AVIALL, INC., as Company, THE SUBSIDIARY GUARANTORS, named herein, AND as Trustee
Exhibit 4.1
Β
AVIALL, INC.,
Β
as Company,
Β
THE SUBSIDIARY GUARANTORS,
Β
named herein,
Β
AND
Β
Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β ,
Β
as Trustee
Β
Β
Β
DATED AS OF
Β
Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β , 2004
Β
Β
DEBT SECURITIES
(SENIOR DEBT)
Β
Reconciliation and tie between Trust Indenture Act of 1939
and Indenture, dated as of Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β , 2004
Β
SECTION OF TRUST INDENTURE ACT OF 1939 |
Β Β | SECTION(S) OF INDENTURE | ||
ss.310Β Β Β Β |
Β Β | (a)(1) | Β Β | 609 |
Β | Β Β | (a)(2) | Β Β | 609 |
Β | Β Β | (a)(3) | Β Β | NotΒ Applicable |
Β | Β Β | (a)(4) | Β Β | Not Applicable |
Β | Β Β | (b) | Β Β | 608, 610 |
ss.311 |
Β Β | (a) | Β Β | 613 |
Β | Β Β | (b) | Β Β | 613 |
Β | Β Β | (c) | Β Β | Not Applicable |
ss.312 |
Β Β | (a) | Β Β | 701, 702(a) |
Β | Β Β | (b) | Β Β | 702(b) |
Β | Β Β | (c) | Β Β | 702(c) |
ss.313 |
Β Β | (a) | Β Β | 703(a) |
Β | Β Β | (b) | Β Β | 703(b) |
Β | Β Β | (c) | Β Β | 703(c) |
Β | Β Β | (d) | Β Β | 703(d) |
ss.314 |
Β Β | (a) | Β Β | 704, 1005 |
Β | Β Β | (b) | Β Β | Not Applicable |
Β | Β Β | (c)(1) | Β Β | 103 |
Β | Β Β | (c)(2) | Β Β | 103 |
Β | Β Β | (c)(3) | Β Β | Not Applicable |
Β | Β Β | (d) | Β Β | Not Applicable |
Β | Β Β | (e) | Β Β | 103 |
ss.315 |
Β Β | (a) | Β Β | 601(a) |
Β | Β Β | (b) | Β Β | 602 |
Β | Β Β | (c) | Β Β | 601(b) |
Β | Β Β | (d) | Β Β | 601(c) |
Β | Β Β | (d)(1) | Β Β | 601(a)(1) |
Β | Β Β | (d)(2) | Β Β | 601(c)(2) |
Β | Β Β | (d)(3) | Β Β | 601(c)(3) |
Β | Β Β | (e) | Β Β | 513 |
ss.316 |
Β Β | (a)(1)(A) | Β Β | 502, 511 |
Β | Β Β | (a)(1)(B) | Β Β | 512 |
Β | Β Β | (a)(2) | Β Β | Not Applicable |
Β | Β Β | (a)(last sentence) | Β Β | 101 |
Β | Β Β | (b) | Β Β | 508 |
ss.317 |
Β Β | (a)(1) | Β Β | 503 |
Β | Β Β | (a)(2) | Β Β | 504 |
Β | Β Β | (b) | Β Β | 1003 |
ss.318 |
Β Β | (a) | Β Β | 108 |
Β
Note: This reconciliation and tie shall not, for any purpose, be deemed to be a part of the Indenture.
Β
II
TABLE OF CONTENTS
Β
ARTICLE ONE
DEFINITIONS AND OTHER PROVISIONS OF
GENERAL APPLICATION
Β
Β | Β Β | Β | Β Β | PAGE |
SECTION 101. |
Β Β | DEFINITIONS | Β Β | 1 |
Act |
Β Β | 2 | ||
Additional Amounts |
Β Β | 2 | ||
Affiliate |
Β Β | 2 | ||
Agent Members |
Β Β | 2 | ||
Authenticating Agent |
Β Β | 2 | ||
Authorized Newspaper |
Β Β | 2 | ||
Board of Directors |
Β Β | 2 | ||
Board Resolution |
Β Β | 2 | ||
Business Day |
Β Β | 3 | ||
Commission |
Β Β | 3 | ||
Common Stock |
Β Β | 3 | ||
Company |
Β Β | 3 | ||
Company Request |
Β Β | 3 | ||
Conversion Event |
Β Β | 3 | ||
Corporate Trust Office |
Β Β | 3 | ||
Defaulted Interest |
Β Β | 3 | ||
Depositary |
Β Β | 3 | ||
Dollar or $ |
Β Β | 3 | ||
Event of Default |
Β Β | 3 | ||
Exchange Rate |
Β Β | 3 | ||
Holder |
Β Β | 3 | ||
Β Β | 3 | |||
Interest |
Β Β | 4 | ||
Interest Payment Date |
Β Β | 4 | ||
Judgment Currency |
Β Β | 4 | ||
Maturity |
Β Β | 4 | ||
Obligor |
Β Β | 4 | ||
Officersβ Certificate |
Β Β | 4 | ||
Opinion of Counsel |
Β Β | 4 | ||
Original Issue Discount Security |
Β Β | 4 | ||
Outstanding |
Β Β | 4 | ||
Paying Agent |
Β Β | 5 | ||
Person |
Β Β | 5 | ||
Place of Payment |
Β Β | 5 | ||
Predecessor Security |
Β Β | 5 | ||
Redemption Date |
Β Β | 5 | ||
Redemption Price |
Β Β | 5 | ||
Regular Record Date |
Β Β | 5 | ||
Required Currency |
Β Β | 6 | ||
Responsible Officer |
Β Β | 6 | ||
Securities |
Β Β | 6 | ||
Security Custodian |
Β Β | 6 |
Β
i
Security Register |
Β Β | 6 | ||
Significant Subsidiary |
Β Β | 6 | ||
Special Record Date |
Β Β | 6 | ||
Stated Maturity |
Β Β | 6 | ||
Subsidiary |
Β Β | 6 | ||
Subsidiary Guarantee |
Β Β | 6 | ||
Subsidiary Guarantor |
Β Β | 6 | ||
Trustee |
Β Β | 7 | ||
Trust Indenture Act |
Β Β | 0 | ||
Xxxxxx Xxxxxx |
Β Β | 0 | ||
Xxxxxx Xxxxxx Alien |
Β Β | 7 | ||
U.S. Government Obligations |
Β Β | 7 | ||
Vice President |
Β Β | 7 | ||
Wholly Owned Subsidiary |
Β Β | 7 | ||
Yield to Maturity |
Β Β | 7 | ||
SECTION 102. |
Β Β | INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT | Β Β | 7 |
SECTION 103. |
Β Β | COMPLIANCE CERTIFICATES AND OPINIONS | Β Β | 8 |
SECTION 104. |
Β Β | FORM OF DOCUMENTS DELIVERED TO TRUSTEE | Β Β | 8 |
SECTION 105. |
Β Β | ACTS OF HOLDERS; RECORD DATES | Β Β | 9 |
SECTION 106. |
Β Β | NOTICES, ETC., TO TRUSTEE, COMPANY AND SUBSIDIARY GUARANTORS | Β Β | 10 |
SECTION 107. |
Β Β | NOTICE TO HOLDERS; WAIVER | Β Β | 10 |
SECTION 108. |
Β Β | CONFLICT WITH TRUST INDENTURE ACT | Β Β | 10 |
SECTION 109. |
Β Β | EFFECT OF HEADINGS AND TABLE OF CONTENTS | Β Β | 11 |
SECTION 110. |
Β Β | SUCCESSORS AND ASSIGNS | Β Β | 11 |
SECTION 111. |
Β Β | SEPARABILITY CLAUSE | Β Β | 11 |
SECTION 112. |
Β Β | BENEFITS OF INDENTURE | Β Β | 11 |
SECTION 113. |
Β Β | GOVERNING LAW | Β Β | 11 |
SECTION 114. |
Β Β | LEGAL HOLIDAYS | Β Β | 11 |
SECTION 115. |
Β Β | CORPORATE OBLIGATION | Β Β | 11 |
SECTION 116. |
Β Β | COUNTERPART ORIGINALS | Β Β | 11 |
SECTION 117. |
Β Β | NO PERSONAL LIABILITY OF DIRECTORS, OFFICERS, EMPLOYEES AND STOCKHOLDERS | Β Β | 12 |
Β
ii
ARTICLE TWO | Β Β | Β | ||
SECURITY FORMS | Β Β | Β | ||
SECTION 201. |
Β Β | FORMS GENERALLY | Β Β | 12 |
SECTION 202. |
Β Β | FORM OF TRUSTEEβS CERTIFICATE OF AUTHENTICATION | Β Β | 12 |
ARTICLE THREE | Β Β | Β | ||
THE SECURITIES | Β Β | Β | ||
SECTION 301. |
Β Β | AMOUNT UNLIMITED; ISSUABLE IN SERIES | Β Β | 12 |
SECTION 302. |
Β Β | DENOMINATIONS | Β Β | 15 |
SECTION 303. |
Β Β | EXECUTION, AUTHENTICATION, DELIVERY AND DATING | Β Β | 15 |
SECTION 304. |
Β Β | TEMPORARY SECURITIES | Β Β | 16 |
SECTION 305. |
Β Β | REGISTRATION, REGISTRATION OF TRANSFER AND EXCHANGE | Β Β | 17 |
SECTION 306. |
Β Β | MUTILATED, DESTROYED, LOST AND STOLEN SECURITIES | Β Β | 20 |
SECTION 307. |
Β Β | PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED | Β Β | 21 |
SECTION 308. |
Β Β | PERSONS DEEMED OWNERS | Β Β | 22 |
SECTION 309. |
Β Β | CANCELLATION | Β Β | 22 |
SECTION 310. |
Β Β | COMPUTATION OF INTEREST | Β Β | 22 |
SECTION 311. |
Β Β | CUSIP NUMBERS | Β Β | 23 |
SECTION 312. |
Β Β | PERIODIC OFFERING OF SECURITIES | Β Β | 23 |
ARTICLE FOUR | Β Β | Β | ||
SATISFACTION AND DISCHARGE | Β Β | Β | ||
SECTION 401. |
Β Β | SATISFACTION AND DISCHARGE OF INDENTURE | Β Β | 23 |
SECTION 402. |
Β Β | APPLICATION OF TRUST MONEY | Β Β | 25 |
SECTION 403. |
Β Β | DISCHARGE OF LIABILITY ON SECURITIES OF ANY SERIES | Β Β | 25 |
SECTION 404. |
Β Β | REINSTATEMENT | Β Β | 26 |
Β
iii
ARTICLE FIVE | Β Β | Β | ||
REMEDIES | Β Β | Β | ||
SECTION 501. |
Β Β | EVENTS OF DEFAULT | Β Β | 26 |
SECTION 502. |
Β Β | ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT | Β Β | 28 |
SECTION 503. |
Β Β | COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY TRUSTEE | Β Β | 29 |
SECTION 504. |
Β Β | TRUSTEE MAY FILE PROOFS OF CLAIM | Β Β | 29 |
SECTION 505. |
Β Β | TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF SECURITIES OR COUPONS | Β Β | 30 |
SECTION 506. |
Β Β | APPLICATION OF MONEY COLLECTED | Β Β | 30 |
SECTION 507. |
Β Β | LIMITATION ON SUITS | Β Β | 31 |
SECTION 508. |
Β Β | UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE PRINCIPAL PREMIUM AND INTEREST | Β Β | 32 |
SECTION 509. |
Β Β | RESTORATION OF RIGHTS AND REMEDIES | Β Β | 32 |
SECTION 510. |
Β Β | RIGHTS AND REMEDIES CUMULATIVE | Β Β | 32 |
SECTION 511. |
Β Β | DELAY OR OMISSION NOT WAIVER | Β Β | 32 |
SECTION 512. |
Β Β | CONTROL BY HOLDERS | Β Β | 32 |
SECTION 513. |
Β Β | WAIVER OF PAST DEFAULTS | Β Β | 33 |
SECTION 514. |
Β Β | UNDERTAKING FOR COSTS | Β Β | 33 |
SECTION 515. |
Β Β | WAIVER OF STAY OR EXTENSION LAWS | Β Β | 33 |
ARTICLE SIX | Β Β | Β | ||
THE TRUSTEE | Β Β | Β | ||
SECTION 601. |
Β Β | CERTAIN DUTIES AND RESPONSIBILITIES | Β Β | 34 |
SECTION 602. |
Β Β | NOTICE OF DEFAULTS | Β Β | 35 |
SECTION 603. |
Β Β | CERTAIN RIGHTS OF TRUSTEE | Β Β | 35 |
SECTION 604. |
Β Β | NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF SECURITIES | Β Β | 36 |
SECTION 605. |
Β Β | MAY HOLD SECURITIES | Β Β | 36 |
SECTION 606. |
Β Β | MONEY HELD IN TRUST | Β Β | 36 |
Β
iv
SECTION 607. |
Β Β | COMPENSATION AND REIMBURSEMENT | Β Β | 37 |
SECTION 608. |
Β Β | DISQUALIFICATION; CONFLICTING INTERESTS | Β Β | 37 |
SECTION 609. |
Β Β | CORPORATE TRUSTEE REQUIRED; ELIGIBILITY | Β Β | 38 |
SECTION 610. |
Β Β | RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR | Β Β | 38 |
SECTION 611. |
Β Β | ACCEPTANCE OF APPOINTMENT BY SUCCESSOR | Β Β | 39 |
SECTION 612. |
Β Β | MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS | Β Β | 40 |
SECTION 613. |
Β Β | PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY AND SUBSIDIARY GUARANTORS | Β Β | 40 |
SECTION 614. |
Β Β | APPOINTMENT OF AUTHENTICATING AGENT | Β Β | 40 |
ARTICLE SEVEN | Β Β | Β | ||
HOLDERSβ LISTS AND REPORTS BY TRUSTEE AND COMPANY | Β Β | Β | ||
SECTION 701. |
Β Β | COMPANY TO FURNISH TRUSTEE NAMES AND ADDRESSES OF HOLDERS | Β Β | 42 |
SECTION 702. |
Β Β | PRESERVATION OF INFORMATION; COMMUNICATIONS TO HOLDERS | Β Β | 42 |
SECTION 703. |
Β Β | REPORTS BY TRUSTEE | Β Β | 43 |
SECTION 704. |
Β Β | REPORTS BY COMPANY | Β Β | 43 |
ARTICLE EIGHT | Β Β | Β | ||
CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE | Β Β | Β | ||
SECTION 801. |
Β Β | MERGER, CONSOLIDATION AND SALE OF ASSETS | Β Β | 43 |
SECTION 802. |
Β Β | SUCCESSOR PERSON SUBSTITUTED | Β Β | 45 |
ARTICLE NINE | Β Β | Β | ||
SUPPLEMENTAL INDENTURES | Β Β | Β | ||
SECTION 901. |
Β Β | SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF HOLDERS | Β Β | 45 |
SECTION 902. |
Β Β | SUPPLEMENTAL INDENTURES WITH CONSENT OF HOLDERS | Β Β | 46 |
SECTION 903. |
Β Β | EXECUTION OF SUPPLEMENTAL INDENTURES | Β Β | 47 |
Β
v
SECTION 904. |
Β Β | EFFECT OF SUPPLEMENTAL INDENTURES | Β Β | 47 |
SECTION 905. |
Β Β | CONFORMITY WITH TRUST INDENTURE ACT | Β Β | 47 |
SECTION 906. |
Β Β | REFERENCE IN SECURITIES TO SUPPLEMENTAL INDENTURES | Β Β | 47 |
ARTICLE TEN | Β Β | Β | ||
COVENANTS | Β Β | Β | ||
SECTION 1001. |
Β Β | PAYMENT OF PRINCIPAL, PREMIUM AND INTEREST | Β Β | 48 |
SECTION 1002. |
Β Β | MAINTENANCE OF OFFICE OR AGENCY | Β Β | 48 |
SECTION 1003. |
Β Β | MONEY FOR SECURITIES PAYMENTS TO BE HELD IN TRUST | Β Β | 48 |
SECTION 1004. |
Β Β | EXISTENCE | Β Β | 49 |
SECTION 1005. |
Β Β | STATEMENT BY OFFICERS AS TO DEFAULT | Β Β | 49 |
SECTION 1006. |
Β Β | WAIVER OF CERTAIN COVENANTS | Β Β | 50 |
SECTION 1007. |
Β Β | ADDITIONAL AMOUNTS | Β Β | 50 |
ARTICLE ELEVEN | Β Β | Β | ||
REDEMPTION OF SECURITIES | Β Β | Β | ||
SECTION 1101. |
Β Β | APPLICABILITY OF ARTICLE | Β Β | 51 |
SECTION 1102. |
Β Β | ELECTION TO REDEEM; NOTICE TO TRUSTEE | Β Β | 51 |
SECTION 1103. |
Β Β | SELECTION BY TRUSTEE OF SECURITIES TO BE REDEEMED | Β Β | 51 |
SECTION 1104. |
Β Β | NOTICE OF REDEMPTION | Β Β | 51 |
SECTION 1105. |
Β Β | DEPOSIT OF REDEMPTION PRICE | Β Β | 52 |
SECTION 1106. |
Β Β | SECURITIES PAYABLE ON REDEMPTION DATE | Β Β | 52 |
SECTION 1107. |
Β Β | SECURITIES REDEEMED IN PART | Β Β | 53 |
SECTION 1108. |
Β Β | PURCHASE OF SECURITIES | Β Β | 53 |
Β
vi
ARTICLE TWELVE | Β Β | Β | ||
SINKING FUNDS | Β Β | Β | ||
SECTION 1201. |
Β Β | APPLICABILITY OF ARTICLE | Β Β | 53 |
SECTION 1202. |
Β Β | SATISFACTION OF SINKING FUND PAYMENTS WITH SECURITIES | Β Β | 53 |
SECTION 1203. |
Β Β | REDEMPTION OF SECURITIES FOR SINKING FUND | Β Β | 54 |
ARTICLE THIRTEEN | Β Β | Β | ||
SUBSIDIARY GUARANTEES | Β Β | Β | ||
SECTION 1301. |
Β Β | APPLICABILITY OF ARTICLE | Β Β | 54 |
SECTION 1302. |
Β Β | SUBSIDIARY GUARANTEE | Β Β | 54 |
SECTION 1303. |
Β Β | EXECUTION AND DELIVERY OF SUBSIDIARY GUARANTEES | Β Β | 55 |
SECTION 1304. |
Β Β | RELEASE OF SUBSIDIARY GUARANTORS | Β Β | 56 |
SECTION 1305. |
Β Β | ADDITIONAL SUBSIDIARY GUARANTORS | Β Β | 56 |
ARTICLE FOURTEEN | Β Β | Β | ||
LEGAL DEFEASANCE AND COVENANT DEFEASANCE | Β Β | Β | ||
SECTION 1401. |
Β Β | OPTION TO EFFECT DEFEASANCE OR COVENANT DEFEASANCE | Β Β | 57 |
SECTION 1402. |
Β Β | LEGAL DEFEASANCE AND DISCHARGE | Β Β | 57 |
SECTION 1403. |
Β Β | COVENANT DEFEASANCE | Β Β | 57 |
SECTION 1404. |
Β Β | CONDITIONS TO LEGAL OR COVENANT DEFEASANCE | Β Β | 58 |
SECTION 1405. |
Β Β | DEPOSITED CASH AND U.S. GOVERNMENT OBLIGATIONS TO BE HELD IN TRUST; OTHER MISCELLANEOUS PROVISIONS | Β Β | 59 |
SECTION 1406. |
Β Β | REPAYMENT TO COMPANY | Β Β | 59 |
SECTION 1407. |
Β Β | REINSTATEMENT | Β Β | 60 |
Β
vii
INDENTURE, dated as of Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β , 2004 between Aviall, Inc., a corporation duly organized and existing under the laws of the State of Delaware (herein called the βCompanyβ), having its principal office at 0000 Xxxxxx Xxxxxxxxx, XXX Xxxxxxx, Xxxxx 00000, the Subsidiary Guarantors (as defined herein) and Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β , as Trustee (herein called the βTrusteeβ).
