such waiver.
29
In case by reason of the suspension of regular mail service or by reason
of any other cause it shall be impracticable to give such notice by mail, then
such notification as shall be made with the approval of the Trustee shall
constitute a sufficient notification for every purpose hereunder.
Section 1.7. Conflict with Trust Indenture Act.
If any provision hereof limits, qualifies or conflicts with a provision
of the Trust Indenture Act that is required under such Act to be part of and
govern this Indenture, the latter provision shall control. If any provision of
this Indenture modifies or excludes any provision of the Trust Indenture Act
that may be so modified or excluded, the provision of this Indenture shall be
deemed to apply.
Section 1.8. Effect of Headings and Table of Contents.
The Article and Section headings herein and the Table of Contents are
for convenience only and shall not affect the construction hereof.
Section 1.9. Successors and Assigns.
All covenants and agreements in this Indenture by an Issuer shall bind
its successors and assigns, whether so expressed or not.
Section 1.10. Separability Clause.
In case any provision in this Indenture or in the Securities shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions shall not in any way be affected or impaired thereby.
Section 1.11. Benefits of Indenture.
Nothing in this Indenture or in the Securities, express or implied,
shall give to any Person, other than the parties hereto and their successors
hereunder and the Holders of Securities, any benefit or any legal or equitable
right, remedy or claim under this Indenture.
Section 1.12. Governing Law.
This Indenture and the Securities shall be governed by and construed in
accordance with the laws of the State of New York without giving effect to
principles of conflicts of law.
Section 1.13. Legal Holidays.
In any case where any Interest Payment Date, Redemption Date, Purchase
Date or Stated Maturity of any Security shall not be a Business Day, then
(notwithstanding any other provision of this Indenture or of the Securities)
payment of interest or principal (and premium, if any) need not be made on such
date, but may be made on the next
30
succeeding Business Day with the same force and effect as if made on the
Interest Payment Date, Redemption Date or Purchase Date, or at the Stated
Maturity, provided that no interest shall accrue for the period from and after
such Interest Payment Date, Redemption Date, Purchase Date or Stated Maturity,
as the case may be.
ARTICLE 2
SECURITY FORMS
Section 2.1. Forms Generally.
The Securities and the Trustee's certificates of authentication shall be
in substantially the forms set forth in this Article, with such appropriate
insertions, omissions, substitutions and other variations as are required or
permitted by this Indenture, and may have such letters, numbers or other marks
of identification and such legends or endorsements placed thereon as may be
required to comply with the rules of any securities exchange or as may,
consistently herewith, be determined by the officers executing such Securities,
as evidenced by their execution of the Securities.
The definitive Securities shall be printed, lithographed or engraved or
produced by any combination of these methods on steel engraved borders or may be
produced in any other manner permitted by the rules of any securities exchange
on which the Securities may be listed, all as determined by the officers
executing such Securities, as evidenced by their execution of such Securities.
Upon their original issuance, Rule 144A Securities shall be issued in
the form of one or more Global Securities registered in the name of DTC, as
Depositary, or its nominee and deposited with the Trustee, as custodian for DTC,
for credit by DTC to the respective accounts of beneficial owners of the
Securities represented thereby (or such other accounts as they may direct). Such
Global Securities, together with their Successor Securities which are Global
Securities other than the Regulation S Global Security, are collectively herein
called the "Restricted Global Security".
Upon their original issuance, Initial Regulation S Securities shall be
issued in the form of one or more Global Securities registered in the name of
DTC, as Depositary, or its nominee and deposited with the Trustee, as custodian
for DTC, for credit by DTC to the respective accounts of beneficial owners of
the Securities represented thereby (or such other accounts as they may direct),
provided that upon such deposit all such Securities shall be credited to or
through accounts maintained at DTC by or on behalf of Euroclear or Cedel. Such
Global Securities, together with their Successor Securities which are Global
Securities other than the Restricted Global Security, are collectively herein
called the "Regulation S Global Security".
Section 2.2. Form of Face of Security.
THIS SECURITY HAS BEEN ISSUED WITH ORIGINAL ISSUE DISCOUNT. FOR PURPOSES
OF SECTIONS 1272, 1273 AND 0000 XX XXX XXXXXX XXXXXX INTERNAL REVENUE CODE OF
1986, AS AMENDED, THE ISSUE PRICE OF THIS SECURITY IS 56.061% OF ITS PRINCIPAL
AMOUNT, THE AMOUNT OF
31
ORIGINAL ISSUE DISCOUNT ON THIS SECURITY IS $1033.14 PER $1,000 OF STATED FACE
AMOUNT, THE ISSUE DATE IS November 9, 1999 AND THE YIELD TO MATURITY IS 11 7/8%.
[If the Security is a Restricted Security, then insert -- THIS SECURITY
EVIDENCED HEREBY HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND MAY NOT BE OFFERED, SOLD,
PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A)(1) TO A PERSON WHO THE SELLER
REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF
RULE 144A UNDER THE SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE
REQUIREMENTS OF RULE 144A, (2) IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE
903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (3) PURSUANT TO AN
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144
THEREUNDER (IF AVAILABLE), (4) TO AN INSTITUTIONAL ACCREDITED INVESTOR IN A
TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT OR (5) PURSUANT TO
AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, AND (B) IN EACH
CASE, IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE
UNITED STATES AND OTHER JURISDICTIONS.]
[If the Security is a Regulation S Security, then insert -- THIS
SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS
AMENDED (THE "SECURITIES ACT"), AND MAY NOT BE OFFERED, SOLD, OR DELIVERED IN
THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON,
UNLESS THIS SECURITY IS REGISTERED UNDER THE SECURITIES ACT OR AN EXEMPTION FROM
THE REGISTRATION REQUIREMENTS THEREOF IS AVAILABLE.]
[If the Security is a Global Security, then insert -- THIS SECURITY IS A
GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND
IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY
MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO
TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF
ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE
LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.]
[If the Security is a Global Security and The Depository Trust Company
is to be the Depositary therefor, then insert -- UNLESS THIS CERTIFICATE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW
YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND
32
ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
11 7/8% SENIOR DISCOUNT NOTES DUE 2009
No. __________ $________
[If Restricted Global Security - CUSIP Number ___________]
[If Regulation S Global Security - CUSIP Number ___________]
[If Non-Global Security - CUSIP Number ___________]
[If Registered Security - CUSIP Number ___________]
VoiceStream Wireless Corporation, a corporation duly organized and
existing under the laws of Washington and VoiceStream Wireless Holding
Corporation, a corporation organized and existing under the laws of Delaware
(herein collectively referred to as the "Issuers," which term includes any
successor Person under the Indenture hereinafter referred to), for value
received, hereby promises to pay to _____________, or registered assigns, the
principal sum of ________ Dollars [if the Security is a Global Security, then
insert -- , or such other principal amount (which, when taken together with the
principal amounts of all other Outstanding Securities, shall not exceed
$1,470,000,000 in the aggregate at any time) as may be set forth in the records
of the Trustee hereinafter referred to in accordance with the Indenture,] on
November 15, 2009, and to pay interest thereon from November 15, 2004 or from
the most recent Interest Payment Date to which interest has been paid or duly
provided for, semi-annually on May 15 and November 15 in each year, commencing
May 15, 2005, at the rate of 11 7/8% per annum, until the principal hereof is
paid or made available for payment, and (to the extent that the payment of such
interest shall be legally enforceable) at the rate of 13 7/8% per annum on any
overdue principal and premium, if any, and on any overdue installment of
interest until paid [if the Security is an Original Security, then insert -- ,
provided that if (i) the Issuers have not filed an Exchange Registration
Statement under the Securities Act registering a security substantially
identical to this Security for distribution pursuant to an Exchange Offer or, if
applicable, a Resale Registration Statement registering this Security for
resale, in either case by Xxxxx 00, 0000, (xx) either the Exchange Registration
Statement or, if applicable, the Resale Registration Statement has not become or
been declared effective within 75 days after the filing of such Statement, (iii)
the expiration of the Exchange Offer has not occurred within 45 days after the
date on which the Exchange Registration Statement has become or been declared
effective initially or (iv) either the Exchange Registration Statement or, if
33
applicable, the Resale Registration Statement is filed and declared effective
but shall thereafter cease to be effective (except as specifically permitted
pursuant to the agreement referred to below) without being succeeded immediately
by an additional registration statement filed and declared effective, in each
case (i) through (iv) upon the terms and conditions set forth in the Exchange
and Registration Rights Agreement (each such event referred to in clauses (i)
through (iv), a "Registration Default"; provided that no more than one
Registration Default shall be deemed to be in effect at any one time), then
interest will accrue (in addition to the stated interest on this Security) (the
"Step-Up") at a rate of (i) 0.25% per annum for the first 90-day period, (ii)
0.50% per annum for the second 90-day period, (iii) 0.75% per annum for the
third 90-day period and (iv) 1.00% per annum thereafter on, the Accreted Value
prior to November 15, 2004, and the principal amount after November 15, 2004, of
the Securities for the period from the occurrence of the Registration Default
until such time (the "Step-Down Date") as no Registration Default is in effect
(after which the interest rate will be restored to its initial rate). The
Issuers shall provide the Trustee with written notice of the date of any
Registration Default and the Step-Down Date. Interest accruing as a result of
the Step-Up is referred to herein as "Special Interest."] The interest so
payable, and punctually paid or duly provided for, on any Interest Payment Date
will, as provided in such Indenture, be paid to the Person in whose name this
Security (or one or more Predecessor Securities) is registered at the close of
business on the Regular Record Date for such interest, which shall be May 1 or
November 1 (whether or not a Business Day), as the case may be, next preceding
such Interest Payment Date [if the Security is an Original Security, then insert
--, provided that any accrued and unpaid interest (including Special Interest)
on this Security upon the issuance of an Exchange Security in exchange for this
Security shall cease to be payable to the Holder hereof and shall be payable on
the next Interest Payment Date for such Exchange Security to the Holder thereof
on the related Regular Record Date]. Any such interest not so punctually paid or
duly provided for will forthwith cease to be payable to the Holder on such
Regular Record Date and may either be paid to the Person in whose name this
Security (or one or more Predecessor Securities) is registered at the close of
business on a Special Record Date for the payment of such Defaulted Interest to
be fixed by the Trustee, notice whereof shall be given to Holders of Securities
not less than 10 days prior to such Special Record Date, or be paid at any time
in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Securities may be listed, and upon such notice
as may be required by such exchange, all as more fully provided in said
Indenture.
The principal of this Security shall not accrue interest until November
15, 2004, except in the case of a default in payment of principal upon
acceleration or redemption and, in such case, the interest payable pursuant to
the preceding paragraph on the overdue principal as specified on the reverse
hereof shall be payable on demand and, if not so paid on demand, such interest
shall itself bear interest at the rate of 13 7/8% per annum (to the extent that
the payment of such interest shall be legally enforceable), which shall accrue
from the date of such demand for payment to the date payment of such interest
has been made or duly provided for, and such interest on unpaid interest shall
also be payable on demand.
34
If either Reorganization is completed, immediately upon completion of
such Reorganization, without any further act by any Person VoiceStream shall
cease to be an Issuer of the Securities and any or all of its obligations under
the Indenture as an Issuer shall effectively terminate, and VoiceStream Holdings
shall remain as the sole Issuer of the Securities. If both Reorganizations are
terminated, immediately upon the termination of the last of the Reorganizations
to be terminated, without any further act by any person VoiceStream Holdings
shall cease to be an Issuer of the Securities and any or all of its obligations
under the Indenture as an Issuer shall effectively terminate, and VoiceStream
shall remain as the sole Issuer of the Securities. Upon either of VoiceStream or
VoiceStream Holdings being the sole Issuer, the term "Issuers" hereunder shall
be deemed to be changed to "Issuer."
Payment of the principal of (and premium, if any) and any such interest
on this Security will be made at the Corporate Trust Office or at the office or
agency of the Issuers maintained for that purpose in the Borough of Manhattan,
New York City, in such coin or currency of the United States of America as at
the time of payment is legal tender for payment of public and private debts;
provided, however, that at the option of the Issuers payment of interest may be
made by check mailed to the address of the Person entitled thereto as such
address shall appear in the Security Register.
Reference is hereby made to the further provisions of this Security set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual signature, this Security
shall not be entitled to any benefit under the Indenture or be valid or
obligatory for any purpose.
IN WITNESS WHEREOF, each of the Issuers have caused this instrument to
be duly executed.
Dated:
VoiceStream Wireless Corporation
By
--------------------------------
Title:
Attest:
------------------------------
Title:
VoiceStream Wireless Holding Corporation
By
--------------------------------
Title:
35
Attest:
------------------------------
Title:
Section 2.3. Form of Reverse of Security.
This Security is one of a duly authorized issue of Securities of the
Issuers designated as their 11 7/8% Senior Discount Notes Due 2009 (herein
called the "Securities"), limited in aggregate principal amount to
$1,470,000,000, issued and to be issued from time to time under an Indenture,
dated as of November 9, 1999 (herein called the "Indenture"), between the
Issuers and Xxxxxx Trust Company of California, as Trustee (herein called the
"Trustee," which term includes any successor trustee under the Indenture), to
which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Issuers, the Trustee and the Holders of the
Securities and of the terms upon which the Securities are, and are to be,
authenticated and delivered.
Until November 15, 2002, the Issuers may on any one or more occasions
redeem up to 35% of the aggregate principal amount at maturity of the Securities
originally issued at a redemption price of 111.875% of the Accreted Value of the
Securities to be redeemed on the redemption date with the net cash proceeds of
one or more Public Equity Offerings and/or Strategic Equity Infusions; provided
that:
(a) at least 65% of the aggregate principal amount at maturity of
Securities originally issued remains outstanding immediately after the
occurrence of such redemption (excluding Securities held by the Issuers or any
of their respective Subsidiaries); and
(b) the redemption occurs within 60 days of the date of the Public
Equity Offering or Strategic Equity Infusion.
Except pursuant to the preceding paragraph and the provisions of Section
1016 of the Indenture, the Securities will not be redeemable at the Issuers'
option prior to November 15, 2004. On or after November 15, 2004, the Issuers
may redeem all or a part of the Securities upon not less than 30 nor more than
60 days' notice, at the redemption prices (expressed as percentages of principal
amount) set forth below, plus accrued interest, if any, on the Securities
redeemed to the applicable Redemption Date (subject to the right of Holders of
record on the relevant record date to receive interest due on the relevant
interest payment date), if redeemed during the 12-month period beginning on
November 15 of the years indicated below:
Year Percentage
---- ----------
2004 105.938%
2005 103.958%
2006 101.979%
2007 and thereafter 100.0%
36
Notice of any optional redemption of any Securities (or portion thereof)
will be given to the Holders at their addresses appearing in the Security
Register not less than 30 nor more than 60 days prior to the date fixed for
redemption.
The Securities do not have the benefit of any sinking fund obligations.
In the event of redemption or purchase pursuant to an Offer to Purchase
of this Security in part only, a new Security or Securities for the unredeemed
or unpurchased portion hereof will be issued in the name of the Holder hereof
upon the cancellation hereof.
If an Event of Default shall occur and be continuing, there may be
declared due and payable the Default Amount of the Securities, in the manner and
with the effect provided in the Indenture. Until and including November 15,
2004, the Default Amount in respect of this Security as of any particular date
of acceleration shall equal the Accreted Value of this Security. Such Default
Amount shall bear interest at the rate of 13 7/8% per annum (to the extent that
the payment of such interest shall be legally enforceable), which shall accrue
from the date of acceleration to the date payment has been made or duly provided
for. On and after November 15, 2004, the Default Amount in respect of this
Security shall equal 100% of the principal amount of the Security. Such Default
Amount shall bear interest at the rate of 13 7/8% per annum from November 15,
2004 or the most recent Interest Payment Date to which interest has been paid or
duly provided for. Upon payment of (i) the Default Amount so declared due and
payable and any overdue installment of interest, (ii) interest on the Default
Amount and (iii) as provided on the face hereof, interest on any overdue
installment of interest or, if acceleration occurs prior to November 15, 2004,
on the interest referred to in the third preceding sentence (in each case to the
extent that the payment of such interest shall be legally enforceable), all of
the Company's obligations in respect of the payment of the principal of and
interest on the Securities shall terminate.
The Indenture provides that, subject to certain conditions, if (i)
certain Net Available Proceeds are available to the Issuers as a result of Asset
Dispositions or (ii) a Change of Control Triggering Event occurs, the Issuers
shall be required to make an Offer to Purchase for Securities.
The Indenture contains provisions for defeasance at any time of (i) the
entire indebtedness of this Security or (ii) certain restrictive covenants and
Events of Default with respect to this Security, in each case upon compliance
with certain conditions set forth therein.
The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuers and the rights of the Holders of the Securities under the Indenture at
any time by the Issuers and the Trustee with the consent of the Holders of a
majority in aggregate principal amount of the Securities at the time
Outstanding. The Indenture also contains provisions permitting the Holders of
specified percentages in aggregate principal amount of the Securities at the
time Outstanding, on behalf of the Holders of all the Securities, to waive
37
compliance by the Issuers with certain provisions of the Indenture and certain
past defaults under the Indenture and their consequences. Any such consent or
waiver by the Holder of this Security shall be conclusive and binding upon such
Holder and upon all future Holders of this Security and of any Security issued
upon the registration of transfer hereof or in exchange herefor or in lieu
hereof, whether or not notation of such consent or waiver is made upon this
Security.
No reference herein to the Indenture and no provision of this Security
or of the Indenture shall alter or impair the obligation of the Issuers, which
is absolute and unconditional, to pay the principal of (and premium, if any) and
interest on this Security at the times, place and rate, and in the coin or
currency, herein prescribed.
As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Security is registrable in the Security
Register, upon surrender of this Security for registration of transfer at the
Corporate Trust Office or at the office or agency of the Issuers in the Borough
of Manhattan, New York City, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Issuers and the Security
Registrar duly executed by, the Holder hereof or his attorney duly authorized in
writing, and thereupon one or more new Securities, of authorized denominations
and for the same aggregate principal amount, will be issued to the designated
transferee or transferees.
The Securities are issuable only in registered form without coupons in
denominations of $1,000 and any integral multiple thereof. As provided in the
Indenture and subject to certain limitations therein set forth, Securities are
exchangeable for a like aggregate principal amount of Securities of a different
authorized denomination, as requested by the Holder surrendering the same.
No service charge shall be made for any such registration of transfer or
exchange, but the Issuers may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.
Prior to due presentment of this Security for registration of transfer,
the Issuers, the Trustee and any agent of the Issuers or the Trustee may treat
the Person in whose name this Security is registered as the owner hereof for all
purposes, whether or not this Security be overdue, and neither the Issuers, the
Trustee nor any such agent shall be affected by notice to the contrary.
Interest on this Security shall be computed on the basis of a 360-day
year of twelve 30-day months; provided, however, that any Special Interest on
Original Securities shall be computed on the basis of a 365- or 366- day year,
as the case may be, and the number of days actually elapsed.
All terms used in this Security which are defined in the Indenture shall
have the meanings assigned to them in the Indenture.
The Indenture and this Security shall be governed by and construed in
accordance with the laws of the State of New York.
38
OPTION OF HOLDER TO ELECT PURCHASE
If you want to elect to have this Security purchased in its entirety by
the Issuers pursuant to Section 1014 or 1016 of the Indenture, check the box:
[ ]
If you want to elect to have only a part of this Security purchased by
the Issuers pursuant to Section 1014 or 1016 of the Indenture, state the amount:
$
Dated:
Your Signature:
--------------------------------
(Sign exactly as name appears on the other side
of this Security)
Signature Guarantee:
----------------------------
(Signature must be guaranteed by an eligible
guarantor institution which is a member of or
participant in the Securities Transfer Agent
Medallion Program) (STAMP)
Section 2.4. Form of Trustee's Certificate of Authentication.
This is one of the Securities referred to in the within-mentioned
Indenture.
Xxxxxx Trust Company of California,
as Trustee
By
--------------------------------
Authorized Officer
ARTICLE 3
THE SECURITIES
Section 3.1. Title and Terms.
The aggregate principal amount of Securities which may be authenticated
and delivered from time to time under this Indenture is limited to
$1,470,000,000, except for Securities authenticated and delivered upon
registration of transfer of, or in exchange for, or in lieu of, other Securities
pursuant to Section 304, 305, 306, 307, 906 or 1108 or in connection with an
Offer to Purchase pursuant to Section 1014 or 1016.
The Securities shall be known and designated as the "11 7/8% Senior
Discount Notes Due 2009" of the Issuers. Their Stated Maturity shall be November
15, 2009 and they shall bear interest at the rate of 11 7/8% per annum, from
November 15, 2004 or from the most recent Interest Payment Date to which
interest has been paid or duly provided
39
for, as the case may be, payable semi-annually on May 15 and November 15,
commencing on May 15, 2005, to the Holders of record on the immediately
preceding May 1 and November 1, until the principal thereof is paid or made
available for payment; provided, however, with respect to Original Securities,
that if a Registration Default occurs (provided that no more than one
Registration Default shall be deemed to be in effect at any one time), then a
Step-Up will occur for the period from the occurrence of the Registration
Default until the Step-Down Date (after which the interest rate will be restored
to its initial rate). The Issuers shall provide the Trustee with written notice
of the date of any Registration Default and the Step-Down Date. The interest so
payable, and punctually paid or duly provided for, on any Interest Payment Date
will, as provided in such Indenture, be paid to the Person in whose name this
Security (or one or more Predecessor Securities) is registered at the close of
business on the Regular Record Date for such interest, which shall be May 1 or
November 1 (whether or not a Business Day), as the case may be, next preceding
such Interest Payment Date. Accrued Special Interest, if any, shall be paid in
cash in arrears semi-annually on May 15 and November 15 in each year and the
amount of accrued Special Interest shall be determined on the basis of the
number of days actually elapsed and computed as provided in Section 311.
