LUMERA CORPORATION and _______________________________________, as Trustee INDENTURE Dated as of _____, _____
Exhibit
4.4
LUMERA
CORPORATION
and
_______________________________________,
as Trustee
INDENTURE
Dated
as
of _____, _____
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PAGE
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ARTICLE
1 DEFINITIONS
AND INCORPORATION BY REFERENCE
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1
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1.1.
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DEFINITIONS.
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1
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1.2.
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OTHER
DEFINITIONS.
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5
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1.3.
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INCORPORATION
BY REFERENCE OF TRUST INDENTURE ACT.
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6
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1.4.
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RULES
OF CONSTRUCTION.
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6
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ARTICLE
2 THE
SECURITIES
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7
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2.1.
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ISSUABLE
IN SERIES.
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7
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2.2.
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ESTABLISHMENT
OF TERMS OF SERIES OF SECURITIES.
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7
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2.3.
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EXECUTION
AND AUTHENTICATION.
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9
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2.4.
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REGISTRAR
AND PAYING AGENT.
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10
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2.5.
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PAYING
AGENT TO HOLD ASSETS IN TRUST.
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11
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2.6.
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SECURITYHOLDER
LISTS.
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11
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2.7.
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TRANSFER
AND EXCHANGE.
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12
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2.8.
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REPLACEMENT
SECURITIES.
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12
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2.9.
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OUTSTANDING
SECURITIES.
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13
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2.10.
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WHEN
TREASURY SECURITIES DISREGARDED; DETERMINATION OF HOLDERS’
ACTION.
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13
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2.11.
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TEMPORARY
SECURITIES.
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13
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2.12.
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CANCELLATION.
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14
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2.13.
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PAYMENT
OF INTEREST; DEFAULTED INTEREST; COMPUTATION OF INTEREST.
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14
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2.14.
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CUSIP
NUMBER.
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15
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2.15.
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PROVISIONS
FOR GLOBAL SECURITIES.
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15
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2.16.
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PERSONS
DEEMED OWNERS.
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16
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ARTICLE
3 REDEMPTION
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16
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3.1.
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NOTICES
TO TRUSTEE.
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16
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3.2.
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SELECTION
BY TRUSTEE OF SECURITIES TO BE REDEEMED.
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17
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3.3.
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NOTICE
OF REDEMPTION.
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17
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3.4.
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EFFECT
OF NOTICE OF REDEMPTION.
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18
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3.5.
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DEPOSIT
OF REDEMPTION PRICE.
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18
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3.6.
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SECURITIES
REDEEMED IN PART.
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19
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-i-
TABLE
OF
CONTENTS
(continued)
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PAGE
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ARTICLE
4 COVENANTS
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19
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4.1.
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PAYMENT
OF SECURITIES.
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19
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4.2.
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SEC
REPORTS.
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19
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4.3.
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WAIVER
OF STAY, EXTENSION OR USURY LAWS.
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19
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4.4.
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COMPLIANCE
CERTIFICATE.
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20
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4.5.
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CORPORATE
EXISTENCE.
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20
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ARTICLE
5 SUCCESSOR
CORPORATION
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21
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5.1.
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LIMITATION
ON CONSOLIDATION, MERGER AND SALE OF ASSETS.
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21
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5.2.
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SUCCESSOR
PERSON SUBSTITUTED.
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21
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ARTICLE
6 DEFAULTS
AND REMEDIES
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21
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6.1.
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EVENTS
OF DEFAULT.
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21
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6.2.
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ACCELERATION.
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23
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6.3.
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REMEDIES.
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23
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6.4.
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WAIVER
OF PAST DEFAULTS AND EVENTS OF DEFAULT.
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24
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6.5.
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CONTROL
BY MAJORITY.
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24
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6.6.
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LIMITATION
ON SUITS.
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24
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6.7.
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RIGHTS
OF HOLDERS TO RECEIVE PAYMENT.
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25
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6.8.
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COLLECTION
SUIT BY TRUSTEE.
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25
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6.9.
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TRUSTEE
MAY FILE PROOFS OF CLAIM.
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25
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6.10.
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PRIORITIES.
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26
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6.11.
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UNDERTAKING
FOR COSTS.
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26
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ARTICLE
7 TRUSTEE
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26
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7.1.
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DUTIES
OF TRUSTEE.
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26
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7.2.
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RIGHTS
OF TRUSTEE.
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27
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7.3.
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INDIVIDUAL
RIGHTS OF TRUSTEE.
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28
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7.4.
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TRUSTEE’S
DISCLAIMER.
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28
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7.5.
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NOTICE
OF DEFAULT.
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29
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7.6.
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REPORTS
BY TRUSTEE TO HOLDERS.
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29
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7.7.
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COMPENSATION
AND INDEMNITY.
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29
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7.8.
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REPLACEMENT
OF TRUSTEE.
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30
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-ii-
TABLE
OF
CONTENTS
(continued)
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PAGE
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7.9.
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SUCCESSOR
TRUSTEE BY CONSOLIDATION, MERGER OR CONVERSION.
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31
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7.10.
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ELIGIBILITY;
DISQUALIFICATION.
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31
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7.11.
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PREFERENTIAL
COLLECTION OF CLAIMS AGAINST COMPANY.
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31
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7.12.
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PAYING
AGENTS.
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31
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ARTICLE
8 AMENDMENTS,
SUPPLEMENTS AND WAIVERS
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32
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8.1.
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WITHOUT
CONSENT OF HOLDERS.
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32
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8.2.
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WITH
CONSENT OF HOLDERS.
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33
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8.3.
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COMPLIANCE
WITH TRUST INDENTURE ACT.
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34
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8.4.
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REVOCATION
AND EFFECT OF CONSENTS.
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34
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8.5.
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NOTATION
ON OR EXCHANGE OF SECURITIES.
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34
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8.6.
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TRUSTEE
TO SIGN AMENDMENTS, ETC.
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35
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ARTICLE
9 DISCHARGE
OF INDENTURE; DEFEASANCE
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35
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9.1.
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DISCHARGE
OF INDENTURE.
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35
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9.2.
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LEGAL
DEFEASANCE.
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35
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9.3.
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COVENANT
DEFEASANCE.
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36
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9.4.
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CONDITIONS
TO LEGAL DEFEASANCE OR COVENANT DEFEASANCE.
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36
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9.5.
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DEPOSITED
MONEY AND U.S. AND FOREIGN GOVERNMENT OBLIGATIONS TO BE HELD IN
TRUST;
OTHER MISCELLANEOUS PROVISIONS.
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38
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9.6.
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REINSTATEMENT.
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38
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9.7.
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MONEYS
HELD BY PAYING AGENT.
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38
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9.8.
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MONEYS
HELD BY TRUSTEE.
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39
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ARTICLE 10
MISCELLANEOUS
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39
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10.1.
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TRUST
INDENTURE ACT CONTROLS.
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39
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10.2.
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NOTICES.
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39
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10.3.
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COMMUNICATIONS
BY HOLDERS WITH OTHER HOLDERS.
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41
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10.4.
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CERTIFICATE
AND OPINION AS TO CONDITIONS PRECEDENT.
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41
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10.5.
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STATEMENT
REQUIRED IN CERTIFICATE AND OPINION.
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41
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10.6.
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RULES
BY TRUSTEE AND AGENTS.
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41
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10.7.
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BUSINESS
DAYS; LEGAL HOLIDAYS; PLACE OF PAYMENT.
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41
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10.8.
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GOVERNING
LAW.
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42
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-iii-
TABLE
OF
CONTENTS
(continued)
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PAGE
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10.9.
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NO
ADVERSE INTERPRETATION OF OTHER AGREEMENTS.
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42
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10.10.
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NO
RECOURSE AGAINST OTHERS.
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42
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10.11.
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SUCCESSORS.
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42
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10.12.
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MULTIPLE
COUNTERPARTS.
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42
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10.13.
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TABLE
OF CONTENTS, HEADINGS, ETC.
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42
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10.14.
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SEVERABILITY.
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43
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SECURITIES
IN A FOREIGN CURRENCY OR IN EURO.
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43
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10.16.
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JUDGMENT
CURRENCY.
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44
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-iv-
CROSS-REFERENCE
TABLE
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TIA
SECTION
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INDENTURE
SECTION
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310(a)(1)
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7.10
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(a)(2)
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7.10
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(a)(3)
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N/A
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(a)(4)
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N/A
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(a)(5)
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7.10
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(b)
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7.8;
7.10; 10.4
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(b)(1)
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7.10
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(b)(9)
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7.10
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311(a)
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7.11
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(b)
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7.11
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312(a)
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2.6
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(b)
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10.3
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(c)
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10.3
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313(a)
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7.6
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(b)(1)
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7.6
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(b)(2)
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7.6
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(c)
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7.6;
10.4
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(d)
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7.6
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314(a)
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4.2;
4.4; 10.4
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(b)
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N/A
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(c)(1)
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10.4;
10.5
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(c)(2)
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10.4;
10.5
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(c)(3)
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N/A
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(d)
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N/A
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(e)
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10.5
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(f)
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N/A
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315(a)
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7.1,
7.2
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(b)
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7.5;
10.2
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-v-
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TIA
SECTION
|
INDENTURE SECTION | |
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(c)
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7.1
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(d)
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6.5;
7.1; 7.2
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(e)
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6.11
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316(a)(last
sentence)
|
2.10
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(a)(1)(A)
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6.5
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(a)(1)(B)
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6.4
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(a)(2)
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8.2
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(b)
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6.7
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(c)
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8.4
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317(a)(1)
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6.8
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(a)(2)
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6.9
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(b)
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2.5;
7.12
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318(a)
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10.1
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________________________
N/A
means
not applicable
Note: This
Cross-Reference Table shall not, for any purpose, be deemed to be a part of
the
Indenture.
-vi-
INDENTURE,
dated as of ______________, ____, by and between Lumera Corporation, a Delaware
corporation, as Issuer (the “Company”) and _____________________, a
________________ organized under the laws of _______________________, as Trustee
(the “Trustee”).
RECITALS
OF THE COMPANY
The
Company has duly authorized the execution and delivery of this Indenture to
provide for the issuance from time to time of its debentures, notes or other
evidences of indebtedness to be issued in one or more series (the “Securities”),
as herein provided, up to such principal amount as may from time to time be
authorized in or pursuant to one or more resolutions of the Board of Directors
or by supplemental indenture.
All
things necessary to make this Indenture a valid agreement of the Company in
accordance with its terms have been done, and the execution and delivery thereof
have been in all respects duly authorized by the parties hereto.
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 agreed, for the equal and proportionate benefit
of all Holders of the Securities of a Series thereof, as follows:
ARTICLE
1
DEFINITIONS
AND INCORPORATION BY REFERENCE
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1.1.
|
DEFINITIONS.
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“Affiliate”
of any specified Person means any other Person which directly or indirectly
through one or more intermediaries controls, or is controlled by, or is under
common control with, such specified Person. For the purposes of this definition,
“control” (including, with correlative meanings, the terms “controlling,”
“controlled by,” and “under common control with”), as used with respect to any
Person, means the possession, directly or indirectly, of the power to direct
or
cause the direction of the management or policies of such Person, whether
through the ownership of voting securities, by agreement or otherwise.
“Agent”
means any Registrar, Paying Agent, co-registrar or agent for service of notices
and demands.
“Board
of
Directors” means the Board of Directors of the Company or any committee duly
authorized to act therefor.
“Board
Resolution” means a copy of a resolution certified pursuant to an Officers’
Certificate to have been duly adopted by the Board of Directors of the Company
and to be in full force and effect on the date of such certification and
delivered to the Trustee.
“Capital
Stock” means, with respect to any Person, any and all shares or other
equivalents (however designated) of capital stock, partnership interests or
any
other participation, right or other interest in the nature of an equity interest
in such Person or any option, warrant or other security convertible into any
of
the foregoing.
“Company”
means the party named as such in the first paragraph of this Indenture until
a
successor replaces such party pursuant to Article 5 of this Indenture and
thereafter means the successor and any other primary obligor on the Securities.
“Company
Order” means a written order signed in the name of the Company by two Officers,
one of whom must be its Chief Executive Officer or its Chief Financial Officer.
“Company
Request” means any written request signed in the name of the Company by its
Chief Executive Officer, its President, any Vice President, its Chief Financial
Officer or its Treasurer and attested to by the Secretary or any Assistant
Secretary of the Company.
“Corporate
Trust Office” means the office of the Trustee at which at any particular time
its corporate trust business shall be principally administered.
“Default”
means any event that is, or with the passing of time or giving of notice or
both
would be, an Event of Default.
“Depository”
means, with respect to the Securities of any Series issuable or issued in whole
or in part in the form of one or more Global Securities, the Person designated
as Depository for such Series by the Company, which Depository shall be a
clearing agency registered under the Exchange Act, until a successor Depository
shall have become such pursuant to the applicable provisions of this Indenture,
and thereafter “Depository” shall mean each Person who is then a Depository
hereunder, and if at any time there is more than one such Person, such Persons.
“Dollars”
means the currency of the United States of America.
“Euro”
means the single currency to be introduced at the start of the third stage
of
economic and monetary union pursuant to the treaty establishing the European
Economic Community, as amended by the Treaty on European Union signed at
Maastricht on February 7, 1992.
“Exchange
Act” means the Securities Exchange Act of 1934, as amended.
“Foreign
Currency” means any currency or currency unit issued by a government other than
the government of the United States of America.
“Foreign
Government Obligations” means with respect to Securities of any Series that are
denominated in a Foreign Currency, (i) direct obligations of the government
that
issued or caused to be issued such currency for the payment of which obligations
its full faith and credit is pledged or (ii) obligations of a Person controlled
or supervised by or acting as an agency or instrumentality of such government
the timely payment of which is unconditionally guaranteed as a full faith and
credit obligation by such government, which, in either case under clauses (i)
or
(ii), are not callable or redeemable at the option of the issuer thereof.
-2-
“GAAP”
means generally accepted accounting principles consistently applied as in effect
in the United States from time to time.
“Global
Security” or “Global Securities” means a Security or Securities, as the case may
be, in the form established pursuant to Section 2.2, evidencing all or part
of a
Series of Securities issued to the Depository for such Series or its nominee,
and registered in the name of such Depository or nominee, and bearing the legend
set forth in Section 2.15(c) (or such legend as may be specified as contemplated
by Section 2.2 for such Securities).
“Holder”
or “Securityholder” means the Person in whose name a Security is registered on
the Registrar’s books.