Β
RECITALS OF THE COMPANY
AND THE SUBSIDIARY GUARANTORS
Β
The Company has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its secured and unsecured debentures, notes or other evidences of indebtedness (herein called the βSecuritiesβ), to be issued in one or more series, either with or without the benefit of Subsidiary Guarantors (as defined herein) as in this Indenture provided. This Indenture does not limit the aggregate principal amount of Securities that may be issued hereunder.
Β
This Indenture is subject to the provisions of the Trust Indenture Act and the rules and regulations of the Commission promulgated thereunder that are required to be part of this Indenture and, to the extent applicable, shall be governed by such provisions.
Β
All things necessary to make this Indenture a valid agreement of the Company, in accordance with its terms, have been done.
Β
The Company and the Subsidiary Guarantors are members of the same consolidated group of companies. The Subsidiary Guarantors will derive direct and indirect economic benefit from the issuance of the Securities. Accordingly, each Subsidiary Guarantor has duly authorized the execution and delivery of this Indenture to provide for its full, unconditional and joint and several guarantee of the Securities to the extent provided in or pursuant this Indenture.
Β
NOW, THEREFORE, THIS INDENTURE WITNESSETH:
Β
For and in consideration of the premises and the purchase of the Securities by the Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of the Securities or of series thereof, as follows:
Β
ARTICLE ONE
Β
DEFINITIONS AND OTHER PROVISIONS
OF GENERAL APPLICATION
Β
SECTIONΒ 101. | Β | DEFINITIONS. |
Β
For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires:
Β
(1) the capitalized and other terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular;
Β
(2) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles in the United States, and, except as otherwise herein expressly provided, the term βgenerally accepted accounting principlesβ with respect to any computation required or permitted
Β
1
hereunder shall mean such accounting principles as are generally accepted in the United States at the date of such computation; and
Β
(3) the words βhereinβ, βhereofβ and βhereunderβ and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision.
Β
Certain terms, used principally in Article Six, are defined in Section 102.
Β
βAct,β when used with respect to any Holder, has the meaning specified in Section 105.
Β
βAdditional Amountsβ means any additional amounts that are required by the express terms of a Security or by or pursuant to a Board Resolution, under circumstances specified therein or pursuant thereto, to be paid by the Company with respect to certain taxes, assessments or other governmental charges imposed on certain Holders and that are owing to such Holders.
Β
βAffiliateβ of any specified Person means:
Β
(a) any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person.
Β
(b) any other Person who is a director or officer of: (1) such specified Person, (2) any Subsidiary of such specified Person, or (3) any Person described in clause (a) above.
Β
For the purposes of this definition, βcontrolβ when used with respect to any Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms βcontrollingβ and βcontrolledβ have meanings correlative to the foregoing.
Β
βAgent Membersβ has the meaning specified in Section 203.
Β
βAuthenticating Agentβ means any Person, which may include the Company, authorized by the Trustee to act on behalf of the Trustee pursuant to Section 614 to authenticate Securities of one or more series.
Β
βAuthorized Newspaperβ means a newspaper, in the English language or in an official language of the country of publication, customarily published on each Business Day, whether or not published on Saturdays, Sundays or holidays, and of general circulation in the place in connection with which the term is used or in the financial community of such place. Where successive publications are required to be made in Authorized Newspapers, the successive publications may be made in the same or in different newspapers in the same city meeting the foregoing requirements and in each case on any Business Day.
Β
βBoard of Directorsβ means, with respect to the Company, either the board of directors of the Company or any duly authorized committee of that board or with respect to any Subsidiary Guarantor, either the board of directors of such Subsidiary Guarantor or any duly authorized committee of that board.
Β
βBoard Resolutionβ means, with respect to the Company or a Subsidiary Guarantor, a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company or such Subsidiary Guarantor, as the case may be, to have been duly adopted by its Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee.
Β
2
βBusiness Day,β when used with respect to any Place of Payment, means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in that Place of Payment are authorized or obligated by law or executive order to close.
Β
βCommissionβ means the Securities and Exchange Commission, as from time to time constituted, created under the Securities Exchange Act of 1934, as amended, or, if at any time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such time.
Β
βCommon Stockβ means the common stock, par value $0.01 per share, of the Company as the same exists at the date of execution and delivery of this Indenture or other capital stock of the Company into which such common stock is converted, reclassified or changed from time to time.
Β
βCompanyβ means the Person named as the βCompanyβ in the first paragraph of this Indenture until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter βCompanyβ shall mean such successor Person.
Β
βCompany Requestβ and βCompany Orderβ mean, respectively, a written request or order signed in the name of the Company by its Chairman of the Board, its President or a Vice President and delivered to the Trustee.
Β
βConversion Eventβ has the meaning specified in Section 501.
Β
βCorporate Trust Officeβ means the principal office of the Trustee in Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β , Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β at which at any particular time its corporate trust business shall be principally administered, which office at the date hereof is that indicated in the introductory paragraph of this Indenture.
Β
βDefaulted Interestβ has the meaning specified in Section 307.
Β
βDepositaryβ means, with respect to the Securities of any series issuable or issued in whole or in part in global form, the Person designated as Depositary by the Company pursuant to Section 301 with respect to the Securities of such series until a successor Depositary shall have become such pursuant to the applicable provisions of this Indenture, and thereafter βDepositaryβ shall mean or include each Person who is then a Depositary hereunder, and if at anytime there is more than one such Person, βDepositaryβ as used with respect to the Securities of any series shall mean the Depositary with respect to the Securities of that series.
Β
βDollarβ or β$β means a dollar or other equivalent unit in such coin or currency of the United States as at the time shall be legal tender for the payment of public and private debts.
Β
βEvent of Defaultβ has the meaning specified in Section 501.
Β
βExchange Rateβ has the meaning specified in Section 501.
Β
βHolder,β when used with respect to any Security, means the Person in whose name the Security is registered in the Security Register.
Β
βIndentureβ means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof and shall include the terms of particular series of Securities established
Β
3
hereunder and the provisions of the Trust Indenture Act that are deemed to be a part of and govern this instrument.
Β
βInterest,β when used with respect to an Original Issue Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity.
Β
βInterest Payment Date,β when used with respect to any Security, means the Stated Maturity of an installment of interest on such Security.
Β
βJudgment Currencyβ has the meaning specified in Section 506.
Β
βMaturity,β when used with respect to any Security, means the date on which the principal of such Security or an installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise.
Β
βObligor,β unless otherwise provided with respect to the Securities of a series, means the Company, any Subsidiary Guarantor with respect to such Securities and any successor obligor upon the Securities of such series.
Β
βOfficersβ Certificateβ means a certificate signed by the Chairman of the Board, the President or a Vice President, and by the Treasurer, the Controller, the Secretary or an Assistant Treasurer, Assistant Controller or Assistant Secretary, of the Company, or a Subsidiary Guarantor, as the case may be, and delivered to the Trustee, which certificate shall comply with Section 103 hereof.
Β
βOpinion of Counselβ means a written opinion of counsel, who shall be reasonably satisfactory to the Trustee and may be counsel for or an employee of the Company, any Subsidiary of the Company or the Trustee, rendered, if applicable, in accordance with Section 314(c) of the Trust Indenture Act, which opinion shall comply with Section 103 hereof.
Β
βOriginal Issue Discount Securityβ means (a) any Security which provides for an amount less than the principal amount thereof to be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502 and (b) any other Security deemed to be an original issue discount for United States federal income tax purposes.
Β
βOutstanding,β when used with respect to Securities of a series, means, as of the date of determination, all Securities of such series theretofore authenticated and delivered under this Indenture, EXCEPT:
Β
(i) Securities theretofore cancelled by the Trustee or delivered to the Trustee for cancellation;
Β
(ii) Securities for whose payment or redemption money in the necessary amount has been theretofore irrevocably deposited with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Securities; PROVIDED HOWEVER that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made;
Β
(iii) Securities with respect to which the Company has elected its option under Article Fourteen hereunder (subject to the exceptions described therein); and
Β
4
(iv) Securities which have been paid pursuant to Section 306 or in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Securities are held by a bona fide purchaser in whose hands such Securities are valid obligations of the Company;
Β
PROVIDED HOWEVER that in determining whether the Holders of the requisite principal amount of the Outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, (a) the principal amount of an Original Issue Discount Security that shall be deemed to be Outstanding for such purposes shall be the principal amount thereof that would be due and payable as of the date of such determination upon acceleration of the Maturity thereof pursuant to Section 502, (b) the principal amount of a Security denominated in a foreign currency shall be the U.S. dollar equivalent, determined by the Company on the date of original issuance of such Security, of the principal amount (or, in the case of an Original Issue Discount Security, the U.S. dollar equivalent, determined on the date of original issuance of such Security, of the amount determined as provided in (a) above), of such Security and (c) Securities owned by the Company, or any Subsidiary Guarantor or any other obligor upon the Securities or any Affiliate of the Company, a Subsidiary Guarantor or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver or upon any such determination as to the presence of a quorum, only Securities which the Trustee knows to be so owned shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgeeβs right so to act with respect to such Securities and that the pledgee is not the Company, a Subsidiary Guarantor or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor.
Β
βPaying Agentβ means any Person, which may include the Company, authorized by the Company to pay the principal of (and premium, if any) and interest on or Additional Amounts with respect to any one or more series of Securities on behalf of the Company.
Β
βPersonβ means any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof, or any other entity of any kind.
Β
βPlace of Payment,β when used with respect to the Securities of any series, means the place or places where the principal of (and premium, if any) and interest on and any Additional Amounts with respect to the Securities of that series are payable as contemplated by Section 301.
Β
βPredecessor Securityβ of any particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 306 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Security.
Β
βRedemption Date,β when used with respect to any Security to be redeemed, means the date fixed for such redemption by or pursuant to the terms of such Security and this Indenture.
Β
βRedemption Price,β when used with respect to any Security to be redeemed, means the price at which it is to be redeemed pursuant to the terms of the Security and this Indenture.
Β
βRegular Record Dateβ for the interest payable on any Interest Payment Date on the Securities of any series means the date specified for that purpose as contemplated by Section 301.
Β
5
βRequired Currencyβ has the meaning specified in Section 506.
Β
βResponsible Officer,β when used with respect to the Trustee, means any Vice President, the Secretary, any Assistant Secretary, the Treasurer, and Assistant Treasurer, the Cashier, any Assistant Cashier, any Trust Officer or Assistant Trust Officer or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject.
Β
βSecuritiesβ has the meaning stated in the first recital of this Indenture and more particularly means any Securities authenticated and delivered under this Indenture.
Β
βSecurity Custodianβ means, with respect to Securities of a series issued in global form, the Trustee for Securities of such series, acting in its capacity as custodian with respect to the Securities of such series, or any successor entity thereto.
Β
βSecurity Registerβ and βSecurity Registrarβ have the respective meanings specified in Section 305.
Β
βSignificant Subsidiaryβ means, at any date of determination, any Subsidiary that represents 10% or more of the Companyβs total consolidated assets at the end of the most recent fiscal quarter for which financial information is available or 10% or more of the Companyβs consolidated net revenues or consolidated operating income for the most recent four quarters for which financial information is available.
Β
βSpecial Record Dateβ for the payment of any Defaulted Interest on the Securities of any series means a date fixed by the Trustee pursuant to Section 307.
Β
βStated Maturity,β when used with respect to any Security or any installment of principal thereof or interest thereon, means the date specified in such Security as the fixed date on which the principal of such Security or such installment of principal or interest is due and payable.
Β
βSubsidiaryβ means a corporation or other business entity of which the Company owns or controls (either directly or through one or more other Subsidiaries) more than 50% of the issued share capital or other ownership interests, in each case having ordinary voting power to elect or appoint directors, managers or trustees of such corporation or other business entity (whether or not capital stock or other ownership interests or any other class or classes shall or might have voting power upon the occurrence of any contingency).
Β
βSubsidiary Guaranteeβ means a full and unconditional guarantee by a Subsidiary Guarantor of the obligations of the Company with respect to the Securities of a series, which guarantee shall be on the basis, and subject to the terms and conditions, as may be specified as contemplated by Section 301 in connection with the issuance of the Securities of such series.
Β
βSubsidiary Guarantorβ in respect of a series of Securities means (i) each Subsidiary that (a) is designated as a Subsidiary Guarantor in any indenture supplemental with respect to any series of Securities and (b) provides a Subsidiary Guarantee with respect to that series of Securities, (ii) any other Subsidiary that executes a Subsidiary Guarantee with respect to a series of Securities in accordance with the provisions thereof and (iii) each successor and assign to (i) and (ii), to the extent specified in the Subsidiary Guarantees, in each case until such Subsidiary Guarantor ceases to be a Subsidiary Guarantor in accordance with the terms hereof.
Β
6
βTrusteeβ means the Person named as the βTrusteeβ in the first paragraph of this Indenture until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter βTrusteeβ shall mean or include each Person who is then a Trustee hereunder, and if at any time there is more than one such Person, βTrusteeβ as used with respect to the Securities of any series shall mean the Trustee with respect to Securities of that series.
Β
βTrust Indenture Actβ means the Trust Indenture Act of 1939, as amended, as in force at the date as of which this instrument was executed, except as provided in Section 905.
Β
βUnited Statesβ means the United States of America (including the states and the District of Columbia) and its βpossessionsβ, which include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands.
