EXHIBIT 4.1
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INDENTURE
Dated as of November 23, 2005
Among
SUNSHINE ACQUISITION II, INC.,
SS&C TECHNOLOGIES, INC.,
THE GUARANTORS NAMED ON THE SIGNATURE PAGES HERETO
and
XXXXX FARGO BANK, NATIONAL ASSOCIATION,
as Trustee
11 3/4% SENIOR SUBORDINATED NOTES DUE 2013
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CROSS-REFERENCE TABLE*
Trust Indenture Act Section Indenture Section
--------------------------- ------------------
310 (a)(1)................................................. 7.10
(a)(2)................................................. 7.10
(a)(3)................................................. N.A.
(a)(4)................................................. N.A.
(a)(5)................................................. 7.10
(b).................................................... 7.10
(c).................................................... N.A.
311 (a).................................................... 7.11
(b).................................................... 7.11
(c).................................................... N.A.
312 (a).................................................... 2.05
(b).................................................... 13.03
(c).................................................... 13.03
313 (a).................................................... 7.06
(b)(1)................................................. N.A.
(b)(2)................................................. 7.06; 7.07
(c).................................................... 7.06; 13.02
(d).................................................... 7.06
314 (a).................................................... 4.03; 13.02; 13.05
(b).................................................... N.A.
(c)(1)................................................. 13.04
(c)(2)................................................. 13.04
(c)(3)................................................. N.A.
(d).................................................... N.A.
(e).................................................... 13.05
(f).................................................... N.A.
315 (a).................................................... 7.01
(b).................................................... 7.05; 13.02
(c).................................................... 7.01
(d).................................................... 7.01
(e).................................................... 6.14
316 (a)(last sentence)..................................... 2.09
(a)(1)(A).............................................. 6.05
(a)(1)(B).............................................. 6.04
(a)(2)................................................. N.A.
(b).................................................... 6.07
(c).................................................... 2.12; 9.04
317 (a)(1)................................................. 6.08
(a)(2)................................................. 6.12
(b).................................................... 2.04
318 (a).................................................... 13.01
(b).................................................... N.A.
(c).................................................... 13.01
N.A. means not applicable.
* This Cross-Reference Table is not part of the Indenture.
TABLE OF CONTENTS
Page
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ARTICLE 1
DEFINITIONS AND INCORPORATION BY REFERENCE
Section 1.01 Definitions.............................................. 1
Section 1.02 Other Definitions........................................ 26
Section 1.03 Incorporation by Reference of Trust Indenture Act........ 27
Section 1.04 Rules of Construction.................................... 28
Section 1.05 Acts of Holders.......................................... 28
ARTICLE 2
THE NOTES
Section 2.01 Form and Dating; Terms................................... 29
Section 2.02 Execution and Authentication............................. 30
Section 2.03 Registrar, Paying Agent and Calculation Agent............ 31
Section 2.04 Paying Agent to Hold Money in Trust...................... 31
Section 2.05 Holder Lists............................................. 32
Section 2.06 Transfer and Exchange.................................... 32
Section 2.07 Replacement Notes........................................ 43
Section 2.08 Outstanding Notes........................................ 43
Section 2.09 Treasury Notes........................................... 44
Section 2.10 Temporary Notes.......................................... 44
Section 2.11 Cancellation............................................. 44
Section 2.12 Defaulted Interest....................................... 45
Section 2.13 CUSIP Numbers............................................ 45
ARTICLE 3
REDEMPTION
Section 3.01 Notices to Trustee....................................... 45
Section 3.02 Selection of Notes to Be Redeemed or Purchased........... 46
Section 3.03 Notice of Redemption or Repurchase....................... 46
Section 3.04 Effect of Notice of Redemption........................... 47
Section 3.05 Deposit of Redemption or Purchase Price.................. 47
Section 3.06 Notes Redeemed or Purchased in Part...................... 48
Section 3.07 Optional Redemption...................................... 48
Section 3.08 Mandatory Redemption..................................... 49
Section 3.09 Offers to Repurchase by Application of Excess Proceeds... 49
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ARTICLE 4
COVENANTS
Section 4.01 Payment of Notes......................................... 51
Section 4.02 Maintenance of Office or Agency.......................... 51
Section 4.03 Reports.................................................. 52
Section 4.04 Compliance Certificate................................... 53
Section 4.05 Taxes.................................................... 53
Section 4.06 Stay, Extension and Usury Laws........................... 53
Section 4.07 Restricted Payments...................................... 53
Section 4.08 Dividend and Other Payment Restrictions Affecting
Subsidiaries.......................................... 57
Section 4.09 Incurrence of Indebtedness and Issuance of Preferred
Stock................................................. 58
Section 4.10 Asset Sales.............................................. 62
Section 4.11 Transactions with Affiliates............................. 63
Section 4.12 Liens.................................................... 65
Section 4.13 Corporate Existence...................................... 65
Section 4.14 Offer to Repurchase upon Change of Control............... 66
Section 4.15 Business Activities...................................... 67
Section 4.16 Payments for Consent..................................... 68
Section 4.17 Additional Note Guarantees............................... 68
Section 4.18 Designation of Restricted and Unrestricted
Subsidiaries.......................................... 68
Section 4.19 Limitation on Senior Subordinated Debt................... 68
ARTICLE 5
SUCCESSORS
Section 5.01 Merger, Consolidation or Sale of All Assets.............. 69
Section 5.02 Successor Corporation Substituted........................ 70
ARTICLE 6
DEFAULTS AND REMEDIES
Section 6.01 Events of Default........................................ 70
Section 6.02 Acceleration............................................. 72
Section 6.03 Other Remedies........................................... 72
Section 6.04 Waiver of Past Defaults.................................. 72
Section 6.05 Control by Majority...................................... 73
Section 6.06 Limitation on Suits...................................... 73
Section 6.07 Rights of Holders of Notes to Receive Payment............ 73
Section 6.08 Collection Suit by Trustee............................... 73
Section 6.09 Restoration of Rights and Remedies....................... 74
Section 6.10 Rights and Remedies Cumulative........................... 74
Section 6.11 Delay or Omission Not Waiver............................. 74
Section 6.12 Trustee May File Proofs of Claim......................... 74
Section 6.13 Priorities............................................... 75
Section 6.14 Undertaking for Costs.................................... 75
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ARTICLE 7
TRUSTEE
Section 7.01 Duties of Trustee........................................ 75
Section 7.02 Rights of Trustee........................................ 76
Section 7.03 Individual Rights of Trustee............................. 77
Section 7.04 Trustee's Disclaimer..................................... 77
Section 7.05 Notice of Defaults....................................... 78
Section 7.06 Reports by Trustee to Holders of the Notes............... 78
Section 7.07 Compensation and Indemnity............................... 78
Section 7.08 Replacement of Trustee................................... 79
Section 7.09 Successor Trustee by Merger, etc......................... 80
Section 7.10 Eligibility; Disqualification............................ 80
Section 7.11 Preferential Collection of Claims Against Issuer......... 80
ARTICLE 8
LEGAL DEFEASANCE AND COVENANT DEFEASANCE
Section 8.01 Option to Effect Legal Defeasance or Covenant
Defeasance............................................ 80
Section 8.02 Legal Defeasance and Discharge........................... 80
Section 8.03 Covenant Defeasance...................................... 81
Section 8.04 Conditions to Legal or Covenant Defeasance............... 81
Section 8.05 Deposited Money and Government Securities to Be Held in
Trust; Other Miscellaneous Provisions ................ 82
Section 8.06 Repayment to Issuer...................................... 83
Section 8.07 Reinstatement............................................ 83
ARTICLE 9
AMENDMENT, SUPPLEMENT AND WAIVER
Section 9.01 Without Consent of Holders of Notes...................... 84
Section 9.02 With Consent of Holders of Notes......................... 85
Section 9.03 Compliance with Trust Indenture Act...................... 86
Section 9.04 Revocation and Effect of Consents........................ 86
Section 9.05 Notation on or Exchange of Notes......................... 86
Section 9.06 Trustee to Sign Amendments, etc.......................... 86
ARTICLE 10
NOTE GUARANTEES
Section 10.01 Note Guarantee........................................... 87
Section 10.02 Subordination of Note Guarantee.......................... 88
Section 10.03 Limitation on Guarantor Liability........................ 88
Section 10.04 Execution and Delivery................................... 89
Section 10.05 Subrogation.............................................. 89
Section 10.06 Benefits Acknowledged.................................... 89
Section 10.07 Release of Note Guarantees............................... 89
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Section 10.08 Guarantors May Consolidate, etc., on Certain Terms....... 90
ARTICLE 11
SATISFACTION AND DISCHARGE
Section 11.01 Satisfaction and Discharge............................... 91
Section 11.02 Application of Trust Money............................... 92
ARTICLE 12
SUBORDINATION OF NOTES
Section 12.01 Notes Subordinated to Senior Debt........................ 92
Section 12.02 Suspension of Payment When Senior Debt Is in Default..... 92
Section 12.03 Notes Subordinated to Prior Payment of All Senior Debt
on Dissolution, Liquidation or Reorganization of
the Issuer............................................ 94
Section 12.04 Payments May Be Made Prior to Dissolution................ 95
Section 12.05 Holders To Be Subrogated to Rights of Holders of Senior
Debt.................................................. 95
Section 12.06 Obligations of the Issuer Unconditional.................. 95
Section 12.07 Notice to Trustee........................................ 96
Section 12.08 Reliance on Judicial Order or Certificate of Liquidating
Agent................................................. 96
Section 12.09 Trustee's Relation to Senior Debt........................ 96
Section 12.10 Subordination Rights Not Impaired by Acts or Omissions
of the Issuer or Holders of Senior Debt .............. 97
Section 12.11 Noteholders Authorize Trustee to Effectuate
Subordination of Notes................................ 97
Section 12.12 This Article 12 Not to Prevent Events of Default......... 98
Section 12.13 Trustee's Compensation Not Prejudiced.................... 98
Section 12.14 Acceleration of Notes.................................... 98
ARTICLE 13
MISCELLANEOUS
Section 13.01 Trust Indenture Act Controls............................. 98
Section 13.02 Notices.................................................. 98
Section 13.03 Communication by Holders of Notes with Other Holders
of Notes.............................................. 100
Section 13.04 Certificate and Opinion as to Conditions Precedent....... 100
Section 13.05 Statements Required in Certificate or Opinion............ 100
Section 13.06 Rules by Trustee and Agents.............................. 100
Section 13.07 No Personal Liability of Directors, Officers, Employees
and Stockholders...................................... 101
Section 13.08 Governing Law............................................ 101
Section 13.09 Waiver of Jury Trial..................................... 101
Section 13.10 Force Majeure............................................ 101
Section 13.11 No Adverse Interpretation of Other Agreements............ 101
Section 13.12 Successors............................................... 101
Section 13.13 Severability............................................. 101
Section 13.14 Counterpart Originals.................................... 102
Section 13.15 Table of Contents, Headings, etc......................... 102
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EXHIBITS
Exhibit A Form of Note
Exhibit B Form of Certificate of Transfer
Exhibit C Form of Certificate of Exchange
Exhibit D Form of Note Guarantee
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INDENTURE, dated as of November 23, 2005, among Sunshine Acquisition
II, Inc., a Delaware corporation ("Sunshine"), SS&C Technologies, Inc., a
Delaware corporation ("SS&C"), the Guarantors (as defined herein) listed on the
signature pages hereto and Xxxxx Fargo Bank, National Association, a national
banking association, as Trustee.
WITNESSETH:
WHEREAS, Sunshine has duly authorized the creation of an issue of
$205,000,000 aggregate principal amount of 11 3/4% Senior Subordinated Notes due
2013 (the "Initial Notes");
WHEREAS, in connection with the Transaction (as defined herein),
Sunshine will merge with and into SS&C, after which the obligations of Sunshine
with respect to the due and punctual payment of the principal of, premium, if
any, and interest on all the Notes and the performance and observation of each
covenant and agreement under this Indenture on the part of Sunshine to be
performed or observed will become obligations of SS&C and unconditionally and
irrevocably guaranteed by the Guarantors; and
WHEREAS, each of Sunshine, SS&C and each of the Guarantors has duly
authorized the execution and delivery of this Indenture.
NOW, THEREFORE, Sunshine, SS&C, the Guarantors and the Trustee agree
as follows for the benefit of each other and for the equal and ratable benefit
of the Holders of the Notes.
ARTICLE 1
DEFINITIONS AND INCORPORATION BY REFERENCE
Section 1.01 Definitions.
"144A Global Note" means a Global Note substantially in the form of
Exhibit A hereto, bearing the Global Note Legend and the Private Placement
Legend and deposited with or on behalf of, and registered in the name of, the
Depositary or its nominee that will be issued in a denomination equal to the
outstanding principal amount of the Notes sold in reliance on Rule 144A.
"Acquired Debt" means, with respect to any specified Person:
(1) Indebtedness of any other Person existing at the time such other
Person is merged with or into or became a Subsidiary of such specified
Person, whether or not such Indebtedness is incurred in connection with, or
in contemplation of, such other Person merging with or into, or becoming a
Restricted Subsidiary of, such specified Person; and
(2) Indebtedness secured by a Lien encumbering any asset acquired by
such specified Person.
"Acquisition" means the acquisition by Sunshine of SS&C as defined in
and on the terms described in the Offering Memorandum.
"Acquisition Documents" means the Merger Agreement and any other
document entered into in connection therewith, in each case as amended,
supplemented or modified from time to time.
"Additional Notes" means additional Notes (other than the Initial
Notes and other than Exchange Notes for such Initial Notes issued pursuant to
Sections 2.06, 2.07, 2.10 and 3.06) issued from time to time under this
Indenture in accordance with Sections 2.01 and 4.09 hereof.
"Affiliate" of any specified Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common
control with such specified Person. For purposes of this definition, "control,"
as used with respect to any Person, shall mean 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; provided that beneficial ownership of 10% or more of the
Voting Stock of a Person shall be deemed to be control. For purposes of this
definition, the terms "controlling," "controlled by" and "under common control
with" have correlative meanings.
"Agent" means any Registrar or Paying Agent.
"Applicable Premium" means, with respect to any Note on any applicable
Redemption Date, the greater of:
(1) 1.0% of the then outstanding principal amount of the Note; and
(2) the excess of:
(a) the present value at such Redemption Date of (i) the
redemption price of the Note at December 1, 2009 (such redemption
price being set forth in Section 3.07 hereof) plus (ii) all required
interest payments due on the Note, through December 1, 2009 (excluding
accrued but unpaid interest), computed using a discount rate equal to
the Treasury Rate as of such Redemption Date plus 50 basis points;
over
(b) the then outstanding principal amount of the Note.
"Applicable Procedures" means, with respect to any transfer,
redemption or exchange of or for beneficial interests in any Global Note, the
rules and procedures of the Depositary, Euroclear and/or Clearstream that apply
to such transfer, redemption or exchange.
"Asset Sale" means:
(1) the sale, lease, conveyance or other disposition of any assets or
rights; and
(2) the issuance of Equity Interests in any of the Issuer's Restricted
Subsidiaries.
Notwithstanding the preceding, none of the following items shall be
deemed to be an Asset Sale:
(1) a disposition of Cash Equivalents or obsolete or worn out property
or equipment in the ordinary course of business or inventory (or other
assets) held for sale in the ordinary course of business and dispositions
of property no longer used or useful in the conduct of the business of the
Issuer and its Restricted Subsidiaries;
(2) the disposition of all or substantially all of the assets of the
Issuer in a manner permitted pursuant to Section 5.01 or any disposition
that constitutes a Change of Control pursuant to this Indenture;
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(3) the making of any Restricted Payment or Permitted Investment that
is permitted to be made, and is made, pursuant to Section 4.07 or the
granting of a Lien permitted by Section 4.12;
(4) any disposition of assets or issuance or sale of Equity Interests
of any Restricted Subsidiary in any transaction or series of transactions
with an aggregate Fair Market Value of less than $1.0 million;
(5) any disposition of property or assets or issuance of securities by
a Restricted Subsidiary to the Issuer or by the Issuer or a Restricted
Subsidiary to another Restricted Subsidiary;
(6) the sale, lease, assignment, sublease, license or sublicense of
any assets or rights in the ordinary course of business;
(7) any sale of Equity Interests in, or Indebtedness or other
securities of, an Unrestricted Subsidiary;
(8) foreclosures on assets;
(9) disposition of an account receivable in connection with the
collection or compromise thereof;
(10) sales of Securitization Assets and related assets of the type
specified in the definition of "Securitization Financing" to a
Securitization Subsidiary in connection with any Qualified Securitization
Financing;
(11) a transfer of Securitization Assets and related assets of the
type specified in the definition of "Securitization Financing" (or a
fractional undivided interest therein) by a Securitization Subsidiary in a
Qualified Securitization Financing; and
(12) the grant in the ordinary course of business of any licenses of
patents, trademarks, know-how and any other intellectual property.
"Bankruptcy Law" means Title 11, U.S. Code or any similar federal or
state law for the relief of debtors.
"Beneficial Owner" has the meaning assigned to such term in Rule 13d-3
and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial
ownership of any particular "person" (as that term is used in Section 13(d)(3)
of the Exchange Act), such "person" shall be deemed to have beneficial ownership
of all securities that such "person" has the right to acquire by conversion or
exercise of other securities, whether such right is currently exercisable or is
exercisable only after the passage of time. The terms "Beneficially Owns" and
"Beneficially Owned" have a corresponding meaning.
"Board of Directors" means (1) with respect to a corporation, the
board of directors of the corporation or any committee thereof duly authorized
to act on behalf of such board; (2) with respect to a partnership, the Board of
Directors of the general partner of the partnership; (3) with respect to a
limited liability company, the managing member or members or any controlling
committee of managing members thereof; and (4) with respect to any other Person,
the board or committee of such Person serving a similar function.
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"Broker-Dealer" has the meaning set forth in the Registration Rights
Agreement.
"Business Day" means each day that is not a Legal Holiday.
"Capital Lease Obligation" means, at the time any determination is to
be made, the amount of the liability in respect of a capital lease that would at
that time be required to be capitalized on a balance sheet prepared in
accordance with GAAP, and the Stated Maturity thereof shall be the date of the
last payment of rent or any other amount due under such lease prior to the first
date upon which such lease may be prepaid by the lessee without payment of a
penalty.
"Capital Stock" means:
(1) in the case of a corporation, corporate stock;
(2) in the case of an association or business entity, any and all
shares, interests, participations, rights or other equivalents (however
designated) of corporate stock;
(3) in the case of a partnership or limited liability company,
partnership interests (whether general or limited) or membership interests;
and
(4) any other interest or participation that confers on a Person the
right to receive a share of the profits and losses of, or distributions of
assets of, the issuing Person, but excluding from all of the foregoing any
debt securities convertible into Capital Stock, whether or not such debt
securities include any right of participation with Capital Stock.
"Cash Equivalents" means:
(1) United States dollars or, in the case of a Foreign Subsidiary,
such local currencies held by it from time to time in the ordinary course
of business;
(2) securities issued or directly and fully and unconditionally
guaranteed or insured by the United States government or any agency or
instrumentality thereof the securities of which are unconditionally
guaranteed as a full faith and credit obligation of such government with
maturities of 12 months or less from the date of acquisition;
(3) certificates of deposit and eurodollar time deposits with
maturities of 12 months or less from the date of acquisition, bankers'
acceptances with maturities not exceeding 12 months and overnight bank
deposits, in each case, with any domestic commercial bank having capital
and surplus in excess of $250.0 million and a Thomson Bank Watch Rating of
"B" or better;
(4) repurchase obligations with a term of not more than seven days for
underlying securities of the types described in clauses (2) and (3) above
entered into with any financial institution meeting the qualifications
specified in clause (3) above;
(5) commercial paper having a rating of at least A-1 from Xxxxx'x or
P-1 from S&P and, in each case, maturing within 12 months after the date of
acquisition; and
(6) readily marketable direct obligations issued by any state of the
United States or any political subdivision thereof having one of the two
highest rating categories obtainable from either Xxxxx'x or S&P with
maturities of 12 months or less from the date of acquisition;
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(7) instruments equivalent to those referred to in clauses (1) to (6)
above denominated in euro or pound sterling or any other foreign currency
comparable in credit quality and tenor to those referred to above and
customarily used by corporations for cash management purposes in any
jurisdiction outside the United States to the extent reasonably required in
connection with any business conducted by any Restricted Subsidiary
organized in such jurisdiction; and
(8) investment in funds which invest substantially all of their assets
in Cash Equivalents of the kinds described in clauses (1) through (7) of
this definition.
"Change of Control" means the occurrence of any of the following:
(1) the direct or indirect sale, lease, transfer, conveyance or other
disposition (other than by way of merger or consolidation), in one or a
series of related transactions, of all or substantially all of the
properties or assets of the Issuer and its Subsidiaries taken as a whole to
any "person" (as that term is used in Section 13(d) of the Exchange Act)
other than a Permitted Holder;
(2) prior to an initial public offering of the Issuer or any direct or
indirect parent of the Issuer, any "person" (as defined above) other than a
Permitted Holder becomes the Beneficial Owner, directly or indirectly, of
more of the Voting Stock of the Issuer (measured by voting power rather
than number of shares) than is at the time Beneficially Owned by the
Permitted Holders in the aggregate; or
(3) after an initial public offering of the Issuer or any direct or
indirect parent of the Issuer, any "person" (as defined above), other than
a Permitted Holder, becomes the Beneficial Owner, directly or indirectly,
of more than 40% of the Voting Stock of the Issuer, measured by voting
power rather than number of shares; or
(4) after an initial public offering of the Issuer or any direct or
indirect parent of the Issuer, the first day on which a majority of the
members of the Board of Directors of the Issuer are not Continuing
Directors.
"Change of Control Offer" has the meaning assigned to that term in
this Indenture governing the Notes.
"Clearstream" means Clearstream Banking Societe Anonyme and any
successor thereto.
"Code" means the Internal Revenue Code of 1986, as amended.
"Consolidated Cash Flow" means with respect to any Person for any
period, the Consolidated Net Income of such Person for such period plus, without
duplication, the following (in each case, on a consolidated basis and determined
in accordance with GAAP):
(1) the provision for taxes based on income or profits, plus franchise
or similar taxes, of such Person for such period to the extent deducted in
computing Consolidated Net Income, plus
(2) Consolidated Interest Expense of such Person for such period to
the extent deducted in computing Consolidated Net Income, plus
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(3) Consolidated Depreciation and Amortization Expense of such Person
for such period to the extent deducted in computing Consolidated Net
Income, plus
(4) any reasonable expenses or charges incurred in connection with any
equity offering (but if such equity offering is a sale of Equity Interests
in any part of the Issuer, only to the extent that proceeds of such equity
offering are received by or contributed to the equity of the Issuer),
Permitted Investment, acquisition, recapitalization or Indebtedness
permitted to be incurred under this Indenture (in each case whether or not
consummated) or pursuant to the Transactions (including, without
limitation, the fees payable to the Sponsors pursuant to the Management
Agreement in connection with the Transactions), plus
(5) the amount of any restructuring charges or reserves (which, for
the avoidance of doubt, shall include retention, severance, systems
establishment cost, excess pension charges, contract termination costs,
including future lease commitments, and costs to consolidate facilities and
relocate employees) to the extent deducted in computing Consolidated Net
Income, plus
(6) any other noncash charges (including any impairment charges and
the impact of purchase accounting, including, but not limited to, the
amortization of inventory step-up) to the extent deducted in computing
Consolidated Net Income (excluding any such charge that represents an
accrual or reserve for a cash expenditure for a future period), plus
(7) any net gain or loss resulting from Hedging Obligations, plus
(8) the amount of management, monitoring, consulting, advisory fees,
termination payments and related expenses paid to the Sponsors (or any
accruals relating to such fees and related expenses) during such period
pursuant to the Management Agreement, plus
(9) Securitization Fees to the extent deducted in computing
Consolidated Net Income, plus
(10) any net after-tax income or loss from discontinued operations and
any net after-tax gains or losses on disposal of discontinued operations,
less
non-cash items increasing Consolidated Net Income of such Person for such period
(excluding any items which represent the reversal of any accrual of, or cash
reserve for, anticipated cash charges made in any prior period).
"Consolidated Depreciation and Amortization Expense" means with
respect to any Person for any period, the total amount of depreciation and
amortization expense, including the amortization of deferred financing fees, and
other noncash charges (excluding any noncash item that represents an accrual or
reserve for a cash expenditure for a future period) of such Person and its
Restricted Subsidiaries for such period on a consolidated basis and otherwise
determined in accordance with GAAP.
"Consolidated Interest Expense" means, with respect to any Person for
any period, the sum, without duplication, of (a) consolidated interest expense
of such Person and its Restricted Subsidiaries for such period (including
amortization of original issue discount, noncash interest payments (other than
imputed interest as a result of purchase accounting), commissions, discounts and
other fees and charges owed with respect to letters of credit and bankers'
acceptance financing, the interest component of Capital Lease Obligations, net
payments (if any) pursuant to interest rate Hedging Obligations, but excluding
amortization of deferred financing fees or expensing of any bridge or other
financing fees, (b) consolidated capitalized interest of such Person and its
Restricted Subsidiaries for such period,
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whether paid or accrued (c) consolidated loss on Securitization Financings, less
(d) interest income actually received in cash for such period.
"Consolidated Leverage Ratio" means, with respect to any Person, the
ratio of total Ratio Indebtedness of such Person and its Restricted Subsidiaries
as of the date of the transaction giving rise to the need to calculate the
Consolidated Leverage Ratio (the "Transaction Date") to the Consolidated Cash
Flow of such Person for the most recently ended four quarter period prior to the
Transaction Date for which internal financial statements are available (the
"Calculation Period"). In addition to and without limitation of the foregoing,
for purposes of this definition, "total Ratio Indebtedness" and "Consolidated
Cash Flow" shall be calculated giving pro forma effect to such incurrence,
assumption, guarantee or repayment of Indebtedness, or such issuance or
redemption of Disqualified Stock or Preferred Stock, as if the same had occurred
on the Transaction Date and at the beginning of the Calculation Period,
respectively.
Investments, acquisitions, dispositions, mergers, consolidations or
discontinued operations changes that have been made by Sunshine or any
Restricted Subsidiary during the Calculation Period or subsequent to such period
and on or prior to or simultaneously with the Transaction Date or if Sunshine or
any Restricted Subsidiary had accounted for any of its business as a
discontinued operation during any such period, then the Consolidated Leverage
Ratio shall be calculated on a pro forma basis assuming that all such
Investments, acquisitions, dispositions, mergers or consolidations (and the
change in any associated obligations and the change in Consolidated Cash Flow
resulting therefrom) had occurred on the first day of the Calculation Period and
that such discontinued operation was disposed of on the first day of the
Calculation Period.
If since the beginning of the Calculation Period any Person (that
subsequently became a Restricted Subsidiary or was merged with or into the
Person or any Restricted Subsidiary since the beginning of such period) shall
have made any Investment, acquisition, disposition, merger, consolidation or
discontinued operation that would have required adjustment pursuant to this
definition, then the Consolidated Leverage Ratio shall be calculated giving pro
forma effect thereto for such period as if such Investment, acquisition,
disposition, merger, consolidation or discontinued operation had occurred at the
beginning of the applicable period.
For purposes of this definition, whenever pro forma effect is to be
given to an Investment, acquisition, disposition, merger, consolidation or
discontinued operation (including, without limitation, the Transactions) and the
amount of income or earnings relating thereto, the pro forma calculations shall
be determined in good faith by a responsible financial or accounting officer of
Sunshine. Any such pro forma calculation may include adjustments appropriate, in
the reasonable determination of such responsible financial officer as set forth
in an officers' certificate, to reflect (1) operating expense reductions and
other operating improvements or synergies resulting from the transaction being
given pro forma effect (including, to the extent applicable, from the
Transactions), which reductions, improvements or synergies are reasonably
expected to be realized within twelve months of the date of such pro forma
calculation and (2) all adjustments of the nature used in connection with the
calculation of "Pro Forma Adjusted EBITDA" as set forth in note 4 to the
"Offering Memorandum Summary--Summary Unaudited Pro Forma Condensed Consolidated
Financial Information" in the Offering Memorandum to the extent such
adjustments, without duplication, continue to be applicable to such period.
"Consolidated Net Income" means, with respect to any Person for any
period, the aggregate of the Net Income of such Person and its Restricted
Subsidiaries for such period, on a consolidated basis, and otherwise determined
in accordance with GAAP; provided, however, that
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(1) any net after-tax extraordinary, unusual or nonrecurring gains or
losses shall be excluded;
(2) the Net Income for such period shall not include the cumulative
effect of a change in accounting principle(s) during such period;
(3) any net after-tax gains or losses attributable to asset
dispositions other than in the ordinary course of business (as determined
in good faith by the Board of Directors of the Person) and any gain (or
loss) realized upon the sale or other disposition of any Capital Stock of
any Person shall be excluded;
(4) the Net Income for such period of any entity that is not a
Subsidiary of such Person, or that is an Unrestricted Subsidiary, or that
is accounted for by the equity method of accounting, shall be excluded;
provided, however, that, to the extent not already included, Consolidated
Net Income of such Person shall be (A) increased by the amount of dividends
or other distributions or other payments that are actually paid in Cash
Equivalents (or to the extent converted into Cash Equivalents) to the
referent Person or a Restricted Subsidiary thereof in respect of such
entity and such period (subject in the case of dividends paid or
distributions or other payments made to a Restricted Subsidiary (other than
a Guarantor) to the limitations contained in clause (5) below) and (B)
decreased by the amount of any equity of the Person in a net loss of any
such entity for such period to the extent the Person has funded such net
loss;
(5) non-cash compensation charges, including any such charges arising
from stock options, restricted stock grants or other equity-incentive
programs shall be excluded;
(6) any net after-tax gains or losses (less all fees and expenses or
charges relating thereto) attributable to the early extinguishment of
Indebtedness shall be excluded;
(7) the effect of any non-cash items resulting from any amortization,
write-up, write-down or write-off of assets (including intangible assets,
goodwill and deferred financing costs) in connection with the Transactions
or any future acquisition, merger, consolidation or similar transaction
(excluding any such non-cash item to the extent that it represents an
accrual of or reserve for cash expenditures in any future period except to
the extent such item is subsequently reversed) shall be excluded;
(8) any net after-tax income or loss from discontinued operations and
any net after-tax gains or losses on disposal of discontinued operations
shall be excluded;
(9) an amount equal to any Permitted Payments to Parent made to any
parent company of such Person in respect of such period shall be included
as though such amounts had been paid by such Person for such period for the
expense or cost incurred by such parent company and for which such
distribution was made;
(10) any non-cash impairment charges resulting from the application of
Statement of Financial Accounting Standards Nos. 142 and 144 and the
amortization of intangibles arising pursuant to No. 141 shall be excluded;
(11) accruals and reserves that are established within twelve months
after the date of this Indenture and that are so required to be established
as a result of the Transactions in accordance with GAAP shall be excluded;
provided, however, that any noncash item that represents an accrual or
reserve for a cash expenditure for a future period shall be treated as an
expense in such
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future period when cash is paid (except to the extent such item would
otherwise be excluded under this definition);
(12) unrealized gains and losses relating to hedging transactions and
xxxx-to-market Indebtedness denominated in foreign currencies resulting
from the application of Statement of Financial Accounting Standards No. 52
shall be excluded; and
(13) fees, expenses and charges in connection with the Transactions
shall be excluded.
Notwithstanding the foregoing, for the purpose of Section 4.07 only,
there shall be excluded from Consolidated Net Income any income arising from any
sale or other disposition of Restricted Investments made by the Issuer and the
Restricted Subsidiaries, any repurchases and redemptions of Restricted
Investments made by the Issuer and the Restricted Subsidiaries, any repayments
of loans and advances which constitute Restricted Investments made by the Issuer
and any Restricted Subsidiary, any sale of the stock of an Unrestricted
Subsidiary or any distribution or dividend from an Unrestricted Subsidiary, in
each case only to the extent such amounts increase the amount of Restricted
Payments permitted under Section 4.07(a)(iii).
"Contingent Obligations" means, with respect to any Person, any
obligation of such Person guaranteeing any leases, dividends or other
obligations that do not constitute Indebtedness ("primary obligations") of any
other Person (the "primary obligor") in any manner, whether directly or
indirectly, including, without limitation, any obligation of such Person,
whether or not contingent, (i) to purchase any such primary obligation or any
property constituting direct or indirect security therefor, (ii) to advance or
supply funds (A) for the purchase or payment of any such primary obligation or
(B) to maintain working capital or equity capital of the primary obligor or
otherwise to maintain the net worth or solvency of the primary obligor or (iii)
to purchase property, securities or services primarily for the purpose of
assuring the owner of any such primary obligation of the ability of the primary
obligor to make payment of such primary obligation against loss in respect
thereof.
"Continuing Directors" means, as of any date of determination, any
member of the Board of Directors of the Issuer who:
(1) was a member of such Board of Directors on the date of this
Indenture or any other member of the Board of Directors designated or
nominated or was otherwise approved by any Permitted Holder; or
(2) was nominated for election or elected to such Board of Directors
with the approval of a majority of the Continuing Directors who were
members of such Board of Directors at the time of such nomination or
election.
"Contribution Indebtedness" means Indebtedness of the Issuer or any
Guarantor in an aggregate principal amount not greater than the aggregate amount
of cash contributions made to the capital of the Issuer or such Guarantor after
the Issue Date; provided that such Contribution Indebtedness (a) is incurred
within 180 days after the making of such cash contributions and (b) is so
designated as Contribution Indebtedness pursuant to an Officers' Certificate on
the incurrence date thereof.
"Corporate Trust Office of the Trustee" means the principal office of
the Trustee at which at any time its corporate trust business shall be
administered, which office at the date hereof is located at 000 Xxxxx Xxxxxx,
Xxxxx 000, Xxxxxxxxxx, Xxxxxxxxxxx 00000, or such other address as the Trustee
may designate from time to time by notice to the Holders and the Issuer, or the
principal corporate trust
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office of any successor Trustee (or such other address as such successor Trustee
may designate from time to time by written notice to the Holders and the
Issuer).
"Credit Agreement" means that certain Credit Agreement, to be dated
the date of this Indenture, by and among the Issuer and X.X. Xxxxxx Securities
Inc. and Wachovia Capital Markets, LLC as co-lead arrangers and joint
bookrunners, JPMorgan Chase Bank, N.A. as administrative agent, Wachovia Bank,
National Association as syndication agent and Bank of America, N.A. as
documentation agent, including any related notes, Guarantees, collateral
documents, instruments and agreements executed in connection therewith, and, in
each case, as amended, restated, modified, renewed, refunded, replaced (whether
upon or after termination or otherwise) or refinanced (including by means of
sales of debt securities to institutional investors) in whole or in part from
time to time.
"Credit Facilities" means, one or more debt facilities (including,
without limitation, the Credit Agreement) or commercial paper facilities, in
each case, with banks or other institutional lenders or investors providing for
revolving credit loans, term loans, notes or other securities, receivables
financing (including through the sale of receivables to such lenders or to
special purpose entities formed to borrow from such lenders against such
receivables) or letters of credit, in each case, as amended, restated, modified,
renewed, refunded, replaced (whether upon or after termination or otherwise) or
refinanced (including by means of sales of debt securities to institutional
investors) in whole or in part from time to time.
"Custodian" means the Trustee, as custodian with respect to the Notes
issuable or issued in whole or in part in global form, or any successor entity
thereto appointed as a custodian hereunder and having become such pursuant to
the applicable provisions of this Indenture.
"Default" means any event that is, or with the passage of time or the
giving of notice or both would be, an Event of Default.
"Definitive Note" means a certificated Note registered in the name of
the Holder thereof and issued in accordance with Section 2.06(c) hereof,
substantially in the form of Exhibit A hereto, except that such Note shall not
bear the Global Note Legend and shall not have the "Schedule of Exchanges of
Interests in the Global Note" attached thereto.
"Depositary" means, with respect to the Notes issuable or issued in
whole or in part in global form, the Person specified in Section 2.03 hereof as
the Depositary with respect to the Notes, and any and all successors thereto
appointed as Depositary hereunder and having become such pursuant to the
applicable provision of this Indenture.
"Designated Preferred Stock" means Preferred Stock of the Issuer or
Parent, as applicable (other than Disqualified Stock), that is issued for cash
(other than to the Issuer or any of its Subsidiaries or an employee stock
ownership plan or trust established by the Issuer or any of its Subsidiaries)
and is so designated as Designated Preferred Stock, pursuant to an Officers'
Certificate, on the issuance date thereof.
"Designated Senior Debt" means:
(1) any Indebtedness outstanding under the Credit Agreement; and
(2) any other Senior Debt permitted under this Indenture the principal
amount of which is $25.0 million or more and that has been designated by
the Issuer as "Designated Senior Debt."
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"Disqualified Stock" means any Capital Stock that, by its terms (or by
the terms of any security into which it is convertible, or for which it is
exchangeable, in each case, at the option of the holder of the Capital Stock),
or upon the happening of any event, matures or is mandatorily redeemable,
pursuant to a sinking fund obligation or otherwise, or redeemable at the option
of the holder of the Capital Stock, in whole or in part, on or prior to the date
that is 91 days after the date on which the Notes mature. Notwithstanding the
preceding sentence, any Capital Stock that would constitute Disqualified Stock
solely because the holders of the Capital Stock have the right to require the
Issuer to repurchase such Capital Stock upon the occurrence of a Change of
Control or an Asset Sale shall not constitute Disqualified Stock if the terms of
such Capital Stock provide that the Issuer may not repurchase or redeem any such
Capital Stock pursuant to such provisions unless such repurchase or redemption
complies with Section 4.07.
"Domestic Subsidiary" means any Restricted Subsidiary of the Issuer
that was formed under the laws of the United States or any state of the United
States or the District of Columbia or that guarantees or otherwise provides
direct credit support for any Indebtedness of the Issuer.
"Equity Interests" means Capital Stock and all warrants, options or
other rights to acquire Capital Stock (but excluding any debt security that is
convertible into, or exchangeable for, Capital Stock).
"Equity Offering" means any public sale of common stock or Preferred
Stock of the Issuer or any of its direct or indirect parent entities (excluding
Disqualified Stock of the Issuer), other than (i) public offerings with respect
to common stock of the Issuer or of any of its direct or indirect parent
entities registered on Form S-4 or Form S-8, (ii) any such public sale that
constitutes an Excluded Contribution or (iii) an issuance to any Subsidiary of
the Issuer.
"Euroclear" means Euroclear S.A./N.V., as operator of the Euroclear
system and any successor thereto.
"Exchange Act" means the Securities Exchange Act of 1934, as amended,
or any successor statute or statutes thereto, and the rules and regulations of
the SEC promulgated thereunder.
"Exchange Notes" means the Notes issued in the Exchange Offer pursuant
to Section 2.06(f) hereof.
"Exchange Offer" has the meaning set forth in the Registration Rights
Agreement.
"Exchange Offer Registration Statement" has the meaning set forth in
the Registration Rights Agreement.
"Excluded Contribution" means net cash proceeds, marketable securities
or Qualified Proceeds, in each case received by the Issuer and its Restricted
Subsidiaries from:
(1) contributions to its common equity capital; and
(2) the sale (other than to a Subsidiary or to any management equity
plan or stock option plan or any other management or employee benefit plan
or agreement of the Issuer or any Subsidiary) of Capital Stock (other than
Disqualified Stock and Designated Preferred Stock),
in each case designated as Excluded Contributions pursuant to an Officers'
Certificate.
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"Existing Indebtedness" means Indebtedness of the Issuer and its
Subsidiaries (other than Indebtedness under the Credit Agreement) in existence
on the date of this Indenture, until such amounts are repaid.
"Fair Market Value" means the value that would be paid by a willing
buyer to an unaffiliated willing seller in a transaction not involving distress
or necessity of either party, determined in good faith by the Board of Directors
of the Issuer.
"Foreign Subsidiary" means any Restricted Subsidiary of the Issuer
that is not a Domestic Subsidiary.
"GAAP" means generally accepted accounting principles set forth in the
opinions and pronouncements of the Accounting Principles Board of the American
Institute of Certified Public Accountants and statements and pronouncements of
the Financial Accounting Standards Board or in such other statements by such
other entity as have been approved by a significant segment of the accounting
profession, which are in effect from time to time.