The principal of (and premium, if any) and interest on the Securities
shall be payable at the Corporate Trust Office or at the office or agency of the
Issuers in the City and State of New York maintained for such purpose; provided,
however, that at the option of the Issuers payment of interest may be made by
check mailed to the address of the Person entitled thereto as such address shall
appear in the Security Register.
The Securities shall be subject to repurchase by the Issuers pursuant to
an Offer to Purchase as provided in Sections 1014 and 1016.
The Securities shall be redeemable as provided in Article Eleven.
The Securities shall be subject to defeasance at the option of the
Issuers as provided in Article Twelve.
Section 3.2. Denominations.
The Securities shall be issuable only in registered form without coupons
and only in denominations of $1,000 and any integral multiples thereof.
Section 3.3. Execution, Authentication, Delivery and Dating.
The Securities shall be executed on behalf of each of VoiceStream or
VoiceStream Holdings by its Chairman or Vice Chairman of the Board, its
President, or one of its Vice Presidents, attested by its Secretary, one of its
Assistant Secretaries or its Chief Financial Officer. The signature of any of
these officers on the Securities may be manual or facsimile.
Securities bearing the manual or facsimile signatures of individuals who
were at any time the proper officers of an Issuer shall bind such Issuer,
notwithstanding that such
40
individuals or any of them have ceased to hold such offices prior to the
authentication and delivery of such Securities or did not hold such offices at
the date of such Securities.
At any time and from time to time after the execution and delivery of
this Indenture, the Issuers may deliver Securities executed by the Issuers to
the Trustee for authentication, together with an Issuer Order for the
authentication and delivery of such Securities; and the Trustee in accordance
with such an Issuer Order shall authenticate and deliver such Securities as in
this Indenture provided and not otherwise.
At any time and from time to time after the execution and delivery of
this Indenture and after the effectiveness of a registration statement under the
Securities Act with respect thereto, the Issuers may deliver Exchange Securities
executed by the Issuers to the Trustee for authentication, together with an
Issuer Order for the authentication and delivery of such Exchange Securities and
a like principal amount of Original Securities for cancellation in accordance
with Section 310 of this Indenture, and the Trustee in accordance with the
Issuer Order shall authenticate and deliver such Securities. Prior to
authenticating such Exchange Securities, and accepting any additional
responsibilities under this Indenture in relation to such Securities, the
Trustee shall be entitled to receive, if requested, and (subject to Section 601)
shall be fully protected in relying upon, an Opinion of Counsel stating in
substance
(a) that all conditions hereunder precedent to the authentication and
delivery of such Exchange Securities have been complied with and that such
Exchange Securities, when such Securities have been duly authenticated and
delivered by the Trustee (and subject to any other conditions specified in such
Opinion of Counsel), have been duly issued and delivered and will constitute
valid and legally binding obligations of the Issuers, as applicable, enforceable
in accordance with their terms, subject to bankruptcy, insolvency, fraudulent
transfer, reorganization, moratorium and similar laws of general applicability
relating to or affecting creditors' rights and to general equity principles; and
(b) that the issuance of the Exchange Securities in exchange for
Original Securities has been effected in compliance with the Securities Act.
Each Security shall be dated the date of its authentication.
No Security shall be entitled to any benefit under this Indenture or be
valid or obligatory for any purpose unless there appears on such Security a
certificate of authentication substantially in the form provided for herein
executed by the Trustee by manual signature, and such certificate upon any
Security shall be conclusive evidence, and the only evidence, that such Security
has been duly authenticated and delivered hereunder.
Section 3.4. Temporary Securities.
Pending the preparation of definitive Securities, the Issuers may
execute, and upon Issuer Order the Trustee shall authenticate and deliver,
temporary Securities which are printed, lithographed, typewritten, mimeographed
or otherwise produced, in any authorized denomination, substantially of the
tenor of the definitive Securities in lieu of
41
which they are issued and with such appropriate insertions, omissions,
substitutions and other variations as the officers executing such Securities may
determine, as evidenced by their execution of such Securities.
If temporary Securities are issued, the Issuers will cause definitive
Securities to be prepared without unreasonable delay. After the preparation of
definitive Securities, the temporary Securities shall be exchangeable for
definitive Securities upon surrender of the temporary Securities at any office
or agency of the Issuers designated pursuant to Section 1002, without charge to
the Holder. Upon surrender for cancellation of any one or more temporary
Securities the Issuers shall execute and the Trustee shall authenticate and
deliver in exchange therefor a like principal amount of definitive Securities of
authorized denominations. Until so exchanged the temporary Securities shall in
all respects be entitled to the same benefits under this Indenture as definitive
Securities.
Section 3.5. Global Securities.
(a) Each Global Security authenticated under this Indenture shall be
registered in the name of the Depositary designated by the Issuers for such
Global Security or a nominee thereof and delivered to such Depositary or a
nominee thereof or custodian therefor, and each such Global Security shall
constitute a single Security for all purposes of this Indenture.
(b) Notwithstanding any other provision in this Indenture, no Global
Security may be exchanged in whole or in part for Securities registered, and no
transfer of a Global Security in whole or in part may be registered, in the name
of any Person other than the Depositary for such Global Security or a nominee
thereof unless (i) such Depositary (A) has notified the Issuers that it is
unwilling or unable to continue as Depositary for such Global Security or (B)
has ceased to be a clearing agency registered as such under the Exchange Act,
(ii) there shall have occurred and be continuing an Event of Default or any
event which after notice or lapse of time or both would be an Event of Default
with respect to such Global Security, (iii) the Issuers execute and deliver to
the Trustee an Issuer Order stating that they elect to cause the issuance of the
Securities in certificated form and that all Global Securities shall be
exchanged in whole for Securities that are not Global Securities (in which case
such exchange shall be effected by the Trustee) or (iv) pursuant to the
following sentence. All or any portion of a Global Security may be exchanged for
a Security that has a like aggregate principal amount and is not a Global
Security, upon 20 days' prior request made by the Depositary or its authorized
representative to the Trustee.
(c) If any Global Security is to be exchanged for other Securities or
canceled in whole, it shall be surrendered by or on behalf of the Depositary or
its nominee to the Trustee, as Security Registrar, for exchange or cancellation
as provided in this Article Three. If any Global Security is to be exchanged for
other Securities or canceled in part, or if another Security is to be exchanged
in whole or in part for a beneficial interest in any Global Security, then
either (i) such Global Security shall be so surrendered for exchange or
cancellation as provided in this Article Three or (ii) the principal amount
thereof shall be reduced or increased by an amount equal to the portion thereof
to be so
42
exchanged or canceled, or equal to the principal amount of such other Security
to be so exchanged for a beneficial interest therein, as the case may be, by
means of an appropriate adjustment made on the records of the Trustee, as
Security Registrar, whereupon the Trustee, in accordance with the Applicable
Procedures, shall instruct the Depositary or its authorized representative to
make a corresponding adjustment to its records. Upon any such surrender or
adjustment of a Global Security, the Trustee shall, subject to Section 305(b)
and as otherwise provided in this Article Three, authenticate and deliver any
Securities issuable in exchange for such Global Security (or any portion
thereof) to or upon the order of, and registered in such names as may be
directed by, the Depositary or its authorized representative. Upon the request
of the Trustee in connection with the occurrence of any of the events specified
in the preceding paragraph, the Issuers shall promptly make available to the
Trustee a reasonable supply of Securities that are not in the form of Global
Securities. The Trustee shall be entitled to rely upon any order, direction or
request of the Depositary or its authorized representative which is given or
made pursuant to this Article Three if such order, direction or request is given
or made in accordance with the Applicable Procedures.
(d) Every Security authenticated and delivered upon registration of
transfer of, or in exchange for or in lieu of, a Global Security or any portion
thereof, whether pursuant to this Article Three, Section 906, 1014 or 1016 or
otherwise, shall be authenticated and delivered in the form of, and shall be, a
Global Security, unless such Security is registered in the name of a Person
other than the Depositary for such Global Security or a nominee thereof.
(e) The Depositary or its nominee, as registered owner of a Global
Security, shall be the Holder of such Global Security for all purposes under
this Indenture and the Securities, and owners of beneficial interests in a
Global Security shall hold such interests pursuant to the Applicable Procedures.
Accordingly, any such owner's beneficial interest in a Global Security will be
shown only on, and the transfer of such interest shall be effected only through,
records maintained by the Depositary or its nominee or its Agent Members.
Section 3.6. Registration, Registration of Transfer and Exchange
Generally; Certain Transfers and Exchanges; Securities Act Legends.
(a) Registration, Registration of Transfer and Exchange Generally. The
Issuers shall cause to be kept at the Corporate Trust Office of the Trustee a
register (the register maintained in such office and in any other office or
agency designated pursuant to Section 1002 being herein sometimes collectively
referred to as the "Security Register") in which, subject to such reasonable
regulations as it may prescribe, the Issuers shall provide for the registration
of Securities and of transfers and exchanges of Securities. The Trustee is
hereby appointed "Security Registrar" for the purpose of registering Securities
and transfers and exchanges of Securities as herein provided. Such Security
Register shall distinguish between Original Securities and Exchange Securities.
Upon surrender for registration of transfer of any Security at an office
or agency of the Issuers designated pursuant to Section 1002 for such purpose,
the Issuers shall
43
execute, and the Trustee shall authenticate and deliver, in the name of the
designated transferee or transferees, one or more new Securities of any
authorized denominations, of a like aggregate principal amount and bearing such
restrictive legends as may be required by this Indenture.
At the option of the Holder, Securities may be exchanged for new
Securities of any authorized denominations, of a like aggregate principal amount
and bearing such restrictive legends as may be required by this Indenture, upon
surrender of the Securities to be exchanged at such office or agency. Whenever
any Securities are so surrendered for exchange, the Issuers shall execute, and
the Trustee shall authenticate and deliver, the Securities which the Holder
making the exchange is entitled to receive.
All Securities issued upon any registration of transfer or exchange of
Securities shall be the valid obligations of the Issuers, evidencing the same
debt, and (except for the differences between Original Securities and Exchange
Securities provided for herein) entitled to the same benefits under this
Indenture, as the Securities surrendered upon such registration of transfer or
exchange.
Every Security presented or surrendered for registration of transfer or
for exchange shall (if so required by the Issuers or the Trustee) be duly
endorsed, or be accompanied by a written instrument of transfer in form
satisfactory to the Issuers and the Security Registrar duly executed, by the
Holder thereof or his attorney duly authorized in writing.
No service charge shall be made for any registration of transfer or
exchange of Securities, but the Issuers may require payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed in connection
with any registration of transfer or exchange of Securities, other than
exchanges pursuant to Section 304, 305, 306, 906, 1014 or 1016 not involving any
transfer.
The Issuers shall not be required (i) to issue, register the transfer of
or exchange any Security during a period beginning at the opening of business 15
days before the day of the mailing of a notice of redemption of Securities
selected for redemption under Section 1104 and ending at the close of business
on the day of such mailing, or (ii) to register the transfer of or exchange any
Security so selected for redemption in whole or in part, except the unredeemed
portion of any Security being redeemed in part.
(b) Certain Transfers and Exchanges. Notwithstanding any other provision
of this Indenture or the Securities, transfers and exchanges of Securities and
beneficial interests in a Global Security of the kinds specified in this Section
306(b) shall be made only in accordance with this Section 306(b).
(i) Restricted Global Security to Regulation S Global Security.
If the owner of a beneficial interest in the Restricted Global Security
wishes at any time to transfer such interest to a Person who wishes to
take delivery thereof in the form of a beneficial interest in the
Regulation S Global Security, such transfer may be effected only in
accordance with the provisions of this Clause (b)(i) and
44
Clause (b)(vii) below and subject to the Applicable Procedures. Upon
receipt by the Trustee, as Security Registrar, of (A) an order given by
the Depositary or its authorized representative directing that a
beneficial interest in the Regulation S Global Security in a specified
principal amount be credited to a specified Agent Member's account and
that a beneficial interest in the Restricted Global Security in an equal
principal amount be debited from another specified Agent Member's
account and (B) a Regulation S Certificate, in the form of Annex A
hereto, duly executed by the owner of such beneficial interest in the
Restricted Global Security or his attorney duly authorized in writing,
then the Trustee, as Security Registrar but subject to Clause (b)(vii)
below, shall reduce the principal amount of the Restricted Global
Security and increase the principal amount of the Regulation S Global
Security by such specified principal amount as provided in Section
305(c).
(ii) Regulation S Global Security to Restricted Global Security.
If the owner of a beneficial interest in the Regulation S Global
Security wishes at any time to transfer such interest to a Person who
wishes to take delivery thereof in the form of a beneficial interest in
the Restricted Global Security, such transfer may be effected only in
accordance with this Clause (b)(ii) and subject to the Applicable
Procedures. Upon receipt by the Trustee, as Security Registrar, of (A)
an order given by the Depositary or its authorized representative
directing that a beneficial interest in the Restricted Global Security
in a specified principal amount be credited to a specified Agent
Member's account and that a beneficial interest in the Regulation S
Global Security in an equal principal amount be debited from another
specified Agent Member's account and (B) if such transfer is to occur
during the Restricted Period, a Restricted Securities Certificate, in
the form of Annex B hereto, duly executed by the owner of such
beneficial interest in the Regulation S Global Security or his attorney
duly authorized in writing, then the Trustee, as Security Registrar,
shall reduce the principal amount of the Regulation S Global Security
and increase the principal amount of the Restricted Global Security by
such specified principal amount as provided in Section 305(c).
(iii) Restricted Non-Global Security to Restricted Global
Security or Regulation S Global Security. If the Holder of a Restricted
Security (other than a Global Security) wishes at any time to transfer
all or any portion of such Security to a Person who wishes to take
delivery thereof in the form of a beneficial interest in the Restricted
Global Security or the Regulation S Global Security, such transfer may
be effected only in accordance with the provisions of this Clause
(b)(iii) and Clause (b)(vii) below and subject to the Applicable
Procedures. Upon receipt by the Trustee, as Security Registrar, of (A)
such Security as provided in Section 306(a) and instructions
satisfactory to the Trustee directing that a beneficial interest in the
Restricted Global Security or Regulation S Global Security in a
specified principal amount not greater than the principal amount of such
Security be credited to a specified Agent Member's account and (B) a
Restricted Securities Certificate, if the specified account is to be
credited with a beneficial interest in the Restricted Global Security,
or a Regulation S Certificate, if the specified account is to be
credited with a beneficial interest in the Regulation S Global Security,
in either case satisfactory to the Trustee and duly
45
executed by such Holder or his attorney duly authorized in writing, then
the Trustee, as Security Registrar but subject to Clause (b)(vii) below,
shall cancel such Security (and issue a new Security in respect of any
untransferred portion thereof) as provided in Section 306(a) and
increase the principal amount of the Restricted Global Security or the
Regulation S Global Security, as the case may be, by the specified
principal amount as provided in Section 305(c).
(iv) Regulation S Non-Global Security to Restricted Global
Security or Regulation S Global Security. If the Holder of a Regulation
S Security (other than a Global Security) wishes at any time to transfer
all or any portion of such Security to a Person who wishes to take
delivery thereof in the form of a beneficial interest in the Restricted
Global Security or the Regulation S Global Security, such transfer may
be effected only in accordance with this Clause (b)(iv) and Clause
(b)(vii) below and subject to the Applicable Procedures. Upon receipt by
the Trustee, as Security Registrar, of (A) such Security as provided in
Section 306(a) and instructions satisfactory to the Trustee directing
that a beneficial interest in the Restricted Global Security or
Regulation S Global Security in a specified principal amount not greater
than the principal amount of such Security be credited to a specified
Agent Member's account and (B) if the transfer is to occur during the
Restricted Period and the specified account is to be credited with a
beneficial interest in the Restricted Global Security, a Restricted
Securities Certificate, in the form of Annex B hereto, duly executed by
such Holder or his attorney duly authorized in writing, then the
Trustee, as Security Registrar but subject to Clause (b)(vii) below,
shall cancel such Security (and issue a new Security in respect of any
untransferred portion thereof) as provided in Section 306(a) and
increase the principal amount of the Restricted Global Security or the
Regulation S Global Security, as the case may be, by the specified
principal amount as provided in Section 305(c).
(v) Non-Global Security to Non-Global Security. A Security that
is not a Global Security may be transferred, in whole or in part, to a
Person who takes delivery in the form of another Security that is not a
Global Security as provided in Section 3.06(a), provided that, if the
Security to be transferred in whole or in part is a Restricted Security,
or is a Regulation S Security and the transfer is to occur during the
Restricted Period, then the Trustee shall have received (A) a Restricted
Securities Certificate, in the form of Annex B hereto, duly executed by
the transferor Holder or his attorney duly authorized in writing, in
which case the transferee Holder shall take delivery in the form of a
Restricted Security, or (B) a Regulation S Certificate, satisfactory to
the Trustee and duly executed by the transferor Holder or his attorney
duly authorized in writing, in which case the transferee Holder shall
take delivery in the form of a Regulation S Security (subject in each
case to Section 306(c)).
(vi) Exchanges between Global Security and Non-Global Security. A
beneficial interest in a Global Security may be exchanged for a Security
that is not a Global Security as provided in Section 305, provided that,
if such interest is a beneficial interest in the Restricted Global
Security, or if such interest is a
46
beneficial interest in the Regulation S Global Security and such
exchange is to occur during the Restricted Period, then such interest
shall be exchanged for a Restricted Security (subject in each case to
Section 306(c)). A Security that is not a Global Security may be
exchanged for a beneficial interest in a Global Security only if (A)
such exchange occurs in connection with a transfer effected in
accordance with Clause (b)(iii) or (iv) above or (B) such Security is a
Regulation S Security and such exchange occurs after the Restricted
Period.
(vii) Regulation S Global Security to be Held Through Euroclear
or Cedel during Restricted Period. The Issuers shall use their best
efforts to cause the Depositary to ensure that, until the expiration of
the Restricted Period, beneficial interests in the Regulation S Global
Security may be held only in or through accounts maintained at the
Depositary by Euroclear or Cedel (or by Agent Members acting for the
account thereof), and no person shall be entitled to effect any transfer
or exchange that would result in any such interest being held otherwise
than in or through such an account; provided that this Clause (b)(vii)
shall not prohibit any transfer or exchange of such an interest in
accordance with Clause (b)(ii) or (vi) above.
(c) Securities Act Legends. Rule 144A Securities and their Successor
Securities shall bear a Restricted Securities Legend, and Initial Regulation S
Securities and their Successor Securities shall bear a Regulation S Legend,
subject to the following:
(i) subject to the following Clauses of this Section 306(c), a
Security or any portion thereof which is exchanged, upon transfer or
otherwise, for a Global Security or any portion thereof shall bear the
Securities Act Legend borne by such Global Security while represented
thereby;
(ii) subject to the following Clauses of this Section 306(c), a
new Security which is not a Global Security and is issued in exchange
for another Security (including a Global Security) or any portion
thereof, upon transfer or otherwise, shall bear the Securities Act
Legend borne by such other Security, provided that, if such new Security
is required pursuant to Section 306(b)(v) or (vi) to be issued in the
form of a Restricted Security, it shall bear a Restricted Securities
Legend and, if such new Security is so required to be issued in the form
of a Regulation S Security, it shall bear a Regulation S Legend;
(iii) Registered Securities shall not bear a Securities Act
Legend;
(iv) after November 9, 2001, a new Security which does not bear a
Securities Act Legend may be issued in exchange for or in lieu of a
Security (other than a Global Security) or any portion thereof which
bears such a legend if the Trustee has received an Unrestricted
Securities Certificate, in the form of Annex C hereto, duly executed by
the Holder of such legended Security or his attorney duly authorized in
writing, and after such date and receipt of such certificate, the
Trustee shall authenticate and deliver such a new Security in exchange
for or in lieu of such other Security as provided in this Article Three;
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(v) a new Security which does not bear a Securities Act Legend
may be issued in exchange for or in lieu of a Security (other than a
Global Security) or any portion thereof which bears such a legend if, in
the Issuers' judgment, placing such a legend upon such new Security is
not necessary to ensure compliance with the registration requirements of
the Securities Act, and the Trustee, at the direction of the Issuers,
shall authenticate and deliver such a new Security as provided in this
Article Three; and
(vi) notwithstanding the foregoing provisions of this Section
306(c), a Successor Security of a Security that does not bear a
particular form of Securities Act Legend shall not bear such form of
legend unless the Issuers has reasonable cause to believe that such
Successor Security is a "restricted security" within the meaning of Rule
144, in which case the Trustee, at the direction of the Issuers, shall
authenticate and deliver a new Security bearing a Restricted Securities
Legend in exchange for such Successor Security as provided in this
Article Three.
Section 3.7. Mutilated, Destroyed, Lost and Stolen Securities.
If any mutilated Security is surrendered to the Trustee, the Issuers
shall execute and the Trustee shall authenticate and deliver in exchange
therefor a new Security of like tenor and principal amount and bearing a number
not contemporaneously outstanding.