Β
βUnited States Alienβ means any Person who, for United States federal income tax purposes, is a foreign corporation, a non-resident alien individual, a non-resident alien or foreign fiduciary of an estate or trust, or a foreign partnership.
Β
βU.S. Government Obligationsβ has the meaning specified in Section 401.
Β
βVice President,β when used with respect to the Company or the Trustee, means any vice president, whether or not designated by a number or a word or words added before or after the title βvice presidentβ.
Β
βWholly Owned Subsidiaryβ means a corporation all the outstanding voting stock (other than any directorsβ qualifying shares) of which is owned, directly or indirectly, by the Company or by one or more other Wholly Owned Subsidiaries, or by the Company and one or more other Wholly Owned Subsidiaries. For the purposes of this definition, βvoting stockβ means stock which ordinarily has voting power for the election of directors, whether at all times or only so long as no senior class of stock has such voting power by reason of any contingency.
Β
βYield to Maturity,β when used with respect to any Original Issue Discount Security, means the yield to maturity, if any, set forth on the face thereof.
Β
SECTIONΒ 102. | Β | INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT. |
Β
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:
Β
βBankruptcy Actβ means the Bankruptcy Act or Title 11 of the United States Code.
Β
βindenture securitiesβ means the Securities.
Β
βindenture security holderβ means a Holder.
Β
βindenture to be qualifiedβ means this Indenture.
Β
βobligorβ on the indenture securities means the Company or any other obligor on the Securities.
Β
7
All 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 Commission rule under the Trust Indenture Act and not otherwise defined herein have the meanings assigned to them therein.
Β
SECTIONΒ 103. | Β | COMPLIANCE CERTIFICATES AND OPINIONS. |
Β
Except as otherwise expressly provided by this Indenture, upon any application or request by the Company or any Subsidiary Guarantor to the Trustee to take any action under any provision of this Indenture, the Company or the Subsidiary Guarantor, as appropriate, shall furnish to the Trustee an Officersβ Certificate stating that all conditions precedent, if any (including any covenants the compliance with which constitutes a condition precedent) provided for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any (including any covenants the compliance with which constitutes a condition precedent) have been complied with, except that in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished.
Β
Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include
Β
(1) a statement that each Person signing such certificate or opinion has read such covenant or condition and the definitions herein relating thereto;
Β
(2) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;
Β
(3) a statement that, in the opinion of each such Person, such Person has made such examination or investigation as is necessary to enable such Person to express an informed opinion as to whether or not such covenant or condition has been complied with; and
Β
(4) a statement as to whether, in the opinion of each such Person, such condition or covenant has been complied with.
Β
SECTIONΒ 104. | Β | FORM OF DOCUMENTS DELIVERED TO TRUSTEE. |
Β
In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.
Β
Any certificate or opinion of an officer of the Company or a Subsidiary Guarantor may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his certificate or opinion is based are erroneous. Any such certificate or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Company or a Subsidiary Guarantor stating that the information with respect to such factual matters is in the possession of the Company or such Subsidiary Guarantor, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous.
Β
8
Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument.
Β
SECTIONΒ 105. | Β | ACTS OF HOLDERS; RECORD DATES. |
Β
(1) 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 thereof or both are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments and any such record (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the βActβ of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent, or the holding of any Person of a Security, shall be sufficient for any purpose of this Indenture and (subject to Section 601) conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section.
Β
(2) The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient.
Β
(3) The principal amount and serial numbers of Securities held by any Person, and the date of holding the same, shall be proved by the Security Register.
Β
(4) Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company in reliance thereon, whether or not notation of such action is made upon such Security. Any Holder or subsequent Holder may revoke the request, demand, authorization, direction, notice, consent or other Act as to his Security or portion of his Security; PROVIDED HOWEVER that such revocation shall be effective only if the Trustee receives the notice of revocation before the date the Act becomes effective.
Β
The Company may set in advance a record date for purposes of determining the identity of Holders of Securities entitled to vote or consent to any action by vote or consent authorized or permitted under this Indenture. If a record date is fixed, those Persons who were Holders of Outstanding Securities at the close of business on such record date (or their duly designated proxies), and only those Persons, shall be entitled with respect to such Securities to take such action by vote or consent or to revoke any vote or consent previously given, whether or not such Persons continue to be Holders after such record date. Promptly after any record date is set pursuant to this paragraph, the Company, at its own expense, shall cause notice thereof to be given to the Trustee in writing in the manner provided in Section 106 and to the relevant Holders as set forth in Section 107.
Β
9
SECTIONΒ 106. | Β | NOTICES, ETC., TO TRUSTEE, COMPANY AND SUBSIDIARY GUARANTORS. |
Β
Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with,
Β
(1) the Trustee by any Holder or by the Company or by any Subsidiary Guarantor shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Trustee at its Corporate Trust Office, Attention: Corporate Trust Administration, or
Β
(2) the Company or any Subsidiary Guarantor by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to the Company addressed to it at the address of its principal office specified in the first paragraph of this Indenture or at any other address previously furnished in writing to the Trustee by the Company and, in the case of a Subsidiary Guarantor, at the address previously provided by the Subsidiary Guarantor, to the Trustee, Attention: Corporate Secretary.
Β
SECTIONΒ 107. | Β | NOTICE TO HOLDERS; WAIVER. |
Β
Where this Indenture provides for notice to Holders of Securities of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to each Holder affected by such event, at the address of such Holder as it appears in the Security Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice.
Β
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 to Holders of Securities by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. In any case in which notice to Holders of Securities is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder of a Security, shall affect the sufficiency of such notice with respect to other Holders of Securities.
Β
Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.
Β
SECTIONΒ 108. | Β | CONFLICT WITH TRUST INDENTURE ACT. |
Β
If any provision hereof limits, qualifies or conflicts with any provision of the Trust Indenture Act or another provision hereof which is required to be included in this Indenture by any of the provisions of the Trust Indenture Act, such provision of the Trust Indenture Act shall control. If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act which may be so modified or excluded, the former provision shall be deemed to apply to this Indenture as so modified or to be excluded.
Β
10
SECTIONΒ 109. | Β | EFFECT OF HEADINGS AND TABLE OF CONTENTS. |
Β
The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof.
Β
SECTIONΒ 110. | Β | SUCCESSORS AND ASSIGNS. |
Β
All covenants and agreements in this Indenture by the Company or any Subsidiary Guarantor shall bind its successors and assigns, whether so expressed or not.
Β
SECTIONΒ 111. | Β | SEPARABILITY CLAUSE. |
Β
In case any provision in this Indenture, the Securities or the Subsidiary Guarantees 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.
Β
SECTIONΒ 112. | Β | BENEFITS OF INDENTURE. |
Β
Nothing in this Indenture or in the Securities or the Subsidiary Guarantees, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder, any Authenticating Agent, Paying Agent and Security Registrar, and the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture.
Β
SECTIONΒ 113. | Β | GOVERNING LAW. |
Β
This Indenture, any Subsidiary Guarantees and the Securities 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 the application of the laws of another jurisdiction would be required thereby.
Β
SECTIONΒ 114. | Β | LEGAL HOLIDAYS. |
Β
In any case where any Interest Payment Date, Redemption Date or Stated Maturity of any Security shall not be a Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or of the Securities) payment of principal and interest (and premium and Additional Amounts, if any) need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date or Redemption Date, or at the Stated Maturity, PROVIDED HOWEVER that no interest shall accrue with respect to such payment for the period from and after such Interest Payment Date, Redemption Date or Stated Maturity, as the case may be.
Β
SECTIONΒ 115. | Β | CORPORATE OBLIGATION. |
Β
No recourse may be taken, directly or indirectly, against any incorporator, subscriber to the capital stock, stockholder, officer, director or employee of the Company or the Trustee or of any predecessor or successor of the Company or the Trustee with respect to the Companyβs obligations on the Securities or the obligations of the Company or the Trustee under this Indenture or any certificate or other writing delivered in connection herewith.
Β
SECTIONΒ 116. | Β | COUNTERPART ORIGINALS. |
Β
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.
Β
11
SECTIONΒ 117. | Β | NO PERSONAL LIABILITY OF DIRECTORS, OFFICERS, EMPLOYEES AND STOCKHOLDERS. |
Β
No past, present or future director, officer, employee, incorporator or stockholder of the Company or any Subsidiary Guarantor, as such, shall have any liability for any obligations of the Company or the Subsidiary Guarantors under the Securities of any series, any guarantee of securities or for any claims based on, in respect of, or by reason of, such obligations or their creation.
Β
ARTICLE TWO
Β
SECURITY FORMS
Β
SECTIONΒ 201. | Β | FORMS GENERALLY. |
Β
The Securities of each series and, if applicable, the Subsidiary Guarantees to be endorsed thereon, shall be in fully registered form and in substantially such form or forms (including temporary or permanent global form) as shall be established by or pursuant to a Board Resolution or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or as may, consistently herewith, be determined by the officers executing such Securities or Subsidiary Guarantees, as evidenced by their execution of the Securities. If temporary Securities of any series are issued in global form as permitted by Section 304, the form thereof shall be established as provided in the preceding sentence. A copy of the Board Resolution establishing the form or forms of Securities of any series (or any such temporary global Security), including a copy of the approved form of Securities, shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Company Order contemplated by Section 303 for the authentication and delivery of such Securities (or any such temporary global Security). The definitive Securities shall be printed, lithographed or engraved on steel engraved borders or may be produced in any other manner, all as determined by the officers executing such Securities, as evidenced by their execution thereof.
Β
SECTIONΒ 202. | Β | FORM OF TRUSTEEβS CERTIFICATE OF AUTHENTICATION. |
Β
The Trusteeβs certificate of authentication shall be in substantially the following form: βThis is one of the Securities of the series designated therein referred to in the within- mentioned Indenture.
Β
[Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β ], AS TRUSTEE
By AUTHORIZED SIGNATORY.β
Β
ARTICLE THREE
Β
THE SECURITIES
Β
SECTIONΒ 301. | Β | AMOUNT UNLIMITED; ISSUABLE IN SERIES. |
Β
The aggregate principal amount of Securities which may be authenticated and delivered under this Indenture is unlimited.
Β
12
The Securities may be issued in one or more series. There shall be established in or pursuant to a Board Resolution, and set forth in an Officersβ Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any series,
Β
(1) the title of the Securities of the series (which shall distinguish the Securities of the series from all other Securities);
Β
(2) if the Securities of the series will not have the benefit of the Subsidiary Guarantees of the Subsidiary Guarantors, the terms of the Subsidiary Guarantees, including the circumstances in which such Subsidiary Guarantees may be released;
Β
(3) any limit upon the aggregate principal amount of the Securities of the series which may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to Section 304, 305, 306, 906 or 1107 and except for any Security which, pursuant to Section 303, are deemed never to have been authenticated and delivered hereunder);
Β
(4) if applicable, whether any Securities of the series are to be issuable initially in temporary global form and whether any Securities of the series are to be issuable in permanent global form, and, if so, whether beneficial owners of interests in any such global Security may exchange such interests for Securities of such series and of like tenor of any authorized form and denomination and the circumstances under which any such exchanges may occur, if other than in the manner provided in Section 203, the Depositary for any global Security or Securities of such series, the form of legend or legends that shall be borne by any such global security and any transfer of such global security in whole or in part;
Β
(5) the Person to whom any interest in a Security of a series shall be payable, if other than the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such payment.
Β
(6) the manner in which any interest payable on a temporary global Security on any Interest Payment Date will be paid if other than in the manner provided in Section 304;
Β
(7) the date or dates on which the principal of (and premium, if any, on) the Securities of the series is payable or the method of determination thereof;
Β
(8) the rate or rates (which may be fixed or variable), or the method of determination thereof, at which the Securities of the series shall bear interest, if any, whether and under what circumstances Additional Amounts with respect to such Securities shall be payable, the date or dates from which such interest shall accrue, the Interest Payment Dates on which such interest shall be payable and, if other than as set forth in Section 101, the Regular Record Date for the interest payable on any Securities on any Interest Payment Date;
Β
(9) the place or places where, subject to the provisions of Section 1002, the principal of (and premium, if any), any interest on and any Additional Amounts with respect to the Securities of the series shall be payable;
Β
(10) the period or periods within which, the price or prices (whether denominated in cash, securities or otherwise) at which and the terms and conditions upon which Securities of the series may be redeemed, in whole or in part, at the option of the Company, if the Company is to
Β
13
have that option, and the manner in which the Company must exercise any such option if different from those set forth herein;
Β
(11) the obligation, if any, of the Company to redeem or purchase Securities of the series pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof and the period or periods within which, the price or prices (whether denominated in cash, securities or otherwise) at which and the terms and conditions upon which Securities of the series shall be redeemed or purchased in whole or in part pursuant to such obligation;
Β
(12) the denomination in which any Securities of that series shall be issuable, if other than denominations of $1,000 and any integral multiple thereof;
Β
(13) the currency or currencies (including composite currencies) if other than Dollars, or the form, including equity securities, other debt securities (including Securities), warrants or any other securities or property of the Company or any other Person, in which payment of the principal of (and premium, if any), and interest on and any Additional Amounts with respect to the Securities of the series shall be payable;
Β
(14) if the principal of (and premium, if any) or interest on or any Additional Amounts with Respect to the Securities of the series are to be payable, at the election of the Company or a Holder thereof, in a currency or currencies (including composite currencies) other than that in which the Securities are stated to be payable, the currency or currencies (including composite currencies) in which payment of the principal of (and premium, if any) and interest on, and any Additional Amounts with respect to, Securities of such series as to which such election is made shall be payable, and the periods within which and the terms and conditions upon which such election is to be made;
Β
(15) if the amount of payments of principal of (and premium, if any), any interest on and any Additional Amounts with respect to the Securities of the series may be determined with reference to any commodities, currencies or indices, values, rates or prices or any other index or formula, the manner in which such amounts shall be determined;
Β
(16) if other than the entire principal amount thereof, the portion of the principal amount of Securities of the series which shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 502;
Β
(17) any additional means of satisfaction and discharge of this Indenture with respect to Securities of the series pursuant to Section 401, any additional conditions to discharge pursuant to Section 401 or 403 and the application, if any, of Section 403;
Β
(18) any deletions or modifications of or additions to the definitions set forth in Section 101, the Events of Default set forth in Section 501 or covenants of the Company set forth in Article Ten pertaining to the Securities of the series;
Β
(19) if the Securities of the series are to be convertible into or exchangeable for Common Stock (or cash in lieu thereof) equity securities, other debt securities (including Securities), warrants or any other securities or property of the Company or any other Person, at the option of the Company or the Holder or upon the occurrence of any condition or event, the terms and conditions for such conversion or exchange; and
Β
14
(20) any other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture).
Β
All Securities of any one series shall be substantially identical except as to denomination and except as may otherwise be provided in or pursuant to the Board Resolution referred to above and (subject to Section 303) set forth, or determined in the manner provided, in the Officersβ Certificate referred to above or in any such indenture supplemental hereto.
Β
At the option of the Company, interest on the Securities of any series that bears interest may be paid by mailing a check to the address of any Holder as such address shall appear in the Security Register.
Β
If any of the terms of the series are established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action together with such Board Resolution shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officersβ Certificate setting forth the terms of the series.
Β
SECTIONΒ 302. | Β | DENOMINATIONS. |
Β
The Securities of each series shall be issuable in such denominations as shall be specified as contemplated by Section 301. In the absence of any such provisions with respect to the Securities of any series, the Securities of such series denominated in Dollars shall be issuable in denominations of $1,000 and any integral multiple thereof. Unless otherwise provided as contemplated by Section 301 with respect to any series of Securities, any Securities of a series denominated in a currency other than Dollars shall be issuable in denominations that are the equivalent, as determined by the Company by reference to the noon buying rate in The City of New York for cable transfers for such currency, as such rate is reported or otherwise made available by the Federal Reserve Bank of New York, on the applicable issue date for such Securities, of $1,000 and any integral multiple thereof.
Β
SECTIONΒ 303. | Β | EXECUTION, AUTHENTICATION, DELIVERY AND DATING. |
Β
The Securities shall be executed on behalf of the Company by its Chairman of the Board, its President, its Treasurer or one of its Vice Presidents, under its corporate seal reproduced thereon or affixed thereto attested by its Secretary or one of its Assistant Secretaries. The signature of any of these officers on the Securities may be manual or facsimile.
Β
Securities bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the Company shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices at the date of such Securities.
Β
At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company and, if applicable, having endorsed thereon the Subsidiary Guarantees to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Securities, and the Trustee in accordance with the Company Order shall authenticate and deliver such Securities as in this Indenture provided and not otherwise.