“Indebtedness”
means (without duplication), with respect to any Person, any indebtedness at
any
time outstanding, secured or unsecured, contingent or otherwise, which is for
borrowed money (whether or not the recourse of the lender is to the whole of
the
assets of such Person or only to a portion thereof), or evidenced by bonds,
notes, debentures or similar instruments or representing the balance deferred
and unpaid of the purchase price of any property (excluding any balances that
constitute accounts payable or trade payables, and other accrued liabilities
arising in the ordinary course of business) if and to the extent any of the
foregoing indebtedness would appear as a liability upon a balance sheet of
such
Person prepared in accordance with GAAP.
“Indenture”
means this Indenture as amended, restated or supplemented from time to time.
“Interest
Payment Date” when used with respect to any Security, means the Stated Maturity
of an installment of interest on such Security.
“Lien”
means, with respect to any property or assets of any Person, any mortgage or
deed of trust, pledge, hypothecation, assignment, deposit arrangement, security
interest, lien, charge, easement, 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 capitalized lease obligation, conditional sales, or other title retention
agreement having substantially the same economic effect as any of the
foregoing).
“Maturity”
when used with respect to any Security, means the date on which the principal
of
such Security or an installment of principal becomes due and payable as therein
or herein provided, whether at the Stated Maturity or by declaration of
acceleration, call for redemption, notice of option to elect payment or
otherwise.
“Officer”
means the Chief Executive Officer, the President, any Vice President, the Chief
Financial Officer, the Treasurer or the Secretary of the Company or any other
officer designated by the Board of Directors, as the case may be.
“Officers’
Certificate” means, with respect to any Person, a certificate signed by the
Chairman, Chief Executive Officer, the President or any Senior or Executive
Vice
President, and the Chief Financial Officer or any Treasurer of such Person
that
shall comply with applicable provisions of this Indenture.
-3-
“Opinion
of Counsel” means a written opinion from legal counsel which counsel is
reasonably acceptable to the Trustee. The counsel may be an employee of or
counsel to the Company.
“Person”
means any individual, corporation, limited liability company, partnership,
joint
venture, association, joint-stock company, trust, unincorporated organization
or
government (including any agency or political subdivision thereof).
“Redemption
Date,” when used with respect to any Security of a Series to be redeemed, means
the date fixed for such redemption pursuant to this Indenture.
“Responsible
Officer” when used with respect to the Trustee, means any officer within the
corporate trust department or division of the Trustee (or any successor group
of
the Trustee) 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 knowledge of and
familiarity with the particular subject.
“SEC”
means the United States Securities and Exchange Commission as constituted from
time to time or any successor performing substantially the same functions.
“Securities”
means the securities that are issued under this Indenture, as amended or
supplemented from time to time pursuant to this Indenture.
“Securities
Act” means the Securities Act of 1933, as amended.
“Series”
or “Series of Securities” means each series of debentures, notes or other debt
instruments of the Company created pursuant to Sections 2.1 or 2.2 hereof.
“Significant
Subsidiary” means (i) any direct or indirect Subsidiary of the Company that
would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of
Regulation S-X, promulgated pursuant to the Securities Act, as such regulation
is in effect on the date hereof, or (ii) any group of direct or indirect
Subsidiaries of the Company that, taken together as a group, would be a
“significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X,
promulgated pursuant to the Securities Act, as such regulation is in effect
on
the date hereof.
“Stated
Maturity,” when used with respect to any Security or any installment of
principal thereof or interest thereon means, the date specified in such Security
as the fixed date on which the principal of such Security or such installment
of
principal or interest is due and payable, and when used with respect to any
other Indebtedness, means the date specified in the instrument governing such
Indebtedness as the fixed date on which the principal of such Indebtedness,
or
any installment of interest thereon, is due and payable.
“Subsidiary”
of any specified Person means any corporation, limited liability company,
partnership, joint venture, association or other business entity, whether now
existing or hereafter organized or acquired, (i) in the case of a corporation,
of which more than 50% of the total voting power of the Capital Stock entitled
(without regard to the occurrence of any contingency) to vote in the election
of
directors thereof is held, directly or indirectly by such Person or any of
its
Subsidiaries; or (ii) in the case of a partnership, joint venture, association
or other business entity, with respect to which such Person or any of its
Subsidiaries has the power to direct or cause the direction of the management
and policies of such entity by contract or otherwise or if in accordance with
GAAP such entity is consolidated with such Person for financial statement
purposes.
-4-
“TIA”
means the Trust Indenture Act of 1939 (15 U.S. Code Section 77aaa-77bbbb) as
in
effect on the date of this Indenture (except as provided in Section 8.3 hereof).
“Trustee”
means the party named as such in this Indenture until a successor replaces
it
pursuant to this Indenture and thereafter means the successor, and if at any
time there is more than one such Person, “Trustee” as used with respect to the
Securities of any Series shall mean the Trustee with respect to Securities
of
that Series.
“U.S.
Government Obligations” means direct non-callable obligations of, or
non-callable obligations guaranteed by, the United States of America for the
payment of which obligation or guarantee the full faith and credit of the United
States of America is pledged.
|
1.2.
|
OTHER
DEFINITIONS.
|
The
definitions of the following terms may be found in the sections indicated as
follows:
|
TERM
|
DEFINED
IN SECTION
|
|
|
“Bankruptcy
Law”
|
6.1
|
|
|
“Business
Day”
|
10.7
|
|
|
“Covenant
Defeasance”
|
9.3
|
|
|
“Custodian”
|
6.1
|
|
|
“Event
of Default”
|
6.1
|
|
|
“Journal”
|
10.15
|
|
|
“Judgment
Currency”
|
10.16
|
|
|
“Legal
Defeasance”
|
9.2
|
|
|
“Legal
Holiday”
|
10.7
|
|
|
“Market
Exchange Rate”
|
10.15
|
|
|
“New
York Banking Day”
|
10.16
|
|
|
“New
York Paying Agent”
|
2.4
|
|
|
“Paying
Agent”
|
2.4
|
|
|
“Place
of Payment”
|
10.7
|
|
|
“Registrar”
|
2.4
|
|
|
“Required
Currency”
|
10.16
|
|
|
“Service
Agent”
|
2.4
|
-5-
|
1.3.
|
INCORPORATION
BY REFERENCE OF TRUST INDENTURE
ACT.
|
Whenever
this Indenture refers to a provision of the TIA, the portion of such provision
required to be incorporated herein in order for this Indenture to be qualified
under the TIA is incorporated by reference in and made a part of this Indenture.
The following TIA terms used in this Indenture have the following meanings:
“Commission”
means the SEC.
“indenture
securities” means the Securities.
“indenture
securityholder” means a Holder or Securityholder.
“indenture
to be qualified” means this Indenture.
“indenture
trustee” or “institutional trustee” means the Trustee.
“obligor
on the indenture securities” means the Company.
All
other
terms used in this Indenture that are defined by the TIA, defined in the TIA
by
reference to another statute or defined by SEC rule have the meanings therein
assigned to them.
|
1.4.
|
RULES
OF CONSTRUCTION.
|
Unless
the context otherwise requires:
(1) a
term
has the meaning assigned to it herein, whether defined expressly or by
reference;
(2) an
accounting term not otherwise defined has the meaning assigned to it in
accordance with GAAP;
(3) “or”
is
not exclusive;
(4) words
in
the singular include the plural, and in the plural include the
singular;
(5) words
used herein implying any gender shall apply to each gender; and
(6) 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.
-6-
ARTICLE
2
THE
SECURITIES
|
2.1.
|
ISSUABLE
IN SERIES.
|
The
aggregate principal amount of Securities that may be authenticated and delivered
under this Indenture is unlimited. The Securities may be issued in one or more
Series. All Securities of a Series shall be identical except as may be set
forth
in a Board Resolution, a supplemental indenture or an Officers’ Certificate
detailing the adoption of the terms thereof pursuant to the authority granted
under a Board Resolution. In the case of Securities of a Series to be issued
from time to time, the Board Resolution, Officers’ Certificate or supplemental
indenture may provide for the method by which specified terms (such as interest
rate, Stated Maturity, record date or date from which interest shall accrue)
are
to be determined. Securities may differ between Series in respect of any
matters, provided that all Series of Securities shall be equally and ratably
entitled to the benefits of the Indenture.
|
2.2.
|
ESTABLISHMENT
OF TERMS OF SERIES OF SECURITIES.
|
At
or
prior to the issuance of any Securities within a Series, the following shall
be
established (as to the Series generally, in the case of Subsection 2.2(1) and
either as to such Securities within the Series or as to the Series generally
in
the case of Subsections 2.2(2) through 2.2(24) by a Board Resolution, a
supplemental indenture or an Officers’ Certificate, in each case, pursuant to
authority granted under a Board Resolution:
(1) the
title
of the Series (which shall distinguish the Securities of that particular
Series
from the Securities of any other Series);
(2) any
limit
upon the aggregate principal amount of the Securities of the Series which
may be
authenticated and delivered under this Indenture (except for Securities
authenticated and delivered upon registration of transfer of, or in exchange
for, or in lieu of, other Securities of the Series pursuant to Section 2.7,
2.8,
2.11, 3.6 or 8.5);
(3) the
price
or prices (expressed as a percentage of the principal amount thereof) at
which
the Securities of the Series will be issued;
(4) the
date
or dates on which the principal of the Securities of the Series is payable;
(5) the
rate
or rates (which may be fixed or variable) per annum or, if applicable, the
method used to determine such rate or rates (including, but not limited to,
any
commodity, commodity index, stock exchange index or financial index) at which
the Securities of the Series shall bear interest, if any, the date or dates
from
which such interest, if any, shall accrue, the date or dates on which such
interest, if any, shall commence and be payable and any regular record date
for
the interest payable on any Interest Payment Date;
-7-
(6) the
place
or places where the principal of and interest and premium, if any, on the
Securities of the Series shall be payable, or the method of such payment,
if by
wire transfer, mail or other means;
(7) if
applicable, the period or periods within which, the price or prices at which
and
the terms and conditions upon which the Securities of the Series may be
redeemed, in whole or in part, at the option of the Company;
(8) the
obligation, if any, of the Company to redeem or purchase the Securities of
the
Series pursuant to any sinking fund or analogous provisions or at the option
of
a Holder thereof and the period or periods within which, the price or prices
at
which and the terms and conditions upon which Securities of the Series shall
be
redeemed or purchased, in whole or in part, pursuant to such obligation;
(9) the
dates, if any, on which and the price or prices at which the Securities of
the
Series will be repurchased by the Company at the option of the Holders thereof
and other detailed terms and provisions of such repurchase obligations;
(10) if
other
than denominations of $1,000 and any integral multiple thereof, the
denominations in which the Securities of the Series shall be issuable;
(11) the
forms
of the Securities of the Series in bearer (if to be issued outside of the
United
States) or fully registered form (and, if in fully registered form, whether
the
Securities will be issuable as Global Securities);
(12) if
other
than the principal amount thereof, the portion of the principal amount of
the
Securities of the Series that shall be payable upon declaration of acceleration
of the Maturity thereof pursuant to Section 6.2;
(13) the
currency of denomination of the Securities of the Series, which may be Dollars
or any Foreign Currency, including, but not limited to, the Euro, and if
such
currency of denomination is a composite currency other than the Euro, the
agency
or organization, if any, responsible for overseeing such composite currency;
(14) the
designation of the currency, currencies or currency units in which payment
of
the principal of and interest and premium, if any, on the Securities of the
Series will be made;
(15) if
payments of principal of or interest or premium, if any, on the Securities
of
the Series are to be made in one or more currencies or currency units other
than
that or those in which such Securities are denominated, the manner in which
the
exchange rate with respect to such payments will be determined;
(16) the
manner in which the amounts of payment of principal of or interest and premium,
if any, on the Securities of the Series will be determined, if such amounts
may
be determined by reference to an index based on a currency or currencies
or by
reference to a commodity, commodity index, stock exchange index or financial
index;
-8-
(17) the
provisions, if any, relating to any collateral provided for the Securities
of
the Series;
(18) any
addition to or change in the covenants set forth in Articles 4 or 5 that
applies
to Securities of the Series;
(19) any
addition to or change in the Events of Default which applies to any Securities
of the Series and any change in the right of the Trustee or the requisite
Holders of such Securities to declare the principal amount thereof due and
payable pursuant to Section 6.2;
(20) the
terms
and conditions, if any, for conversion of the Securities into or exchange
of the
Securities for shares of common stock or preferred stock of the Company that
apply to Securities of the Series;
(21) any
depositories, interest rate calculation agents, exchange rate calculation
agents
or other agents with respect to Securities of such Series if other than those
appointed herein;
(22) the
terms
and conditions, if any, upon which the Securities shall be subordinated in
right
of payment to other Indebtedness of the Company;
(23) if
applicable, that the Securities of the Series, in whole or any specified
part,
shall be defeasible pursuant to Article 9; and
(24) any
other
terms of the Securities of the Series (which terms shall not be inconsistent
with the provisions of this Indenture, except as permitted by Section 8.1,
but
which may modify or delete any provision of this Indenture insofar as it
applies
to such Series).
All
Securities of any one Series need not be issued at the same time and may be
issued from time to time, consistent with the terms of this Indenture, if so
provided by or pursuant to the Board Resolution, supplemental indenture or
Officers’ Certificate referred to above, and the authorized principal amount of
any Series may not be increased to provide for issuances of additional
Securities of such Series, unless otherwise provided in such Board Resolution,
supplemental indenture or Officers’ Certificate.
|
2.3.
|
EXECUTION
AND AUTHENTICATION.
|
The
Securities shall be executed on behalf of the Company by two Officers of the
Company or an Officer and an Assistant Secretary of the Company. Each such
signature may be either manual or facsimile. The Company’s seal may be
impressed, affixed, imprinted or reproduced on the Securities and may be in
facsimile form.
If
an
Officer whose signature is on a Security no longer holds that office at the
time
the Security is authenticated, the Security shall nevertheless be valid.
A
Security shall not be valid until authenticated by the manual signature of
the
Trustee or an authenticating agent. The signature shall be conclusive evidence
that the Security has been authenticated under this Indenture. The Trustee
shall
at any time, and from time to time, authenticate Securities for original issue
in the principal amount provided in the Board Resolution, supplemental indenture
hereto or Officers’ Certificate, upon receipt by the Trustee of a Company Order.