If there shall be delivered to the Issuers and the Trustee (i) evidence
to their satisfaction of the destruction, loss or theft of any Security and (ii)
such security or indemnity as may be required by them to save each of them and
any agent of either of them harmless, then, in the absence of notice to the
Issuers or the Trustee that such Security has been acquired by a bona fide
purchaser, the Issuers shall execute and upon its request the Trustee shall
authenticate and deliver, in lieu of any such destroyed, lost or stolen
Security, a new Security of like tenor and principal amount and bearing a number
not contemporaneously outstanding.
In case any such mutilated, destroyed, lost or stolen Security has
become or is about to become due and payable, the Issuers in their discretion
may, instead of issuing a new Security, pay such Security.
Upon the issuance of any new Security under this Section, the Issuers
may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto and any other
expenses (including the fees and expenses of the Trustee) connected therewith.
Every new Security issued pursuant to this Section in lieu of any
destroyed, lost or stolen Security shall constitute an original additional
contractual obligation of the Issuers, whether or not the destroyed, lost or
stolen Security shall be at any time enforceable by anyone, and shall be
entitled to all the benefits of this Indenture equally and proportionately with
any and all other Securities duly issued hereunder.
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The provisions of this Section are exclusive and shall preclude (to the
extent lawful) all other rights and remedies with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Securities.
Section 3.8. Payment of Interest; Interest Rights Preserved.
Interest on any Security which is payable, and is punctually paid or
duly provided for, on any Interest Payment Date shall be paid to the Person in
whose name that Security (or one or more Predecessor Securities) is registered
at the close of business on the Regular Record Date for such interest.
Any interest on any Security which is payable, but is not punctually
paid or duly provided for, on any Interest Payment Date (herein called
"Defaulted Interest") shall forthwith cease to be payable to the Holder on the
relevant Regular Record Date by virtue of having been such Holder, and such
Defaulted Interest may be paid by the Issuers, at its election in each case, as
provided in Clause (1) or (2) below:
(1) The Issuers may elect to make payment of any Defaulted Interest to
the Persons in whose names the Securities (or their respective Predecessor
Securities) are registered at the close of business on a Special Record Date for
the payment of such Defaulted Interest, which shall be fixed in the following
manner. The Issuers shall notify the Trustee in writing of the amount of
Defaulted Interest proposed to be paid on each Security and the date of the
proposed payment, and at the same time the Issuers shall deposit with the
Trustee an amount of money equal to the aggregate amount proposed to be paid in
respect of such Defaulted Interest or shall make arrangements satisfactory to
the Trustee for such deposit prior to the date of the proposed payment, such
money when deposited to be held in trust for the benefit of the Persons entitled
to such Defaulted Interest as in this Clause provided. Thereupon the Trustee
shall fix a Special Record Date for the payment of such Defaulted Interest which
shall be not more than 15 days and not less than 10 days prior to the date of
the proposed payment and not less than 10 days after the receipt by the Trustee
of the notice of the proposed payment. The Trustee shall promptly notify the
Issuers of such Special Record Date and, in the name and at the expense of the
Issuers, shall cause notice of the proposed payment of such Defaulted Interest
and the Special Record Date therefor to be mailed, first-class postage prepaid,
to each Holder at his address as it appears in the Security Register, not less
than 10 days prior to such Special Record Date. Notice of the proposed payment
of such Defaulted Interest and the Special Record Date therefor having been so
mailed, such Defaulted Interest shall be paid to the Persons in whose names the
Securities (or their respective Predecessor Securities) are registered at the
close of business on such Special Record Date and shall no longer be payable
pursuant to the following Clause (2).
(2) The Issuers may make payment of any Defaulted Interest in any other
lawful manner not inconsistent with the requirements of any securities exchange
on which the Securities may be listed, and upon such notice as may be required
by such exchange, if, after notice given by the Issuers to the Trustee of the
proposed payment pursuant to this Clause, such manner of payment shall be deemed
practicable by the Trustee.
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Subject to the foregoing provisions of this Section, each Security
delivered under this Indenture upon registration of transfer of or in exchange
for or in lieu of any other Security shall carry the rights to interest accrued
and unpaid, and to accrue, which were carried by such other Security.
Section 3.9. Persons Deemed Owners.
Prior to due presentment of a Security for registration of transfer, the
Issuers, the Trustee and any agent of the Issuers or the Trustee may treat the
Person in whose name such Security is registered as the owner of such Security
for the purpose of receiving payment of principal of (and premium, if any) and
(subject to Section 308) interest on such Security and for all other purposes
whatsoever, whether or not such Security be overdue, and neither the Issuers,
the Trustee nor any agent of the Issuers or the Trustee shall be affected by
notice to the contrary.
None of the Issuers, the Trustee, any Paying Agent or the Security
Registrar will have any responsibility or liability for any aspect of the
records relating to or payments made on account of beneficial ownership
interests of a Global Security or for maintaining, supervising or reviewing any
records relating to such beneficial ownership interests.
Section 3.10. Cancellation.
All Securities surrendered for payment, redemption, registration of
transfer or exchange or for credit against any Offer to Purchase pursuant to
Section 1014 or 1016 shall, if surrendered to any Person other than the Trustee,
be delivered to the Trustee and shall be promptly canceled by it. The Issuers
may at any time deliver to the Trustee for cancellation any Securities
previously authenticated and delivered hereunder which the Issuers may have
acquired in any manner whatsoever, and all Securities so delivered shall be
promptly canceled by the Trustee. No Securities shall be authenticated in lieu
of or in exchange for any Securities canceled as provided in this Section,
except as expressly permitted by this Indenture. All canceled Securities held by
the Trustee shall be disposed of as directed by an Issuer Order.
Section 3.11. Computation of Interest.
Interest on the Securities shall be computed on the basis of a 360-day
year of twelve 30-day months; provided, however, that any Special Interest on
Original Securities shall be computed on the basis of a 365- or 366- day year,
as the case may be, and the number of days actually elapsed.
ARTICLE 4
SATISFACTION AND DISCHARGE
Section 4.1. Satisfaction and Discharge of Indenture.
This Indenture shall cease to be of further effect (except as to any
surviving rights of registration of transfer or exchange of Securities herein
expressly provided for), and
50
the Trustee, on demand of and at the expense of the Issuers, shall execute
proper instruments acknowledging satisfaction and discharge of this Indenture,
when
(a) either
(i) all Securities theretofore authenticated and delivered (other
than (i) Securities which have been destroyed, lost or stolen and which
have been replaced or paid as provided in Section 307 and (ii)
Securities for whose payment money has theretofore been deposited in
trust or segregated and held in trust by the Issuers and thereafter
repaid to the Issuers or discharged from such trust, as provided in
Section 1003) have been delivered to the Trustee for cancellation; or
(ii) all such Securities not theretofore delivered to the Trustee
for cancellation
(A) have become due and payable, or
(B) will become due and payable at their Stated Maturity
within one year, or
(C) are to be called for redemption within one year under
arrangements satisfactory to the Trustee for the giving of notice
of redemption by the Trustee in the name, and at the expense, of
the Issuers,
and the Issuers, in the case of (i), (ii) or (iii) above, have deposited
or caused to be deposited with the Trustee as trust funds in trust for the
purpose an amount sufficient to pay and discharge the entire indebtedness on
such Securities not theretofore delivered to the Trustee for cancellation, for
principal (and premium, if any) and interest to the date of such deposit (in the
case of Securities which have become due and payable) or to the Stated Maturity
or Redemption Date, as the case may be;
(b) the Issuers have paid or caused to be paid all other sums payable
hereunder by the Issuers; and
(c) the Issuers have delivered to the Trustee an Officers' Certificate
and an Opinion of Counsel, each stating that all conditions precedent herein
provided for relating to the satisfaction and discharge of this Indenture have
been complied with.
Notwithstanding the satisfaction and discharge of this Indenture
pursuant to this Article Four, the obligations of the Issuers to the Trustee
under Section 607, the obligations of the Trustee to any Authenticating Agent
under Section 614 and, if money shall have been deposited with the Trustee
pursuant to subclause (B) of Clause (1) of this Section, the obligations of the
Trustee under Section 402 and the last paragraph of Section 1003 shall survive.
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Section 4.2. Application of Trust Money.
Subject to the provisions of the last paragraph of Section 1003, all
money deposited with the Trustee pursuant to Section 401 shall be held in trust
and applied by it, in accordance with the provisions of the Securities and this
Indenture, to the payment, either directly or through any Paying Agent
(including the Issuers acting as their own Paying Agent) as the Trustee may
determine, to the Persons entitled thereto, of the principal (and premium, if
any) and interest for whose payment such money has been deposited with the
Trustee.
ARTICLE 5
REMEDIES
Section 5.1. Events of Default.
"Event of Default," wherever used herein, means any one of the following
events (whatever the reason for such Event of Default and whether it be
voluntary or involuntary or be effected by operation of law or pursuant to any
judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body):
(a) default in the payment of the principal of (or premium, if any, on)
any Security at its Maturity; or
(b) default in the payment of any interest upon any Security when it
becomes due and payable, and continuance of such default for a period of 30
days; or
(c) default in the performance, or breach, of the provisions under
Sections 801 and 802 of this Indenture; or
(d) default in the performance, or breach, of any covenant or agreement
of the Issuers in this Indenture (other than a covenant or agreement a default
in whose performance or whose breach is elsewhere in this Section specifically
dealt with), and continuance of such default or breach for a period of 30 days
after there has been given, by registered or certified mail, to the Issuers by
the Trustee or to the Issuers and the Trustee by the Holders of at least 25% in
principal amount of the Outstanding Securities a written notice specifying such
default or breach and requiring it to be remedied and stating that such notice
is a "Notice of Default" hereunder; or
(e) a default or defaults under any bond(s), debenture(s), note(s) or
other evidence(s) of Indebtedness by either Issuer or any of their respective
Restricted Subsidiaries or under any mortgage(s), indenture(s) or instrument(s)
under which there may be issued or by which there may be secured or evidenced
any Indebtedness of such type by the Issuers or any of their respective
Restricted Subsidiaries with a principal amount then outstanding, individually
or in the aggregate, in excess of $25 million, whether such Indebtedness now
exists or shall hereafter be created, which default or defaults shall constitute
a failure to pay any portion of the principal of such Indebtedness at final
maturity after the expiration of any applicable grace period with respect
thereto or
52
shall have resulted in such Indebtedness becoming or being declared due and
payable prior to the date on which it would otherwise have become due and
payable; or
(f) a final judgment or final judgments for the payment of money are
entered against either Issuer or any of their respective Restricted Subsidiaries
in an aggregate amount in excess of $25 million by a court or courts of
competent jurisdiction, which judgments remain undischarged or unbonded for a
period (during which execution shall not be effectively stayed) of 60 days after
the right to appeal all such judgments has expired; or
(g) the entry by a court having jurisdiction in the premises of (A) a
decree or order for relief in respect of either Issuer or any of their
respective Restricted Subsidiaries in an involuntary case or proceeding under
any applicable Federal or State bankruptcy, insolvency, reorganization or other
similar law or (B) a decree or order adjudging either Issuer or any of their
Restricted Subsidiaries a bankrupt or insolvent, or approving as properly filed
a petition seeking reorganization, arrangement, adjustment or composition of or
in respect of such Issuer or any such Restricted Subsidiary under any applicable
Federal or State law, or appointing a custodian, receiver, liquidator, assignee,
trustee, sequestrator or other similar official of such Issuer or any such
Restricted Subsidiary or of any substantial part of the property of such Issuer
or any such Restricted Subsidiary, or ordering the winding up or liquidation of
the affairs of such Issuer or any such Restricted Subsidiary, and the
continuance of any such decree or order for relief or any such other decree or
order unstayed and in effect for a period of 60 consecutive days; or
(h) the commencement by either Issuer or any of their respective
Restricted Subsidiaries of a voluntary case or proceeding under any applicable
Federal or State bankruptcy, insolvency, reorganization or other similar law or
of any other case or proceeding to be adjudicated a bankrupt or insolvent, or
the consent by either Issuer or any of their respective Restricted Subsidiaries
to the entry of a decree or order for relief in respect of such Issuer or any
such respective Restricted Subsidiaries in an involuntary case or proceeding
under any applicable Federal or State bankruptcy, insolvency, reorganization or
other similar law or to the commencement of any bankruptcy or insolvency case or
proceeding against such Issuer or any such Restricted Subsidiary, or the filing
by either Issuer or any of their respective Restricted Subsidiaries of a
petition or answer or consent seeking reorganization or relief under any
applicable Federal or State law, or the consent by either Issuer or any of their
respective Restricted Subsidiaries to the filing of such petition or to the
appointment of or taking possession by a custodian, receiver, liquidator,
assignee, trustee, sequestrator or similar official of such Issuer or any such
Restricted Subsidiary or of any substantial part of the property of such Issuer
or any such Restricted Subsidiary, or the making by either Issuer or any of
their respective Restricted Subsidiaries of an assignment for the benefit of
creditors, or the admission by either Issuer or any of their respective
Restricted Subsidiaries in writing of its inability to pay its debts generally
as they become due, or the taking of corporate action by either Issuer or any of
their respective Restricted Subsidiaries in furtherance of any such action.
53
Section 5.2. Acceleration of Maturity; Rescission and Annulment.
If an Event of Default (other than an Event of Default specified in
Section 501(7) or (8)) occurs and is continuing, then and in every such case the
Trustee or the Holders of not less than 25% in principal amount of the
Outstanding Securities may declare the Default Amount of all the Securities to
be due and payable immediately, by a notice in writing to the Issuers (and to
the Trustee if given by Holders), and upon any such declaration such Default
Amount and any accrued interest shall become immediately due and payable. If an
Event of Default specified in Section 501(7) or (8) occurs, the Default Amount
and any accrued interest on the Securities then Outstanding shall ipso facto
become immediately due and payable without any declaration or other Act on the
part of the Trustee or any Holder.
Until and including November 15, 2004, the "Default Amount" in respect
of any particular Security as of any particular date of acceleration shall equal
the Accreted Value of the Security. On and after November 15, 2004, the Default
Amount in respect of any particular Security shall equal 100% of the principal
amount of the Security.
At any time after such a declaration of acceleration has been made and
before a judgment or decree for payment of the money due has been obtained by
the Trustee as hereinafter in this Article provided, the Holders of a majority
in principal amount of the Outstanding Securities, by written notice to the
Issuers and the Trustee, may rescind and annul such declaration and its
consequences if
(a) the Issuers have paid or deposited with the Trustee a sum sufficient
to pay
(i) all overdue interest on all Securities,
(ii) the principal of (and premium, if any, on) any Securities
which have become due otherwise than by such declaration of acceleration
(including any Securities required to have been purchased on the
Purchase Date pursuant to an Offer to Purchase made by the Issuers) and,
to the extent that payment of such interest is lawful, interest thereon
at the rate provided by the Securities,
(iii) to the extent that payment of such interest is lawful,
interest upon overdue interest at the rate provided by the Securities,
and
(iv) all sums paid or advanced by the Trustee hereunder and the
reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel;
and
(b) all Events of Default, other than the non-payment of the principal
of Securities which have become due solely by such declaration of acceleration,
have been cured or waived as provided in Section 513.
54
No such rescission shall affect any subsequent default or impair any
right consequent thereon.
Section 5.3. Collection of Indebtedness and Suits for Enforcement by
Trustee.
The Issuers covenant that if
(a) default is made in the payment of any interest on any Security when
such interest becomes due and payable and such default continues for a period of
30 days, or
(b) default is made in the payment of the principal of (or premium, if
any, on) any Security at the Maturity thereof or, with respect to any Security
required to have been purchased pursuant to an Offer to Purchase made by the
Issuers, at the Purchase Date thereof, the Issuers will, upon demand of the
Trustee, pay to it, for the benefit of the Holders of such Securities, the whole
amount then due and payable on such Securities for principal (and premium, if
any) and interest, and, to the extent that payment of such interest shall be
legally enforceable, interest on any overdue principal (and premium, if any) and
on any overdue interest, at the rate provided by the Securities, and, in
addition thereto, such further amount as shall be sufficient to cover the costs
and expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel.
If the Issuers fail to pay such amounts forthwith upon such demand, the
Trustee, in its own name and as trustee of an express trust, may institute a
judicial proceeding for the collection of the sums so due and unpaid, may
prosecute such proceeding to judgment or final decree and may enforce the same
against the Issuers or any other obligor upon the Securities and collect the
moneys adjudged or decreed to be payable in the manner provided by law out of
the property of the Issuers or any other obligor upon the Securities, wherever
situated.
If an Event of Default occurs and is continuing, the Trustee may in its
discretion proceed to protect and enforce its rights and the rights of the
Holders by such appropriate judicial proceedings as the Trustee shall deem most
effectual to protect and enforce any such rights, whether for the specific
enforcement of any covenant or agreement in this Indenture or in aid of the
exercise of any power granted herein, or to enforce any other proper remedy.
Section 5.4. Trustee May File Proofs of Claim.
In case of any judicial proceeding relative to either Issuer (or any
other obligor upon the Securities), its property or its creditors, the Trustee
shall be entitled and empowered, by intervention in such proceeding or
otherwise, to take any and all actions authorized under the Trust Indenture Act
in order to have claims of the Holders and the Trustee allowed in any such
proceeding. In particular, the Trustee shall be authorized to collect and
receive any moneys or other property payable or deliverable on any such claims
and to distribute the same; and any custodian, receiver, assignee, trustee,
liquidator, sequestrator or other similar official in any such judicial
proceeding is hereby authorized by each Holder to make such payments to the
Trustee and, in the event that
55
the Trustee shall consent to the making of such payments directly to the
Holders, to pay to the Trustee any amount due it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel, and any other amounts due the Trustee under Section 607.
No provision of this Indenture shall be deemed to authorize the Trustee
to authorize or consent to or accept or adopt on behalf of any Holder any plan
of reorganization, arrangement, adjustment or composition affecting the
Securities or the rights of any Holder thereof or to authorize the Trustee to
vote in respect of the claim of any Holder in any such proceeding; provided,
however, that the Trustee may, on behalf of the Holders, vote for the election
of a trustee in bankruptcy or similar official and may be a member of the
creditors' committee.
Section 5.5. Trustee May Enforce Claims Without Possession of
Securities.
All rights of action and claims under this Indenture or the Securities
may be prosecuted and enforced by the Trustee without the possession of any of
the Securities or the production thereof in any proceeding relating thereto, and
any such proceeding instituted by the Trustee shall be brought in its own name
as trustee of an express trust, and any recovery of judgment shall, after
provision for the payment of the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, be for the
ratable benefit of the Holders of the Securities in respect of which such
judgment has been recovered.
Section 5.6. Application of Money Collected.
Any money collected by the Trustee pursuant to this Article shall be
applied in the following order, at the date or dates fixed by the Trustee and,
in case of the distribution of such money on account of principal (or premium,
if any) or interest, upon presentation of the Securities and the notation
thereon of the payment if only partially paid and upon surrender thereof if
fully paid:
FIRST: To the payment of all amounts due the Trustee under Section 607;
and
SECOND: To the payment of the amounts then due and unpaid for principal
of (and premium, if any) and interest on the Securities in respect of which or
for the benefit of which such money has been collected, ratably, without
preference or priority of any kind, according to the amounts due and payable on
such Securities for principal (and premium, if any) and interest, respectively.
Section 5.7. Limitation on Suits.
No Holder of any Security shall have any right to institute any
proceeding, judicial or otherwise, with respect to this Indenture, or for the
appointment of a receiver or trustee, or for any other remedy hereunder, unless
(a) such Holder has previously given written notice to the Trustee of a
continuing Event of Default;
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(b) the Holders of not less than 25% in principal amount of the
Outstanding Securities shall have made written request to the Trustee to
institute proceedings in respect of such Event of Default in its own name as
Trustee hereunder;
(c) such Holder or Holders have offered to the Trustee reasonable
indemnity against the costs, expenses and liabilities to be incurred in
compliance with such request;
(d) the Trustee for 60 days after its receipt of such notice, request
and offer of indemnity has failed to institute any such proceeding; and
(e) no direction inconsistent with such written request has been given
to the Trustee during such 60-day period by the Holders of a majority in
principal amount of the Outstanding Securities; it being understood and intended
that no one or more Holders shall have any right in any manner whatever by
virtue of, or by availing of, any provision of this Indenture to affect, disturb
or prejudice the rights of any other Holders, or to obtain or to seek to obtain
priority or preference over any other Holders or to enforce any right under this
Indenture, except in the manner herein provided and for the equal and ratable
benefit of all the Holders.
Section 5.8. Unconditional Right of Holders to Receive Principal,
Premium and Interest.
Notwithstanding any other provision in this Indenture, the Holder of any
Security shall have the right, which is absolute and unconditional, to receive
payment of the principal of (and premium, if any) and (subject to Section 308)
interest on such Security on the respective Stated Maturities expressed in such
Security (or, in the case of redemption, on the Redemption Date or, in the case
of an Offer to Purchase made by the Issuers and required to be accepted as to
such Security, on the Purchase Date) and to institute suit for the enforcement
of any such payment, and such rights shall not be impaired without the consent
of such Holder.
Section 5.9. Restoration of Rights and Remedies.
If the Trustee or any Holder has instituted any proceeding to enforce
any right or remedy under this Indenture and such proceeding has been
discontinued or abandoned for any reason, or has been determined adversely to
the Trustee or to such Holder, then and in every such case, subject to any
determination in such proceeding, the Issuers, the Trustee and the Holders shall
be restored severally and respectively to their former positions hereunder and
thereafter all rights and remedies of the Trustee and the Holders shall continue
as though no such proceeding had been instituted.
Section 5.10. Rights and Remedies Cumulative.