Β
If the form or terms of the Securities of the series have been established in or pursuant to one or more Board Resolutions or any other method permitted by Sections 201 and 301, in authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities,
Β
15
the Trustee shall be entitled to receive, and (subject to Section 601) shall be fully protected in relying upon, an Opinion of Counsel stating,
Β
(a) if the form of such Securities has been established by or pursuant to Board Resolution as permitted by Section 201, that such form has been established in conformity with the provisions of this Indenture;
Β
(b) if the terms of such Securities have been established by or pursuant to Board Resolution as permitted by Section 301, that such terms have been established in conformity with the provisions of this Indenture; and
Β
(c) that such Securities, when authenticated and delivered by the Trustee and issued by the Company in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute legal, valid and binding obligations of the Company, enforceable in accordance with their terms, except as such enforcement is subject to the effect of (i) bankruptcy, insolvency, fraudulent conveyance, reorganization or other laws relating to or affecting creditorsβ rights and (ii) general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law).
Β
If such form or terms have been so established, the Trustee shall not be required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will affect the Trusteeβs own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee.
Β
Notwithstanding the provisions of Section 301 and of the preceding paragraph, if all Securities of a series are not to be originally issued at one time, it shall not be necessary to deliver the Officerβs Certificate otherwise required pursuant to Section 301 or the Company Order and Opinion of Counsel otherwise required pursuant to such preceding paragraph at or prior to the authentication of each Security of such series if such documents are delivered at or prior to the authentication upon original issuance of the first Security of such series to be issued.
Β
Each Security shall be dated the date of its authentication.
Β
No Security or Subsidiary Guarantee shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security, a certificate of authentication substantially in the form provided for herein executed by the Trustee by manual signature, and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder. Notwithstanding the foregoing, if any Security shall have been authenticated and delivered hereunder but never issued and sold by the Company, and the Company shall deliver such Security to the Trustee for cancellation as provided in Section 309 together with a written statement (which need not comply with Section 103 and need not be accompanied by an Opinion of Counsel) stating that such Security has never been issued and sold by the Company, for all purposes of this Indenture such Security shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to the benefits of this Indenture.
Β
SECTIONΒ 304. | Β | TEMPORARY SECURITIES. |
Β
Pending the preparation of definitive Securities of any series, the Company may execute, and upon Company Order the Trustee shall authenticate and deliver, temporary Securities which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Securities and, if applicable, having endorsed thereon the
Β
16
Subsidiary Guarantees in lieu of which they are issued, in registered form and with such appropriate insertions, omissions, substitutions and other variations as the officers of the Company executing such Securities and, if applicable, Subsidiary Guarantees may determine, as evidenced by their execution of such Securities and Subsidiary Guarantees.
Β
If temporary Securities of any series are issued, the Company will cause definitive Securities of that series to be prepared without unreasonable delay. After the preparation of definitive Securities of such series, the temporary Securities of such series shall be exchangeable for definitive Securities of such series upon surrender of the temporary Securities of such series at the office or agency of the Company in a Place of Payment for that series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities of any series, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a like principal amount of definitive Securities of the same series of authorized denominations. Until so exchanged the temporary Securities of and, if applicable, having endorsed thereon the Subsidiary Guarantees executed by the Subsidiary Guarantor of any series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of such series.
Β
SECTIONΒ 305. | Β | REGISTRATION, REGISTRATION OF TRANSFER AND EXCHANGE. |
Β
The Company shall cause to be kept for each series of Securities atone of the offices or agencies maintained pursuant to Section 1002 a register (the register maintained in such office and in any other office or agency of the Company in a Place of Payment being herein sometimes collectively referred to as the βSecurity Registerβ) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Securities and of transfers of Securities of such series. The Trustee is hereby initially appointed βSecurity Registrarβ for the purpose of registering Securities and transfers of Securities as herein provided.
Β
Except as set forth in Section 203 or as may be provided pursuant to Section 301, upon surrender for registration of transfer of any Security of any series at the office or agency in a Place of Payment for that series, the Company shall execute, if applicable, the Subsidiary Guarantors shall execute the Subsidiary Guarantees endorsed thereon and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Securities of the same series and of like tenor, of any authorized denominations and of a like aggregate principal amount.
Β
At the option of the Holder, Securities of any series (except a Security in global form) may be exchanged for other Securities of the same series and of like tenor, of any authorized denominations and of a like aggregate principal amount, upon surrender of the Securities to be exchanged at such office or agency. Whenever any Securities are so surrendered for exchange, the Company shall execute, if applicable, the Subsidiary Guarantors shall execute the Subsidiary Guarantees endorsed thereon and the Trustee shall authenticate and deliver, the Securities which the Holder making the exchange is entitled to receive.
Β
All Securities, and, if applicable, the Subsidiary Guarantees endorsed thereon issued upon any registration of transfer or exchange of Securities shall be the valid obligations of the Company, and, if applicable, the respective Subsidiary Guarantors evidencing the same debt, and entitled to the same benefits under this Indenture, as the Securities and Subsidiary Guarantees surrendered upon such registration of transfer or exchange.
Β
Every Security presented or surrendered for registration of transfer or for exchange shall (if so required by the Company or the Trustee) be duly endorsed, or be accompanied by a written instrument of
Β
17
transfer in form satisfactory to the Company and the Security Registrar duly executed, by the Holder thereof or his attorney duly authorized in writing.
Β
No service charge shall be made for any registration of transfer or exchange of Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchange pursuant to Section 304, 906 or 1107 not involving any transfer.
Β
The Company shall not be required (i) to issue, register the transfer of or exchange Securities of any series during a period beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of Securities of such series selected for redemption and ending at the close of business on the day of the mailing of the relevant notice of redemption or (ii) to register the transfer of or exchange any Security so selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part.
Β
The following provisions of this Section 305 shall apply only to Securities of a series issued in global form:
Β
If Securities of a series are issuable in global form, as contemplated by Section 301, then, notwithstanding clause (10) of Section 301 and the provisions of Section 302, any such Security shall represent such of the Outstanding Securities of such series as shall be specified therein and may provide that it shall represent the aggregate amount of Outstanding Securities from time to time endorsed thereon and that the aggregate amount of Outstanding Securities represented thereby may from time to time be reduced to reflect exchanges. Any endorsement of a Security in global form to reflect the amount, or any increase or decrease in the amount, of Outstanding Securities represented thereby shall be made by the Trustee in such manner and upon instructions given by such Person or Persons as shall be specified in such Security or in a Company Order to be delivered to the Trustee pursuant to Section 303 or Section 304. Subject to the provisions of Section 303 and, if applicable, Section 304, the Trustee shall deliver and redeliver any Security in permanent global form in the manner and upon instructions given by the Person or Persons specified in such Security or in the applicable Company Order. With respect to the Securities of any series that are represented by a Security in global form, the Company authorizes the execution and delivery by the Trustee of a letter of representation or other similar agreement or instrument in the form customarily provided for by the Depositary appointed with respect to such global Security. Any Security in global form may be deposited with the Depositary or its nominee, or may remain in the custody of the Security Custodian therefor pursuant to a FAST Balance Certificate Agreement or similar agreement between the Trustee and the Depositary. If a Company Order pursuant to Section 303 or 304 has been, or simultaneously is, delivered, any instructions by the Company with respect to endorsement or delivery or redelivery of a Security in global form shall be in writing but need not comply with Section 103 and need not be accompanied by an Opinion of Counsel.
Β
Members of, or participants in, the Depositary (βAgent Membersβ) shall have no rights under this Indenture with respect to any Security issued in global form held on their behalf by the Depositary, or the Security Custodian as its custodian, or under such global Security, and the Depositary may be treated by the Company, the Security Custodian and any agent of the Company or the Trustee as the absolute owner of such global Security for all purposes whatsoever. Notwithstanding the foregoing, (i) the registered holder of a Security of any series issued in global form may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action that a Holder of such series is entitled to take under this Indenture or the Securities of such series and (ii) nothing herein shall prevent the Company, the Security Custodian or any agent of the Company or the Security Custodian, from giving effect to any written certification, proxy or other authorization furnished by the Depositary or shall impair, as between the Depositary and its Agent
Β
18
Members, the operation of customary practices governing the exercise of the rights of a beneficial owner of any Security.
Β
Notwithstanding any other provision of this Section 305, except as otherwise specified as contemplated by Section 301, any permanent global Security shall be exchangeable only as provided in this paragraph. If the beneficial owners of interests in a permanent global Security are entitled to exchange such interest for Securities of such series and of like tenor and principal amount of another authorized form and denomination, as specified as contemplated by Section 301, then without unnecessary delay but in any event not later than the earliest date on which such interests may be so exchanged, the Company shall deliver to the Trustee definitive Securities of that series in an aggregate principal amount equal to the principal amount of such permanent global Security, executed by the Company. On or after the earliest date on which such interests may be so exchanged, such permanent global Security shall be surrendered from time to time in accordance with instructions given to the Trustee and the Depositary (which instructions shall be in writing but need not comply with Section 103 or be accompanied by an Opinion of Counsel) by the Depositary or such other depositary as shall be specified in the Company Order with respect thereto to the Trustee, as the Companyβs agent for such purpose, to be exchanged, in whole or in part, for definitive Securities of the same series without charge and the Trustee shall authenticate and deliver, in exchange for each portion of such permanent global Security, a like aggregate principal amount of other definitive Securities of the same series of authorized denominations and of like tenor as the portion of such permanent global Security to be exchanged; PROVIDED HOWEVER that no such exchanges may occur during a period beginning at the opening of business 15 days before any selection of Securities of that series is to be redeemed and ending on the relevant Redemption Date. Promptly following any such exchange in part, such permanent global Security marked to evidence the partial exchange shall be returned by the Trustee to the Depositary or such other depositary referred to above in accordance with the instructions of the Company referred to above. If a definitive Security is issued in exchange for any portion of a permanent global Security after the close of business at the office or agency where such exchange occurs on (i) any Regular Record Date and before the opening of business at such office or agency on the relevant Interest Payment Date, or (ii) any Special Record Date and before the opening of business at such office or agency on the related proposed date for payment of Defaulted Interest, interest or Defaulted Interest, as the case may be, will not be payable on such Interest Payment Date or proposed date for payment, as the case may be, in respect of such Security, but will be payable on such Interest Payment Date or proposed for payment, as the case may be, only to the Person to whom interest in respect of such portion of such permanent global Security is payable in accordance with the provisions of this Indenture.
Β
Notwithstanding any other provision of this Section 305, except as otherwise specified as contemplated by Section 301, transfers of a Security issued in global form shall be limited to transfers of such global Security in whole, but not in part, to the Depositary, its successors or their respective nominees. Interests of beneficial owners in a Security issued in global form may be transferred in accordance with the rules and procedures of the Depositary. Securities of any series shall be transferred to all beneficial owners of a global Security of such series in exchange for their beneficial interests in that global Security if, and only if, either (1) the Depositary notifies the Company that it is unwilling or unable to continue as Depositary for the global Security of such series and a successor Depositary is not appointed by the Company within 90 days of such notice, (2) an Event of Default has occurred with respect to such series and is continuing and the Security Registrar has received a request from the Depositary or the holders of not less than 25% of the Securities of such series to issue Securities of such series in lieu of all or a portion of that global Security (in which case the Company shall deliver Securities of such series within 30 days of such request) or (3) the Company determines not to have the Securities of such series represented by a global Security.
Β
19
In connection with any transfer of a portion of the beneficial interest in a global Security of any series to beneficial owners pursuant to this Section 305, the Security Registrar shall reflect on its books and records the date and a decrease in the principal amount of the global Security of that series in an amount equal to the principal amount of the beneficial interest in the global Security of that series to be transferred, and the Company shall execute, and the Trustee upon receipt of a Company Order for the authentication and delivery of Securities of that series shall authenticate and deliver, one or more Securities of the same series of like tenor and amount.
Β
In connection with the transfer of all the beneficial interests in a global Security of any series to beneficial owners pursuant to this Section 305, the global Security shall be deemed to be surrendered to the Trustee for cancellation, and the Company shall execute, and the Trustee shall authenticate and deliver, to each beneficial owner identified by the Depositary in exchange for its beneficial interest in the global Security, an equal aggregate principal amount of Securities of that series of authorized denominations. Neither the Company nor the Trustee will have any responsibility or liability for any aspect of the records relating to, or payments made on account of, Securities of any series by the Depositary, or for maintaining, supervising or reviewing any records of the Depositary relating to such Securities.
Β
Neither the Company nor the Trustee shall be liable for any delay by the related global Security Holder or the Depositary in identifying the beneficial owners, and each such Person may conclusively rely on, and shall be protected in relying on, instructions from such global Security Holder or the Depositary for all purposes (including with respect to the registration and delivery, and the respective principal amounts, of the Securities to be issued).
Β
The provisions of the last sentence of Section 303 shall apply to any Security in global form if such Security was never issued and sold by the Company and the Company delivers to the Trustee the Security in global form together with written instructions (which need not comply with Section 103 and need not be accompanied by an Opinion of Counsel) with regard to the reduction in the principal amount of Securities represented thereby, together with the written statement contemplated by the last sentence of Section 303.
Β
Notwithstanding the provisions of Sections 201 and 307, unless otherwise specified as contemplated by Section 301, payment of principal of (and premium, if any) and interest on and any Additional Amounts with respect to any Security in permanent global form shall be made to the Person or Persons specified therein.
Β
Global securities may be issued in either temporary or permanent form. Permanent global Securities will be issued in definitive form.
Β
SECTIONΒ 306. | Β | MUTILATED, DESTROYED, LOST AND STOLEN SECURITIES. |
Β
If any mutilated Security is surrendered to the Trustee, together with, in appropriate cases, such security or indemnity as may be required by the Trustee to save each of the Company, the Trustee and any agent of either of them harmless, the Company shall execute, if applicable, the Subsidiary Guarantors shall execute the Subsidiary Guarantors endorsed thereon and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.
Β
If there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company
Β
20
or the Trustee that such Security has been acquired by a protected purchaser, the Company shall execute, if applicable, the Subsidiary Guarantors shall execute the Subsidiary Guarantees endorsed thereon and upon its request the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security of the same series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.
Β
In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security.
Β
Upon the issuance of any new Security under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fee and expenses of the Trustee) connected therewith.
Β
Every new Security of any series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security, and, if applicable, the Subsidiary Guarantees endorsed thereon shall constitute an original additional contractual obligation of the Company, and, if applicable, the respective Subsidiary Guarantors, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of that series duly issued hereunder.
Β
The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities.
Β
SECTIONΒ 307. | Β | PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED. |
Β
Except as otherwise provided with respect to any series of Securities, interest on any Security which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest. Unless otherwise provided with respect to the Securities of any series, payment of interest shall be made by the Company by check mailed or delivered to the address of any Person entitled thereto as such address shall appear in the Security Register, at the expense of the Company.
Β
Any interest on any Security of any series which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called βDefaulted Interestβ) shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been such Holder, and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in clause (1) or (2) below:
Β
(1) The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Security of such series and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this Clause provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be
Β
21
not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to each Holder of Securities of such series at his address as it appears in the Security Register, not less than 10 days prior to such Special Record Date. The Trustee may, in its discretion, in the name and at the expense of the Company, cause a similar notice to be published at least once in an Authorized Newspaper, but such publication shall not be a condition precedent to the establishment of such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been so mailed, such Defaulted Interest shall be paid to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following clause (2).
Β
(2) The Company may make payment of any Defaulted Interest on the Securities of any series in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this Clause, such manner of payment shall be deemed practicable by the Trustee.
Β
Subject to the foregoing provisions of this Section, each Security delivered under this Indenture, upon registration of transfer of, in exchange for or in lieu of, any other Security, shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security.
Β
SECTIONΒ 308. | Β | PERSONS DEEMED OWNERS. |
Β
Prior to due presentment of a Security for registration of transfer, the Company, the Subsidiary Guarantors, the Trustee and any agent of the Company, the Subsidiary Guarantors or the Trustee may treat the Person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment of principal of (and premium, if any) and (subject to Sections 305 and 307) interest on such Security and for all other purposes whatsoever, whether or not such Security be overdue, and neither the Company, the Trustee nor any agent of the Company, and Subsidiary Guarantor or the Trustee shall be affected by notice to the contrary.
Β
SECTIONΒ 309. | Β | CANCELLATION. |
Β
All Securities surrendered for payment, redemption, registration of transfer or exchange or for credit against any sinking fund payment shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee. All Securities so delivered shall be promptly cancelled by the Trustee. The Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and all Securities so delivered shall be promptly cancelled by the Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section, except as expressly permitted by this Indenture. All cancelled Securities held by the Trustee shall be disposed of as directed by a Company Order.