"Global Note Legend" means the legend set forth in Section 2.06(g)(ii)
hereof, which is required to be placed on all Global Notes issued under this
Indenture.
"Global Notes" means, individually and collectively, each of the
Restricted Global Notes and the Unrestricted Global Notes deposited with or on
behalf of and registered in the name of the Depositary or its nominee,
substantially in the form of Exhibit A hereto and that bears the Global Note
Legend and that has the "Schedule of Exchanges of Interests in the Global Note"
attached thereto, issued in accordance with Section 2.01, 2.06(b), 2.06(d) or
2.06(f) hereof.
"Guarantee" means a guarantee other than by endorsement of negotiable
instruments for collection in the ordinary course of business, direct or
indirect, in any manner including, without limitation, by way of a pledge of
assets or through letters of credit or reimbursement agreements in respect
thereof, of all or any part of any Indebtedness (whether arising by virtue of
partnership arrangements, or by agreements to keep-well, to purchase assets,
goods, securities or services, to take or pay or to maintain financial statement
conditions or otherwise).
"Guarantors" means (1) each Domestic Subsidiary of the Issuer on the
date of this Indenture which is an obligor under the Credit Agreement and (2)
each other Subsidiary of the Issuer that executes a Note Guarantee in accordance
with the provisions of this Indenture, in each case, together with their
respective successors and assigns until the Note Guarantee of such Person has
been released in accordance with the provisions of this Indenture.
"Guarantor Senior Debt" means, with respect to any Guarantor, the
principal of, premium, if any, and interest (including any interest accruing
subsequent to the filing of a petition of bankruptcy at the rate provided for in
the documentation with respect thereto, whether or not such interest is an
allowed or allowable claim under applicable law) on any Indebtedness and any
Securitization Repurchase Obligation of such Guarantor, whether outstanding on
the Issue Date or thereafter created, incurred or assumed, unless, in the case
of any particular obligation, the instrument creating or evidencing the same or
pursuant to which the same is outstanding expressly provides that such
obligation shall be subordinate or pari passu in right of payment to the Note
Guarantee of such Guarantor. Without limiting the generality of the foregoing,
"Guarantor Senior Debt" shall also include the principal of, premium, if any,
interest (including any interest accruing subsequent to the filing of a petition
of bankruptcy at the rate provided for in the documentation with respect
thereto, whether or not such interest is an allowed or allowable
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claim under applicable law) on, and all other amounts owing in respect of
(including guarantees of the foregoing obligations):
(1) all monetary obligations of every nature of such Guarantor under,
or with respect to, the Credit Agreement, including, without limitation,
obligations to pay principal, premium and interest, reimbursement
obligations under letters of credit, fees, expenses and indemnities (and
guarantees thereof); and
(2) all Hedging Obligations (and guarantees thereof), in each case
whether outstanding on the Issue Date or thereafter incurred.
"Hedging Obligations" means, with respect to any specified Person, the
obligations of such Person under:
(1) interest rate swap agreements (whether from fixed to floating or
from floating to fixed), interest rate cap agreements and interest rate
collar agreements;
(2) other agreements or arrangements designed to manage interest rates
or interest rate risk; and
(3) other agreements or arrangements designed to protect such Person
against fluctuations in currency exchange rates or commodity prices.
"Holder" means a Person in whose name a Note is registered.
"Indebtedness" means, with respect to any specified Person, any
indebtedness of such Person (excluding accrued expenses and trade payables),
whether or not contingent:
(1) in respect of borrowed money;
(2) evidenced by bonds, notes, debentures or similar instruments or
letters of credit (or reimbursement agreements in respect thereof);
(3) in respect of banker's acceptances;
(4) representing Capital Lease Obligations;
(5) representing the balance deferred and unpaid of the purchase price
of any property or services (including, without limitation, earn-out
obligations that are reflected as a liability on the balance sheet of such
Person in accordance with GAAP) due more than six months after such
property is acquired or such services are completed; or
(6) representing any Hedging Obligations,
if and to the extent any of the preceding items (other than letters of credit
and Hedging Obligations) would appear as a liability upon a balance sheet of the
specified Person prepared in accordance with GAAP (excluding the footnotes
thereto). In addition, the term "Indebtedness" includes all Indebtedness of
others secured by a Lien on any asset of the specified Person (whether or not
such Indebtedness is assumed by the specified Person) and, to the extent not
otherwise included, the Guarantee by the specified Person of any Indebtedness of
any other Person. Notwithstanding the foregoing, Indebtedness shall be deemed
not to include: (a) Contingent Obligations incurred in the ordinary course of
business and not in
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respect of borrowed money; (b) prepaid revenues; (c) purchase price holdbacks in
respect of a portion of the purchase price of an asset to satisfy warranty or
other unperformed obligations of the respective seller; or (d) Obligations under
or in respect of Qualified Securitization Financing.
"Indenture" means this Indenture, as amended or supplemented from time
to time.
"Independent Financial Advisor" means an accounting, appraisal,
investment banking firm or consultant to Persons engaged in similar businesses
of nationally recognized standing that is, in the good faith judgment of the
Issuer, qualified to perform the task for which it has been engaged.
"Indirect Participant" means a Person who holds a beneficial interest
in a Global Note through a Participant.
"Initial Notes" as defined in the recitals hereto.
"Initial Purchasers" means Wachovia Capital Markets, LLC, X.X. Xxxxxx
Securities Inc. and Banc of America Securities LLC.
"Interest Payment Date" means June 1 and December 1 of each year to
stated maturity, commencing June 1, 2006.
"Investments" means, with respect to any Person, all direct or
indirect investments by such Person in other Persons (including Affiliates) in
the forms of loans (including Guarantees or other obligations), advances or
capital contributions (excluding commission, travel and similar advances to
officers and employees made in the ordinary course of business), purchases or
other acquisitions for consideration of Indebtedness, Equity Interests or other
securities, together with all items that are or would be classified as
investments on a balance sheet prepared in accordance with GAAP (excluding the
footnotes thereto). If the Issuer or any Subsidiary of the Issuer sells or
otherwise disposes of any Equity Interests of any direct or indirect Subsidiary
of the Issuer such that, after giving effect to any such sale or disposition,
such Person is no longer a Subsidiary of the Issuer, the Issuer shall be deemed
to have made an Investment on the date of any such sale or disposition equal to
the Fair Market Value of the Issuer's Investments in such Subsidiary that were
not sold or disposed of in an amount determined as provided in Section 4.07(c).
The acquisition by the Issuer or any Subsidiary of the Issuer of a Person that
holds an Investment in a third Person shall be deemed to be an Investment by the
Issuer or such Subsidiary in such third Person in an amount equal to the Fair
Market Value of the Investments held by the acquired Person in such third Person
in an amount determined as provided in Section 4.07(a)(3)(iii). Except as
otherwise provided in this Indenture, the amount of an Investment shall be
determined at the time the Investment is made and without giving effect to
subsequent changes in value.
"Issue Date" means the date of original issuance of the Notes
hereunder.
"Issuer" means (a) Sunshine, prior to the Acquisition, and not any of
its Affiliates and (b) from and after the consummation of the Acquisition, SS&C
and not any of its Subsidiaries, and any successor thereto.
"Issuer Order" means a written request or order signed on behalf of
the Issuer by an Officer of the Issuer, who must be the principal executive
officer, the principal financial officer, the treasurer or the principal
accounting officer of the Issuer, and delivered to the Trustee.
"Legal Holiday" means a Saturday, a Sunday or a day on which banking
institutions are not required to be open in the State of New York or at any
place of payment.
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"Letter of Transmittal" means the letter of transmittal, or electronic
equivalent in accordance with Applicable Procedures to be prepared by the Issuer
and sent to all Holders of the Notes for use by such Holders in connection with
the Exchange Offer.
"Lien" means, with respect to any asset, any mortgage, lien, pledge,
charge, security interest or encumbrance of any kind in respect of such asset,
whether or not filed, recorded or otherwise perfected under applicable law,
including any conditional sale or other title retention agreement, any lease in
the nature thereof, any option or other agreement to sell or give a security
interest in and any filing of or agreement to give any financing statement under
the Uniform Commercial Code (or equivalent statutes) of any jurisdiction;
provided, however, that in no event shall an operating lease be deemed to
constitute a Lien.
"Liquidated Damages" means all liquidated damages then owing pursuant
to the Registration Rights Agreement.
"Management Agreement" means the Management Agreement by and among
T.C. Group, L.L.C. and certain affiliates thereof, Xxxxxxx X. Xxxxx and Parent,
dated the date of this Indenture.
"Merger Agreement" means the Agreement and Plan of Merger, dated as of
July 28, 2005, among Sunshine Merger Corporation, Parent and SS&C, as amended,
supplemented or modified from time to time.
"Net Income" means, with respect to any specified Person, the net
income (loss) of such Person, determined in accordance with GAAP and before any
reduction in respect of Preferred Stock dividends or accretion of Preferred
Stock.
"Net Proceeds" means the aggregate cash proceeds received by the
Issuer or any Restricted Subsidiary in respect of any Asset Sale (including,
without limitation, any cash received upon the sale or other disposition of any
non-cash consideration received in any Asset Sale), net of (1) the direct costs
relating to such Asset Sale, including, without limitation, legal, accounting
and investment banking fees, sales commissions, relocation expenses incurred as
a result of the Asset Sale, and taxes paid or payable as a result of the Asset
Sale after taking into account any available tax credits or deductions and any
tax sharing arrangements, (2) amounts required to be applied to the repayment of
Indebtedness, other than Indebtedness under a Credit Facility, secured by a Lien
on the asset or assets that were the subject of such Asset Sale, and (3) any
reserve for adjustment in respect of the sale price of such asset or assets
established in accordance with GAAP.
"Non-Recourse Debt" means Indebtedness:
(1) as to which neither the Issuer nor any Restricted Subsidiary (a)
provides credit support of any kind (including any undertaking, agreement
or instrument that would constitute Indebtedness), (b) is directly or
indirectly liable as a guarantor or otherwise or (c) constitutes the
lender;
(2) no default with respect to which (including any rights that the
holders of the Indebtedness may have to take enforcement action against an
Unrestricted Subsidiary) would permit upon notice, lapse of time or both
any holder of any other Indebtedness of the Issuer or any Restricted
Subsidiary to declare a default on such other Indebtedness or cause the
payment of the Indebtedness to be accelerated or payable prior to its
Stated Maturity; and
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(3) as to which the lenders have been notified in writing that they
will not have any recourse to the stock or assets of the Issuer or any
Restricted Subsidiary.
"Non-U.S. Person" means a Person who is not a U.S. Person.
"Note Guarantee" means the Guarantee by each Guarantor of the Issuer's
obligations under this Indenture and the Notes, executed pursuant to the
provisions of this Indenture.
"Notes" means the Initial Notes and more particularly means any Note
authenticated and delivered under this Indenture. For all purposes of this
Indenture, the term "Notes" shall also include any Additional Notes that may be
issued under a supplemental indenture. The Notes (including any Exchange Notes
issued in exchange therefor) are separate series of Notes, but shall be treated
as a single class for all purposes under this Indenture, except as set forth
herein. For purposes of this Indenture, all references to Notes to be issued or
authenticated upon transfer, replacement or exchange shall be deemed to refer to
Notes of the applicable series.
"Obligations" means any principal, interest, penalties, fees,
indemnifications, reimbursements, damages and other liabilities payable under
the documentation governing any Indebtedness.
"Offering Memorandum" means the Offering Memorandum relating to the
issuance of the Notes dated November 17, 2005.
"Officer" means the Chairman of the Board, the Chief Executive
Officer, the Chief Financial Officer, the President, any Executive Vice
President, Senior Vice President or Vice President, the Treasurer or the
Secretary of the Issuer.
"Officer's Certificate" means a certificate signed on behalf of the
Issuer by an Officer of the Issuer, who must be the principal executive officer,
the principal financial officer, the treasurer or the principal accounting
officer of the Issuer, that meets the requirements set forth in this Indenture.
"Opinion of Counsel" means a written opinion from legal counsel that
meets the requirements of Section 13.05 hereof. The counsel may be an employee
of or counsel to the Issuer or any Subsidiary of the Issuer.
"Parent" means Sunshine Acquisition Corporation, a Delaware
corporation, and its successors.
"Participant" means, with respect to the Depositary, Euroclear or
Clearstream, a Person who has an account with the Depositary, Euroclear or
Clearstream, respectively (and, with respect to DTC, shall include Euroclear and
Clearstream).
"Permitted Business" means the business and any services, activities
or businesses incidental or directly related or similar to, any line of business
engaged in by the Issuer and its Subsidiaries as of the date of this Indenture
or any business activity that is a reasonable extension, development or
expansion thereof or ancillary thereto.
"Permitted Holders" means (i) TC Group, L.L.C., Carlyle Partners IV,
L.P. and XX XX Coinvestment, L.P. and their Affiliates (but excluding operating
portfolio companies of the foregoing; provided that in no case shall Parent or
any entity whose assets consist solely of the capital stock of the Issuer, cash
and Cash Equivalents, or contracts or other rights related to its investment the
Issuer, be considered such an operating portfolio company) and (ii) (x) Xxxxxxx
X. Xxxxx and his spouse and the members
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of his immediate family and (y) any estate, trust, corporation, partnership or
other entity, the beneficiaries, stockholders, partners, owners or Persons
holding a controlling interest of which consist solely of one or more Persons
referred to in the immediately preceding clause (x).
"Permitted Investments" means:
(1) any Investment in the Issuer or in a Restricted Subsidiary of the
Issuer;
(2) any Investment in Cash Equivalents;
(3) any Investment by the Issuer or any Restricted Subsidiary of the
Issuer in a Person, if as a result of such Investment:
(a) such Person becomes a Restricted Subsidiary of the Issuer; or
(b) such Person is merged, consolidated or amalgamated with or
into, or transfers or conveys substantially all of its assets to, or
is liquidated into, the Issuer or a Restricted Subsidiary of the
Issuer;
(4) any Investment made as a result of the receipt of non-cash
consideration from an Asset Sale that was made pursuant to and in
compliance with Section 4.10;
(5) any Investment solely in exchange for the issuance of Equity
Interests (other than Disqualified Stock) of the Issuer;
(6) any Investments received in compromise or resolution of (a)
obligations of trade creditors or customers that were incurred in the
ordinary course of business of the Issuer or any Restricted Subsidiary,
including pursuant to any plan of reorganization or similar arrangement
upon the bankruptcy or insolvency of any trade creditor or customer or (b)
litigation, arbitration or other disputes;
(7) Investments represented by Hedging Obligations;
(8) loans or advances to employees other than executives restricted by
the Xxxxxxxx-Xxxxx Act of 2002 made in the ordinary course of business of
the Issuer or any Restricted Subsidiary of the Issuer in an aggregate
principal amount not to exceed $5.0 million at any one time outstanding;
(9) guarantees (including Guarantees) of Indebtedness permitted under
Section 4.09 and performance guarantees in the ordinary course of business;
(10) Investments consisting of licensing of intellectual property
pursuant to joint marketing arrangements with other Persons;
(11) any Investment in a Securitization Subsidiary or any Investment
by a Securitization Subsidiary in any other Person in connection with a
Qualified Securitization Financing, including, without limitation,
Investments of funds held in accounts permitted or required by the
arrangements governing such Qualified Securitization Financing or any
related Indebtedness; provided, however, that any Investment in a
Securitization Subsidiary is in the form of a Purchase Money Note,
contribution of additional Securitization Assets or an equity interest;
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(12) Investments consisting of purchases and acquisitions of
inventory, supplies, materials and equipment or purchases of contract
rights or licenses or leases of intellectual property, in each case in the
ordinary course of business;
(13) Investments of a Restricted Subsidiary of the Issuer acquired
after the Issue Date or of an entity merged into, amalgamated with, or
consolidated with a Restricted Subsidiary of the Issuer in a transaction
that is not prohibited by Section 5.01 after the Issue Date to the extent
that such Investments were not made in contemplation of such acquisition,
merger, amalgamation or consolidation and were in existence on the date of
such acquisition, merger, amalgamation or consolidation.
(14) repurchases of the Notes;
(15) any Investment existing on the date of this Indenture and any
modification, replacement, renewal or extension thereof; provided, however,
that the amount of any such Investment may be increased (x) as required by
the terms of such Investment as in existence on the date of this Indenture
or (y) as otherwise permitted under this Indenture; and
(16) other Investments in any Person having an aggregate Fair Market
Value (measured on the date each such Investment was made and without
giving effect to subsequent changes in value), when taken together with all
other Investments made pursuant to this clause (16) that are at the time
outstanding, not to exceed $15.0 million.
"Permitted Junior Securities" means unsecured debt or equity
securities of the Issuer or any Guarantor or any direct or indirect parent of
the Issuer or any successor corporation issued pursuant to a plan of
reorganization or readjustment, as applicable, that are subordinated to the
payment of all then-outstanding Senior Debt of the Issuer or Guarantor Senior
Debt of any Guarantor, as applicable, at least to the same extent that the Notes
are subordinated to the payment of all Senior Debt of the Issuer or Note
Guarantees are subordinated to the payment of all Guarantor Senior Debt of any
Guarantor, as applicable, on the Issue Date, so long as to the extent that any
Senior Debt or Guarantor Senior Debt, as applicable, outstanding on the date of
consummation of any such plan of reorganization or readjustment is not paid in
full in cash on such date, the holders of any such Senior Debt or Guarantor
Senior Debt not so paid in full in cash have consented to the terms of such plan
of reorganization or readjustment.
"Permitted Liens" means:
(1) Liens in favor of the Issuer or the Guarantors;
(2) Liens on property of a Person existing at the time such Person is
merged with or into or consolidated with the Issuer or any Subsidiary of
the Issuer; provided that such Liens were in existence prior to the
contemplation of such merger or consolidation and do not extend to any
assets other than those of the Person merged into or consolidated with the
Issuer or the Subsidiary;
(3) Liens on property (including Capital Stock) existing at the time
of acquisition of the property or assets by the Issuer or any Subsidiary of
the Issuer; provided that such Liens were in existence prior to, such
acquisition, and not incurred in contemplation of, such acquisition;
(4) Liens to secure Indebtedness (including Capital Lease Obligations)
permitted by Section 4.09(b)(iv) covering only the assets acquired with or
financed by such Indebtedness;
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(5) Liens existing on the date of this Indenture;
(6) Liens created for the benefit of (or to secure) the Notes or the
Note Guarantees;
(7) Liens to secure any Permitted Refinancing Indebtedness permitted
to be incurred under this Indenture; provided, however, that:
(a) the new Lien is limited to all or part of the same property
and assets that secured or, under the written agreements pursuant to
which the original Lien arose, could secure the original Indebtedness
(plus improvements and accessions to such property, or proceeds or
distributions thereof); and
(b) the Indebtedness secured by the new Lien is not increased to
any amount greater than the sum of (i) the outstanding principal
amount, or, if greater, committed amount, of the original Indebtedness
and (ii) an amount necessary to pay any fees and expenses, including
premiums, related to such renewal, refunding, refinancing,
replacement, defeasance or discharge;
(8) Liens with respect to the assets of a Restricted Subsidiary that
is not a Guarantor securing Indebtedness of such Restricted Subsidiary
incurred in accordance with Section 4.09; and
(9) Liens securing Indebtedness or other obligations of a Restricted
Subsidiary owing to the Issuer or another Restricted Subsidiary of the
Issuer permitted to be Incurred in accordance with Section 4.09.
"Permitted Payments to Parent" means, payments (directly or in the
form of dividends, loans or otherwise) to, a direct or indirect parent entity of
the Issuer in amounts required for such Person to pay:
(1) franchise taxes and other fees, taxes and expenses required to
maintain its corporate existence;
(2) for so long as the Issuer is a member of a group filing a
consolidated or combined tax return such direct or indirect parent entity,
an allocable portion of the tax liabilities of such group that is
attributable to the Issuer and its Subsidiaries;
(3) customary salary, bonus, severance and other benefits payable to,
and indemnities provided on behalf of, officers and employees of such
direct or indirect parent entity of the Issuer to the extent such salaries,
bonuses, severance, indemnities and other benefits are attributable to the
ownership or operation of the Issuer and its Restricted Subsidiaries,
including payments to Xxxxxxx X. Xxxxx pursuant to his employment agreement
with Parent;
(4) payments to the Sponsors and any of their Affiliates (a) pursuant
to the Management Agreement or any amendment thereto (so long as such
amendment is not less advantageous to the holders of the Notes in any
material respect than the Management Agreement) or (b) for any other
financial advisory, financing, underwriting or placement services or in
respect of other investment banking activities, including, without
limitation, in connection with acquisitions or divestitures, which
payments, in the case of this clause (b), are approved by a majority of the
disinterested members of the Board of Directors of the Issuer in good
faith;
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(5) general corporate overhead expenses for such direct or indirect
parent entity of the Issuer to the extent such expenses are attributable to
the ownership or operation of the Issuer and its Restricted Subsidiaries;
and
(6) reasonable fees and expenses incurred in connection with any
unsuccessful debt or equity offering by such direct or indirect parent
entity of the Issuer.
"Permitted Refinancing Indebtedness" means any Indebtedness of the
Issuer or any Restricted Subsidiary issued in exchange for, or the net proceeds
of which are used to renew, refund, refinance, replace, defease or discharge
other Indebtedness of the Issuer or any Restricted Subsidiary (other than
intercompany Indebtedness); provided that:
(1) the principal amount (or accreted value, if applicable) of such
Permitted Refinancing Indebtedness does not exceed the principal amount (or
accreted value, if applicable) of the Indebtedness renewed, refunded,
refinanced, replaced, defeased or discharged (plus all accrued interest on
the Indebtedness and the amount of all fees and expenses, including
premiums, incurred in connection therewith);
(2) such Permitted Refinancing Indebtedness has a final maturity date
later than the final maturity date of, and has a Weighted Average Life to
Maturity equal to or greater than the Weighted Average Life to Maturity of,
the Indebtedness being renewed, refunded, refinanced, replaced, defeased or
discharged;
(3) if the Indebtedness being renewed, refunded, refinanced, replaced,
defeased or discharged is subordinated in right of payment to the Notes,
such Permitted Refinancing Indebtedness has a final maturity date later
than the final maturity date of, and is subordinated in right of payment
to, the Notes on terms at least as favorable to the Holders of Notes as
those contained in the documentation governing the Indebtedness being
renewed, refunded, refinanced, replaced, defeased or discharged; and
(4) such Indebtedness is incurred either by the Issuer or by the
Restricted Subsidiary who is the obligor on the Indebtedness being renewed,
refunded, refinanced, replaced, defeased or discharged.
"Person" means any individual, corporation, partnership, joint
venture, association, joint-stock company, trust, unincorporated organization,
limited liability company or government or other entity.
"Preferred Stock", as applied to the Capital Stock of any Person,
means Capital Stock of any class or classes (however designated) that is
preferred as to the payment of dividends, or as to the distribution of assets
upon any voluntary or involuntary liquidation or dissolution of such Person,
over shares of Capital Stock of any other class of such Person.
"Private Placement Legend" means the legend set forth in Section
2.06(g)(i) hereof to be placed on all Notes issued under this Indenture, except
where otherwise permitted by the provisions of this Indenture.
"Purchase Money Note" means a promissory note of a Securitization
Subsidiary evidencing a line of credit, which may be irrevocable, issued by the
Issuer or any Subsidiary of Sunshine to such Securitization Subsidiary in
connection with a Qualified Securitization Financing, which note is intended to
finance that portion of the purchase price that is not paid in cash or a
contribution of equity and which
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(a) shall be repaid from cash available to the Securitization Subsidiary, other
than (i) amounts required to be established as reserves, (ii) amounts paid to
investors in respect of interest, (iii) principal and other amounts owing to
such investors and (iv) amounts paid in connection with the purchase of newly
generated receivables and (b) may be subordinated to the payments described in
clause (a).
"QIB" means a "qualified institutional buyer" as defined in Rule 144A.
"Qualified Proceeds" means assets that are used or useful in, or
Capital Stock of any Person engaged in, a Permitted Business; provided, however,
that the fair market value of any such assets or Capital Stock shall be
determined by the Board of Directors of the Issuer in good faith.
"Qualified Securitization Financing" means any Securitization
Financing of a Securitization Subsidiary that meets the following conditions:
(i) the Board of Directors of the Issuer shall have determined in good faith
that such Qualified Securitization Financing (including financing terms,
covenants, termination events and other provisions) is in the aggregate
economically fair and reasonable to the Issuer and the Securitization
Subsidiary, (ii) all sales of Securitization Assets and related assets to the
Securitization Subsidiary are made at Fair Market Value and (iii) the financing
terms, covenants, termination events and other provisions thereof shall be
market terms (as determined in good faith by the Issuer) and may include
Standard Securitization Undertakings. The grant of a security interest in any
Securitization Assets of the Issuer or any Restricted Subsidiary (other than a
Securitization Subsidiary) to secure Indebtedness under the Credit Agreement and
any refinancing indebtedness with respect thereto shall not be deemed a
Qualified Securitization Financing.
"Ratio Indebtedness" means, with respect to any specified Person, any
Indebtedness of such Person plus any Disqualified Stock of such Person, provided
that letters of credit (or reimbursement agreements in respect thereof),
banker's acceptances and Hedging Obligations shall be excluded if and to the
extent they would not appear as a liability upon the balance sheet of the
specified Person prepared in accordance with GAAP.
"Record Date" for the interest or Liquidated Damages, if any, payable
on any applicable Interest Payment Date means May 15 or November 15 (whether or
not a Business Day) next preceding such Interest Payment Date.
"Registration Rights Agreement" means the Registration Rights
Agreement related to the Notes dated as of the Issue Date, among Sunshine, SS&C,
the Guarantors and the Initial Purchasers, as such agreement may be amended,
modified or supplemented from time to time and, with respect to any Additional
Notes, one or more registration rights agreements between the Issuer and the
other parties thereto, as such agreement(s) may be amended, modified or
supplemented from time to time, relating to rights given by the Issuer to the
purchasers of Additional Notes to register such Additional Notes under the
Securities Act.
"Regulation S" means Regulation S promulgated under the Securities
Act.
"Regulation S Global Note" means a Regulation S Temporary Global Note
or Regulation S Permanent Global Note, as applicable.
"Regulation S Permanent Global Note" means a permanent Global Note in
the form of Exhibit A hereto, bearing the Global Note Legend and the Private
Placement Legend and deposited with or on behalf of and registered in the name
of the Depositary or its nominee, issued in a denomination equal to the
outstanding principal amount of the Regulation S Temporary Global Note upon
expiration of the Restricted Period.
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"Regulation S Temporary Global Note" means a temporary Global Note in
the form of Exhibit A hereto, bearing the Global Note Legend, the Private
Placement Legend and the Regulation S Temporary Global Note Legend and deposited
with or on behalf of and registered in the name of the Depositary or its
nominee, issued in a denomination equal to the outstanding principal amount of
the Notes initially sold in reliance on Rule 903.
"Regulation S Temporary Global Note Legend" means the legend set forth
in Section 2.06(g)(iii) hereof.
"Related Party" means:
(1) any controlling stockholder, 80% (or more) owned Subsidiary, or
immediate family member (in the case of an individual) of a Person
described in clause (1) of the definition of "Permitted Holder"; or
(2) any trust, corporation, partnership, limited liability company or
other entity, the beneficiaries, stockholders, partners, members, owners or
Persons beneficially holding an 80% or more controlling interest of which
consist of any one or more Permitted Holder.
"Responsible Officer" means, when used with respect to the Trustee,
any officer within the corporate trust department of the Trustee, including any
vice president, assistant vice president, assistant secretary, assistant
treasurer, trust officer or any other officer of the Trustee who customarily
performs functions similar to those performed by the Persons who at the time
shall be such officers, respectively, or to whom any corporate trust matter is
referred because of such Person's knowledge of and familiarity with the
particular subject and who shall have direct responsibility for the
administration of this Indenture.
"Restricted Definitive Note" means a Definitive Note bearing the
Private Placement Legend.
"Restricted Global Note" means a Global Note bearing the Private
Placement Legend.
"Restricted Investment" means an Investment other than a Permitted
Investment.
"Restricted Period" means the 40 day distribution compliance period as
defined in Regulation S.
"Restricted Subsidiary" of a Person means any Subsidiary of the
referent Person that is not an Unrestricted Subsidiary.
"Rule 144" means Rule 144 promulgated under the Securities Act.
"Rule 144A" means Rule 144A promulgated under the Securities Act.
"Rule 903" means Rule 903 promulgated under the Securities Act.
"Rule 904" means Rule 904 promulgated under the Securities Act.
"SEC" means the U.S. Securities and Exchange Commission.
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"Securitization Assets" means any accounts receivable or other revenue
streams from the conduct of a Permitted Business subject to a Qualified
Securitization Financing.
"Securitization Fees" means reasonable distributions or payments made
directly or by means of discounts with respect to any participation interest
issued or sold in connection with, and other fees paid to a Person that is not a
Securitization Subsidiary in connection with any Qualified Securitization
Financing.
"Securitization Financing" means any transaction or series of
transactions that may be entered into by the Issuer or any of its Subsidiaries
pursuant to which the Issuer or any of its Subsidiaries may sell, convey or
otherwise transfer to (a) a Securitization Subsidiary (in the case of a transfer
by the Issuer or any of its Subsidiaries) and (b) any other Person (in the case
of a transfer by a Securitization Subsidiary), or may grant a security interest
in, any Securitization Assets (whether now existing or arising in the future) of
the Issuer or any of its Subsidiaries, and any assets related thereto including,
without limitation, all collateral securing such Securitization Assets, all
contracts and all guarantees or other obligations in respect of such
Securitization Assets, proceeds of such Securitization Assets and other assets
which are customarily transferred or in respect of which security interests are
customarily granted in connection with asset securitization transactions
involving Securitization Assets and any Hedging Obligations entered into by the
Issuer or any such Subsidiary in connection with such Securitization Assets.
"Securitization Repurchase Obligation" means any obligation of a
seller of Securitization Assets in a Qualified Securitization Financing to
repurchase Securitization Assets arising as a result of a breach of a
representation, warranty or covenant or otherwise, including, without
limitation, as a result of a receivable or portion thereof becoming subject to
any asserted defense, dispute, off set or counterclaim of any kind as a result
of any action taken by, any failure to take action by or any other event
relating to the seller.
"Securitization Subsidiary" means a Wholly Owned Subsidiary of the
Issuer (or another Person formed for the purposes of engaging in a Qualified
Securitization Financing in which the Issuer or any Subsidiary of the Issuer
makes an Investment and to which the Issuer or any Subsidiary of the Issuer
transfers Securitization Assets and related assets) which engages in no
activities other than in connection with the financing of Securitization Assets
of the Issuer or its Subsidiaries, all proceeds thereof and all rights
(contingent and other), collateral and other assets relating thereto, and any
business or activities incidental or related to such business, and which is
designated by the Board of Directors of the Issuer or such other Person (as
provided below) as a Securitization Subsidiary and (a) no portion of the
Indebtedness or any other obligations (contingent or otherwise) of which (i) is
guaranteed by the Issuer or any other Subsidiary of the Issuer (excluding
guarantees of obligations (other than the principal of, and interest on,
Indebtedness) pursuant to Standard Securitization Undertakings), (ii) is
recourse to or obligates the Issuer or any other Subsidiary of the Issuer in any
way other than pursuant to Standard Securitization Undertakings or (iii)
subjects any property or asset of the Issuer or any other Subsidiary of the
Issuer, directly or indirectly, contingently or otherwise, to the satisfaction
thereof, other than pursuant to Standard Securitization Undertakings, (b) with
which neither the Issuer nor any other Subsidiary of the Issuer has any material
contract, agreement, arrangement or understanding other than on terms which the
Issuer reasonably believes to be no less favorable to the Issuer or such
Subsidiary than those that might be obtained at the time from Persons that are
not Affiliates of the Issuer and (e) to which neither the Issuer nor any other
Subsidiary of the Issuer has any obligation to maintain or preserve such
entity's financial condition or cause such entity to achieve certain levels of
operating results. Any such designation by the Board of Directors of the Issuer
or such other Person shall be evidenced to the Trustee by filing with the
Trustee a certified copy of the resolution of the Board of Directors of the
Issuer or such other Person giving effect
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to such designation and an Officers' Certificate certifying that such
designation complied with the foregoing conditions.
"Senior Debt" means the principal of, premium, if any, and interest
(including any interest accruing after the commencement of any bankruptcy
proceeding at the rate provided for in the documentation with respect thereto,
whether or not such interest is an allowed or allowable claim under applicable
law) on any Indebtedness and any Securitization Repurchase Obligation of the
Issuer, whether outstanding on the date of this Indenture or thereafter created,
incurred or assumed, unless, in the case of any particular obligation, the
instrument creating or evidencing the same or pursuant to which the same is
outstanding expressly provides that such obligation shall be subordinate or pari
passu in right of payment to the notes. Without limiting the generality of the
foregoing, "Senior Debt" shall also include the principal of, premium, if any,
interest (including any interest accruing after the commencement of any
bankruptcy proceeding at the rate provided for in the documentation with respect
thereto, whether or not such interest is an allowed or allowable claim under
applicable law) on, and all other amounts owing in respect of (including
guarantees of the foregoing obligations):
(1) all monetary obligations of every nature of the Issuer under, or
with respect to, the Credit Agreement, including, without limitation,
obligations to pay principal, premium and interest, reimbursement
obligations under letters of credit, fees, expenses and indemnities (and
guarantees thereof); and
(2) all Hedging Obligations (and guarantees thereof),
in each case whether outstanding on the date of this Indenture or thereafter
incurred.
"Shareholders Agreement" means the Shareholders Agreement among Parent
and the shareholders of Parent, as in effect on the date of this Indenture.
"Significant Subsidiary" means any Subsidiary that would be a
"significant subsidiary" as defined in Article 1, Rule 1-02 of Regulation S-X,
promulgated pursuant to the Act, as such Regulation is in effect on the Issue
Date.
"Sponsors" means one or more investments funds controlled by The
Carlyle Group and their Affiliates.
"SS&C" means SS&C Technologies, Inc., a Delaware corporation.
"Standard Securitization Undertakings" means representations,
warranties, covenants and indemnities entered into by the Issuer or any
Subsidiary of the Issuer that the Issuer has determined in good faith to be
customary in a Securitization Financing, including, without limitation, those
relating to the servicing of the assets of a Securitization Subsidiary, it being
understood that any Securitization Repurchase Obligation shall be deemed to be a
Standard Securitization Undertaking.
"Stated Maturity" means, with respect to any installment of interest
or principal on any series of Indebtedness, the date on which the payment of
interest or principal was scheduled to be paid in the documentation governing
such Indebtedness as of the date of this Indenture, and shall not include any
contingent obligations to repay, redeem or repurchase any such interest or
principal prior to the date originally scheduled for the payment thereof.
"Subordinated Indebtedness" means (a) with respect to the Issuer, any
Indebtedness of the Issuer that is by its terms subordinated in right of payment
to the Notes and (b) with respect to any
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Guarantor, any Indebtedness of such Guarantor that is by its terms subordinated
in right of payment to its Note Guarantee.
"Subsidiary" means, with respect to any specified Person:
(1) any corporation, association or other business entity of which
more than 50% of the total voting power of shares of Capital Stock entitled
(without regard to the occurrence of any contingency and after giving
effect to any voting agreement or stockholders' agreement that effectively
transfers voting power) to vote in the election of directors, managers or
trustees of the corporation, association or other business entity is at the
time owned or controlled, directly or indirectly, by that Person or one or
more of the other Subsidiaries of that Person (or a combination thereof);
and
(2) any partnership (a) the sole general partner or the managing
general partner of which is such Person or a Subsidiary of such Person or
(b) the only general partners of which are that Person or one or more
Subsidiaries of that Person (or any combination thereof).
"Sunshine" means Sunshine Acquisition II, Inc., a Delaware
corporation.
"Transactions" means the Acquisition and the transactions related
thereto, including the offering of the Notes being offered hereby and borrowings
made pursuant to the Credit Agreement.
"Treasury Rate" means, as of the applicable redemption date, the yield
to maturity as of such redemption date of United States Treasury securities with
a constant maturity (as compiled and published in the most recent Federal
Reserve Statistical Release H.15 (519) that has become publicly available at
least two Business Days prior to such redemption date (or, if such Statistical
Release is no longer published, any publicly available source of similar market
data)) most nearly equal to the period from such redemption date to December 1,
2009; provided, however, that if the period from such redemption date to
December 1, 2009 is less than one year, the weekly average yield on actually
traded United States Treasury securities adjusted to a constant maturity of one
year will be used.
"Trust Indenture Act" means the Trust Indenture Act of 1939, as
amended (15 U.S.C Sections 77aaa-777bbbb), as in effect on the date on which
this Indenture is qualified under the Trust Indenture Act, except as otherwise
set forth in this Indenture.
"Trustee" means Xxxxx Fargo Bank, National Association, as trustee,
until a successor replaces it in accordance with the applicable provisions of
this Indenture and thereafter means the successor serving hereunder.
"Unrestricted Definitive Note" means one or more Definitive Notes that
do not bear and are not required to bear the Private Placement Legend.
"Unrestricted Global Note" means a permanent Global Note,
substantially in the form of Exhibit A attached hereto, that bears the Global
Note Legend and that has the "Schedule of Exchanges of Interests in the Global
Note" attached thereto, and that is deposited with or on behalf of and
registered in the name of the Depositary, representing Notes that do not bear
the Private Placement Legend.
"Unrestricted Subsidiary" means any Subsidiary of the Issuer that is
designated by the Board of Directors of the Issuer as an Unrestricted Subsidiary
pursuant to a resolution of the Board of Directors, but only to the extent that
such Subsidiary:
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(1) has no Indebtedness other than Non-Recourse Debt;
(2) except as permitted by Section 4.11, is not party to any
agreement, contract, arrangement or understanding with the Issuer or any
Restricted Subsidiary of the Issuer unless the terms of any such agreement,
contract, arrangement or understanding are no less favorable to the Issuer
or such Restricted Subsidiary than those that might be obtained at the time
from Persons who are not Affiliates of the Issuer;
(3) is a Person with respect to which neither the Issuer nor any
Restricted Subsidiary has any direct or indirect obligation (a) to
subscribe for additional Equity Interests or (b) to maintain or preserve
such Person's financial condition or to cause such Person to achieve any
specified levels of operating results; and
(4) has not guaranteed or otherwise directly or indirectly provided
credit support for any Indebtedness of the Issuer or any Restricted
Subsidiary.
"U.S. Person" means a U.S. person as defined in Rule 902(k) under the
Securities Act.
"Voting Stock" of any specified Person as of any date means the
Capital Stock of such Person that is at the time entitled to vote in the
election of the Board of Directors of such Person.
"Weighted Average Life to Maturity" means, when applied to any
Indebtedness at any date, the number of years obtained by dividing:
(1) the sum of the products obtained by multiplying (a) the amount of
each then remaining installment, sinking fund, serial maturity or other
required payments of principal, including payment at final maturity, in
respect of the Indebtedness, by (b) the number of years (calculated to the
nearest one-twelfth) that will elapse between such date and the making of
such payment; by
(2) the then outstanding principal amount of such Indebtedness.
"Wholly Owned Subsidiary" of any Person means a Subsidiary of such
Person, 100% of the outstanding Capital Stock or other ownership interests of
which (other than directors' qualifying shares and shares issued to foreign
nationals under applicable law) shall at the time be owned by such Person or by
one or more Wholly Owned Subsidiaries of such Person or by such Person and one
or more Wholly Owned Subsidiaries of such Person.
Section 1.02 Other Definitions.
Defined in
Term Section
---- ----------
"Affiliate Transaction" ........................................... 4.11
"Alternate Offer" ................................................. 4.14
"Asset Sale Offer" ................................................ 4.10
"Authentication Order" ............................................ 2.02
"Change of Control Offer" ......................................... 4.14
"Change of Control Payment" ....................................... 4.14
"Change of Control Payment Date" .................................. 4.14
"Covenant Defeasance" ............................................. 8.03
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Defined in
Term Section
---- ----------
"DTC" ............................................................. 2.03
"Event of Default" ................................................ 6.01
"Excess Proceeds" ................................................. 4.10
"incur" ........................................................... 4.09
"Legal Defeasance" ................................................ 8.02
"Non-Payment Default" ............................................. 12.02
"Offer Amount" .................................................... 3.09
"Offer Period" .................................................... 3.09
"Paying Agent" .................................................... 2.03
"Payment Blockage Notice" ......................................... 12.02
"Payment Blockage Period" ......................................... 12.02
"Payment Default" ................................................. 12.02
"Permitted Debt" .................................................. 4.09
"Purchase Date" ................................................... 3.09
"Redemption Date" ................................................. 3.07
"Registrar" ....................................................... 2.03
"Representative" .................................................. 12.02
"Restricted Payments" ............................................. 4.07
"Successor Company" ............................................... 5.01
Section 1.03 Incorporation by Reference of Trust Indenture Act.