Except as otherwise provided with respect to the replacement or payment
of mutilated, destroyed, lost or stolen Securities in the last paragraph of
Section 307, no right or remedy herein conferred upon or reserved to the Trustee
or to the Holders is intended to be exclusive of any other right or remedy, and
every right and remedy shall, to the extent permitted by law, be cumulative and
in addition to every other right and
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remedy given hereunder or now or hereafter existing at law or in equity or
otherwise. The assertion or employment of any right or remedy hereunder, or
otherwise, shall not prevent the concurrent assertion or employment of any other
appropriate right or remedy.
Section 5.11. Delay or Omission Not Waiver.
No delay or omission of the Trustee or of any Holder of any Security to
exercise any right or remedy accruing upon any Event of Default shall impair any
such right or remedy or constitute a waiver of any such Event of Default or an
acquiescence therein. Every right and remedy given by this Article or by law to
the Trustee or to the Holders may be exercised from time to time, and as often
as may be deemed expedient, by the Trustee or by the Holders, as the case may
be.
Section 5.12. Control by Holders.
The Holders of a majority in principal amount of the Outstanding
Securities shall have the right to direct the time, method and place of
conducting any proceeding for any remedy available to the Trustee or exercising
any trust or power conferred on the Trustee, provided that
(a) such direction shall not be in conflict with any rule of law or with
this Indenture,
(b) the Trustee may take any other action deemed proper by the Trustee
which is not inconsistent with such direction, and
(c) subject to the provisions of Section 601, the Trustee shall have the
right to decline to follow any such direction if the Trustee, being advised by
counsel, shall determine that the action or proceeding so directed may not
lawfully be taken or if the Trustee in good faith shall determine that the
action or proceedings so directed might involve the Trustee in personal
liability or if the Trustee in good faith shall so determine that the actions or
forebearances specified in or pursuant to such direction shall be unduly
prejudicial to the interest of holders of the Securities not joining in the
giving of said direction, it being understood that the Trustee shall have no
duty to ascertain whether or not such actions or forebearances are unduly
prejudicial to such holders.
Section 5.13. Waiver of Past Defaults.
The Holders of not less than a majority in principal amount of the
Outstanding Securities may on behalf of the Holders of all the Securities waive
any default hereunder and its consequences, except a default
(a) in the payment of the principal of (or premium, if any) or interest
on any Security (including any Security which is required to have been purchased
pursuant to an Offer to Purchase which has been made by the Issuers), or
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(b) in respect of a covenant or provision hereof which under Article
Nine cannot be modified or amended without the consent of the Holder of each
Outstanding Security affected.
Upon any such waiver, such default shall cease to exist, and any Event
of Default arising therefrom shall be deemed to have been cured, for every
purpose of this Indenture; but no such waiver shall extend to any subsequent or
other default or impair any right consequent thereon.
Section 5.14. Undertaking for Costs.
In any suit for the enforcement of any right or remedy under this
Indenture, or in any suit against the Trustee for any action taken, suffered or
omitted by it as Trustee, a court may require any party litigant in such suit to
file an undertaking to pay the costs of such suit, and may assess costs against
any such party litigant, in the manner and to the extent provided in the Trust
Indenture Act; provided, that neither this Section nor the Trust Indenture Act
shall be deemed to authorize any court to require such an undertaking or to make
such an assessment in any suit instituted by the Issuers.
Section 5.15. Waiver of Stay or Extension Laws.
The Issuers covenant (to the extent that they may lawfully do so) that
they will not at any time insist upon, or plead, or in any manner whatsoever
claim or take the benefit or advantage of, any stay or extension law wherever
enacted, now or at any time hereafter in force, which may affect the covenants
or the performance of this Indenture; and the Issuers (to the extent that they
may lawfully do so) hereby expressly waive all benefit or advantage of any such
law and covenant that they will not hinder, delay or impede the execution of any
power herein granted to the Trustee, but will suffer and permit the execution of
every such power as though no such law had been enacted.
ARTICLE 6
THE TRUSTEE
Section 6.1. Certain Duties and Responsibilities.
The duties and responsibilities of the Trustee shall be as provided by
the Trust Indenture Act. Notwithstanding the foregoing, no provision of this
Indenture shall require the Trustee to expend or risk its own funds or otherwise
incur any financial liability in the performance of any of its duties hereunder,
or in the exercise of any of its rights or powers, if it shall have reasonable
grounds for believing that repayment of such funds or adequate indemnity against
such risk or liability is not reasonably assured to it. Whether or not therein
expressly so provided, every provision of this Indenture relating to the conduct
or affecting the liability of or affording protection to the Trustee shall be
subject to the provisions of this Section.
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Section 6.2. Notice of Defaults.
The Trustee shall give the Holders notice of any default hereunder as
and to the extent provided by the Trust Indenture Act; provided, however, that
in the case of any default of the character specified in Section 501(4), no such
notice to Holders shall be given until at least 30 days after the occurrence
thereof. For the purpose of this Section, the term "default" means any event
which is, or after notice or lapse of time or both would become, an Event of
Default.
Section 6.3. Certain Rights of Trustee.
Subject to the provisions of Section 601:
(a) the Trustee may rely and shall be protected in acting or refraining
from acting upon any resolution, certificate, Officers' Certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond,
debenture, note, other evidence of indebtedness or other paper or document
believed by it to be genuine and to have been signed or presented by the proper
party or parties;
(b) any request or direction of the Issuers mentioned herein shall be
sufficiently evidenced by an Issuer Request or an Issuer Order and any
resolution of the Board of Directors may be sufficiently evidenced by a Board
Resolution;
(c) whenever in the administration of this Indenture the Trustee shall
deem it desirable that a matter be proved or established prior to taking,
suffering or omitting any action hereunder, the Trustee (unless other evidence
be herein specifically prescribed) may, in the absence of bad faith on its part,
rely upon an Officers' Certificate;
(d) before the Trustee acts or refrains from acting, the Trustee may
consult with counsel and the written advice of such counsel or any Opinion of
Counsel shall be full and complete authorization and protection in respect of
any action taken, suffered or omitted by it hereunder in good faith and in
reliance thereon;
(e) the Trustee shall be under no obligation to exercise any of the
rights or powers vested in it by this Indenture at the request or direction of
any of the Holders pursuant to this Indenture, unless such Holders shall have
offered to the Trustee reasonable security or indemnity against the costs,
expenses and liabilities which might be incurred by it in compliance with such
request or direction;
(f) the Trustee shall not be bound to make any investigation into the
facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture,
note, other evidence of indebtedness or other paper or document unless requested
to do so by the Holders of not less than a majority in principal amount of the
Securities then outstanding, but the Trustee, in its discretion, may make such
further inquiry or investigation into such facts or matters as it may see fit,
and, if the Trustee shall determine to make such further inquiry or
investigation, it shall be entitled to examine the books, records and premises
of the Issuers, personally or by agent or attorney;
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(g) the Trustee may execute any of the trusts or powers hereunder or
perform any duties hereunder either directly or by or through agents or
attorneys and the Trustee shall not be responsible for any misconduct or
negligence on the part of any agent or attorney appointed with due care by it
hereunder;
(h) the Trustee shall not be required to give any bond or surety in
respect of the performance of its powers and duties hereunder;
(i) the Trustee shall not be bound to ascertain or inquire as to the
performance or observance of any covenants, conditions or agreements on the part
of the Issuers, except as otherwise provided herein, but the Trustee may require
of the Issuers full information and advice as to the performance of the
covenants, conditions and agreements contained herein and shall be entitled in
connection herewith to examine the books, records and premises of the Issuers;
and
(j) (j) except for (i) a default under Sections 501(1) or (2) hereof, or
(ii) any other event of which the Trustee has "actual knowledge" and which
event, with the giving of notice or the passage of time or both, would
constitute an Event of Default under this Indenture, the Trustee shall not be
deemed to have notice of any default or Event of Default unless specifically
notified in writing of such event by the Issuers or the Holders of not less than
25% in aggregate principal amount of the Securities then outstanding; as used
herein, the term "actual knowledge" means the actual fact or statement of
knowing, without any duty to make any investigation with regard thereto.
Section 6.4. Not Responsible for Recitals or Issuance of Securities.
The recitals contained herein and in the Securities, except the
Trustee's certificates of authentication, shall be taken as the statements of
the Issuers, and the Trustee assumes no responsibility for their correctness.
The Trustee makes no representations as to the validity or sufficiency of this
Indenture or of the Securities. The Trustee shall not be accountable for the use
or application by the Issuers of Securities or the proceeds thereof.
Section 6.5. May Hold Securities.
The Trustee, any Authenticating Agent, any Paying Agent, any Security
Registrar or any other agent of the Issuers, in its individual or any other
capacity, may become the owner or pledgee of Securities and, subject to Sections
608 and 613, may otherwise deal with the Issuers with the same rights it would
have if it were not Trustee, Authenticating Agent, Paying Agent, Security
Registrar or such other agent.
Section 6.6. Money Held in Trust.
Money held by the Trustee in trust hereunder need not be segregated from
other funds except to the extent required by law. The Trustee shall be under no
liability for interest on any money received by it hereunder except as otherwise
agreed with the Issuers.
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Section 6.7. Compensation and Reimbursement.
The Issuers agree
(a) to pay to the Trustee from time to time, and the Trustee shall be
entitled to, reasonable compensation for all services rendered by it hereunder
(which compensation shall not be limited by any provision of law in regard to
the compensation of a trustee of an express trust);
(b) except as otherwise expressly provided herein, to reimburse the
Trustee upon its request for all reasonable expenses, disbursements and advances
incurred or made by the Trustee in accordance with any provision of this
Indenture, including costs of collection (including the reasonable compensation
and the expenses and disbursements of its agents and counsel), except any such
expense, disbursement or advance as may be attributable to its negligence or
willful misconduct; and
(c) to indemnify the Trustee for, and to hold it harmless against, any
loss, liability or expense incurred without negligence or willful misconduct on
its part, arising out of or in connection with the acceptance or administration
of this trust, including the costs and expenses of defending itself against or
investigating any claim or liability in connection with the exercise or
performance of any of its powers or duties hereunder.
The obligations of the Issuers under this Section shall survive the
satisfaction and discharge of this Indenture. As security for the performance of
such obligations of the Issuers, the Trustee shall have a claim prior to the
Securities upon all property and funds held or collected by the Trustee as such,
except funds held in trust for the payment of principal of (and premium, if any)
and interest on particular Securities. When the Trustee incurs expenses or
renders services in connection with an Event of Default specified in Article
Five hereof, the expenses (including reasonable fees and expenses of its
counsel) and the compensation for the services in connection therewith are
intended to constitute expense of administration under any applicable bankruptcy
law.
Section 6.8. Disqualification; Conflicting Interests.
If the Trustee has or shall acquire a conflicting interest within the
meaning of the Trust Indenture Act, the Trustee shall either eliminate such
interest or resign, to the extent and in the manner provided by, and subject to
the provisions of, the Trust Indenture Act and this Indenture.
Section 6.9. Corporate Trustee Required; Eligibility.
There shall at all times be a Trustee hereunder which shall be a Person
that is eligible pursuant to the Trust Indenture Act to act as such and has (or
in the case of a Person included in a bank holding company system, the related
bank holding company shall have) a combined capital and surplus of at least
$50,000,000 and its Corporate Trust Office in New York City or Los Angeles. If
such Person publishes reports of condition at least annually, pursuant to law or
to the requirements of said supervising or examining authority, then for the
purposes of this Section, the combined capital and surplus of such
62
Person shall be deemed to be its combined capital and surplus as set forth in
its most recent report of condition so published. If at any time the Trustee
shall cease to be eligible in accordance with the provisions of this Section, it
shall resign immediately in the manner and with the effect hereinafter specified
in this Article.
Section 6.10. Resignation and Removal; Appointment of Successor.
(a) No resignation or removal of the Trustee and no appointment of a
successor Trustee pursuant to this Article shall become effective until the
acceptance of appointment by the successor Trustee under Section 611.
(b) The Trustee may resign at any time by giving written notice thereof
to the Issuers. If an instrument of acceptance by a successor Trustee shall not
have been delivered to the Trustee within 30 days after the giving of such
notice of resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor Trustee.
(c) The Trustee may be removed at any time by Act of the Holders of a
majority in principal amount of the Outstanding Securities, delivered to the
Trustee and to the Issuers.
(d) If at any time:
(i) the Trustee shall fail to comply with Section 608 after
written request therefor by the Issuers or by any Holder who has been a
bona fide Holder of a Security for at least six months, or
(ii) the Trustee shall cease to be eligible under Section 609 and
shall fail to resign after written request therefor by the Issuers or by
any such Holder, or
(iii) the Trustee shall become incapable of acting or shall be
adjudged a bankrupt or insolvent or a receiver of the Trustee or of its
property shall be appointed or any public officer shall take charge or
control of the Trustee or of its property or affairs for the purpose of
rehabilitation, conservation or liquidation,
then, in any such case, (i) the Issuers by a Board Resolution may remove
the Trustee, or (ii) subject to Section 514, any Holder who has been a bona fide
Holder of a Security for at least six months may, on behalf of himself and all
others similarly situated, petition any court of competent jurisdiction for the
removal of the Trustee and the appointment of a successor Trustee.
(e) If the Trustee shall resign, be removed or become incapable of
acting, or if a vacancy shall occur in the office of Trustee for any cause, the
Issuers, by a Board Resolution, shall promptly appoint a successor Trustee. If,
within one year after such resignation, removal or incapability, or the
occurrence of such vacancy, a successor Trustee shall be appointed by Act of the
Holders of a majority in principal amount of the Outstanding Securities
delivered to the Issuers and the retiring Trustee, the successor Trustee so
appointed shall, forthwith upon its acceptance of such appointment, become
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the successor Trustee and supersede the successor Trustee appointed by the
Issuers. If no successor Trustee shall have been so appointed by the Issuers or
the Holders and accepted appointment in the manner hereinafter provided, any
Holder who has been a bona fide Holder of a Security for at least six months
may, on behalf of himself and all others similarly situated, petition any court
of competent jurisdiction for the appointment of a successor Trustee.
(f) The Issuers shall give notice of each resignation and each removal
of the Trustee and each appointment of a successor Trustee to all Holders in the
manner provided in Section 106. Each notice shall include the name of the
successor Trustee and the address of its Corporate Trust Office.
Section 6.11. Acceptance of Appointment by Successor.
Every successor Trustee appointed hereunder shall execute, acknowledge
and deliver to the Issuers and to the retiring Trustee an instrument accepting
such appointment, and thereupon the resignation or removal of the retiring
Trustee shall become effective and such successor Trustee, without any further
act, deed or conveyance, shall become vested with all the rights, powers, trusts
and duties of the retiring Trustee; but, on request of the Issuers or the
successor Trustee, such retiring Trustee shall, upon payment of its charges,
execute and deliver an instrument transferring to such successor Trustee all the
rights, powers and trusts of the retiring Trustee and shall duly assign,
transfer and deliver to such successor Trustee all property and money held by
such retiring Trustee hereunder. Upon request of any such successor Trustee, the
Issuers shall execute any and all instruments for more fully and certainly
vesting in and confirming to such successor Trustee all such rights, powers and
trusts.
No successor Trustee shall accept its appointment unless at the time of
such acceptance such successor Trustee shall be qualified and eligible under
this Article.
Section 6.12. Merger, Conversion, Consolidation or Succession to
Business.
Any corporation into which the Trustee may be merged or converted or
with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any
corporation succeeding to all or substantially all the corporate trust business
of the Trustee, shall be the successor of the Trustee hereunder, provided such
corporation shall be otherwise qualified and eligible under this Article,
without the execution or filing of any paper or any further act on the part of
any of the parties hereto. In case any Securities shall have been authenticated,
but not delivered, by the Trustee then in office, any successor by merger,
conversion or consolidation to such authenticating Trustee may adopt such
authentication and deliver the Securities so authenticated with the same effect
as if such successor Trustee had itself authenticated such Securities.
Section 6.13. Preferential Collection of Claims Against the Issuers.
If and when the Trustee shall be or become a creditor of the Issuers (or
any other obligor upon the Securities), the Trustee shall be subject to the
provisions of the Trust
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Indenture Act regarding the collection of claims against the Issuers (or any
such other obligor).
Section 6.14. Appointment of Authenticating Agent.
The Trustee may appoint an Authenticating Agent or Agents which shall be
authorized to act on behalf of the Trustee to authenticate Securities issued
upon original issue and upon exchange, registration of transfer, partial
conversion or partial redemption or pursuant to Section 307, and Securities so
authenticated shall be entitled to the benefits of this Indenture and shall be
valid and obligatory for all purposes as if authenticated by the Trustee
hereunder. Wherever reference is made in this Indenture to the authentication
and delivery of Securities by the Trustee or the Trustee's certificate of
authentication, such reference shall be deemed to include authentication and
delivery on behalf of the Trustee by an Authenticating Agent and a certificate
of authentication executed on behalf of the Trustee by an Authenticating Agent.
Each Authenticating Agent shall be acceptable to the Issuers and shall at all
times be a corporation organized and doing business under the laws of the United
States of America, any State thereof or the District of Columbia, authorized
under such laws to act as Authenticating Agent, having (or in the case of a
corporation included in a bank holding company system, the related bank holding
company having) a combined capital and surplus of not less than $50,000,000 and
subject to supervision or examination by Federal or State authority. If such
Authenticating Agent publishes reports of condition at least annually, pursuant
to law or to the requirements of said supervising or examining authority, then
for the purposes of this Section, the combined capital and surplus of such
Authenticating Agent shall be deemed to be its combined capital and surplus as
set forth in its most recent report of condition so published. If at any time an
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, such Authenticating Agent shall resign immediately
in the manner and with the effect specified in this Section.
Any corporation into which an Authenticating Agent may be merged or
converted or with which it may be consolidated, or any corporation resulting
from any merger, conversion or consolidation to which such Authenticating Agent
shall be a party, or any corporation succeeding to the corporate agency or
corporate trust business of an Authenticating Agent, shall continue to be an
Authenticating Agent, provided such corporation shall be otherwise eligible
under this Section, without the execution or filing of any paper or any further
act on the part of the Trustee or the Authenticating Agent.
An Authenticating Agent may resign at any time by giving written notice
thereof to the Trustee and to the Issuers. The Trustee may at any time terminate
the agency of an Authenticating Agent by giving written notice thereof to such
Authenticating Agent and to the Issuers. Upon receiving such a notice of
resignation or upon such a termination, or in case at any time such
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, the Trustee may appoint a successor Authenticating
Agent which shall be acceptable to the Issuers and shall mail written notice of
such appointment by first-class mail, postage prepaid, to all Holders as their
names and addresses appear in the Security Register. Any successor
Authenticating Agent upon acceptance of its appointment hereunder shall become
vested with all the rights, powers
65
and duties of its predecessor hereunder, with like effect as if originally named
as an Authenticating Agent. No successor Authenticating Agent shall be appointed
unless eligible under the provisions of this Section.
The Trustee agrees to pay to each Authenticating Agent from time to time
reasonable compensation for its services under this Section, and the Trustee
shall be entitled to be reimbursed for such payments, subject to the provisions
of Section 607.
If an appointment is made pursuant to this Section, the Securities may
have endorsed thereon, in addition to the Trustee's certificate of
authentication, an alternative certificate of authentication in the following
form:
This is one of the Securities described in the within-mentioned
Indenture.
Xxxxxx Trust Company of California,
As Trustee
By
--------------------------------
As Authenticating Agent
By
--------------------------------
Authorized Officer
ARTICLE 7
HOLDERS' LISTS AND REPORTS BY TRUSTEE AND ISSUERS
Section 7.1. Issuers to Furnish Trustee Names and Addresses of Holders.
The Issuers will furnish or cause to be furnished to the Trustee
(a) semi-annually, not more than 15 days after each May 1 and November
1, commencing May 1, 2005, a list, in such form as the Trustee may reasonably
require, of the names and addresses of the Holders as of such Regular Record
Date, and
(b) at such other times as the Trustee may request in writing, within 30
days after the receipt by the Issuers of any such request, a list of similar
form and content as of a date not more than 15 days prior to the time such list
is furnished;
excluding from any such list names and addresses received by the Trustee
in its capacity as Security Registrar.
Section 7.2. Preservation of Information; Communications to Holders.
(a) The Trustee shall preserve, in as current a form as is reasonably
practicable, the names and addresses of Holders contained in the most recent
list furnished to the Trustee as provided in Section 701 and the names and
addresses of Holders received by the Trustee in its capacity as Security
Registrar. The Trustee may
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destroy any list furnished to it as provided in Section 701 upon receipt of a
new list so furnished.
(b) The rights of Holders to communicate with other Holders with respect
to their rights under this Indenture or under the Securities and the
corresponding rights and duties of the Trustee, shall be provided by the Trust
Indenture Act.
(c) Every Holder of Securities, by receiving and holding the same,
agrees with the Issuers and the Trustee that neither the Issuers nor the Trustee
nor any agent of either of them shall be held accountable by reason of any
disclosure of information as to the names and addresses of Holders made pursuant
to the Trust Indenture Act.
Section 7.3. Reports by Trustee.
(a) The Trustee shall transmit to Holders such reports concerning the
Trustee and its actions under this Indenture as may be required pursuant to the
Trust Indenture Act at the times and in the manner provided pursuant thereto.
(b) A copy of each such report shall, at the time of such transmission
to Holders, be filed by the Trustee with each stock exchange upon which the
Securities are listed, with the Commission and with the Issuers. The Issuers
will notify the Trustee when the Securities are listed on any stock exchange.
Section 7.4. Reports by Issuers.