Β
SECTIONΒ 310. | Β | COMPUTATION OF INTEREST. |
Β
Except as otherwise specified as contemplated by Section 301 for Securities of any series, interest on the Securities of each series shall be computed on the basis of a year of twelve 30-day months.
Β
22
SECTIONΒ 311. | Β | CUSIP NUMBERS. |
Β
The Company in issuing the Securities may use βCUSIPβ numbers (if then generally in use), and, if so, the Trustee shall use βCUSIPβ numbers in notices of redemption as a convenience to Holders; PROVIDED HOWEVER that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers.
Β
SECTIONΒ 312. | Β | PERIODIC OFFERING OF SECURITIES. |
Β
Notwithstanding any contrary provision herein, if all Securities of a series are not to be originally issued at one time, it shall not be necessary for the Company to deliver to the Trustee an Officersβ Certificate, Board Resolution, supplemental indenture, Opinion of Counsel or Company Order otherwise required pursuant to Sections 201, 301 and 303 at or prior to the time of authentication of each Security of such series if such documents are delivered to the Trustee or its agent at or prior to the authentication upon original issuance of the first Security of such series to be issued; PROVIDED HOWEVER that any subsequent request by the Company to the Trustee to authenticate Securities of such series upon original issuance shall constitute a representation and warranty by the Company and its counsel that as of the date of such request, the statements made in the Officersβ Certificate and opinions made in the Opinion of Counsel delivered pursuant to Section 103 and 303, respectively, were true and correct as if made on such date.
Β
An Officersβ Certificate, supplemental indenture or Board Resolution delivered by the Company to the Trustee in the circumstances set forth in the immediately preceding paragraph may provide that Securities which are the subject thereof will be authenticated and delivered by the Trustee or its agent on original issue from time to time upon the written order of a person or persons designated in such Officersβ Certificate, supplemental indenture or Board Resolution (any such telephonic instructions to be confirmed promptly in writing by such person or persons) and that such person or persons are authorized to determine, consistent with such Officersβ Certificate, supplemental indenture or Board Resolution, such terms and conditions of the Securities as are specified in such Officersβ Certificate, supplemental indenture or Board Resolution.
Β
ARTICLE FOUR
Β
SATISFACTION AND DISCHARGE
Β
SECTIONΒ 401. | Β | SATISFACTION AND DISCHARGE OF INDENTURE. |
Β
This Indenture shall upon Company Request cease to be of further effect with respect to Securities of a series, and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to Securities of such series, when
Β
(1) either
Β
(A) all Securities of such series theretofore authenticated and delivered (other than (i) Securities which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 306, and (ii) Securities for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company
Β
23
and thereafter repaid to the Company or discharged from such trust, as provided in Section 1003) have been delivered to the Trustee for cancellation; or
Β
(B) with respect to all Outstanding Securities of such series not theretofore delivered to the Trustee for cancellation, the Company has deposited or caused to be deposited with the Trustee as trust funds, under the terms of an irrevocable escrow agreement in form and substance satisfactory to the Trustee, money or U.S. Government Obligations maturing as to principal and interest in such amounts and at such times as will (together with the income to accrue thereon and without consideration of any reinvestment thereof) be sufficient to pay and discharge (with such delivery in trust to be for the stated purpose of paying and discharging) the entire indebtedness on all Outstanding Securities of such series not theretofore delivered to the Trustee for cancellation for principal (and premium and Additional Amounts, if any) and interest to the Stated Maturity or any Redemption Date contemplated by the penultimate paragraph of this Section, as the case may be; or
Β
(C) the Company has properly fulfilled such other means of satisfaction and discharge as is specified, as contemplated by Section 301, to be applicable to the Securities of such series;
Β
(2) the Company or a Subsidiary Guarantor has paid or caused to be paid all other sums payable hereunder by the Company with respect to the Outstanding Securities of such series;
Β
(3) the Company or a Subsidiary Guarantor has complied with any other conditions specified pursuant to Section 301 to be applicable to the discharge of Securities of such series pursuant to this Section 401;
Β
(4) the Company has delivered to the Trustee an Officersβ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture with respect to the Outstanding Securities of such series have been complied with; and
Β
(5) if the conditions set forth in Section 401(1)(A) have not been satisfied, and unless otherwise specified pursuant to Section 301 for the Securities of such series, the Company has delivered to the Trustee an Opinion of Counsel to the effect that the Holders of Securities of such series will not recognize income, gain or loss for United States federal income tax purposes as a result of such deposit, satisfaction and discharge and will be subject to United States federal income tax on the same amount and in the same manner and at the same time as would have been the case if such deposit, satisfaction and discharge had not occurred.
Β
For the purposes of this Indenture, βU.S. Government Obligationsβ means direct non-callable obligations of, or non-callable obligations the payment of principal of and interest on which is guaranteed by, the United States of America, or to the payment of which obligations or guarantees the full faith and credit of the United States of America is pledged, or beneficial interests in a trust the corpus of which consists exclusively of money or such obligations or a combination thereof.
Β
If any Outstanding Securities of such series are to be redeemed prior to their Stated Maturity, whether pursuant to any optional redemption provisions or in accordance with any mandatory sinking fund requirement, the trust agreement referred to in subclause (B) of clause (1) of this Section shall
Β
24
provide therefor and the Company shall make such arrangements as are satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company.
Β
Notwithstanding the satisfaction and discharge of this Indenture with respect to the Outstanding Securities of such series pursuant to this Section 401, the obligations of the Company to the Trustee under Section 607, the obligations of the Trustee to any Authenticating Agent under Section 614 and, except for a discharge pursuant to subclause (A) of clause (1) of this Section, the obligations of the under Section 402 and the last paragraph of Section 1003 shall survive.
Β
SECTIONΒ 402. | Β | APPLICATION OF TRUST MONEY. |
Β
Subject to the provisions of the last paragraph of Section 1003, all money deposited with the Trustee pursuant to Section 401 shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest and Additional Amounts for the payment of which such money has been deposited with the Trustee.
Β
SECTIONΒ 403. | Β | DISCHARGE OF LIABILITY ON SECURITIES OF ANY SERIES. |
Β
If this Section is specified, as contemplated by Section 301, to be applicable to Securities of any series, the Company shall be deemed to have paid and discharged the entire indebtedness on all the Outstanding Securities of such series, the obligation of the Company under this Indenture and the Securities of such series to pay the principal of (and premium, if any) and interest on and any Additional Amounts with respect to Securities of such series, shall cease, terminate and be completely discharged and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging such satisfaction and discharge, when
Β
(1) the Company has complied with the provisions of Section 401 (other than any additional conditions specified pursuant to Sections 301 and 401(3) and except that the Opinion of Counsel referred to in Section 401(5) shall state that it is based on a ruling by the Internal Revenue Service or other change since the date hereof under applicable Federal income tax law) with respect to all Outstanding Securities of such series,
Β
(2) the Company has delivered to the Trustee a Company Request requesting such satisfaction and discharge,
Β
(3) the Company has complied with any other conditions specified pursuant to Section 301 to be applicable to the discharge of Securities of such series pursuant to this Section 403, and
Β
(4) the Company has delivered to the Trustee an Officersβ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the discharge of the indebtedness on the Outstanding Securities of such series have been complied with.
Β
Upon the satisfaction of the conditions set forth in this Section with respect to all the Outstanding Securities of any series, the terms and conditions of such series, including the terms and conditions with respect thereto set forth in this Indenture, shall no longer be binding upon, or applicable to, the Company; PROVIDED HOWEVER that, the Company shall not be discharged from any payment obligations in respect of Securities of such series which are deemed not to be Outstanding under clause (iii) of the definition thereof if such obligations continue to be valid obligations of the Company under applicable
Β
25
law or pursuant to Section 305 or 306; and PROVIDED FURTHER that the obligations of the Company to the Trustee under Section 607, the obligations to any Authenticating Agent under Section 614 and the obligations of the Company under Sections 305, 306, 404, 610(e), 701, 1001 and 1002 and the obligations of the Trustee under Section 402 and the last paragraph of Section 1003 shall survive.
Β
SECTIONΒ 404. | Β | REINSTATEMENT. |
Β
If the Trustee or Paying Agent is unable to apply any money or U.S. Government Obligations deposited with respect to Securities of any series in accordance with Section 401 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 Companyβs obligations under this Indenture with respect to the Securities of such series and the Securities of such series shall be revived and reinstated as though no deposit had occurred pursuant to Section 401 until such time as the Trustee or Paying Agent is permitted to apply all such money or U.S. Government Obligations in accordance with Section 401; PROVIDED HOWEVER that if the Company has made any payment of principal of (or premium, if any), or interest on or any Additional Amounts with respect to any Securities because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money or U.S. Government Obligations held by the Trustee or Paying Agent.
Β
ARTICLE FIVE
Β
REMEDIES
Β
SECTIONΒ 501. | Β | EVENTS OF DEFAULT. |
Β
βEvent of Default,β wherever used herein with respect to Securities of any series, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body), unless it is either inapplicable to a particular series or it is specifically deleted or modified in or pursuant to the supplemental indenture or Board Resolution establishing such series of Securities or in the form of Security for such series:
Β
(1) default in the payment of any interest on or any Additional Amounts with respect to any Security of that series when such interest or Additional Amounts become due and payable, and continuance of such default for a period of 30 consecutive days; or
Β
(2) default in the payment of the principal of (or premium, if any, on) any Security of that series when due and payable, whether at its Maturity or otherwise; or
Β
(3) default in the deposit of any mandatory sinking fund payment, when and as due by the terms of a Security of that series and continuance of such default for a period of 30 days; or
Β
(4) default in the performance or breach of any covenant or warranty of the Company in this Indenture (other than a covenant or warranty a default in whose performance or whose breach is elsewhere in this Section specifically dealt with or which has expressly been included in this Indenture solely for the benefit of one or more series of Securities other than that series), and continuance of such default or breach for a period of 90 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of all Outstanding Securities a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a βNotice of Defaultβ hereunder; or
Β
26
(5) the entry by a court having jurisdiction in the premises of (A) a decree or order for relief in respect of the Company in an involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or (B) a decree or order adjudging the Company a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company under any applicable Federal or State law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order for relief or any such other decree or order unstayed and in effect for a period of 90 consecutive days; or
Β
(6) the commencement by the Company of a voluntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the entry of a decree or order for relief in respect of the Company in an involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against it, or the filing by it, of a petition or answer or consent seeking reorganization or relief under any applicable Federal or State law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or similar official of the Company or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors, or the admission by it in writing of its inability to pay its debts generally as they become due, or the taking of corporate action by the Company in furtherance of any such action; or
Β
(7) In the event the Subsidiary Guarantors have issued Subsidiary Guarantees with respect to the Securities of such series, the Subsidiary Guarantee of any Subsidiary Guarantor is held by a final non-appealable order or judgment of a court of competent jurisdiction to be unenforceable or invalid or ceases for any reason to be in full force and effect (other than in accordance with the terms of this Indenture) or any Subsidiary Guarantor or any Person acting on behalf of any Subsidiary Guarantor denies or disaffirms such Subsidiary Guarantorβs obligations under its Subsidiary Guarantee (other than by reason of a release of such Subsidiary Guarantor from its Subsidiary Guarantee in accordance with the terms of this Indenture); or
Β
(8) any other Event of Default provided with respect to Securities of that series. Notwithstanding the foregoing provisions of this Section 501, if the principal of (and premium, if any) or any interest on, or Additional Amounts with respect to, any Security is payable in a currency or currencies (including a composite currency) other than Dollars and such currency (or currencies) is(or are) not available to the Company for making payment thereof due to the imposition of exchange controls or other circumstances beyond the control of the Company (a βConversion Eventβ), the Company will be entitled to satisfy its obligations to Holders of the Securities by making such payment in Dollars in an amount equal to the Dollar equivalent of the amount payable in such other currency, as determined by the Company by reference to the noon buying rate in The City of New York for cable transfers for such currency (βExchange Rateβ), as such Exchange Rate is certified for customs purposes by the Federal Reserve Bank of New York on the date of such payment, or, if such rate is not then available, on the basis of the most recently available Exchange Rate. Notwithstanding the foregoing provisions of this Section 501, any payment made under such circumstances in Dollars where the required payment is in a currency other than Dollars will not constitute an Event of Default under this Indenture.
Β
27
SECTIONΒ 502. | Β | ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT. |
Β
If an Event of Default with respect to any Securities of any series at the time Outstanding occurs and is continuing, then in every such case the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Securities of (i) the series affected by such default (in the case of an Event of Default described in clause (1), (2), (3) or (7) of Section 501)or (ii) all series of Securities (subject to the immediately following sentence, in the case of an Event of Default described in clause (4) of Section 501) may declare the principal amount (or, if any such Securities are Original Issue Discount Securities, such portion of the principal amount as may be specified in the terms of that series) of all of the Securities of the series affected by such default or all series, as the case may be, to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) shall become immediately due and payable. If an Event of Default described in clause (5) or (6) of Section 501 shall occur, the principal amount of the Outstanding Securities of all series (or, if any such Securities are Original Issue Discount Securities, such portion of the principal amount as may be specified in the terms of that series) shall become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder.
Β
At any time after such a declaration of acceleration with respect to Securities of any series (or of all series, as the case may be) has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the Outstanding Securities of that series (or of all series, as the case may be), by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if
Β
(1) the Company, or, if applicable, any Subsidiary Guarantor has paid or deposited with the Trustee a sum sufficient to pay
Β
(A) all overdue interest on, and any Additional Amounts with respect to, all Securities of that series (or of all series, as the case may be),
Β
(B) the principal of (and premium, if any, on) any Securities of that series (or of all series, as the case may be) which have become due otherwise than by such declaration of acceleration and interest thereon at the rate or rates prescribed therefor in such Securities (in the case of Original Issue Discount Securities, the Securitiesβ Yield to Maturity),
Β
(C) to the extent that payment of such interest is lawful, interest upon overdue interest and any Additional Amounts at the rate or rates prescribed therefor in such Securities (in the case of Original Issue Discount Securities, the Securitiesβ Yield to Maturity), and
Β
(D) all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel;
Β
and
Β
(2) all Events of Default with respect to Securities of that series (or of all series, as the case may be), other than the non-payment of the principal of Securities of that series (or of all
Β
28
series, as the case may be) which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 512.
Β
No such rescission shall affect any subsequent default or impair any right consequent thereon.
Β
SECTIONΒ 503. | Β | COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY TRUSTEE. |
Β
The Company covenants that if
Β
(1) default is made in the payment of any installment of interest on, or any Additional Amounts with respect to, any Security of any series when such interest or Additional Amounts shall have become due and payable and such default continues for a period of 30 days, or
Β
(2) default is made in the payment of the principal of (or premium, if any, on) any Security at the Maturity thereof,
Β
the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities for principal (and premium, if any) and interest and Additional Amounts and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal (and premium, if any) and on any overdue interest and Additional Amounts, at the rate or rates prescribed therefor in such Securities (or in the case of Original Issue Discount Securities, the Securitiesβ Yield to Maturity), and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.
Β
If the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company or any other obligor upon such Securities and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities, wherever situated.
Β
If an Event of Default with respect to Securities of any series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.
Β
SECTIONΒ 504. | Β | TRUSTEE MAY FILE PROOFS OF CLAIM. |
Β
In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Company, a Subsidiary Guarantor or any other obligor upon the Securities or the property of the Company, a Subsidiary Guarantor or of such other obligor or their creditors, the Trustee (irrespective of whether the principal (or lesser amount in the case of Original Issue Discount Securities) of the Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal (and premium, if any),
Β
29
interest or any Additional Amounts) shall be entitled and empowered, by intervention in such proceeding or otherwise,
Β
(i) to file and prove a claim for the whole amount of principal (or lesser amount in the case of Original Issue Discount Securities) (and premium, if any) and interest and any Additional Amounts owing and unpaid in respect of the Securities and to file such 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 of the Holders allowed in such judicial proceeding, and
Β
(ii) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same after deduction of its charges and expenses to the extent such charges and expenses are not paid out of the estate in any such proceeding;
Β
and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 607.
Β
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 Securities or any Subsidiary Guarantee or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceedings; PROVIDED HOWEVER that the Trustee may, on behalf of the Holders, vote for the election of a trustee in bankruptcy or similar official.
Β
SECTIONΒ 505. | Β | TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF SECURITIES OR COUPONS. |
Β
All rights of action and claim under this Indenture, the Securities or any Subsidiary Guarantee may be prosecuted and enforced by the Trustee without possession of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered.