Whenever this Indenture refers to a provision of the Trust Indenture
Act, the provision is incorporated by reference in and made a part of this
Indenture.
The following Trust Indenture Act terms used in this Indenture have
the following meanings:
"indenture securities" means the Notes;
"indenture security holder" means a Holder of a Note and Note
Guarantees;
"indenture to be qualified" means this Indenture;
"indenture trustee" or "institutional trustee" means the Trustee; and
"obligor" on the Notes and the Note Guarantees means the Issuer and
the Guarantors, respectively, and any successor obligor upon the Notes and
the Note Guarantees, respectively.
All other terms used in this Indenture that are defined by the Trust
Indenture Act, defined by Trust Indenture Act reference to another statute or
defined by SEC rule under the Trust Indenture Act and not otherwise defined
herein have the meanings so assigned to them either in the Trust Indenture Act
or SEC rule.
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Section 1.04 Rules of Construction.
Unless the context otherwise requires:
(a) a term has the meaning assigned to it;
(b) an accounting term not otherwise defined has the meaning assigned
to it in accordance with GAAP;
(c) "or" is not exclusive;
(d) words in the singular include the plural, and in the plural
include the singular;
(e) "will" shall be interpreted to express a command;
(f) provisions apply to successive events and transactions;
(g) references to sections of, or rules under, the Securities Act
shall be deemed to include substitute, replacement or successor sections or
rules adopted by the SEC from time to time;
(h) unless the context otherwise requires, any reference to an
"Article," "Section" or "clause" refers to an Article, Section or clause,
as the case may be, of this Indenture; and
(i) the words "herein," "hereof" and "hereunder" and other words of
similar import refer to this Indenture as a whole and not any particular
Article, Section, clause or other subdivision.
Section 1.05 Acts of Holders.
(a) Any request, demand, authorization, direction, notice, consent,
waiver or other action provided by this Indenture to be given or taken by
Holders may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such Holders in person or by an agent duly
appointed in writing. Except as herein otherwise expressly provided, such action
shall become effective when such instrument or instruments or record or both are
delivered to the Trustee and, where it is hereby expressly required, to the
Issuer. Proof of execution of any such instrument or of a writing appointing any
such agent, or the holding by any Person of a Note, shall be sufficient for any
purpose of this Indenture and (subject to Section 7.01) conclusive in favor of
the Trustee and the Issuer, if made in the manner provided in this Section 1.05.
(b) The fact and date of the execution by any Person of any such
instrument or writing may be proved by the affidavit of a witness of such
execution or by the certificate of any notary public or other officer authorized
by law to take acknowledgments of deeds, certifying that the individual signing
such instrument or writing acknowledged to him the execution thereof. Where such
execution is by or on behalf of any legal entity other than an individual, such
certificate or affidavit shall also constitute proof of the authority of the
Person executing the same. The fact and date of the execution of any such
instrument or writing, or the authority of the Person executing the same, may
also be proved in any other manner that the Trustee deems sufficient.
(c) The ownership of Notes shall be proved by the Register maintained
by the Registrar.
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(d) Any request, demand, authorization, direction, notice, consent,
waiver or other action by the Holder of any Note shall bind every future Holder
of the same Note and the Holder of every Note issued upon the registration of
transfer thereof or in exchange therefor or in lieu thereof, in respect of any
action taken, suffered or omitted by the Trustee or the Issuer in reliance
thereon, whether or not notation of such action is made upon such Note.
(e) The Issuer may, in the circumstances permitted by the Trust
Indenture Act, set a record date for purposes of determining the identity of
Holders entitled to give any request, demand, authorization, direction, notice,
consent, waiver or take any other act, or to vote or consent to any action by
vote or consent authorized or permitted to be given or taken by Holders. Unless
otherwise specified, if not set by the Issuer prior to the first solicitation of
a Holder made by any Person in respect of any such action, or in the case of any
such vote, prior to such vote, any such record date shall be the later of 30
days prior to the first solicitation of such consent or the date of the most
recent list of Holders furnished to the Trustee prior to such solicitation.
(f) Without limiting the foregoing, a Holder entitled to take any
action hereunder with regard to any particular Note may do so with regard to all
or any part of the principal amount of such Note or by one or more duly
appointed agents, each of which may do so pursuant to such appointment with
regard to all or any part of such principal amount. Any notice given or action
taken by a Holder or its agents with regard to different parts of such principal
amount pursuant to this paragraph shall have the same effect as if given or
taken by separate Holders of each such different part.
(g) Without limiting the generality of the foregoing, a Holder,
including DTC that is the Holder of a Global Note, may make, give or take, by a
proxy or proxies duly appointed in writing, any request, demand, authorization,
direction, notice, consent, waiver or other action provided in this Indenture to
be made, given or taken by Holders, and DTC that is the Holder of a Global Note
may provide its proxy or proxies to the beneficial owners of interests in any
such Global Note through such depositary's standing instructions and customary
practices.
(h) The Issuer may fix a record date for the purpose of determining
the Persons who are beneficial owners of interests in any Global Note held by
DTC entitled under the procedures of such depositary to make, give or take, by a
proxy or proxies duly appointed in writing, any request, demand, authorization,
direction, notice, consent, waiver or other action provided in this Indenture to
be made, given or taken by Holders. If such a record date is fixed, the Holders
on such record date or their duly appointed proxy or proxies, and only such
Persons, shall be entitled to make, give or take such request, demand,
authorization, direction, notice, consent, waiver or other action, whether or
not such Holders remain Holders after such record date. No such request, demand,
authorization, direction, notice, consent, waiver or other action shall be valid
or effective if made, given or taken more than 90 days after such record date.
ARTICLE 2
THE NOTES
Section 2.01 Form and Dating; Terms.
(a) General. The Notes and the Trustee's certificate of authentication
shall be substantially in the form of Exhibit A hereto. The Notes may have
notations, legends or endorsements required by law, stock exchange rules or
usage. Each Note shall be dated the date of its authentication. The Notes shall
be in denominations of $1,000 and integral multiples thereof. The amount of
Notes which may be issued under this Indenture is unlimited.
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(b) Global Notes. Notes issued in global form shall be substantially
in the form of Exhibit A hereto (including the Global Note Legend thereon and
the "Schedule of Exchanges of Interests in the Global Note" attached thereto).
Notes issued in definitive form shall be substantially in the form of Exhibit A
hereto (but without the Global Note Legend thereon and without the "Schedule of
Exchanges of Interests in the Global Note" attached thereto). Each Global Note
shall represent such of the outstanding Notes as shall be specified in the
"Schedule of Exchanges of Interests in the Global Note" attached thereto and
each shall provide that it shall represent up to the aggregate principal amount
of Notes from time to time endorsed thereon and that the aggregate principal
amount of outstanding Notes represented thereby may from time to time be reduced
or increased, as applicable, to reflect exchanges and redemptions. Any
endorsement of a Global Note to reflect the amount of any increase or decrease
in the aggregate principal amount of outstanding Notes represented thereby shall
be made by the Trustee or the Custodian, at the direction of the Trustee, in
accordance with instructions given by the Holder thereof as required by Section
2.06 hereof.
(c) Temporary Global Notes. Notes offered and sold in reliance on
Regulation S shall be issued initially in the form of the Regulation S Temporary
Global Note, which shall be deposited on behalf of the purchasers of the Notes
represented thereby with the Trustee, as custodian for the Depositary, and
registered in the name of the Depositary or the nominee of the Depositary for
the accounts of designated agents holding on behalf of Euroclear or Clearstream,
duly executed by the Issuer and authenticated by the Trustee as hereinafter
provided. The Restricted Period shall be terminated upon:
(i) receipt by the Issuer of a written certificate from the
Depositary, together with copies of certificates from Euroclear and
Clearstream certifying that they have received certification of non-United
States beneficial ownership of 100% of the aggregate principal amount of
the Regulation S Temporary Global Note (except to the extent of any
beneficial owners thereof who acquired an interest therein during the
Restricted Period pursuant to another exemption from registration under the
Securities Act and who shall take delivery of a beneficial ownership
interest in a 144A Global Note bearing a Private Placement Legend, all as
contemplated by Section 2.06(b) hereof); and
(ii) following such receipt, delivery of an Officer's Certificate to
the Trustee
Following the termination of the Restricted Period, beneficial
interests in the Regulation S Temporary Global Note shall be exchanged for
beneficial interests in the Regulation S Permanent Global Note pursuant to the
Applicable Procedures. Simultaneously with the authentication of the Regulation
S Permanent Global Note, the Trustee shall cancel the Regulation S Temporary
Global Note. The aggregate principal amount of the Regulation S Temporary Global
Note and the Regulation S Permanent Global Note may from time to time be
increased or decreased by adjustments made on the records of the Trustee and the
Depositary or its nominee, as the case may be, in connection with transfers of
interest as hereinafter provided.
(d) Terms. The terms and provisions contained in the Notes shall
constitute, and are hereby expressly made, a part of this Indenture and the
Issuer, the Guarantors and the Trustee, by their execution and delivery of this
Indenture, expressly agree to such terms and provisions and to be bound thereby.
However, to the extent any provision of any Note conflicts with the express
provisions of this Indenture, the provisions of this Indenture shall govern and
be controlling.
Section 2.02 Execution and Authentication.
At least one Officer shall execute the Notes on behalf of the Issuer
by manual or facsimile signature.
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If an Officer whose signature is on a Note no longer holds that office
at the time a Note is authenticated, the Note shall nevertheless be valid.
A Note shall not be entitled to any benefit under this Indenture or be
valid or obligatory for any purpose until authenticated substantially in the
form of Exhibit A attached hereto, as the case may be, by the manual signature
of the Trustee. The signature shall be conclusive evidence that the Note has
been duly authenticated and delivered under this Indenture.
On the Issue Date, the Trustee shall, upon receipt of an Issuer Order
(an "Authentication Order"), authenticate and deliver the Initial Notes. In
addition, at any time, from time to time, the Trustee shall upon an
Authentication Order authenticate and deliver any Exchange Notes for an
aggregate principal amount specified in such Authentication Order for such
Exchange Notes issued hereunder. Additional Notes may be issued from time to
time subject to Section 4.09.
The Trustee may appoint an authenticating agent acceptable to the
Issuer to authenticate Notes. An authenticating agent may authenticate Notes
whenever the Trustee may do so. 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 Holders or an
Affiliate of the Issuer.
Section 2.03 Registrar, Paying Agent and Calculation Agent.
The Issuer shall maintain an office or agency where Notes may be
presented for registration of transfer or for exchange ("Registrar") and an
office or agency where Notes may be presented for payment ("Paying Agent"). The
Issuer may appoint one or more co-registrars and one or more additional paying
agents. The term "Registrar" includes any co-registrar and the term "Paying
Agent" includes any additional paying agent. The Issuer may change any Paying
Agent or Registrar without prior notice to any Holder. The Issuer shall notify
the Trustee in writing of the name and address of any Agent not a party to this
Indenture. If the Issuer fails to appoint or maintain another entity as
Registrar or Paying Agent, the Trustee shall act as such. The Issuer or any of
its Subsidiaries may act as Paying Agent or Registrar.
The Issuer initially appoints The Depository Trust Company ("DTC") to
act as Depositary with respect to the Global Notes.
The Issuer initially appoints the Trustee to act as the Paying Agent
and Registrar for the Notes and to act as Custodian with respect to the Global
Notes.
Section 2.04 Paying Agent to Hold Money in Trust.
The Issuer shall require each Paying Agent other than the Trustee to
agree in writing that the Paying Agent shall hold in trust for the benefit of
Holders or the Trustee all assets held by the Paying Agent for the payment of
principal, premium, if any, or Liquidated Damages, if any, or interest on the
Notes, and will notify the Trustee of any default by the Issuer in making any
such payment. While any such default continues, the Trustee may require a Paying
Agent to pay all money held by it to the Trustee. The Issuer at any time may
require a Paying Agent to pay all money held by it to the Trustee. Upon payment
over to the Trustee, the Paying Agent (if other than the Issuer or a Subsidiary)
shall have no further liability for the money. If the Issuer or a Subsidiary
acts as Paying Agent, it shall segregate and hold in a separate trust fund for
the benefit of the Holders all money held by it as Paying Agent. Upon any
bankruptcy or reorganization proceedings relating to the Issuer, the Trustee
shall serve as Paying Agent for the Notes.
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Section 2.05 Holder 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
all Holders and shall otherwise comply with Trust Indenture Act Section 312(a).
If the Trustee is not the Registrar, the Issuer shall furnish to the Trustee at
least two Business Days before each 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 the
Holders of Notes and the Issuer shall otherwise comply with Trust Indenture Act
Section 312(a).
Section 2.06 Transfer and Exchange.
(a) Transfer and Exchange of Global Notes. Except as otherwise set
forth in this Section 2.06, a Global Note may be transferred, in whole and not
in part, only to another nominee of the Depositary or to a successor Depositary
or a nominee of such successor Depositary. A beneficial interest in a Global
Note may not be exchanged for a Definitive Note unless (i) the Depositary (x)
notifies the Issuer that it is unwilling or unable to continue as Depositary for
such Global Note or (y) has ceased to be a clearing agency registered under the
Exchange Act and, in either case, a successor Depositary is not appointed by the
Issuer within 120 days, (ii) the Issuer in its sole discretion determines that
the Global Notes (in whole but not in part) should be exchanged for Definitive
Notes and delivers a written notice to such effect to the Trustee; provided that
in no event shall the Regulation S Temporary Global Note be exchanged by the
Issuer for Definitive Notes prior to (A) the expiration of the Restricted Period
and (B) the receipt by the Registrar of any certificates required pursuant to
Rule 903(b)(3)(ii)(B) under the Securities Act or (iii) there shall have
occurred and be continuing a Default with respect to the Notes. Upon the
occurrence of any of the preceding events in (i), (ii) or (iii) above,
Definitive Notes delivered in exchange for any Global Note or beneficial
interests therein will be registered in the names, and issued in any approved
denominations, requested by or on behalf of the Depositary (in accordance with
its customary procedures). Global Notes also may be exchanged or replaced, in
whole or in part, as provided in Sections 2.07 and 2.10 hereof. Every Note
authenticated and delivered in exchange for, or in lieu of, a Global Note or any
portion thereof, pursuant to this Section 2.06 or Section 2.07 or 2.10 hereof,
shall be authenticated and delivered in the form of, and shall be, a Global
Note. A Global Note may not be exchanged for another Note other than as provided
in this Section 2.06(a); provided, however, that beneficial interests in a
Global Note may be transferred and exchanged as provided in Section 2.06(b), (c)
or (f) hereof.
(b) Transfer and Exchange of Beneficial Interests in the Global Notes.
The transfer and exchange of beneficial interests in the Global Notes shall be
effected through the Depositary, in accordance with the provisions of this
Indenture and the Applicable Procedures. Beneficial interests in the Restricted
Global Notes shall be subject to restrictions on transfer comparable to those
set forth herein to the extent required by the Securities Act. Transfers of
beneficial interests in the Global Notes also shall require compliance with
either subparagraph (i) or (ii) below, as applicable, as well as one or more of
the other following subparagraphs, as applicable:
(i) Transfer of Beneficial Interests in the Same Global Note.
Beneficial interests in any Restricted Global Note may be transferred to
Persons who take delivery thereof in the form of a beneficial interest in
the same Restricted Global Note in accordance with the transfer
restrictions set forth in the Private Placement Legend; provided, however,
that prior to the expiration of the Restricted Period, transfers of
beneficial interests in the Regulation S Temporary Global Note may not be
made to a U.S. Person or for the account or benefit of a U.S. Person (other
than an Initial Purchaser). Beneficial interests in any Unrestricted Global
Note may be transferred to Persons who take delivery thereof in the form of
a beneficial interest in an Unrestricted Global Note.
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No written orders or instructions shall be required to be delivered to the
Registrar to effect the transfers described in this Section 2.06(b)(i).
(ii) All Other Transfers and Exchanges of Beneficial Interests in
Global Notes. In connection with all transfers and exchanges of beneficial
interests that are not subject to Section 2.06(b)(i) hereof, the transferor
of such beneficial interest must deliver to the Registrar either (A) (1) a
written order from a Participant or an Indirect Participant given to the
Depositary in accordance with the Applicable Procedures directing the
Depositary to credit or cause to be credited a beneficial interest in
another Global Note in an amount equal to the beneficial interest to be
transferred or exchanged and (2) instructions given in accordance with the
Applicable Procedures containing information regarding the Participant
account to be credited with such increase or (B) (1) a written order from a
Participant or an Indirect Participant given to the Depositary in
accordance with the Applicable Procedures directing the Depositary to cause
to be issued a Definitive Note in an amount equal to the beneficial
interest to be transferred or exchanged and (2) instructions given by the
Depositary to the Registrar containing information regarding the Person in
whose name such Definitive Note shall be registered to effect the transfer
or exchange referred to in (1) above; provided that in no event shall
Definitive Notes be issued upon the transfer or exchange of beneficial
interests in the Regulation S Temporary Global Note prior to (A) the
expiration of the Restricted Period and (B) the receipt by the Registrar of
any certificates required pursuant to Rule 903. Upon consummation of an
Exchange Offer by the Issuer in accordance with Section 2.06(f) hereof, the
requirements of this Section 2.06(b)(ii) shall be deemed to have been
satisfied upon receipt by the Registrar of the instructions contained in
the Letter of Transmittal delivered by the Holder of such beneficial
interests in the Restricted Global Notes. Upon satisfaction of all of the
requirements for transfer or exchange of beneficial interests in Global
Notes contained in this Indenture and the Notes or otherwise applicable
under the Securities Act, the Trustee shall adjust the principal amount of
the relevant Global Note(s) pursuant to Section 2.06(h) hereof.
(iii) Transfer of Beneficial Interests to Another Restricted Global
Note. A beneficial interest in any Restricted Global Note may be
transferred to a Person who takes delivery thereof in the form of a
beneficial interest in another Restricted Global Note if the transfer
complies with the requirements of Section 2.06(b)(ii) hereof and the
Registrar receives the following:
(A) if the transferee will take delivery in the form of a
beneficial interest in the 144A Global Note, then the transferor must
deliver a certificate in the form of Exhibit B hereto, including the
certifications in item (1) thereof; or
(B) if the transferee will take delivery in the form of a
beneficial interest in the Regulation S Global Note, then the
transferor must deliver a certificate in the form of Exhibit B hereto,
including the certifications in item (2) thereof.
(iv) Transfer and Exchange of Beneficial Interests in a Restricted
Global Note for Beneficial Interests in an Unrestricted Global Note. A
beneficial interest in any Restricted Global Note may be exchanged by any
holder thereof for a beneficial interest in an Unrestricted Global Note or
transferred to a Person who takes delivery thereof in the form of a
beneficial interest in an Unrestricted Global Note if the exchange or
transfer complies with the requirements of Section 2.06(b)(ii) hereof and:
(A) such exchange or transfer is effected pursuant to the
Exchange Offer in accordance with the Registration Rights Agreement
and the holder of the beneficial interest to be transferred, in the
case of an exchange, or the transferee, in the case of a transfer,
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certifies in the applicable Letter of Transmittal that it is not (1) a
Broker-Dealer, (2) a Person participating in the distribution of the
Exchange Notes or (3) a Person who is an affiliate (as defined in Rule
144) of the Issuer;
(B) such transfer is effected pursuant to the Shelf Registration
Statement in accordance with the Registration Rights Agreement;
(C) such transfer is effected by a Broker-Dealer pursuant to the
Exchange Offer Registration Statement in accordance with the
Registration Rights Agreement; or
(D) the Registrar receives the following:
(1) if the holder of such beneficial interest in a
Restricted Global Note proposes to exchange such beneficial
interest for a beneficial interest in an Unrestricted Global
Note, a certificate from such Holder substantially in the form of
Exhibit C hereto, including the certifications in item (1)(a)
thereof; or
(2) if the holder of such beneficial interest in a
Restricted Global Note proposes to transfer such beneficial
interest to a Person who shall take delivery thereof in the form
of a beneficial interest in an Unrestricted Global Note, a
certificate from such holder in the form of Exhibit B hereto,
including the certifications in item (4) thereof;
and, in each such case set forth in this subparagraph (D), if the
Registrar so requests or if the Applicable Procedures so require, an
Opinion of Counsel in form reasonably acceptable to the Registrar to
the effect that such exchange or transfer is in compliance with the
Securities Act and that the restrictions on transfer contained herein
and in the Private Placement Legend are no longer required in order to
maintain compliance with the Securities Act.
If any such transfer is effected pursuant to subparagraph (B) or (D)
above at a time when an Unrestricted Global Note has not yet been issued,
the Issuer shall issue and, upon receipt of an Authentication Order in
accordance with Section 2.02 hereof, the Trustee shall authenticate one or
more Unrestricted Global Notes in an aggregate principal amount equal to
the aggregate principal amount of beneficial interests transferred pursuant
to subparagraph (B) or (D) above.
Beneficial interests in an Unrestricted Global Note cannot be
exchanged for, or transferred to Persons who take delivery thereof in the
form of, a beneficial interest in a Restricted Global Note.
(c) Transfer or Exchange of Beneficial Interests for Definitive Notes.
(i) Beneficial Interests in Restricted Global Notes to Restricted
Definitive Notes. If any holder of a beneficial interest in a Restricted Global
Note proposes to exchange such beneficial interest for a Restricted Definitive
Note or to transfer such beneficial interest to a Person who takes delivery
thereof in the form of a Restricted Definitive Note, then, upon the occurrence
of any of the events in Section 2.06(a)(i) or (ii) hereof and receipt by the
Registrar of the following documentation:
(A) if the holder of such beneficial interest in a Restricted Global
Note proposes to exchange such beneficial interest for a Restricted
Definitive Note, a certificate from such holder substantially in the form
of Exhibit C hereto, including the certifications in item (2)(a) thereof;
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(B) if such beneficial interest is being transferred to a QIB in
accordance with Rule 144A, a certificate substantially in the form of
Exhibit B hereto, including the certifications in item (1) thereof;
(C) if such beneficial interest is being transferred to a Non-U.S.
Person in an offshore transaction in accordance with Rule 903 or Rule 904,
a certificate substantially in the form of Exhibit B hereto, including the
certifications in item (2) thereof;
(D) if such beneficial interest is being transferred pursuant to an
exemption from the registration requirements of the Securities Act in
accordance with Rule 144, a certificate substantially in the form of
Exhibit B hereto, including the certifications in item (3)(a) thereof;
(E) if such beneficial interest is being transferred to the Issuer or
any of its Restricted Subsidiaries, a certificate substantially in the form
of Exhibit B hereto, including the certifications in item (3)(b) thereof;
or
(F) if such beneficial interest is being transferred pursuant to an
effective registration statement under the Securities Act, a certificate
substantially in the form of Exhibit B hereto, including the certifications
in item (3)(c) thereof,
the Trustee shall cause the aggregate principal amount of the applicable Global
Note to be reduced accordingly pursuant to Section 2.06(h) hereof, and the
Issuer shall execute and the Trustee shall authenticate and mail to the Person
designated in the instructions a Definitive Note in the applicable principal
amount. Any Definitive Note issued in exchange for a beneficial interest in a
Restricted Global Note pursuant to this Section 2.06(c) shall be registered in
such name or names and in such authorized denomination or denominations as the
holder of such beneficial interest shall instruct the Registrar through
instructions from the Depositary and the Participant or Indirect Participant.
The Trustee shall mail such Definitive Notes to the Persons in whose names such
Notes are so registered. Any Definitive Note issued in exchange for a beneficial
interest in a Restricted Global Note pursuant to this Section 2.06(c)(i) shall
bear the Private Placement Legend and shall be subject to all restrictions on
transfer contained therein.
(ii) Beneficial Interests in Regulation S Temporary Global Note to
Definitive Notes. Notwithstanding Sections 2.06(c)(i)(A) and (C) hereof, a
beneficial interest in the Regulation S Temporary Global Note may not be
exchanged for a Definitive Note or transferred to a Person who takes delivery
thereof in the form of a Definitive Note prior to (A) the expiration of the
Restricted Period and (B) the receipt by the Registrar of any certificates
required pursuant to Rule 903(b)(3)(ii)(B) of the Securities Act, except in the
case of a transfer pursuant to an exemption from the registration requirements
of the Securities Act other than Rule 903 or Rule 904.
(iii) Beneficial Interests in Restricted Global Notes to Unrestricted
Definitive Notes. A holder of a beneficial interest in a Restricted Global Note
may exchange such beneficial interest for an Unrestricted Definitive Note or may
transfer such beneficial interest to a Person who takes delivery thereof in the
form of an Unrestricted Definitive Note only upon the occurrence of any of the
events in Section 2.06(a)(i) or (ii) hereof and if:
(A) such exchange or transfer is effected pursuant to the Exchange
Offer in accordance with the Registration Rights Agreement and the holder
of such beneficial interest, in the case of an exchange, or the transferee,
in the case of a transfer, certifies in the applicable Letter of
Transmittal that it is not (1) a Broker-Dealer, (2) a Person participating
in the distribution of the Exchange Notes or (3) a Person who is an
affiliate (as defined in Rule 144) of the Issuer;
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(B) such transfer is effected pursuant to the Shelf Registration
Statement in accordance with the Registration Rights Agreement;
(C) such transfer is effected by a Broker-Dealer pursuant to the
Exchange Offer Registration Statement in accordance with the Registration
Rights Agreement; or
(D) the Registrar receives the following:
(1) if the holder of such beneficial interest in a Restricted
Global Note proposes to exchange such beneficial interest for an
Unrestricted Definitive Note, a certificate from such holder
substantially in the form of Exhibit C hereto, including the
certifications in item (1)(b) thereof; or
(2) if the holder of such beneficial interest in a Restricted
Global Note proposes to transfer such beneficial interest to a Person
who shall take delivery thereof in the form of an Unrestricted
Definitive Note, a certificate from such holder substantially in the
form of Exhibit B hereto, including the certifications in item (4)
thereof;
and, in each such case set forth in this subparagraph (D), if the Registrar
so requests or if the Applicable Procedures so require, an Opinion of
Counsel in form reasonably acceptable to the Registrar to the effect that
such exchange or transfer is in compliance with the Securities Act and that
the restrictions on transfer contained herein and in the Private Placement
Legend are no longer required in order to maintain compliance with the
Securities Act.
(iv) Beneficial Interests in Unrestricted Global Notes to Unrestricted
Definitive Notes. If any holder of a beneficial interest in an Unrestricted
Global Note proposes to exchange such beneficial interest for a Definitive Note
or to transfer such beneficial interest to a Person who takes delivery thereof
in the form of a Definitive Note, then, upon the occurrence of any of the events
in subsection (i) or (ii) of Section 2.06(a) hereof and satisfaction of the
conditions set forth in Section 2.06(b)(ii) hereof, the Trustee shall cause the
aggregate principal amount of the applicable Global Note to be reduced
accordingly pursuant to Section 2.06(h) hereof, and the Issuer shall execute and
the Trustee shall authenticate and mail to the Person designated in the
instructions a Definitive Note in the applicable principal amount. Any
Definitive Note issued in exchange for a beneficial interest pursuant to this
Section 2.06(c)(iv) shall be registered in such name or names and in such
authorized denomination or denominations as the holder of such beneficial
interest shall instruct the Registrar through instructions from or through the
Depositary and the Participant or Indirect Participant. The Trustee shall mail
such Definitive Notes to the Persons in whose names such Notes are so
registered. Any Definitive Note issued in exchange for a beneficial interest
pursuant to this Section 2.06(c)(iv) shall not bear the Private Placement
Legend.
(d) Transfer and Exchange of Definitive Notes for Beneficial
Interests.
(i) Restricted Definitive Notes to Beneficial Interests in Restricted
Global Notes. If any Holder of a Restricted Definitive Note proposes to exchange
such Note for a beneficial interest in a Restricted Global Note or to transfer
such Restricted Definitive Note to a Person who takes delivery thereof in the
form of a beneficial interest in a Restricted Global Note, then, upon receipt by
the Registrar of the following documentation:
(A) if the Holder of such Restricted Definitive Note proposes to
exchange such Note for a beneficial interest in a Restricted Global Note, a
certificate from such Holder substantially in the form of Exhibit C hereto,
including the certifications in item (2)(b) thereof;
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(B) if such Restricted Definitive Note is being transferred to a QIB
in accordance with Rule 144A, a certificate substantially in the form of
Exhibit B hereto, including the certifications in item (1) thereof;
(C) if such Restricted Definitive Note is being transferred to a
Non-U.S. Person in an offshore transaction in accordance with Rule 903 or
Rule 904, a certificate substantially in the form of Exhibit B hereto,
including the certifications in item (2) thereof;
(D) if such Restricted Definitive Note is being transferred pursuant
to an exemption from the registration requirements of the Securities Act in
accordance with Rule 144, a certificate substantially in the form of
Exhibit B hereto, including the certifications in item (3)(a) thereof;
(E) if such Restricted Definitive Note is being transferred to the
Issuer or any of its Restricted Subsidiaries, a certificate substantially
in the form of Exhibit B hereto, including the certifications in item
(3)(b) thereof; or
(F) if such Restricted Definitive Note is being transferred pursuant
to an effective registration statement under the Securities Act, a
certificate substantially in the form of Exhibit B hereto, including the
certifications in item (3)(c) thereof,
the Trustee shall cancel the Restricted Definitive Note, increase or cause to be
increased the aggregate principal amount of, in the case of clause (A) above,
the applicable Restricted Global Note, in the case of clause (B) above, the
applicable 144A Global Note, and in the case of clause (C) above, the applicable
Regulation S Global Note.
(ii) Restricted Definitive Notes to Beneficial Interests in
Unrestricted Global Notes. A Holder of a Restricted Definitive Note may exchange
such Note for a beneficial interest in an Unrestricted Global Note or transfer
such Restricted Definitive Note to a Person who takes delivery thereof in the
form of a beneficial interest in an Unrestricted Global Note only if:
(A) such exchange or transfer is effected pursuant to the Exchange
Offer in accordance with the Registration Rights Agreement and the Holder,
in the case of an exchange, or the transferee, in the case of a transfer,
certifies in the applicable Letter of Transmittal that it is not (1) a
Broker-Dealer, (2) a Person participating in the distribution of the
Exchange Notes or (3) a Person who is an affiliate (as defined in Rule 144)
of the Issuer;
(B) such transfer is effected pursuant to the Shelf Registration
Statement in accordance with the Registration Rights Agreement;
(C) such transfer is effected by a Broker-Dealer pursuant to the
Exchange Offer Registration Statement in accordance with the Registration
Rights Agreement; or
(D) the Registrar receives the following:
(1) if the Holder of such Definitive Notes proposes to exchange
such Notes for a beneficial interest in the Unrestricted Global Note,
a certificate from such Holder substantially in the form of Exhibit C
hereto, including the certifications in item (1)(c) thereof; or
(2) if the Holder of such Definitive Notes proposes to transfer
such Notes to a Person who shall take delivery thereof in the form of
a beneficial interest in the Unrestricted
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Global Note, a certificate from such Holder substantially in the form
of Exhibit B hereto, including the certifications in item (4) thereof;
and, in each such case set forth in this subparagraph (D), if the Registrar
so requests or if the Applicable Procedures so require, an Opinion of
Counsel in form reasonably acceptable to the Registrar to the effect that
such exchange or transfer is in compliance with the Securities Act and that
the restrictions on transfer contained herein and in the Private Placement
Legend are no longer required in order to maintain compliance with the
Securities Act.
Upon satisfaction of the conditions of any of the subparagraphs in
this Section 2.06(d)(ii), the Trustee shall cancel the Definitive Notes and
increase or cause to be increased the aggregate principal amount of the
Unrestricted Global Note.
(iii) Unrestricted Definitive Notes to Beneficial Interests in
Unrestricted Global Notes. A Holder of an Unrestricted Definitive Note may
exchange such Note for a beneficial interest in an Unrestricted Global Note or
transfer such Definitive Notes to a Person who takes delivery thereof in the
form of a beneficial interest in an Unrestricted Global Note at any time. Upon
receipt of a request for such an exchange or transfer, the Trustee shall cancel
the applicable Unrestricted Definitive Note and increase or cause to be
increased the aggregate principal amount of one of the Unrestricted Global
Notes.
If any such exchange or transfer from a Definitive Note to a
beneficial interest is effected pursuant to subparagraph (ii)(B), (ii)(D) or
(iii) above at a time when an Unrestricted Global Note has not yet been issued,
the Issuer shall issue and, upon receipt of an Authentication Order in
accordance with Section 2.02 hereof, the Trustee shall authenticate one or more
Unrestricted Global Notes in an aggregate principal amount equal to the
principal amount of Definitive Notes so transferred.
(e) Transfer and Exchange of Definitive Notes for Definitive Notes.
Upon request by a Holder of Definitive Notes and such Holder's compliance with
the provisions of this Section 2.06(e), the Registrar shall register the
transfer or exchange of Definitive Notes. Prior to such registration of transfer
or exchange, the requesting Holder shall present or surrender to the Registrar
the Definitive Notes duly endorsed or accompanied by a written instruction of
transfer in form satisfactory to the Registrar duly executed by such Holder or
by its attorney, duly authorized in writing. In addition, the requesting Holder
shall provide any additional certifications, documents and information, as
applicable, required pursuant to the following provisions of this Section
2.06(e):
(i) Restricted Definitive Notes to Restricted Definitive Notes. Any
Restricted Definitive Note may be transferred to and registered in the name
of Persons who take delivery thereof in the form of a Restricted Definitive
Note if the Registrar receives the following:
(A) if the transfer will be made to a QIB in accordance with Rule
144A, then the transferor must deliver a certificate substantially in
the form of Exhibit B hereto, including the certifications in item (1)
thereof;
(B) if the transfer will be made pursuant to Rule 903 or Rule 904
then the transferor must deliver a certificate in the form of Exhibit
B hereto, including the certifications in item (2) thereof; or
(C) if the transfer will be made pursuant to any other exemption
from the registration requirements of the Securities Act, then the
transferor must deliver a certificate in the form of Exhibit B hereto,
including the certifications required by item (3) thereof, if
applicable.
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(ii) Restricted Definitive Notes to Unrestricted Definitive Notes. Any
Restricted Definitive Note may be exchanged by the Holder thereof for an
Unrestricted Definitive Note or transferred to a Person or Persons who take
delivery thereof in the form of an Unrestricted Definitive Note if:
(A) such exchange or transfer is effected pursuant to the
Exchange Offer in accordance with the Registration Rights Agreement
and the Holder, in the case of an exchange, or the transferee, in the
case of a transfer, certifies in the applicable Letter of Transmittal
that it is not (1) a Broker-Dealer, (2) a Person participating in the
distribution of the Exchange Notes or (3) a Person who is an affiliate
(as defined in Rule 144) of the Issuer;
(B) any such transfer is effected pursuant to the Shelf
Registration Statement in accordance with the Registration Rights
Agreement;
(C) any such transfer is effected by a Broker-Dealer pursuant to
the Exchange Offer Registration Statement in accordance with the
Registration Rights Agreement; or
(D) the Registrar receives the following:
(1) if the Holder of such Restricted Definitive Notes
proposes to exchange such Notes for an Unrestricted Definitive
Note, a certificate from such Holder substantially in the form of
Exhibit C hereto, including the certifications in item (1)(d)
thereof; or
(2) if the Holder of such Restricted Definitive Notes
proposes to transfer such Notes to a Person who shall take
delivery thereof in the form of an Unrestricted Definitive Note,
a certificate from such Holder substantially in the form of
Exhibit B hereto, including the certifications in item (4)
thereof;
and, in each such case set forth in this subparagraph (D), if the
Registrar so requests, an Opinion of Counsel in form reasonably
acceptable to the Registrar to the effect that such exchange or
transfer is in compliance with the Securities Act and that the
restrictions on transfer contained herein and in the Private Placement
Legend are no longer required in order to maintain compliance with the
Securities Act.
(iii) Unrestricted Definitive Notes to Unrestricted Definitive Notes.
A Holder of Unrestricted Definitive Notes may transfer such Notes to a
Person who takes delivery thereof in the form of an Unrestricted Definitive
Note. Upon receipt of a request to register such a transfer, the Registrar
shall register the Unrestricted Definitive Notes pursuant to the
instructions from the Holder thereof.
(f) Exchange Offer. Upon the occurrence of the Exchange Offer in
accordance with the Registration Rights Agreement, the Issuer shall issue and,
upon receipt of an Authentication Order in accordance with Section 2.02 hereof,
the Trustee shall authenticate (i) one or more Unrestricted Global Notes in an
aggregate principal amount equal to the principal amount of the beneficial
interests in the Restricted Global Notes tendered for acceptance by Persons that
certify in the applicable Letters of Transmittal that (x) they are not
Broker-Dealers, (y) they are not participating in a distribution of the Exchange
Notes and (z) they are not affiliates (as defined in Rule 144) of the Issuer,
and accepted for exchange in the Exchange Offer and (ii) Unrestricted Definitive
Notes in an aggregate principal amount equal to the
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principal amount of the Restricted Definitive Notes tendered for acceptance by
Persons that certify in the applicable Letters of Transmittal that (x) they are
not Broker-Dealers, (y) they are not participating in a distribution of the
Exchange Notes and (z) they are not affiliates (as defined in Rule 144) of the
Issuer, and accepted for exchange in the Exchange Offer. Concurrently with the
issuance of such Notes, the Trustee shall cause the aggregate principal amount
of the applicable Restricted Global Notes to be reduced accordingly, and the
Issuer shall execute and the Trustee shall authenticate and mail to the Persons
designated by the Holders of Definitive Notes so accepted Unrestricted
Definitive Notes in the applicable principal amount. Any Notes that remain
outstanding after the consummation of the Exchange Offer, and Exchange Notes
issued in connection with the Exchange Offer, shall be treated as a single class
of securities under this Indenture.
(g) Legends. The following legends shall appear on the face of all
Global Notes and Definitive Notes issued under this Indenture unless
specifically stated otherwise in the applicable provisions of this Indenture:
(i) Private Placement Legend.
(A) Except as permitted by subparagraph (B) below, each Global Note
and each Definitive Note (and all Notes issued in exchange therefor or
substitution thereof) shall bear the legend in substantially the following
form:
"THIS NOTE (OR ITS PREDECESSOR) EVIDENCED HEREBY WAS ORIGINALLY ISSUED
IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER XXXXXXX 0 XX XXX
XXXXXX XXXXXX SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES
ACT"). THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT, AND
ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER, OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF, THE
SECURITIES ACT, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF
ANY STATE OF THE UNITED STATES OR ANY OTHER JURISDICTION AND IN
ACCORDANCE WITH TRANSFER RESTRICTIONS CONTAINED IN THE INDENTURE UNDER
WHICH THIS NOTE WAS ISSUED AND THE OFFERING MEMORANDUM PURSUANT TO
WHICH THIS NOTE WAS ORIGINALLY SOLD. THE HOLDER OF THE NOTE WILL, AND
EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY A PROPOSED TRANSFEREE OF
THE NOTICE OF THE RESALE RESTRICTIONS APPLICABLE TO THE NOTE.