The Issuers shall file with the Trustee and the Commission, and transmit
to Holders, such information, documents and other reports, and such summaries
thereof, as may be required pursuant to the Trust Indenture Act at the times and
in the manner provided pursuant to such Act; provided that any such information,
documents or reports required to be filed with the Commission pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934 shall be filed with
the Trustee within 15 days after the same is so required to be filed with the
Commission.
ARTICLE 8
CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE
Section 8.1. Issuers May Consolidate, Etc. Only on Certain Terms.
The Issuers (a) shall not consolidate with or merge into any other
Person; (b) shall not permit any other Person to consolidate with or merge into
either Issuer; and (c) shall not, directly or indirectly, transfer, convey,
sell, lease or otherwise dispose of all or substantially all of either Issuer's
properties and assets as an entirety; unless, in any such transaction:
(a) (1) such Issuer is the surviving entity or (2) in the case such
Issuer shall consolidate with or merge into another Person or shall directly or
indirectly transfer, convey, sell, lease or otherwise dispose of all or
substantially all of its properties and assets as an entirety, the Person formed
by such consolidation or into which such Issuer is
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merged or the Person which acquires by transfer, conveyance, sale, lease or
other disposition all or substantially all of the properties and assets of such
Issuer as an entirety (for purposes of this Article Eight, a "Successor
Company") shall be a corporation, partnership or trust, shall be organized and
validly existing under the laws of the United States of America, any State
thereof or the District of Columbia and shall expressly assume by an indenture
supplemental hereto executed and delivered to the Trustee, in form satisfactory
to the Trustee, the due and punctual payment of the principal of (and premium,
if any) and interest on all the Securities and the performance of every covenant
of this Indenture on the part of such Issuer to be performed or observed;
(b) immediately after giving effect to such transaction and treating any
Indebtedness Incurred by the Issuers or any of their respective Restricted
Subsidiaries as a result of such transaction as having been Incurred by the
Issuers or such Restricted Subsidiary at the time of such transaction, no Event
of Default, and no event which, after notice or lapse of time, or both, would
become an Event of Default, shall have happened and be continuing;
(c) (1) immediately after giving effect to such transaction, and
treating any Indebtedness Incurred by the Issuers or any of their respective
Restricted Subsidiaries as a result of such transaction as having been Incurred
at the time of such transaction, the Issuers or the Successor Company would be
permitted to Incur at least $1.00 of additional Indebtedness pursuant to the
first paragraph under Section 1008 or (2) after giving effect to such
transaction the Indebtedness to EBITDA Ratio is not higher than the Indebtedness
to EBITDA Ratio prior to giving effect to such transaction; and
(d) such Issuer has delivered to the Trustee an Officer's Certificate
and an Opinion of Counsel, each stating that such consolidation, merger,
conveyance, transfer, lease or disposition and, if a supplemental indenture is
required in connection with such transaction, such supplemental indenture,
complies with this Article and that all conditions precedent herein provided for
relating to such transaction have been complied with, and, with respect to such
Officer's Certificate, setting forth the manner of determination of the ability
to Incur Indebtedness in accordance with Clause (3) of Section 801 or of the
comparison of the Indebtedness to EBITDA Ratio prior to and immediately after
giving effect to the transaction of such Issuer or, if applicable, of the
Successor Company as required pursuant to the foregoing.
Section 8.2. Successor Substituted.
Upon any consolidation of either Issuer with, or merger of either Issuer
into, any other Person or any transfer, conveyance, sale, lease or other
disposition of all or substantially all of the properties and assets of such
Issuer as an entirety in accordance with Section 801, the Successor Company
shall succeed to, and be substituted for, and may exercise every right and power
of, such Issuer under this Indenture with the same effect as if such successor
Person had been named as such Issuer herein, and thereafter, except in the case
of a lease, the predecessor Person shall be relieved of all obligations and
covenants under this Indenture and the Securities.
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Section 8.3. Effect of the Reorganizations.
(a) VoiceStream and VoiceStream Holdings are the initial issuers of the
Securities. If either Reorganization is completed, immediately upon such
Reorganization without any further act by any Person, VoiceStream shall cease to
be an Issuer of the Securities and any or all of its obligations under this
Indenture as an Issuer shall effectively terminate, and VoiceStream Holdings
shall remain as the sole Issuer of the Securities. If both Reorganizations are
terminated, immediately upon the termination of the last of the Reorganizations
to be terminated, without any further act by any Person, VoiceStream Holdings
shall cease to be an Issuer of the Securities and any or all of its obligations
under this Indenture as an Issuer shall effectively terminate, and VoiceStream
shall remain as the sole Issuer of the Securities. Upon either of VoiceStream or
VoiceStream Holdings being the sole Issuer, the term "Issuers" hereunder shall
be deemed to read "Issuer."
(b) Notwithstanding anything contained in this Indenture to the
contrary, the Reorganizations and the transactions contemplated thereby shall be
deemed not to violate the provisions of this Indenture. The Issuers shall not be
required to take any actions they would otherwise be obligated to take under
this Indenture as a result of the Reorganizations and the transactions
contemplated thereby, nor will the provisions of this Indenture with respect to
Change of Control Triggering Event contained in Section 1016 or Asset
Dispositions contained in Section 1014 be applicable.
ARTICLE 9
SUPPLEMENTAL INDENTURES
Section 9.1. Supplemental Indentures Without Consent of Holders.
Without the consent of any Holders, the Issuers, when authorized by a
Board Resolution, and the Trustee, at any time and from time to time, may enter
into one or more indentures supplemental hereto, in form satisfactory to the
Trustee, for any of the following purposes:
(a) to evidence the succession of another Person to either Issuer and
the assumption by any such successor of the covenants of such Issuer herein and
in the Securities; or
(b) to add to the covenants of the Issuers for the benefit of the
Holders, or to surrender any right or power herein conferred upon the Issuers;
or
(c) to secure the Securities pursuant to the requirements of Section
1012 or otherwise; or
(d) to comply with any requirements of the Commission in order to effect
and maintain the qualification of this Indenture under the Trust Indenture Act;
or
(e) to cure any ambiguity, to correct or supplement any provision herein
which may be inconsistent with any other provision herein, or to make any other
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provisions with respect to matters or questions arising under this Indenture
which shall not be inconsistent with the provisions of this Indenture, provided
such action pursuant to this Clause (5) shall not adversely affect the interests
of the Holders in any material respect.
Section 9.2. Supplemental Indentures with Consent of Holders.
With the consent of the Holders of not less than a majority in principal
amount of the Outstanding Securities, by Act of said Holders delivered to the
Issuers and the Trustee, the Issuers, when authorized by a Board Resolution, and
the Trustee may enter into an indenture or indentures supplemental hereto for
the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Indenture or of modifying in any manner the rights
of the Holders under this Indenture; provided, however, that no such
supplemental indenture shall, without the consent of the Holder of each
Outstanding Security affected thereby,
(a) change the Stated Maturity of the principal of, or any instalment of
interest on, any Security, or reduce the principal amount thereof or the rate of
interest thereon or any premium payable thereon, or change the place of payment
where, or the coin or currency in which, any Security or any premium or the
interest thereon is payable, or impair the right to institute suit for the
enforcement of any such payment on or after the Stated Maturity thereof (or, in
the case of redemption, on or after the Redemption Date or, in the case of an
Offer to Purchase which has been made, on or after the applicable Purchase
Date), or
(b) reduce the percentage in principal amount of the Outstanding
Securities, the consent of whose Holders is required for any such supplemental
indenture, or the consent of whose Holders is required for any waiver (of
compliance with certain provisions of this Indenture or certain defaults
hereunder and their consequences) provided for in this Indenture, or
(c) modify any of the provisions of this Section, Section 513 or Section
1018, except to increase any such percentage or to provide that certain other
provisions of this Indenture cannot be modified or waived without the consent of
the Holder of each Outstanding Security affected thereby, or
(d) following the mailing of an Offer with respect to an Offer to
Purchase pursuant to Sections 1014 or 1016, modify the provisions of this
Indenture with respect to such Offer to Purchase in a manner adverse to such
Holder.
Notice shall be given to all Holders and the Trustee at least 10
Business Days prior to the adoption of any proposed amendment pursuant to this
Section 902. It shall not be necessary for any Act of Holders under this Section
to approve the particular form of any proposed supplemental indenture, but it
shall be sufficient if such Act shall approve the substance thereof.
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Section 9.3. Execution of Supplemental Indentures.
In executing, or accepting the additional trusts created by, any
supplemental indenture permitted by this Article or the modifications thereby of
the trusts created by this Indenture, the Trustee shall be entitled to receive,
and (subject to Section 601) shall be fully protected in relying upon, an
Opinion of Counsel stating that the execution of such supplemental indenture is
authorized or permitted by, and that all conditions precedent have been met
under, this Indenture. The Trustee may, but shall not be obligated to, enter
into any such supplemental indenture which affects the Trustee's own rights,
duties or immunities under this Indenture or otherwise.
Section 9.4. Effect of Supplemental Indentures.
Upon the execution of any supplemental indenture under this Article,
this Indenture shall be modified in accordance therewith, and such supplemental
indenture shall form a part of this Indenture for all purposes; and every Holder
of Securities theretofore or thereafter authenticated and delivered hereunder
shall be bound thereby.
Section 9.5. Conformity with Trust Indenture Act.
Every supplemental indenture executed pursuant to this Article shall
conform to the requirements of the Trust Indenture Act.
Section 9.6. Reference in Securities to Supplemental Indentures.
Securities authenticated and delivered after the execution of any
supplemental indenture pursuant to this Article may bear a notation in form
approved by the Trustee as to any matter provided for in such supplemental
indenture. If the Issuers shall so determine, new Securities so modified as to
conform, in the opinion of the Trustee and the Issuers, to any such supplemental
indenture may be prepared and executed by the Issuers and authenticated and
delivered by the Trustee in exchange for Outstanding Securities.
Section 9.7. Notice of Supplemental Indenture.
Promptly after the execution by the Issuers and the Trustee of any
supplemental indenture pursuant to Section 902, the Issuers shall transmit to
the Holders a notice setting forth the substance of such supplemental indenture.
ARTICLE 10
COVENANTS
Section 10.1. Payment of Principal, Premium and Interest.
The Issuers will duly and punctually pay the principal of (and premium,
if any) and interest on the Securities in accordance with the terms of the
Securities and this Indenture.
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Section 10.2. Maintenance of Office or Agency.
The Issuers will maintain in the Borough of Manhattan, New York City, an
office or agency where Securities may be presented or surrendered for payment,
where Securities may be surrendered for registration of transfer or exchange and
where notices and demands to or upon the Issuers in respect of the Securities
and this Indenture may be served. The Issuers will give prompt written notice to
the Trustee of the location, and any change in the location, of such office or
agency. If at any time the Issuers shall fail to maintain any such required
office or agency or shall fail to furnish the Trustee with the address thereof,
such presentations, surrenders, notices and demands may be made or served at the
Corporate Trust Office of the Trustee, and the Issuers hereby appoint the
Trustee as their agent to receive all such presentations, surrenders, notices
and demands.
The Issuers may also from time to time designate one or more other
offices or agencies (in or outside the Borough of Manhattan, New York City)
where the Securities may be presented or surrendered for any or all such
purposes and may from time to time rescind such designations; provided, however,
that no such designation or rescission shall in any manner relieve the Issuers
of their obligation to maintain an office or agency in the Borough of Manhattan,
The City of New York, for such purposes. The Issuers will give prompt written
notice to the Trustee of any such designation or rescission and of any change in
the location of any such other office or agency.
Section 10.3. Money for Security Payments to be Held in Trust.
If the Issuers shall at any time act as their own Paying Agent, they
will, on or before each due date of the principal of (and premium, if any) or
interest on any of the Securities, segregate and hold in trust for the benefit
of the Persons entitled thereto a sum sufficient to pay the principal (and
premium, if any) or interest so becoming due until such sums shall be paid to
such Persons or otherwise disposed of as herein provided and will promptly
notify the Trustee of their action or failure so to act.
Whenever the Issuers shall have one or more Paying Agents, they will,
prior to each due date of the principal of (and premium, if any) or interest on
any Securities, deposit with a Paying Agent a sum sufficient to pay the
principal (and premium, if any) or interest so becoming due, such sum to be held
in trust for the benefit of the Persons entitled to such principal, premium or
interest, and (unless such Paying Agent is the Trustee) the Issuers will
promptly notify the Trustee of their action or failure so to act.
The Issuers will cause each Paying Agent other than the Trustee to
execute and deliver to the Trustee an instrument in which such Paying Agent
shall agree with the Trustee, subject to the provisions of this Section, that
such Paying Agent will:
(a) hold all sums held by it for the payment of the principal of (and
premium, if any) or interest on Securities in trust for the benefit of the
Persons entitled thereto until such sums shall be paid to such Persons or
otherwise disposed of as herein provided;
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(b) give the Trustee notice of any default by the Issuers (or any other
obligor upon the Securities) in the making of any payment of principal (and
premium, if any) or interest; and
(c) at any time during the continuance of any such default, upon the
written request of the Trustee, forthwith pay to the Trustee all sums so held in
trust by such Paying Agent.
The Issuers may at any time, for the purpose of obtaining the
satisfaction and discharge of this Indenture or for any other purpose, pay, or
by Issuer Order direct any Paying Agent to pay, to the Trustee all sums held in
trust by the Issuers or such Paying Agent, such sums to be held by the Trustee
upon the same trusts as those upon which such sums were held by the Issuers or
such Paying Agent; and, upon such payment by any Paying Agent to the Trustee,
such Paying Agent shall be released from all further liability with respect to
such money.
Any money deposited with the Trustee or any Paying Agent, or then held
by the Issuers, in trust for the payment of the principal of (and premium, if
any) or interest on any Security and remaining unclaimed for two years after
such principal (and premium, if any) or interest has become due and payable
shall be paid to the Issuers on Issuer Request, or (if then held by the Issuers)
shall be discharged from such trust; and the Holder of such Security shall
thereafter, as an unsecured general creditor, look only to the Issuers for
payment thereof, and all liability of the Trustee or such Paying Agent with
respect to such trust money, and all liability of the Issuers as trustee
thereof, shall thereupon cease; provided, however, that the Trustee or such
Paying Agent, before being required to make any such repayment, may at the
expense of the Issuers cause to be published once, in a newspaper published in
the English language, customarily published on each Business Day and of general
circulation in New York City, notice that such money remains unclaimed and that,
after a date specified therein, which shall not be less than 30 days from the
date of such publication, any unclaimed balance of such money then remaining
will be repaid to the Issuers.
Section 10.4. Existence.
Subject to Article Eight, the Issuers will do or cause to be done all
things necessary to preserve and keep in full force and effect their existence,
rights (charter and statutory) and franchises; provided, however, that the
Issuers shall not be required to preserve any such right or franchise if the
Board of Directors in good faith shall determine that the preservation thereof
is no longer desirable in the conduct of the business of the Issuers and that
the loss thereof is not disadvantageous in any material respect to the Holders.
Section 10.5. Maintenance of Properties.
The Issuers will cause all properties used or useful in the conduct of
its business or the business of any Restricted Subsidiary of the Issuers to be
maintained and kept in good condition, repair and working order and supplied
with all necessary equipment and
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will cause to be made all necessary repairs, renewals, replacements, betterments
and improvements thereof, all as in the judgment of the Issuers may be necessary
so that the business carried on in connection therewith may be properly and
advantageously conducted at all times; provided, however, that nothing in this
Section shall prevent the Issuers from discontinuing the operation or
maintenance of any of such properties if such discontinuance is, as determined
by the Board of Directors in good faith, desirable in the conduct of their
business or the business of any Restricted Subsidiary and not disadvantageous in
any material respect to the Holders.
Section 10.6. Payment of Taxes and Other Claims.
The Issuers will pay or discharge or cause to be paid or discharged,
before the same shall become delinquent, (1) all taxes, assessments and
governmental charges levied or imposed upon the Issuers or any of their
Restricted Subsidiaries or upon the income, profits or property of the Issuers
or any of their Restricted Subsidiaries, and (2) all lawful claims for labor,
materials and supplies which, if unpaid, might by law become a lien upon the
property of the Issuers or any of their Restricted Subsidiaries; provided,
however, that the Issuers shall not be required to pay or discharge or cause to
be paid or discharged any such tax, assessment, charge or claim whose amount,
applicability or validity is being contested in good faith by appropriate
proceedings.
Section 10.7. Maintenance of Insurance.
The Issuers shall, and shall cause any of their Restricted Subsidiaries
to, keep at all times all of their properties which are of an insurable nature
insured against loss or damage with insurers believed by the Issuers to be
responsible to the extent that property of similar character is usually so
insured by corporations similarly situated and owning like properties in
accordance with good business practice.
Section 10.8. Limitation on Consolidated Indebtedness.
The Issuers shall not, and shall not permit any of their Restricted
Subsidiaries to, Incur any Indebtedness unless the Issuers' Indebtedness to
EBITDA Ratio at the end of the fiscal quarter immediately preceding the
Incurrence of such Indebtedness, after giving pro forma effect to the Incurrence
of such Indebtedness and any other Indebtedness Incurred since such date and the
receipt and application of the proceeds thereof, would be less than 8.0 to 1 for
the period ending December 31, 2005 and 7 to 1 thereafter.
Notwithstanding the foregoing paragraph, the Issuers and/or any
Restricted Subsidiary of the Issuers, as the case may be, may Incur the
following Indebtedness:
(a) Indebtedness of an Issuer or any of its Restricted Subsidiaries, as
the case may be, that is outstanding or committed at the time of the issuance of
the Securities;
(b) Indebtedness of an Issuer or any of its Restricted Subsidiaries, as
the case may be, that is outstanding or committed at the date hereof under the
Credit Facility of up to $1.2 billion or, if the Omnipoint Reorganization is
completed, under the Anticipated New Credit Facility of up to $3.0 billion
(including any letters of credit issued
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thereunder) and any renewal, extension, refinancing or refunding thereof in an
amount which, together with any amount remaining outstanding or committed (x)
under the Credit Facility, does not exceed $1.2 billion and (y) under the
Anticipated New Credit Facility, does not exceed $3.0 billion, at any time
outstanding; provided that this Clause (ii) shall not prohibit an Issuer or any
of its Restricted Subsidiaries from Incurring additional Indebtedness under the
Credit Facility or the Anticipated New Credit Facility otherwise permitted
pursuant to this Section 1008;
(c) Telecommunications Indebtedness;
(d) Acquired Indebtedness of an Issuer or any of its Restricted
Subsidiaries in connection with the acquisition of assets or a new Subsidiary
and the incurrence by either Issuer's Restricted Subsidiaries of Indebtedness as
a result of the designation of an Unrestricted Subsidiary as a Restricted
Subsidiary; provided that, in the case of any such incurrence of Acquired
Indebtedness, such Acquired Indebtedness was incurred by the prior owner of such
assets or such Restricted Subsidiary prior to such acquisition by the applicable
Issuer or one of its Restricted Subsidiaries and was not incurred in connection
with, or in contemplation of, the acquisition by the applicable Issuer or one of
its Restricted Subsidiaries; and provided further that, in the case of any
incurrence pursuant to this clause (iv), as a result of such acquisition by an
Issuer or one of its Restricted Subsidiaries, the Issuers and their respective
Restricted Subsidiaries would be permitted to incur an additional $1.00 of
Indebtedness pursuant to the first paragraph of this Section 1008, as
applicable;
(e) Indebtedness of an Issuer or any of its Restricted Subsidiaries
represented by Capital Lease Obligations, mortgage financings or purchase money
obligations, in each case incurred for the purpose of financing all or any part
of the purchase price or cost of construction or improvement of property, plant
or equipment used in the business of such Issuer or such Restricted Subsidiary,
in an aggregate principal amount, including all Indebtedness incurred to refund,
refinance or replace any other Indebtedness incurred pursuant to this clause
(v), not to exceed $25 million at any one time outstanding;
(f) Indebtedness owed by an Issuer to any Restricted Subsidiary of such
Issuer (provided that such Indebtedness is at all times held by a Person which
is a Restricted Subsidiary of the Issuer) or Indebtedness owed by a Restricted
Subsidiary of such Issuer to such Issuer or a Restricted Subsidiary of such
Issuer (provided that such Indebtedness is at all times held by such Issuer or a
Person which is a Restricted Subsidiary of such Issuer); provided, however, that
for purposes of this Section 1008, upon either (x) the transfer or other
disposition by such Restricted Subsidiary or such Issuer of any Indebtedness so
permitted to a Person other than such Issuer or another Restricted Subsidiary of
such Issuer or (y) the issuance (other than directors' qualifying shares), sale,
lease, transfer or other disposition of shares of Capital Stock (including by
consolidation or merger) of such Restricted Subsidiary to a Person other than
the Issuer or another such Restricted Subsidiary, the provisions of this Clause
(vi) shall no longer be applicable to such Indebtedness and such Indebtedness
shall be deemed to have been Incurred at the time of such transfer or other
disposition;
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(g) Indebtedness of an Issuer or any of its Restricted Subsidiaries to
renew, extend, refinance or refund any Indebtedness of such Issuer or any of its
Restricted Subsidiaries outstanding or committed on the date of renewal,
extension, refinancing or refunding other than Indebtedness Incurred pursuant to
Clause (ii) or (vi) above; provided, however, that such Indebtedness does not
exceed the principal amount of outstanding or committed Indebtedness so renewed,
extended, refinanced or refunded plus financing fees and other expenses
(including make-whole or other repurchase payments or premiums) associated
therewith; and provided further, that (A) such renewing, extending, refinancing
or refunding Indebtedness has a final maturity date the same as or later than
the final maturity date of the Indebtedness being renewed, extended, refinanced
or refunded; (B) in the case of any refinancing or refunding of Indebtedness
pari passu to the Securities, the refinancing or refunding Indebtedness is made
pari passu or subordinated to the Securities and, in the case of any refinancing
or refunding of Indebtedness subordinated to the Securities, the refinancing or
refunding Indebtedness is made subordinate to the Securities to substantially
the same extent as the Indebtedness refinanced or refunded; and (C) such
renewing, extending, refinancing or refunding Indebtedness has an Average Life
equal to or longer than the life of the Indebtedness being renewed, extended,
refinanced or refunded;
(h) any Guarantee by any Restricted Subsidiary of any Indebtedness
incurred under the Credit Facility or the Anticipated New Credit Facility, as
applicable, in compliance with this Section 1008;
(i) Indebtedness of an Issuer of any of its Restricted Subsidiaries
under (or constituting reimbursement obligations with respect to) letters of
credit, performance or surety bonds or similar instruments issued in the
ordinary course of a Telecommunications Business, including letters of credit in
respect of workers' compensation claims or self-insurance, provided, however,
that upon the drawing of any such letter of credit or other instrument, such
obligations are reimbursed within 90 days following such drawing;
(j) Indebtedness arising from agreements providing for indemnification,
purchase price adjustments or similar obligations, or from guarantees of letters
of credit, surety bonds or performance bonds securing any obligation of an
Issuer or any of its Restricted Subsidiaries pursuant to such agreements, in any
case Incurred in connection with the disposition of any business, assets or
Restricted Subsidiary of an Issuer (other than guarantees of Indebtedness
Incurred by any Person acquiring all or any portion of such business, assets or
Restricted Subsidiary of such Issuer for the purpose of financing such
acquisition), in an amount not to exceed the gross proceeds actually received by
such Issuer or any Restricted Subsidiary in connection with such disposition;
(k) Indebtedness Incurred by an Issuer or any of its Restricted
Subsidiary under Interest Rate Agreements or Currency Protection Agreements to
hedge permitted Indebtedness;
(l) Indebtedness of Omnipoint, Aerial or any of their respective
Subsidiaries that is outstanding or committed at the time of the issuance of the
Securities;
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(m) Indebtedness evidenced by the Securities or otherwise arising under
this Indenture;
(n) Indebtedness due and owing to governmental entities in connection
with telecommunication license fees or Indebtedness incurred to finance the
payment of deposits with and licensing fees to the FCC in connection with FCC
license auctions; and
(o) Indebtedness of an Issuer or any of its Restricted Subsidiaries not
otherwise permitted to be Incurred pursuant to Clauses (i) through (xiv) above,
which, together with any other outstanding Indebtedness Incurred pursuant to
this Clause (xv), has an aggregate principal amount not in excess of $50 million
at any time outstanding or committed.