Β
SECTIONΒ 506. | Β | APPLICATION OF MONEY COLLECTED. |
Β
Any money collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal (or premium, if any), interest or any Additional Amounts, upon presentation of the Securities, and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:
Β
FIRST: To the payment of all amounts due the Trustee under Section 607;
Β
SECOND: To the payment of the amounts then due and unpaid for principal of (and premium, if any) and interest on and any Additional Amounts with respect to the Securities in respect of which or for the benefit of which such money has been collected, ratably, without
Β
30
preference or priority of any kind, according to the amounts due and payable on such Securities for principal (and premium, if any), interest and Additional Amounts, respectively; and
Β
THIRD: The balance, if any, to the Person or Persons entitled thereto.
Β
To the fullest extent allowed under applicable law, if for the purpose of obtaining judgment against the Company in any court it is necessary to convert the sum due in respect of the principal of (or premium, if any) or interest on or any Additional Amounts with respect to the Securities of any series (the βRequired Currencyβ) into a currency in which a judgment will be rendered (the βJudgment Currencyβ), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the New York Business Day next preceding that on which final judgment is given. Neither the Company nor the Trustee shall be liable for any shortfall nor shall it benefit from any windfall in payments to Holders of Securities under this Section caused by a change in exchange rates between the time the amount of a judgment against it is calculated as above and the time the Trustee converts the Judgment Currency into the Required Currency to make payments under this Section to Holders of Securities, but payment of such judgment shall discharge all amounts owed by the Company on the claim or claims underlying such judgment.
Β
SECTIONΒ 507. | Β | LIMITATION ON SUITS. |
Β
Subject to Section 508, no Holder of any Security of any series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless
Β
(1) an Event of Default with respect to Securities of such series shall have occurred and be continuing and such Holder has previously given written notice to the Trustee of such continuing Event of Default;
Β
(2) the Holders of not less than 25% in principal amount of the Outstanding Securities of that series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;
Β
(3) such Holder or Holders have offered to the Trustee indemnity satisfactory to the Trustee against the costs, expenses and liabilities that might be incurred in compliance with such request;
Β
(4) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and
Β
(5) no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the Outstanding Securities of that series;
Β
it being understood and intended that no one or more of such Holders of Securities of such series shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders of Securities of such series, or to obtain or to seek to obtain priority or preference over any other of such Holders of Securities of such series or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all of such Holders of Securities of such series.
Β
31
SECTIONΒ 508. | Β | UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE PRINCIPAL PREMIUM AND INTEREST. |
Β
Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of (and premium, if any) and (subject to Section 307) interest on and any Additional Amounts with respect to such Security on the Stated Maturity or Maturities expressed in such Security (or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired or affected without the consent of such Holder.
Β
SECTIONΒ 509. | Β | RESTORATION OF RIGHTS AND REMEDIES. |
Β
If the Trustee or any Holder of any Security has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, then and in every such case the Company, the Subsidiary Guarantors, the Trustee and the Holders shall, subject to any determination in such proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted.
Β
SECTIONΒ 510. | Β | RIGHTS AND REMEDIES CUMULATIVE. |
Β
Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 306, 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.
Β
SECTIONΒ 511. | Β | DELAY OR OMISSION NOT WAIVER. |
Β
No delay or omission of the Trustee or of any Holder of any Securities 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.
Β
SECTIONΒ 512. | Β | CONTROL BY HOLDERS. |
Β
With respect to Securities of any series, the Holders of a majority in principal amount of the Outstanding Securities of such series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, relating to or arising under an Event of Default described in clause (1), (2), (3) or (7) of Section 501, and with respect to all Securities, the Holders of a majority in principal amount of all Outstanding Securities shall have the right to direct the time, method and place of conducting any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, relating to or arising under an Event of Default described in clause (4), (5) or (6) of Section 501, PROVIDED HOWEVER that in each such case
Β
(1) such direction shall not be in conflict with any rule of law or with this Indenture,
Β
32
(2) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction;
Β
(3) such Holders shall have offered to the Trustee indemnity satisfactory to the Trustee against the costs, expenses and liabilities that might be incurred in compliance with such request; and
Β
(4) the Trustee need not take any action which might involve it in personal liability or be unduly prejudicial to the Holders not joining in such direction.
Β
SECTIONΒ 513. | Β | WAIVER OF PAST DEFAULTS. |
Β
The Holders of a majority in principal amount of the Outstanding Securities of any series may on behalf of the Holders of all the Securities of such series waive any past default hereunder with respect to such series and its consequences, except a default
Β
(1) in the payment of the principal of (or premium, if any) or interest on, or any Additional Amounts with respect to, any Security of such series, or
Β
(2) in respect of a covenant or provision hereof which under Article Nine cannot be modified or amended without the consent of the Holder of each Outstanding Security of such series affected.
Β
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.
Β
SECTIONΒ 514. | Β | UNDERTAKING FOR COSTS. |
Β
All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneysβ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Company or any Subsidiary Guarantor, to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the Outstanding Securities of any series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of (or premium, if any) or interest on, or any Additional Amounts with respect to, any Security on or after the Stated Maturity or Maturities expressed in such Security (or, in the case of redemption, on or after the Redemption Date).
Β
SECTIONΒ 515. | Β | WAIVER OF STAY OR EXTENSION LAWS. |
Β
The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the Company and the Subsidiary Guarantors (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that
Β
33
it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.
Β
ARTICLE SIX
Β
THE TRUSTEE
Β
SECTIONΒ 601. | Β | CERTAIN DUTIES AND RESPONSIBILITIES. |
Β
(a) Except during the continuance of an Event of Default with respect to the Securities of any series,
Β
(1) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and
Β
(2) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture, but shall not be required to confirm or investigate the accuracy of mathematical calculations or other facts stated therein.
Β
(b) In case an Event of Default has occurred and is continuing with respect to the Securities of any series, 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 their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs.
Β
(c) No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, EXCEPT that
Β
(1) this Subsection shall not be construed to limit the effect of Subsection (a) of this Section;
Β
(2) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts;
Β
(3) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of a majority in principal amount of the Outstanding Securities of any series or of all series, determined as provided in Section 511, relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such series; and
Β
(4) no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its
Β
34
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.
Β
(d) Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section.
Β
SECTIONΒ 602. | Β | NOTICE OF DEFAULTS. |
Β
Within 90 days after the occurrence of any default hereunder with respect to the Securities of any series, the Trustee shall give notice of such default hereunder known to the Trustee to all Holders of Securities of such series in the manner provided in Section 107, unless such default shall have been cured or waived; PROVIDED HOWEVER that, except in the case of a default in the payment of the principal of (or premium, if any) or interest on, or any Additional Amounts with respect to, any Security of such series or in the payment of any sinking fund installment with respect to Securities of such series, the Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee or a trust committee of directors or Responsible Officers of the Trustee in good faith determines that the withholding of such notice is in the interest of the Holders of Securities of such series; PROVIDED FURTHER that in the case of any default of the character specified in Section 501(4) with respect to Securities of such series, no such notice to Holders shall be given until at least 30 days after the occurrence thereof. For the purpose of this Section, the term βdefaultβ means any event, act or condition which is, or after notice or lapse of time or both would become, an Event of Default with respect to Securities of such series.
Β
SECTIONΒ 603. | Β | CERTAIN RIGHTS OF TRUSTEE. |
Β
Subject to the provisions of Section 601:
Β
(a) the Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties;
Β
(b) any request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution;
Β
(c) whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officersβ Certificate;
Β
(d) the Trustee may consult with counsel and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon;
Β
(e) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory
Β
35
to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction;
Β
(f) the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon, other evidence of indebtedness or other paper or 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 Company, personally or by agent or attorney at the sole cost of the Company and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation;
Β
(g) the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and, except for any Affiliates of the Trustee, the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; and
Β
(h) the Trustee shall not be deemed to know of any Event of Default unless the Trustee shall have received notice thereof as provided in Section 106 hereof or a trust officer of the Trustee shall have actual knowledge thereof.
Β
SECTIONΒ 604. | Β | NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF SECURITIES. |
Β
The recitals contained herein and in the Securities and the Subsidiary Guarantees, except the Trusteeβs certificates of authentication, shall be taken as the statements of the Company or the Subsidiary Guarantors, as the case may be, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture, the Securities or the Subsidiary Guarantees endorsed thereon. The Trustee shall not be accountable for the use or application by the Company of Securities or the proceeds thereof.
Β
SECTIONΒ 605. | Β | MAY HOLD SECURITIES. |
Β
The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other agent of the Company or any Subsidiary Guarantor, in its individual or any other capacity, may become the owner or pledgee of Securities and, subject to Sections 608 and 613, may otherwise deal with the Company and any Subsidiary Guarantor with the same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other agent.
Β
SECTIONΒ 606. | Β | MONEY HELD IN TRUST. |
Β
Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed with the Company or any Subsidiary Guarantor, as the case may be.
Β
36
SECTIONΒ 607. | Β | COMPENSATION AND REIMBURSEMENT. |
Β
The Company agrees:
Β
(1) to pay to the Trustee from time to time compensation agreed to with the Trustee for all services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust);
Β
(2) to reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the compensation and the reasonable expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance resulting from its negligence or bad faith; and
Β
(3) to indemnify the Trustee and each of its directors, officers, employees, agents and/or representatives for, and to hold each of them harmless against, any loss, liability or expense (including taxes, other than taxes based upon or determined or measured by the income of the Trustee) incurred without negligence or bad faith on each of their part, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including the costs and expenses of defending themselves against any claim or liability in connection with the exercise or performance of any of the Trusteeβs powers or duties hereunder.
Β
As security for the performance of the obligations of the Company under this Section, the Trustee shall have a lien prior to the Securities upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of principal of, premium, if any, or interest, if any, on, or any Additional Amounts with respect to, particular Securities.
Β
SECTIONΒ 608. | Β | DISQUALIFICATION; CONFLICTING INTERESTS. |
Β
(a) If the Trustee has or shall acquire any conflicting interest, as defined in this Section, with respect to the Securities of any series, it shall, within 90 days after ascertaining that it has such conflicting interest, either eliminate such conflicting interest or resign with respect to the Securities of that series in the manner and with the effect hereinafter specified in this Article.
Β
(b) In the event that the Trustee shall fail to comply with the provisions of Subsection (a) of this Section with respect to the Securities of any series, the Trustee shall, within 10 days after the expiration of such 90-day period, transmit by mail to all Holders of Securities of that series, as their names and addresses appear in the Security Register, notice of such failure.
Β
(c) For the purposes of this Section, the term βconflicting interestβ shall have the meaning specified in Section 310(b) of the Trust Indenture Act and the Trustee shall comply with Section 310(b) of the Trust Indenture Act; PROVIDED HOWEVER that there shall be excluded from the operation of Section 310(b)(1) of the Trust Indenture Act with respect to the Securities of any series any indenture or indentures under which other securities, or certificates of interest or participation in other securities, of the Company are outstanding, if the requirements for such exclusion set forth in Section 310(b)(1) of the Trust Indenture Act are met. For purposes of the preceding sentence, the optional provision permitted by the second sentence of Section 310(b)(9) of the Trust Indenture Act shall be applicable.
Β
37
SECTIONΒ 609. | Β | CORPORATE TRUSTEE REQUIRED; ELIGIBILITY. |
Β
There shall at all times be a Trustee hereunder which shall be a corporation organized and doing business under the laws of the United States of America, any State thereof or the District of Columbia, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus (together with that of its parent) of at least $50,000,000 and subject to supervision or examination by Federal or State (or District of Columbia) authority. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article.
Β
The Indenture shall always have a Trustee who satisfies the requirements of Sections 310(a)(1), 310(a)(2) and 310(a)(5) of the Trust Indenture Act.
Β
SECTIONΒ 610. | Β | RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR. |
Β
(a) No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 611.
Β
(b) The Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Company. If the instrument of acceptance by a successor Trustee required by Section 611 shall not have been delivered to the resigning Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.
Β
(c) The Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series, delivered to the Trustee and to the Company.
Β
(d) If at any time:
Β
(1) the Trustee shall fail to comply with Section 608(a) after written request therefor by the Company or by any Holder who has been a bona fide Holder of a Security for at least six months, or
Β
(2) the Trustee shall cease to be eligible under Section 609 and shall fail to resign after written request therefor by the Company or by any such Holder of Securities, or
Β
(3) the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation,
Β
then, in any such case, (i) the Company by a Board Resolution may remove the Trustee with respect to all Securities, or (ii) subject to Section 513, any Holder who has been a bona fide Holder of a Security for at least six months may, on behalf of himself and all others similarly
Β
38
situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees.
Β
(e) If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect to the Securities of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect to the Securities of any particular series) and such successor Trustee or Trustees shall comply with the applicable requirements of Section 611. If no successor Trustee with respect to the Securities of any series shall have been so appointed by the Company and accepted appointment in the manner required by Section 611, any Holder who has been a bona fide Holder of a Security of such series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.
Β
(f) The Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series and each appointment of a successor Trustee with respect to the Securities of any series by mailing written notice of such event by first-class mail, postage prepaid, to all Holders of Securities of such series as their names and addresses appear in the Security Register. Each notice shall include the name of the successor Trustee with respect to the Securities of such series and the address of its Corporate Trust Office.
Β
SECTIONΒ 611. | Β | ACCEPTANCE OF APPOINTMENT BY SUCCESSOR. |
Β
(a) In case of the appointment hereunder of a successor Trustee with respect to all Securities, every such successor Trustee so appointed shall execute, acknowledge and deliver to the Company, the Subsidiary Guarantors and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder.
Β
(b) In case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the Company, the Subsidiary Guarantors, the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which (1) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee and (3) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such
Β
39
supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee; and upon the execution and delivery of such supplemental indenture, the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates; but, on request of the Company or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor Trustee relates.
Β
(c) Upon request of any such successor Trustee, the Company and the Subsidiary Guarantors shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of this Section, as the case may be.
Β
(d) No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible under this Article.
Β
SECTIONΒ 612. | Β | MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS. |
Β
Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities.
Β
SECTIONΒ 613. | Β | PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY AND SUBSIDIARY GUARANTORS. |
Β
If and when the Trustee shall be or become a creditor of the Company, any Subsidiary Guarantor or any other obligor upon the Securities, the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection of claims against the Company, such Subsidiary Guarantor or any such other obligor.
Β
SECTIONΒ 614. | Β | APPOINTMENT OF AUTHENTICATING AGENT. |
Β
The Trustee may appoint an Authenticating Agent or Agents (with respect to one or more series of Securities) which shall be authorized to act on behalf of the Trustee to authenticate Securities issued upon original issue and upon exchange, registration of transfer or partial redemption or pursuant to Section 306, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Trustee or the Trusteeβs certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of
Β
40
the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and shall at all times be a corporation organized and doing business under the laws of the United States of America, any State thereof or the District of Columbia having a combined capital and surplus of not less than $50,000,000 or equivalent amount expressed in a foreign currency and subject to supervision or examination by Federal or State (or District of Columbia) authority or authority of such country .If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section.
Β
Any corporation into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency or corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent, provided such corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of the Trustee or the Authenticating Agent.
Β
An Authenticating Agent for any series of Securities may resign at any time by giving written notice thereof to the Trustee and to the Company. The Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee for such series of Securities may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall mail written notice of such appointment by first-class mail, postage prepaid, to all Holders as their names and addresses appear in the Security Register. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section.
Β
The Trustee agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services under this Section, and the Trustee shall be entitled to be reimbursed for such payments, subject to the provisions of Section 607.
Β
If an appointment is made with respect to one or more series pursuant to this Section, the Securities of such series may have endorsed thereon, in addition to the Trusteeβs certificate of authentication, an alternate certificate of authentication in the following form:
Β
βThis is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.
Β
[NAME OF TRUSTEE], AS TRUSTEE | ||
By: | Β | Β |
Β | Β | |
Β | Β | AS AUTHENTICATING AGENT |
By: | Β | Β |
Β | Β | |
Β | Β | AUTHORIZED SIGNATORY.β |
Β
41
Notwithstanding any provision of this Section 614 to the contrary, if at any time any Authenticating Agent appointed hereunder with respect to any series of Securities shall not also be acting as the Security Registrar hereunder with respect to any series of Securities, then, in addition to all other duties of an Authenticating Agent hereunder, such Authenticating Agent shall also be obligated: (i) to furnish to the Security Registrar promptly all information necessary to enable the Security Registrar to maintain at all times an accurate and current Security Register; and (ii) prior to authenticating any Security denominated in a foreign currency, to ascertain from the Company the units of such foreign currency that are required to be determined by the Company pursuant to Section 302
Β
ARTICLE SEVEN
Β
HOLDERSβ LISTS AND REPORTS BY TRUSTEE AND COMPANY
Β
SECTIONΒ 701. | Β | COMPANY TO FURNISH TRUSTEE NAMES AND ADDRESSES OF HOLDERS. |
Β
With respect to each series of Securities, the Company will furnish or cause to be furnished to the Trustee:
Β
(a) semi-annually, not more than 15 days after each Regular Record Date relating to that series (or, if there is no Regular Record Date relating to that series, on January 1 and July 1), a list, in such form as the Trustee may reasonably require, of the names and addresses of the Holders of that series as of such dates, and
Β
(b) at such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such request, a list of similar form and content, such list to be dated as of a date not more than 15 days prior to the time such list is furnished; PROVIDED HOWEVER that so long as the Trustee is the Security Registrar, the Company shall not be required to furnish or cause to be furnished such a list to the Trustee. The Company shall otherwise comply with Section 310(a) of the Trust Indenture Act.