THIS SECURITY MAY NOT BE ACQUIRED OR HELD WITH THE ASSETS OF (I) AN
"EMPLOYEE BENEFIT PLAN" (AS DEFINED IN THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED ("ERISA")) THAT IS SUBJECT TO ERISA,
(II) A "PLAN" DESCRIBED IN SECTION 4975 OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED (THE "CODE"), (III) ANY ENTITY DEEMED TO HOLD
"PLAN ASSETS" OF ANY OF THE FOREGOING BY REASON OF AN EMPLOYEE BENEFIT
PLAN'S OR PLAN'S INVESTMENT IN SUCH ENTITY, OR (IV) A GOVERNMENTAL
PLAN OR CHURCH PLAN SUBJECT TO APPLICABLE LAW THAT IS SUBSTANTIALLY
SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION
PROVISIONS OF ERISA OR SECTION
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4975 OF THE CODE ("SIMILAR LAW"), UNLESS THE ACQUISITION AND HOLDING
OF THIS SECURITY BY THE PURCHASER OR TRANSFEREE, THROUGHOUT THE PERIOD
THAT IT HOLDS THIS SECURITY, ARE EXEMPT FROM THE PROHIBITED
TRANSACTION RESTRICTIONS UNDER ERISA AND SECTION 4975 OF THE CODE OR
ANY PROVISIONS OF SIMILAR LAW, AS APPLICABLE, PURSUANT TO ONE OR MORE
PROHIBITED TRANSACTION STATUTORY OR ADMINISTRATIVE EXEMPTIONS. BY ITS
ACQUISITION OR HOLDING OF THIS SECURITY, EACH PURCHASER AND TRANSFEREE
WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT THE FOREGOING
REQUIREMENTS HAVE BEEN SATISFIED."
(B) Notwithstanding the foregoing, any Global Note or Definitive Note
issued pursuant to subparagraph (b)(iv), (c)(iii), (c)(iv), (d)(ii),
(d)(iii), (e)(ii), (e)(iii) or (f) of this Section 2.06 (and all Notes
issued in exchange therefor or substitution thereof) shall not bear the
Private Placement Legend.
(ii) Global Note Legend. Each Global Note shall bear a legend in
substantially the following form:
"THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE
INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE
BENEFIT OF THE BENEFICIAL OWNERS HEREOF AND IS NOT TRANSFERABLE TO ANY
PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE
SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06(h)
OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT
NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (III) THIS
GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT
TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE
TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT
OF THE ISSUER. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART
FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT
AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A
NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE
DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR
DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY (55 XXXXX XXXXXX, XXX XXXX, XXX XXXX) ("DTC")
TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR
PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE
& CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH
OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS
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WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN."
(iii) Regulation S Temporary Global Note Legend. The Regulation S
Temporary Global Note shall bear a legend in substantially the following
form:
"THE RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL NOTE, AND
THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR CERTIFICATED
NOTES, ARE AS SPECIFIED IN THE INDENTURE. NEITHER THE HOLDER NOR THE
BENEFICIAL OWNERS OF THIS REGULATION S TEMPORARY GLOBAL NOTE SHALL BE
ENTITLED TO RECEIVE PAYMENT OF INTEREST HEREON."
(h) Cancellation and/or Adjustment of Global Notes. At such time as
all beneficial interests in a particular Global Note have been exchanged for
Definitive Notes or a particular Global Note has been redeemed, repurchased or
canceled in whole and not in part, each such Global Note shall be returned to or
retained and canceled by the Trustee in accordance with Section 2.11 hereof. At
any time prior to such cancellation, if any beneficial interest in a Global Note
is exchanged for or transferred to a Person who will take delivery thereof in
the form of a beneficial interest in another Global Note or for Definitive
Notes, the principal amount of Notes represented by such Global Note shall be
reduced accordingly and an endorsement shall be made on such Global Note by the
Trustee or by the Depositary at the direction of the Trustee to reflect such
reduction; and if the beneficial interest is being exchanged for or transferred
to a Person who will take delivery thereof in the form of a beneficial interest
in another Global Note, such other Global Note shall be increased accordingly
and an endorsement shall be made on such Global Note by the Trustee or by the
Depositary at the direction of the Trustee to reflect such increase.
(i) General Provisions Relating to Transfers and Exchanges.
(i) To permit registrations of transfers and exchanges, the Issuer
shall execute and the Trustee shall authenticate Global Notes and Definitive
Notes upon receipt of an Authentication Order in accordance with Section 2.02
hereof or at the Registrar's request.
(ii) No service charge shall be made to a holder of a beneficial
interest in a Global Note or to a Holder of a Definitive Note for any
registration of transfer or exchange, but the Issuer may require payment of a
sum sufficient to cover any transfer tax or similar governmental charge payable
in connection therewith (other than any such transfer taxes or similar
governmental charge payable upon exchange or transfer pursuant to Sections 2.07,
2.10, 3.06, 3.09, 4.10, 4.14 and 9.05 hereof).
(iii) Neither the Registrar nor the Issuer shall be required to
register the transfer of or exchange any Note selected for redemption in whole
or in part, except the unredeemed portion of any Note being redeemed in part.
(iv) All Global Notes and Definitive Notes issued upon any
registration of transfer or exchange of Global Notes or Definitive Notes shall
be the valid obligations of the Issuer, evidencing the same debt, and entitled
to the same benefits under this Indenture, as the Global Notes or Definitive
Notes surrendered upon such registration of transfer or exchange.
(v) The Issuer shall not be required (A) to issue, to register the
transfer of or to exchange any Notes during a period beginning at the opening of
business 15 days before the day of any selection of Notes for redemption under
Section 3.02 hereof and ending at the close of business on the day of selection,
(B) to register the transfer of or to exchange any Note so selected for
redemption in whole or
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in part, except the unredeemed portion of any Note being redeemed in part or (C)
to register the transfer of or to exchange a Note between a Record Date and the
next succeeding Interest Payment Date.
(vi) Prior to due presentment for the registration of a transfer of
any Note, the Trustee, any Agent and the Issuer may deem and treat the Person in
whose name any Note is registered as the absolute owner of such Note for the
purpose of receiving payment of principal of (and premium, if any) and interest
(including Liquidated Damages, if any) on such Notes and for all other purposes,
and none of the Trustee, any Agent or the Issuer shall be affected by notice to
the contrary.
(vii)Upon surrender for registration of transfer of any Note at the
office or agency of the Issuer designated pursuant to Section 4.02 hereof, the
Issuer shall execute, and the Trustee shall authenticate and mail, in the name
of the designated transferee or transferees, one or more replacement Notes of
any authorized denomination or denominations of a like aggregate principal
amount.
(viii) At the option of the Holder, Notes may be exchanged for other
Notes of any authorized denomination or denominations of a like aggregate
principal amount upon surrender of the Notes to be exchanged at such office or
agency. Whenever any Global Notes or Definitive Notes are so surrendered for
exchange, the Issuer shall execute, and the Trustee shall authenticate and mail,
the replacement Global Notes and Definitive Notes which the Holder making the
exchange is entitled to in accordance with the provisions of Section 2.02
hereof.
(ix) All certifications, certificates and Opinions of Counsel required
to be submitted to the Registrar pursuant to this Section 2.06 to effect a
registration of transfer or exchange may be submitted by facsimile.
(x) The Trustee shall have no obligation or duty to monitor, determine
or inquire as to compliance with any restrictions on transfer imposed under this
Indenture or under applicable law with respect to any transfer of any interest
in any Note (including any transfers between or among Depositary Participants or
beneficial owners of interests in any Global Note) other than to require
delivery of such certificates and other documentation or evidence as are
expressly required by, and to do so if and when expressly required by the terms
of, this Indenture, and to examine the same to determine substantial compliance
as to form with the express requirements hereof.
SEction 2.07 Replacement Notes.
If any mutilated Note is surrendered to the Trustee, the Registrar or
the Issuer and the Trustee receives evidence to its satisfaction of the
ownership and destruction, loss or theft of any Note, the Issuer shall issue and
the Trustee, upon receipt of an Authentication Order, shall authenticate a
replacement Note if the Trustee's requirements are met. If required by the
Trustee or the Issuer, an indemnity bond must be supplied by the Holder that is
sufficient in the judgment of the Trustee and the Issuer to protect the Issuer,
the Trustee, any Agent and any authenticating agent from any loss that any of
them may suffer if a Note is replaced. The Issuer may charge for its expenses in
replacing a Note.
Every replacement Note is a contractual obligation of the Issuer and
shall be entitled to all of the benefits of this Indenture equally and
proportionately with all other Notes duly issued hereunder.
Section 2.08 Outstanding Notes.
The Notes outstanding at any time are all the Notes authenticated by
the Trustee except for those canceled by it, those delivered to it for
cancellation, those reductions in the interest in a Global
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Note effected by the Trustee in accordance with the provisions hereof, and those
described in this Section 2.08 as not outstanding. Except as set forth in
Section 2.09 hereof, a Note does not cease to be outstanding because the Issuer
or an Affiliate of the Issuer holds the Note.
If a Note is replaced pursuant to Section 2.07 hereof, it ceases to be
outstanding unless the Trustee receives proof satisfactory to it that the
replaced Note is held by a bona fide purchaser.
If the principal amount of any Note is considered paid under Section
4.01 hereof, it ceases to be outstanding and interest on it ceases to accrue.
If the Paying Agent (other than the Issuer, a Subsidiary or an
Affiliate of any thereof) holds, on a redemption date or maturity date, money
sufficient to pay Notes payable on that date, then on and after that date such
Notes shall be deemed to be no longer outstanding and shall cease to accrue
interest.
Section 2.09 Treasury Notes.
In determining whether the Holders of the required principal amount of
Notes have concurred in any direction, waiver or consent, Notes owned by the
Issuer, or by any Affiliate of the Issuer, shall be considered as though not
outstanding, except that for the purposes of determining whether the Trustee
shall be protected in relying on any such direction, waiver or consent, only
Notes that a Responsible Officer of the Trustee knows are so owned shall be so
disregarded. Notes 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 to deliver any such direction, waiver or consent with respect to
the Notes and that the pledgee is not the Issuer or any obligor upon the Notes
or any Affiliate of the Issuer or of such other obligor.
Section 2.10 Temporary Notes.
Until certificates representing Notes are ready for delivery, the
Issuer may prepare and the Trustee, upon receipt of an Authentication Order,
shall authenticate temporary Notes. Temporary Notes shall be substantially in
the form of certificated Notes but may have variations that the Issuer considers
appropriate for temporary Notes and as shall be reasonably acceptable to the
Trustee. Without unreasonable delay, the Issuer shall prepare and the Trustee
shall authenticate definitive Notes in exchange for temporary Notes.
Holders and beneficial holders, as the case may be, of temporary Notes
shall be entitled to all of the benefits accorded to Holders, or beneficial
holders, respectively, of Notes under this Indenture.
Section 2.11 Cancellation.
The Issuer at any time may deliver Notes to the Trustee for
cancellation. The Registrar and Paying Agent shall forward to the Trustee any
Notes surrendered to them for registration of 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 all Notes surrendered for registration of transfer,
exchange, payment, replacement or cancellation and shall dispose of such
cancelled Notes in accordance with its customary procedures (subject to the
record retention requirement of the Exchange Act). Certification of the
destruction of all cancelled Notes shall be delivered to the Issuer. The Issuer
may not issue new Notes to replace Notes that it has paid or that have been
delivered to the Trustee for cancellation.
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Section 2.12 Defaulted Interest.
If the Issuer defaults in a payment of interest on the Notes, it shall
pay the defaulted interest in any lawful manner plus, to the extent lawful,
interest payable on the defaulted interest to the Persons who are Holders on a
subsequent special record date, in each case at the rate provided in the Notes
and in Section 4.01 hereof. The Issuer shall notify the Trustee in writing in
the form of an Officer's Certificate of the amount of defaulted interest
proposed to be paid on each Note and the date of the proposed payment, and at
the same time the Issuer shall deposit with the Trustee an amount of money equal
to the aggregate amount proposed to be paid in respect of such defaulted
interest or shall make arrangements satisfactory to the Trustee for such deposit
prior to the date of the proposed payment, such money when deposited to be held
in trust for the benefit of the Persons entitled to such defaulted interest as
provided in this Section 2.12. The Trustee shall fix or cause to be fixed each
such special record date and payment date; provided that no such special record
date shall be less than 10 days prior to the related payment date for such
defaulted interest. The Trustee shall promptly notify the Issuer of such special
record date. At least 15 days before the special record date, the Issuer (or,
upon the written request of the Issuer, the Trustee in the name and at the
expense of the Issuer) shall mail or cause to be mailed, first-class postage
prepaid, to each Holder a notice at his or her address as it appears in the
register maintained by the Registrar that states the special record date, the
related payment date and the amount of such interest to be paid.
Subject to the foregoing provisions of this Section 2.12 and for
greater certainty, each Note delivered under this Indenture upon registration of
transfer of or in exchange for or in lieu of any other Note shall carry the
rights to interest accrued and unpaid, and to accrue, which were carried by such
other Note.
Section 2.13 CUSIP Numbers
The Issuer in issuing the Notes may use CUSIP numbers (if then
generally in use) and, if so, the Trustee shall use CUSIP numbers in notices of
redemption as a convenience to Holders; provided, that any such notice may state
that no representation is made as to the correctness of such numbers either as
printed on the Notes or as contained in any notice of redemption and that
reliance may be placed only on the other identification numbers printed on the
Notes, and any such redemption shall not be affected by any defect in or
omission of such numbers. The Issuer shall as promptly as practicable notify the
Trustee of any change in the CUSIP numbers.
ARTICLE 3
REDEMPTION
Section 2.14 Notices to Trustee.
If the Issuer elects to redeem the Notes pursuant to Section 3.07
hereof, it shall furnish to the Trustee, at least 10 Business Days before notice
of redemption is required to be mailed or caused to be mailed to Holders
pursuant to Section 3.03 hereof but not more than 60 days before a redemption
date, an Officer's Certificate complying with the applicable provisions of
Section 13.05 setting forth (i) the paragraph or subparagraph of such Note
and/or Section of this Indenture pursuant to which the redemption shall occur,
(ii) the redemption date, (iii) the principal amount of the Notes, as the case
may be, to be redeemed, (iv) the redemption price and (v) the CUSIP number, if
any. Any optional redemption referenced in such Officer's Certificate may be
cancelled by the Issuer at any time prior to a Notice of Redemption being mailed
to any Holder and, thereafter, shall be null and void.
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Section 3.02 Selection of Notes to Be Redeemed or Purchased.
If less than all of the Notes are to be redeemed or purchased in an
offer to purchase at any time, the Trustee shall select the Notes to be redeemed
or purchased (a) if the Notes are listed on any national securities exchange, in
compliance with the requirements of the principal national securities exchange
on which the Notes are listed or (b) on a pro rata basis or, to the extent that
selection on a pro rata basis is not practicable, by lot or by such other method
as the Trustee reasonably considers fair and appropriate; provided that no
partial redemption will reduce the principal amount of a Note not redeemed to be
less than $1,000; provided, further, that if a partial redemption is made with
the proceeds of an Equity Offering then the Trustee shall select the Notes or
portions thereof for redemption only on a pro rata basis or on as nearly a pro
rata basis as is practicable (subject to the procedures of the Depository),
unless such method is prohibited.
The Trustee shall promptly notify the Issuer in writing of the Notes
selected for redemption or purchase and, in the case of any Note selected for
partial redemption or purchase, the principal amount thereof to be redeemed or
purchased. Notes and portions of Notes selected shall be in amounts of $1,000 or
whole multiples of $1,000; no Notes of $1,000 or less can be redeemed in part,
except that if all of the Notes of a Holder are to be redeemed or purchased, the
entire outstanding amount of Notes held by such Holder, even if not a multiple
of $1,000, shall be redeemed or purchased. Except as provided in the preceding
sentence, provisions of this Indenture that apply to Notes called for redemption
or purchase also apply to portions of Notes called for redemption or purchase.
Section 3.03 Notice of Redemption or Repurchase.
Subject to Section 3.09 hereof, the Issuer shall mail or cause to be
mailed by first-class mail notices of redemption or repurchase at least 30 days
but not more than 60 days before the redemption or repurchase date to each
Holder of Notes to be redeemed or repurchased at such Holder's registered
address, except that redemption or repurchase notices may be mailed more than 60
days prior to a redemption or repurchase date if the notice is issued in
connection with Article 8 or Article 11 hereof. Except as set forth in Section
3.07(b) hereof, notices of redemption or repurchase may not be conditional.
Failure to give notice of redemption, or any defect therein to any Holder of any
Note selected for redemption shall not impair or affect the validity of the
redemption of any other Note.
The notice shall identify the Notes to be redeemed and shall state:
(a) the redemption or repurchase date;
(b) the redemption or repurchase price;
(c) if any Note is to be redeemed or repurchased in part only, the
portion of the principal amount of that Note that is to be redeemed or
repurchased and that, after the redemption or repurchase date upon
surrender of such Note, a new Note or Notes in principal amount equal to
the unredeemed unpurchased portion of the original Note representing the
same indebtedness to the extent not redeemed or repurchased will be issued
in the name of the Holder of the Notes (unless such unredeemed or
unrepurchased portion is equal to or less than $1,000 in principal amount)
or transferred by book entry upon cancellation of the original Note;
(d) the name and address of the Paying Agent;
(e) that Notes called for redemption or repurchase must be surrendered
to the Paying Agent to collect the redemption or repurchase price;
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(f) that, unless the Issuer defaults in making such redemption
payment, interest and Liquidated Damages, if any, on Notes called for
redemption or repurchase ceases to accrue on and after the redemption or
repurchase date;
(g) the paragraph or subparagraph of the Notes and/or Section of this
Indenture pursuant to which the Notes called for redemption or repurchase
are being redeemed or repurchased, as applicable;
(h) the CUSIP number, if any, and the statement 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 Notes; and
(i) if in connection with a redemption or repurchase pursuant to
Section 3.07(b) hereof, any condition to such redemption or repurchase.
At the Issuer's request, the Trustee shall give the notice of
redemption in the Issuer's name and at its expense; provided that the Issuer
shall have delivered to the Trustee, at least 10 Business Days before notice of
redemption is required to be mailed or caused to be mailed to Holders pursuant
to this Section 3.03 (unless a shorter notice shall be agreed to by the
Trustee), an Officer's Certificate requesting that the Trustee give such notice
and setting forth the information to be stated in such notice as provided in the
preceding paragraph.
Section 3.04 Effect of Notice of Redemption.
Once notice of redemption is mailed in accordance with Section 3.03
hereof, Notes called for redemption become irrevocably due and payable on the
redemption date at the redemption price (except as provided for in Section
3.07(b) hereof). The notice, if mailed in a manner herein provided, shall be
conclusively presumed to have been given, whether or not the Holder receives
such notice. In any case, failure to give such notice by mail or any defect in
the notice to the Holder of any Note designated for redemption in whole or in
part shall not affect the validity of the proceedings for the redemption of any
other Note. Subject to Section 3.05 hereof, on and after the redemption date,
interest and Liquidated Damages, if any, cease to accrue on Notes or portions of
Notes called for redemption.
Section 3.05 Deposit of Redemption or Purchase Price.
Prior to 12:00 p.m. (New York City time) on the redemption or purchase
date, the Issuer shall deposit with the Trustee or with the Paying Agent money
sufficient to pay the redemption or purchase price of and accrued and unpaid
interest (including Liquidated Damages, if any) on all Notes (or a portion
thereof) to be redeemed or purchased on that date. The Trustee or the Paying
Agent shall promptly, and in any event within two Business Days after the
redemption or repurchase date, return to the Issuer any money deposited with the
Trustee or the Paying Agent by the Issuer in excess of the amounts necessary to
pay the redemption price of, and accrued and unpaid interest on, all Notes to be
redeemed or purchased.
If the Issuer complies with the provisions of the preceding paragraph,
on and after the redemption or purchase date, interest and Liquidated Damages,
if any, shall cease to accrue on the Notes or the portions of Notes called for
redemption or purchase whether or not such Notes are presented for payment. If a
Note is redeemed or purchased on or after a Record Date but on or prior to the
related Interest Payment Date, then any accrued and unpaid interest to the
redemption or purchase date shall be paid to the Person in whose name such Note
was registered at the close of business on such Record Date. If any Note called
for redemption or purchase shall not be so paid upon surrender for redemption or
purchase
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because of the failure of the Issuer to comply with the preceding paragraph,
interest shall be paid on the unpaid principal, from the redemption or purchase
date until such principal is paid, and to the extent lawful on any interest
accrued to the redemption or purchase date not paid on such unpaid principal, in
each case at the rate provided in the Notes and in Section 4.01 hereof.
Section 3.06 Notes Redeemed or Purchased in Part.
Upon surrender and cancellation of a Note that is redeemed or
purchased in part, the Issuer shall issue and the Trustee shall authenticate for
the Holder at the expense of the Issuer a new Note equal in principal amount to
the unredeemed or unpurchased portion of the Note surrendered representing the
same indebtedness to the extent not redeemed or purchased; provided that each
new Note will be in a principal amount of $1,000 or an integral multiple of
$1,000.
Section 3.07 Optional Redemption.
(a) At any time prior to December 1, 2009, the Issuer may redeem all
or a part of the Notes, upon not less than 30 nor more than 60 days' prior
notice mailed by first-class mail to each Holder's registered address, at a
redemption price equal to 100% of the principal amount of Notes redeemed plus
the Applicable Premium as of, and accrued and unpaid interest and Liquidated
Damages, if any, to the date of redemption (the "Redemption Date"), subject to
the rights of Holders of Notes on the relevant Record Date to receive interest
due on the relevant Interest Payment Date. The Issuer may acquire any Notes by
means other than redemption, whether pursuant to an issuer tender offer, in open
market transactions, or otherwise, assuming such acquisition does not otherwise
violate the terms of this Indenture.
(b) Notwithstanding anything herein to the contrary, at any time on or
prior to December 1, 2008, the Issuer may on any one or more occasions redeem
the Notes with the net cash proceeds of one or more Equity Offerings, at 111.75%
of the principal amount thereof, plus accrued and unpaid interest and Liquidated
Damages, if any, thereon to the Redemption Date; provided that at least 65% of
the aggregate principal amount of the Notes originally issued remains
outstanding immediately following such redemption (excluding Notes held by the
Issuer or any of its Subsidiaries); and provided, further, that such redemption
shall occur within 90 days of the date of the closing of any such Equity
Offering.
(c) The Notes will be redeemable, in whole or in part on any one or
more occasions, at the option of the Issuer, on or after December 1, 2009, upon
not less than 30 nor more than 60 days' notice, at the redemption prices
(expressed as percentages of principal amount) set forth below plus accrued and
unpaid interest and Liquidated Damages, if any, thereon to the applicable
redemption date, if redeemed during the twelve-month period beginning on
December 1 of the years indicated below:
YEAR PERCENTAGE
---- ----------
2009.............................................................. 105.8750%
2010.............................................................. 102.9375%
2011 and thereafter .............................................. 100.0000%
(d) Any redemption pursuant to this Section 3.07 shall be made
pursuant to the provisions of Sections 3.01 through 3.06 hereof.
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Section 3.08 Mandatory Redemption.
The Issuer shall not be required to make mandatory redemption or
sinking fund payments with respect to the Notes.
Section 3.09 Offers to Repurchase by Application of Excess Proceeds.
(a) In the event that, pursuant to Section 4.10 hereof, the Issuer
shall be required to commence an Asset Sale Offer, it shall follow the
procedures specified below.
(b) The Asset Sale Offer shall remain open for a period of 20 Business
Days following its commencement and no longer, except to the extent that a
longer period is required by applicable law (the "Offer Period"). No later than
five Business Days after the termination of the Offer Period (the "Purchase
Date"), the Issuer shall apply all Excess Proceeds (the "Offer Amount") to the
purchase of Notes and, if required, pari passu Indebtedness (on a pro rata
basis, if applicable), or, if less than the Offer Amount has been tendered, all
Notes and pari passu Indebtedness tendered in response to the Asset Sale Offer.
Payment for any Notes so purchased shall be made in the same manner as interest
payments are made.
(c) If the Purchase Date is on or after a Record Date and on or before
the related Interest Payment Date, any accrued and unpaid interest and
Liquidated Damages, if any, up to but excluding the Purchase Date, shall be paid
to the Person in whose name a Note is registered at the close of business on
such Record Date, and no additional interest shall be payable to Holders who
tender Notes pursuant to the Asset Sale Offer.
(d) Upon the commencement of an Asset Sale Offer, the Issuer shall
send, by first-class mail, a notice to each of the Holders, with a copy to the
Trustee. The notice shall contain all instructions and materials necessary to
enable such Holders to tender Notes pursuant to the Asset Sale Offer. The Asset
Sale Offer shall be made to all Holders and holders of pari passu Indebtedness.
The notice, which shall govern the terms of the Asset Sale Offer, shall state:
(i) that the Asset Sale Offer is being made pursuant to this Section
3.09 and Section 4.10 hereof and the length of time the Asset Sale Offer
shall remain open;
(ii) the Offer Amount, the purchase price and the Purchase Date;
(iii) that any Note not tendered or accepted for payment shall
continue to accrue interest;
(iv) that, unless the Issuer defaults in making such payment, any Note
accepted for payment pursuant to the Asset Sale Offer shall cease to accrue
interest on and after the Purchase Date;
(v) that Holders electing to have a Note purchased pursuant to an
Asset Sale Offer may elect to have Notes purchased in integral multiples of
$1,000 only;
(vi) that Holders electing to have a Note purchased pursuant to any
Asset Sale Offer shall be required to surrender such Note, with the form
entitled "Option of Holder to Elect Purchase" attached to the Note
completed, or transfer by book-entry transfer, to the Issuer, the
Depositary, if appointed by the Issuer, or a Paying Agent at the address
specified in the notice at least three Business Days before the Purchase
Date;
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(vii) that Holders shall be entitled to withdraw their election if the
Issuer, the Depositary or the Paying Agent, as the case may be, receives,
not later than the expiration of the Offer Period, a facsimile transmission
or letter setting forth the name of the Holder, the principal amount of the
Note the Holder delivered for purchase and a statement that such Holder is
withdrawing his election to have such Note purchased;
(viii) that, if the aggregate principal amount of Notes and pari passu
Indebtedness surrendered by the holders thereof exceeds the Offer Amount,
the Trustee shall select the Notes and the applicable Person (but not the
Trustee) shall select such pari passu Indebtedness to be purchased on a pro
rata basis based on the accreted value or principal amount of the Notes or,
for purposes of such applicable Person's selection (but not the Trustee),
such pari passu Indebtedness tendered (with such adjustments as may be
deemed appropriate by the Trustee, in the case of the Notes, and by the
applicable Person (but not the Trustee), in the case of pari passu
Indebtedness, so that only Notes in denominations of $1,000, or integral
multiples thereof, shall be purchased); and
(ix) that Holders whose Notes were purchased only in part shall be
issued new Notes equal in principal amount to the unpurchased (to the
extent that such unpurchased portion equals to $1,000 in principal amount
or an integral multiples thereof) portion of the Notes surrendered (or
transferred by book-entry transfer) representing the same indebtedness to
the extent not repurchased.
(e) On or before the Purchase Date, the Issuer shall, to the extent
lawful, (1) accept for payment, on a pro rata basis to the extent necessary, the
Offer Amount of Notes or portions thereof validly tendered and not withdrawn
pursuant to the Asset Sale Offer, or if less than the Offer Amount has been
tendered, all Notes promptly tendered and not withdrawn and (2) deliver or cause
to be delivered to the Trustee the Notes properly accepted together with an
Officer's Certificate stating the aggregate principal amount of Notes or
portions thereof so tendered.
(f) The Issuer, the Depositary or the Paying Agent, as the case may
be, shall promptly mail or deliver to each tendering Holder an amount equal to
the purchase price of the Notes properly tendered and not withdrawn by such
Holder and accepted by the Issuer for purchase, and the Issuer shall promptly
issue a new Note, and the Trustee, upon receipt of an Authentication Order,
shall authenticate and mail or deliver (or cause to be transferred by
book-entry) such new Note to such Holder in a principal amount equal to any
unpurchased portion of the Note surrendered representing the same indebtedness
to the extent not repurchased; provided that each such new Note shall be in a
principal amount of $1,000 or an integral multiple thereof. Any Note not so
accepted shall be promptly mailed or delivered by the Issuer to the Holder
thereof. The Issuer shall publicly announce the results of the Asset Sale Offer
on or as soon as practicable after the Purchase Date.
Other than as specifically provided in this Section 3.09 or Section
4.10 hereof, any purchase pursuant to this Section 3.09 shall be made pursuant
to the applicable provisions of Sections 3.01 through 3.06 hereof.
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ARTICLE 4
COVENANTS
Section 4.01 Payment of Notes.
The Issuer shall pay or cause to be paid the principal of, premium, if
any, Liquidated Damages, if any, and interest on the Notes on the dates and in
the manner provided in the Notes. Principal, premium, if any, Liquidated
Damages, if any, and interest shall be considered paid on the date due if the
Paying Agent, if other than the Issuer or a Subsidiary, holds as of 12:00 p.m.
Eastern Time on the due date money deposited by the Issuer in immediately
available funds and designated for and sufficient to pay all principal, premium,
if any, and interest then due. Such Paying Agent shall return to the Issuer
promptly, and in any event, no later than two Business Days following the date
of payment, any money (including accrued interest) that exceeds such amount of
principal, premium, if any, and interest paid on the Notes. 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 on
such payment for the intervening period.
The Issuer shall pay all Liquidated Damages, if any, in the same
manner on the dates and in the amounts set forth in the Registration Rights
Agreement.
The Issuer shall pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue principal at the rate equal to
the then applicable interest rate on the Notes to the extent lawful; it shall
pay interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue installments of interest and Liquidated Damages
(without regard to any applicable grace period) at the same rate to the extent
lawful.
Interest shall be computed on the basis of a 360-day year comprised of
twelve 30-day months.
Section 4.02 Maintenance of Office or Agency.
The Issuer shall maintain the office required under Section 2.03
(which may be an office of the Trustee or an affiliate of the Trustee, Registrar
or co-registrar) where the Notes may be presented or surrendered for
registration of transfer or for exchange and where notices and demands to or
upon the Issuer in respect of the Notes and this Indenture may be served. The
Issuer 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 Issuer
shall fail to maintain any such required office or agency or shall fail to
furnish the Trustee with the address thereof, such presentations, surrenders,
notices and demands may be made or served at The Corporate Trust Office of the
Trustee.
The Issuer may also from time to time designate one or more other
offices or agencies where the Notes may be presented or surrendered for any or
all such purposes and may from time to time rescind such designations. The
Issuer shall give prompt written notice to the Trustee of any such designation
or rescission and of any change in the location of any such other office or
agency.
The Issuer hereby designates the Corporate Trust Office of the Trustee
as one such office or agency of the Issuer in accordance with Section 2.03
hereof.
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Section 4.03 Reports.
(a) Whether or not required by the rules and regulations of the SEC,
so long as any Notes are outstanding, the Issuer shall furnish to the Holders of
Notes or cause the Trustee, at the expense of the Issuer, to furnish to the
Holders of Notes, within the time periods specified in the SEC's rules and
regulations:
(i) all quarterly and annual financial information that would be
required to be filed with the SEC on Forms 10-Q and 10-K if the Issuer were
required to file such reports, including a "Management's Discussion and
Analysis of Financial Condition and Results of Operations" and, with
respect to the annual financial information only, a report on the annual
financial statements by the Issuer's certified independent accountants; and
(ii) all information that would be required to be filed with the SEC
on Form 8-K if the Issuer were required to file such reports.
(b) Notwithstanding the foregoing, except and only for so long as
required to do so by the rules and regulations of the SEC, the Issuer shall not
be required to furnish any information, certifications or reports required by
Items 307 or 308 of Regulation S-K.
(c) In addition, the Issuer shall post the information described in
clauses (i) and (ii) of Section 4.03(a) on its website within the time periods
specified in the rules and regulations applicable to such reports and, following
the consummation of the exchange offer contemplated by the Registration Rights
Agreement and for so long as required to do so by the rules and regulations of
the SEC, the Issuer shall file a copy of each of the reports referred to in
clauses (i) and (ii) above with the SEC for public availability within those
time periods (unless the SEC will not accept such a filing).
(d) If the Issuer has designated any of its Subsidiaries as
Unrestricted Subsidiaries, then the quarterly and annual financial information
required by this Section 4.03 shall include a reasonably detailed presentation,
either on the face of the financial statements or in the footnotes thereto, and
in Management's Discussion and Analysis of Financial Condition and Results of
Operations, of the financial condition and results of operations of the Issuer
and its Restricted Subsidiaries separate from the financial condition and
results of operations of the Unrestricted Subsidiaries of the Issuer.
(e) In the event that any direct or indirect parent company of the
Issuer is or becomes a Guarantor of the Notes, this Indenture will permit the
Issuer to satisfy its obligations in this Section 4.03 with respect to financial
information relating to the Issuer by furnishing financial information relating
to such direct or indirect parent company; provided, however, that the same is
accompanied by consolidating information that explains in reasonable detail the
differences between the information relating to such direct or indirect parent
company and any of its Subsidiaries other than the Issuer and its Subsidiaries,
on the one hand, and the information relating to the Issuer, the Guarantors and
the other Subsidiaries of the Issuer on a standalone basis, on the other hand.
(f) In addition, the Issuer and the Guarantors agree that, for so long
as any Notes remain outstanding, if at any time they are not required to file
with the SEC the reports required by this Section 4.03, they will furnish to the
Holders of Notes and to securities analysts and prospective investors, upon
their request, the information required to be delivered pursuant to Rule
144A(d)(4) under the Securities Act.
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Section 4.04 Compliance Certificate.
(a) The Issuer and each Guarantor (to the extent that such Guarantor
is so required under the Trust Indenture Act) shall deliver to the Trustee,
within 90 days after the end of each fiscal year of the Issuer ending after the
Issue Date, a certificate from the principal executive officer, principal
financial officer or principal accounting officer stating that a review of the
activities of the Issuer and its Restricted Subsidiaries during the preceding
fiscal year has been made under the supervision of the signing Officer with a
view to determining whether the Issuer has performed its obligations under this
Indenture, and further stating, as to such Officer signing such certificate,
that to the best of his or her knowledge the Issuer has performed each and every
covenant contained in this Indenture that is applicable to it in all material
respects and is not in default in the performance or observance of any of the
terms, provisions, covenants and conditions of this Indenture (or, if a Default
shall have occurred, describing all such Defaults of which he or she may have
knowledge and what action the Issuer is taking or proposes to take with respect
thereto).
(b) When any Default has occurred and is continuing under this
Indenture, or if the Trustee or the holder of any other evidence of Indebtedness
of the Issuer or any Subsidiary gives any notice or takes any other action with
respect to a claimed Default, the Issuer shall promptly (which shall be no more
than ten (10) Business Days) deliver to the Trustee by registered or certified
mail or by facsimile transmission an Officer's Certificate specifying such event
and what action the Issuer proposes to take with respect thereto.
Section 4.05 Taxes.
The Issuer shall pay, and shall cause each of its Restricted
Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and
governmental levies except such as are contested in good faith and by
appropriate negotiations or proceedings or where the failure to effect such
payment is not adverse in any material respect to the Holders of the Notes.
Section 4.06 Stay, Extension and Usury Laws.
The Issuer and each of the Guarantors covenant (to the extent that
they may lawfully do so) that they shall not at any time insist upon, plead, or
in any manner whatsoever claim or take the benefit or advantage of, any stay,
extension or usury law wherever enacted, now or at any time hereafter in force,
that may affect the covenants or the performance of this Indenture; and the
Issuer and each of the Guarantors (to the extent that they may lawfully do so)
hereby expressly waive all benefit or advantage of any such law, and covenant
that they shall not, by resort to any such law, hinder, delay or impede the
execution of any power herein granted to the Trustee, but shall suffer and
permit the execution of every such power as though no such law has been enacted.
Section 4.07 Restricted Payments.
(a) The Issuer shall not, and shall not permit any Restricted
Subsidiary to, directly or indirectly:
(i) declare or pay any dividend or make any other distribution on
account of the Issuer's Equity Interests (including any dividend or
distribution payable in connection with any merger or consolidation
involving the Issuer) other than dividends or distributions payable in
Equity Interests (other than Disqualified Stock) of the Issuer;
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(ii) purchase, redeem or otherwise acquire or retire for value
(including, without limitation, in connection with any merger or
consolidation involving the Issuer) any Equity Interests of the Issuer or
any direct or indirect parent of the Issuer;
(iii) make any principal payment on, or purchase, redeem, defease or
otherwise acquire or retire for value any Indebtedness of the Issuer or any
Guarantor that is contractually subordinated to the Notes or to any Note
Guarantee in each case prior to any scheduled repayment sinking fund
payment, principal installment or Stated Maturity thereof (other than (x)
Indebtedness permitted under clauses (6), (7) and (8) of the definition of
"Permitted Debt" or (y) the purchase, repurchase or other acquisition or
retirement of Indebtedness purchased in anticipation of satisfying a
sinking fund obligation, principal installment or final maturity, in each
case due within one year of the date of the purchase, repurchase,
acquisition or retirement); or
(iv) make any Restricted Investment
(all such payments and other actions set forth in clauses (i) through (iv) above
being collectively referred to as "Restricted Payments"), unless, at the time of
and after giving effect to such Restricted Payment:
(1) no Default or Event of Default shall have occurred and be
continuing or would occur as a consequence of such Restricted Payment;
(2) the Issuer would, at the time of such Restricted Payment and after
giving pro forma effect thereto as if such Restricted Payment had been made
at the beginning of the applicable four-quarter period, have been permitted
to incur at least $1.00 of additional Indebtedness pursuant to the
Consolidated Leverage Ratio test set forth in Section 4.09(a); and
(3) such Restricted Payment, together with the aggregate amount of all
other Restricted Payments made by the Issuer and its Restricted
Subsidiaries since the date of this Indenture (excluding Restricted
Payments permitted by clauses (i) through (v), (vii) and (ix) through (xv)
of Section 4.07(b)) is less than the sum, without duplication, of:
(i) 50% of the Consolidated Net Income of the Issuer for the
period (taken as one accounting period) from the beginning of the
fiscal quarter in which the Issue Date occurs to the end of the
Issuer's most recently ended fiscal quarter for which internal
financial statements are available at the time of such Restricted
Payment (or, if such Consolidated Net Income for such period is a
deficit, less 100% of such deficit); plus
(ii) 100% of the aggregate Net Proceeds and the Fair Market Value
of property, assets or marketable securities received by the Issuer
since the date of this Indenture as a contribution to its common
equity capital or from the issue or sale of Equity Interests of the
Issuer (other than Disqualified Stock) or from the issue or sale of
convertible or exchangeable Disqualified Stock or convertible or
exchangeable debt securities of the Issuer that have been converted
into or exchanged for such Equity Interests (in each case other than
(A) Equity Interests (or Disqualified Stock or debt securities) sold
to a Subsidiary of the Issuer or to an employee stock ownership plan
or other trust established by the Issuer or any Restricted Subsidiary,
(B) Designated Preferred Stock and (C) Excluded Contributions); plus
(iii) with respect to Restricted Investments made by the Issuer
or its Restricted Subsidiaries after the Issue Date, an amount equal
to (without duplication, to the extent included in Consolidated Net
Income) (A) the net reduction in such Restricted Investments
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in any Person resulting from repayments of loans or advances, or other
transfers of assets, in each case to the Issuer or any Restricted
Subsidiary, (B) the net cash proceeds received by the Issuer or any of
its Restricted Subsidiaries from the sale of any such Restricted
Investment or the receipt by the Issuer or any of its Restricted
Subsidiaries of any dividends or distributions from such Restricted
Investment, or (c) the net reduction in such Restricted Investment
resulting from the release of any guarantee (except to the extent any
amounts are paid under such guarantee) or from redesignations of
Unrestricted Subsidiaries as Restricted Subsidiaries.