Notwithstanding the foregoing, the maximum amount of Indebtedness that
either Issuer or any of its Restricted Subsidiaries may incur shall not be
deemed to be exceeded due solely to the result of fluctuations in the exchange
rates of currencies.
For purposes of determining any particular amount of Indebtedness under
the foregoing clauses, (1) Guarantees, Liens or obligations with respect to
letters of credit supporting Indebtedness otherwise included in the
determination of such particular amount shall not be included and (2) any Liens
granted pursuant to the equal and ratable provisions of Section 1012 shall not
be treated as Indebtedness. For purposes of determining compliance with the
Indebtedness incurrence restriction, in the event that an item of Indebtedness
meets the criteria of more than one of the types of Indebtedness described in
the above clauses, VoiceStream or VoiceStream Holdings, as the case may be, in
its respective sole discretion shall classify such item of Indebtedness and only
be required to include the amount and type of such Indebtedness in one of such
clauses.
Section 10.9. Limitation on Issuances and Sales of Capital Stock of
Restricted Subsidiaries.
The Issuers shall not, and shall not permit any of their respective
Restricted Subsidiaries to, transfer, convey, sell, lease or otherwise dispose
of any Capital Stock of such Restricted Subsidiary or any other Restricted
Subsidiary to any Person other than the Issuers or a Restricted Subsidiary; and
will not permit any Restricted Subsidiary to issue shares of its Capital Stock
or securities convertible into, or warrants, rights or options, to subscribe for
or purchase shares of, its Capital Stock to any Person other than the Issuers or
a Restricted Subsidiary, unless, in each such case:
(a) immediately after giving effect to such issuance or sale, such
Restricted Subsidiary would no longer constitute a Restricted Subsidiary and any
Investment in such Person remaining after giving effect to such issuance or sale
would have been permitted to be made under Section 1010; or
(b) if such sale or disposition is effected in accordance with the
provisions under Section 1014;
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The foregoing shall not prohibit the issuance of Capital Stock of a
Restricted Subsidiary of either Issuer pursuant to an employee stock option plan
approved by the Boards of Directors of the Restricted Subsidiary and such
Issuer.
Section 10.10. Limitation on Restricted Payments.
Each of the Issuers (i) shall not, and shall not permit any of its
Restricted Subsidiaries to, directly or indirectly, declare or pay any dividend,
or make any distribution, of any kind or character (whether in cash, property or
securities) in respect of any class of its or such Restricted Subsidiary's
Capital Stock or to the holders of any class of its or such Restricted
Subsidiary's Capital Stock (other than (a) any dividends or distributions
payable solely in shares of its or such Restricted Subsidiary's Capital Stock or
in options, warrants or other rights to acquire its or such Restricted
Subsidiary's Capital Stock, (b) any declaration or payment of a dividend or
other distribution by a Restricted Subsidiary to such Issuer or another
Restricted Subsidiary or (c) any declaration or payment of a dividend or other
distribution by a Restricted Subsidiary to any other shareholder of such
Restricted Subsidiary, so long as such Issuer or its Restricted Subsidiaries
receive their pro rata share of such dividends or distributions), (ii) shall
not, and shall not permit any of its Restricted Subsidiaries, directly or
indirectly, to purchase, redeem or otherwise acquire or retire for value (a) any
Capital Stock of such Issuer or any Related Person (other than a Restricted
Subsidiary) of such Issuer or (b) any options, warrants or rights to purchase or
acquire shares of Capital Stock of such Issuer or any Related Person (other than
a Restricted Subsidiary) of such Issuer, in each case other than pursuant to the
cashless exercise of options, (iii) shall not make, or permit any of its
Restricted Subsidiaries to make, any Investment other than a Permitted
Investment and (iv) shall not, and shall not permit any Restricted Subsidiary of
such Issuer to, redeem, defease (including, but not limited to, legal or
covenant defeasance), repurchase, retire or otherwise acquire or retire for
value prior to any scheduled maturity, repayment or sinking fund payment,
Indebtedness of such Issuer or such Restricted Subsidiary (other than the
Securities) which is subordinate in right of payment to the Securities (the
transactions described in Clauses (i) through (iv) being referred to herein as
"Restricted Payments"), if at the time thereof and giving effect thereto:
(a) an Event of Default, or an event that with the lapse of time or the
giving of notice, or both, would constitute an Event of Default, shall have
occurred and is continuing;
(b) such Issuer would not be permitted to Incur an additional $1.00 of
Indebtedness pursuant to the first paragraph of Section 1008; and
(c) the aggregate of all Restricted Payments made on or after the date
of this Indenture exceeds the sum of:
(i) Cumulative EBITDA less 1.6 times Cumulative Interest Expense;
(ii) 100% of the aggregate Net Cash Proceeds received by the
Issuers since the date of this Indenture from the issue or sale of
Equity Interests of
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VoiceStream and VoiceStream Holdings or of debt securities of
VoiceStream and VoiceStream Holdings that have been converted into such
Capital Stock (other than to a Restricted Subsidiary);
(iii) an amount equal to the net reduction in Investments made by
an Issuer or a Restricted Subsidiary subsequent to the date of this
Indenture in any Person resulting from:
- payments of interest on debt, repayment of loans
or advances, or other transfers or distributions
of property, in each case to an Issuer or any
Restricted Subsidiary from any Person;
- to the extent that any Investment is sold for
cash or otherwise liquidated or repaid for cash,
the after-tax cash return of capital with
respect to such Investment (less the cost of
disposition, if any); and
- the redesignation of any Unrestricted Subsidiary
as a Restricted Subsidiary, in which case such
aggregate amount of the net reduction in
Investments will not exceed the amount of such
Investments previously made by the Issuers and
their respective Restricted Subsidiaries in such
Person or Unrestricted Subsidiary, as the case
may be, which were treated as Restricted
Payments; and
- $50 million.
So long as no Event of Default or event which with notice or lapse of
time or both would become an Event of Default has occurred and is continuing
(other than in the case of clause (2) below), the preceding provisions will not
prohibit:
(a) the payment of any dividend within 60 days after declaration thereof
if at the declaration date such payment would have complied with the foregoing
provision;
(b) the redemption, repurchase or other acquisition or retirement for
value of any Indebtedness of an Issuer subordinated to the Securities in
exchange for or out of the proceeds of the substantially concurrent sale (other
than to a Restricted Subsidiary) of Equity Interests of VoiceStream or
VoiceStream Holdings, as the case may be, or from the incurrence of Indebtedness
pursuant to a refinancing permitted under clause (vii) of Section 1008;
(c) the repurchase, redemption or other acquisition or retirement for
value of any Equity Interests of VoiceStream or VoiceStream Holdings, as the
case may be, in exchange for or out of the proceeds of the substantially
concurrent sale (other than to a Restricted Subsidiary) of Equity Interests
(other than Disqualified Stock) of VoiceStream or VoiceStream Holdings, as the
case may be;
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(d) the repurchase, redemption or other acquisition of any Equity
Interests of VoiceStream or VoiceStream Holdings, as the case may be, held by
present or former employees, officers or directors of either Issuer or any of
their respective Subsidiaries; provided that the aggregate price paid for all
such repurchased, redeemed or otherwise acquired Equity Interests shall not
exceed $2.0 million in any fiscal year;
(e) the repurchase, redemption or other acquisition or retirement for
value of any Equity Interests of VoiceStream or VoiceStream Holdings, as the
case may be, to the extent necessary in the good faith judgment of the Board of
Directors evidenced by a Board Resolution delivered to the trustee to prevent
the loss or secure the renewal or reinstatement of any material license or
franchise held by VoiceStream or VoiceStream Holdings, as the case may be, or
any Restricted Subsidiary from any government agency;
(f) the repurchase of Indebtedness subordinated to the Securities at a
purchase price not greater than 101% of the principal amount thereof (plus
accrued and unpaid interest) pursuant to a mandatory offer to repurchase made
after a Change of Control Triggering Event, provided that the Issuers first make
an Offer to Purchase the Securities (and repurchase all tendered Securities)
pursuant to the provisions of Section 1016;
(g) Permitted Investments; and
(h) payments or distributions to dissenting stockholders pursuant to
applicable law in connection with a consolidation, merger or transfer of assets
that complies with the provisions of Section 801.
Section 10.11. Limitations Concerning Distributions and Transfers By
Restricted Subsidiaries.
The Issuers shall not, and shall not permit any of their Restricted
Subsidiaries to, create or otherwise cause or suffer to exist or become
effective any consensual restriction or prohibition on the ability of any
Restricted Subsidiary (i) to pay, directly or indirectly, dividends or make any
other distributions in respect of its Capital Stock or any other ownership
interest or participation in, or measured by, its profits, to the Issuers or any
of their respective Restricted Subsidiaries or pay any Indebtedness or other
obligation owed to either Issuer or any Restricted Subsidiary; (ii) to make
loans or advances to either Issuer or any of its Restricted Subsidiaries; or
(iii) to transfer any of its property or assets to either Issuer or any of its
Restricted Subsidiaries, except, in any such case, any restriction or
prohibition:
(a) pursuant to any agreement in effect on the date of this Indenture,
or
(b) pursuant to an agreement relating to any Indebtedness of such
Restricted Subsidiary which was outstanding or committed prior to the date on
which such Restricted Subsidiary was acquired by the applicable Issuer other
than in anticipation of becoming a Restricted Subsidiary, or
(c) pursuant to an agreement effecting a renewal, extension, refinancing
or refunding of any agreement described in Clauses (a), (b) or (d); provided,
however, that
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the provisions contained in such renewal, extension, refinancing or refunding
agreement relating to such encumbrance or restriction are no more restrictive in
any material respect than the provisions contained in the agreement the subject
thereof, or
(d) pursuant to an agreement entered into after the date of this
Indenture relating to any Indebtedness the Incurrence of which is permitted
under this Indenture, provided, however, that the provisions contained in such
agreement relating to such encumbrance or restriction are, taken as a whole, no
more restrictive in any material respect than those contained in this Indenture
or are no more restrictive in any material respect than those contained in the
Credit Facility, or
(e) pursuant to an agreement by which an Issuer or any of its Restricted
Subsidiaries obtains financing, provided that (A) such restriction is not
materially more restrictive than customary provisions in comparable financing
agreements and (B) management of such Issuer determines that at the time such
agreement is entered into such restriction will not materially impair the
Issuers' ability to make payments on the Securities, such determination to be
confirmed by an Officers' Certificate delivered to the Trustee, or
(f) pursuant to applicable law, or
(g) pursuant to customary provisions restricting subletting or
assignment of property subject to any lease governing any leasehold interest of
any Restricted Subsidiary of either Issuer, or
(h) pursuant to purchase money obligations for property acquired in the
ordinary course of business that impose restrictions of the type referred to in
clause (iii) of this Section 1011, or
(i) pursuant to restrictions of the type referred to in clause (iii) of
this Section 1011 contained in security agreements securing Indebtedness of
either Issuer or a Restricted Subsidiary of either Issuer to the extent that
such Liens were otherwise incurred in accordance with the provisions under
Section 1012 and restrict the transfer of the collateral subject to such
agreements without restricting the transfer of other property, or
(j) pursuant to an agreement that has been entered into for the sale or
disposition of all or substantially all of the Capital Stock of, or property and
assets of, a Restricted Subsidiary of an Issuer.
Nothing contained in the foregoing clauses shall prevent either Issuer
or any of its Restricted Subsidiaries from (i) creating, incurring, assuming or
suffering to exist any Liens otherwise permitted under this Indenture or (ii)
restricting the sale or other disposition of property or assets of either Issuer
or any of its Restricted Subsidiaries that secure Indebtedness of such Issuer or
any of its Restricted Subsidiaries.
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Section 10.12. Limitation on Liens.
(a) The Issuers shall not, and shall not permit any of their respective
Restricted Subsidiaries to, Incur or suffer to exist any Lien on or with respect
to any property or assets now owned or hereafter acquired to secure any
Indebtedness that is pari passu or subordinated to the Securities without
making, or causing such Restricted Subsidiary to make, effective provision for
securing the Securities (i) equally and ratably with such Indebtedness as to
such property for so long as such Indebtedness will be so secured or (ii) in the
event such Indebtedness is Indebtedness of an Issuer which is subordinate in
right of payment to the Securities, prior to such Indebtedness as to such
property for so long as such Indebtedness will be so secured.
The foregoing restrictions will not apply to:
(i) Liens in respect of Indebtedness existing at the date of this
Indenture or that is outstanding or permitted under the Credit Facility
or, assuming the Omnipoint Reorganization is completed, under the
Anticipated New Credit Facility;
(ii) Liens in favor of an Issuer or Liens in favor of a Wholly
Owned Restricted Subsidiary of an Issuer on the assets or Capital Stock
of another Wholly Owned Restricted Subsidiary of an Issuer;
(iii) Liens to secure Indebtedness outstanding or committed for
the purpose of financing all or any part of the purchase price or the
cost of construction or improvement of the equipment or other property
subject to such Liens; provided, however, that (a) the principal amount
of any Indebtedness secured by such a Lien does not exceed 100% of such
purchase price or cost, (b) such Lien does not extend to or cover any
other property other than such item of property and any improvements on
such item and (c) the Incurrence of such Indebtedness is otherwise
permitted by Section 1008;
(iv) Liens on property existing immediately prior to the time of
acquisition thereof (and not Incurred in anticipation of the financing
of such acquisition);
(v) Liens to secure Indebtedness to extend, renew, refinance or
refund (or successive extensions, renewals, refinancings or refundings),
in whole or in part, Indebtedness secured by any Lien referred to in the
foregoing Clauses (i), (iii) and (iv) so long as such Lien does not
extend to any other property and the principal amount of Indebtedness so
secured is not increased except as otherwise permitted under Clause (ii)
or (vii) of Section 1008;
(vi) Liens securing any Indebtedness of any of the Restricted
Subsidiaries of an Issuer that was permitted by the provisions of this
Indenture to be Incurred;
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(vii) Liens on any Capital Stock of any Unrestricted Subsidiary
of an Issuer securing Indebtedness of such Subsidiary that is
Non-Recourse Indebtedness;
(viii) Liens to secure the performance of statutory obligations,
surety or appeal bonds, performance bonds or other obligations of a like
nature Incurred in the ordinary course of business (other than
obligations for the payment of money);
(ix) Liens for taxes, assessments or governmental charges or
claims that are not yet delinquent or that are being contested in good
faith by appropriate proceedings promptly instituted and diligently
conducted; provided that any reserve or other appropriate provision as
shall be required in conformity with generally accepted accounting
principles shall have been made therefor;
(x) Carriers', warehousemen's, mechanics', landlords',
materialmen's, repairmen's or other like Liens arising in the ordinary
course of business in respect of obligations that are not yet due, are
bonded or are being contested in good faith by appropriate proceedings
if adequate reserves with respect thereto are maintained on the books of
the applicable Issuer or such Restricted Subsidiary, as the case may be,
in conformity with generally accepted accounting principles; and
(xi) Liens securing Interest Rate Agreements entered into in the
ordinary course of business on any property also securing the permitted
Indebtedness to which such Interest Rate Agreements relate.
Section 10.13. Limitation on Transactions with Affiliates and Related
Persons.
The Issuers shall not, and shall not permit any of their respective
Restricted Subsidiaries to, directly or indirectly, enter into any transaction
(including, without limitation, any purchase, sale, lease or exchange of
property or rendering of any service) involving aggregate consideration in
excess of $5 million, with or to any Affiliate or Related Person (other than a
Restricted Subsidiary)(each of the foregoing, an "Affiliate Transaction"),
unless management of the applicable Issuer shall determine (evidenced by an
Officers' Certificate), that:
(a) such transaction is in the best interests of the Issuers or such
Restricted Subsidiary; and
(b) such transaction is on terms no less favorable to the Issuers or
such Restricted Subsidiary than those that could be obtained in a comparable
arm's length transaction with a third party at the time.
In the event that any transaction contemplated by the preceding
paragraph involves aggregate consideration in excess of $10 million, a
determination by a majority of the disinterested members of the Board of
Directors of VoiceStream or VoiceStream Holdings, as the case may be (which
determination shall be evidenced by a Board Resolution) will be required with
respect to clause (1) and (2) above.
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Notwithstanding the foregoing, the following items will not be deemed to
be Affiliate Transactions:
(a) transactions between or among an Issuer and/or its Restricted
Subsidiaries (other than a Restricted Subsidiary in which an Affiliate or
Related Person of the applicable Issuer, other than a Wholly Owned Restricted
Subsidiary, owns any Capital Stock or any option, warrant or other right to
purchase Capital Stock);
(b) customary payment of compensation to employees, officers or
consultants in the ordinary course of business and payment of reasonable
directors fees and customary indemnification and insurance arrangements in favor
of directors, regardless of affiliation with the Issuers;
(c) Restricted Payments that are permitted by the provisions of Section
1010;
(d) payments and other transactions required under or contemplated by
any agreement in effect on the date of this Indenture and disclosed in
VoiceStream's Form 10/A filed with the SEC on April 13, 1999, its Form 10-Q for
the quarter ended June 30, 1999, its current reports on Form 8-K filed prior to
October 15, 1999 (or not required to be disclosed therein pursuant to the rules
and regulations of the Commission) and, assuming completion of the
Reorganizations, each of Omnipoint's and Aerial's Form 10-K for the fiscal year
ended December 31, 1998 and Forms 10-Q and 8-K filed during calendar year 1999
prior to the date of the offering circular associated with the Securities (or
not required to be disclosed therein pursuant to the rules and regulations of
the Commission), or any agreement in effect at the time that an entity becomes a
Restricted Subsidiary or is merged into either Issuer (and was not entered into
in anticipation of such acquisition), or any amendment thereto or replacement of
such agreement so long as any such amendment or replacement is not
disadvantageous to the Holders in any material respect; and
(e) loans or advances to officers or employees of either Issuer or any
Restricted Subsidiary to pay business related travel expenses or reasonable
relocation costs of such officers or employees in connection with their
employment by such Issuer or any of its Restricted Subsidiaries.
Section 10.14. Limitation on Certain Asset Dispositions.
(a) The Issuers will not, and will not permit any of their respective
Restricted Subsidiaries to, consummate an Asset Disposition unless:
(i) an Issuer (or the Restricted Subsidiary, as the case may be)
receives consideration at the time of such Asset Disposition at least
equal to the Fair Market Value of the assets issued or sold or otherwise
disposed of; and
(ii) at least 75% of the consideration received in such Asset
Disposition by such Issuer or such Restricted Subsidiary is in the form
of cash or readily marketable cash equivalents, the assumption of
Indebtedness of an Issuer or any Restricted Subsidiary or assets of a
Telecommunications Business.