Such Company Order may authorize authentication and delivery pursuant to oral
or
electronic instructions from the Company or its duly authorized agent or agents,
which oral instructions shall be promptly confirmed in writing. Each Security
shall be dated the date of its authentication.
-9-
The
aggregate principal amount of Securities of any Series outstanding at any time
may not exceed any limit upon the maximum principal amount for such Series
set
forth in the Board Resolution, supplemental indenture hereto or Officers’
Certificate delivered pursuant to Section 2.2, except as provided in Section
2.8.
Prior
to
the issuance of Securities of any Series, the Trustee shall have received and
(subject to Section 7.2) shall be fully protected in relying on: (a) the Board
Resolution, supplemental indenture hereto or Officers’ Certificate establishing
the form of the Securities of that Series or of Securities within that Series
and the terms of the Securities of that Series or of Securities within that
Series, (b) an Officers’ Certificate complying with Section 10.4, and (c) an
Opinion of Counsel complying with Section 10.4.
The
Trustee shall have the right to decline to authenticate and deliver any
Securities of such Series: (a) if the Trustee, being advised in writing by
outside counsel, determines that such action may not lawfully be taken; or
(b)
if the Trustee in good faith by its board of directors or trustees, executive
committee or a trust committee of directors and/or vice-presidents shall
reasonably determine that such action would expose the Trustee to personal
liability, or cause it to have a conflict of interest with respect to Holders
of
any then outstanding Series of Securities.
The
Trustee may appoint an authenticating agent acceptable to the Company to
authenticate Securities. An authenticating agent may authenticate Securities
whenever the Trustee may do so. Any appointment shall be evidenced by instrument
signed by an authorized officer of the Trustee, a copy of which shall be
furnished to the Company. Each reference in this Indenture to authentication
by
the Trustee includes authentication by such agent. An authenticating agent
has
the same rights as an Agent to deal with the Company or an Affiliate of the
Company.
|
2.4.
|
REGISTRAR
AND PAYING AGENT.
|
The
Company shall maintain in each Place of Payment for any Series of Securities
(i)
an office or agency where such Securities may be presented for registration
of
transfer or for exchange (“Registrar”), (ii) an office or agency where such
Securities may be presented for payment (“Paying Agent”), and PROVIDED, FURTHER,
that at the option of the Company payment of interest may be made by check
mailed to the address of the Person entitled thereto as such address shall
appear in the register for the Securities maintained by the Registrar, and
(iii)
an office or agency where notices and demands to or upon the Company in respect
of the Securities and this Indenture may be served (“Service Agent”). The
Registrar shall keep a register of the Securities and of their transfer and
exchange. The Company may have one or more co-registrars and one or more
additional paying agents. The Company shall 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 Company shall fail to maintain any such required
office or to furnish the Trustee with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the address of the
Trustee as set forth in Section 10.2. If the Company acts as Paying Agent,
it
shall segregate the money held by it for the payment of principal of and
premium, if any, and interest on the Securities and hold it as a separate trust
fund. The Company may change any Paying Agent, Registrar or co-registrar without
notice to any Securityholder.
-10-
The
Company may also from time to time designate one or more other offices or
agencies 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
Company of its obligation to maintain an office or agency in each Place of
Payment for Securities of any series for such purposes. The Company shall give
prompt written notice to the Trustee of such designation or rescission and
of
any change in the location of any such other office or agency.
The
Company shall enter into an appropriate agency agreement with any Registrar
or
Paying Agent not a party to this Indenture. The agreement shall implement the
provisions of this Indenture that relate to such Agent. The Company shall notify
the Trustee of the name and address of any such Agent. If the Company fails
to
maintain a Registrar or Paying Agent, or agent for service of notices and
demands, or fails to give the foregoing notice, the Trustee shall act as such.
The Company hereby appoints the Trustee as the initial Registrar, Paying Agent
and Service Agent for each Series unless another Registrar, Paying Agent or
Service Agent, as the case may be, is appointed prior to the time Securities
of
that Series are first issued. The Company hereby initially designates the
Corporate Trust Office of the Trustee as such office of the Company.
|
2.5.
|
PAYING
AGENT TO HOLD ASSETS IN TRUST.
|
The
Trustee as Paying Agent shall, and the Company shall require each Paying Agent
other than the Trustee to agree in writing that each Paying Agent shall hold
in
trust for the benefit of the Holders of any Series of Securities or the Trustee
all assets held by the Paying Agent for the payment of principal of, or interest
or premium (if any) on, such Series of Securities (whether such assets have
been
distributed to it by the Company or any other obligor on such Series of
Securities), and the Company and the Paying Agent shall notify the Trustee
in
writing of any Default by the Company (or any other obligor on such Series
of
Securities) in making any such payment. The Company at any time may require
a
Paying Agent to distribute all assets held by it to the Trustee and account
for
any assets disbursed and the Trustee may at any time during the continuance
of
any payment default with respect to any Series of Securities, upon written
request to a Paying Agent, require such Paying Agent to distribute all assets
held by it to the Trustee and to account for any assets distributed. Upon
distribution to the Trustee of all assets that shall have been delivered by
the
Company to the Paying Agent, the Paying Agent shall have no further liability
for such assets.
|
2.6.
|
SECURITYHOLDER
LISTS.
|
The
Trustee shall preserve in as current a form as is reasonably practicable the
most recent list available to it of the names and addresses of Securityholders
of each Series of Securities. If the Trustee is not the Registrar, the Company
shall furnish to the Trustee as of each regular record date for the payment
of
interest on the Securities of a Series and before each related Interest Payment
Date, and at such other times as the Trustee may request in writing, a list
in
such form and as of such date as the Trustee may reasonably require of the
names
and addresses of Securityholders of each Series of Securities.
-11-
|
2.7.
|
TRANSFER
AND EXCHANGE.
|
When
Securities of a Series are presented to the Registrar with a request to register
the transfer thereof, the Registrar shall register the transfer as requested
if
the requirements of applicable law are met, and when such Securities of a Series
are presented to the Registrar with a request to exchange them for an equal
principal amount of other authorized denominations of Securities of the same
Series, the Registrar shall make the exchange as requested. To permit transfers
and exchanges, upon surrender of any Security for registration of transfer
at
the office or agency maintained pursuant to Section 2.4 hereof, the Company
shall execute and the Trustee shall authenticate Securities at the Registrar’s
request.
If
Securities are issued as Global Securities, the provisions of Section 2.15
shall
apply.
All
Securities issued upon any registration of transfer or exchange of Securities
shall be the valid obligations of the Company, evidencing the same debt, and
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 Company or the Registrar or a co-Registrar) be
duly
endorsed, or be accompanied by a written instrument of transfer in form
satisfactory to the Company and the Registrar or a co-Registrar, duly executed
by the Holder thereof or his attorney duly authorized in writing.
Any
exchange or transfer shall be without charge, except that the Company may
require payment by the Holder of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation to a transfer or exchange,
but this provision shall not apply to any exchange pursuant to Section 2.11,
3.6
or 8.5 hereof. The Trustee shall not be required to register transfers of
Securities of any Series or to exchange Securities of any Series for a period
of
15 days before the record date for selection for redemption of such Securities.
The Trustee shall not be required to exchange or register transfers of
Securities of any Series called or being called for redemption in whole or
in
part, except the unredeemed portion of such Security being redeemed in part.
|
2.8.
|
REPLACEMENT
SECURITIES.
|
If
a
mutilated Security is surrendered to the Trustee or if the Holder of a Security
presents evidence to the satisfaction of the Company and the Trustee that the
Security has been lost, destroyed or wrongfully taken, the Company shall issue
and the Trustee shall authenticate a replacement Security of the same Series
and
of like tenor and principal amount and bearing a number not contemporaneously
outstanding. An indemnity bond may be required by the Company or the Trustee
that is sufficient in the reasonable judgment of the Company or the Trustee,
as
the case may be, to protect the Company, the Trustee or any Agent from any
loss
which any of them may suffer if a Security is replaced. The Company may charge
such Holder for its out-of-pocket expenses in replacing a Security, including
the fees and expenses of the Trustee. Every replacement Security shall
constitute an original additional obligation of the Company, 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 of that Series duly issued
hereunder.
-12-
|
2.9.
|
OUTSTANDING
SECURITIES.
|
Securities
outstanding at any time are all Securities authenticated by the Trustee except
for those canceled by it, those delivered to it for cancellation, and those
described in this Section 2.9 as not outstanding.
If
a
Security is replaced pursuant to Section 2.8 (other than a mutilated Security
surrendered for replacement), it ceases to be outstanding until the Company
and
the Trustee receive proof satisfactory to each of them that the replaced
Security is held by a bona fide purchaser. A mutilated Security ceases to be
outstanding upon surrender of such Security and replacement thereof pursuant
to
Section 2.8.
If
a
Paying Agent holds on a Redemption Date or the Stated Maturity money sufficient
to pay the principal of, premium, if any, and accrued interest on Securities
payable on that date and is not prohibited from paying such money to the Holders
thereof pursuant to the terms of this Indenture (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), then on and after that date such Securities cease to be outstanding
and interest on them ceases to accrue.
A
Security does not cease to be outstanding solely because the Company or an
Affiliate holds the Security.
|
2.10.
|
WHEN
TREASURY SECURITIES DISREGARDED; DETERMINATION OF HOLDERS’
ACTION.
|
In
determining whether the Holders of the required aggregate principal amount
of
the Securities of any Series have concurred in any direction, waiver or consent,
the Securities of any Series owned by the Company or any other obligor on such
Securities or by any Affiliate of any of them shall be disregarded, except
that
for the purposes of determining whether the Trustee shall be protected in
relying on any such direction, waiver or consent, only Securities of such Series
which the Trustee actually knows are so owned shall be so disregarded.
Securities of such Series so owned which have been pledged in good faith shall
not be disregarded if the pledgee establishes to the satisfaction of the Trustee
the pledgee’s right so to act with respect to the Securities of such Series and
that the pledgee is not the Company or any other obligor upon the Securities
of
such Series or any Affiliate of any of them.
|
2.11.
|
TEMPORARY
SECURITIES.
|
Until
definitive Securities are ready for delivery, the Company may prepare and
execute and the Trustee shall authenticate temporary Securities. Temporary
Securities shall be substantially in the form, and shall carry all rights,
of
definitive Securities but may have variations that the Company considers
appropriate for temporary Securities. Without unreasonable delay, the Company
shall prepare and execute and the Trustee shall authenticate definitive
Securities in exchange for temporary Securities presented to it without charge
to the Holder.
-13-
|
2.12.
|
CANCELLATION.
|
All
Securities surrendered for payment, redemption, registration of transfer
or
exchange or for credit against any sinking fund payment shall, if surrendered
to
any Person other than the Trustee, be delivered to the Trustee for cancellation.
The Company may at any time deliver to the Trustee for cancellation any
Securities previously authenticated and delivered hereunder which the Company
may have acquired in any manner whatsoever, and may deliver to the Trustee
(or
to any other Person for delivery to the Trustee) for cancellation any Securities
previously authenticated hereunder which the Company has not issued and sold.
The Registrar and the Paying Agent shall forward to the Trustee any Securities
surrendered to them for transfer, exchange or payment. The Trustee or, at
the
direction of the Trustee, the Registrar or the Paying Agent, and no one else,
shall cancel and at the written request of the Company, shall dispose of
all
Securities surrendered for transfer, exchange, payment or cancellation. If
the
Company shall acquire any of the Securities, such acquisition shall not operate
as a redemption or satisfaction of the Indebtedness represented by such
Securities unless and until the same are surrendered to the Trustee for
cancellation pursuant to this Section 2.12. No Securities shall be authenticated
in lieu of or in exchange for any Securities cancelled as provided in this
Section 2.12, except as expressly permitted by this Indenture.
|
2.13.
|
PAYMENT
OF INTEREST; DEFAULTED INTEREST; COMPUTATION OF
INTEREST.
|
Except
as
otherwise provided as contemplated by Section 2.2 with respect to any Series
of
Securities, 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 is registered at the close of business on the regular
record date for such interest, as provided in the Board Resolution, supplemental
indenture hereto or Officers’ Certificate establishing the terms of such Series.
If
the
Company defaults in a payment of interest on the Securities, it shall pay
the
defaulted amounts, plus any interest payable on defaulted amounts pursuant
to
Section 4.1 hereof, to the Persons who are Securityholders on a subsequent
special record date, which date shall be the fifteenth day next preceding
the
date fixed by the Company for the payment of defaulted interest or the next
succeeding Business Day if such date is not a Business Day. At least 15 days
before the special record date, the Company shall mail or cause to be mailed
to
each Securityholder, with a copy to the Trustee, a notice that states the
special record date, the payment date, and the amount of defaulted interest,
and
interest payable on such defaulted interest, if any, to be paid.
Except
as
otherwise specified as contemplated by Section 2.2 for Securities of any
Series,
interest on the Securities of each Series shall be computed on the basis
of a
360-day year of twelve 30-day months.
-14-
|
2.14.
|
CUSIP
NUMBER.
|
The
Company in issuing the Securities may use one or more “CUSIP” numbers, and if
so, the Trustee shall use the CUSIP number(s) in notices of redemption or
exchange as a convenience to Holders, PROVIDED that any such notice may state
that no representation is made as to the correctness or accuracy of the CUSIP
number(s) printed in the notice or on the Securities, and that reliance may
be
placed only on the other identification numbers printed on the Securities
and
any such redemption shall not be affected by any defect in or omission of
any
such numbers.
|
2.15.
|
PROVISIONS
FOR GLOBAL SECURITIES.
|
(a) A
Board
Resolution, a supplemental indenture hereto or an Officers’ Certificate shall
establish whether the Securities of a Series shall be issued in whole or
in part
in the form of one or more Global Securities and the Depository for such
Global
Securities or Securities.