(b) The preceding provisions will not prohibit:
(i) the payment of any dividend within 60 days after the date of
declaration of the dividend if at the date of declaration of such payment
the dividend would have complied with the provisions of this Indenture;
(ii) the making of any Restricted Payment in exchange for, or out of
the net cash proceeds of the substantially concurrent sale (other than to a
Subsidiary of the Issuer) of, Equity Interests of the Issuer (other than
Disqualified Stock or Designated Preferred Stock and other than the sale of
Equity Interests designated as an Excluded Contribution) or from the
substantially concurrent contribution of common equity capital to the
Issuer; provided that the amount of any such net cash proceeds that are
utilized for any such Restricted Payment will be excluded from clause
(3)(ii) of Section 4.07(a);
(iii) the repurchase, redemption, defeasance or other acquisition or
retirement for value of Indebtedness of the Issuer or any Guarantor that is
contractually subordinated to the Notes or to any Note Guarantee with the
net cash proceeds from a substantially concurrent incurrence of Permitted
Refinancing Indebtedness;
(iv) the repurchase, redemption or other acquisition or retirement for
value of any Equity Interests of the Issuer or any Restricted Subsidiary of
the Issuer held by any current or former officer, director or employee of
the Issuer or any Restricted Subsidiary pursuant to any equity subscription
agreement, stock option agreement, shareholders' agreement or similar
agreement or payments to Parent in amounts equal to amounts expended by
Parent to repurchase, redeem or otherwise acquire or retire for value any
Equity Interests of Parent held by any current or former officer, director
or employee of Parent, the Issuer or any of its Subsidiaries (or their
permitted transferees) pursuant to any equity subscription agreement, stock
option agreement, shareholders' agreement or similar agreement; provided
that the aggregate price paid for all such repurchased, redeemed, acquired
or retired Equity Interests may not exceed $5.0 million in any twelve-month
period plus any unutilized portion of such amount in any prior fiscal year
(subject to a maximum of $10.0 million in any twelve-month period); and
provided, further that such amount in any twelve-month period may be
increased by an amount equal to (x) the cash proceeds received by the
Issuer or any Restricted Subsidiary from the sale of Equity Interests of
the Issuer (other than Disqualified Stock) or of the Parent (to the extent
contributed to the Issuer) to members of management, directors or
consultants of the Issuer or any Restricted Subsidiary or Parent; plus (y)
the cash proceeds of key man life insurance policies received by the Issuer
or Parent (to the extent contributed to the Issuer) or any Restricted
Subsidiary;
(v) the repurchase of Equity Interests deemed to occur upon the
exercise of stock options to the extent such Equity Interests represent a
portion of the exercise price of those stock options;
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(vi) the payment of dividends on the Issuer's common stock (or the
payment of dividends to Parent to fund the payment by Parent of dividends
on its common stock) following any public offering of common stock of
Parent or the Issuer, as the case may be, after the date of this Indenture,
of up to 6.0% per annum of the net proceeds received by the Issuer (or by
Parent and contributed to the Issuer) from such public offering other than
any public offering constituting an Excluded Contribution; provided,
however, that the aggregate amount of all such dividends shall not exceed
the aggregate amount of Net Proceeds received by the Issuer (or by Parent
and contributed to the Issuer) from such public offering;
(vii) the declaration and payment of regularly scheduled or accrued
dividends to holders of any class or series of Disqualified Stock of the
Issuer or any Restricted Subsidiary of the Issuer issued after the date of
this Indenture in accordance with the Consolidated Leverage Ratio test
described in Section 4.09(a);
(viii) the declaration and payment of dividends to holders of any
class or series of Designated Preferred Stock issued by the Issuer after
the Issue Date and the declaration and payment of dividends to a direct or
indirect parent of the Issuer, the proceeds of which will be used to fund
the payment of dividends to holders of any class or series of Designated
Preferred Stock of such parent issued after the Issue Date; provided that
(1) for the most recently ended four full fiscal quarters for which
internal financial statements are available immediately preceding the date
of issuance of such Designated Preferred Stock, after giving effect to such
issuance and declaration on a pro forma basis, the Issuer would have been
permitted to incur at least $1.00 of additional Indebtedness pursuant to
the Consolidated Leverage Ratio test set forth in Section 4.09(a) and (2)
the aggregate amount of dividends declared and paid pursuant to this clause
(viii) shall not exceed the aggregate amount of cash actually received by
the Issuer from the sale of such Designated Preferred Stock issued after
the Issue Date;
(ix) upon the occurrence of a Change of Control and within 60 days
after completion of the offer to repurchase Notes pursuant to Section 3.07
(including the purchase of all Notes tendered), any purchase or redemption
of Subordinated Indebtedness of the Issuer that is required to be
repurchased or redeemed pursuant to the terms thereof as a result of such
Change of Control, at a purchase price not greater than 101% of the
outstanding principal amount thereof (plus accrued and unpaid interest and
liquidated damages, if any);
(x) Investments in Unrestricted Subsidiaries having an aggregate Fair
Market Value, taken together with all other Investments made pursuant to
this clause (x) that are at that time outstanding, not to exceed $15.0
million at the time of such Investment (with the Fair Market Value of each
Investment being measured at the time made and without giving effect to
subsequent changes in value);
(xi) the distribution, as a dividend or otherwise of shares of Capital
Stock of, or Indebtedness owed to the Issuer or any Restricted Subsidiary
by, Unrestricted Subsidiaries (other than Unrestricted Subsidiaries the
primary assets of which are cash and/or Cash Equivalents);
(xii) cash dividends or other distributions on the Issuer's Capital
Stock used to, or the making of loans to any direct or indirect parent of
the Issuer to, fund the payment of fees and expenses incurred in connection
with, or other payments contemplated by, the Transactions or as
contemplated by the Acquisition Documents or owed by the Issuer or Parent,
as the case may be, or Restricted Subsidiaries to Affiliates;
(xiii) Investments that are made with Excluded Contributions;
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(xiv) Permitted Payments to Parent; and
(xv) other Restricted Payments in an aggregate amount not to exceed
$10.0 million since the date of this Indenture;
provided, however, that at the time of, and after giving effect to, any
Restricted Payment permitted under clauses (vi), (vii), (viii), (ix) and (xv),
no Default or Event of Default shall have occurred and be continuing or would
occur as a consequence thereof.
(c) The amount of all Restricted Payments (other than cash and Cash
Equivalents) will be the Fair Market Value on the date of the Restricted Payment
of the asset(s) or securities proposed to be transferred or issued by Parent,
the Issuer or any Restricted Subsidiary, as the case may be, pursuant to the
Restricted Payment.
Section 4.08 Dividend and Other Payment Restrictions Affecting Subsidiaries.
(a) The Issuer shall not, and shall not permit any Restricted
Subsidiary to, directly or indirectly, create or permit to exist or become
effective any consensual encumbrance or restriction on the ability of any
Restricted Subsidiary to:
(i) pay dividends or make any other distributions on its Capital Stock
to the Issuer or any Restricted Subsidiary, or with respect to any other
interest or participation in, or measured by, its profits, or pay any
indebtedness owed to the Issuer or any Restricted Subsidiary;
(ii) make loans or advances to the Issuer or any Restricted
Subsidiary; or
(iii) sell, lease or transfer any of its properties or assets to the
Issuer or any Restricted Subsidiary.
(b) However, the preceding restrictions will not apply to encumbrances
or restrictions existing under or by reason of:
(i) agreements governing Existing Indebtedness and Credit Facilities
as in effect on the date of this Indenture;
(ii) this Indenture, the Notes and the Note Guarantees;
(iii) applicable law, rule, regulation or order;
(iv) any instrument governing Indebtedness or Capital Stock of a
Person acquired by the Issuer or any Restricted Subsidiary as in effect at
the time of such acquisition (except to the extent such Indebtedness or
Capital Stock was incurred in connection with or in contemplation of such
acquisition), which encumbrance or restriction is not applicable to any
Person, or the properties or assets of any Person, other than the Person,
or the property or assets of the Person, so acquired; provided that, in the
case of Indebtedness, such Indebtedness was permitted by the terms of this
Indenture to be incurred;
(v) customary provisions (including non-assignment provisions)
contained in leases, subleases, licenses or asset sale agreements and other
agreements entered into in the ordinary course of business;
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(vi) purchase money obligations for property acquired in the ordinary
course of business and Capital Lease Obligations that impose restrictions
on the property purchased or leased of the nature described in clause
(a)(iii) of this Section 4.08 (but not subject to the dollar limit in such
clause (a)(iii));
(vii) any agreement for the sale or other disposition of a Restricted
Subsidiary (including a sale of its Capital Stock or its assets) that
restricts distributions by that Restricted Subsidiary pending the sale or
other disposition;
(viii) Permitted Refinancing Indebtedness; provided that the
restrictions contained in the agreements governing such Permitted
Refinancing Indebtedness are not materially more restrictive, taken as a
whole, than those contained in the agreements governing the Indebtedness
being refinanced;
(ix) Liens permitted to be incurred under the provisions of Section
4.12 that limit the right of the debtor to dispose of the assets subject to
such Liens;
(x) provisions limiting the disposition or distribution of assets or
property in joint venture agreements, asset sale agreements, sale-leaseback
agreements, stock sale agreements and other similar agreements entered into
with the approval of the Issuer's Board of Directors, which limitation is
applicable only to the assets that are the subject of such agreements;
(xi) restrictions on cash or other deposits or net worth imposed by
customers under contracts entered into in the ordinary course of business;
(xii) Indebtedness of a Restricted Subsidiary permitted to be incurred
under this Indenture; provided that (1) such encumbrances or restrictions
are ordinary and customary with respect to the type of Indebtedness being
incurred and (2) such encumbrances or restrictions will not affect the
Issuer's ability to make payments of principal or interest payments on the
Notes, as determined in good faith by the Board of Directors of the Issuer;
and
(xiii) any encumbrances or restrictions of the type referred to in
clauses (a)(i), (a)(ii) and (a)(iii) of this Section 4.08 imposed by any
amendments, modifications, restatements, renewals, increases, supplements,
refundings, replacements or refinancings of the contracts, instruments or
obligations referred to in clauses (i) through (xii) above; provided,
however, that the encumbrances or restrictions imposed by such amendments,
modifications, restatements, renewals, increases, supplements, refundings,
replacements or refinancings are, in the good faith judgment of the
Issuer's Board of Directors, not materially less favorable to the Holders
of the Notes than encumbrances and restrictions contained in such
predecessor agreements.
Section 4.09 Incurrence of Indebtedness and Issuance of Preferred Stock.
(a) The Issuer shall not, and shall not permit any Restricted
Subsidiary to, directly or indirectly, create, incur, issue, assume, guarantee
or otherwise become directly or indirectly liable, contingently or otherwise,
with respect to (collectively, "incur") any Indebtedness (including Acquired
Debt), and the Issuer will not issue any Disqualified Stock and will not permit
any Restricted Subsidiary to issue any shares of Preferred Stock; provided,
however, that the Issuer may incur Indebtedness (including Acquired Debt) or
issue Disqualified Stock, and the Guarantors may incur Indebtedness (including
Acquired Debt) or issue Preferred Stock, if the Consolidated Leverage Ratio as
of the date on which such additional Indebtedness is incurred or such
Disqualified Stock or such Preferred Stock is issued, as the case may be, would
have been no greater than 5.5 to 1.
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(b) The provisions of Section 4.09(a) hereof shall not prohibit the
incurrence of any of the following items of Indebtedness (collectively,
"Permitted Debt"):
(i) the incurrence by the Issuer and its Restricted Subsidiaries of
Indebtedness and letters of credit under Credit Facilities in an aggregate
principal amount at any one time outstanding under this clause (i) (with
letters of credit being deemed to have a principal amount equal to the face
amount thereof) not to exceed $400.0 million, less the aggregate amount of
all Net Proceeds of Asset Sales applied by the Issuer or any Restricted
Subsidiary since the date of this Indenture to repay any term Indebtedness
under a Credit Facility or to repay any revolving credit Indebtedness under
a Credit Facility and effect a corresponding commitment reduction
thereunder pursuant to Section 4.10;
(ii) the incurrence by the Issuer and its Restricted Subsidiaries of
Existing Indebtedness;
(iii) the incurrence by the Issuer and the Guarantors of Indebtedness
represented by the Notes and the related Note Guarantees to be issued on
the date of this Indenture and the Exchange Notes and the related Note
Guarantees to be issued pursuant to the Registration Rights Agreement;
(iv) the incurrence by the Issuer or any Restricted Subsidiary of
Indebtedness represented by Capital Lease Obligations, mortgage financings
or purchase money obligations, in each case, incurred for the purpose of
financing all or any part of the purchase price or cost of design,
construction, installation or improvement of property, plant or equipment
used by the Issuer or any Restricted Subsidiary in any Permitted Business,
in an aggregate principal amount, including all Permitted Refinancing
Indebtedness incurred to renew, refund, refinance, replace, defease or
discharge any Indebtedness incurred pursuant to this clause (iv), not to
exceed $10.0 million;
(v) the incurrence by the Issuer or any Restricted Subsidiary of
Permitted Refinancing Indebtedness in exchange for, or the net proceeds of
which are used to renew, refund, refinance, replace, defease or discharge
any Indebtedness (other than intercompany Indebtedness) that was permitted
by this Indenture to be incurred under Section 4.09(a) hereof or clauses
(ii), (iii), (iv), (v), (xiii), (xv), or (xvii) of this Section 4.09(a)
including additional Indebtedness incurred to pay premiums and fees in
connection therewith;
(vi) the incurrence by the Issuer or any Restricted Subsidiary of
intercompany Indebtedness between or among the Issuer and any Restricted
Subsidiary; provided, however, that:
(1) if the Issuer or any Guarantor is the obligor on such
Indebtedness and the payee is not the Issuer or a Guarantor, such
Indebtedness must be expressly subordinated to the prior payment in
full in cash of all Obligations then due with respect to the Notes and
the Note Guarantees; and
(2) any (A) subsequent issuance or transfer of Equity Interests
that results in any such Indebtedness being held by a Person other
than the Issuer or a Restricted Subsidiary of the Issuer, or (B) sale
or other transfer of any such Indebtedness to a Person that is not
either the Issuer or a Restricted Subsidiary of the Issuer,
will be deemed, in each case, to constitute an incurrence of such
Indebtedness by the Issuer or such Restricted Subsidiary, as the case may
be, that was not permitted by this clause (vi);
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(vii) the issuance by any of the Issuer's Restricted Subsidiaries to
the Issuer or to any Restricted Subsidiary of shares of Preferred Stock;
provided, however, that any (1) subsequent issuance or transfer of Equity
Interests that results in any such Preferred Stock being held by a Person
other than the Issuer or a Restricted Subsidiary of the Issuer, or (2) sale
or other transfer of any such Preferred Stock to a Person that is not
either the Issuer or a Restricted Subsidiary of the Issuer, will be deemed,
in each case, to constitute an issuance of such Preferred Stock by such
Restricted Subsidiary that was not permitted by this clause (vii);
(viii) the incurrence by the Issuer or any Restricted Subsidiary of
Hedging Obligations in the ordinary course of business and not for
speculative purposes;
(ix) (x) the guarantee by the Issuer or any of the Guarantors of
Indebtedness of the Issuer or a Restricted Subsidiary of the Issuer that
was permitted to be incurred by another provision of this Section 4.09;
provided that if the Indebtedness being guaranteed is subordinated to or
pari passu with the Notes, then the Guarantee shall be subordinated or pari
passu, as applicable, to the same extent as the Indebtedness guaranteed and
(y) any guarantee by a Restricted Subsidiary that is not a Guarantor of
Indebtedness of another Restricted Subsidiary that is not a Guarantor that
was permitted to be incurred by another provision of this Section 4.09;
(x) Indebtedness incurred by the Issuer or any Restricted Subsidiary
constituting reimbursement obligations with respect to letters of credit
issued in the ordinary course of business, including letters of credit in
respect of workers' compensation claims, health, disability or other
employee benefits, or property, casualty or liability insurance, or other
Indebtedness with respect to reimbursement type obligations regarding
workers' compensation claims; provided, however, that upon the drawing of
such letters of credit or the incurrence of such Indebtedness, such
obligations are reimbursed within 30 days following such drawing or
incurrence;
(xi) the incurrence by the Issuer or any Restricted Subsidiary of
Indebtedness arising from the honoring by a bank or other financial
institution of a check, draft or similar instrument inadvertently drawn
against insufficient funds, so long as such Indebtedness is covered within
five business days;
(xii) Indebtedness arising from agreements of the Issuer or a
Restricted Subsidiary providing for indemnification, adjustment of purchase
price or similar obligations, in each case, incurred or assumed in
connection with the disposition of any business, assets or a Subsidiary,
other than guarantees of Indebtedness incurred by any Person acquiring all
or any portion of such business, assets or a Subsidiary for the purpose of
financing such acquisition; provided, however, that
(1) such Indebtedness is not reflected on the balance sheet of
the Issuer or any Restricted Subsidiary prepared in accordance with
GAAP (contingent obligations referred to in a footnote to financial
statements and not otherwise reflected on the balance sheet will not
be deemed to be reflected on such balance sheet for purposes of this
clause (xii)(1)) and
(2) the maximum assumable liability in respect of all such
Indebtedness shall at no time exceed the gross proceeds including
noncash proceeds (the fair market value of such noncash proceeds being
measured at the time received and without giving effect to any
subsequent changes in value) actually received by the Issuer and the
Restricted Subsidiaries in connection with such disposition;
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(xiii) Contribution Indebtedness;
(xiv) Indebtedness of the Issuer or any Restricted Subsidiary
consisting of (1) the financing of insurance premiums or (2) take-or-pay
obligations contained in supply arrangements, in each case, in the ordinary
course of business;
(xv) Indebtedness, Disqualified Stock or preferred stock of Persons
that are acquired by the Issuer or any Restricted Subsidiary or merged into
the Issuer or a Restricted Subsidiary in accordance with the terms of this
Indenture; provided that such Indebtedness, Disqualified Stock or preferred
stock is not incurred in contemplation of such acquisition or merger;
provided further that after giving effect to such acquisition or merger,
either
(1) the Issuer would be permitted to incur at least $1.00 of
additional Indebtedness pursuant to the Consolidated Leverage Ratio
test set forth in Section 4.09(a) or
(2) the Consolidated Leverage Ratio of the Issuer and its
Restricted Subsidiaries is lower than immediately prior to such
acquisition or merger;
(xvi)Indebtedness incurred by a Securitization Subsidiary in a
Qualified Securitization Financing that is not recourse to the Issuer or
any Restricted Subsidiary, other than a Securitization Subsidiary (except
for Standard Securitization Undertakings); and
(xvii) the incurrence by the Issuer or any Restricted Subsidiary of
additional Indebtedness in an aggregate principal amount (or accreted
value, as applicable) at any time outstanding, including all Permitted
Refinancing Indebtedness incurred to renew, refund, refinance, replace,
defease or discharge any Indebtedness incurred pursuant to this clause
(xvii), not to exceed $25.0 million at any time outstanding.
For purposes of determining compliance with this Section 4.09, in the
event that an item of proposed Indebtedness meets the criteria of more than one
of the categories of Permitted Debt described in clauses (i) through (xvii)
above, or is entitled to be incurred pursuant to Section 4.09(a), the Issuer
will be permitted to classify such item of Indebtedness on the date of its
incurrence, or later reclassify all or a portion of such item of Indebtedness,
in any manner that complies with this Section 4.09. Indebtedness under Credit
Facilities outstanding on the date on which Notes are first issued and
authenticated under this Indenture will initially be deemed to have been
incurred on such date in reliance on the exception provided by clause (1) of the
definition of "Permitted Debt". The accrual of interest, the accretion or
amortization of original issue discount, the payment of interest on any
Indebtedness in the form of additional Indebtedness with the same terms, the
reclassification of Preferred Stock as Indebtedness due to a change in
accounting principles, and the payment of dividends on Disqualified Stock in the
form of additional shares of the same class of Disqualified Stock will not be
deemed to be an incurrence of Indebtedness or an issuance of Disqualified Stock
for purposes of this Section 4.09. Notwithstanding any other provision of this
Section 4.09, the maximum amount of Indebtedness that the Issuer or any
Restricted Subsidiary may incur pursuant to this Section 4.09 shall not be
deemed to be exceeded solely as a result of fluctuations in exchange rates or
currency values.
The amount of any Indebtedness outstanding as of any date will be:
(1) the accreted value of the Indebtedness, in the case of any
Indebtedness issued with original issue discount; and
(2) the principal amount of the Indebtedness, in the case of any other
Indebtedness.
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Section 4.10 Asset Sales.
(a) The Issuer shall not, and shall not permit any Restricted
Subsidiary to, consummate an Asset Sale unless:
(i) the Issuer (or the Restricted Subsidiary, as the case may be)
receives consideration at the time of the Asset Sale at least equal to the
Fair Market Value of the assets or Equity Interests issued or sold or
otherwise disposed of; and
(ii) at least 75% of the consideration received in the Asset Sale by
the Issuer or such Restricted Subsidiary is in the form of cash or Cash
Equivalents.
For purposes of this Section 4.10, each of the following shall be
deemed to be cash:
(1) any liabilities of the Issuer or any Restricted Subsidiary (as
shown on the Issuer's or of such Restricted Subsidiary's most recent
balance sheet or in the notes thereto) that are not by their terms
subordinated to the Notes or the Note Guarantees that are assumed by the
transferee of any such assets pursuant to a customary assumption agreement;
(2) any securities, notes or other obligations received by the Issuer
or any such Restricted Subsidiary from such transferee convertible into
Cash Equivalents by the Issuer or such Restricted Subsidiary within 180
days of the closing of the Asset Sale, to the extent of the Cash
Equivalents to be received in such conversion; and
(3) any Capital Stock, properties or assets of the kind referred to in
clauses (b)(ii) or (b)(iii) of this Section 4.10.
(b) Within 365 days after the receipt of any Net Proceeds from an
Asset Sale, the Issuer (or applicable Restricted Subsidiary, as the case may be)
may apply such Net Proceeds:
(i) to reduce (x) Senior Debt, and if the Senior Debt so reduced is
revolving credit Indebtedness, to correspondingly reduce commitments with
respect thereto or (y) other Obligations under Indebtedness that rank pari
passu with the Notes (provided, however, that if the Issuer shall so reduce
Obligations under Indebtedness that ranks pari passu with the Notes, it
will offer to equally and ratably reduce Obligations under the Notes by
making an offer (in accordance with the procedures set forth below for an
Asset Sale Offer (as defined below)) to all Holders of Notes to purchase at
a purchase price equal to 100% of the principal amount thereof, plus
accrued and unpaid interest and Liquidated Damages, if any, on the pro rata
principal amount of Notes);
(ii) to acquire Capital Stock of any business to the extent that such
business is a Permitted Business, if, after giving effect to any such
acquisition of Capital Stock, the Permitted Business is or becomes a
Restricted Subsidiary of the Issuer;
(iii)to acquire properties or assets to the extent that such
properties or assets are used or useful in a Permitted Business or replace
properties or assets that were the subject of such Asset Sale; or
(iv) to make a capital expenditure that is used or useful in a
Permitted Business.
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Pending the final application of any Net Proceeds, the Issuer (or the
applicable Restricted Subsidiary, as the case may be) may temporarily reduce
revolving credit borrowings or otherwise invest the Net Proceeds in any manner
that is not prohibited by this Indenture.
Any Net Proceeds from Asset Sales that are not applied or invested as
provided in the second paragraph of this Section 4.10(b) will constitute "Excess
Proceeds"; provided, however, that if during such 365-day period the Issuer or a
Restricted Subsidiary enters into a definitive binding agreement committing it
to apply such Net Proceeds in accordance with the requirements of clause (ii),
(iii) or (iv) of the immediately preceding paragraph after such 365th day, such
365-day period will be extended with respect to the amount of Net Proceeds so
committed for a period not to exceed 180 days until such Net Proceeds are
required to be applied in accordance with such agreement (or, if earlier, until
termination of such agreement).
When the aggregate amount of Excess Proceeds exceeds $10.0 million,
the Issuer will make an offer (an "Asset Sale Offer") to all Holders of Notes
and all holders of other Indebtedness that is pari passu with the Notes
containing provisions similar to those set forth in this Indenture with respect
to offers to purchase or redeem with the proceeds of sales of assets to purchase
the maximum principal amount of Notes and such other pari passu Indebtedness
that may be purchased out of the Excess Proceeds. The offer price in any Asset
Sale Offer will be equal to 100% of the principal amount plus accrued and unpaid
interest and Liquidated Damages, if any, to the date of purchase, and will be
payable in cash.
If any Excess Proceeds remain after consummation of an Asset Sale
Offer, the Issuer may use those Excess Proceeds for any purpose not otherwise
prohibited by this Indenture. If the aggregate principal amount of Notes and
other pari passu Indebtedness tendered into such Asset Sale Offer exceeds the
amount of Excess Proceeds, the Trustee will select the Notes and such other pari
passu Indebtedness to be purchased on a pro rata basis. Upon completion of each
Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero.
(c) The Issuer shall comply with the requirements of Rule 14e-1 under
the Exchange Act and any other securities laws and regulations thereunder to the
extent those laws and regulations are applicable in connection with each
repurchase of Notes pursuant to an Asset Sale Offer. To the extent that the
provisions of any securities laws or regulations conflict with this Section
4.10, the Issuer shall comply with the applicable securities laws and
regulations and shall not be deemed to have breached its obligations of this
Section 4.10 by virtue of such compliance.
Section 4.11 Transactions with Affiliates.
(a) The Issuer shall not, and shall not permit any of its Restricted
Subsidiaries to, make any payment to, or sell, lease, transfer or otherwise
dispose of any of its properties or assets to, or purchase any property or
assets from, or enter into or make or amend any transaction, contract,
agreement, understanding, loan, advance or guarantee with, or for the benefit
of, any Affiliate of the Issuer (each an "Affiliate Transaction") involving
aggregate consideration in excess of $5.0 million, unless:
(i) the Affiliate Transaction is on terms that are no less favorable
to the Issuer or the relevant Restricted Subsidiary than those that would
have been obtained in a comparable transaction by the Issuer or such
Restricted Subsidiary with an unrelated Person; and
(ii) with respect to any Affiliate Transaction or series of related
Affiliate Transactions involving aggregate consideration in excess of $10.0
million, (x) a majority of the disinterested members of the Board of
Directors of the Issuer have determined in good faith that the criteria set
forth in the immediately preceding clause (i) are satisfied and have
approved the relevant
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Affiliate Transaction as evidenced by a resolution of the Board of
Directors of the Issuer and (y) the Issuer has received an opinion from an
Independent Financial Advisor that such Affiliate Transaction complies with
the immediately preceding clause (i).
(b) The following items shall not be deemed to be Affiliate
Transactions and, therefore, shall not be subject to the provisions of Section
4.11(a):
(i) any employment agreement, fee arrangement, employee benefit plan,
indemnification agreement or any similar arrangement entered into by the
Issuer or any Restricted Subsidiary with officers, directors, employees or
consultants of the Issuer, any of its direct or indirect parent entities,
or any Restricted Subsidiary in the ordinary course of business and
payments pursuant thereto,
(ii) transactions between or among the Issuer and/or its Restricted
Subsidiaries,
(iii)Restricted Payments that do not violate the provisions of this
Indenture described in Section 4.07 and Permitted Investments permitted by
this Indenture,
(iv) payments made by the Issuer or any Restricted Subsidiary to the
Sponsors and any of their Affiliates (1) pursuant to the Management
Agreement or any amendment thereto (so long as such amendment is not less
advantageous to the holders of the Notes in any material respect than the
Management Agreement) or (2) for any financial advisory, financing,
underwriting or placement services or in respect of other investment
banking activities, including, without limitation, in connection with
acquisitions or divestitures, which payments, in the case of this clause
(2), are approved by a majority of the disinterested members of the Board
of Directors of the Issuer in good faith,
(v) payments, loans (or cancellations of loans) or advances to
employees or consultants of the Issuer or any of its direct or indirect
parent entities or any Restricted Subsidiary that are approved by the Board
of Directors of the Issuer and which are otherwise permitted under this
Indenture, but in any event not to exceed $5.0 million in the aggregate
outstanding at any one time,
(vi) payments made or performance under any agreement as in effect on
the date of this Indenture and described in the Offering Memorandum
(including without limitation the Shareholders Agreement and any
registration rights agreement or purchase agreements related thereto) or
any amendment thereto (so long as any such amendment is not less
advantageous to the Holders of the Notes in any material respect than the
original agreement as in effect on the date of this Indenture),
(vii)the Transactions and the payment of all transaction,
underwriting, commitment and other fees and expenses incurred in connection
with the Transactions,
(viii) transactions with customers, clients, suppliers, or purchasers
or sellers of goods or services, in each case in the ordinary course of
business and otherwise in compliance with the terms of this Indenture that
are fair to the Issuer or its Restricted Subsidiaries, in the reasonable
determination of the members of the Board of Directors of the Issuer or the
senior management thereof, or are on terms at least as favorable as would
reasonably have been entered into at such time with an unaffiliated party,
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(ix) the issuance of Equity Interests (other than Disqualified Stock)
of the Issuer to any Person;
(x) the issuances of securities or other payments, awards or grants in
cash, securities or otherwise pursuant to, or the funding of, employment
arrangements, stock option and stock ownership plans or similar employee
benefit plans approved by the Board of Directors of the Issuer or any
direct or indirect parent company of the Issuer or a Restricted Subsidiary
of the Issuer, as appropriate, in good faith;
(xi) any contribution to the capital of the Issuer;
(xii)transactions between the Issuer or any Restricted Subsidiary and
any Person, a director of which is also a director of the Issuer or any
direct or indirect parent company of the Issuer and such director is the
sole cause for such Person to be deemed an Affiliate of the Issuer or any
Restricted Subsidiary; provided, however, that such director abstains from
voting as director of the Issuer or such direct or indirect parent company,
as the case may be, on any matter involving such other Person;
(xiii) pledges of Equity Interests of Unrestricted Subsidiaries;
(xiv)transactions pursuant to a Qualified Securitization Financing;
and
(xv) Permitted Parent Payments to Parent.
Section 4.12 Liens.
The Issuer shall not, and shall not permit any Restricted Subsidiary
to, directly or indirectly, create, incur, assume or suffer to exist any Lien
that secures obligations under any Indebtedness ranking pari passu with or
subordinated to the Notes or a Note Guarantee on any asset or property of the
Issuer or any Restricted Subsidiary, or any income or profits therefrom, or
assign or convey any right to receive income therefrom, unless:
(i) such Lien is a Permitted Lien;
(ii) in the case of Liens securing Indebtedness subordinated to the
Notes or the Note Guarantees, the Notes and any Note Guarantees are secured
by a Lien on such property, assets or proceeds that is senior in priority
to such Liens; or
(iii)in all other cases, the Notes and any Note Guarantees are equally
and ratably secured.
Section 4.13 Corporate Existence.
Subject to Article 5 hereof, the Issuer shall do or cause to be done
all things necessary to preserve and keep in full force and effect (i) its
corporate existence, and the corporate, partnership or other existence of each
of its Restricted Subsidiaries, in accordance with the respective organizational
documents (as the same may be amended from time to time) of the Issuer or any
such Restricted Subsidiary and (ii) the material rights (charter and statutory),
licenses and franchises of the Issuer and its Restricted Subsidiaries; provided
that the Issuer shall not be required to preserve any such right, license or
franchise, or the corporate, partnership or other existence of any of its
Restricted Subsidiaries, if the Issuer
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in good faith shall determine that the preservation thereof is no longer
desirable in the conduct of the business of the Issuer and its Restricted
Subsidiaries, taken as a whole.
Section 4.14 Offer to Repurchase upon Change of Control.
(a) Upon the occurrence of a Change of Control, each Holder of Notes
will have the right to require the Issuer to repurchase all or any part (equal
to $1,000 or an integral multiple thereof) of such Holder's Notes pursuant to
the offer described below (the "Change of Control Offer") at an offer price in
cash equal to 101% of the aggregate principal amount thereof plus accrued and
unpaid interest and Liquidated Damages thereon, if any, to the date of purchase
(the "Change of Control Payment"). Within 30 days following any Change of
Control, the Issuer will mail a notice to each Holder stating:
(i) that a Change of Control Offer is being made pursuant to this
Section 4.14 and, to the extent lawful, that all Notes properly tendered
pursuant to such Change of Control Offer will be accepted for payment by
the Issuer;
(ii) the purchase price and the purchase date, which will be no
earlier than 30 days nor later than 60 days from the date such notice is
mailed (the "Change of Control Payment Date");
(iii)that any Note not properly tendered or accepted for payment will
remain outstanding and continue to accrue interest in accordance with the
terms hereof;
(iv) that unless the Issuer defaults in the payment of the Change of
Control Payment, all Notes accepted for payment pursuant to the Change of
Control Offer will cease to accrue interest and Liquidated Damages, if any,
on the Change of Control Payment Date;
(v) that Holders electing to have any Notes purchased pursuant to a
Change of Control Offer will be required to surrender such Notes, with the
form entitled "Option of Holder to Elect Purchase" on the reverse of such
Notes completed, or transfer by book entry transfer to the Issuer or to the
paying agent specified in the notice at the address specified in the notice
prior to the close of business at least three Business Days preceding the
Change of Control Payment Date;
(vi) that Holders shall be entitled to withdraw their tendered Notes
and their election to require the Issuer to purchase such Notes; provided
that the paying agent receives, not later than the close of business on the
30th day following the date of the Change of Control notice, a facsimile
transmission or letter setting forth the name of the Holder of the Notes,
the principal amount of Notes tendered for purchase, and a statement that
such Holder is withdrawing its tendered Notes and its election to have such
Notes purchased;
(vii)that if the Issuer is redeeming less than all of the Notes, the
Holders of the remaining Notes will be issued new Notes and such new Notes
will be equal in principal amount to the unpurchased portion of the Notes
surrendered. The unpurchased portion of the Notes must be equal to $1,000
or an integral multiple thereof or transferred by book-entry transfer; and
(viii) the other instructions, as determined by the Issuer, consistent
with this Section 4.14, that a Holder must follow.
The notice, if mailed in a manner herein provided, shall be conclusively
presumed to have been given, whether or not the Holder receives such notice. If
(a) the notice is mailed in a manner herein provided and (b) any Holder fails to
receive such notice or a Holder receives such notice but it is defective, such
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Holder's failure to receive such notice or such defect shall not affect the
validity of the proceedings for the purchase of the Notes as to all other
Holders that properly received such notice without defect.
(b) The Issuer shall comply with the requirements of Rule 14e-1 under
the Exchange Act and any other securities laws and regulations thereunder to the
extent such laws and regulations are applicable in connection with the
repurchase of the Notes as a result of a Change of Control. To the extent that
the provisions of any securities laws or regulations conflict with the Change of
Control provisions of this Indenture, the Issuer shall comply with the
applicable securities laws and regulations and shall not be deemed to have
breached its obligations under the Change of Control provisions of this
Indenture by virtue of such compliance.
(c) On the Change of Control Payment Date, the Issuer shall, to the
extent lawful:
(i) accept for payment all Notes or portions of Notes properly
tendered pursuant to the Change of Control Offer,
(ii) deposit with the Paying Agent an amount equal to the Change of
Control Payment in respect of all Notes or portions of Notes properly
tendered; and
(iii)deliver or cause to be delivered to the Trustee the Notes
properly accepted together with an Officer's Certificate stating the
aggregate principal amount of Notes or portions of Notes being purchased by
the Issuer. The Paying Agent will promptly mail to each Holder of Notes
properly tendered the Change of Control Payment for such Notes, and the
Trustee will promptly authenticate and mail (or cause to be transferred by
book-entry) to each Holder a new Note equal in principal amount to any
unpurchased portion of the Notes surrendered, if any; provided that each
such new Note will be in a principal amount of $1,000 or an integral
multiple of $1,000. The Issuer shall publicly announce the results of the
Change of Control Offer on or as soon as practicable after the Change of
Control Payment Date.
(d) The Issuer will not be required to make a Change of Control Offer
upon a Change of Control if (i) a third party makes the Change of Control Offer
in the manner, at the times and otherwise in compliance with the requirements
set forth in this Indenture applicable to a Change of Control Offer made by the
Issuer and purchases all Notes properly tendered and not withdrawn under the
Change of Control Offer, (ii) notice of redemption has been given pursuant to
this Indenture as described above under Section 3.03 unless and until there is a
default in payment of the applicable redemption price, or (iii) if, in
connection with or in contemplation of any Change of Control, it or a third
party has made an offer to purchase (an "Alternate Offer") any and all Notes
validly tendered at a cash price equal to or higher than the Change of Control
Payment and has purchased all Notes properly tendered and not withdrawn in
accordance with the terms of such Alternate Offer. A Change of Control Offer may
be made in advance of a Change of Control, conditional upon such Change of
Control, if a definitive agreement is in place for the Change of Control at the
time of making the Change of Control Offer. Notes repurchased pursuant to a
Change of Control Offer will be retired and cancelled.
Section 4.15 Business Activities.
The Issuer shall not, and the Issuer shall not permit any Restricted
Subsidiary to, engage in any business other than Permitted Businesses, except to
such extent as would not be material to the Issuer and its Restricted
Subsidiaries taken as a whole.
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Section 4.16 Payments for Consent.
The Issuer shall not, and shall not permit any Subsidiary to, directly
or indirectly, pay or cause to be paid any consideration to or for the benefit
of any Holder of Notes for or as an inducement to any consent, waiver or
amendment of any of the terms or provisions of this Indenture or the Notes
unless such consideration is offered to be paid and is paid to all Holders of
the Notes that consent, waive or agree to amend in the time frame set forth in
the solicitation documents relating to such consent, waiver or agreement.
Section 4.17 Additional Note Guarantees.
If the Issuer or any Restricted Subsidiary acquires or creates another
Domestic Subsidiary after the date of this Indenture and such Domestic
Subsidiary incurs any Indebtedness under the Credit Agreement or guarantees any
Indebtedness outstanding under the Credit Agreement or becomes an obligor under
any of the Issuer's other Indebtedness or any Indebtedness of the Guarantors,
then the Issuer will cause that newly acquired or created Domestic Subsidiary to
execute a supplemental indenture pursuant to which it becomes a Guarantor.
Section 4.18 Designation of Restricted and Unrestricted Subsidiaries.
(a) The Board of Directors of the Issuer may designate any Restricted
Subsidiary to be an Unrestricted Subsidiary if that designation would not cause
a Default. If a Restricted Subsidiary is designated as an Unrestricted
Subsidiary, the aggregate Fair Market Value of all outstanding Investments owned
by the Issuer and its Restricted Subsidiaries in the Subsidiary designated as
Unrestricted will be deemed to be an Investment made as of the time of the
designation and will reduce the amount available for Restricted Payments under
Section 4.07 or under one or more clauses of the definition of "Permitted
Investments," as determined by the Issuer. That designation will only be
permitted if the Investment would be permitted at that time and if the
Restricted Subsidiary otherwise meets the definition of an "Unrestricted
Subsidiary." The Board of Directors of the Issuer may redesignate any
Unrestricted Subsidiary to be a Restricted Subsidiary if that redesignation
would not cause a Default.
(b) Any designation of a Subsidiary of the Issuer as an Unrestricted
Subsidiary will be evidenced to the Trustee by filing with the Trustee a
certified copy of a resolution of the Board of Directors giving effect to such
designation and an Officers' Certificate certifying that such designation
complied with the preceding conditions and was permitted by Section 4.07. If, at
any time, any Unrestricted Subsidiary would fail to meet the preceding
requirements as an Unrestricted Subsidiary, it will thereafter cease to be an
Unrestricted Subsidiary for purposes of this Indenture and any Indebtedness of
such Subsidiary will be deemed to be incurred by a Restricted Subsidiary of the
Issuer as of such date and, if such Indebtedness is not permitted to be incurred
as of such date under Section 4.09, the Issuer will be in default of such
Section 4.09. The Board of Directors of the Issuer may at any time designate any
Unrestricted Subsidiary to be a Restricted Subsidiary of the Issuer; provided
that such designation will be deemed to be an incurrence of Indebtedness by a
Restricted Subsidiary of the Issuer of any outstanding Indebtedness of such
Unrestricted Subsidiary, and such designation will only be permitted if (i) such
Indebtedness is permitted under Section 4.09, calculated on a pro forma basis as
if such designation had occurred at the beginning of the four-quarter reference
period; and (2) no Default or Event of Default would be in existence following
such designation.
Section 4.19 Limitation on Senior Subordinated Debt.
The Issuer shall not incur any Indebtedness that is contractually
subordinate in right of payment to any Senior Debt of the Issuer unless it is
pari passu or subordinate in right of payment to the
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Notes. No Guarantor shall incur any Indebtedness that is contractually
subordinate in right of payment to the Senior Debt of such Guarantor unless it
is pari passu or subordinate in right of payment to such Guarantor's Note
Guarantee. For purposes of the foregoing, no Indebtedness shall be deemed to be
subordinated in right of payment to any other Indebtedness of the Issuer or any
Guarantor, as applicable, solely by reason of any Liens or guarantees arising or
created in respect of such other Indebtedness of the Issuer or any Guarantor or
by virtue of the fact that the holders of any secured Indebtedness have entered
into intercreditor agreements giving one or more of such holders priority over
the other holders in the collateral held by them.
ARTICLE 5
SUCCESSORS
Section 5.01 Merger, Consolidation or Sale of All Assets.