Β
SECTIONΒ 702. | Β | PRESERVATION OF INFORMATION; COMMUNICATIONS TO HOLDERS. |
Β
(a) The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders of each series contained in the most recent list furnished to the Trustee as provided in Section 701 and the names and addresses of Holders of each series received by the Trustee in its capacity as Security Registrar, if applicable. The Trustee may destroy any list furnished to it as provided in Section 701 upon receipt of a new list so furnished. The Trustee shall otherwise comply with Section 310(a) of the Trust Indenture Act.
Β
(b) Holders of Securities may communicate pursuant to Section 312(b) of the Trust Indenture Act with other Holders with respect to their rights under this Indenture or under the Securities.
Β
42
(c) Every Holder of Securities, by receiving and holding the same, agrees with the Company, each Subsidiary Guarantor and the Trustee that neither the Company, any Subsidiary Guarantor nor the Trustee nor any agent of either of them shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders in accordance with Section 702(b), regardless of the source from which such information was derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under Section 702(b). The Company, the Trustee, the Security Registrar and any other Person shall have the protection of Section 312(c) of the Trust Indenture Act.
Β
SECTIONΒ 703. | Β | REPORTS BY TRUSTEE. |
Β
The Trustee shall transmit to Holders such reports concerning the Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant thereto. A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange upon which any Securities are listed, with the Commission and with the Company and with the Subsidiary Guarantors. The Company will notify the Trustee when any Securities are listed on any stock exchange.
Β
SECTIONΒ 704. | Β | REPORTS BY COMPANY. |
Β
The Company shall file with the Trustee, within 15 days after the Company is required to file the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which the Company may be required to file with the Commission pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended, and shall otherwise comply with Section 314(a) of the Trust Indenture Act.
Β
ARTICLE EIGHT
Β
CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE
Β
SECTIONΒ 801. | Β | MERGER, CONSOLIDATION AND SALE OF ASSETS. |
Β
(1) The Company shall not merge, consolidate or amalgamate with or into any other Person (other than a merger of a Wholly Owned Subsidiary into the Company) or sell, transfer, assign, lease, convey or otherwise dispose of all or substantially all of its property in any one transaction or series of transactions unless:
Β
(a) the Company shall be the surviving Person (the βSurviving Personβ) or the Surviving Person (if other than the Company) formed by such merger, consolidation or amalgamation or to which such sale, transfer, assignment, lease, conveyance or disposition is made shall be a corporation organized and existing under the laws of the United States of America, any State thereof or the District of Columbia;
Β
(b) the Surviving Person (if other than the Company) expressly assumes, by supplemental indenture in form reasonably satisfactory to the Trustee, executed and delivered to the Trustee by such Surviving Person, the due and punctual payment of the principal of, and premium, if any, and interest on, all the Securities, according to their tenor, and the due and punctual performance and observance of all the covenants of this Indenture to be performed by the Company;
Β
43
(c) in the case of a sale, transfer, assignment, lease, conveyance or other disposition of all or substantially all the Property of the Company, such Property shall have been transferred as an entirety or virtually as an entirety to one Person;
Β
(d) immediately before and after giving effect to such transaction or series of transactions on a pro forma basis (and treating, for purposes of this clause (d) below, any indebtedness that becomes, or is anticipated to become, an obligation of the Surviving Person as a result of such transaction as having been incurred by the Surviving Person at the time of such transaction or series of transactions), no Event of Default shall have occurred and be continuing; and
Β
(e) the Company shall deliver, or cause to be delivered, to the Trustee, in form and substance reasonably satisfactory to the Trustee, an Officersβ Certificate and an Opinion of Counsel, each stating that such transaction and the supplemental indenture, if any, in respect thereto comply with this covenant and that all conditions precedent herein provided for relating to such transaction have been satisfied.
Β
(2) The Company shall not permit any Subsidiary Guarantor to merge, consolidate or amalgamate with or into other Person (other than a merger of a Wholly Owned Subsidiary into the Company or a Subsidiary Guarantor) or sell, transfer, assign, lease, convey or otherwise dispose of all or substantially all its property in any one transaction or series of transactions unless:
Β
(a) the Surviving Person (if not such Subsidiary Guarantor) formed by such merger, consolidation or amalgamation or to which such sale, transfer, assignment, lease, conveyance or disposition is made shall be a corporation organized and existing under the laws of the United States of America, any State thereof or the District of Columbia;
Β
(b) the Surviving Person (if other than such Subsidiary Guarantor) expressly assumes, by supplemental indenture in form reasonably satisfactory to the Trustee, executed and delivered to the Trustee by such Surviving Person, the due and punctual performance and observance of all the obligations of such Subsidiary Guarantor under its Subsidiary Guarantee;
Β
(c) in the case of a sale, transfer, assignment, lease, conveyance or other disposition of all or substantially all the property of such Subsidiary Guarantor, such property shall have been transferred as an entirety or virtually as an entirety to one Person;
Β
(d) immediately before and after giving effect to such transaction or series of transactions on a pro forma basis (and treating, for purposes of this clause (d), any indebtedness that becomes, or is anticipated to become, an obligation of the Surviving Person, the Company as a result of such transaction or series of transactions as having been Incurred by the Surviving Person, the Company at the time of such transaction or series of transactions), no Event of Default shall have occurred and be continuing; and
Β
(e) the Company will deliver, or cause to be delivered, to the Trustee, in form and substance reasonably satisfactory to the Trustee, an Officersβ Certificate and an Opinion of Counsel, each stating that such transaction and such Subsidiary Guarantee, if any, in respect thereto comply with this covenant and that all conditions precedent herein provided for relating to such transaction have been satisfied.
Β
44
SECTIONΒ 802. | Β | SUCCESSOR PERSON SUBSTITUTED. |
Β
The Surviving Person shall succeed to, and be substituted for, and may exercise every right and power of the Company under this Indenture (or of the Subsidiary Guarantor under the Subsidiary Guarantee, as the case may be), PROVIDED that the predecessor Company in the case of:
Β
(a) a sale, transfer, assignment, conveyance or other disposition (unless such sale, transfer, assignment conveyance or other disposition is of all the assets of the Company or such Subsidiary Guarantor, as applicable, as an entirety or virtually as an entirety), or
Β
(b) a lease
Β
shall not be released from any of the obligations or covenants under this Indenture.
Β
ARTICLE NINE
Β
SUPPLEMENTAL INDENTURES
Β
SECTIONΒ 901. | Β | SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF HOLDERS. |
Β
Notwithstanding any other provision of this Indenture, the Company and the Trustee may amend or supplement this Indenture without the consent of any holder to:
Β
(1) cure any ambiguity, omission, defect or inconsistency; or
Β
(2) provide for the assumption by a Surviving Person of the obligations of the Company under this Indenture; or
Β
(3) add to the covenants of the Company for the benefit of the Holders of all or any series of Securities (and if such covenants are to be for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely for the benefit of such series), to convey, transfer, assign, mortgage or pledge any property to or with the Trustee or otherwise secure any series of the Securities or to surrender any right or power herein conferred upon the Company; or
Β
(4) add any additional Events of Default with respect to all or any series of the Securities (and, if such Event of Default is applicable to less than all series of Securities, specifying the series to which such Event of Default is applicable); or
Β
(5) change or eliminate any of the provisions of this Indenture, PROVIDED HOWEVER that any such change or elimination shall become effective only when there is no Security Outstanding of any series created prior to the execution of such supplemental indenture which is adversely affected by such change in or elimination of such provision; or
Β
(6) establish the form or terms of Securities of any series as permitted by Sections 201 and 301; or
Β
(7) supplement any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the defeasance and discharge of any series of Securities pursuant to Section 401; PROVIDED HOWEVER that any such action shall not adversely affect the interest of the Holders of Securities of such series or any other series of Securities in any material respect; or
Β
45
(8) evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 611(b); or
Β
(9) secure the securities or any Subsidiary Guarantee pursuant to the terms thereof; or
Β
(10) add additional Subsidiary Guarantees or release Subsidiary Guarantors from Subsidiary Guarantees as provided by the terms of this Indenture; or
Β
(11) make a change that does not adversely affect the rights of any Holder; or
Β
(12) surrender any right conferred to the Company under this Indenture; or
Β
(13) comply with any requirement of the Commission in connection with the qualification of this Indenture under the Trust Indenture Act.
Β
SECTIONΒ 902. | Β | SUPPLEMENTAL INDENTURES WITH CONSENT OF HOLDERS. |
Β
With the consent of the Holders of at least a majority in principal amount of the Outstanding Securities of all series affected by such supplemental indenture (acting as one class), by Act of said Holders delivered to the Company, the Subsidiary Guarantors and the Trustee, the Company, when authorized by a Board Resolution, the Subsidiary Guarantors, when authorized by their respective Board Resolutions and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of Securities of such series under this Indenture; PROVIDED HOWEVER that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security of any particular series affected thereby,
Β
(1) change the Stated Maturity of the principal of, or any installment of principal of or interest on, any Security, or reduce the principal amount thereof or the rate of interest thereon, any Additional Amounts with respect thereto or any premium payable upon the redemption thereof, or change any obligation of the Company to pay Additional Amounts (except as contemplated by Section 801(1) and permitted by Section 901(2)), or reduce the amount of the principal of an Original Issue Discount Security that would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502, or change any Place of Payment where, or the coin or currency or currencies (including composite currencies) in which, any Security or any premium or any interest thereon or Additional Amounts with respect thereto is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date), or
Β
(2) reduce the percentage in principal amount of Outstanding Securities, the consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture, or
Β
(3) modify any of the provisions of this Section, Section 512 or Section 1006, except to increase any such percentage or to provide with respect to any particular series the right to
Β
46
condition the effectiveness of any supplemental indenture as to that series on the consent of the Holders of a specified percentage of the aggregate principal amount of Outstanding Securities of such series (which provision may be made pursuant to Section 301 without the consent of any Holder) or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby, PROVIDED HOWEVER that this clause shall not be deemed to require the consent of any Holder with respect to changes in the references to βthe Trusteeβ and concomitant changes in this Section and Section 1006, or the deletion of this proviso, in accordance with the requirements of Sections 611(b) and 901(8). A supplemental indenture which changes or eliminates any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series.
Β
It shall not be necessary for any Act of Holders under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof.
Β
SECTIONΒ 903. | Β | EXECUTION OF SUPPLEMENTAL INDENTURES. |
Β
In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 601) shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trusteeβs own rights, duties, immunities or liabilities under this Indenture or otherwise.
Β
SECTIONΒ 904. | Β | EFFECT OF SUPPLEMENTAL INDENTURES. |
Β
Upon the execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered hereunder shall be bound thereby.
Β
SECTIONΒ 905. | Β | CONFORMITY WITH TRUST INDENTURE ACT. |
Β
Every supplemental indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act as then in effect.
Β
SECTIONΒ 906. | Β | REFERENCE IN SECURITIES TO SUPPLEMENTAL INDENTURES. |
Β
Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of any series so modified as to conform, in the opinion of the Trustee and the Company, to any such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series.
Β
Failure to make the appropriate notation shall not affect the validity or enforceability of such supplemental indenture.
Β
47
ARTICLE TEN
Β
COVENANTS
Β
SECTIONΒ 1001. | Β | PAYMENT OF PRINCIPAL, PREMIUM AND INTEREST. |
Β
The Company covenants and agrees for the benefit of each series of Securities that it will duly and punctually pay the principal of (and premium, if any), interest on and any Additional Amounts with respect to the Securities of that series in accordance with the terms of the Securities of such series and this Indenture.
Β
SECTIONΒ 1002. | Β | MAINTENANCE OF OFFICE OR AGENCY. |
Β
The Company will maintain in each Place of Payment for any series of Securities an office or agency where Securities of that series may be presented or surrendered for payment, where Securities of that series may be surrendered for registration of transfer or exchange (if applicable) and where notices and demands to or upon the Company or any Subsidiary Guarantor in respect of the Securities of that series or any Subsidiary Guarantee and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company 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.
Β
The Company may also from time to time designate one or more other offices or agencies where the Securities of one or more series may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; PROVIDED HOWEVER that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in each Place of Payment for Securities of any series for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency.
Β
SECTIONΒ 1003. | Β | MONEY FOR SECURITIES PAYMENTS TO BE HELD IN TRUST. |
Β
If the Company shall at any time act as its own Paying Agent with respect to any series of Securities, it will, on or before each due date of the principal of (and premium, if any) or interest on or any Additional Amounts with respect to any of the Securities of that series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal (and premium, if any) or interest or any Additional Amounts so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of its action or failure so to act.
Β
Whenever the Company shall have one or more Paying Agents for any series of Securities, the Company will, on or before each due date of the principal of (and premium, if any) or interest on any Securities of that series, deposit with a Paying Agent a sum sufficient to pay the principal (and premium, if any) or interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal, premium or interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so to act.
Β
48
The Company will cause each Paying Agent for any series of Securities other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will:
Β
(1) hold all sums held by it for the payment of the principal of (and premium, if any), interest on or any Additional Amounts with respect to Securities of that series in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided;
Β
(2) give the Trustee notice of any default by the Company (or any other obligor upon the Securities of that series) in the making of any payment of principal (and premium, if any), interest on or any Additional Amounts with respect to the Securities of that series; and
Β
(3) at any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent.
Β
The Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such money.
Β
Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of (and premium, if any) or interest on or any Additional Amounts with respect to any Security of any series and remaining unclaimed for two years (or such shorter period of time as may be provided in the applicable abandoned property law for return of such monies to the Company) after such principal (and premium, if any) or interest or Additional Amounts have become due and payable shall, unless otherwise required by mandatory provisions of applicable escheat, or abandoned or unclaimed property law, be paid to the Company on Company Request, or (if then held by the Company) shall be discharged from such trust ;and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; PROVIDED HOWEVER that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in an Authorized Newspaper in The Borough of Manhattan, The City of New York and in such other Authorized Newspapers as the Trustee shall deem appropriate, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will, unless otherwise required by mandatory provisions of applicable escheat, or abandoned or unclaimed property law, be repaid to the Company.
Β
SECTIONΒ 1004. | Β | EXISTENCE. |
Β
Subject to Article Eight, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence.
Β
SECTIONΒ 1005. | Β | STATEMENT BY OFFICERS AS TO DEFAULT. |
Β
The Company will deliver to the Trustee, within 120 days after the end of each fiscal year of the Company ending after the date hereof so long as any Security is outstanding hereunder, an Officersβ
Β
49
Certificate complying with Section 314(a) of the Trust Indenture Act, stating that a review of the activities of the Company during such year and of performance under this Indenture has been made under the supervision of the signers thereof and whether or not to the best of their knowledge, based upon such review, the Company is in default in the performance, observance or fulfillment of any of its covenants and other obligations under this Indenture, and if the Company shall be in default, specifying each such default known to them and the nature and status thereof. One of the officers signing the Officersβ Certificate delivered pursuant to this Section 1005 shall be the principal executive, financial or accounting officer of the Company or such Subsidiary Guarantor.
Β
For purposes of this Section, such compliance shall be determined without regard to any period of grace or requirement of notice provided under this Indenture.
Β
SECTIONΒ 1006. | Β | WAIVER OF CERTAIN COVENANTS. |
Β
The Company may omit in any particular instance to comply with any covenant or condition set forth in Section 1004, or any covenant added for the benefit of any series of Securities as contemplated by Section 301 (unless otherwise specified pursuant to Section 301) if before or after the time for such compliance the Holders of a majority in principal amount of the Outstanding Securities of all series affected by such omission (acting as one class) shall, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such covenant or condition, but no such waiver shall extend to or affect such covenant or condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such covenant or condition shall remain in full force and effect.
Β
SECTIONΒ 1007. | Β | ADDITIONAL AMOUNTS. |
Β
If the Securities of a series expressly provide for the payment of Additional Amounts, the Company will pay to the Holder of any Security of such series Additional Amounts as expressly provided therein. Whenever in this Indenture there is mentioned, in any context, the payment of the principal of or any premium or interest on, or in respect of, any Security of any series or the net proceeds received from the sale or exchange of any Security of any series, such mention shall be deemed to include mention of the payment of Additional Amounts provided for in this Section to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof pursuant to the provisions of this Section and express mention of the payment of Additional Amounts (if applicable) in any provisions hereof shall not be construed as excluding Additional Amounts in those provisions hereof where such express mention is not made.