(b) Notwithstanding
any provisions to the contrary contained in Section 2.7 of the Indenture
and in
addition thereto, if, and only if the Depository (i) at any time is unwilling
or
unable to continue as Depository for such Global Security or ceases to be
a
clearing agency registered under the Exchange Act and (ii) a successor
Depository is not appointed by the Company within 90 days after the date
the
Company is so informed in writing or becomes aware of the same, the Company
promptly will execute and deliver to the Trustee definitive Securities, and
the
Trustee, upon receipt of a Company Request for the authentication and delivery
of such definitive Securities (which the Company will promptly execute and
deliver to the Trustee) and an Officers’ Certificate to the effect that such
Global Security shall be so exchangeable, will authenticate and deliver
definitive Securities, without charge, registered in such names and in such
authorized denominations as the Depository shall direct in writing (pursuant
to
instructions from its direct and indirect participants or otherwise) in an
aggregate principal amount equal to the principal amount of the Global Security
with like tenor and terms. Upon the exchange of a Global Security for definitive
Securities, such Global Security shall be canceled by the Trustee. Unless
and
until it is exchanged in whole or in part for definitive Securities, as provided
in this Section 2.15(b), a Global Security may not be transferred except
as a
whole by the Depository with respect to such Global Security to a nominee
of
such Depository, by a nominee of such Depository to such Depository or another
nominee of such Depository or by the Depository or any such nominee to a
successor Depository or a nominee of such a successor Depository.
(c) Any
Global Security issued hereunder shall bear a legend in substantially the
following form:
“This
Security is a Global Security within the meaning of the Indenture hereinafter
referred to and is registered in the name of the Depository or a nominee
of the
Depository. This Security is exchangeable for Securities registered in the
name
of a Person other than the Depository or its nominee only in the limited
circumstances described in the Indenture, and may not be transferred except
as a
whole by the Depository to a nominee of the Depository, by a nominee of the
Depository to the Depository or another nominee of the Depository or by the
Depository or any such nominee to a successor Depository or a nominee of
such a
successor Depository.”
-15-
(d) The
Depository, as a Holder, may appoint agents and otherwise authorize participants
to give or take any request, demand, authorization, direction, notice, consent,
waiver or other action which a Holder is entitled to give or take under the
Indenture.
(e) Notwithstanding
the other provisions of this Indenture, unless otherwise specified as
contemplated by Section 2.2, payment of the principal of and interest and
premium, if any, on any Global Security shall be made to the Depository or
its
nominee in its capacity as the Holder thereof.
(f) Except
as
provided in Section 2.15(e), the Company, the Trustee and any Agent shall
treat
a Person as the Holder of such principal amount of outstanding Securities
of any
Series represented by a Global Security as shall be specified in a written
statement of the Depository (which may be in the form of a participants’ list
for such Series) with respect to such Global Security, for purposes of obtaining
any consents, declarations, waivers or directions required to be given by
the
Holders pursuant to this Indenture, PROVIDED that until the Trustee is so
provided with a written statement, it may treat the Depository or any other
Person in whose name a Global Security is registered as the owner of such
Global
Security for the purpose of receiving payment of principal of and any premium
and (subject to Section 2.13) any interest on such Global Security and for
all
other purposes whatsoever, and neither the Company, the Trustee nor any agent
of
the Company or the Trustee shall be affected by notice to the contrary.
|
2.16.
|
PERSONS
DEEMED OWNERS.
|
Prior
to
due presentment of a Security for registration of transfer, the Company,
the
Trustee, the Registrar and any agent of the Company, the Registrar 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
any premium and (subject to Section 2.13) any interest on such Security and
for
all other purposes whatsoever, and neither the Company, the Trustee, the
Registrar nor any agent of the Company, the Registrar or the Trustee shall
be
affected by notice to the contrary.
ARTICLE
3
REDEMPTION
|
3.1.
|
NOTICES
TO TRUSTEE.
|
The
Company may, with respect to any Series of Securities, reserve the right
to
redeem and pay the Series of Securities or may covenant to redeem and pay
the
Series of Securities or any part thereof prior to the Stated Maturity thereof
at
such time and on such terms as provided for in such Securities or the related
Board Resolution, supplemental indenture or Officers’ Certificate. If a Series
of Securities is redeemable and the Company elects to redeem such Securities
of
a Series, it shall notify the Trustee of the Redemption Date and the principal
amount of Securities to be redeemed at least 45 days (unless a shorter notice
shall be satisfactory to the Trustee) before the Redemption Date. Any such
notice may be canceled at any time prior to notice of such redemption being
mailed to any Holder and shall thereby be void and of no effect.
-16-
|
3.2.
|
SELECTION
BY TRUSTEE OF SECURITIES TO BE
REDEEMED.
|
Unless
otherwise indicated for a particular Series of Securities by a Board Resolution,
a supplemental indenture or an Officers’ Certificate, if fewer than all of the
Securities of a Series are to be redeemed, the Trustee shall select the
Securities of a Series to be redeemed pro rata, by lot or by any other method
that the Trustee considers fair and appropriate (unless the Company specifically
directs the Trustee otherwise) and, if such Securities are listed on any
securities exchange, by a method that complies with the requirements of such
exchange.
The
Trustee shall make the selection from Securities of a Series outstanding
and not
previously called for redemption and shall promptly notify the Company in
writing of the Securities selected for redemption and, in the case of any
Security selected for partial redemption, the principal amount thereof to
be
redeemed at least 35 but not more than 60 days before the Redemption Date.
Securities of a Series in denominations of $1,000 may be redeemed only in
whole.
The Trustee may select for redemption portions of the principal of Securities
of
a Series that have denominations larger than $1,000. Securities of a Series
and
portions of them it selects shall be in amounts of $1,000 or, with respect
to
Securities of any Series issuable in other denominations pursuant to Section
2.2(10), the minimum principal denomination for each Series and integral
multiples thereof. Provisions of this Indenture that apply to Securities
called
for redemption also apply to portions of Securities called for redemption.
|
3.3.
|
NOTICE
OF REDEMPTION.
|
Unless
otherwise indicated for a particular Series by Board Resolution, a supplemental
indenture hereto or an Officers’ Certificate, at least 30 days, and no more than
60 days, before a Redemption Date, the Company shall mail, or cause to be
mailed, a notice of redemption by first-class mail to each Holder of Securities
to be redeemed at his or her last address as the same appears on the registry
books maintained by the Registrar. The notice shall identify the Securities
to
be redeemed (including the CUSIP number(s) thereof, if any) and shall state:
(1) the
Redemption Date;
(2) the
redemption price, and that such redemption price shall become due and payable
on
the Redemption Date;
(3) if
any
Security of a Series is being redeemed in part, the portion of the principal
amount of such Security of a Series to be redeemed and that, after the
Redemption Date and upon surrender of such Security of a Series, a new Security
or Securities in principal amount equal to the unredeemed portion will be
issued;
(4) the
name
and address of the Paying Agent;
-17-
(5) that
Securities of a Series called for redemption must be surrendered to the Paying
Agent to collect the redemption price, and the place or places where each
such
Security is to be surrendered for such payment;
(6) that,
unless the Company defaults in making the redemption payment, interest on
the
Securities of a Series called for redemption ceases to accrue on the Redemption
Date, and the only remaining right of the Holders of such Securities is to
receive payment of the redemption price upon surrender to the Paying Agent
of
the Securities redeemed;
(7) if
fewer
than all the Securities of a Series are to be redeemed, the identification
of
the particular Securities of a Series (or portion thereof) to be redeemed,
as
well as the aggregate principal amount of Securities of a Series to be redeemed
and the aggregate principal amount of Securities of a Series to be outstanding
after such partial redemption.
(8) the
CUSIP
number, if any, printed on the Securities being redeemed; and
(9) that
no
representation is made as to the correctness or accuracy of the CUSIP number,
if
any, listed in such notice or printed on the Securities.
At
the
Company’s request, the Trustee shall give the notice of redemption in the
Company’s name and at the Company’s sole expense.
|
3.4.
|
EFFECT
OF NOTICE OF REDEMPTION.
|
Once
the
notice of redemption described in Section 3.3 is mailed, Securities of a
Series
called for redemption become due and payable on the Redemption Date and at
the
redemption price, plus interest, if any, accrued to the Redemption Date.
Upon
surrender to the Trustee or Paying Agent, such Securities of a Series shall
be
paid at the redemption price, plus accrued interest, if any, to the Redemption
Date, PROVIDED that if the Redemption Date is after a regular interest payment
record date and on or prior to the next Interest Payment Date, the accrued
interest shall be payable to the Holder of the redeemed Securities registered
on
the relevant record date, as specified by the Company in the notice to the
Trustee pursuant to Section 3.1 hereof.
|
3.5.
|
DEPOSIT
OF REDEMPTION PRICE.
|
On
or
prior to the Redemption Date (but no later than 11:00 A.M. Eastern Time on
such
date), the Company shall deposit with the Paying Agent money sufficient to
pay
the redemption price of and accrued interest, if any, on all Securities to
be
redeemed on that date other than Securities or portions thereof called for
redemption on that date which have been delivered by the Company to the Trustee
for cancellation.
On
and
after any Redemption Date, if money sufficient to pay the redemption price
of
and accrued interest on Securities called for redemption shall have been
made
available in accordance with the preceding paragraph and the Company and
the
Paying Agent are not prohibited from paying such moneys to Holders, the
Securities called for redemption will cease to accrue interest and the only
right of the Holders of such Securities will be to receive payment of the
redemption price of and, subject to the proviso in Section 3.4, accrued and
unpaid interest on such Securities to the Redemption Date. If any Security
called for redemption shall not be so paid, interest will be paid, from the
Redemption Date until such redemption payment is made, on the unpaid principal
of the Security and any interest or premium (if any) not paid on such unpaid
principal, in each case, at the rate and in the manner provided in the
Securities.
-18-
|
3.6.
|
SECURITIES
REDEEMED IN PART.
|
Upon
surrender of a Security of a Series that is redeemed in part, the Company
shall
execute and the Trustee shall authenticate for a Holder a new Security of
the
same Series equal in principal amount to the unredeemed portion of the Security
surrendered.
ARTICLE
4
COVENANTS
|
4.1.
|
PAYMENT
OF SECURITIES.
|
The
Company shall pay the principal of and interest and premium, if any, on each
Series of Securities on the dates and in the manner provided in such Securities
and this Indenture.
An
installment of principal or interest shall be considered paid on the date
it is
due if the Trustee or Paying Agent holds on that date money designated for
and
sufficient to pay such installment and is not prohibited from paying such
money
to the Holders pursuant to the terms of this Indenture or otherwise.
The
Company shall pay interest on overdue principal, and overdue interest, to
the
extent lawful, at the rate specified in the Series of Securities.
|
4.2.
|
SEC
REPORTS.
|
The
Company will deliver to the Trustee within 15 days after the filing of the
same
with the SEC, copies of the quarterly and annual report and of the information
documents and other reports, if any, which the Company is required to file
with
the SEC pursuant to Section 13 or 15(d) of the Exchange Act. Notwithstanding
that the Company may not be subject to the reporting requirements of Section
13
or 15(d) of the Exchange Act, the Company will file with the SEC, to the
extent
permitted, and provide the Trustee, with such quarterly and annual reports
and
such information, documents and other reports specified in Section 13 and
15(d)
of the Exchange Act. The Company will also comply with the other provisions
of
TIA Section 314(a).
|
4.3.
|
WAIVER
OF STAY, EXTENSION OR USURY LAWS.
|
The
Company covenants (to the extent that it may lawfully do so) that it will
not at
any time insist upon, or plead (as a defense or otherwise) or in any manner
whatsoever claim or take the benefit or advantage of, any stay, extension,
usury
or other law which would prohibit or forgive the Company from paying all
or any
portion of the principal of, premium, if any, and/or interest on the Securities
as contemplated herein, wherever enacted, now or at any time hereafter in
force,
or which may affect the covenants or the performance of this Indenture; and
(to
the extent that they may lawfully do so) the Company hereby expressly waives
all
benefit or advantage of any such law, and covenants that it 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.
-19-
|
4.4.
|
COMPLIANCE
CERTIFICATE.
|
(a) The
Company shall deliver to the Trustee, within 120 days after the end of each
fiscal year of the Company, an Officers’ Certificate which complies with TIA
Section 314(a)(4) stating that a review of the activities of the Company
and its
Subsidiaries during such fiscal year has been made under the supervision
of the
signing Officers with a view to determining whether the Company has kept,
observed, performed and fulfilled its obligations under this Indenture, and
further stating, as to each such Officer signing such certificate, that to
the
best of his or her knowledge the Company has kept, observed, performed and
fulfilled each and every covenant contained in this Indenture and that there
is
no default in the performance or observance of any of the terms, provisions
and
conditions hereof (or, if a Default or Event of Default shall have occurred,
describing all such Defaults or Events of Default of which he or she may
have
knowledge and what action the Company is taking or proposes to take with
respect
thereto) and that to the best of his or her knowledge no event has occurred
and
remains in existence by reason of which payments on account of the principal
of
or interest or premium, if any, on the Securities is prohibited or if such
event
has occurred, a description of the event and what action the Company is taking
or proposes to take with respect thereto.
(b) (i)
If
any Default or Event of Default has occurred and is continuing or (ii) if
any
Holder seeks to exercise any remedy hereunder with respect to a claimed Default
under this Indenture or the Securities, within five Business Days after its
becoming aware of such occurrence the Company shall deliver to the Trustee
an
Officers’ Certificate specifying such event, notice or other action and what
action the Company is taking or proposes to take with respect thereto.
|
4.5.
|
CORPORATE
EXISTENCE.
|
Subject
to Article 5 hereof, the Company shall do or cause to be done all things
necessary to preserve and keep in full force and effect its corporate existence,
in accordance with the organizational documents (as the same may be amended
from
time to time) of the Company and the rights (charter and statutory), licenses
and franchises of the Company; PROVIDED, HOWEVER, that the Company shall
not be
required to preserve any such right, license or franchise, or its corporate
existence, if the Board of Directors shall determine that the preservation
thereof is no longer desirable in the conduct of the business of the Company
and
that the loss thereof is not adverse in any material respect to the Holders.
-20-
ARTICLE
5
SUCCESSOR
CORPORATION
|
5.1.
|
LIMITATION
ON CONSOLIDATION, MERGER AND SALE OF
ASSETS.
|
(a) The
Company will not, in any transaction or series of transactions, merge or
consolidate with or into, or sell, assign, convey, transfer, lease or otherwise
dispose of all or substantially all of its properties and assets (as an entirety
or substantially as an entirety in one transaction or a series of related
transactions), to any Person or Persons, unless at the time of and after
giving
effect thereto (i) either (A) if the transaction or series of transactions
is a
merger or consolidation, the Company shall be the surviving Person of such
merger or consolidation, or (B) the Person formed by such consolidation or
into
which the Company is merged or to which the properties and assets of the
Company
are transferred (any such surviving Person or transferee Person being the
“Surviving Entity”) shall be a corporation organized and existing under the laws
of the United States of America, any state thereof or the District of Columbia
or a corporation or comparable legal entity organized under the laws of a
foreign jurisdiction and shall expressly assume by a supplemental indenture
executed and delivered to the Trustee, in form reasonably satisfactory to
the
Trustee, all of the obligations of the Company (including, without limitation,
the obligation to pay the principal of, and premium and interest, if any,
on the
Securities and the performance of the other covenants) under the Securities
of
each Series and this Indenture, and in each case, this Indenture shall remain
in
full force and effect; and (ii) immediately before and immediately after
giving
effect to such transaction or series of transactions on a pro forma basis
(including, without limitation, any Indebtedness incurred or anticipated
to be
incurred in connection with or in respect of such transaction or series of
transactions), no Default or Event of Default shall have occurred and be
continuing.