(a) The Issuer shall not, directly or indirectly: (1) consolidate or
merge with or into another Person (whether or not the Issuer is the surviving
corporation); or (2) sell, assign, transfer, convey or otherwise dispose of all
or substantially all of the properties or assets of the Issuer and its
Restricted Subsidiaries taken as a whole, in one or more related transactions,
to another Person, unless:
(i) either: (1) the Issuer is the surviving corporation; or (2) the
Person formed by or surviving any such consolidation or merger (if other
than the Issuer) or to which such sale, assignment, transfer, conveyance or
other disposition has been made is a corporation organized or existing
under the laws of the United States, any state of the United States or the
District of Columbia (the Issuer or such Person, including the Person to
which such sale, assignment, transfer, conveyance or other disposition has
been made, as the case may be, being herein called the "Successor
Company");
(ii) the Successor Company (if other than the Issuer) assumes all the
obligations of the Issuer under the Notes, this Indenture and the
Registration Rights Agreement pursuant to agreements reasonably
satisfactory to the Trustee;
(iii)immediately after such transaction, no Default or Event of
Default exists; and
(iv) immediately after giving pro forma effect to such transaction and
any related financing transactions, as if the same had occurred at the
beginning of the applicable four-quarter period, either (a) the Successor
Company would be permitted to incur at least $1.00 of additional
Indebtedness pursuant to the Consolidated Leverage Ratio test set forth in
Section 4.09(a) or (b) the Consolidated Leverage Ratio for the Successor
Company and its Restricted Subsidiaries would be lower than such ratio for
the Issuer and its Restricted Subsidiaries immediately prior to such
transaction.
(b) The Issuer shall not, directly or indirectly, lease all or
substantially all of the properties and assets of it and its Restricted
Subsidiaries taken as a whole, in one or more related transactions, to any other
Person.
(c) This Section 5.01 will not apply to:
(i) a merger of the Issuer with an Affiliate solely for the purpose of
reincorporating the Issuer in another jurisdiction; or
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(ii) any consolidation or merger, or any sale, assignment, transfer,
conveyance, lease or other disposition of assets between or among the
Issuer and its Restricted Subsidiaries, including the merger of Sunshine
Merger Corporation with and into SS&C, the subsequent merger of Sunshine
with and into SS&C and the other transactions occurring on the Issue Date
in connection with the Acquisition.
Section 5.02 Successor Corporation Substituted.
Upon any consolidation or merger, or any sale, assignment, transfer,
lease, conveyance or other disposition of all or substantially all of the assets
of the Issuer in accordance with Section 5.01 hereof, the successor corporation
formed by such consolidation or into or with which the Issuer is merged or to
which such sale, assignment, transfer, lease, conveyance or other disposition is
made shall succeed to, and be substituted for (so that from and after the date
of such consolidation, merger, sale, lease, conveyance or other disposition, the
provisions of this Indenture referring to the Issuer shall refer instead to the
successor corporation and not to the Issuer), and may exercise every right and
power of the Issuer under this Indenture with the same effect as if such
successor Person had been named as the Issuer herein; provided that the
predecessor Issuer shall not be relieved from the obligation to pay the
principal of and interest and Liquidated Damages, if any, on the Notes except in
the case of a sale, assignment, transfer, conveyance or other disposition of all
of the Issuer's assets that meets the requirements of Section 5.01 hereof.
ARTICLE 6
DEFAULTS AND REMEDIES
Section 6.01 Events of Default.
(a) Each of the following shall be an "Event of Default" for purposes
of this Indenture:
(i) default for 30 days in the payment when due of interest on, or
Liquidated Damages, if any, with respect to, the Notes, whether or not
prohibited by the subordination provisions of this Indenture;
(ii) default in the payment when due (at maturity, upon redemption or
otherwise) of the principal of, or premium, if any, on, the Notes;
(iii)failure by the Issuer to comply with its obligations under
Section 5.01;
(iv) failure by the Issuer or any Restricted Subsidiary for 60 days
after notice to the Issuer by the Trustee or the Holders of at least 25% in
aggregate principal amount of the Notes then outstanding voting as a single
class to comply with any of the other agreements in this Indenture;
(v) default under any mortgage, indenture or instrument under which
there may be issued or by which there may be secured or evidenced any
Indebtedness for money borrowed by the Issuer or any Restricted Subsidiary
(or the payment of which is guaranteed by the Issuer or any Restricted
Subsidiary), whether such Indebtedness or Guarantee now exists, or is
created after the date of this Indenture (other than Indebtedness owed to
the Issuer or a Restricted Subsidiary), if that default;
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(y) is caused by a failure to pay principal of, or interest
or premium, if any, on, such Indebtedness prior to the expiration
of the grace period provided in such Indebtedness on the date of
such default (a "Payment Default"); or
(z) results in the acceleration of such Indebtedness prior
to its express maturity,
and, in each case, the principal amount of any such Indebtedness,
together with the principal amount of any other such Indebtedness
under which there has been a Payment Default or the maturity of which
has been so accelerated, aggregates $10.0 million or more;
(vi) failure by the Issuer or any Restricted Subsidiary to pay
final judgments entered by a court or courts of competent jurisdiction
aggregating in excess of $10.0 million, which judgments are not paid,
discharged or stayed for a period of 60 days after the judgment
becomes final, and, with respect to any such judgments covered by
insurance, an enforcement proceeding has been commenced by any
creditor upon such judgment or decree that is not promptly stayed;
(vii)except as permitted by this Indenture, any Note Guarantee is
held in any judicial proceeding to be unenforceable or invalid or
ceases for any reason to be in full force and effect, or any Guarantor
that is a Significant Subsidiary, or any Person acting on behalf of
such a Guarantor, denies or disaffirms its obligations under its Note
Guarantee and such Default continues for 10 days;
(viii) the Issuer, any Restricted Subsidiary that is a
Significant Subsidiary or any group of Restricted Subsidiaries that,
taken together, would constitute a Significant Subsidiary pursuant to
or within the meaning of any Bankruptcy Law:
(1) commences a voluntary case,
(2) consents to the entry of an order for relief against it
in an involuntary case,
(3) consents to the appointment of a Custodian of it or for
all or substantially all of its property, makes a general
assignment for the benefit of its creditors, or
(4) generally is not paying its debts as they become due; or
(ix) a court of competent jurisdiction enters an order or decree
under any Bankruptcy Law that:
(1) is for relief against the Issuer, any Restricted
Subsidiary that is a Significant Subsidiary or any group of
Restricted Subsidiaries that, taken together, would constitute a
Significant Subsidiary in an involuntary case,
(2) appoints a Custodian of the Issuer, any Restricted
Subsidiary that is a Significant Subsidiary or any group of
Restricted Subsidiaries that, taken together, would constitute a
Significant Subsidiary or for all or substantially all of the
property of the Issuer, any Restricted Subsidiary that is a
Significant Subsidiary, or
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(3) orders the liquidation of the Issuer, any Restricted
Subsidiary that is a Significant Subsidiary or any group of
Restricted Subsidiaries that, taken together, would constitute a
Significant Subsidiary,
and the order or decree remains unstayed and in effect for 60 days.
(b) The Issuer shall deliver to the Trustee annually a statement
regarding compliance with this Indenture, and the Issuer shall, upon becoming
aware of any Default or Event of Default, deliver to the Trustee a statement
specifying such Default or Event of Default.
Section 6.02 Acceleration.
In the case of an Event of Default specified in clause (viii) or (ix)
of Section 6.01 hereof, with respect to the Issuer, any Restricted Subsidiary of
the Issuer that is a Significant Subsidiary or any group of Restricted
Subsidiaries of the Issuer that, taken together, would constitute a Significant
Subsidiary, all outstanding Notes will become due and payable immediately
without further action or notice. If any other Event of Default occurs and is
continuing, the Trustee or the Holders of at least 25% in aggregate principal
amount of the then outstanding Notes may declare all the Notes to be due and
payable immediately. Upon any such declaration, the Notes shall become due and
payable immediately.
Section 6.03 Other Remedies.
If an Event of Default occurs and is continuing, the Trustee may
pursue any available remedy to collect the payment of principal, premium, if
any, and interest on the Notes or to enforce the performance of any provision of
the Notes or this Indenture.
The Trustee may maintain a proceeding even if it does not possess any
of the Notes or does not produce any of them in the proceeding. A delay or
omission by the Trustee or any Holder of a Note 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. All remedies are
cumulative to the extent permitted by law.
Section 6.04 Waiver of Past Defaults.
The Holders of a majority in aggregate principal amount of the Notes
then outstanding by notice to the Trustee may on behalf of the Holders of all of
the Notes waive, rescind or cancel any declaration of an existing or past
Default or Event of Default and its consequences under this Indenture except a
continuing Default or Event of Default in the payment of interest on, or the
principal of, the Notes (other than nonpayment of principal or interest that has
become due solely because of acceleration). Upon any such waiver, such Default
shall cease to exist, and any Event of Default arising therefrom shall be deemed
to have been cured for every purpose of this Indenture; but no such waiver shall
extend to any subsequent or other Default or impair any right consequent
thereon.
In the event of any Event of Default specified in Section 6.01(v),
such Event of Default and all consequences thereof (excluding, however, any
resulting payment default) will be annulled, waived and rescinded, automatically
and without any action by the trustee or the holders of the Notes, if within 20
days after such Event of Default arose the Issuer delivers an Officers'
Certificate to the Trustee stating that (x) the Indebtedness or Guarantee that
is the basis for such Event of Default has been discharged or (y) the holders
thereof have rescinded or waived the acceleration, notice or action (as the case
may be) giving rise to such Event of Default or (z) the default that is the
basis for such Event of Default
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has been cured, it being understood that in no event shall an acceleration of
the principal amount of the notes as described above be annulled, waived or
rescinded upon the happening of any such events.
Section 6.06 Control by Majority.
Holders of a majority in principal amount of the then total
outstanding Notes may direct the time, method and place of conducting any
proceeding for any remedy available to the Trustee or of exercising any trust or
power conferred on the Trustee. The Trustee, however, may refuse to follow any
direction that conflicts with law or this Indenture or that the Trustee
determines is unduly prejudicial to the rights of other Holders of a Note or
that would involve the Trustee in personal liability.
Section 6.06 Limitation on Suits.
Subject to Section 6.07 hereof, no Holder of a Note may pursue any
remedy with respect to this Indenture or the Notes unless:
(1) such Holder has previously given the Trustee notice that an Event
of Default is continuing;
(2) Holders of at least 25% in aggregate principal amount of the then
outstanding Notes have requested the Trustee to pursue the remedy;
(3) such Holders have offered the Trustee reasonable security or
indemnity against any loss, liability or expense;
(4) the Trustee has not complied with such request within 60 days
after the receipt thereof and the offer of security or indemnity; and
(5) Holders of a majority in aggregate principal amount of the then
outstanding Notes have not given the Trustee a direction inconsistent with
such request within such 60-day period.
A Holder of a Note may not use this Indenture to prejudice the rights
of another Holder of a Note or to obtain a preference or priority over another
Holder of a Note.
Section 6.07 Rights of Holders of Notes to Receive Payment.
Notwithstanding any other provision of this Indenture, the right of
any Holder of a Note to receive payment of principal, premium, if any, and
Liquidated Damages, if any, and interest on the Note, on or after the respective
due dates expressed in the Note, or to bring suit for the enforcement of any
such payment on or after such respective dates, shall not be impaired or
affected without the consent of such Holder.
Section 6.08 Collection Suit by Trustee.
If an Event of Default specified in Section 6.01(a)(i) or (ii) hereof
occurs and is continuing, the Trustee is authorized to recover judgment in its
own name and as trustee of an express trust against the Issuer for the whole
amount of principal of, premium, if any, and Liquidated Damages, if any, and
interest remaining unpaid on the Notes and interest on overdue principal and, to
the extent lawful, interest and such further amount as shall be sufficient to
cover the costs and expenses of collection, including
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the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel.
Section 6.09 Restoration of Rights and Remedies.
If the Trustee or any Holder has instituted any proceeding to enforce
any right or remedy under this Indenture and such proceeding has been
discontinued or abandoned for any reason, or has been determined adversely to
the Trustee or to such Holder, then and in every such case, subject to any
determination in such proceedings, the Issuer, the Trustee and the Holders shall
be restored severally and respectively to their former positions hereunder and
thereafter all rights and remedies of the Trustee and the Holders shall continue
as though no such proceeding has been instituted.
Section 6.10 Rights and Remedies Cumulative.
Except as otherwise provided with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Notes in Section 2.07 hereof, no
right or remedy herein conferred upon or reserved to the Trustee or to the
Holders is intended to be exclusive of any other right or remedy, and every
right and remedy shall, to the extent permitted by law, be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any
right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy.
Section 6.11 Delay or Omission Not Waiver.
No delay or omission of the Trustee or of any Holder of any Note to
exercise any right or remedy accruing upon any Event of Default shall impair any
such right or remedy or constitute a waiver of any such Event of Default or an
acquiescence therein. Every right and remedy given by this Article or by law to
the Trustee or to the Holders may be exercised from time to time, and as often
as may be deemed expedient, by the Trustee or by the Holders, as the case may
be.
Section 6.12 Trustee May File Proofs of Claim.
The Trustee is authorized to file such proofs of claim and other
papers or documents 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
Holders of the Notes allowed in any judicial proceedings relative to the Issuer
(or any other obligor upon the Notes including the Guarantors), its creditors or
its property and shall be entitled and empowered to participate as a member in
any official committee of creditors appointed in such matter and to collect,
receive and distribute any money or other property payable or deliverable on any
such claims and any custodian in any such judicial proceeding is hereby
authorized by each Holder 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
Holders, 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 7.07 hereof. To
the extent that the payment of any such compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel, and any other amounts due
the Trustee under Section 7.07 hereof out of the estate in any such proceeding,
shall be denied for any reason, payment of the same shall be secured by a Lien
on, and shall be paid out of, any and all distributions, dividends, money,
securities and other properties that the Holders may be entitled to receive in
such proceeding whether in liquidation or under any plan of reorganization or
arrangement or otherwise. Nothing herein contained shall be deemed to authorize
the Trustee to authorize or consent to or accept or adopt on behalf of any
Holder any plan of reorganization, arrangement, adjustment or composition
affecting the
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Notes or the rights of any Holder, or to authorize the Trustee to vote in
respect of the claim of any Holder in any such proceeding.
Section 6.13 Priorities.
If the Trustee collects any money pursuant to this Article 6, it shall
pay out the money in the following order:
(i) to the Trustee, its agents and attorneys for amounts due under
Section 7.07 hereof, including payment of all compensation, expenses and
liabilities incurred, and all advances made, by the Trustee and the costs
and expenses of collection;
(ii) to Holders of Notes for amounts due and unpaid on the Notes for
principal, premium, if any, and Liquidated Damages, if any, and interest,
ratably, without preference or priority of any kind, according to the
amounts due and payable on the Notes for principal, premium, if any, and
Liquidated Damages, if any, and interest, respectively; and
(iii)to the Issuer or to such party as a court of competent
jurisdiction shall direct including a Guarantor, if applicable.
The Trustee may fix a record date and payment date for any payment to
Holders of Notes pursuant to this Section 6.13.
Section 6.14 Undertaking for Costs.
In any suit for the enforcement of any right or remedy under this
Indenture or in any suit against the Trustee for any action taken or omitted by
it as a 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 6.14 does not apply to a suit by the Trustee, a suit by a Holder of
a Note pursuant to Section 6.07 hereof, or a suit by Holders of more than 10% in
principal amount of the then outstanding Notes.
ARTICLE 7
TRUSTEE
Section 7.01 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 circumstances in the conduct of such person's own
affairs.
(b) Except during the continuance of an Event of Default:
(i) the duties of the Trustee shall be determined solely by the
express provisions of this Indenture and the Trustee need perform only
those duties that are specifically set forth in this Indenture and no
others, and no implied covenants or obligations shall be read into this
Indenture against the Trustee; and
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(ii) 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. However,
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 examine the certificates and opinions to determine whether or
not they conform to the requirements of this Indenture.
(c) The Trustee may not be relieved from liabilities for its own
negligent action, its own negligent failure to act, or its own willful
misconduct, except that:
(i) this paragraph does not limit the effect of paragraph (b) of this
Section 7.01;
(ii) the Trustee shall not be liable for any error of judgment made in
good faith by a Responsible Officer, unless it is proved in a court of
competent jurisdiction that the Trustee was negligent in ascertaining the
pertinent facts; and
(iii)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 Section 6.05 hereof.
(d) Whether or not therein expressly so provided, every provision of
this Indenture that in any way relates to the Trustee is subject to paragraphs
(a), (b) and (c) of this Section 7.01.
(e) The Trustee shall be under no obligation to exercise any of its
rights or powers under this Indenture at the request or direction of any of the
Holders of the Notes unless the Holders have offered to the Trustee reasonable
indemnity or security against any loss, liability or expense.
(f) The Trustee shall not be liable for interest on any money received
by it except as the Trustee may agree in writing with the Issuer. Money held in
trust by the Trustee need not be segregated from other funds except to the
extent required by law.
Section 7.02 Rights of Trustee.
(a) The Trustee may conclusively rely upon any document 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, but the
Trustee, in its discretion, may make such further inquiry or investigation into
such facts or matters as it may see fit, and, if the Trustee shall determine to
make such further inquiry or investigation, it shall be entitled to examine the
books, records and premises of the Issuer, personally or by agent or attorney at
the sole cost of the Issuer and shall incur no liability or additional liability
of any kind by reason of such inquiry or investigation.
(b) Before the Trustee acts or refrains from acting, it may require an
Officer's Certificate or an Opinion of Counsel or both. The Trustee shall not be
liable for any action it takes or omits to take in good faith in reliance on
such Officer's Certificate or Opinion of Counsel. The Trustee may consult with
counsel of its selection and the written advice of such counsel or any Opinion
of Counsel shall be full and complete authorization and protection from
liability in respect of any action taken, suffered or omitted by it hereunder in
good faith and in reliance thereon.
(c) The Trustee may act through its attorneys and agents and shall not
be responsible for the misconduct or negligence of any agent (other than an
agent who is an employee of the Trustee) or attorney appointed with due care.
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(d) The Trustee shall not be liable for any action it takes or omits
to take in good faith that it believes to be authorized or within the rights or
powers conferred upon it by this Indenture.
(e) Unless otherwise specifically provided in this Indenture, any
demand, request, direction or notice from the Issuer shall be sufficient if
signed by an Officer of the Issuer.
(f) None of the provisions of this Indenture shall require the Trustee
to expend or risk its own funds or otherwise to incur any liability, financial
or otherwise, in the performance of any of its duties hereunder, or in the
exercise of any of its rights or powers if it shall have reasonable grounds for
believing that repayment of such funds or indemnity satisfactory to it against
such risk or liability is not assured to it.
(g) The Trustee shall not be deemed to have notice of any Default or
Event of Default unless a Responsible Officer of the Trustee has actual
knowledge thereof or unless written notice of any event which is in fact such a
Default is received by the Trustee at the Corporate Trust Office of the Trustee,
and such notice references the Notes and this Indenture
(h) In no event shall the Trustee be responsible or liable for
special, indirect, or consequential loss or damage of any kind whatsoever
(including, but not limited to, loss of profit) irrespective of whether the
Trustee has been advised of the likelihood of such loss or damage and regardless
of the form of action.
(i) The rights, privileges, protections, immunities and benefits given
to the Trustee, including, without limitation, its right to be indemnified, are
extended to, and shall be enforceable by, the Trustee in each of its capacities
hereunder, and each agent, custodian and other Person employed to act hereunder.
(j) In the event the Issuer is required to pay Liquidated Damages, the
Issuer will provide written notice to the Trustee of the Issuer's obligation to
pay Liquidated Damages no later than 15 days prior to the next Interest Payment
Date, which notice shall set forth the amount of the Liquidated Damages to be
paid by the Issuer. The Trustee shall not at any time be under any duty or
responsibility to any Holders to determine whether the Liquidated Damages is
payable and the amount thereof.
Section 7.03 Individual Rights of Trustee.
The Trustee in its individual or any other capacity may become the
owner or pledgee of Notes and may otherwise deal with the Issuer or any
Affiliate of the Issuer with the same rights it would have if it were not
Trustee. However, in the event that the Trustee acquires any conflicting
interest it must eliminate such conflict within 90 days, apply to the SEC for
permission to continue as trustee or resign. Any Agent may do the same with like
rights and duties. The Trustee is also subject to Sections 7.10 and 7.11 hereof,
and the Trustee is subject to Sections 310(b) and 311 of the Trust Indenture
Act.
Section 7.04 Trustee's Disclaimer.
The Trustee shall not be responsible for and makes no representation
as to the validity or adequacy of this Indenture or the Notes, it shall not be
accountable for the Issuer's use of the proceeds from the Notes or any money
paid to the Issuer or upon the Issuer's direction under any provision of this
Indenture, it shall not be responsible for the use or application of any money
received by any Paying Agent other than the Trustee, and it shall not be
responsible for any statement or recital herein or any statement in the Notes or
any other document in connection with the sale of the Notes or pursuant to this
Indenture other than its certificate of authentication.
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Section 7.05 Notice of Defaults.
If a Default occurs and is continuing and if it is known to the
Trustee, the Trustee shall mail to Holders of Notes a notice of the Default
within 90 days after it occurs. Except in the case of a Default relating to the
payment of principal, premium, if any, or interest and Liquidated Damages, if
any, on any Note, the Trustee may withhold from the Holders notice of any
continuing Default if and so long as a committee of its Responsible Officers in
good faith determines that withholding the notice is in the interests of the
Holders of the Notes.
Section 7.06 Reports by Trustee to Holders of the Notes.
Within 60 days after each May 15, beginning with the May 15 following
the date of this Indenture, and for so long as Notes remain outstanding, the
Trustee shall mail to the Holders of the Notes a brief report dated as of such
reporting date that complies with Trust Indenture Act Section 313(a) (but if no
event described in Trust Indenture Act Section 313(a) has occurred within the
twelve months preceding the reporting date, no report need be transmitted). The
Trustee also shall comply with Trust Indenture Act Section 313(b)(2). The
Trustee shall also transmit by mail all reports as required by Trust Indenture
Act Section 313(c).
A copy of each report at the time of its mailing to the Holders of
Notes shall be mailed to the Issuer and filed with the SEC and each stock
exchange on which the Notes are listed in accordance with Trust Indenture Act
Section 313(d). The Issuer shall promptly notify the Trustee when the Notes are
listed on any stock exchange.
Section 7.07 Compensation and Indemnity.
The Issuer shall pay to the Trustee from time to time such
compensation for its acceptance of this Indenture and services hereunder as the
parties shall agree in writing from time to time. The Trustee's compensation
shall not be limited by any law on compensation of a trustee of an express
trust. The Issuer shall reimburse the Trustee promptly upon request for all
reasonable disbursements, advances and expenses incurred or made by it in
addition to the compensation for its services. Such expenses shall include the
reasonable compensation, disbursements and expenses of the Trustee's agents and
counsel.
The Issuer and the Guarantors, jointly and severally, shall indemnify
the Trustee for, and hold the Trustee harmless against, any and all loss,
damage, claims, liability or expense (including attorneys' fees) incurred by it
in connection with the acceptance or administration of this trust and the
performance of its duties hereunder (including the costs and expenses of
enforcing this Indenture against the Issuer or any of the Guarantors (including
this Section 7.07) or defending itself against any claim whether asserted by any
Holder, the Issuer or any Guarantor, or liability in connective with the
acceptance, exercise or performance of any of its powers or duties hereunder).
The Trustee shall notify the Issuer in writing promptly of any claim for which
it may seek indemnity. Failure by the Trustee to so notify the Issuer shall not
relieve the Issuer of its obligations hereunder. The Issuer shall defend the
claim and the Trustee may have separate counsel and the Issuer shall pay the
fees and expenses of such counsel. The Issuer need not (x) pay for any
settlement made without its written consent, which shall not be unreasonably
withheld, or (y) reimburse any expense or indemnify against any of the foregoing
loss, liability, damage, claim or expense incurred by the Trustee through the
Trustee's own willful misconduct, negligence or bad faith.
The obligations of the Issuer under this Section 7.07 shall survive
the satisfaction and discharge of this Indenture or the earlier resignation or
removal of the Trustee.
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To secure the payment obligations of the Issuer and the Guarantors in
this Section 7.07, the Trustee shall have a Lien prior to the Notes on all money
or property held or collected by the Trustee, except that held in trust to pay
principal and interest on particular Notes. Such Lien shall survive the
satisfaction and discharge of this Indenture.
When the Trustee incurs expenses or renders services after an Event of
Default specified in Section 6.01(a)(vi) or (vii) hereof occurs, the expenses
and the compensation for the services (including the reasonable fees and
expenses of its agents and counsel) are intended to constitute expenses of
administration under any Bankruptcy Law.
The Trustee shall comply with the provisions of Trust Indenture Act
Section 313(b)(2) to the extent applicable.
Section 7.08 Replacement of Trustee.
A resignation or removal of the Trustee and appointment of a successor
Trustee shall become effective only upon the successor Trustee's acceptance of
appointment as provided in this Section 7.08. The Trustee may resign in writing
at any time and be discharged from the trust hereby created by so notifying the
Issuer. The Holders of a majority in principal amount of the then outstanding
Notes may remove the Trustee by so notifying the Trustee and the Issuer in
writing. The Issuer may remove the Trustee if:
(a) the Trustee fails to comply with Section 7.10 hereof;
(b) 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;
(c) a custodian or public officer takes charge of the Trustee or its
property; or
(d) the Trustee becomes incapable of acting as Trustee hereunder or
with respect to the Notes.
If the Trustee resigns or is removed or if a vacancy exists in the
office of Trustee for any reason, the Issuer shall promptly appoint a successor
Trustee. Within one year after the successor Trustee takes office, the Holders
of a majority in principal amount of the then outstanding Notes may appoint a
successor Trustee to replace the successor Trustee appointed by the Issuer.
If a successor Trustee does not take office within 60 days after the
retiring Trustee resigns or is removed, the retiring Trustee (at the Issuer's
expense), the Issuer or the Holders of at least 10% in principal amount of the
then outstanding Notes may petition any court of competent jurisdiction for the
appointment of a successor Trustee.
If the Trustee, after written request by any Holder who has been a
Holder for at least six months, fails to comply with Section 7.10 hereof, such
Holder may petition any court of competent jurisdiction for the removal of the
Trustee and the appointment of a successor Trustee.
A successor Trustee shall deliver a written acceptance of its
appointment to the retiring Trustee and to the Issuer. Thereupon, the
resignation or removal of the retiring Trustee shall become effective, and the
successor Trustee shall have all the rights, powers and duties of the Trustee
under this Indenture. The successor Trustee shall mail a notice of its
succession to Holders. The retiring Trustee shall promptly transfer all property
held by it as Trustee to the successor Trustee and execute and deliver
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an instrument transferring to such successor Trustee all the rights, powers and
trusts of the retiring Trustee; provided all sums owing to the Trustee hereunder
have been paid and subject to the Lien provided for in Section 7.07 hereof.
Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the
Issuer's obligations under Section 7.07 hereof shall continue for the benefit of
the retiring Trustee.
Section 7.09 Successor Trustee by Merger, etc.
If the Trustee consolidates, merges or converts into, or transfers all
or substantially all of its corporate trust business to, another corporation,
the successor corporation without any further act shall be the successor
Trustee; provided, however, that such Person shall be otherwise qualified and
eligible under Article Seven hereof.
Section 7.10 Eligibility; Disqualification.
There shall at all times be a Trustee hereunder that is a corporation
organized and doing business under the laws of the United States of America or
of any state thereof that is authorized under such laws to exercise corporate
trustee power, that is subject to supervision or examination by federal or state
authorities and that has a combined capital and surplus of at least $150,000,000
as set forth in its most recent published annual report of condition.
This Indenture shall always have a Trustee who satisfies the
requirements of Trust Indenture Act Sections 310(a)(1), (2) and (5). The Trustee
is subject to Trust Indenture Act Section 310(b).
Section 7.11 Preferential Collection of Claims Against Issuer.
The Trustee is subject to Trust Indenture Act Section 311(a),
excluding any creditor relationship listed in Trust Indenture Act Section
311(b). A Trustee who has resigned or been removed shall be subject to Trust
Indenture Act Section 311(a) to the extent indicated therein.
ARTICLE 8
LEGAL DEFEASANCE AND COVENANT DEFEASANCE
Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance.
The Issuer may, at its option and at any time, elect to have either
Section 8.02 or 8.03 hereof applied to all outstanding Notes and all obligations
of the Guarantors upon compliance with the conditions set forth below in this
Article 8.
Section 8.02 Legal Defeasance and Discharge.
Upon the Issuer's exercise under Section 8.01 hereof of the option
applicable to this Section 8.02, the Issuer and the Guarantors shall, subject to
the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed
to have been discharged from their obligations with respect to all outstanding
Notes and Note Guarantees on the date the conditions set forth below are
satisfied ("Legal Defeasance"). For this purpose, Legal Defeasance means that
the Issuer and the Guarantors shall be deemed to have paid and discharged the
entire Indebtedness represented by the outstanding Notes (including, the Note
Guarantees), which shall thereafter be deemed to be "outstanding" only for the
purposes of Section 8.05 hereof and the other Sections of this Indenture
referred to in (a) and (b) below, and to have satisfied all their other
obligations under such Notes, the Note Guarantees and this Indenture (and the
Trustee, on demand
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of and at the expense of the Issuer, shall execute proper instruments
acknowledging the same), except for the following provisions which shall survive
until otherwise terminated or discharged hereunder:
(a) the rights of Holders of outstanding Notes to receive payments in
respect of the principal of, premium, if any, and interest on such Notes
when such payments are due solely out of the trust created pursuant to this
Indenture referred to in Section 8.04 hereof;
(b) the Issuer's obligations with respect to Notes concerning issuing
temporary Notes, registration of such Notes, mutilated, destroyed, lost or
stolen Notes and the maintenance of an office or agency for payment and
money for security payments held in trust;
(c) the rights, powers, trusts, duties and immunities of the Trustee,
and the Issuer's obligations in connection therewith; and
(d) this Section 8.02.
If the Issuer exercises the Legal Defeasance option, payment of the
Notes may not be accelerated because of an Event of Default with respect to the
Notes (other than an Event of Default specified in Section 6.01(a)(i), (ii),
(vi) or (vii)). Subject to compliance with this Article 8, the Issuer may
exercise its option under this Section 8.02 notwithstanding the prior exercise
of its option under Section 8.03 hereof.
Section 8.03 Covenant Defeasance.
Upon the Issuer's exercise under Section 8.01 hereof of the option
applicable to this Section 8.03, the Issuer and the Guarantors shall, subject to
the satisfaction of the conditions set forth in Section 8.04 hereof, be released
from their obligations under the covenants contained in Sections 4.05, 4.07
through 4.12 and 4.14 through 4.19 hereof and Section 5.01(a)(iv) and (b) hereof
with respect to the outstanding Notes on and after the date the conditions set
forth in Section 8.04 hereof are satisfied ("Covenant Defeasance"), and the
Notes shall thereafter be deemed not "outstanding" for the purposes of any
direction, waiver, consent or declaration or act of Holders (and the
consequences of any thereof) in connection with such covenants, but shall
continue to be deemed "outstanding" for all other purposes hereunder (it being
understood that such Notes shall not be deemed outstanding for accounting
purposes). For this purpose, Covenant Defeasance means that, with respect to the
outstanding Notes and the Note Guarantees, the Issuer and the Guarantor may omit
to comply with and shall have no liability in respect of any term, condition or
limitation set forth in any such covenant, whether directly or indirectly, by
reason of any reference elsewhere herein to any such covenant or by reason of
any reference in any such covenant to any other provision herein or in any other
document and such omission to comply shall not constitute a Default or an Event
of Default under Section 6.01 hereof, but, except as specified above, the
remainder of this Indenture and such Notes and Note Guarantees shall be
unaffected thereby. In addition, upon the Issuer's exercise under Section 8.01
hereof of the option applicable to this Section 8.03 hereof, subject to the
satisfaction of the conditions set forth in Section 8.04 hereof, Sections
6.01(iii), 6.01(iv), 6.01(v), 6.01(vi) (solely with respect to Restricted
Subsidiaries that are Significant Subsidiaries), 6.01(vii) (solely with respect
to Restricted Subsidiaries that are Significant Subsidiaries) and 6.01(viii)
shall not constitute Events of Default.
Section 8.04 Conditions to Legal or Covenant Defeasance.
The following shall be the conditions to the application of either
Section 8.02 or 8.03 hereof to the outstanding Notes:
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In order to exercise either Legal Defeasance or Covenant Defeasance
with respect to the Notes:
(i) the Issuer shall irrevocably deposit with the Trustee, in trust,
for the benefit of the Holders of the Notes, cash in U.S. dollars,
noncallable Government Securities, or a combination thereof, in such
amounts as will be sufficient, in the opinion of a nationally recognized
firm of independent investment bank, appraisal firms or public accountants,
to pay the principal of, premium, if any, and interest and Liquidated
Damages, if any, on the outstanding Notes on the stated maturity or on the
applicable redemption date, as the case may be, and the Issuer must specify
whether the Notes are being defeased to maturity or to a particular
redemption date;
(ii) in the case of Legal Defeasance, the Issuer shall have delivered
to the Trustee an opinion of counsel in the United States reasonably
acceptable to the Trustee confirming that (A) the Issuer has received from,
or there has been published by, the Internal Revenue Service a ruling or
(B) since the date of this Indenture, there has been a change in the
applicable federal income tax law, in either case to the effect that, and
based thereon such opinion of counsel shall confirm that, the Holders of
the outstanding Notes will not recognize income, gain or loss for federal
income tax purposes as a result of such Legal 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 Legal Defeasance had
not occurred;
(iii)in the case of Covenant Defeasance, the Issuer shall have
delivered to the Trustee an opinion of counsel in the United States
reasonably acceptable to the Trustee confirming that the Holders of the
outstanding Notes 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;
(iv) no Default or Event of Default shall have occurred and be
continuing on the date of such deposit (other than a Default or Event of
Default resulting from the borrowing of funds to be applied to such
deposit);
(v) such Legal Defeasance or Covenant Defeasance will not result in a
breach or violation of, or constitute a default under any material
agreement or instrument (other than this Indenture) to which the Issuer or
any of its Subsidiaries is a party or by which the Issuer or any of its
Subsidiaries is bound;
(vi) the Issuer must deliver to the Trustee an Officer's Certificate
stating that the deposit was not made by the Issuer with the intent of
preferring the Holders of Notes over the other creditors of the Issuer with
the intent of defeating, hindering, delaying or defrauding creditors of the
Issuer or others; and
(vii)the Issuer must deliver to the Trustee an Officer's Certificate
and an opinion of counsel, each stating that all conditions precedent
provided for relating to the Legal Defeasance or the Covenant Defeasance
have been complied with.
Section 8.05 Deposited Money and Government Securities to Be Held in Trust;
Other Miscellaneous Provisions.
Subject to Section 8.06 hereof, all money and Government Securities
(including the proceeds thereof) deposited with the Trustee (or other qualifying
trustee, collectively for purposes of this
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Section 8.05, the "Trustee") pursuant to Section 8.04 hereof in respect of the
outstanding Notes shall be held in trust and applied by the Trustee, in
accordance with the provisions of such Notes and this Indenture, to the payment,
either directly or through any Paying Agent (including the Issuer or a Guarantor
acting as Paying Agent) as the Trustee may determine, to the Holders of such
Notes of all sums due and to become due thereon in respect of principal, premium
and Liquidated Damages, if any, and interest, but such money need not be
segregated from other funds except to the extent required by law.
The Issuer shall pay and indemnify the Trustee against any tax, fee or
other charge imposed on or assessed against the cash or Government Securities
deposited pursuant to Section 8.04 hereof or the principal and interest received
in respect thereof other than any such tax, fee or other charge which by law is
for the account of the Holders of the outstanding Notes.
Anything in this Article 8 to the contrary notwithstanding, the
Trustee shall deliver or pay to the Issuer from time to time upon the request of
the Issuer any money or Government Securities held by it as provided in Section
8.04 hereof which, in the opinion of a nationally recognized firm of independent
public accountants expressed in a written certification thereof delivered to the
Trustee (which may be the opinion delivered under Section 8.04(a) hereof), are
in excess of the amount thereof that would then be required to be deposited to
effect an equivalent Legal Defeasance or Covenant Defeasance.
Section 8.06 Repayment to Issuer.
The Trustee shall promptly, and in any event, no later than three
Business Days, pay to the Issuer after request therefor, any excess money or
Government Securities held with respect to the Notes at such time in excess of
amounts required to pay any of the Issuer's Obligations then owing with respect
to the Notes. Subject to any applicable abandoned property law, any money
deposited with the Trustee or any Paying Agent, or then held by the Issuer, in
trust for the payment of the principal of, premium and Liquidated Damages, if
any, or interest on any Note and remaining unclaimed for two years after such
principal, and premium and Liquidated Damages, if any, or interest has become
due and payable shall be paid to the Issuer on its request or (if then held by
the Issuer) shall be discharged from such trust; and the Holder of such Note
shall thereafter look only to the Issuer for payment thereof, and all liability
of the Trustee or such Paying Agent with respect to such trust money, and all
liability of the Issuer as trustee thereof, shall thereupon cease.
Section 8.07 Reinstatement.
If the Trustee or Paying Agent is unable to apply any United States
dollars or Government Securities in accordance with Section 8.02 or 8.03 hereof,
as the case may be, by reason of any order or judgment of any court or
governmental authority enjoining, restraining or otherwise prohibiting such
application, then the Issuer's obligations under this Indenture and the Notes
shall be revived and reinstated as though no deposit had occurred pursuant to
Section 8.02 or 8.03 hereof until such time as the Trustee or Paying Agent is
permitted to apply all such money in accordance with Section 8.02 or 8.03
hereof, as the case may be; provided that, if the Issuer makes any payment of
principal of, premium and Liquidated Damages, if any, or interest on any Note
following the reinstatement of its obligations, the Issuer shall be subrogated
to the rights of the Holders of such Notes to receive such payment from the
money held by the Trustee or Paying Agent.
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ARTICLE 9
AMENDMENT, SUPPLEMENT AND WAIVER
Section 9.01 Without Consent of Holders of Notes.
Notwithstanding Section 9.02 hereof, the Issuer, any Guarantor (with
respect to a Note Guarantee or this Indenture) and the Trustee may amend or
supplement this Indenture and any Note Guarantee or the Notes or other
agreements or instruments entered into by the Issuer in connection with this
Indenture without the consent of any Holder:
(1) to cure any ambiguity, defect or inconsistency;
(2) to provide for uncertificated Notes in addition to or in place of
certificated Notes;
(3) to provide for the assumption of the Issuer's or a Guarantor's
obligations to Holders of Notes and Note Guarantees in the case of a merger
or consolidation or sale of all or substantially all of the Issuer's or
such Guarantor's assets, as applicable;
(4) to make any change that would provide any additional rights or
benefits to the Holders of Notes or that does not adversely affect the
legal rights under this Indenture of any such Holder;
(5) to comply with requirements of the SEC in order to effect or
maintain the qualification of this Indenture under the Trust Indenture Act;
(6) to conform the text of this Indenture, the Note Guarantees or the
Notes to any provision of the "Description of Notes" to the extent that
such provision in the "Description of Notes" was intended to be a verbatim
recitation of a provision of this Indenture, the Note Guarantees or the
Notes;
(7) to release a Guarantor upon its sale or designation as an
Unrestricted Subsidiary or other permitted release from its Note Guarantee;
(8) to provide for the issuance of Additional Notes in accordance with
the limitations set forth in this Indenture; and
(9) to allow any Guarantor to execute a supplemental indenture and/or
a Note Guarantee with respect to the Notes.
Upon the request of the Issuer accompanied by a resolution of its
Board of Directors authorizing the execution of any such amended or supplemental
indenture, and upon receipt by the Trustee of the documents described in Section
9.06 hereof, the Trustee shall join with the Issuer and the Guarantors in the
execution of any amended or supplemental indenture authorized or permitted by
the terms of this Indenture and to make any further appropriate agreements and
stipulations that may be therein contained, but the Trustee shall not be
obligated to enter into such amended or supplemental indenture that affects its
own rights, duties or immunities under this Indenture or otherwise.
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Section 9.02 With Consent of Holders of Notes.