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Within the applicable time period specified below, the Issuers or the
Restricted Subsidiary may apply Net Available Proceeds from an Asset Disposition
to (i) invest in assets of a Telecommunications Business or a Person engaged in
a Telecommunications Business; or (ii) permanently repay any Indebtedness of the
Issuers or any Indebtedness of a Restricted Subsidiary.
Any Net Available Proceeds from Asset Dispositions that are not applied
or invested in accordance with the preceding paragraph within 365 days from the
date of such Asset Disposition, or within 18 months of such Asset Disposition if
the applicable Issuer or a Restricted Subsidiary has entered into a binding
agreement to invest in such assets or Person, will be deemed to constitute
Excess Proceeds. When the aggregate amount of Excess Proceeds exceeds $10
million (taking into account income earned on such Excess Proceeds), the Issuers
will be required to make an Offer to Purchase to all Holders of Securities and
all holders of other senior indebtedness of the Issuers containing provisions
similar to those set forth in this Indenture, on a pro rata basis according to
principal amount, to purchase the maximum principal amount (or Accreted Value,
as applicable) of Securities and such other senior indebtedness of the Issuers
that may be purchased out of the Excess Proceeds. The offer price in any Offer
to Purchase will be payable in cash and will be 100% of the principal amount of
any Securities purchased after November 15, 2004, plus accrued and unpaid
interest to the date of purchase, or 100% of the Accreted Value of the
Securities purchased prior to November 15, 2004, in each case plus any accrued
but unpaid Special Interest to but excluding the date of purchase. In the case
of any other senior indebtedness, the offer price will be 100% of the principal
amount (or accreted value, as applicable) of the indebtedness plus accrued and
unpaid interest thereon, if any, to the date of purchase. If the aggregate
principal amount (or Accreted Value, as applicable) of the Securities or other
senior indebtedness surrendered for purchase exceeds the amount of Excess
Proceeds, then the Securities and the other senior indebtedness of the Issuers
will be purchased pro rata according to the outstanding principal amount of such
Securities and other senior indebtedness with such adjustments as may be deemed
appropriate by the Issuers so that only Securities in denominations of $1,000 or
integral multiples thereof shall be purchased. To the extent that any portion of
the amount of Net Available Proceeds remains after compliance with the preceding
sentence and provided that all Holders of Securities and other senior
indebtedness have been given the opportunity to tender their Securities or other
senior indebtedness for purchase pursuant to the Offer to Purchase, the Issuers
or the Restricted Subsidiary may use the remaining amount at their own
discretion.
(b) Not later than the date of the Offer with respect to an Offer to
Purchase pursuant to this Section 1014, the Issuers shall deliver to the Trustee
an Officers' Certificate as to (i) the Purchase Amount, (ii) the allocation of
the Net Available Proceeds from the Asset Disposition pursuant to which such
Offer is being made, including, if amounts are invested in Telecommunications
Assets or a Person in the Telecommunications Business, the actual assets or
Person acquired and (iii) the compliance of such allocation with the provisions
of Clause (a).
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The Issuers and the Trustee shall perform their respective obligations
specified in the Offer to Purchase. On or prior to the Purchase Date, the
Issuers shall (i) accept for payment (on a pro rata basis, if necessary)
Securities or portions thereof tendered pursuant to the Offer, (ii) deposit with
the Paying Agent (or, if the Issuers are acting as their own Paying Agent,
segregate and hold in trust as provided in Section 1003) money sufficient to pay
the purchase price of all Securities or portions thereof so accepted and (iii)
deliver or cause to be delivered to the Trustee all Securities so accepted
together with an Officers' Certificate stating the Securities or portions
thereof accepted for payment by the Issuers. The Paying Agent (or the Issuers,
if so acting) shall promptly mail or deliver to Holders of Securities so
accepted payment in an amount equal to the purchase price, and the Trustee shall
promptly authenticate and mail or deliver to such Holders a new Security equal
in principal amount to any unpurchased portion of the Security surrendered. Any
Security not accepted for payment shall be promptly mailed or delivered by the
Issuers to the Holder thereof. The Issuers shall publicly announce the results
of the Offer on or as soon as practicable after the Purchase Date.
(c) Notwithstanding the foregoing, this Section 1014 shall not apply to
any Asset Disposition which constitutes a transfer, conveyance, sale, lease or
other disposition of all or substantially all of the Issuers' properties or
assets within the meaning of Section 801 hereof.
Section 10.15. Limitation on Sale and Leaseback Transactions.
The Issuers shall not, and shall not permit any of their respective
Restricted Subsidiaries to, enter into any Sale and Leaseback Transaction with
respect to any property of an Issuer or any of its Restricted Subsidiaries
(other than a Sale and Leaseback Transaction between an Issuer or a Restricted
Subsidiary or any of them).
The preceding paragraph shall not prohibit the Issuers or any of their
respective Restricted Subsidiaries from entering into a Sale and Leaseback
Transaction if:
(a) the Issuers and their respective Restricted Subsidiaries would be
entitled to create or incur a Lien to secure Indebtedness pursuant to the
provisions of Section 1012 equal in amount to the Attributable Value of the Sale
and Leaseback Transaction without equally and ratably securing the Securities;
and
(b) the Sale and Leaseback Transaction is treated as an Asset
Disposition and the provisions of Section 1014 are satisfied with respect to
such Sale and Leaseback Transaction.
Section 10.16. Change of Control Triggering Event.
(a) If a Change of Control Triggering Event occurs, the Issuers shall
have the right to repurchase in whole the Securities at a redemption price equal
to the greater of:
(i) 101% of the aggregate principal amount of the Securities , if
purchased on or after the Full Accretion Date, plus accrued and unpaid
interest and Special Interest on the Securities, if any (subject to the
right of Holders of
86
record on the relevant record date to receive interest due on the
relevant Interest Payment Date), and 101% of the Accreted Value of the
Securities, if purchased prior to the Full Accretion Date; and
(ii) the sum of the present values of the remaining scheduled
payments of principal and interest thereon (not including the portion of
any such payments of interest accrued as of the Redemption Date)
discounted to the Redemption Date on a semiannual basis at the Adjusted
Treasury Rate, plus accrued and unpaid interest and Special Interest on
the Securities, if any.
A "Change of Control Triggering Event" will be deemed to have occurred
if a Change of Control and a Rating Decline occur. A "Rating Decline" will be
deemed to have occurred if at any time within the earlier of (1) 90 days after
the date of public notice of a Change of Control, or of the intention of an
Issuer or of any Person to effect a Change of Control and (2) the occurrence of
the Change of Control (which period shall in either event be extended so long as
the rating of the Securities is under publicly announced consideration for
possible downgrade by a Rating Agency), the rating of the Securities is
decreased by either Rating Agency by one or more Gradations and the rating by
both Rating Agencies on the Securities following such downgrade is below
Investment Grade.
Within 30 days following any Change of Control Triggering Event, the
Issuers shall mail a notice to each Holder and each holder of senior
Indebtedness of the Issuers containing similar provisions to those set forth in
this Indenture describing the transaction or transactions that constitute the
Change of Control Triggering Event and indicating the Issuers' intention to
repurchase the Securities and such other senior Indebtedness (in which case the
provisions of Clause (b) of this Section 1016 shall not be applicable) on the
Change of Control Payment Date specified in the notice. The Change of Control
Payment Date shall be no earlier than 30 days and not later than 60 days from
the date the notice is mailed, pursuant to the procedures required by this
Indenture and described in such notice.
(b) If a Change of Control Triggering Event occurs, each Holder of
Securities shall have the right to require the Issuers to repurchase all or any
part (equal to $1,000 or an integral multiple of $1,000) of such Holder's
Securities pursuant to an Offer to Purchase. The offer price in any Offer to
Purchase shall be payable in cash and shall be 101% of the aggregate principal
amount of the Securities, if repurchased on or after the Full Accretion Date,
plus accrued and unpaid interest and Special Interest on the Securities, if any
(subject to the right of Holders of record on the relevant record date to
receive interest due on the relevant Interest Payment Date), to the date of
purchase, and 101% of the Accreted Value of the Securities, if purchased prior
to the Full Accretion Date, plus any accrued and unpaid Special Interest on the
Securities, if any. Within 30 days following any Change of Control Triggering
Event, the Issuers shall mail a notice to each Holder and each holder of senior
Indebtedness of the Issuers containing provisions similar to those set forth in
this Indenture describing the transaction or transactions that constitute the
Change of Control Triggering Event and offering to repurchase Securities and
such other senior Indebtedness on the Change of Control Payment Date specified
in
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the notice. The Change of Control Payment Date shall be no earlier than 30 days
and not later than 60 days from the date the notice is mailed, pursuant to the
procedures required by this Indenture and described in such notice.
On the Change of Control Payment Date, the Issuers shall, to the extent
lawful:
(i) accept for payment all Securities or portions of Securities
properly tendered pursuant to the Offer to Purchase;
(ii) deposit with the Paying Agent an amount equal to the Change
of Control Payment in respect of all Securities or portions of
Securities properly tendered; and
(iii) deliver or cause to be delivered to the Trustee the
Securities so accepted together with an Officers' Certificate stating
the aggregate principal amount of Securities or portions of the
Securities being purchased by the Issuers.
The Paying Agent shall promptly mail to each Holder of Securities
properly tendered the Change of Control Payment for such Securities, and the
Trustee shall promptly authenticate and mail (or cause to be transferred by book
entry) to each Holder a new Security equal in principal amount to any
unpurchased portion of the Securities surrendered, if any; provided that the new
Security shall be in a principal amount of $1,000 or an integral multiple of
$1,000.
(c) The provisions of this Section 1016 described above are applicable
whether or not any other provisions of this Indenture are applicable. The
Issuers shall comply with the requirements of Section 14(e) of the Exchange Act
and any other securities laws or regulations to the extent those laws and
regulations are applicable to any Offer to Purchase.
Section 10.17. Statement by Officers as to Default; Compliance
Certificates.
(a) Each Issuer shall deliver to the Trustee, within 90 days after the
end of each fiscal year, and within 60 days after the end of each fiscal quarter
(other than the fourth fiscal quarter), of such Issuer ending after the date
hereof an Officers' Certificate, stating whether or not to the best knowledge of
the signers thereof such Issuer is in default in the performance and observance
of any of the terms, provisions and conditions of Section 801 or Sections 1004
to 1016, inclusive, and if such Issuer shall be in default, specifying all such
defaults and the nature and status thereof of which they may have knowledge.
(b) Each Issuer shall deliver to the Trustee, as soon as possible and in
any event within 10 days after such Issuer becomes aware or should reasonably
become aware of the occurrence of an Event of Default or an event which, with
notice or the lapse of time or both, would constitute an Event of Default, an
Officers' Certificate setting forth the details of such Event of Default or
default, the period of existence thereof and the action which such Issuer
proposes to take with respect thereto.
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(c) Each Issuer shall deliver to the Trustee within 90 days after the
end of each fiscal year a written statement by such Issuer's independent public
accountants stating (A) that their audit examination has included a review of
the terms of this Indenture and the Securities as they relate to accounting
matters, and (B) whether, in connection with their audit examination, any event
which, with notice or the lapse of time or both, would constitute an Event of
Default has come to their attention and, if such a default has come to their
attention, specifying the nature and period of the existence thereof.
Section 10.18. Waiver of Certain Covenants.
The Issuers may omit in any particular instance to comply with any
covenant or condition set forth in Section 801 and Sections 1004 to 1016, if
before the time for such compliance the Holders of at least a majority in
principal amount of the Outstanding Securities shall, by Act of such Holders,
either waive such compliance in such instance or generally waive compliance with
such covenant or condition, but no such waiver shall extend to or affect such
covenant or condition except to the extent so expressly waived, and, until such
waiver shall become effective, the obligations of the Issuers and the duties of
the Trustee in respect of any such covenant or condition shall remain in full
force and effect; provided, however, with respect to an Offer to Purchase as to
which an Offer has been mailed, no such waiver may be made or shall be effective
against any Holder tendering Securities pursuant to such Offer, and the Issuers
may not omit to comply with the terms of such Offer as to such Holder.
Section 10.19. Provision of Financial Information.
Whether or not required by the Commission, so long as any Securities are
outstanding, VoiceStream or VoiceStream Holdings, as the case may be, shall file
with the Commission the annual reports, quarterly reports and other documents
which VoiceStream or VoiceStream Holdings, as the case may be, would have been
required to file with the Commission pursuant to such Section 13(a) or 15(d)or
any successor provision thereto if VoiceStream or VoiceStream Holdings, as the
case may be, were so required, such documents to be filed with the Commission on
or prior to the respective dates (the "Required Filing Dates") by which
VoiceStream or VoiceStream Holdings, as the case may be, would have been
required so to file such documents if VoiceStream or VoiceStream Holdings, as
the case may be, were so required.
In addition, whether or not required by the Commission, so long as any
Securities are outstanding, VoiceStream or VoiceStream Holdings, as the case may
be, shall furnish to the Holders of Securities and the Trustee within 15 days of
each Required Filing Date copies of the annual reports, quarterly reports and
other documents which VoiceStream or VoiceStream Holdings, as the case may be,
files with the Commission pursuant to such Section 13(a) or 15(d) or any
successor provision thereto or would have been required to file with the
Commission pursuant to such Section 13(a) or 15(d) or any successor provisions
thereto if VoiceStream or VoiceStream Holdings, as the case may be, were
required to be subject to such Sections. If filing such documents by VoiceStream
or VoiceStream Holdings, as the case may be, with the Commission is not
permitted under
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the Securities Exchange Act of 1934, the VoiceStream or VoiceStream Holdings, as
the case may be, shall promptly upon written request supply copies of such
documents to any prospective Holder.
ARTICLE 11
REDEMPTION OF SECURITIES
Section 11.1. Right of Redemption.
The Issuers will not have the right to redeem any Securities prior to
November 15, 2004 (other than out of the Net Cash Proceeds of a Public Equity
Offering or Strategic Equity Infusion, as described below, or upon a Change of
Control Triggering Event). The Securities will be redeemable at the option of
the Issuers, in whole or in part, at any time on or after November 15, 2004, at
the Redemption prices specified in the form of Security hereinbefore set forth
together with any applicable accrued interest, if any, thereon to the Redemption
Date. At any time on or prior to November 15, 2002, the Issuers may redeem, on
one or more occasions, up to an aggregate of 35% of the aggregate principal
amount at Maturity of the Securities originally outstanding at a redemption
price equal to 111.875% of the Accreted Value thereof, together with accrued and
unpaid interest, if any, to the date of redemption, with cash from the Net Cash
Proceeds to the Issuers of one or more Public Equity Offerings or Strategic
Equity Infusions; provided, that at least 65% of the aggregate principal amount
of the Securities originally outstanding remain outstanding immediately after
the occurrence of each such redemption; provided, further, that such notice of
redemption shall be sent within 30 days after the date of closing of any such
Public Equity Offering or Strategic Equity Infusion, and such redemption shall
occur within 60 days after the date such notice is sent.
Section 11.2. Applicability of Article.
Redemption of Securities at the election of the Issuers, as permitted by
any provision of this Indenture, shall be made in accordance with such provision
and this Article.
Section 11.3. Election to Redeem; Notice to Trustee.
The election of the Issuers to redeem any Securities pursuant to Section
1101 shall be evidenced by a Board Resolution. In case of any redemption at the
election of the Issuers of less than all the Securities, the Issuers shall, at
least 60 days prior to the Redemption Date fixed by the Issuers (unless a
shorter notice shall be satisfactory to the Trustee), notify the Trustee of such
Redemption Date and of the principal amount of Securities to be redeemed.
Section 11.4. Selection by Trustee of Securities to Be Redeemed.
If less than all the Securities are to be redeemed, the particular
Securities to be redeemed shall be selected not more than 60 days prior to the
Redemption Date by the Trustee, from the Outstanding Securities not previously
called for redemption, by prorating, as nearly as may be practicable, the
principal amount of Securities to be
90
redeemed. In any proration pursuant to this Section, the Trustee shall make such
adjustments, reallocations and eliminations as it shall deem proper (and in
compliance with the requirements of the principal national securities exchange,
if any, on which the Securities are listed) to the end that the principal amount
of Securities so prorated shall be $1,000 or a multiple thereof, by increasing
or decreasing or eliminating the amount which would be allocable to any Holder
on the basis of exact proportion by an amount not exceeding $1,000.
The Trustee shall promptly notify the Issuers and each Security
Registrar in writing of the Securities selected for redemption and, in the case
of any Securities selected for partial redemption, the principal amount thereof
to be redeemed.
For all purposes of this Indenture, unless the context otherwise
requires, all provisions relating to the redemption of Securities shall relate,
in the case of any Securities redeemed or to be redeemed only in part, to the
portion of the principal amount of such Securities which has been or is to be
redeemed.
Section 11.5. Notice of Redemption.
Notice of redemption shall be given by first-class mail, postage
prepaid, mailed not less than 30 nor more than 60 days prior to the Redemption
Date, to each Holder of Securities to be redeemed, at his address appearing in
the Security Register.
All notices of redemption shall state:
(a) the Redemption Date,
(b) the Redemption Price,
(c) if less than all the Outstanding Securities are to be redeemed, the
identification (and, in the case of partial redemption, the principal amounts)
of the particular Securities to be redeemed,
(d) that on the Redemption Date the Redemption Price will become due and
payable upon each such Security to be redeemed and that interest thereon will
cease to accrue on and after said date, and
(e) the place or places where such Securities are to be surrendered for
payment of the Redemption Price.
Notice of redemption of Securities to be redeemed at the election of the
Issuers shall be given by the Issuers or, at the Issuers' request, by the
Trustee in the name and at the expense of the Issuers.
Section 11.6. Deposit of Redemption Price.
Prior to any Redemption Date, the Issuers shall deposit with the Trustee
or with a Paying Agent (or, if the Issuers are acting as their own Paying Agent,
segregate and hold
91
in trust as provided in Section 1003) an amount of money sufficient to pay the
Redemption Price of, and (except if the Redemption Date shall be an Interest
Payment Date) any applicable accrued interest on, all the Securities which are
to be redeemed on that date.
Section 11.7. Securities Payable on Redemption Date.
Notice of redemption having been given as aforesaid, the Securities so
to be redeemed shall, on the Redemption Date, become due and payable at the
Redemption Price therein specified, and from and after such date (unless the
Issuers shall default in the payment of the Redemption Price and any applicable
accrued interest) such Securities shall not bear interest and shall no longer
accrete in value. Upon surrender of any such Security for redemption in
accordance with said notice, such Security shall be paid by the Issuers at the
Redemption Price, together with any applicable accrued interest to the
Redemption Date; provided, however, that installments of interest whose Stated
Maturity is on or prior to the Redemption Date shall be payable to the Holders
of such Securities, or one or more Predecessor Securities, registered as such at
the close of business on the relevant Record Dates according to their terms and
the provisions of Section 308.
If any Security called for redemption shall not be so paid upon
surrender thereof for redemption, the principal (and premium, if any) shall,
until paid, bear interest from the Redemption Date at the rate provided by the
Security.
Section 11.8. Securities Redeemed in Part.
Any Security which is to be redeemed only in part shall be surrendered
at an office or agency of the Issuers designated for that purpose pursuant to
Section 1002 (with, if the Issuers or the Trustee so requires, due endorsement
by, or a written instrument of transfer in form satisfactory to the Issuers and
the Trustee duly executed by, the Holder thereof or his attorney duly authorized
in writing), and the Issuers shall execute, and the Trustee shall authenticate
and deliver to the Holder of such Security without service charge, a new
Security or Securities, of any authorized denomination as requested by such
Holder, in aggregate principal amount equal to and in exchange for the
unredeemed portion of the principal of the Security so surrendered.
ARTICLE 12
DEFEASANCE AND COVENANT DEFEASANCE
Section 12.1. Issuers' Option to Effect Defeasance or Covenant
Defeasance.
The Issuers may at their option by Board Resolution, at any time, elect
to have either Section 1202 or Section 1203 applied to the Outstanding
Securities upon compliance with the conditions set forth below in this Article
Twelve.
Section 12.2. Defeasance and Discharge.
Upon the Issuers' exercise of the option provided in Section 1201
applicable to this Section, the Issuers shall be deemed to have been discharged
from their obligations
92
with respect to the Outstanding Securities on the date the conditions set forth
below are satisfied (hereinafter, "defeasance"). For this purpose, such
defeasance means that the Issuers shall be deemed to have paid and discharged
the entire indebtedness represented by the Outstanding Securities and to have
satisfied all its other obligations under such Securities and this Indenture
insofar as such Securities are concerned (and the Trustee, at the expense of the
Issuers, shall execute proper instruments acknowledging the same), except for
the following which shall survive until otherwise terminated or discharged
hereunder: (A) the rights of Holders of such Securities to receive, solely from
the trust fund described in Section 1204 and as more fully set forth in such
Section, payments in respect of the principal of (and premium, if any) and
interest on such Securities when such payments are due, (B) the Issuers'
obligations with respect to such Securities under Sections 304, 305, 306, 307,
1002 and 1003, (C) the rights, powers, trusts, duties and immunities of the
Trustee hereunder and (D) this Article Twelve. Subject to compliance with this
Article Twelve, the Issuers may exercise its option under this Section 1202
notwithstanding the prior exercise of its option under Section 1203.
Section 12.3. Covenant Defeasance.