(b) In
connection with any consolidation, merger or transfer of assets contemplated
by
this Section 5.1, the Company shall deliver, or cause to be delivered, to
the
Trustee, in form and substance reasonably satisfactory to the Trustee, an
Officers’ Certificate and an Opinion of Counsel, each stating that such
consolidation, merger or transfer and the supplemental indenture in respect
thereto comply with this Section 5.1 and that all conditions precedent herein
provided for relating to such transaction or transactions have been complied
with.
|
5.2.
|
SUCCESSOR
PERSON SUBSTITUTED.
|
Upon
any
consolidation or merger, or any transfer of all or substantially all of the
assets of the Company in accordance with Section 5.1 above, the successor
corporation formed by such consolidation or into which the Company is merged
or
to which such transfer is made shall succeed to, and be substituted for,
and may
exercise every right and power of, the Company under this Indenture with
the
same effect as if such successor corporation had been named as the Company
herein, and thereafter (except with respect to any such transfer which is
a
lease) the predecessor corporation shall be relieved of all obligations and
covenants under this Indenture and the Securities.
ARTICLE
6
DEFAULTS
AND REMEDIES
|
6.1.
|
EVENTS
OF DEFAULT.
|
“Events
of Default,” wherever used herein with respect to Securities of any Series,
means any one of the following events, unless in the establishing Board
Resolution, supplemental indenture or Officers’ Certificate, it is provided that
such Series shall not have the benefit of said Event of Default:
(1) there
is
a default in the payment of any principal of, or premium, if any, on the
Securities when the same becomes due and payable at Maturity, upon acceleration,
redemption or otherwise;
-21-
(2) there
is
a default in the payment of any interest on any Security of a Series when
the
same becomes due and payable and the Default continues for a period of 30
days;
(3) the
Company defaults in the observance or performance of any other covenant in
the
Securities of a Series or this Indenture for 60 days after written notice
from
the Trustee or the Holders of not less than 25% in the aggregate principal
amount of the Securities of such Series then outstanding which notice must
specify the Default, demand that it be remedied and state the notice is a
“Notice of Default”;
(4) the
Company or any Significant Subsidiary pursuant to or within the meaning of
any
Bankruptcy Law:
(A) commences
a voluntary case,
(B) consents
to the entry of an order for relief against it in an involuntary case,
(C) consents
to the appointment of a Custodian of it or for all or substantially all of
its
property,
(D) makes
a
general assignment for the benefit of its creditors, or
(E) generally
is not paying its debts as they become due;
(5) a
court
of competent jurisdiction enters an order or decree under any Bankruptcy
Law
that:
(A) is
for
relief against the Company or any Significant Subsidiary in an involuntary
case;
(B) appoints
a Custodian of the Company or any Significant Subsidiary or for all or
substantially all of the property of the Company or any Significant Subsidiary;
or
(C) orders
the liquidation of the Company or any Significant Subsidiary, and the order
or
decree remains unstayed and in effect for 90 consecutive days; or
(6) any
other
Event of Default provided with respect to Securities of that Series, which
is
specified in a Board Resolution, a supplemental indenture hereto or an Officers’
Certificate, in accordance with Section 2.2(19).
The
term
“Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law
for the relief of debtors. The term “Custodian” means any receiver, trustee,
assignee, liquidator or similar official under any Bankruptcy Law.
-22-
The
Trustee may withhold notice of any Default (except in payment of principal
or
premium, if any, or interest on the Securities) to the Holders of the Securities
of any Series in accordance with Section 7.5. When a Default is cured, it
ceases
to exist.
|
6.2.
|
ACCELERATION.
|
If
an
Event of Default with respect to Securities of any Series at the time
outstanding (other than an Event of Default arising under Section 6.1(4)
or (5))
occurs and is continuing, the Trustee by written notice to the Company, or
the
Holders of not less than 25% in aggregate principal amount of the Securities
of
that Series then outstanding may by written notice to the Company and the
Trustee declare that the entire principal amount of all the Securities of
that
Series then outstanding plus accrued and unpaid interest to the date of
acceleration are immediately due and payable, in which case such amounts
shall
become immediately due and payable; PROVIDED, HOWEVER, that after such
acceleration but before a judgment or decree based on such acceleration is
obtained by the Trustee, the Holders of a majority in aggregate principal
amount
of the outstanding Securities of that Series may rescind and annul such
acceleration and its consequences if (i) all existing Events of Default,
other
than the nonpayment of accelerated principal, premium, if any, or interest
that
has become due solely because of the acceleration, have been cured or waived,
(ii) to the extent the payment of such interest is lawful, interest on overdue
installments of interest and overdue principal, which has become due otherwise
than by such declaration of acceleration, has been paid and (iii) the rescission
would not conflict with any judgment or decree. No such rescission shall
affect
any subsequent Default or impair any right consequent thereto. In case an
Event
of Default specified in Section 6.1(4) or (5) with respect to the Company
occurs, such principal, premium, if any, and interest amount with respect
to all
of the Securities of that Series shall be due and payable immediately without
any declaration or other act on the part of the Trustee or the Holders of
the
Securities of that Series.
|
6.3.
|
REMEDIES.
|
If
an
Event of Default with respect to Securities of any Series at the time
outstanding occurs and is continuing, the Trustee may pursue any available
remedy by proceeding at law or in equity to collect the payment of principal
of,
or premium, if any, and interest on the Securities of that Series or to enforce
the performance of any provision of the Securities of that Series or this
Indenture.
The
Trustee may maintain a proceeding even if it does not possess any of the
Securities of that Series or does not produce any of them in the proceeding.
A
delay or omission by the Trustee or any Securityholder in exercising any
right
or remedy accruing upon an Event of Default shall not impair the right or
remedy
or constitute a waiver of or acquiescence in the Event of Default. No remedy
is
exclusive of any other remedy. All available remedies are cumulative to the
extent permitted by law.
-23-
|
6.4.
|
WAIVER
OF PAST DEFAULTS AND EVENTS OF
DEFAULT.
|
Subject
to Sections 6.2, 6.7 and 8.2 hereof, the Holders of a majority in principal
amount of the Securities of any Series then outstanding have the right to
waive
any existing Default or Event of Default with respect to such Series or
compliance with any provision of this Indenture (with respect to such Series)
or
the Securities of such Series. Upon any such waiver, such Default with respect
to such Series shall cease to exist, and any Event of Default with respect
to
such Series 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 Event of Default or impair any right consequent thereto.
This
Section 6.4 shall be in lieu of TIA Section 316(a)(1)(B), and TIA Section
316(a)(1)(B) is hereby expressly excluded from this Indenture and Section
as
permitted by the TIA.
|
6.5.
|
CONTROL
BY MAJORITY.
|
Subject
to Sections 6.2, 6.7 and 8.2 hereof, the Holders of a majority in principal
amount of the Securities of any Series then outstanding may 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 by this
Indenture with respect to such Series. The Trustee, however, may refuse to
follow any direction that conflicts with law or this Indenture or that the
Trustee determines may be unduly prejudicial to the rights of another
Securityholder or that may involve the Trustee in personal liability; PROVIDED
that the Trustee may take any other action deemed proper by the Trustee which
is
not inconsistent with such direction. This Section 6.5 shall be in lieu of
TIA
Section 316(a)(1)(A), and TIA Section 316(a)(1)(A) is hereby expressly excluded
from this Indenture and Section as permitted by the TIA.
|
6.6.
|
LIMITATION
ON SUITS.
|
Subject
to Section 6.7 below, a Securityholder may not institute any proceeding or
pursue any remedy with respect to this Indenture or the Securities of a Series
unless:
(1) the
Holder gives to the Trustee written notice of a continuing Event of Default
with
respect to the Securities of that Series;
(2) the
Holders of at least 25% in aggregate principal amount of the Securities of
such
Series then outstanding make a written request to the Trustee to pursue the
remedy;
(3) such
Holder or Holders offer to the Trustee indemnity reasonably satisfactory
to the
Trustee against any loss, liability or expense to be incurred in compliance
with
such request;
(4) the
Trustee does not comply with the request within 60 days after receipt of
the
request and the offer of indemnity; and
(5) 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 aggregate principal
amount of the Securities of such Series then outstanding.
A
Securityholder may not use this Indenture to prejudice the rights of another
Securityholder or to obtain a preference or priority over another
Securityholder.
-24-
|
6.7.
|
RIGHTS
OF HOLDERS TO RECEIVE PAYMENT.
|
Notwithstanding
any other provision of this Indenture, the right of any Holder of a Security
of
a Series to receive payment of principal of, and premium, if any, and interest
of the Security of such Series on or after the respective due dates expressed
in
the Security of such Series, or to bring suit for the enforcement of any
such
payment on or after such respective dates, is absolute and unconditional
and
shall not be impaired or affected without the consent of the Holder.
|
6.8.
|
COLLECTION
SUIT BY TRUSTEE.
|
If
an
Event of Default in payment of principal, premium or interest specified in
Section 6.1(1) or (2) hereof with respect to Securities of any Series at
the
time outstanding occurs and is continuing, the Trustee may recover judgment
in
its own name and as trustee of an express trust against the Company (or any
other obligor on the Securities of that Series) for the whole amount of unpaid
principal and premium, if any, and accrued interest remaining unpaid, together
with interest on overdue principal and premium, if any, and, to the extent
that
payment of such interest is lawful, interest on overdue installments of
interest, in each case at the rate then borne by the Securities of that Series,
and such further amounts 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, as set forth in Section
7.7.
|
6.9.
|
TRUSTEE
MAY FILE PROOFS OF CLAIM.
|
The
Trustee may file such proofs of claim and other papers or documents, and
take
other actions (including sitting on a committee of creditors) as may be
necessary or advisable in order to have the claims of the Trustee (including
any
claim for the reasonable compensation, expenses, disbursements and advances
of
the Trustee, its agents and counsel) and the Securityholders allowed in any
judicial proceedings relative to the Company (or any other obligor upon the
Securities), any of their respective creditors or any of their respective
property and shall be entitled and empowered to collect and receive any monies
or other property payable or deliverable on any such claims and to distribute
the same after deduction of its charges and expenses to the extent that any
such
charges and expenses are not paid out of the estate in any such proceedings
and
any custodian in any such judicial proceeding is hereby authorized by each
Securityholder to make such payments to the Trustee, and in the event that
the
Trustee shall consent to the making of such payments directly to the
Securityholders, to pay to the Trustee any amount due to 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 7.7 hereof.
Nothing
herein contained shall be deemed to authorize the Trustee to authorize or
consent to or accept or adopt on behalf of any Securityholder any plan of
reorganization, arrangement, adjustment or composition affecting the Securities
of a Series or the rights of any Holder thereof, or to authorize the Trustee
to
vote in respect of the claim of any Securityholder in any such proceedings.
-25-
|
6.10.
|
PRIORITIES.
|
If
the
Trustee collects any money pursuant to this Article 6, it shall pay out the
money in the following order:
FIRST:
to the
Trustee for amounts due under Section 7.7 hereof;
SECOND:
to
Securityholders for amounts then due and unpaid for principal, 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 any premium and interest, respectively; and
THIRD:
to the
Company.
The
Trustee may fix a record date and payment date for any payment to
Securityholders pursuant to this Section 6.10. At least 15 days before such
record date, the Trustee shall mail to each Securityholder a notice that
states
the record date, the payment date and amount to be paid.
|
6.11.
|
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 or omitted by it as Trustee,
a
court in its discretion may require the filing by any party litigant in the
suit
of an undertaking to pay the costs of the suit, and the court in its discretion
may assess reasonable costs, including reasonable attorneys’ fees, against any
party litigant in the suit, having due regard to the merits and good faith
of
the claims or defenses made by the party litigant. This Section 6.11 does
not
apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.7
hereof or a suit by Holders of more than 10% in principal amount of the
Securities of a Series then outstanding.
ARTICLE
7
TRUSTEE
|
7.1.
|
DUTIES
OF TRUSTEE.
|
(a) If
an
Event of Default has occurred and is continuing, the Trustee shall exercise
such
of the rights and powers vested in it by this Indenture and use the same
degree
of care and skill in its exercise as a prudent Person would exercise or use
under the same circumstances in the conduct of his own affairs.
(b) Except
during the continuance of an Event of Default:
(1) The
Trustee need perform only those duties that are specifically set forth in
this
Indenture and no covenants or obligations shall be implied in this Indenture
against the Trustee.
(2) In
the
absence of bad faith on its part, the Trustee may conclusively rely, as to
the
truth of the statements and the correctness of the opinions expressed therein,
upon certificates or opinions furnished to the Trustee and conforming to
the
requirements of this Indenture but, in the case of any such certificates
or
opinions which by any provision hereof are specifically required to be furnished
to the Trustee, the Trustee shall be under a duty to examine the same to
determine whether or not they conform to the requirements of this Indenture.
-26-
(c) The
Trustee may not be relieved from liability for its own negligent action,
its own
negligent failure to act, or its own willful misconduct, except that:
(1) This
paragraph does not limit the effect of paragraph (b) of this Section 7.1.
(2) The
Trustee shall not be liable for any error of judgment made in good faith
by a
Responsible Officer, unless it is proved that the Trustee was negligent in
ascertaining the pertinent facts.
(3) The
Trustee shall not be liable with respect to any action it takes or omits
to take
in good faith in `accordance with a direction received by it pursuant to
Sections 6.2 and 6.5 hereof.
(d) 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 rights or powers if it shall have reasonable grounds for believing that
repayment of such funds or adequate indemnity satisfactory to it against
such
risk or liability is not reasonably assured to it.
(e) Whether
or not therein expressly so provided, paragraphs (a), (b), (c) and (d) of
this
Section 7.1 shall govern every provision of this Indenture that in any way
relates to the Trustee.