Except as provided below in this Section 9.02, the Issuer and the
Trustee may amend or supplement this Indenture, the Notes, the Note Guarantees
or the Notes or other agreements or instruments entered into by the Issuer in
connection with this Indenture with the consent of the Holders of at least a
majority in principal amount of the Notes then outstanding voting as a single
class (including, without limitation, consents obtained in connection with a
tender offer or exchange offer for, or purchase of, the Notes), and, subject to
Sections 6.04 and 6.07 hereof, any existing Default or Event of Default or
compliance with any provision of this Indenture, the Note Guarantees or the
Notes may be waived with the consent of the Holders of a majority in principal
amount of the then outstanding Notes voting as a single class (including
consents obtained in connection with a tender offer or exchange offer for, or
purchase of, the Notes). Section 2.08 hereof and Section 2.09 hereof shall
determine which Notes are considered to be "outstanding" for the purposes of
this Section 9.02.
Upon the request of the Issuer accompanied by a resolution of its
Board of Directors authorizing the execution of any such amended or supplemental
indenture, and upon the filing with the Trustee of evidence satisfactory to the
Trustee of the consent of the Holders of Notes as aforesaid, and upon receipt by
the Trustee of the documents described in Section 9.06 hereof, the Trustee shall
join with the Issuer and the Guarantors in the execution of such amended or
supplemental indenture unless such amended or supplemental indenture directly
affects the Trustee's own rights, duties or immunities under this Indenture or
otherwise, in which case the Trustee may in its discretion, but shall not be
obligated to, enter into such amended or supplemental indenture.
It shall not be necessary for the consent of the Holders of Notes
under this Section 9.02 to approve the particular form of any proposed
amendment, consent, supplement or waiver, but it shall be sufficient if such
consent approves the substance thereof.
After an amendment, supplement or waiver under this Section 9.02
becomes effective, the Issuer shall (or cause the Trustee, at the expense of and
at the request of the Issuer, to) mail to the Holders of Notes affected thereby
a notice briefly describing the amendment, supplement or waiver. Any failure of
the Issuer to mail such notice, or any defect therein, shall not, however, in
any way impair or affect the validity of any such amended or supplemental
indenture or waiver.
Without the consent of each affected Holder of Notes, an amendment,
consent, supplement or waiver under this Section 9.02 may not (with respect to
any Notes held by a non-consenting Holder):
(i) reduce the principal amount of Notes whose Holders must consent to
an amendment, supplement or waiver;
(ii) reduce the principal of or change the fixed maturity of any Note
or alter the provisions with respect to the redemption of the Notes (except
as provided pursuant to Sections 3.07, 3.09, 4.10 and 4.14) hereof;
(iii)reduce the rate of or change the time for payment of interest,
including default interest, on any Note;
(iv) waive a Default or Event of Default in the payment of principal
of, or interest, or premium or Liquidated Damages, if any, on the Notes
(except a rescission of acceleration of the Notes by the Holders of at
least a majority in aggregate principal amount of the Notes and a waiver of
the payment default that resulted from such acceleration);
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(v) make any Note payable in money other than that stated in the
Notes;
(vi) make any change in the provisions of this Indenture relating to
waivers of past Defaults or the rights of Holders of Notes to receive
payments of principal of or premium, if any, or interest on the Notes;
(vii)waive a redemption payment with respect to any Note (other than a
payment pursuant to Sections 3.07, 3.09, 4.10 or 4.14) hereof;
(viii) release any Guarantor from any of its obligations under its
Note Guarantee or this Indenture, except in accordance with the terms of
this Indenture; or
(ix) make any change in the foregoing amendment and waiver provisions.
Section 9.03 Compliance with Trust Indenture Act.
Every amendment or supplement to this Indenture or the Notes shall be
set forth in an amended or supplemental indenture that complies with the Trust
Indenture Act as then in effect.
Section 9.04 Revocation and Effect of Consents.
Until an amendment, supplement or waiver becomes effective, a consent
to it by a Holder of a Note is a continuing consent by the Holder of a Note and
every subsequent Holder of a Note or portion of a Note that evidences the same
debt as the consenting Holder's Note, even if notation of the consent is not
made on any Note. However, any such Holder of a Note or subsequent Holder of a
Note may revoke the consent as to its Note if the Trustee receives written
notice of revocation before the date the waiver, supplement or amendment becomes
effective. An amendment, supplement or waiver becomes effective in accordance
with its terms and thereafter binds every Holder.
The Issuer 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. 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. No such consent shall be valid or effective for more than 120 days
after such record date unless the consent of the requisite number of Holders has
been obtained.
Section 9.05 Notation on or Exchange of Notes.
The Trustee may place an appropriate notation about an amendment,
supplement or waiver on any Note thereafter authenticated. The Issuer in
exchange for all Notes may issue and the Trustee shall, upon receipt of an
Authentication Order, authenticate new Notes that reflect the amendment,
supplement or waiver.
Failure to make the appropriate notation or issue a new Note shall not
affect the validity and effect of such amendment, supplement or waiver.
Section 9.06 Trustee to Sign Amendments, etc.
The Trustee shall sign any amendment, supplement or waiver authorized
pursuant to this Article 9 if the amendment or supplement does not adversely
affect the rights, duties, liabilities or immunities
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of the Trustee. The Issuer may not sign an amendment, supplement or waiver until
the Board of Directors approves it. In executing any amendment, supplement or
waiver, the Trustee shall be entitled to receive and (subject to Section 7.01
hereof) shall be fully protected in relying upon, in addition to the documents
required by Section 13.04 hereof, an Officer's Certificate and an Opinion of
Counsel stating that the execution of such amended or supplemental indenture is
authorized or permitted by this Indenture and that such amendment, supplement or
waiver is the legal, valid and binding obligation of the Issuer and any
Guarantors party thereto, enforceable against them in accordance with its terms,
subject to customary exceptions, and complies with the provisions hereof
(including Section 9.03).
ARTICLE 10
NOTE GUARANTEES
Section 10.01 Note Guarantee.
Subject to this Article 10, from and after the consummation of the
Acquisition, each of the Guarantors hereby, jointly and severally,
unconditionally guarantees to each Holder of a Note authenticated and delivered
by the Trustee and to the Trustee and its successors and assigns, irrespective
of the validity and enforceability of this Indenture, the Notes or the
obligations of the Issuer hereunder or thereunder, that: (a) the principal of,
interest, premium and Liquidated Damages, if any, on the Notes shall be promptly
paid in full when due, whether at maturity, by acceleration, redemption or
otherwise, and interest on the overdue principal of and interest on the Notes,
if any, if lawful, and all other obligations of the Issuer to the Holders or the
Trustee hereunder or thereunder shall be promptly paid in full or performed, all
in accordance with the terms hereof and thereof; and (b) in case of any
extension of time of payment or renewal of any Notes or any of such other
obligations, that same shall be promptly paid in full when due or performed in
accordance with the terms of the extension or renewal, whether at stated
maturity, by acceleration or otherwise. Failing payment when due of any amount
so guaranteed or any performance so guaranteed for whatever reason, the
Guarantors shall be jointly and severally obligated to pay the same immediately.
Each Guarantor agrees that this is a guarantee of payment and not a guarantee of
collection.
The Guarantors hereby agree that their obligations hereunder shall be
unconditional, irrespective of the validity, regularity or enforceability of the
Notes or this Indenture, the absence of any action to enforce the same, any
waiver or consent by any Holder of the Notes with respect to any provisions
hereof or thereof, the recovery of any judgment against the Issuer, any action
to enforce the same or any other circumstance which might otherwise constitute a
legal or equitable discharge or defense of a guarantor. Each Guarantor hereby
waives diligence, presentment, demand of payment, filing of claims with a court
in the event of insolvency or bankruptcy of the Issuer, any right to require a
proceeding first against the Issuer, protest, notice and all demands whatsoever
and covenants that this Note Guarantee shall not be discharged except by
complete performance of the obligations contained in the Notes and this
Indenture.
Each Guarantor also agrees to pay any and all costs and expenses
(including reasonable attorneys' fees) incurred by the Trustee or any Holder in
enforcing any rights under this Section 10.01.
If any Holder or the Trustee is required by any court or otherwise to
return to the Issuer, the Guarantors or any custodian, trustee, liquidator or
other similar official acting in relation to either the Issuer or the
Guarantors, any amount paid either to the Trustee or such Holder, this Note
Guarantee, to the extent theretofore discharged, shall be reinstated in full
force and effect.
Each Guarantor agrees that it shall not be entitled to any right of
subrogation in relation to the Holders in respect of any obligations guaranteed
hereby until payment in full of all obligations guaranteed hereby. Each
Guarantor further agrees that, as between the Guarantors, on the one hand, and
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the Holders and the Trustee, on the other hand, (x) the maturity of the
obligations guaranteed hereby may be accelerated as provided in Article 6 hereof
for the purposes of this Note Guarantee, notwithstanding any stay, injunction or
other prohibition preventing such acceleration in respect of the obligations
guaranteed hereby, and (y) in the event of any declaration of acceleration of
such obligations as provided in Article 6 hereof, such obligations (whether or
not due and payable) shall forthwith become due and payable by the Guarantors
for the purpose of this Note Guarantee. The Guarantors shall have the right to
seek contribution from any non-paying Guarantor so long as the exercise of such
right does not impair the rights of the Holders under the Note Guarantees.
Each Note Guarantee shall remain in full force and effect and continue
to be effective should any petition be filed by or against the Issuer for
liquidation, reorganization, should the Issuer become insolvent or make an
assignment for the benefit of creditors or should a receiver or trustee be
appointed for all or any significant part of the Issuer's assets, and shall, to
the fullest extent permitted by law, continue to be effective or be reinstated,
as the case may be, if at any time payment and performance of the Notes are,
pursuant to applicable law, rescinded or reduced in amount, or must otherwise be
restored or returned by any obligee on the Notes or Note Guarantees, whether as
a "voidable preference," "fraudulent transfer" or otherwise, all as though such
payment or performance had not been made. In the event that any payment or any
part thereof, is rescinded, reduced, restored or returned, the Notes shall, to
the fullest extent permitted by law, be reinstated and deemed reduced only by
such amount paid and not so rescinded, reduced, restored or returned.
In case any provision of any Note Guarantee 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.
Each payment to be made by a Guarantor in respect of its Note
Guarantee shall be made without set-off, counterclaim, reduction or diminution
of any kind or nature.
Section 10.02 Subordination of Note Guarantee.
The obligations of each Guarantor under its Note Guarantee pursuant to
this Article 10 shall be junior and subordinated to the prior payment in full in
cash or cash equivalents, or such payment duly provided for to the satisfaction
of the holders of such Guarantor Senior Debt, of the Guarantor Senior Debt of
such Guarantor on the same basis as the Notes are junior and subordinated to
Senior Debt of the Issuer. For the purposes of the foregoing sentence, the
Trustee and the Holders shall have the right to receive and/or retain payments
by any of the Guarantors only at such times as they may receive and/or retain
payments in respect of the Notes pursuant to this Indenture, including Article
12 hereof.
Section 10.03 Limitation on Guarantor Liability.
Each Guarantor, and by its acceptance of Notes, each Holder, hereby
confirms that it is the intention of all such parties that the Note Guarantee of
such Guarantor not constitute a fraudulent transfer or conveyance for purposes
of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent
Transfer Act or any similar federal or state law to the extent applicable to any
Note Guarantee. To effectuate the foregoing intention, the Trustee, the Holders
and the Guarantors hereby irrevocably agree that the obligations of each
Guarantor shall be limited to the maximum amount as will, after giving effect to
such maximum amount and all other contingent and fixed liabilities of such
Guarantor that are relevant under such laws and after giving effect to any
collections from, rights to receive contribution from or payments made by or on
behalf of any other Guarantor in respect of the obligations of such other
Guarantor under this Article 10, result in the obligations of such Guarantor
under its Note Guarantee not constituting a fraudulent conveyance or fraudulent
transfer under applicable law. Each
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Guarantor that makes a payment under its Note Guarantee shall be entitled upon
payment in full of all guaranteed obligations under this Indenture to a
contribution from each other Guarantor in an amount equal to such other
Guarantor's pro rata portion of such payment based on the respective net assets
of all the Guarantors at the time of such payment determined in accordance with
GAAP.
Section 10.04 Execution and Delivery.
To evidence its Note Guarantee set forth in Section 10.01, each
Guarantor hereby agrees that a notation of such Note Guarantee substantially in
the form included in Exhibit D shall be endorsed by an Officer of such Guarantor
on each Note authenticated and delivered by the Trustee and that this Indenture
shall be executed on behalf of such Guarantor by its President or one of its
Vice Presidents.
Each Guarantor hereby agrees that its Note Guarantee set forth in
Section 10.01 hereof shall remain in full force and effect notwithstanding the
absence of the endorsement of any notation of such Guarantee on the Notes.
If an Officer whose signature is on this Indenture no longer holds
that office at the time the Trustee authenticates the Note, the Note Guarantee
shall be valid nevertheless.
The delivery of any Note by the Trustee, after the authentication
thereof hereunder, shall constitute due delivery of the Note Guarantee set forth
in this Indenture on behalf of the Guarantors.
If required by Section 4.17 hereof, the Issuer shall cause any newly
created or acquired Restricted Subsidiary to comply with the provisions of
Section 4.17 hereof and this Article 10, to the extent applicable.
Section 10.05 Subrogation.
Each Guarantor shall be subrogated to all rights of Holders of Notes
against the Issuer in respect of any amounts paid by any Guarantor pursuant to
the provisions of Section 10.01 hereof; provided that, if an Event of Default
has occurred and is continuing, no Guarantor shall be entitled to enforce or
receive any payments arising out of, or based upon, such right of subrogation
until all amounts then due and payable by the Issuer under this Indenture or the
Notes shall have been paid in full.
Section 10.06 Benefits Acknowledged.
Each Guarantor acknowledges that it will receive direct and indirect
benefits from the financing arrangements contemplated by this Indenture and that
the guarantee and waivers made by it pursuant to its Note Guarantee are
knowingly made in contemplation of such benefits.
Section 10.07 Release of Note Guarantees.
(a) A Note Guarantee by a Guarantor shall be automatically and
unconditionally released and discharged, and no further action by such
Guarantor, the Issuer or the Trustee is required for the release of such
Guarantor's Note Guarantee:
(1) in connection with any sale or other disposition of all or
substantially all of the assets of that Guarantor (including by way of
merger or consolidation) to a Person that is not (either before or after
giving effect to such transaction) the Issuer or a Restricted Subsidiary of
the Issuer, if the sale or other disposition does not violate Section 4.10;
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(2) in connection with any sale or other disposition of all of the
Capital Stock of that Guarantor to a Person that is not (either before or
after giving effect to such transaction) Sunshine or a Restricted
Subsidiary of Sunshine, if the sale or other disposition does not violate
Section 5.01;
(3) if the Issuer designates such Guarantor as an Unrestricted
Subsidiary in accordance with Section 4.18;
(4) if the Issuer exercises its legal defeasance option or covenant
defeasance pursuant to Section 8.01; or
(5) if such Guarantor is released and discharged from all of its
Indebtedness under the Credit Agreement and all of its guarantees of any
Indebtedness outstanding under the Credit Agreement and all obligations
under any of the Issuer's other Indebtedness or any Indebtedness of the
Guarantors;
such Guarantor delivering to the Trustee an Officer's Certificate and an Opinion
of Counsel, each stating that all conditions precedent provided for in this
Indenture relating to such transaction have been complied with in all material
respects.
(b) At the request and at the expense of the Issuer, the Trustee shall
execute and deliver any instrument evidencing such release.
Section 10.08 Guarantors May Consolidate, etc., on Certain Terms.
(a) Except as otherwise provided in Section 10.07 hereof, no Guarantor
may sell or otherwise dispose of all or substantially all of its assets to, or
consolidate with or merge with or into (whether or not such Guarantor is the
surviving Person) another Person, other than the Issuer or another Guarantor,
unless:
(i) immediately after giving effect to such transaction, no Default or
Event of Default exists; and
(ii) either:
(A) subject to Section 10.07 hereof, the Person acquiring the
property in any such sale or disposition or the Person formed by or
surviving any such consolidation or merger unconditionally assumes all
the obligations of that Guarantor under this Indenture, its Note
Guarantee and the Registration Rights Agreement on the terms set forth
herein or therein, pursuant to a supplemental indenture in form and
substance reasonably satisfactory to the Trustee; or
(B) the Net Proceeds of such sale or other disposition are
applied in accordance with the applicable provisions of this
Indenture, including without limitation, Section 4.10 hereof.
(b) In case of any such consolidation, merger, sale or conveyance and
upon the assumption by the successor Person, by supplemental indenture, executed
and delivered to the Trustee and satisfactory in form to the Trustee, of the
Note Guarantee endorsed upon the Notes and the due and punctual performance of
all of the covenants and conditions of this Indenture to be performed by the
Guarantor, such successor Person will succeed to and be substituted for the
Guarantor with the same effect as if it
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had been named herein as a Guarantor. All the Note Guarantees so issued will in
all respects have the same legal rank and benefit under this Indenture as the
Note Guarantees theretofore and thereafter issued in accordance with the terms
of this Indenture as though all of such Note Guarantees had been issued at the
date of the execution hereof.
(c) Except as set forth in Articles 4 and 5 hereof, and
notwithstanding clauses (a)(2)(A) and (B) above, nothing contained in this
Indenture or in any of the Notes will prevent any consolidation or merger of a
Guarantor with or into the Company or another Guarantor, or will prevent any
sale or conveyance of the property of a Guarantor as an entirety or
substantially as an entirety to the Company or another Guarantor.
ARTICLE 11
SATISFACTION AND DISCHARGE
Section 11.01 Satisfaction and Discharge.
This Indenture shall be discharged and shall cease to be of further
effect (except as to surviving rights of registration of transfer or exchange of
the Notes, as expressly provided for herein) as to all outstanding Notes, when
either:
(1) either
(a) all the Notes theretofore authenticated and delivered (except
lost, stolen or destroyed Notes which have been replaced or paid and
Notes for whose payment money has theretofore been deposited in trust
or segregated and held in trust by the Issuer and thereafter repaid to
the Issuer or discharged from such trust) have been delivered to the
Trustee for cancellation; or
(b) all Notes not theretofore delivered to the Trustee for
cancellation (1) have become due and payable or (2) will become due
and payable within one year, or are to be called for redemption within
one year, under arrangements reasonable satisfactory to the Trustee
for the giving of notice of redemption by the Trustee in the name, and
at the expense, of the Issuer, and the Issuer has irrevocably
deposited or caused to be deposited with the Trustee funds in an
amount sufficient to pay and discharge the entire Indebtedness on the
Notes not theretofore delivered to the Trustee for cancellation, for
principal of, premium, if any, and interest on the Notes to the date
of deposit together with irrevocable instructions from the Issuer
directing the Trustee to apply such funds to the payment thereof at
maturity or redemption, as the case may be;
(2) the Issuer has paid all other sums payable under this Indenture by
the Issuer; and
(3) the Issuer has delivered to the Trustee an Officer's Certificate
and an opinion of counsel stating that all conditions precedent under this
Indenture relating to the satisfaction and discharge of this Indenture have
been complied with.
Notwithstanding the satisfaction and discharge of this Indenture, if
money shall have been deposited with the Trustee pursuant to subclause (b) of
clause (1) of this Section 11.01, the provisions of Section 11.02 and Section
8.06 hereof shall survive.
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Section 11.02 Application of Trust Money.
Subject to the provisions of Section 8.06 hereof, all money deposited
with the Trustee pursuant to Section 11.01 hereof shall be held in trust and
applied by it, in accordance with the provisions of the Notes and this
Indenture, to the payment, either directly or through any Paying Agent
(including the Issuer acting as its own Paying Agent) as the Trustee may
determine, to the Persons entitled thereto, of the principal (and premium and
Liquidated Damages, if any) and interest for whose payment such money has been
deposited with the Trustee; but such money need not be segregated from other
funds except to the extent required by law.
If the Trustee or Paying Agent is unable to apply any money or
Government Securities in accordance with Section 11.01 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 Issuer's and any Guarantor's obligations under this Indenture
and the Notes shall be revived and reinstated as though no deposit had occurred
pursuant to Section 11.01 hereof; provided that if the Issuer has made any
payment of principal of, premium and Liquidated Damages, if any, or interest on
any Notes because of the reinstatement of its obligations, the Issuer shall be
subrogated to the rights of the Holders of such Notes to receive such payment
from the money or Government Securities held by the Trustee or Paying Agent.
ARTICLE 12
SUBORDINATION OF NOTES
Section 12.01 Notes Subordinated to Senior Debt.
Anything herein to the contrary notwithstanding, the Issuer, for
itself and its successors, and each Holder, by his or her acceptance of Notes,
agrees that the payment of all Obligations owing to the Holders in respect of
the Notes is subordinated, to the extent and in the manner provided in this
Article 12, to the prior payment in full in cash or cash equivalents, or such
payment duly provided for to the satisfaction of the holders of Senior Debt, of
all Obligations due in respect of Senior Debt (including the Obligations with
respect to the Credit Facilities, whether outstanding on the Issue Date or
thereafter incurred). Notwithstanding anything contained in this Article 12 to
the contrary, payments and distributions (A) of Permitted Junior Securities and
(B) made relating to the Notes from the trust established pursuant to Article 8
shall not be so subordinated in right of payment, so long as, with respect to
(B), (i) the conditions specified in Article 8 (without any waiver or
modification of the requirement that the deposits pursuant thereto do not
conflict with the terms of the Credit Facilities or any other Senior Debt) are
satisfied on the date of any deposit pursuant to said trust and (ii) such
payments and distributions did not violate the provisions of this Article 12 or
Section 10.02 of this Indenture when made.
Section 12.02 Suspension of Payment When Senior Debt Is in Default.
(a) If any default occurs and is continuing in the payment when due
(after any applicable grace period), whether at maturity, upon any redemption,
by declaration or otherwise, of any principal of, interest on, unpaid drawings
for letters of credit issued in respect of, or fees with respect to, any Senior
Debt (a "Payment Default"), then no payment or distribution of any kind or
character (other than in Permitted Junior Securities) shall be made by or on
behalf of the Issuer or any other Person on its behalf with respect to any
Obligations on or relating to the Notes or to acquire any of the Notes for cash
or assets or otherwise until the date on which all such defaults are cured or
waived.
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(b) If any other event of default (other than a Payment Default)
occurs and is continuing with respect to any Designated Senior Debt (as such
event of default is defined in the instrument creating or evidencing such
Designated Senior Debt) permitting the holders of such Designated Senior Debt
then outstanding to accelerate the maturity thereof (a "Non-Payment Default")
and if the representative of the holders of the respective issue of Designated
Senior Debt (the "Representative") or the Issuer gives notice of the Non-Payment
Default to the Trustee stating that such notice is a payment blockage notice (a
"Payment Blockage Notice"), then during the period (the "Payment Blockage
Period") beginning upon the delivery of such Payment Blockage Notice and ending
on the earlier of (1) 179 days after the date on which the applicable Payment
Blockage Notice is received, (2) the date on which all such Non-Payment Defaults
have been cured or waived or cease to exist and (3) the date on which the
Trustee receives notice thereof from the Representative for the respective issue
of Designated Senior Debt or the Issuer terminating the Payment Blockage Period,
unless the maturity of any Designated Senior Debt has been accelerated, the
Issuer shall not (x) make any payment of any kind or character with respect to
any Obligations on or with respect to the Notes or (y) acquire any of the Notes
for cash or assets or otherwise. Notwithstanding anything herein to the
contrary, no new Payment Blockage Notice may be delivered unless and until 360
days have elapsed since the effectiveness of the immediately prior Payment
Blockage Notice. For all purposes of this Section 12.02(b), no Non-Payment
Default which existed or was continuing on the date of the commencement of any
Payment Blockage Period with respect to the Designated Senior Debt shall be, or
be made, the basis for the commencement of a second Payment Blockage Period by
the Representative of such Designated Senior Debt whether or not within a period
of 360 consecutive days, unless such Non-Payment Default shall have been cured
or waived for a period of not less than 90 consecutive days. Any subsequent
action, or any breach of any financial covenants for a period ending after the
date of delivery of such Payment Blockage Notice that, in either case, would
give rise to a Non-Payment Default pursuant to any provisions under which a
Non-Payment Default previously existed or was continuing shall constitute a new
Non-Payment Default for this purpose.
(c) The foregoing Sections 12.02(a) and (b) shall not apply to
payments and distributions (A) of Permitted Junior Securities and (B) made
relating to the Notes from the trust established pursuant to Article 8, so long
as, with respect to (B), (i) the conditions specified in Article 8 (without any
waiver or modification of the requirement that the deposits pursuant thereto do
not conflict with the terms of the Credit Facilities or any other Senior Debt)
are satisfied on the date of any deposit pursuant to said trust and (ii) such
payments and distributions did not violate the provisions of this Article 12
when made.
(d) In the event that, notwithstanding the foregoing, any payment
shall be received by the Trustee or any Holder when (i) such payment is
prohibited by the foregoing provisions of this Section 12.02 and (ii) the
Trustee or such Holder has actual knowledge that such payment is prohibited,
such payment shall be held in trust for the benefit of, and shall be paid over
or delivered to, the holders of Senior Debt (pro rata to such holders on the
basis of the respective amount of Senior Debt held by such holders) or their
respective Representatives, as their respective interests may appear. The
Trustee shall be entitled to rely on information regarding amounts outstanding
on the Senior Debt, if any, received from the holders of the Senior Debt (or
their Representatives).
Nothing contained in this Article 12 shall limit the right of the
Trustee or Holders to take any action to accelerate the maturity of the Notes
pursuant to Section 6.02 or to pursue any rights or remedies hereunder; provided
that all Senior Debt thereafter due or declared to be due shall first be paid in
full in cash or cash equivalents, or such payment duly provided for to the
satisfaction of the holders of such Senior Debt, before the Holders are entitled
to receive any payment of any kind or character with respect to Obligations on
the Notes.
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Section 12.03 Notes Subordinated to Prior Payment of All Senior Debt on
Dissolution, Liquidation or Reorganization of the Issuer.
(a) Upon any payment or distribution of assets of the Issuer of any
kind or character, whether in cash, assets or securities, to creditors upon any
total or partial liquidation, dissolution, winding-up, reorganization,
assignment for the benefit of creditors or marshaling of assets and liabilities
of the Issuer or in a bankruptcy, reorganization, insolvency, receivership or
other similar proceeding relating to the Issuer or its assets, whether voluntary
or involuntary, all Obligations due or to become due upon all Senior Debt shall
first be paid in full in cash or cash equivalents, or such payment duly provided
for to the satisfaction of the holders of Senior Debt, before any payment or
distribution of any kind or character (other than Permitted Junior Securities)
is made on account of any Obligations on or relating to the Notes, or for the
acquisition of any of the Notes for cash or assets or otherwise. Upon any such
dissolution, winding-up, liquidation, reorganization, receivership or similar
proceeding, any payment or distribution of assets of the Issuer of any kind or
character, whether in cash, assets or securities, to which the Holders of the
Notes or the Trustee under this Indenture would be entitled, except for the
provisions hereof, shall be paid by the Issuer or by any receiver, trustee in
bankruptcy, liquidating trustee, agent or other Person making such payment or
distribution, or by the Holders or by the Trustee under this Indenture if
received by them, directly to the holders of Senior Debt (pro rata to such
holders on the basis of the respective amounts of Senior Debt held by such
holders) or their respective Representatives, or to the trustee or trustees
under any indenture pursuant to which any of such Senior Debt may have been
issued, as their respective interests may appear, for application to the payment
of Senior Debt remaining unpaid until all such Senior Debt has been paid in full
in cash or cash equivalents, or such payment duly provided for to the
satisfaction of the holders of such Senior Debt, after giving effect to any
concurrent payment, distribution or provision therefor to or for the holders of
Senior Debt.
(b) To the extent any payment of Senior Debt (whether by or on behalf
of the Issuer, as proceeds of security or enforcement of any right of setoff or
otherwise) is declared to be fraudulent or preferential, set aside or required
to be paid to any receiver, trustee in bankruptcy, liquidating trustee, agent or
other similar Person under any bankruptcy, insolvency, receivership, fraudulent
conveyance or similar law, then, if such payment is recovered by, or paid over
to, such receiver, trustee in bankruptcy, liquidating trustee, agent or other
similar Person, the Senior Debt or part thereof originally intended to be
satisfied shall be deemed to be reinstated and outstanding as if such payment
had not occurred.
It is further agreed that any diminution (whether pursuant to court
decree or otherwise, including without limitation for any of the reasons
described in the preceding sentence) of the Issuer's obligation to make any
distribution or payment pursuant to any Senior Debt, except to the extent such
diminution occurs by reason of the repayment (which has not been disgorged or
returned) of such Senior Debt in cash or cash equivalents, or such payment duly
provided for to the satisfaction of the holders of such Senior Debt, shall have
no force or effect for purposes of the subordination provisions contained in
this Article 12, with any turnover of payments as otherwise calculated pursuant
to this Article 12 to be made as if no such diminution had occurred.
(c) In the event that, notwithstanding the foregoing, any payment or
distribution of assets of the Issuer of any kind or character, whether in cash,
assets or securities, shall be received by any Holder when (i) such payment or
distribution is prohibited by this Section 12.03 and (ii) the Trustee or such
Holder has actual knowledge that such payment is prohibited, such payment or
distribution shall be held in trust for the benefit of, and shall be paid over
or delivered to, the holders of Senior Debt (pro rata to such holders on the
basis of the respective amounts of Senior Debt held by such holders) or their
respective Representatives, or to the trustee or trustees under any indenture
pursuant to which any of such Senior Debt may have been issued, as their
respective interests may appear, for application to the payment
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of Senior Debt remaining unpaid until all such Senior Debt has been paid in full
in cash or cash equivalents, or such payment duly provided for to the
satisfaction of the holders of such Senior Debt, after giving effect to any
concurrent payment, distribution or provision therefor to or for the holders of
such Senior Debt.
(d) The consolidation of the Issuer with, or the merger of the Issuer
with or into, another Person or the liquidation or dissolution of the Issuer
following the conveyance or transfer of all or substantially all of its assets
to another Person upon the terms and conditions provided in Article 5 hereof and
as long as permitted under the terms of the Senior Debt shall not be deemed a
dissolution, winding-up, liquidation or reorganization for the purposes of this
Section 12.03 if such other Person shall, as a part of such consolidation,
merger, conveyance or transfer, assume the Issuer's obligations hereunder in
accordance with Article 5 hereof.
Section 12.04 Payments May Be Made Prior to Dissolution.
Nothing contained in this Article 12 or elsewhere in this Indenture
shall prevent (i) the Issuer, except under the conditions described in Sections
12.02 and 12.03, from making payments at any time for the purpose of making
payments of principal of and interest on the Notes, or from depositing with the
Trustee any moneys for such payments, or (ii) in the absence of actual knowledge
by the Trustee that a given payment would be prohibited by Section 12.02 or
12.03, the application by the Trustee of any moneys deposited with it for the
purpose of making such payments of principal of, and interest on, the Notes to
the Holders entitled thereto unless at least two Business Days prior to the date
upon which such payment would otherwise become due and payable a Responsible
Officer of the Trustee shall have actually received the written notice provided
for in the first sentence of Section 12.02(b) or in Section 12.07 (provided
that, notwithstanding the foregoing, the Holders receiving any payments made in
contravention of Section 12.02 and/or 12.03 (and the respective such payments)
shall otherwise be subject to the provisions of Section 12.02 and Section
12.03). The Issuer shall give prompt written notice to the Trustee of any
dissolution, winding-up, liquidation or reorganization of the Issuer, although
any delay or failure to give any such notice shall have no effect on the
subordination provisions contained herein.
Section 12.05 Holders To Be Subrogated to Rights of Holders of Senior Debt.
Subject to the payment in full in cash or cash equivalents, or such
payment duly provided for to the satisfaction of holders of such Senior Debt, of
all Senior Debt, the Holders of the Notes shall be subrogated to the rights of
the holders of Senior Debt to receive payments or distributions of cash, assets
or securities of the Issuer applicable to the Senior Debt until the Notes shall
be paid in full; and, for the purposes of such subrogation, no such payments or
distributions to the holders of the Senior Debt by or on behalf of the Issuer,
or by or on behalf of the Holders by virtue of this Article 12, which otherwise
would have been made to the Holders shall, as between the Issuer and the
Holders, be deemed to be a payment by the Issuer to or on account of the Senior
Debt, it being understood that the provisions of this Article 12 are and are
intended solely for the purpose of defining the relative rights of the Holders,
on the one hand, and the holders of Senior Debt, on the other hand.
Section 12.06 Obligations of the Issuer Unconditional.
Nothing contained in this Article 12 or elsewhere in this Indenture or
in the Notes is intended to or shall impair, as among the Issuer, its creditors
other than the holders of Senior Debt, and the Holders, the obligations of the
Issuer, which is absolute and unconditional, to pay to the Holders the principal
of and any interest on the Notes as and when the same shall become due and
payable in accordance with their terms, or is intended to or shall affect the
relative rights of the Holders and respective creditors of the Issuer other than
the holders of the Senior Debt, nor shall anything herein or therein prevent the
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Holder of any Note or the Trustee on its behalf from exercising all remedies
otherwise permitted by applicable law upon default under this Indenture, subject
to the rights, if any, in respect of cash, assets or securities of the Issuer
received upon the exercise of any such remedy.
Section 12.07 Notice to Trustee.
The Issuer shall give prompt written notice to the Trustee of any fact
known to the Issuer which would prohibit the making of any payment to or by the
Trustee in respect of the Notes pursuant to the provisions of this Article 12,
although any delay or failure to give any such notice shall have no effect on
the subordination provisions contained herein. Regardless of anything to the
contrary contained in this Article 12 or elsewhere in this Indenture, the
Trustee shall not be charged with knowledge of the existence of any default or
event of default with respect to any Senior Debt or of any other facts which
would prohibit the making of any payment to or by the Trustee unless and until
the Trustee shall have received notice in writing from the Issuer, or from a
holder of Senior Debt or a Representative therefor and, prior to the receipt of
any such written notice, the Trustee shall be entitled to assume (in the absence
of actual knowledge to the contrary) that no such facts exist. The Trustee shall
be entitled to rely on the delivery to it of any notice pursuant to this Section
12.07 to establish that such notice has been given by a holder of Senior Debt
(or a trustee thereof).
In the event that the Trustee determines in good faith that any
evidence is required with respect to the right of any Person as a holder of
Senior Debt to participate in any payment or distribution pursuant to this
Article 12, the Trustee may request such Person to furnish evidence to the
satisfaction of the Trustee as to the amounts of Senior Debt held by such
Person, the extent to which such Person is entitled to participate in such
payment or distribution and any other facts pertinent to the rights of such
Person under this Article 12, and if such evidence is not furnished the Trustee
may defer any payment to such Person pending judicial determination as to the
right of such Person to receive such payment.
Section 12.08 Reliance on Judicial Order or Certificate of Liquidating Agent.
Upon any payment or distribution of assets of the Issuer referred to
in this Article 12, the Trustee, subject to the provisions of Article 7 hereof,
and the Holders of the Notes shall be entitled to conclusively rely upon any
order or decree made by any court of competent jurisdiction in which any
insolvency, bankruptcy, receivership, dissolution, winding-up, liquidation,
reorganization or similar case or proceeding is pending, or upon a certificate
of the receiver, trustee in bankruptcy, liquidating trustee, assignee for the
benefit of creditors, agent or other person making such payment or distribution,
delivered to the Trustee or the Holders of the Notes, for the purpose of
ascertaining the persons entitled to participate in such payment or
distribution, the holders of the Senior Debt and other Indebtedness of the
Issuer, the amount thereof or payable thereon, the amount or amounts paid or
distributed thereon and all other facts pertinent thereto or to this Article 12.
Section 12.09 Trustee's Relation to Senior Debt.
The Trustee and any agent of the Issuer or the Trustee shall be
entitled to all the rights set forth in this Article 12 with respect to any
Senior Debt which may at any time be held by it in its individual or any other
capacity to the same extent as any other holder of Senior Debt and nothing in
this Indenture shall deprive the Trustee or any such agent of any of its rights
as such holder.
With respect to the holders of Senior Debt, the Trustee undertakes to
perform or to observe only such of its covenants and obligations as are
specifically set forth in this Article 12, and no implied covenants or
obligations with respect to the holders of Senior Debt shall be read into this
Indenture
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against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty
to the holders of Senior Debt.
Whenever a distribution is to be made or a notice given to holders or
owners of Senior Debt, the distribution may be made and the notice may be given
to their Representative, if any.
Section 12.10 Subordination Rights Not Impaired by Acts or Omissions of the
Issuer or Holders of Senior Debt.
No right of any present or future holders of any Senior Debt to
enforce subordination as provided herein shall at any time in any way be
prejudiced or impaired by any act or failure to act on the part of the Issuer or
by any act or failure to act, in good faith, by any such holder, or by any
noncompliance by the Issuer with the terms of this Indenture, regardless of any
knowledge thereof which any such holder may have or otherwise be charged with.
Without in any way limiting the generality of the foregoing paragraph,
the holders of Senior Debt may, at any time and from time to time, without the
consent of or notice to the Trustee, without incurring responsibility to the
Trustee or the Holders of the Notes and without impairing or releasing the
subordination provided in this Article 12 or the obligations hereunder of the
Holders of the Notes to the holders of the Senior Debt, do any one or more of
the following: (i) change the manner, place or terms of payment or extend the
time of payment of, or renew or alter, Senior Debt, or otherwise amend or
supplement in any manner Senior Debt, or any instrument evidencing the same or
any agreement under which Senior Debt is outstanding; (ii) sell, exchange,
release or otherwise deal with any property pledged, mortgaged or otherwise
securing Senior Debt; (iii) release any Person liable in any manner for the
payment or collection of Senior Debt; and (iv) exercise or refrain from
exercising any rights against the Issuer and any other Person.
Section 12.11 Noteholders Authorize Trustee to Effectuate Subordination of
Notes.
Each Holder of Notes by its acceptance of them authorizes and
expressly directs the Trustee on its behalf to take such action as may be
necessary or appropriate to effectuate, as between holders of Senior Debt and
Holders, the subordination provided in this Article 12, and appoints the Trustee
its attorney-in-fact for such purposes, including, in the event of any
dissolution, winding-up, liquidation or reorganization of the Issuer (whether in
bankruptcy, insolvency, receivership, reorganization or similar proceedings or
upon an assignment for the benefit of credits or otherwise) tending towards
liquidation of the business and assets of the Issuer, the filing of a claim for
the unpaid balance of its Notes and accrued interest in the form required in
those proceedings.
If the Trustee does not file a proper claim or proof of debt in the
form required in such proceeding prior to 30 days before the expiration of the
time to file such claim or claims, then the holders of the Senior Debt or their
Representative are or is hereby authorized to have the right to file and are or
is hereby authorized to file an appropriate claim for and on behalf of the
Holders of said Notes. Nothing herein contained shall be deemed to authorize the
Trustee or the holders of Senior Debt or their Representative to authorize or
consent to or accept or adopt on behalf of any Holder any plan of
reorganization, arrangement, adjustment or composition affecting the Notes or
the rights of any Holder thereof, or to authorize the Trustee or the holders of
Senior Debt or their Representative to vote in respect of the claim of any
Holder in any such proceeding.
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Section 12.12 This Article 12 Not to Prevent Events of Default.
The failure to make a payment on account of principal of or interest
on the Notes by reason of any provision of this Article 12 will not be construed
as preventing the occurrence of an Event of Default.
Section 12.13 Trustee's Compensation Not Prejudiced.
Nothing in this Article 12 will apply to amounts due to the Trustee
(other than payments of Obligations owing to Holders in respect of Notes)
pursuant to other sections of this Indenture.
Section 12.14 Acceleration of Notes.
If payment of the Notes is accelerated because of an Event of Default,
the Issuer shall promptly notify holders of Senior Debt of the acceleration.
ARTICLE 13
MISCELLANEOUS
Section 13.01 Trust Indenture Act Controls.
If any provision of this Indenture limits, qualifies or conflicts with
the duties imposed by Trust Indenture Act Section 318(c), the imposed duties
shall control.
Section 13.02 Notices.