Upon the Issuers' exercise of the option provided in Section 1201
applicable to this Section, (i) the Issuers shall be released from its
obligations under Sections 1005 through 1016, inclusive, and Clauses (3) and (4)
of Section 801 and (ii) the occurrence of an event specified in Sections 501(3)
(with respect to Clauses (2), (3) or (4) of Section 801), 501(4) (with respect
to any of Sections 1005 through 1016, inclusive), 501(5) and 501(6) shall not be
deemed to be an Event of Default on and after the date the conditions set forth
below are satisfied (hereinafter, "covenant defeasance"). For this purpose, such
covenant defeasance means that the Issuers may omit to comply with and shall
have no liability in respect of any term, condition or limitation set forth in
any such Section, Clause or Article, whether directly or indirectly by reason of
any reference elsewhere herein to any such Section, Clause or Article or by
reason of any reference in any such Section, Clause or Article to any other
provision herein or in any other document, but the remainder of this Indenture
and such Securities shall be unaffected thereby.
Section 12.4. Conditions to Defeasance or Covenant Defeasance.
The following shall be the conditions to application of either Section
1202 or Section 1203 to the then Outstanding Securities:
(a) The Issuers shall irrevocably have deposited or caused to be
deposited with the Trustee (or another trustee satisfying the requirements of
Section 609 who shall agree to comply with the provisions of this Article Twelve
applicable to it) as trust funds in trust for the purpose of making the
following payments, specifically pledged as security for, and dedicated solely
to, the benefit of the Holders of such Securities, (A) money in an amount, or
(B) U.S. Government Obligations which through the scheduled payment of principal
and interest in respect thereof in accordance with their terms, without the need
for reinvestment, will provide, not later than one day before the due date of
any payment, money in an amount, or (C) a combination thereof, sufficient, in
the opinion of a nationally recognized firm of independent public accountants
expressed in a
93
written certification thereof delivered to the Trustee, to pay and discharge,
and which shall be applied by the Trustee (or other qualifying trustee) to pay
and discharge, the principal of (and premium, if any), and each installment of
interest on the Securities on the Stated Maturity of such principal or
instalment of interest in accordance with the terms of this Indenture and of
such Securities. For this purpose, "U.S. Government Obligations" means
securities that are (x) direct obligations of the United States of America for
the payment of which its full faith and credit is pledged or (y) obligations of
a Person controlled or supervised by and acting as an agency or instrumentality
of the United States of America the payment of which is unconditionally
Guaranteed as a full faith and credit obligation by the United States of
America, which, in either case, are not callable or redeemable at the option of
the issuer thereof, and shall also include a depository receipt issued by a bank
(as defined in Section 3(a)(2) of the Securities Act of 1933, as amended) as
custodian with respect to any such U.S. Government Obligation or a specific
payment of principal of or interest on any such U.S. Government Obligation held
by such custodian for the account of the holder of such depository receipt,
provided that (except as required by law) such custodian is not authorized to
make any deduction from the amount payable to the holder of such depository
receipt from any amount received by the custodian in respect of the U.S.
Government Obligation or the specific payment of principal of or interest on the
U.S. Government Obligation evidenced by such depository receipt.
(b) In the case of an election under Section 1202, the Issuers shall
have delivered to the Trustee an Opinion of Counsel stating that (x) the Issuers
have received from, or there has been published by, the Internal Revenue Service
a ruling, or (y) since the date of this Indenture there has been a change in the
applicable Federal income tax law, in either case to the effect that, and based
thereon such opinion shall confirm that, the Holders of the Outstanding
Securities will not recognize gain or loss for Federal income tax purposes as a
result of such deposit, defeasance and discharge and will be subject to Federal
income tax on the same amount, in the same manner and at the same times as would
have been the case if such deposit, defeasance and discharge had not occurred.
(c) In the case of an election under Section 1203, the Issuers shall
have delivered to the Trustee an Opinion of Counsel to the effect that the
Holders of the Outstanding Securities will not recognize gain or loss for
Federal income tax purposes as a result of such deposit and covenant defeasance
and will be subject to Federal income tax on the same amount, in the same manner
and at the same times as would have been the case if such deposit and covenant
defeasance had not occurred.
(d) The Issuers shall have delivered to the Trustee an Officer's
Certificate to the effect that the Securities, if then listed on any securities
exchange, will not be delisted as a result of such deposit.
(e) Such defeasance or covenant defeasance shall not cause the Trustee
to have a conflicting interest as defined in Section 608 and for purposes of the
Trust Indenture Act with respect to any securities of the Issuers.
94
(f) No Event of Default or event which with notice or lapse of time or
both would become an Event of Default shall have occurred and be continuing on
the date of such deposit or, insofar as subsections 501(7) and (8) are
concerned, at any time during the period ending on the 121st day after the date
of such deposit (it being understood that this condition shall not be deemed
satisfied until the expiration of such period).
(g) Such defeasance or covenant defeasance shall not result in a breach
or violation of, or constitute a default under, any other agreement or
instrument to which the Issuers are a party or by which it is bound.
(h) The Issuers shall have delivered to the Trustee an Officers'
Certificate and an Opinion of Counsel, each stating that all conditions
precedent provided for relating to either the defeasance under Section 1202 or
the covenant defeasance under Section 1203 (as the case may be) have been
complied with.
(i) Such defeasance or covenant defeasance shall not result in the trust
arising from such deposit constituting an investment company as defined in the
Investment Company Act of 1940, as amended, or such trust shall be qualified
under such act or exempt from regulation thereunder.
Section 12.5. Deposited Money and U.S. Government Obligations to be Held
in Trust; Other Miscellaneous Provisions.
Subject to the provisions of the last paragraph of Section 1003, all
money and U.S. Government Obligations (including the proceeds thereof) deposited
with the Trustee (or other qualifying trustee--collectively, for purposes of
this Section 1205, the "Trustee") pursuant to Section 1204 in respect of the
Securities shall be held in trust and applied by the Trustee, in accordance with
the provisions of such Securities and this Indenture, to the payment, either
directly or through any Paying Agent (including the Issuers acting as their own
Paying Agent) as the Trustee may determine, to the Holders of such Securities,
of all sums due and to become due thereon in respect of principal (and premium,
if any) and interest, but such money need not be segregated from other funds
except to the extent required by law.
The Issuers shall pay and indemnify the Trustee against any tax, fee or
other charge imposed on or assessed against the U.S. Government Obligations
deposited pursuant to Section 1204 or the principal and interest received in
respect thereof other than any such tax, fee or other charge which by law is for
the account of the Holders of the Outstanding Securities.
Anything in this Article Twelve to the contrary notwithstanding, the
Trustee shall deliver or pay to the Issuers from time to time upon Issuers'
Request any money or U.S. Government Obligations held by it as provided in
Section 1204 which, in the opinion of a nationally recognized firm of
independent public accountants expressed in a written certification thereof
delivered to the Trustee, are in excess of the amount thereof which would then
be required to be deposited to effect an equivalent defeasance or covenant
defeasance.
95
Section 12.6. Reinstatement.
If the Trustee or the Paying Agent is unable to apply any money in
accordance with Section 1202 or 1203 by reason of any order or judgment of any
court or governmental authority enjoining, restraining or otherwise prohibiting
such application, then the Issuers' obligations under this Indenture and the
Securities shall be revived and reinstated as though no deposit had occurred
pursuant to this Article Twelve until such time as the Trustee or Paying Agent
is permitted to apply all such money in accordance with Section 1202 or 1203;
provided, however, that if the Issuers make any payment of principal of (and
premium, if any) or interest on any Security following the reinstatement of
their obligations, the Issuers shall be subrogated to the rights of the Holders
of such Securities to receive such payment from the money held by the Trustee or
the Paying Agent.
This instrument may be executed in any number of counterparts, each of
which so executed shall be deemed to be an original, but all such counterparts
shall together constitute but one and the same instrument.
96
IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be
duly executed as of the day and year first above written.
VOICESTREAM WIRELESS CORPORATION
By:
--------------------------------
Name: Xxxxxx Xxxxxxx
Title: Vice Chairman
Attest:
-------------------------
Name: Xxxx X. Xxxxxx
VOICESTREAM WIRELESS HOLDING
CORPORATION
By:
--------------------------------
Name: Xxxxxx Xxxxxxx
Title: Vice Chairman
Attest:
--------------------------
Name: Xxxx X. Xxxxxx
Xxxxxx Trust Company of California,
as Trustee
By:
--------------------------------
Authorized Officer
97
STATE OF ___________) ss.:
COUNTY OF __________)
On the __th day of November, 1999, before me personally came Xxxxxx
Xxxxxxx, to me known, who, being by me duly sworn, did depose and say that he is
Vice Chairman of VoiceStream Wireless Corporation, one of the corporations
described in and which executed the foregoing instrument; and that he signed his
name thereto by authority of the Board of Directors of said corporation.
------------------------------
STATE OF ___________) ss.:
COUNTY OF __________)
On the __th day of November, 1999, before me personally came Xxxxxx
Xxxxxxx, to me known, who, being by me duly sworn, did depose and say that he is
Vice Chairman of VoiceStream Wireless Holding Corporation, one of the
corporations described in and which executed the foregoing instrument; and that
he signed his name thereto by authority of the Board of Directors of said
corporation.
------------------------------
98
STATE OF ) ss.:
COUNTY OF )
On the __th day of November, 1999, before me personally came Xxxxxx
Xxxxxxxxx, to me known, who, being by me duly sworn, did depose and say that she
is the Vice President of Xxxxxx Trust Company of California, one of the entities
described in and which executed the foregoing instrument; and that she signed
her name thereto by authority of the Board of Directors of said corporation.
-----------------------------
99
ANNEX A -- Form of
Regulation S Certificate
REGULATION S CERTIFICATE
(FOR TRANSFERS PURSUANT TO SECTION 306(B)(I), (III) AND (V)
OF THE INDENTURE)
Xxxxxx Trust Company of California,
as Trustee
000 X. Xxxxxxxx Xxxxxx, Xxxxx 0000
Xxx Xxxxxxx, XX 00000
Re: 11 7/8% Senior Discount Notes Due 2009 of VoiceStream Wireless
Corporation and VoiceStream Wireless Holding Corporation (the
"Securities")
Reference is made to the Indenture, dated as of November 9, 1999 (the
"Indenture"), from VoiceStream Wireless Corporation and VoiceStream Wireless
Holding Corporation (collectively, the "Issuers") to Xxxxxx Trust Company of
California, as Trustee. Terms used herein and defined in the Indenture or in
Regulation S or Rule 144 under the U.S. Securities Act of 1933 (the "Securities
Act") are used herein as so defined.
This certificate relates to U.S. $____________ principal amount of
Securities, which are evidenced by the following certificate(s) (the "Specified
Securities"):
CUSIP No(s).
--------------------------------
CERTIFICATE No(s).
--------------------------
The person in whose name this certificate is executed below (the
"Undersigned") hereby certifies that either (i) it is the sole beneficial owner
of the Specified Securities or (ii) it is acting on behalf of all the beneficial
owners of the Specified Securities and is duly authorized by them to do so. Such
beneficial owner or owners are referred to herein collectively as the "Owner".
If the Specified Securities are represented by a Global Security, they are held
through the Depositary or an Agent Member in the name of the Undersigned, as or
on behalf of the Owner. If the Specified Securities are not represented by a
Global Security, they are registered in the name of the Undersigned, as or on
behalf of the Owner.
The Owner has requested that the Specified Securities be transferred to
a person (the "Transferee") who will take delivery in the form of a Regulation S
Security. In connection with such transfer, the Owner hereby certifies that,
unless such transfer is being effected pursuant to an effective registration
statement under the Securities Act, it is being effected in accordance with Rule
904 or Rule 144 under the Securities Act and with all applicable securities laws
of the states of the United States and other jurisdictions. Accordingly, the
Owner hereby further certifies as follows:
A-1
(1) Rule 904 Transfers. If the transfer is being effected in accordance
with Rule 904:
(A) the Owner is not a distributor of the Securities, an affiliate of
the Issuers or any such distributor or a person acting on behalf of any of the
foregoing;
(B) the offer of the Specified Securities was not made to a person in
the United States;
(C) either:
(i) at the time the buy order was originated, the Transferee was
outside the United States or the Owner and any person acting on its
behalf reasonably believed that the Transferee was outside the United
States, or
(ii) the transaction is being executed in, on or through the
facilities of the Eurobond market, as regulated by the Association of
International Bond Dealers, or another designated offshore securities
market and neither the Owner nor any person acting on its behalf knows
that the transaction has been prearranged with a buyer in the United
States;
(D) no directed selling efforts have been made in the United States by
or on behalf of the Owner or any affiliate thereof;
(E) if the Owner is a dealer in securities or has received a selling
concession, fee or other renumeration in respect of the Specified Securities,
and the transfer is to occur during the Restricted Period, then the requirements
of Rule 904(c)(1) have been satisfied; and
(F) the transaction is not part of a plan or scheme to evade the
registration requirements of the Securities Act.
(2) Rule 144 Transfers. If the transfer is being effected pursuant to
Rule 144:
(A) the transfer is occurring after November 9, 2000 and is being
effected in accordance with the applicable amount, manner of sale and notice
requirements of Rule 144; or
(B) the transfer is occurring after November 9, 2001 and the Owner is
not, and during the preceding three months has not been, an affiliate of the
Issuers.
A-2
This certificate and the statements contained herein are made for your
benefit and the benefit of the Issuers and the Initial Purchasers.
Dated:
-----------------------------------
(Print the name of the Undersigned,
as such term is defined in the
second paragraph of this
certificate.)
By:
--------------------------------
Name:
Title:
(If the Undersigned is a
corporation, partnership or
fiduciary, the title of the person
signing on behalf of the Undersigned
must be stated.)
A-3
ANNEX B -- Form of Restricted
Securities Certificate
RESTRICTED SECURITIES CERTIFICATE
(FOR TRANSFERS PURSUANT TO SECTION 306(B)(II), (III), (IV) AND (V)
OF THE INDENTURE)
Xxxxxx Trust Company of California,
as Trustee
000 X. Xxxxxxxx Xxxxxx, Xxxxx 0000
Xxx Xxxxxxx, XX 00000
Re: 11 7/8% Senior Discount Notes Due 2009 of VoiceStream Wireless
Corporation and VoiceStream Wireless Holding Corporation (the
"Securities")
Reference is made to the Indenture, dated as of November 9, 1999 (the
"Indenture"), from VoiceStream Wireless Corporation and VoiceStream Wireless
Holding Corporation (collectively, the "Issuers") to Xxxxxx Company Trust of
California, as Trustee. Terms used herein and defined in the Indenture or in
Rule 144A or Rule 144 under the U.S. Securities Act of 1933 (the "Securities
Act") are used herein as so defined.
This certificate relates to U.S. $_____________ principal amount of
Securities, which are evidenced by the following certificate(s) (the "Specified
Securities"):
CUSIP No(s).
--------------------------------
CERTIFICATE No(s).
--------------------------
The person in whose name this certificate is executed below (the
"Undersigned") hereby certifies that either (i) it is the sole beneficial owner
of the Specified Securities or (ii) it is acting on behalf of all the beneficial
owners of the Specified Securities and is duly authorized by them to do so. Such
beneficial owner or owners are referred to herein collectively as the "Owner".
If the Specified Securities are represented by a Global Security, they are held
through the Depositary or an Agent Member in the name of the Undersigned, as or
on behalf of the Owner. If the Specified Securities are not represented by a
Global Security, they are registered in the name of the Undersigned, as or on
behalf of the Owner.
The Owner has requested that the Specified Securities be transferred to
a person (the "Transferee") who will take delivery in the form of a Restricted
Security or, if pursuant to Rule 144, in the form of a Security bearing no
Securities Act Legend pursuant to Section 306(c). In connection with such
transfer, the Owner hereby certifies that, unless such transfer is being
effected pursuant to an effective registration statement under the Securities
Act, it is being effected in accordance with Rule 144A or Rule 144 under the
Securities Act and all applicable securities laws of the states of the United
States and other jurisdictions. Accordingly, the Owner hereby further certifies
as:
B-1
(1) Rule 144A Transfers. If the transfer is being effected in accordance
with Rule 144A:
(A) the Specified Securities are being transferred to a person that the
Owner and any person acting on its behalf reasonably believe is a "qualified
institutional buyer" within the meaning of Rule 144A, acquiring for its own
account or for the account of a qualified institutional buyer; and
(B) the Owner and any person acting on its behalf have taken reasonable
steps to ensure that the Transferee is aware that the Owner may be relying on
Rule 144A in connection with the transfer; and
(2) Rule 144 Transfers. If the transfer is being effected pursuant to
Rule 144:
(A) the transfer is occurring after November 9, 2000 and is being
effected in accordance with the applicable amount, manner of sale and notice
requirements of Rule 144; or
(B) the transfer is occurring after November 9, 2001 and the Owner is
not, and during the preceding three months has not been, an affiliate of the
Issuers.
This certificate and the statements contained herein are made for your
benefit and the benefit of the Issuers and the Initial Purchasers.
Dated:
------------------------------------
(Print the name of the Undersigned,
as such term is defined in the
second paragraph of this
certificate.)
By:
---------------------------------
Name:
Title:
(If the Undersigned is a
corporation, partnership or
fiduciary, the title of the
person signing on behalf of the
Undersigned must be stated.)
X-0
XXXXX X -- Xxxx xx Xxxxxxxxxxxx
Securities Certificate
UNRESTRICTED SECURITIES CERTIFICATE
(FOR REMOVAL OF SECURITIES ACT LEGENDS PURSUANT TO SECTION 306(C))
Xxxxxx Trust Company of California,
as Trustee
000 X. Xxxxxxxx Xxxxxx, Xxxxx 0000
Xxx Xxxxxxx, XX 00000
Re: 11 7/8% Senior Discount Notes Due 2009 of VoiceStream Wireless
Corporation and VoiceStream Wireless Holding Corporation (the
"Securities")
Reference is made to the Indenture, dated as of November 9, 1999 (the
"Indenture"), from VoiceStream Wireless Corporation and VoiceStream Wireless
Holding Corporation (collectively, the "Issuers") to Xxxxxx Trust Company of
California, as Trustee. Terms used herein and defined in the Indenture or in
Rule 144 under the U.S. Securities Act of 1933 (the "Securities Act") are used
herein as so defined.
This certificate relates to U.S. $_____________ principal amount of
Securities, which are evidenced by the following certificate(s) (the "Specified
Securities"):
CUSIP No(s).
--------------------------------
CERTIFICATE No(s).
--------------------------
The person in whose name this certificate is executed below (the
"Undersigned") hereby certifies that either (i) it is the sole beneficial owner
of the Specified Securities or (ii) it is acting on behalf of all the beneficial
owners of the Specified Securities and is duly authorized by them to do so. Such
beneficial owner or owners are referred to herein collectively as the "Owner".
If the Specified Securities are represented by a Global Security, they are held
through the Depositary or an Agent Member in the name of the Undersigned, as or
on behalf of the Owner. If the Specified Securities are not represented by a
Global Security, they are registered in the name of the Undersigned, as or on
behalf of the Owner.
The Owner has requested that the Specified Securities be exchanged for
Securities bearing no Securities Act Legend pursuant to Section 306(c) of the
Indenture. In connection with such exchange, the Owner hereby certifies that the
exchange is occurring after November 9, 2001 and the Owner is not, and during
the preceding three months has not been, an affiliate of the Issuers. The Owner
also acknowledges that any future transfers of the Specified Securities must
comply with all applicable securities laws of the states of the United States
and other jurisdictions.
C-1
This certificate and the statements contained herein are made for your
benefit and the benefit of the Issuers and the Initial Purchasers.
Dated:
-----------------------------------
(Print the name of the Undersigned,
as such term is defined in the
second paragraph of this
certificate.)
By:
--------------------------------
Name:
Title:
(If the Undersigned is a
corporation, partnership or
fiduciary, the title of the person
signing on behalf of the Undersigned
must be stated.)
C-2
RECONCILIATION AND TIE BETWEEN TRUST INDENTURE ACT OF 1939 AND
INDENTURE, DATED AS OF NOVEMBER 9, 1999
Trust Indenture Indenture
Act Section Section
--------------- ---------
Section 310(a)(1) .............................................. 609
(a)(2) ......................................................... 609
(a)(3) ......................................................... Not Applicable
(a)(4) ......................................................... Not Applicable
(b) ............................................................ 608, 610
Section 311(a) ................................................. 613(a)
(b) ............................................................ 613(b)
(b)(2) ......................................................... 703(a)(2), 703(b)
Section 312(a) ................................................. 701, 702(a)
(b) ............................................................ 702(b)
(c) ............................................................ 702(c)
Section 313(a) ................................................. 703(a)
(b) ............................................................ 703(b)
(c) ............................................................ 703(a), 703(b)
(d) ............................................................ 703(c)
Section 314(a) ................................................. 704
(b) ............................................................ Not Applicable
(c)(1) ......................................................... 102
(c)(2) ......................................................... 102
(c)(3) ......................................................... Not Applicable
(d) ............................................................ Not Applicable
(e) ............................................................ 102
Section 315(a) ................................................. 601(a)
(b) ............................................................ 602, 703(a)(6)
(c) ............................................................ 601(b)
(d)(1) ......................................................... 601(a)(1)
(d)(2) ......................................................... 601(c)(2)
(d)(3) ......................................................... 601(c)(3)
i
(e) ............................................................ 514
Section 316(a) ................................................. 101
(a)(1)(A) ...................................................... 502, 512
(a)(1)(B) ...................................................... 513
(a)(2) ......................................................... Not Applicable
(b) ............................................................ 508
Section 317(a)(1) .............................................. 503
(a)(2) ......................................................... 504
(b) ............................................................ 1003
Section 318(a) ................................................. 107
Note: This reconciliation and tie shall not, for any purpose, be deemed
to be part of this Indenture.
ii