(f) The
Trustee and Paying Agent shall not be liable for interest on any money received
by it except as the Trustee and Paying Agent may agree in writing with the
Company. Money held in trust by the Trustee need not be segregated from other
funds except to the extent required by the law.
(g) The
Paying Agent, the Registrar and any authenticating agent shall be entitled
to
the protections, immunities and standard of care set forth in paragraphs
(a),
(b), (c), (d) and (f) of this Section 7.1 and in Section 7.2 with respect
to the
Trustee.
|
7.2.
|
RIGHTS
OF TRUSTEE.
|
(a) Subject
to Section 7.1 hereof:
(1) The
Trustee may rely on and shall be protected in acting or refraining from acting
upon any document reasonably believed by it to be genuine and to have been
signed or presented by the proper Person. The Trustee need not investigate
any
fact or matter stated in the document.
(2) Before
the Trustee acts or refrains from acting, it may require an Officers’
Certificate or an Opinion of Counsel, or both, which shall conform to the
provisions of Section 10.5 hereof. The Trustee shall be protected and shall
not
be liable for any action it takes or omits to take in good faith in reliance
on
such certificate or opinion.
-27-
(3) The
Trustee may act through agents and attorneys and shall not be responsible
for
the misconduct or negligence of any agent appointed by it with due care.
(4) The
Trustee shall not be liable for any action it takes or omits to take in good
faith which it reasonably believes to be authorized or within its rights
or
powers.
(5) The
Trustee may consult with counsel reasonably acceptable to the Trustee, which
may
be counsel to the Company, and the advice or opinion of such counsel as to
matters of law shall be full and complete authorization and protection from
liability in respect of any action taken, omitted or suffered by it hereunder
in
good faith and in accordance with the advice or opinion of such counsel.
(6) The
Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Indenture at the request, order or direction of any
of the
Holders pursuant to the provisions of this Indenture, unless such Holders
shall
have offered to the Trustee reasonable security or indemnity against the
costs,
expenses and liabilities which may be incurred therein or thereby.
(7) The
Trustee shall not be deemed to have knowledge of any fact or matter (including,
without limitation, a Default or Event of Default) unless such fact or matter
is
known to a Responsible Officer of the Trustee.
(8) Unless
otherwise expressly provided herein or in the Securities of a Series or the
related Board Resolution, supplemental indenture or Officers’ Certificate, the
Trustee shall not have any responsibility with respect to reports, notices,
certificates or other documents filed with it hereunder, except to make them
available for inspection, at reasonable times, by Securityholders, it being
understood that delivery of such reports, information and documents to the
Trustee is for informational purposes only and the Trustee’s receipt of such
shall not constitute constructive notice of any information contained therein
or
determinable from information contained therein, including the Company’s
compliance with any of its covenants hereunder (except as set forth in Section
4.4).
|
7.3.
|
INDIVIDUAL
RIGHTS OF TRUSTEE.
|
The
Trustee in its individual or any other capacity may become the owner or pledgee
of Securities and may make loans to, accept deposits from, perform services
for
or otherwise deal with the Company, or any Affiliate thereof, with the same
rights it would have if it were not Trustee. Any Agent may do the same with
like
rights. The Trustee, however, shall be subject to Sections 7.10 and 7.11
hereof.
|
7.4.
|
TRUSTEE’S
DISCLAIMER.
|
The
Trustee makes no representation as to the validity or adequacy of this Indenture
or the Securities (except that the Trustee represents that it is duly authorized
to execute and deliver this Indenture and authenticate the Securities and
perform its obligations hereunder), it shall not be accountable for the
Company’s use of the proceeds from the sale of Securities or any money paid to
the Company pursuant to the terms of this Indenture and it shall not be
responsible for any statement in the Securities other than its certificates
of
authentication.
-28-
|
7.5.
|
NOTICE
OF DEFAULT.
|
If
a
Default or an Event of Default occurs and is continuing with respect to the
Securities of any Series and if it is known to the Trustee, the Trustee shall
mail to each Securityholder of the Securities of that Series notice of the
Default or the Event of Default, as the case may be, within 90 days after
it
occurs or, if later, after a Responsible Officer of the Trustee has knowledge
of
such Default or Event of Default (except if such Default or Event of Default
has
been validly cured or waived before the giving of such notice). Except in
the
case of a Default or an Event of Default in payment of the principal of,
or
premium, if any, or interest on any Security of any Series, the Trustee may
withhold the notice if and so long as the Board of Directors of the Trustee,
the
executive committee or any trust committee of such board and/or its Responsible
Officers in good faith determine(s) that withholding the notice is in the
interests of the Securityholders of that Series.
|
7.6.
|
REPORTS
BY TRUSTEE TO HOLDERS.
|
If
and to
the extent required by the TIA, within 60 days after April 1 of each year,
commencing the April 1 following the date of this Indenture, the Trustee
shall
mail to each Securityholder a brief report dated as of such April 1 that
complies with TIA Section 313(a). The Trustee also shall comply with TIA
Sections 313(b) and 313(c).
A
copy of
each report at the time of its mailing to Securityholders shall be filed
with
the SEC and any stock exchange on which the Securities of that Series are
listed. The Company shall promptly notify the Trustee when the Securities
of any
Series are listed on any stock exchange or any delisting thereof, and the
Trustee shall comply with TIA Section 313(d).
|
7.7.
|
COMPENSATION
AND INDEMNITY.
|
The
Company shall pay to the Trustee from time to time reasonable compensation
for
its services. The Trustee’s compensation shall not be limited by any provision
of law on compensation of a trustee of an express trust. The Company shall
reimburse the Trustee within 45 days after receipt of request for all reasonable
out-of-pocket disbursements and expenses incurred or made by it in connection
with its duties under this Indenture, including the reasonable compensation,
disbursements and expenses of the Trustee’s agents and counsel.
The
Company shall indemnify the Trustee for, and hold it harmless against, any
and
all loss or liability incurred by it in connection with the acceptance or
performance of its duties under this Indenture including the reasonable costs
and expenses of defending itself against any claim or liability in connection
with the exercise or performance of any of its powers or duties hereunder.
The
Trustee shall notify the Company promptly of any claim asserted against the
Trustee for which it may seek indemnity.
-29-
The
failure by the Trustee to so notify the Company shall not however relieve
the
Company of its obligations. Notwithstanding the foregoing, the Company need
not
reimburse the Trustee for any expense or indemnify it against any loss or
liability incurred by the Trustee through its negligence or bad faith. To
secure
the payment obligations of the Company in this Section 7.7, the Trustee shall
have a lien prior to the Securities of any Series on all money or property
held
or collected by the Trustee except such money or property held in trust to
pay
principal of and interest and premium (if any) on particular Securities of
that
Series.
When
the
Trustee incurs expenses or renders services after an Event of Default specified
in Section 6.1(4) or (5) hereof occurs, the expenses and the compensation
for
the services are intended to constitute expenses of administration under
any
Bankruptcy Law.
For
purposes of this Section 7.7, the term “Trustee” shall include any trustee
appointed pursuant to Article 9.
|
7.8.
|
REPLACEMENT
OF TRUSTEE.
|
The
Trustee may resign with respect to the Securities of one or more Series by
so
notifying the Company in writing at least 90 days in advance of such
resignation.
The
Holders of a majority in principal amount of the outstanding Securities of
any
Series may remove the Trustee with respect to that Series by notifying the
removed Trustee in writing and may appoint a successor Trustee with respect
to
that Series with the consent of the Company, which consent shall not be
unreasonably withheld. The Company may remove the Trustee with respect to
that
Series at its election if:
(1) the
Trustee fails to comply with, or ceases to be eligible under, Section 7.10
hereof;
(2) the
Trustee is adjudged a bankrupt or an insolvent or an order for relief is
entered
with respect to the Trustee under any Bankruptcy Law;
(3) a
Custodian or other public officer takes charge of the Trustee or its property;
or
(4) the
Trustee otherwise becomes incapable of acting.
(5) If
the
Trustee resigns or is removed or if a vacancy exists in the office of Trustee
with respect to any Series of Securities for any reason, the Company shall
promptly appoint, by Board Resolution, a successor Trustee.
If
a
successor Trustee with respect to the Securities of one or more Series does
not
take office within 60 days after the retiring Trustee resigns or is removed,
the
retiring Trustee, the Company or the Holders of at least 10% in principal
amount
of the outstanding Securities of the applicable Series may petition any court
of
competent jurisdiction for the appointment of a successor Trustee.
If
the
Trustee with respect to the Securities of one or more Series fails to comply
with Section 7.10 hereof, any Securityholder of the applicable Series may
petition any court of competent jurisdiction for the removal of the Trustee
and
the appointment of a successor Trustee.
-30-
A
successor Trustee shall deliver a written acceptance of its appointment to
the
retiring Trustee and to the Company. Immediately following such delivery,
(i)
the retiring Trustee with respect to one or more Series shall, subject to
its
rights under Section 7.7 hereof, transfer all property held by it as Trustee
with respect to such Series to the successor Trustee, (ii) the resignation
or
removal of the retiring Trustee shall become effective, and (iii) the successor
Trustee with respect to such Series shall have all the rights, powers and
duties
of the Trustee under this Indenture. A successor Trustee with respect to
the
Securities of one or more Series shall mail notice of its succession to each
Securityholder of such Series.
|
7.9.
|
SUCCESSOR
TRUSTEE BY CONSOLIDATION, MERGER OR
CONVERSION.
|
If
the
Trustee, or any Agent, consolidates with, merges or converts into, or transfers
all or substantially all of its corporate trust assets to, another corporation,
subject to Section 7.10 hereof, the successor corporation without any further
act shall be the successor Trustee or Agent, as the case may be.
|
7.10.
|
ELIGIBILITY;
DISQUALIFICATION.
|
This
Indenture shall always have a Trustee who satisfies the requirements of TIA
Sections 310(a)(1), (2) and (5) in every respect. The Trustee (or in the
case of
a Trustee that is a Person included in a bank holding company system, the
related bank holding company) shall have a combined capital and surplus of
at
least $100,000,000 as set forth in its most recent published annual report
of
condition. The Trustee shall comply with TIA Section 310(b), including the
provision in Section 310(b)(1). In addition, if the Trustee is a Person included
in a bank holding company system, the Trustee, independently of such bank
holding company, shall meet the capital requirements of TIA Section 310(a)(2).
If at any time the Trustee shall cease to be eligible in accordance with
the
provisions of this Section 7.10, it shall resign immediately in the manner
and
with the effect specified in this Article 7.
|
7.11.
|
PREFERENTIAL
COLLECTION OF CLAIMS AGAINST
COMPANY.
|
The
Trustee shall comply with TIA Section 311(a), excluding any creditor
relationship listed in TIA Section 311(b). A Trustee who has resigned or
been
removed shall be subject to TIA Section 311(a) to the extent indicated therein.
|
7.12.
|
PAYING
AGENTS.
|
The
Company shall cause each Paying Agent other than the Trustee to execute and
deliver to it and the Trustee an instrument in which such agent shall agree
with
the Trustee, subject to the provisions of this Section 7.12:
(1) that
it
will hold all sums held by it as agent for the payment of principal of, or
premium, if any, or interest on, the Securities (whether such sums have been
paid to it by the Company or by any obligor on the Securities) in trust for
the
benefit of Holders of the Securities or the Trustee;
-31-
(2) that
it
will at any time during the continuance of any Event of Default, upon written
request from the Trustee, deliver to the Trustee all sums so held in trust
by it
together with a full accounting thereof; and
(3) that
it
will give the Trustee written notice within three (3) Business Days after
any
failure of the Company (or by any obligor on the Securities) in the payment
of
any installment of the principal of, premium, if any, or interest on, the
Securities when the same shall be due and payable.
ARTICLE
8
AMENDMENTS,
SUPPLEMENTS AND WAIVERS
|
8.1.
|
WITHOUT
CONSENT OF HOLDERS.
|
The
Company, when authorized by a Board Resolution, and the Trustee may amend
or
supplement this Indenture or the Securities of one or more Series without
notice
to or consent of any Securityholder:
(1) to
comply
with Section 5.1 hereof;
(2) to
provide for certificated Securities in addition to uncertificated Securities;
(3) to
comply
with any requirements of the SEC under the TIA;
(4) to
cure
any ambiguity, defect or inconsistency, or to make any other change herein
or in
the Securities that does not materially and adversely affect the rights of
any
Securityholder;
(5) to
provide for the issuance of and establish the form and terms and conditions
of
Securities of any Series as permitted by this Indenture; or
(6) to
evidence and provide for the acceptance of appointment hereunder by a successor
Trustee with respect to the Securities of one or more Series and to add to
or
change any of the provisions of this Indenture as shall be necessary to provide
for or facilitate the administration of the trusts hereunder by more than
one
Trustee.
The
Trustee is hereby authorized to join with the Company in the execution of
any
supplemental indenture authorized or permitted by the terms of this Indenture
and to make any further appropriate agreements and stipulations which may
be
therein contained, but the Trustee shall not be obligated to enter into any
such
supplemental indenture which adversely affects its own rights, duties or
immunities under this Indenture.
-32-
|
8.2.
|
WITH
CONSENT OF HOLDERS.
|
(a) The
Company, when authorized by a Board Resolution, and the Trustee may amend
or
supplement this Indenture or the Securities of one or more Series with the
written consent of the Holders of not less than a majority in aggregate
principal amount of the outstanding Securities of such Series affected by
such
amendment or supplement without notice to any Securityholder. The Holders
of not
less than a majority in aggregate principal amount of the outstanding Securities
of each such Series affected by such amendment or supplement may waive
compliance in a particular instance by the Company with any provision of
this
Indenture or the Securities of such Series without notice to any Securityholder.
Subject to Section 8.4, without the consent of each Securityholder affected,
however, an amendment, supplement or waiver may not:
(1) reduce
the amount of Securities whose Holders must consent to an amendment, supplement
or waiver to this Indenture or the Securities;
(2) reduce
the rate of or change the time for payment of interest on any Security;
(3) reduce
the principal or change the Stated Maturity of any Security or reduce the
amount
of, or postpone the date fixed for, the payment of any sinking fund or analogous
obligation;
(4) make
any
Security payable in money other than that stated in the Security;
(5) change
the amount or time of any payment required by the Securities or reduce the
premium payable upon any redemption of the Securities, or change the time
before
which no such redemption may be made;
(6) waive
a
Default or Event of Default in the payment of the principal of or interest
or
premium, if any, on any Security (except a rescission of acceleration of
the
Securities of any Series by the Holders of at least a majority in principal
amount of the outstanding Securities of such Series and a waiver of the payment
default that resulted from such acceleration);
(7) waive
a
redemption payment with respect to any Security or change any of the provisions
with respect to the redemption of any Securities;
(8) make
any
changes in Section 6.6 hereof or this Section 8.2; except to increase any
percentage of Securities the Holders of which must consent to any matter;
or
(9) take
any
other action otherwise prohibited by this Indenture to be taken without the
consent of each Holder affected thereby.