Any notice or communication by the Issuer, any Guarantor or the
Trustee to the others is duly given if in writing and delivered in person or
mailed by first-class mail (registered or certified, return receipt requested),
fax or overnight air courier guaranteeing next day delivery, to the others'
address:
If to the Issuer and/or any Guarantor:
SS&C Technologies, Inc.
00 Xxxxxxxxx Xxxx
Xxxxxxx, XX 00000
Attention: Xxxxxxx Xxxxxxx
with a copy to:
Sunshine Acquisition II, Inc.
c/o The Carlyle Group
000 Xxxxx Xxxxx Xxxxxx
Xxxxxxxxx XX 00000
Attention: Xxx Xxxxx and Xxxx Xxxxxx
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with a copy to:
Xxxxxx & Xxxxxxx LLP
000 Xxxxx Xxxxxx, Xxxxx 0000
Xxx Xxxx, XX 00000
Attention: Xxx Xxxxxxxxxxx, Esq.
If to the Trustee:
Xxxxx Fargo Bank, National Association
000 Xxxxx Xxxxxx
Xxxxx 000
Xxxxxxxxxx, Xxxxxxxxxxx 00000
Fax No.: (000) 000-0000
Attention: Xxxxxx X. X'Xxxxxxx
The Issuer, any Guarantor or the Trustee, by notice to the others, may
designate additional or different addresses for subsequent notices or
communications.
All notices and communications (other than those sent to Holders)
shall be deemed to have been duly given: at the time delivered by hand, if
personally delivered; five calendar days after being deposited in the mail,
postage prepaid, if mailed by first-class mail; when receipt acknowledged, if
faxed; and the next Business Day after timely delivery to the courier, if sent
by overnight air courier guaranteeing next day delivery.
Any notice or communication to a Holder shall be mailed by first-class
mail, certified or registered, return receipt requested, or by overnight air
courier guaranteeing next day delivery to its address shown on the register kept
by the Registrar. Any notice or communication shall also be so mailed to any
Person described in Trust Indenture Act Section 313(c), to the extent required
by the Trust Indenture Act. Failure to mail a notice or communication to a
Holder or any defect in it shall not affect its sufficiency with respect to
other Holders.
If a notice or communication is mailed in the manner provided above
within the time prescribed, it is duly given, whether or not the addressee
receives it.
If the Issuer mails a notice or communication to Holders, it shall
mail a copy to the Trustee and each Agent at the same time.
Where this Indenture provides for notice in any manner, such notice
may be waived in writing by the Person entitled to receive such notice, either
before or after the event, and such waiver shall be the equivalent of such
notice. Waivers of notice by Holders shall be filed with the Trustee, but such
filing shall not be a condition precedent to the validity of any action taken in
reliance on such waiver.
In case by reason of the suspension of regular mail service or by
reason of any other cause it shall be impracticable to give such notice by mail,
then such notification as shall be made with the approval of the Trustee shall
constitute a sufficient notification for every purpose hereunder.
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Section 13.03 Communication by Holders of Notes with Other Holders of Notes.
Holders may communicate pursuant to Trust Indenture Act Section 312(b)
with other Holders with respect to their rights under this Indenture or the
Notes. The Issuer, the Trustee, the Registrar and anyone else shall have the
protection of Trust Indenture Act Section 312(c).
Section 13.04 Certificate and Opinion as to Conditions Precedent.
Upon any request or application by the Issuer or any of the Guarantors
to the Trustee to take any action under this Indenture, the Issuer or such
Guarantor, as the case may be, shall furnish to the Trustee:
(a) An Officer's Certificate in form and substance reasonably
satisfactory to the Trustee (which shall include the statements set forth
in Section 13.05 hereof) stating that, in the opinion of the signers, all
conditions precedent and covenants, if any, provided for in this Indenture
relating to the proposed action have been satisfied; and
(b) An Opinion of Counsel in form and substance reasonably
satisfactory to the Trustee (which shall include the statements set forth
in Section 13.05 hereof) stating that, in the opinion of such counsel, all
such conditions precedent and covenants have been satisfied.
Notwithstanding the foregoing, no such Opinion shall be given with
respect to the delivery of the initial Notes.
Section 13.05 Statements Required in Certificate or Opinion.
Each certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture (other than a certificate
provided pursuant to Section 4.04 hereof or Trust Indenture Act Section
314(a)(4)) shall comply with the provisions of Trust Indenture Act Section
314(e) and shall include:
(a) a statement that the Person making such certificate or opinion has
read such covenant or condition;
(b) a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such
certificate or opinion are based;
(c) a statement that, in the opinion of such Person, he or she has
made such examination or investigation as is necessary to enable him to
express an informed opinion as to whether or not such covenant or condition
has been complied with (and, in the case of an Opinion of Counsel, may be
limited to reliance on an Officer's Certificate as to matters of fact); and
(d) a statement as to whether or not, in the opinion of such Person,
such condition or covenant has been complied with.
Section 13.06 Rules by Trustee and Agents.
The Trustee may make reasonable rules for action by or at a meeting of
Holders. The Registrar, Paying Agent or Calculation Agent may make reasonable
rules and set reasonable requirements for its functions.
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Section 13.07 No Personal Liability of Directors, Officers, Employees and
Stockholders.
No past, future or present director, officer, employee, partner,
manager, agent, member (or Person forming any limited liability company),
incorporator or stockholder of the Issuer or any Guarantor, as such, shall have
any liability for any obligations of the Issuer or any Guarantor under the
Notes, the Note Guarantees or this Indenture, the Note Guarantees or for any
claim based on, in respect of, or by reason of, such obligations or their
creation. Each Holder of Notes by accepting a Note and Note Guarantee waives and
releases all such liability. The waiver and release are part of the
consideration for issuance of the Notes and Note Guarantees.
Section 13.08 Governing Law.
THIS INDENTURE, THE NOTES AND ANY NOTE GUARANTEE WILL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT
GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT
THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.
Section 13.09 Waiver of Jury Trial.
EACH OF THE ISSUER, THE GUARANTORS AND THE TRUSTEE HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO
TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS
INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY.
Section 13.10 Force Majeure.
In no event shall the Trustee be responsible or liable for any failure
or delay in the performance of its obligations under this Indenture arising out
of or caused by, directly or indirectly, forces beyond its reasonable control,
including without limitation strikes, work stoppages, accidents, acts of war or
terrorism, civil or military disturbances, nuclear or natural catastrophes or
acts of God, and interruptions, loss or malfunctions of utilities,
communications or computer (software or hardware) services.
Section 13.11 No Adverse Interpretation of Other Agreements.
This Indenture may not be used to interpret any other indenture, loan
or debt agreement of the Issuer or its Restricted Subsidiaries or of any other
Person. Any such indenture, loan or debt agreement may not be used to interpret
this Indenture.
Section 13.12 Successors.
All agreements of the Issuer in this Indenture and the Notes shall
bind its successors. All agreements of the Trustee in this Indenture shall bind
its successors. All agreements of each Guarantor in this Indenture shall bind
its successors, except as otherwise provided in Section 10.05 hereof.
Section 13.13 Severability.
In case any provision in this Indenture or in the Notes 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.
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Section 13.14 Counterpart Originals.
The parties may sign any number of copies of this Indenture. Each
signed copy shall be an original, but all of them together represent the same
agreement.
Section 13.15 Table of Contents, Headings, etc.
The Table of Contents, Cross-Reference Table 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 of this Indenture and shall in
no way modify or restrict any of the terms or provisions hereof.
[Signatures on following pages]
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SUNSHINE ACQUISITION II, INC.
By: /s/ Xxxx Xxxxxx
------------------------------------
Name: Xxxx Xxxxxx
Title: Vice President
SS&C TECHNOLOGIES, INC.
By: /s/ Xxxxxxx X. Xxxxx
------------------------------------
Name: Xxxxxxx X. Xxxxx
Title: Chairman & CEO
FINANCIAL MODELS COMPANY LTD.
By: /s/ Xxxxxxx X. Xxxxxxx
------------------------------------
Name: Xxxxxxx X. Xxxxxxx
Title: SVP & Treasurer
FINANCIAL MODELS HOLDINGS INC.
By: /s/ Xxxxxxx X. Xxxxxxx
------------------------------------
Name: Xxxxxxx X. Xxxxxxx
Title: SVP & Treasurer
SS&C FUND ADMINISTRATION SERVICES LLC
By: /s/ Xxxxxxx X. Xxxxxxx
------------------------------------
Name: Xxxxxxx X. Xxxxxxx
Title: SVP & Treasurer
OMR SYSTEMS CORPORATION
By: /s/ Xxxxxxx X. Xxxxxxx
------------------------------------
Name: Xxxxxxx X. Xxxxxxx
Title: SVP & Treasurer
OPEN INFORMATION SYSTEMS, INC.
By: /s/ Xxxxxxx X. Xxxxxxx
------------------------------------
Name: Xxxxxxx X. Xxxxxxx
Title: SVP & Treasurer
[Indenture]
XXXXX FARGO BANK, NATIONAL ASSOCIATION,
as Trustee
By: /s/ Xxxxxx X. X'Xxxxxxx
------------------------------------
Name: Xxxxxx X. X'Xxxxxxx
Title: Vice President
[Indenture]
EXHIBIT A
[Face of Note]
[Insert the Global Note Legend, if applicable pursuant to the
provisions of the Indenture]
[Insert the Private Placement Legend, if applicable pursuant to the
provisions of the Indenture]
[Insert the Regulation S Temporary Global Note Legend, if applicable
pursuant to the provisions of the Indenture]
A-1
CUSIP [________]
ISIN [________]
[RULE 144A][REGULATION S] GLOBAL NOTE
representing up to
$205,000,000
11 3/4% Senior Subordinated Notes due 2013
No. ___ [$______________]
SUNSHINE ACQUISITION II, INC.
promises to pay to CEDE & CO. or registered assigns, the principal sum [set
forth on the Schedule of Exchanges of Interests in the Global Note attached
hereto] [of ________________________ United States Dollars] on December 1, 2013.
Interest Payment Dates: June 1 and December 1.
Record Dates: May 15 and November 15.
A-2
IN WITNESS HEREOF, the Issuer has caused this instrument to be duly
executed.
Dated: November 23, 2005
SUNSHINE ACQUISITION II, INC.
By:
------------------------------------
Name:
----------------------------------
Title:
---------------------------------
A-3
This is one of the Notes referred to in the within-mentioned Indenture:
XXXXX FARGO BANK, NATIONAL ASSOCIATION,
as Trustee
By:
------------------------------------
Authorized Signatory
A-4
[Back of Note]
11 3/4% Senior Subordinated Notes due 2013
Capitalized terms used herein shall have the meanings assigned to them
in the Indenture referred to below unless otherwise indicated.
1. INTEREST. Sunshine Acquisition II, Inc., a Delaware corporation,
promises to pay interest on the principal amount of this Note at 11 3/4% per
annum from _________________ until maturity and shall pay the Liquidated
Damages, if any, payable pursuant to the Registration Rights Agreement referred
to below. Upon consummation of the Transaction, SS&C Technologies, Inc. will
assume the obligations of Sunshine Acquisition II, Inc. under this Note. The
Issuer will pay interest and Liquidated Damages, if any, semi-annually in
arrears on June 1 and December 1 of each year, or if any such day is not a
Business Day, on the next succeeding Business Day (each, an "Interest Payment
Date"). Interest on the Notes will accrue from the most recent date to which
interest has been paid or, if no interest has been paid, from the date of
issuance; provided that if there is no existing Default in the payment of
interest, and if this Note is authenticated between a record date referred to on
the face hereof and the next succeeding Interest Payment Date, interest shall
accrue from such next succeeding Interest Payment Date; provided, further, that,
the first Interest Payment Date shall be June 1, 2006. The Issuer will pay
interest (including post-petition interest in any proceeding under Bankruptcy
Law) on overdue principal and premium, if any, from time to time on demand at
the interest rate on the Notes; it shall pay interest (including post-petition
interest in any proceeding under Bankruptcy Law) on overdue installments of
interest and Liquidated Damages, if any (without regard to any applicable grace
periods), from time to time on demand at the interest rate on the Notes to the
extent lawful. Interest on the Notes will be computed on the basis of a 360-day
year comprised of twelve 30-day months.
2. METHOD OF PAYMENT. The Issuer will pay interest on the Notes and
Liquidated Damages, if any, to the Persons who are registered Holders of Notes
at the close of business on the May 15 or November 15 (whether or not a Business
Day), as the case may be, next preceding the Interest Payment Date, even if such
Notes are canceled after such record date and on or before such Interest Payment
Date, except as provided in Section 2.12 of the Indenture with respect to
defaulted interest. Payment of interest and Liquidated Damages, if any, may be
made by check mailed to the Holders at their addresses set forth in the register
of Holders; provided that payment by wire transfer of immediately available
funds will be required with respect to principal of and interest, premium and
Liquidated Damages, if any, on, all Global Notes and all other Notes the Holders
of which shall have provided wire transfer instructions to the Issuer or the
Paying Agent. Such payment shall be in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of
public and private debts.
3. PAYING AGENT AND REGISTRAR. Initially, Xxxxx Fargo Bank, National
Association, the Trustee under the Indenture, will act as Paying Agent and
Registrar. The Issuer may change any Paying Agent or Registrar without notice to
the Holders. The Issuer or any of its Subsidiaries may act in any such capacity.
4. INDENTURE AND SUBORDINATION. The Issuer issued the Notes under an
Indenture, dated as of November 23, 2005 (the "Indenture"), among Sunshine
Acquisition II, Inc., SS&C Technologies, Inc., the Guarantors named therein and
the Trustee. This Note is one of a duly authorized issue of notes of the Issuer
designated as its 11 3/4% Senior Subordinated Notes due 2013. The Notes
(including any Exchange Notes issued in exchange therefor) issued under the
Indenture (collectively referred to herein as the "Notes") are separate series
of Notes, but shall be treated as a single class of securities
A-5
under the Indenture, unless otherwise specified in the Indenture. The terms of
the Notes include those stated in the Indenture and those made part of the
Indenture by reference to the Trust Indenture Act of 1939, as amended (the
"Trust Indenture Act"). The Notes are subject to all such terms, and Holders are
referred to the Indenture and such Act for a statement of such terms. To the
extent any provision of this Note conflicts with the express provisions of the
Indenture, the provisions of the Indenture shall govern and be controlling. The
Notes are unsecured obligations of the Issuer. Subject to the conditions set
forth in the Indenture, the Issuer may issue Additional Notes. The Notes and any
Additional Notes subsequently issued under the Indenture will be treated as a
single class for all purposes under the Indenture, including, without
limitation, waivers, amendments, redemptions and offers to purchase. Interest on
the Notes will accrue from the most recent date to which interest has been paid
or, if no interest has been paid, from the date of original issuance. The
payment of the Notes will, to the extent set forth in the Indenture, be
subordinated in right of payment to the prior payment in full in cash or cash
equivalents of all Senior Debt.
5. OPTIONAL REDEMPTION.
(a) At any time prior to December 1, 2009, the Issuer may redeem all
or a part of the Notes, upon not less than 30 nor more than 60 days' prior
notice mailed by first-class mail to each Holder's registered address, at a
redemption price equal to 100% of the principal amount of Notes redeemed plus
the Applicable Premium as of, and accrued and unpaid interest and Liquidated
Damages, if any, to the date of redemption, subject to the rights of the Holders
of Notes on the relevant record date to receive interest due on the relevant
interest payment date. The Issuer is not prohibited by the terms of the
Indenture from acquiring the Notes by means other than redemption, whether
pursuant to an issuer tender offer, in open market transactions, or otherwise,
assuming such acquisition does not otherwise violate the terms of the Indenture.
(b) At any time on or prior to December 1, 2008, the Issuer may on any
one or more occasions redeem the Notes with the net cash proceeds of one or more
Equity Offerings, at 111.75% of the principal amount thereof, plus accrued and
unpaid interest and Liquidated Damages, if any, thereon to the redemption date;
provided that at least 65% of the aggregate principal amount of the Notes
originally issued remains outstanding immediately following such redemption
(excluding Notes held by the Issuer or any of its Subsidiaries); and provided,
further, that such redemption shall occur within 90 days of the date of the
closing of any such Equity Offering.
(c) The Notes will be redeemable, in whole or in part on any one or
more occasions, at the option of the Issuer, on or after December 1, 2009, upon
not less than 30 nor more than 60 days' notice, at the redemption prices
(expressed as percentages of principal amount) set forth below plus accrued and
unpaid interest and Liquidated Damages, if any, thereon to the applicable
redemption date, if redeemed during the twelve-month period beginning on
December 1 of the years indicated below:
YEAR PERCENTAGE
---- ----------
2009............................................................... 105.8750%
2010............................................................... 102.9375%
2011 and thereafter................................................ 100.0000%
(d) Any redemption pursuant to this paragraph 5 shall be made pursuant
to the provisions of Sections 3.01 through 3.06 of the Indenture.
A-6
6. MANDATORY REDEMPTION. The Issuer shall not be required to make
mandatory redemption or sinking fund payments with respect to the Notes.
7. NOTICE OF REDEMPTION. Subject to Section 3.03 of the Indenture,
notice of redemption will be mailed by first-class mail at least 30 days but not
more than 60 days before the redemption date to each Holder whose Notes are to
be redeemed at its registered address. Notes in denominations larger than $1,000
may be redeemed in part but only in whole multiples of $1,000, unless all of the
Notes held by a Holder are to be redeemed. On and after the redemption date
interest ceases to accrue on Notes or portions thereof called for redemption.
8. OFFER TO REPURCHASE.
(a) Upon the occurrence of a Change of Control, Article 3 and Section
4.14 of the Indenture shall apply to the extent applicable.
(b) If the Issuer or any of its Restricted Subsidiaries consummates an
Asset Sale, Article 3 and Section 4.10 of the Indenture shall apply to the
extent applicable.
9. DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form
without coupons in denominations of $1,000 and integral multiples of $1,000. The
transfer of Notes may be registered and Notes may be exchanged as provided in
the Indenture. The Registrar and the Trustee may require a Holder, among other
things, to furnish appropriate endorsements and transfer documents and the
Issuer may require a Holder to pay any taxes and fees required by law or
permitted by the Indenture. The Issuer need not exchange or register the
transfer of any Note or portion of a Note selected for redemption, except for
the unredeemed portion of any Note being redeemed in part. Also, the Issuer need
not exchange or register the transfer of any Notes for a period of 15 days
before a selection of Notes to be redeemed.
10. PERSONS DEEMED OWNERS. The registered Holder of a Note may be
treated as its owner for all purposes.
11. AMENDMENT, SUPPLEMENT AND WAIVER. The Indenture, the Note
Guarantees or the Notes may be amended or supplemented as provided in the
Indenture.
12. DEFAULTS AND REMEDIES. The Events of Default relating to the Notes
are defined in Section 6.01 of the Indenture. If any Event of Default occurs and
is continuing, the Trustee or the Holders of at least 25% in principal amount of
the then outstanding Notes may declare the principal, premium, if any, interest
and any other monetary obligations on all the then outstanding Notes to be due
and payable immediately. Notwithstanding the foregoing, in the case of an Event
of Default arising from certain events of bankruptcy or insolvency, all
outstanding Notes will become due and payable immediately without further action
or notice. Holders may not enforce the Indenture, the Notes or the Note
Guarantees except as provided in the Indenture. Subject to certain limitations,
Holders of a majority in aggregate principal amount of the then outstanding
Notes may direct the Trustee in its exercise of any trust or power. The Trustee
may withhold from Holders of the Notes notice of any continuing Default (except
a Default relating to the payment of principal, premium, if any, Liquidated
Damages, if any, or interest) if it determines that withholding notice is in
their interest. The Holders of a majority in aggregate principal amount of the
Notes then outstanding by notice to the Trustee may on behalf of the Holders of
all of the Notes waive any existing Default or and its consequences under the
Indenture except a continuing Default or Event of Default in the payment of
interest on, or the principal of, the Notes (other than nonpayment of principal
or interest that has become due solely because of acceleration). The Issuer and
each Guarantor
A-7
(to the extent that such Guarantor is so required under the Trust Indenture Act)
is required to deliver to the Trustee annually a statement regarding compliance
with the Indenture, and the Issuer is required after becoming aware of any
Default, to deliver to the Trustee a statement specifying such Default and what
action the Issuer proposes to take with respect thereto.
13. AUTHENTICATION. This Note shall not be entitled to any benefit
under the Indenture or be valid or obligatory for any purpose until
authenticated by the manual signature of the Trustee.
14. ADDITIONAL RIGHTS OF HOLDERS OF RESTRICTED GLOBAL NOTES AND
RESTRICTED DEFINITIVE NOTES. In addition to the rights provided to Holders of
Notes under the Indenture, Holders of Restricted Global Notes and Restricted
Definitive Notes shall have all the rights set forth in the Registration Rights
Agreement, dated as of November 23, 2005, among Sunshine Acquisition II, Inc.,
SS&C Technologies, Inc., the Guarantors named therein and the other parties
named on the signature pages thereof (the "Registration Rights Agreement"),
including the right to receive Liquidated Damages (as defined in the
Registration Rights Agreement).
15. GOVERNING LAW. THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN AND
BE USED TO CONSTRUE THE INDENTURE, THE NOTES AND THE NOTE GUARANTEES WITHOUT
GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT
THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.
16. CUSIP NUMBERS. Pursuant to a recommendation promulgated by the
Committee on Uniform Security Identification Procedures, the Issuer has caused
CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP numbers
in notices of redemption as a convenience to Holders. No representation is made
as to the accuracy of such numbers either as printed on the Notes or as
contained in any notice of redemption and reliance may be placed only on the
other identification numbers placed thereon.
The Issuer will furnish to any Holder upon written request and without
charge a copy of the Indenture and/or the Registration Rights Agreement.
Requests may be made to the Issuer at the following address:
SS&C Technologies, Inc.
00 Xxxxxxxxx Xxxx
Xxxxxxx, XX 00000
Attention: Xxxxxxx Xxxxxxx
with a copy to:
Sunshine Acquisition II, Inc.
c/o The Carlyle Group
000 Xxxxx Xxxxx Xxxxxx
Xxxxxxxxx XX 00000
Attention: Xxx Xxxxx and Xxxx Xxxxxx
A-8
ASSIGNMENT FORM
To assign this Note, fill in the form below:
(I) or (we) assign and transfer this Note to: __________________________________
(Insert assignee' legal name)
________________________________________________________________________________
(Insert assignee's soc. sec. or tax I.D. no.)
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
(Print or type assignee's name, address and zip code)
and irrevocably appoint ________________________________________________________
to transfer this Note on the books of the Issuer. The agent may substitute
another to act for him.
Date: _____________________
Your Signature:
------------------------
(Sign exactly as your
name appears on the face
of this Note)
Signature Guarantee*:
-------------------------------------
* Participant in a recognized Signature Guarantee Medallion Program (or other
signature guarantor acceptable to the Trustee).
A-9
OPTION OF HOLDER TO ELECT PURCHASE
If you want to elect to have this Note purchased by the Issuer
pursuant to Section 4.10 or 4.14 of the Indenture, check the appropriate box
below:
[ ] Section 4.10 [ ] Section 4.14
If you want to elect to have only part of this Note purchased by the
Issuer pursuant to Section 4.10 or Section 4.14 of the Indenture, state the
amount you elect to have purchased:
$______________________
Date: _____________________
Your Signature:
------------------------
(Sign exactly as your
name appears on the face
of this Note)
Tax Identification No.:
----------------
Signature Guarantee*:
-------------------------------------
* Participant in a recognized Signature Guarantee Medallion Program (or other
signature guarantor acceptable to the Trustee).
A-10
SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE*
The initial outstanding principal amount of this Global Note is
$[___________________]. The following exchanges of a part of this Global Note
for an interest in another Global Note or for a Definitive Note, or exchanges of
a part of another Global or Definitive Note for an interest in this Global Note,
have been made:
Amount of increase Principal Amount of Signature of
in Principal this Global Note authorized officer
Amount of decrease Amount of this following such of Trustee or
Date of Exchange in Principal Amount Global Note decrease or increase Note Custodian
---------------- ------------------- ------------------ -------------------- ------------------
----------
* This schedule should be included only if the Note is issued in global form.
A-11
EXHIBIT B
FORM OF CERTIFICATE OF TRANSFER
SS&C Technologies, Inc.
00 Xxxxxxxxx Xxxx
Xxxxxxx, XX 00000
Attention: Xxxxxxx Xxxxxxx
with a copy to:
Sunshine Acquisition II, Inc.
c/o The Carlyle Group
000 Xxxxx Xxxxx Xxxxxx
Xxxxxxxxx XX 00000
Attention: Xxx Xxxxx and Xxxx Xxxxxx
Xxxxx Fargo Bank, National Association
000 Xxxxx Xxxxxx
Xxxxx 000
Xxxxxxxxxx, Xxxxxxxxxxx 00000
Fax No.: (000) 000-0000
Attention: Xxxxxx X. X'Xxxxxxx
Re: 11 3/4% Senior Subordinated Notes due 2013
Reference is hereby made to the Indenture, dated as of November 23,
2005 (the "Indenture"), among Sunshine Acquisition II, Inc., SS&C Technologies,
Inc., the Guarantors named therein and the Trustee. Capitalized terms used but
not defined herein shall have the meanings given to them in the Indenture.
_______________ (the "Transferor") owns and proposes to transfer the
Note[s] or interest in such Note[s] specified in Annex A hereto, in the
principal amount of $___________ in such Note[s] or interests (the "Transfer"),
to _______________ (the "Transferee"), as further specified in Annex A hereto.
In connection with the Transfer, the Transferor hereby certifies that:
[CHECK ALL THAT APPLY]
1. [ ] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST
IN THE 144A GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT TO RULE 144A. The Transfer
is being effected pursuant to and in accordance with Rule 144A under the United
States Securities Act of 1933, as amended (the "Securities Act"), and,
accordingly, the Transferor hereby further certifies that the beneficial
interest or Definitive Note is being transferred to a Person that the Transferor
reasonably believes is purchasing the beneficial interest or Definitive Note for
its own account, or for one or more accounts with respect to which such Person
exercises sole investment discretion, and such Person and each such account is a
"qualified institutional buyer" within the meaning of Rule 144A in a transaction
meeting the requirements of Rule 144A and such Transfer is in compliance with
any applicable blue sky securities laws of any state of the United States. Upon
consummation of the proposed transfer in accordance
B-1
with the terms of the Indenture, the transferred beneficial interest or
Definitive Note will be subject to the restrictions on Transfer enumerated in
the Indenture and the Securities Act.
2. [ ] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST
IN THE REGULATION S GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT TO REGULATION S.
The Transfer is being effected pursuant to and in accordance with Rule 903 or
Rule 904 under the Securities Act and, accordingly, the Transferor hereby
further certifies that (i) the Transfer is not being made to a person in the
United States and (x) at the time the buy order was originated, the Transferee
was outside the United States or such Transferor and any Person acting on its
behalf reasonably believed and believes that the Transferee was outside the
United States or (y) the transaction was executed in, on or through the
facilities of a designated offshore securities market and neither such
Transferor nor any Person acting on its behalf knows that the transaction was
prearranged with a buyer in the United States, (ii) no directed selling efforts
have been made in contravention of the requirements of Rule 903(b) or Rule
904(b) of Regulation S under the Securities Act (iii) the transaction is not
part of a plan or scheme to evade the registration requirements of the
Securities Act and (iv) if the proposed transfer is being made prior to the
expiration of the Restricted Period, the transfer is not being made to a U.S.
Person or for the account or benefit of a U.S. Person (other than an Initial
Purchaser). Upon consummation of the proposed transfer in accordance with the
terms of the Indenture, the transferred beneficial interest or Definitive Note
will be subject to the restrictions on Transfer enumerated in the Indenture and
the Securities Act.
3. [ ] CHECK AND COMPLETE IF TRANSFEREE WILL TAKE DELIVERY OF A
BENEFICIAL INTEREST IN THE DEFINITIVE NOTE PURSUANT TO ANY PROVISION OF THE
SECURITIES ACT OTHER THAN RULE 144A OR REGULATION S. The Transfer is being
effected in compliance with the transfer restrictions applicable to beneficial
interests in Restricted Global Notes and Restricted Definitive Notes and
pursuant to and in accordance with the Securities Act and any applicable blue
sky securities laws of any state of the United States, and accordingly the
Transferor hereby further certifies that (check one):
(a) [ ] such Transfer is being effected pursuant to and in accordance
with Rule 144 under the Securities Act;
or
(b) [ ] such Transfer is being effected to the Issuer or a subsidiary
thereof;
or
(c) [ ] such Transfer is being effected pursuant to an effective
registration statement under the Securities Act and in compliance with the
prospectus delivery requirements of the Securities Act.
4. [ ] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST
IN AN UNRESTRICTED GLOBAL NOTE OR OF AN UNRESTRICTED DEFINITIVE NOTE.
(a) [ ] CHECK IF TRANSFER IS PURSUANT TO RULE 144. (i) The Transfer is
being effected pursuant to and in accordance with Rule 144 under the Securities
Act and in compliance with the transfer restrictions contained in the Indenture
and any applicable blue sky securities laws of any state of the United States
and (ii) the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the
Securities Act. Upon consummation of the proposed Transfer in accordance with
the terms of the Indenture, the transferred beneficial
B-2
interest or Definitive Note will no longer be subject to the restrictions on
transfer enumerated in the Private Placement Legend printed on the Restricted
Global Notes, on Restricted Definitive Notes and in the Indenture.
(b) [ ] CHECK IF TRANSFER IS PURSUANT TO REGULATION S. (i) The
Transfer is being effected pursuant to and in accordance with Rule 903 or Rule
904 under the Securities Act and in compliance with the transfer restrictions
contained in the Indenture and any applicable blue sky securities laws of any
state of the United States and (ii) the restrictions on transfer contained in
the Indenture and the Private Placement Legend are not required in order to
maintain compliance with the Securities Act. Upon consummation of the proposed
Transfer in accordance with the terms of the Indenture, the transferred
beneficial interest or Definitive Note will no longer be subject to the
restrictions on transfer enumerated in the Private Placement Legend printed on
the Restricted Global Notes, on Restricted Definitive Notes and in the
Indenture.
(c) [ ] CHECK IF TRANSFER IS PURSUANT TO OTHER EXEMPTION. (i) The
Transfer is being effected pursuant to and in compliance with an exemption from
the registration requirements of the Securities Act other than Rule 144, Rule
903 or Rule 904 and in compliance with the transfer restrictions contained in
the Indenture and any applicable blue sky securities laws of any State of the
United States and (ii) the restrictions on transfer contained in the Indenture
and the Private Placement Legend are not required in order to maintain
compliance with the Securities Act. Upon consummation of the proposed Transfer
in accordance with the terms of the Indenture, the transferred beneficial
interest or Definitive Note will not be subject to the restrictions on transfer
enumerated in the Private Placement Legend printed on the Restricted Global
Notes or Restricted Definitive Notes and in the Indenture.
B-3
This certificate and the statements contained herein are made for your
benefit and the benefit of the Issuer.
[Insert Name of Transferor]
By:
------------------------------------
Name:
----------------------------------
Title:
---------------------------------
Dated:
------------------------------
B-4
ANNEX A TO CERTIFICATE OF TRANSFER
1. The Transferor owns and proposes to transfer the following:
[CHECK ONE OF (a) OR (b)]
(a) [ ] a beneficial interest in the:
(i) [ ] 144A Global Note (CUSIP), or
(ii) [ ] Regulation S Global Note (CUSIP), or
(b) [ ] a Restricted Definitive Note.
2. After the Transfer the Transferee will hold:
[CHECK ONE]
(a) [ ] a beneficial interest in the:
(i) [ ] 144A Global Note (CUSIP), or
(ii) [ ] Regulation S Global Note (CUSIP), or
(iii) [ ] Unrestricted Global Note (CUSIP); or
(b) [ ] a Restricted Definitive Note; or
(c) [ ] an Unrestricted Definitive Note, in accordance with the terms of the
Indenture.
B-5
EXHIBIT C
FORM OF CERTIFICATE OF EXCHANGE
SS&C Technologies, Inc.
00 Xxxxxxxxx Xxxx
Xxxxxxx, XX 00000
Attention: Xxxxxxx Xxxxxxx
with a copy to:
Sunshine Acquisition II, Inc.
c/o The Carlyle Group
000 Xxxxx Xxxxx Xxxxxx
Xxxxxxxxx XX 00000
Attention: Xxx Xxxxx and Xxxx Xxxxxx
Xxxxx Fargo Bank, National Association
000 Xxxxx Xxxxxx
Xxxxx 000
Xxxxxxxxxx, Xxxxxxxxxxx 00000
Fax No.: (000) 000-0000
Attention: Xxxxxx X. X'Xxxxxxx
Re: 11 3/4% Senior Subordinated Notes due 2013
Reference is hereby made to the Indenture, dated as of November 23,
2005 (the "Indenture"), among Sunshine Acquisition II, Inc., SS&C Technologies,
Inc., the Guarantors named therein and the Trustee. Capitalized terms used but
not defined herein shall have the meanings given to them in the Indenture.
___________ (the "Owner") owns and proposes to exchange the Note[s] or
interest in such Note[s] specified herein, in the principal amount of
$__________ in such Note[s] or interests (the "Exchange"). In connection with
the Exchange, the Owner hereby certifies that:
1) EXCHANGE OF RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN
A RESTRICTED GLOBAL NOTE FOR UNRESTRICTED DEFINITIVE NOTES OR BENEFICIAL
INTERESTS IN AN UNRESTRICTED GLOBAL NOTE
a) [ ] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED
GLOBAL NOTE TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE. In
connection with the Exchange of the Owner's beneficial interest in a
Restricted Global Note for a beneficial interest in an Unrestricted Global
Note in an equal principal amount, the Owner hereby certifies (i) the
beneficial interest is being acquired for the Owner's own account without
transfer, (ii) such Exchange has been effected in compliance with the
transfer restrictions applicable to the Global Notes and pursuant to and in
accordance with the United States Securities Act of 1933, as amended (the
"Securities Act"), (iii) the restrictions on transfer contained in the
Indenture and the Private Placement Legend are not required in order to
maintain compliance with the Securities Act and (iv) the beneficial
interest in an Unrestricted Global Note
C-1
is being acquired in compliance with any applicable blue sky securities
laws of any state of the United States.
b) [ ] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED
GLOBAL NOTE TO UNRESTRICTED DEFINITIVE NOTE. In connection with the
Exchange of the Owner's beneficial interest in a Restricted Global Note for
an Unrestricted Definitive Note, the Owner hereby certifies (i) the
Definitive Note is being acquired for the Owner's own account without
transfer, (ii) such Exchange has been effected in compliance with the
transfer restrictions applicable to the Restricted Global Notes and
pursuant to and in accordance with the Securities Act, (iii) the
restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the
Securities Act and (iv) the Definitive Note is being acquired in compliance
with any applicable blue sky securities laws of any state of the United
States.
c) [ ] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO
BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE. In connection with the
Owner's Exchange of a Restricted Definitive Note for a beneficial interest
in an Unrestricted Global Note, the Owner hereby certifies (i) the
beneficial interest is being acquired for the Owner's own account without
transfer, (ii) such Exchange has been effected in compliance with the
transfer restrictions applicable to Restricted Definitive Notes and
pursuant to and in accordance with the Securities Act, (iii) the
restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the
Securities Act and (iv) the beneficial interest is being acquired in
compliance with any applicable blue sky securities laws of any state of the
United States.
d) [ ] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO
UNRESTRICTED DEFINITIVE NOTE. In connection with the Owner's Exchange of a
Restricted Definitive Note for an Unrestricted Definitive Note, the Owner
hereby certifies (i) the Unrestricted Definitive Note is being acquired for
the Owner's own account without transfer, (ii) such Exchange has been
effected in compliance with the transfer restrictions applicable to
Restricted Definitive Notes and pursuant to and in accordance with the
Securities Act, (iii) the restrictions on transfer contained in the
Indenture and the Private Placement Legend are not required in order to
maintain compliance with the Securities Act and (iv) the Unrestricted
Definitive Note is being acquired in compliance with any applicable blue
sky securities laws of any state of the United States.
2) EXCHANGE OF RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN
RESTRICTED GLOBAL NOTES FOR RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS
IN RESTRICTED GLOBAL NOTES
a) [ ] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED
GLOBAL NOTE TO RESTRICTED DEFINITIVE NOTE. In connection with the Exchange
of the Owner's beneficial interest in a Restricted Global Note for a
Restricted Definitive Note with an equal principal amount, the Owner hereby
certifies that the Restricted Definitive Note is being acquired for the
Owner's own account without transfer. Upon consummation of the proposed
Exchange in accordance with the terms of the Indenture, the Restricted
Definitive Note issued will continue to be subject to the restrictions on
transfer enumerated in the Private Placement Legend printed on the
Restricted Definitive Note and in the Indenture and the Securities Act.
C-2
b) [ ] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO
BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE. In connection with the
Exchange of the Owner's Restricted Definitive Note for a beneficial
interest in the [CHECK ONE] [ ] 144A Global Note [ ] Regulation S Global
Note, with an equal principal amount, the Owner hereby certifies (i) the
beneficial interest is being acquired for the Owner's own account without
transfer and (ii) such Exchange has been effected in compliance with the
transfer restrictions applicable to the Restricted Global Notes and
pursuant to and in accordance with the Securities Act, and in compliance
with any applicable blue sky securities laws of any state of the United
States. Upon consummation of the proposed Exchange in accordance with the
terms of the Indenture, the beneficial interest issued will be subject to
the restrictions on transfer enumerated in the Private Placement Legend
printed on the relevant Restricted Global Note and in the Indenture and the
Securities Act.
This certificate and the statements contained herein are made for your
benefit and the benefit of the Issuer and are dated ______________________.
[Insert Name of Transferor]
By:
------------------------------------
Name:
----------------------------------
Title:
---------------------------------
Dated:
------------------------------
C-3
EXHIBIT D
NOTE GUARANTEE
For value received, each of the undersigned hereby unconditionally
guarantees, as principal obligor and not only as a surety, to the Holders of
Notes the cash payments in United States dollars of principal of, premium, if
any, and interest on such Notes (and including additional interest payable
thereon) in the amounts and at the times when due and interest on the overdue
principal, premium, if any, and interest, if any, of such Notes, if lawful, and
the payment or performance of all other Obligations of the Company under the
Indenture (as defined below) or the Notes, to the Holders of Notes and the
Trustee, all in accordance with and subject to the terms and limitations of the
Notes, Article Ten of the Indenture and this Note Guarantee. This Note Guarantee
will become effective in accordance with Article Ten of the Indenture and its
terms shall be evidenced therein. The validity and enforceability of this Note
Guarantee shall not be affected by the fact that it is not affixed to any
particular Note. Capitalized terms used but not defined herein shall have the
meanings ascribed to them in the Indenture dated as of November 23, 2005, among
Sunshine Acquisition II, Inc., a Delaware corporation, SS&C Technologies, Inc.,
a Delaware corporation (the "Company"), the Guarantors party thereto and Xxxxx
Fargo Bank, National Association, as trustee (as amended or supplemented, the
"Indenture").
This Note Guarantee shall become effective upon consummation of the
Acquisition.
THIS NOTE GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE
PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAW OF
ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. Each Guarantor hereby agrees to
submit to the jurisdiction of the courts of the State of New York in any action
or proceeding arising out of or relating to this Note Guarantee.
This Note Guarantee is subordinated in right of payment, in the manner
and to the extent set forth in Article 10 of the Indenture, to the prior payment
in full in cash or Cash Equivalents of all Guarantor Senior Debt, whether
outstanding on the date of the Indenture or thereafter created, incurred,
assumed or guarantee.
This Note Guarantee is subject to release upon the terms set forth in
the Indenture.
[Signatures on following pages]
D-1
FINANCIAL MODELS COMPANY LTD.
By:
------------------------------------
Name:
----------------------------------
Title:
---------------------------------
FINANCIAL MODELS HOLDINGS INC.
By:
------------------------------------
Name:
----------------------------------
Title:
---------------------------------
SS&C FUND ADMINISTRATION SERVICES LLC
By:
------------------------------------
Name:
----------------------------------
Title:
---------------------------------
OMR SYSTEMS CORPORATION
By:
------------------------------------
Name:
----------------------------------
Title:
---------------------------------
OPEN INFORMATION SYSTEMS, INC.
By:
------------------------------------
Name:
----------------------------------
Title:
---------------------------------
D-2