(b) Upon
the
request of the Company, accompanied by a Board Resolution authorizing the
execution of any such supplemental indenture, and upon the receipt by the
Trustee of evidence reasonably satisfactory to the Trustee of the consent
of the
Securityholders as aforesaid and upon receipt by the Trustee of the documents
described in Section 8.6 hereof, the Trustee shall join with the Company
in the
execution of such supplemental indenture unless such supplemental indenture
affects the Trustee’s own rights, duties or immunities under this Indenture, in
which case the Trustee may in its discretion, but shall not be obligated
to,
enter into such supplemental indenture.
-33-
(c) It
shall
not be necessary for the consent of the Holders under this section to approve
the particular form of any proposed amendment, supplement or waiver, but
it
shall be sufficient if such consent approves the substance thereof.
After
an
amendment or supplement under this Section becomes effective, the Company
shall
mail to Securityholders a notice briefly describing the amendment or supplement.
Any failure of the Company to mail any such notice, or any defect therein,
shall
not, however, in any way impair or affect the validity of any supplemental
indenture.
|
8.3.
|
COMPLIANCE
WITH TRUST INDENTURE ACT.
|
Every
amendment to or supplement of this Indenture or the Securities shall comply
with
the TIA as then in effect.
|
8.4.
|
REVOCATION
AND EFFECT OF CONSENTS.
|
Until
an
amendment, supplement, waiver or other action becomes effective, a consent
to it
by a Holder of a Security is a continuing consent conclusive and binding
upon
such Holder and every subsequent Holder of the same Security or portion thereof,
and of any Security issued upon the transfer thereof or in exchange therefor
or
in place thereof, even if notation of the consent is not made on any such
Security. Any such Holder or subsequent Holder, however, may revoke the consent
as to his Security or portion of a Security, if the Trustee receives the
notice
of revocation before the date the amendment, supplement, waiver or other
action
becomes effective.
The
Company may, but shall not be obligated to, fix a record date for the purpose
of
determining the Holders entitled to consent to any amendment, supplement,
or
waiver which record date shall be at least 30 days prior to the first
solicitation of such consent. If a record date is fixed, then, notwithstanding
the preceding paragraph, those Persons who were Holders at such record date
(or
their duly designated proxies), and only such Persons, shall be entitled
to
consent to such amendment, supplement, or waiver or to revoke any consent
previously given, whether or not such Persons continue to be Holders after
such
record date.
After
an
amendment, supplement, waiver or other action becomes effective, it shall
bind
every Securityholder, unless it makes a change described in any of clauses
(1)
through (9) of Section 8.2 hereof. In that case the amendment, supplement,
waiver or other action shall bind each Holder of a Security who has consented
to
it and every subsequent Holder of a Security or portion of a Security that
evidences the same debt as the consenting Holder’s Security; PROVIDED that any
such waiver shall not impair or affect the right of any Holder to receive
payment of principal of and interest and premium (if any) on a Security,
on or
after the respective due dates expressed in such Security, or to bring suit
for
the enforcement of any such payment on or after such respective dates without
the consent of such Holder.
|
8.5.
|
NOTATION
ON OR EXCHANGE OF SECURITIES.
|
If
an
amendment, supplement, or waiver changes the terms of a Security of any Series,
the Trustee may request the Holder of such Security to deliver it to the
Trustee. In such case, the Trustee shall place an appropriate notation on
such
Security about the changed terms and return it to the Holder. Alternatively,
the
Company in exchange for such Security may issue and the Trustee shall
authenticate a new security that reflects the changed terms. Failure to make
the
appropriate notation or issue a new Security shall not affect the validity
and
effect of such amendment, supplement or waiver.
-34-
|
8.6.
|
TRUSTEE
TO SIGN AMENDMENTS, ETC.
|
The
Trustee shall sign any amendment, supplement or waiver authorized pursuant
to
this Article 8 if the amendment, supplement or waiver does not adversely
affect
the rights, duties, liabilities or immunities of the Trustee. If it does,
the
Trustee may, but need not, sign it. In signing or refusing to sign such
amendment, supplement or waiver the Trustee shall be entitled to receive
and,
subject to Section 7.1 hereof, shall be fully protected in relying upon an
Officers’ Certificate and an Opinion of Counsel stating that such amendment,
supplement or waiver is authorized or permitted by this Indenture. The Company
may not sign an amendment or supplement until the Board of Directors of the
Company approves it.
ARTICLE
9
DISCHARGE
OF INDENTURE; DEFEASANCE
|
9.1.
|
DISCHARGE
OF INDENTURE.
|
The
Company may terminate its obligations under the Securities of any Series
and
this Indenture with respect to such Series, except the obligations referred
to
in the last paragraph of this Section 9.1, if there shall have been canceled
by
the Trustee or delivered to the Trustee for cancellation all Securities of
such
Series theretofore authenticated and delivered (other than any Securities
of
such Series that are asserted to have been destroyed, lost or stolen and
that
shall have been replaced as provided in Section 2.8 hereof) and the Company
has
paid all sums payable by it hereunder or deposited all required sums with
the
Trustee.
After
such delivery the Trustee upon request shall acknowledge in a writing prepared
by or on behalf of the Company the discharge of the Company’s obligations under
the Securities of such Series and this Indenture except for those surviving
obligations specified below.
Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the
Company
in Sections 7.7, 9.5 and 9.6 hereof shall survive.
|
9.2.
|
LEGAL
DEFEASANCE.
|
The
Company may at its option, by Board Resolution, be discharged from its
obligations with respect to the Securities of any Series on the date upon
which
the conditions set forth in Section 9.4 below are satisfied (hereinafter,
“Legal
Defeasance”). For this purpose, such Legal Defeasance means that the Company
shall be deemed to have paid and discharged the entire indebtedness represented
by the Securities of such Series 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 Company, shall, subject
to
Section 9.6 hereof, execute proper instruments acknowledging the same, as
are
delivered to it by the Company), except for the following which shall survive
until otherwise terminated or discharged hereunder: (A) the rights of Holders
of
outstanding Securities of such Series to receive solely from the trust funds
described in Section 9.4 hereof and as more fully set forth in such section,
payments in respect of the principal of, premium, if any, and interest on
the
Securities of such Series when such payments are due, (B) the Company’s
obligations with respect to the Securities of such Series under Sections
2.4,
2.5, 2.6, 2.7, 2.8 and 2.9 hereof, (C) the rights, powers, trusts, duties,
and
immunities of the Trustee hereunder (including claims of, or payments to,
the
Trustee under or pursuant to Section 7.7 hereof) and (D) this Article 9.
Subject
to compliance with this Article 9, the Company may exercise its option under
this Section 9.2 with respect to the Securities of any Series notwithstanding
the prior exercise of its option under Section 9.3 below with respect to
the
Securities of such Series.
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|
9.3.
|
COVENANT
DEFEASANCE.
|
At
the
option of the Company, pursuant to a Board Resolution, the Company shall
be
released from its obligations with respect to the outstanding Securities
of any
Series under Sections 4.2 through 4.5 hereof, inclusive, and Section 5.1
hereof,
with respect to the outstanding Securities of such Series, on and after the
date
the conditions set forth in Section 9.4 hereof are satisfied (hereinafter,
“Covenant Defeasance”). For this purpose, such Covenant Defeasance means that
the Company may omit to comply with and shall have no liability in respect
of
any term, condition or limitation set forth in any such specified section
or
portion thereof, whether directly or indirectly by reason of any reference
elsewhere herein to any such specified Section or portion thereof or by reason
of any reference in any such specified section or portion thereof to any
other
provision herein or in any other document, but the remainder of this Indenture
and the Securities of any Series shall be unaffected thereby.
|
9.4.
|
CONDITIONS
TO LEGAL DEFEASANCE OR COVENANT
DEFEASANCE.
|
The
following shall be the conditions to application of Section 9.2 or Section
9.3
hereof to the outstanding Securities of a Series:
(1) the
Company shall irrevocably have deposited or caused to be deposited with the
Trustee (or another trustee satisfying the requirements of Section 7.10 hereof
who shall agree to comply with the provisions of this Article 9 applicable
to
it) as 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 the Securities, (A) money in an amount, or (B) U.S. Government
Obligations or Foreign Government Obligations which through the scheduled
payment of principal and interest in respect thereof in accordance with their
terms will provide, not later than 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 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, premium, if any, and accrued interest on the
outstanding Securities of such Series at the Stated Maturity of such principal,
premium, if any, or interest, or on dates for payment and redemption of such
principal, premium, if any, and interest selected in accordance with the
terms
of this Indenture and of the Securities of such Series;
-36-
(2) no
Event
of Default or Default with respect to the Securities of such Series shall
have
occurred and be continuing on the date of such deposit, or shall have occurred
and be continuing at any time during the period ending on the 91st day after
the
date of such deposit or, if longer, ending on the day following the expiration
of the longest preference period under any Bankruptcy Law applicable to the
Company in respect of such deposit as specified in the Opinion of Counsel
identified in paragraph (8) below (it being understood that this condition
shall
not be deemed satisfied until the expiration of such period);
(3) such
Legal Defeasance or Covenant Defeasance shall not cause the Trustee to have
a
conflicting interest for purposes of the TIA with respect to any securities
of
the Company;
(4) such
Legal Defeasance or Covenant Defeasance shall not result in a breach or
violation of, or constitute default under any other agreement or instrument
to
which the Company is a party or by which it is bound;
(5) the
Company shall have delivered to the Trustee an Opinion of Counsel stating
that,
as a result of such Legal Defeasance or Covenant Defeasance, neither the
trust
nor the Trustee will be required to register as an investment company under
the
Investment Company Act of 1940, as amended;
(6) in
the
case of an election under Section 9.2 above, the Company shall have delivered
to
the Trustee an Opinion of Counsel stating that (i) the Company has received
from, or there has been published by, the Internal Revenue Service a ruling
to
the effect that or (ii) there has been a change in any applicable Federal
income
tax law with the effect that, and such opinion shall confirm that, the Holders
of the outstanding Securities of such Series or Persons in their positions
will
not recognize income, gain or loss for Federal income tax purposes solely
as a
result of such Legal Defeasance and will be subject to Federal income tax
on the
same amounts, in the same manner, including as a result of prepayment, and
at
the same times as would have been the case if such Legal Defeasance had not
occurred;
(7) in
the
case of an election under Section 9.3 hereof, the Company shall have delivered
to the Trustee an Opinion of Counsel to the effect that the Holders of the
outstanding Securities of such Series will not recognize income, gain or
loss
for Federal income tax purposes as a result of such Covenant Defeasance and
will
be subject to Federal income tax on the same amounts, in the same manner
and at
the same times as would have been the case if such Covenant Defeasance had
not
occurred;
(8) the
Company shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that all conditions precedent provided for
in
this Article 9 relating to either the Legal Defeasance under Section 9.2
above
or the Covenant Defeasance under Section 9.3 hereof (as the case may be)
have
been complied with;
(9) the
Company shall have delivered to the Trustee an Officers’ Certificate stating
that the deposit under clause (1) was not made by the Company with the intent
of
defeating, hindering, delaying or defrauding any creditors of the Company
or
others; and
(10) the
Company shall have paid or duly provided for payment under terms mutually
satisfactory to the Company and the Trustee all amounts then due to the Trustee
pursuant to Section 7.7 hereof.
-37-
|
9.5.
|
DEPOSITED
MONEY AND U.S. AND FOREIGN GOVERNMENT OBLIGATIONS TO BE HELD IN
TRUST;
OTHER MISCELLANEOUS PROVISIONS.
|
All
money, U.S. Government Obligations and Foreign Government Obligations (including
the proceeds thereof) deposited with the Trustee pursuant to Section 9.4
hereof
in respect of the outstanding 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 as
the
Trustee may determine, to the Holders of such Securities, of all sums due
and to
become due thereon in respect of principal, premium, if any, and accrued
interest, but such money need not be segregated from other funds except to
the
extent required by law.
The
Company shall pay and indemnify the Trustee against any tax, fee or other
charge
imposed on or assessed against the U.S. Government Obligations and Foreign
Government Obligations deposited pursuant to Section 9.4 hereof or the
principal, premium, if any, 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 9 to the contrary notwithstanding, but subject to payment
of any
of its outstanding fees and expenses, the Trustee shall deliver or pay to
the
Company from time to time upon Company Request any money, U.S. Government
Obligations or Foreign Government Obligations held by it as provided in Section
9.4 hereof 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 Legal Defeasance or Covenant Defeasance.
|
9.6.
|
REINSTATEMENT.
|
If
the
Trustee or Paying Agent is unable to apply any money, U.S. Government
Obligations or Foreign Government Obligations in accordance with Section
9.1,
9.2, 9.3 or 9.4 hereof by reason of any legal proceeding or by reason of
any
order or judgment of any court or governmental authority enjoining, restraining
or otherwise prohibiting such application, the Company’s obligations under this
Indenture and the Securities shall be revived and reinstated as though no
deposit had occurred pursuant to this Article 9 until such time as the Trustee
or Paying Agent is permitted to apply all such money, U.S. Government
Obligations or Foreign Government Obligations, as the case may be, in accordance
with Section 9.1, 9.2, 9.3 or 9.4 hereof; PROVIDED, HOWEVER, that if the
Company
has made any payment of principal of, premium, if any, or accrued interest
on
any Securities because of the reinstatement of their obligations, the Company
shall be subrogated to the rights of the Holders of such Securities to receive
such payment from the money, U.S. Government Obligations or Foreign Government
Obligations held by the Trustee or Paying Agent.
|
9.7.
|
MONEYS
HELD BY PAYING AGENT.
|
In
connection with the satisfaction and discharge of this Indenture, all moneys
then held by any Paying Agent under the provisions of this Indenture shall,
upon
demand of the Company, be paid to the Trustee, or if sufficient moneys have
been
deposited pursuant to Section 9.1 hereof, to the Company, and thereupon such
Paying Agent shall be released from all further liability with respect to
such
moneys.
-38-
|
9.8.
|
MONEYS
HELD BY TRUSTEE.
|
Any
moneys deposited with the Trustee or any Paying Agent or then held by the
Company in trust for the payment of the principal of, or premium, if any,
or
interest on any Security that are not applied but remain unclaimed by the
Holder
of such Security for two years after the date upon which the principal of,
or
premium, if any, or interest on such Security shall have respectively become
due
and payable shall be repaid to the Company upon Company Request, or if such
moneys are then held by the Company in trust, such moneys shall be released
from
such trust; and the Holder of such Security entitled to receive such payment
shall thereafter, as an unsecured general creditor, look only to the Company
for
the payment thereof, and all liability of the Trustee or such Paying Agent
with
respect to such trust money shall thereupon cease; PROVIDED, HOWEVER, that
the
Trustee or any such Paying Agent, before being required to make any such
repayment, may, at the expense of the Company, either mail to each
Securityholder affected, at the address shown in the register of the Securities
maintained by the Registrar or cause to be published once a week for two
successive weeks, in a newspaper published in the English language, customarily
published each Business Day and of general circulation in the City of New
York,
New York, a 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
mailing or publication, any unclaimed balance of such moneys then remaining
will
be repaid to the Company. After payment to the Company or the release of
any
money held in trust by the Company, Securityholders entitled to the money
must
look only to the Company for payment as general creditors unless applicable
abandoned property law designates another Person.
ARTICLE
10
MISCELLANEOUS
|
10.1.
|
TRUST
INDENTURE ACT CONTROLS.
|
If
any
provision of this Indenture limits, qualifies or conflicts with another
provision which is required to be included in this Indenture by the TIA,
the
required provision shall control. If any provision of this Indenture modifies
or
excludes any provision of the TIA which may be so modified or excluded, the
latter provision shall be deemed to apply to this Indenture as so modified
or to
be excluded, as the case may be.
|
10.2.
|
NOTICES.
|
Any
notice or communication shall be given in writing and delivered in Person,
sent
by facsimile (and receipt confirmed by telephone or electronic transmission
report), delivered by commercial courier service or mailed by first-class
mail,
postage prepaid, addressed as follows:
If
to the
Company:
Lumera
Corporation
00000
Xxxxx Xxxxx Xxxxxxx
Xxxxxxx,
Xxxxxxxxxx 00000
Fax: (000)
000-0000
Attention:
Xxxxx Xxxxx
-39-
Copy
to:
Ropes
& Xxxx LLP
Xxx
Xxxxxxxxxxxxx Xxxxx
Xxxxxx,
Xxxxxxxxxxxxx 00000
Fax:
(000) 000-0000
Attention:
Xxxxxxxxxxx Xxxxxx, Esq.
If
to the
Trustee:
__________________________
__________________________
__________________________
__________________________
The
Company or the Trustee by written notice to the other may designate additional
or different addresses for subsequent notices or communications. Any notice
or
communication to the Company or the Trustee shall be deemed to have been
given
or made as of the date so delivered if personally delivered; when receipt
is
confirmed by telephone or electronic transmission report, if sent by facsimile;
and three (3) Business Days after mailing if sent by registered or certified
mail, postage prepaid (except that a notice of change of address shall not
be
deemed to have been given until actually received by the addressee).
Any
notice or communication mailed to a Securityholder shall be mailed to such
Securityholder by first-class mail, postage prepaid, at such Securityholder’s
address shown on the register kept by the Registrar.
Failure
to mail a notice or communication to a Securityholder or any defect in it
shall
not affect its sufficiency with respect to other Securityholders. If a notice
or
communication to a Securityholder is mailed in the manner provided above,
it
shall be deemed duly given, three Business Days after such mailing, whether
or
not the addressee receives it.
In
case
by reason of the suspension of regular mail service, or by reason of any
other
cause, it shall be impossible to mail any notice as required by this Indenture,
then such method of notification as shall be made with the approval of the
Trustee shall constitute a sufficient mailing of such notice.
In
the
case of Global Securities, notices or communications to be given to
Securityholders shall be given to the Depository, in accordance with its
applicable policies as in effect from time to time.
In
addition to the manner provided for in the foregoing provisions, notices
or
communications to Securityholders shall be given by the Company by release
made
to Reuters Economic Services and Bloomberg Business News.
-40-
|
10.3.
|
COMMUNICATIONS
BY HOLDERS WITH OTHER HOLDERS.
|
Securityholders
of any Series may communicate pursuant to TIA Section 312(b) with other
Securityholders of that Series or any other Series with respect to their
rights
under this Indenture or the Securities of that Series or any other Series.
The
Company, the Trustee, the Registrar and any other Person shall have the
protection of TIA Section 312(c).
|
10.4.
|
CERTIFICATE
AND OPINION AS TO CONDITIONS
PRECEDENT.
|
Upon
any
request or application by the Company to the Trustee to take any action under
this Indenture, the Company shall furnish to the Trustee:
(1) an
Officers’ Certificate (which shall include the statements set forth in Section
10.5 below) stating that, in the opinion of the signers, all conditions
precedent, if any, provided for in this Indenture relating to the proposed
action have been complied with; and
(2) an
Opinion of Counsel (which shall include the statements set forth in Section
10.5
below) stating that, in the opinion of such counsel, all such conditions
precedent have been complied with.
|
10.5.
|
STATEMENT
REQUIRED IN CERTIFICATE AND
OPINION.
|
Each
certificate and opinion with respect to compliance with a condition or covenant
provided for in this Indenture (other than pursuant to Section 4.4 hereof)
shall
include:
(1) a
statement that the Person making such certificate or opinion has read such
covenant or condition;
(2) 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;
(3) a
statement that, in the opinion of such Person, it or he has made such
examination or investigation as is necessary to enable it or him to express
an
informed opinion as to whether or not such covenant or condition has been
complied with; and
(4) a
statement as to whether or not, in the opinion of such Person, such covenant
or
condition has been complied with.
|
10.6.
|
RULES
BY TRUSTEE AND AGENTS.
|
The
Trustee may make reasonable rules for action by or at meetings of
Securityholders. The Registrar and Paying Agent may make reasonable rules
for
their functions.
|
10.7.
|
BUSINESS
DAYS; LEGAL HOLIDAYS; PLACE OF
PAYMENT.
|
A
“Business Day” is a day that is not a Legal Holiday. A “Legal Holiday” is a
Saturday, a Sunday, a federally-recognized holiday or a day on which banking
institutions are not authorized or required by law or executive order to
be open
in the State of Washington or the State of New York.
-41-
If
a
payment date is a Legal Holiday at a Place of Payment, payment may be made
at
that place on the next succeeding day that is not a Legal Holiday, and no
interest shall accrue for the intervening period. “Place of Payment” means the
place or places where the principal of and any premium and interest on the
Securities of a Series are payable as specified as contemplated by Section
2.2.
If the regular record date is a Legal Holiday, the record date shall not
be
affected.
|
10.8.
|
GOVERNING
LAW.
|
THIS
INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF DELAWARE, AS APPLIED TO CONTRACTS MADE AND
PERFORMED WITHIN THE STATE OF DELAWARE, WITHOUT REGARD TO PRINCIPLES OF
CONFLICTS OF LAW.
|
10.9.
|
NO
ADVERSE INTERPRETATION OF OTHER
AGREEMENTS.
|
This
Indenture may not be used to interpret another indenture, loan, security
or debt
agreement of the Company or any Subsidiary thereof. No such indenture, loan,
security or debt agreement may be used to interpret this Indenture.
|
10.10.
|
NO
RECOURSE AGAINST OTHERS.
|
A
director, officer, employee, stockholder or incorporator, as such, of the
Company shall not have any liability for any obligations of the Company under
the Securities or the Indenture. Each Securityholder by accepting a Security
waives and releases all such liability. Such waiver and release are part
of the
consideration for the issuance of the Securities.
|
10.11.
|
SUCCESSORS.
|
All
covenants and agreements of the Company in this Indenture and the Securities
shall bind its successors and assigns, whether so expressed or not. All
agreements of the Trustee, any additional trustee and any Paying Agents in
this
Indenture shall bind their respective successors and assigns.
|
10.12.
|
MULTIPLE
COUNTERPARTS.
|
The
parties may sign multiple counterparts of this Indenture. Each signed
counterpart shall be deemed an original, but all of them together represent
one
and the same agreement.
|
10.13.
|
TABLE
OF CONTENTS, HEADINGS, ETC.
|
The
table
of contents, cross-reference sheet and headings of the Articles and Sections
of
this Indenture have been inserted for convenience of reference only, are
not to
be considered a part hereof, and shall in no way modify or restrict any of
the
terms or provisions hereof.
-42-
|
10.14.
|
SEVERABILITY.
|
Each
provision of this Indenture shall be considered separable and if for any
reason
any provision which is not essential to the effectuation of the basic purpose
of
this Indenture or 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 and a Holder shall have no claim
therefor against any party hereto.
|
10.15.
|
SECURITIES
IN A FOREIGN CURRENCY OR IN EURO.
|
Unless
otherwise specified in a Board Resolution, a supplemental indenture hereto
or an
Officers’ Certificate delivered pursuant to Section 2.2 of this Indenture with
respect to a particular Series of Securities, whenever for purposes of this
Indenture any action may be taken by the Holders of a specified percentage
in
aggregate principal amount of Securities of all Series or all Series affected
by
a particular action at the time outstanding and, at such time, there are
outstanding Securities of any Series which are denominated in a coin or currency
other than Dollars (including Euros), then the principal amount of Securities
of
such Series which shall be deemed to be outstanding for the purpose of taking
such action shall be that amount of Dollars that could be obtained for such
amount at the Market Exchange Rate at such time. For purposes of this Section
10.15, “Market Exchange Rate” shall mean the noon Dollar buying rate in New York
City for cable transfers of that currency as published by the Federal Reserve
Bank of New York; PROVIDED, HOWEVER, in the case of Euros, Market Exchange
Rate
shall mean the rate of exchange determined by the Commission of the European
Union (or any successor thereto) as published in the Official Journal of
the
European Union (such publication or any successor publication, the “Journal”).
If such Market Exchange Rate is not available for any reason with respect
to
such currency, the Trustee shall use, in its sole discretion and without
liability on its part, such quotation of the Federal Reserve Bank of New
York
or, in the case of Euros, the rate of exchange as published in the Journal,
as
of the most recent available date, or quotations or, in the case of Euros,
rates
of exchange from one or more major banks in The City of New York or in the
country of issue of the currency in question or, in the case of Euros, in
Luxembourg or such other quotations or, in the case of Euros, rates of exchange
as the Trustee, upon consultation with the Company, shall deem appropriate.
The
provisions of this paragraph shall apply in determining the equivalent principal
amount in respect of Securities of a Series denominated in currency other
than
Dollars in connection with any action taken by Holders of Securities pursuant
to
the terms of this Indenture.
All
decisions and determinations of the Trustee regarding the Market Exchange
Rate
or any alternative determination provided for in the preceding paragraph
shall
be in its sole discretion and shall, in the absence of manifest error, be
conclusive to the extent permitted by law for all purposes and irrevocably
binding upon the Company and all Holders.
-43-
|
10.16.
|
JUDGMENT
CURRENCY.
|
The
Company agrees, to the fullest extent that it may effectively do so under
applicable law, that (a) if for the purpose of obtaining judgment in any
court
it is necessary to convert the sum due in respect of the principal of or
interest or premium (if any) or other amount on the Securities of any Series
(the “Required Currency”) into a currency in which a judgment will be rendered
(the “Judgment Currency”), the rate of exchange used shall be the rate at which
in accordance with normal banking procedures the Trustee could purchase in
The
City of New York the Required Currency with the Judgment Currency on the
day on
which final unappealable judgment is entered, unless such day is not a New
York
Banking Day, then, the rate of exchange used shall be the rate at which in
accordance with normal banking procedures the Trustee could purchase in The
City
of New York the Required Currency with the Judgment Currency on the New York
Banking Day preceding the day on which final unappealable judgment is entered
and (b) its obligations under this Indenture to make payments in the Required
Currency (i) shall not be discharged or satisfied by any tender, any recovery
pursuant to any judgment (whether or not entered in accordance with subsection
(a)), in any currency other than the Required Currency, except to the extent
that such tender or recovery shall result in the actual receipt, by the payee,
of the full amount of the Required Currency expressed to be payable in respect
of such payments, (ii) shall be enforceable as an alternative or additional
cause of action for the purpose of recovering in the Required Currency the
amount, if any, by which such actual receipt shall fall short of the full
amount
of the Required Currency so expressed to be payable, and (iii) shall not
be
affected by judgment being obtained for any other sum due under this Indenture.
For purposes of the foregoing, “New York Banking Day” means any day except a
Saturday, Sunday or a legal holiday in The City of New York on which banking
institutions are authorized or required by law, regulation or executive order
to
close.
IN
WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly
executed, and their respective corporate seals to be hereunto affixed and
attested, all as of the day and year first above written.
| LUMERA CORPORATION | ||
| |
|
|
| By: |
|
|
| Name: |
|
|
| Title: |
|
|
| [Name of Trustee] | ||
| |
|
|
| By: |
|
|
| Name: |
|
|
| Title: |
|
|
| By: |
|
|
| Name: |
|
|
| Title: |
|
-00-
XXXXX
XX XXXXXXXXXX )
)
SS
COUNTY
OF _________________ )
On
this,
the ____ day of __________, ____, before me, a Notary Public in and for said
County and State, the undersigned officer, personally appeared
______________________________, known to me (or satisfactorily proven) to
be the
person whose name is subscribed to the within instrument and acknowledged
that
he or she executed the same for the purposes therein contained.
IN
WITNESS WHEREOF, I hereunto set my hand and official seal.
Notary
Public__________________________________________________________________
[SEAL]
My
Commission Expires:
STATE
OF WASHINGTON )
)
SS
COUNTY
OF _________________ )
On
this,
the ____ day of __________, ____, before me, a Notary Public in and for said
County and State, the undersigned officer, personally appeared
_______________________________, known to me (or satisfactorily proven) to be
the person whose name is subscribed to the within instrument and acknowledged
that he or she executed the same for the purposes therein contained.
IN
WITNESS WHEREOF, I hereunto set my hand and official seal.
Notary
Public__________________________________________________________________
[SEAL]
My
Commission Expires:
-45-