Β
If the Securities of a series provide for the payment of Additional Amounts, at least 10 days prior to the first Interest Payment Date with respect to that series of Securities (or if the Securities of that series will not bear interest prior to Maturity, the first day on which a payment of principal and any premium is made), and at least 10 days prior to each date of payment of principal and any premium or interest if there has been any change with respect to the matters set forth in the below-mentioned Officersβ Certificate, the Company shall furnish the Trustee and the Companyβs principal Paying Agent or Paying Agents, if other than the Trustee, with an Officersβ Certificate instructing the Trustee and such Paying Agent or Paying Agents whether such payment of principal of and any premium or interest on the Securities of that series shall be made to Holders of Securities of that series who are United States Aliens without withholding for or on account of any tax, assessment or other governmental charge described in the Securities of that series. If any such withholding shall be required, then such Officersβ Certificate shall specify by country the amount, if any, required to be withheld on such payments to such Holders of Securities and the Company will pay to such Paying Agent the Additional Amounts required by this Section. The Company covenants to indemnify the Trustee and any Paying Agent for, and to hold them harmless against any loss,
Β
50
liability or expense reasonably incurred without negligence or bad faith on their part arising out of or in connection with actions taken or omitted by any of them in reliance on any Officersβ Certificate furnished pursuant to this Section 1007.
Β
ARTICLE ELEVEN
Β
REDEMPTION OF SECURITIES
Β
SECTIONΒ 1101. | Β | APPLICABILITY OF ARTICLE. |
Β
Securities of any series which are redeemable before their Stated Maturity shall be redeemable in accordance with the terms of the series and (except as otherwise specified as contemplated by Section 301 for Securities of any series or as otherwise may conflict with the terms hereof) in accordance with this Article.
Β
SECTIONΒ 1102. | Β | ELECTION TO REDEEM; NOTICE TO TRUSTEE. |
Β
Unless otherwise provided with respect to the Securities of a series as contemplated by Section 301, the election of the Company to redeem any Securities shall be evidenced by a Board Resolution. In case of any redemption at the election of the Company, the Company shall, at least 45 days prior to the Redemption Date (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date and of the principal amount of Securities of such series to be redeemed. In the case of any redemption of Securities prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officersβ Certificate evidencing compliance with such restriction.
Β
SECTIONΒ 1103. | Β | SELECTION BY TRUSTEE OF SECURITIES TO BE REDEEMED. |
Β
If less than all the Securities of any series are to be redeemed, the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series not previously called for redemption, by such method as the Trustee shall deem fair and appropriate and which may provide for the selection for redemption of portions (equal to the minimum authorized denomination for Securities of that series or any integral multiple thereof) of the principal amount of Securities of such series of a denomination larger than the minimum authorized denomination for Securities of that series or of the principal amount of global Securities of such series.
Β
The Trustee shall promptly notify the Company and the Security Registrar in writing of the Securities selected for redemption and, in the case of any Securities selected for partial redemption, the principal amount thereof to be redeemed. For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall relate, in the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal amount of such Securities which has been or is to be redeemed.
Β
SECTIONΒ 1104. | Β | NOTICE OF REDEMPTION. |
Β
Notice of redemption shall be given in the manner provided in Section 107 to each Holder of Securities to be redeemed not less than 30 nor more than 60 days prior to the Redemption Date.
Β
All notices of redemption shall state:
Β
(1) the Redemption Date;
Β
51
(2) the Redemption Price;
Β
(3) if less than all the Outstanding Securities of any series are to be redeemed, the identification (and, in the case of partial redemption, the principal amounts) of the particular Securities to be redeemed;
Β
(4) that on the Redemption Date the Redemption Price will become due and payable upon each such Security to be redeemed and, if applicable, that interest thereon will cease to accrue on and after said date;
Β
(5) the place or places where such Securities are to be surrendered for payment of the Redemption Price;
Β
(6) that the redemption is for a sinking fund, if such is the case; and
Β
(7) the βCUSIPβ number, if applicable. A notice of redemption as contemplated by Section 107 need not identify particular Securities to be redeemed. Notice of redemption of Securities to be redeemed at the election of the Company shall be given by the Company or, at the Companyβs request, by the Trustee in the name and at the expense of the Company.
Β
SECTIONΒ 1105. | Β | DEPOSIT OF REDEMPTION PRICE. |
Β
On or before 11:00 a.m., New York, New York time, on any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 1003) an amount of money sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest on, and any Additional Amounts with respect to, all the Securities which are to be redeemed on that date.
Β
SECTIONΒ 1106. | Β | SECURITIES PAYABLE ON REDEMPTION DATE. |
Β
Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified, and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest) such Securities shall cease to bear interest. Upon surrender of any such Security for redemption in accordance with said notice, such Security shall be paid by the Company at the Redemption Price, together with accrued interest (and any Additional Amounts) to the Redemption Date; PROVIDED HOWEVER that installments of interest whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the relevant Record Dates according to their terms and the provisions of Section 307.
Β
If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal (and premium, if any) shall, until paid, bear interest from the Redemption Date at the rate prescribed therefor in the Security or, in the case of Original Issue Discount Securities, the Securitiesβ Yield to Maturity.
Β
52
SECTIONΒ 1107. | Β | SECURITIES REDEEMED IN PART. |
Β
Any Security which is to be redeemed only in part shall be surrendered at a Place of Payment therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing), and the Company shall execute, if applicable, the Subsidiary Guarantors shall execute the Subsidiary Guarantee endorsed thereon and the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new Security or Securities of the same series and Stated Maturity, of any authorized denomination as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered.
Β
SECTIONΒ 1108. | Β | PURCHASE OF SECURITIES. |
Β
Unless otherwise specified as contemplated by Section 301, the Company and any Affiliate of the Company may at any time purchase or otherwise acquire Securities in the open market or by private agreement. Such acquisition shall not operate as or be deemed for any purpose to be a redemption of the indebtedness represented by such Securities. Any Securities purchased or acquired by the Company may be delivered to the Trustee and, upon such delivery, the indebtedness represented thereby shall be deemed to be satisfied. Section 309 shall apply to all Securities so delivered.
Β
ARTICLE TWELVE
Β
SINKING FUNDS
Β
SECTIONΒ 1201. | Β | APPLICABILITY OF ARTICLE. |
Β
The provisions of this Article shall be applicable to any sinking fund for the retirement of Securities of a series, except as otherwise specified for Securities of such series or otherwise in conflict with the terms hereof.
Β
The minimum amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a βmandatory sinking fund payment,β and any payment in excess of such minimum amount provided for by the terms of Securities of any series is herein referred to as an βoptional sinking fund payment.β Unless otherwise provided by the terms of Securities of any series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 1202. Each sinking fund payment shall be applied to the redemption of Securities of any series as provided for by the terms of Securities of such series.
Β
SECTIONΒ 1202. | Β | SATISFACTION OF SINKING FUND PAYMENTS WITH SECURITIES. |
Β
The Company (1) may deliver Outstanding Securities of a series (other than any previously called for redemption), and (2) may apply as a credit Securities of a series which have been redeemed either at the election of the Company pursuant to the terms of such Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities, in each case in satisfaction of all or any part of any sinking fund payment with respect to the Securities of such series required to be made pursuant to the terms of such Securities as provided for by the terms of such series; PROVIDED that such Securities have not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the Redemption Price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking payment shall be reduced accordingly.
Β
53
SECTIONΒ 1203. | Β | REDEMPTION OF SECURITIES FOR SINKING FUND. |
Β
Not less than 45 days prior (unless a shorter period shall be satisfactory to the Trustee) to each sinking fund payment date for any series of Securities, the Company will deliver to the Trustee an Officersβ Certificate specifying the amount of the next ensuing sinking fund payment for that series pursuant to the terms of that series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivery of or by crediting Securities of that series pursuant to Section 1202 and will also deliver to the Trustee any Securities to be so delivered. Not less than 30 days before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 1103 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 1104. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 1106 and 1107.
Β
ARTICLE THIRTEEN
Β
SUBSIDIARY GUARANTEES
Β
SECTIONΒ 1301. | Β | APPLICABILITY OF ARTICLE. |
Β
If the Company elects to issue any series of Securities with the benefit of a Subsidiary Guarantee, the election shall be evidenced in or pursuant to a Board Resolution or supplemental indenture establishing such series of Securities pursuant to Section 301, the provisions of this Article shall be applicable to each series of Securities except as otherwise specified in or pursuant to the Board Resolution or supplemental indenture establishing such series pursuant to Section 301.
Β
SECTIONΒ 1302. | Β | SUBSIDIARY GUARANTEE. |
Β
If the Company elects to issue any Series of Securities with the benefit of a Subsidiary Guarantee, each Subsidiary Guarantor will jointly and severally, fully and unconditionally guarantee to each Holder of a Security authenticated and delivered by the Trustee, the due and punctual payment of the principal of (and premium, if any) and interest on such Security when and as the same shall become due and payable, whether at the Stated Maturity, by acceleration, call for redemption, offer to purchase or otherwise, in accordance with the terms of such Security and of this Indenture, and each Subsidiary Guarantor will similarly guarantee to the Trustee the payment of all amounts owing to the Trustee in accordance with the terms of this Indenture. In case of the failure of the Company punctually to make any such payment, each Subsidiary Guarantor hereby will jointly and severally agree to cause such payment to be made punctually when and as the same shall become due and payable, whether at the Stated Maturity or by acceleration, call for redemption, offer to purchase or otherwise, and as if such payment were made by the Company.
Β
Each Subsidiary Guarantors will jointly and severally agree that its obligations hereunder shall be absolute, unconditional, irrespective of, and shall be unaffected by, the validity, regularity or enforceability of such Security or this Indenture, the absence of any action to enforce the same or any release, amendment, waiver or indulgence granted to the Company or any guarantor or any consent to departure from any requirement of any other guarantee of all or any of the Securities of such series or any other circumstances which might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor; PROVIDED HOWEVER that, notwithstanding the foregoing, no such release, amendment, waiver or indulgence shall, without the consent of such Subsidiary Guarantor, increase the principal amount of such Security, or increase the interest rate thereon, or alter the Stated Maturity thereof. Each of the Subsidiary Guarantors hereby waives the benefits of diligence, presentment, demand for payment, any
Β
54
requirement that the Trustee or any of the Holders protect, secure, perfect or insure any security interest in or other lien on any property subject thereto or exhaust any right or take any action against the Company or any other Person or any collateral, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company, protest or notice with respect to such Security or the indebtedness evidenced thereby and all demands whatsoever, and covenants that this Subsidiary Guarantee will not be discharged in respect of such Security except by complete performance of the obligations contained in such Security and in such Subsidiary Guarantee. Each Subsidiary Guarantor agrees that if, after the occurrence and during the continuance of an Event of Default, the Trustee or any of the Holders are prevented by applicable law from exercising their respective rights to accelerate the maturity of the Securities of a series, to collect interest on the Securities of a series, or to enforce or exercise any other right or remedy with respect to the Securities of a series, such Subsidiary Guarantor agrees to pay to the Trustee for the account of the Holders, upon demand therefor, the amount that would otherwise have been due and payable had such rights and remedies been permitted to be exercised by the Trustee or any of the Holders.
Β
Each Subsidiary Guarantor shall be subrogated to all rights of the Holders of the Securities upon which its Guarantee is endorsed against the Company in respect of any amounts paid by such Subsidiary Guarantor on account of such Security pursuant to the provisions of its Subsidiary Guarantee or this Indenture; PROVIDED HOWEVER that no Subsidiary Guarantor shall be entitled to enforce or to receive any payments arising out of, or based upon, such right of subrogation until the principal of (and premium, if any) and interest on all Securities of the relevant series issued hereunder shall have been paid in full.
Β
Each Subsidiary Guarantor that makes or is required to make any payment in respect of its Subsidiary Guarantee shall be entitled to seek contribution from the other Subsidiary Guarantors to the extent permitted by applicable law; PROVIDED HOWEVER that no Subsidiary Guarantor shall be entitled to enforce or receive any payments arising out of, or based upon, such right of contribution until the principal of (and premium, if any) and interest on all Securities of the relevant series issued hereunder shall have been paid in full.
Β
Each Subsidiary Guarantee shall remain in full force and effect and continue to be effective should any petition be filed by or against the Company for liquidation or reorganization, should the Company become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed for all or any part of the Companyβs 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 Securities of a series, is, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any Holder of the Securities, whether as a βvoidable preference,β βfraudulent transfer,β 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 Securities 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.
Β
SECTIONΒ 1303. | Β | EXECUTION AND DELIVERY OF SUBSIDIARY GUARANTEES. |
Β
If Subsidiary Guarantees are endorsed on the Securities, such Subsidiary Guarantees shall include the terms of the Subsidiary Guarantee set forth in Section 1302. If the Company elects to issue any series of Securities with the benefit of a Subsidiary Guarantee, each of the Subsidiary Guarantors hereby agrees to execute its Subsidiary Guarantee, to be endorsed on each Security authenticated and delivered by the Trustee.
Β
55
If the Company elects to issue any Series of Securities with the benefit of a Subsidiary Guarantee, the Subsidiary Guarantee shall be executed on behalf of each respective Subsidiary Guarantor by any of such Subsidiary Guarantorβs Chairman of the Board, Vice Chairman of the Board, Chief Executive Officer, President or one of its Vice Presidents. The signature of any of these persons on the Subsidiary Guarantee may be manual or facsimile.
Β
A Subsidiary Guarantee bearing the manual or facsimile signature of individuals who were at any time the proper officers of a Subsidiary Guarantor shall bind such Subsidiary Guarantor, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of the Security on which such Subsidiary Guarantee is endorsed or did not hold such offices at the date of such Subsidiary Guarantee.
Β
The delivery of any Security by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Subsidiary Guarantee endorsed thereon on behalf of the Subsidiary Guarantors and shall bind each Subsidiary Guarantor notwithstanding the fact that Subsidiary Guarantee does not bear the signature of such Subsidiary Guarantor. Each of the Subsidiary Guarantors hereby jointly and severally agrees that its Subsidiary Guarantee set forth in Section 1302 shall remain in full force and effect notwithstanding any failure to endorse a Subsidiary Guarantee on any Security.
Β
SECTIONΒ 1304. | Β | RELEASE OF SUBSIDIARY GUARANTORS. |
Β
Unless otherwise specified pursuant to Section 301 with respect to a series of Securities, each Subsidiary Guarantee will remain in effect with respect to the respective Subsidiary Guarantor until the entire principal of, premium, if any, and interest on the Securities to which such Subsidiary Guarantee relates shall have been paid in full or otherwise discharged in accordance with the provisions of such Securities and this Indenture and all amounts owing to the Trustee hereunder have been paid; PROVIDED HOWEVER that if (i) such Subsidiary Guarantor ceases to be a Subsidiary in compliance with the applicable provisions of this Indenture or (ii) all or substantially all of the assets of such Subsidiary Guarantor or all of the capital stock of such Subsidiary Guarantor is sold (including by issuance, merger, consolidation or otherwise) by the Company or any Subsidiary in a transaction complying with the requirements of this Indenture, then, upon delivery by the Company of an Officerβs Certificate and an Opinion of Counsel stating that all conditions precedent herein provided for relating to the release of such Subsidiary Guarantor from its obligations under its Subsidiary Guarantee and this Article Fifteen have been complied with, such Subsidiary Guarantor or the Person acquiring such assets (in the event of a sale or other disposition of all or substantially all of the assets of such Subsidiary Guarantor) shall be released and discharged of its obligations under its Subsidiary Guarantee and under this Article Fifteen without any action on the part of the Trustee or any Holder, and the Trustee shall execute any documents reasonably required in order to acknowledge the release of such Subsidiary Guarantor from its obligations under its Subsidiary Guarantee endorsed on the Securities of a series and under this Article Fifteen.
Β
SECTIONΒ 1305. | Β | ADDITIONAL SUBSIDIARY GUARANTORS. |
Β
Unless otherwise specified pursuant to Section 301 with respect to a series of Securities, the Company will cause any Subsidiary of the Company that becomes a Subsidiary after the date the Securities of a series are first issued hereunder to become a Subsidiary Guarantor as soon as practicable after such Subsidiary becomes a Subsidiary. The Company shall cause any such Subsidiary to become a Subsidiary Guarantor with respect to the Securities by executing and delivering to the Trustee (a) a supplemental indenture, in form and substance satisfactory to the Trustee, which subjects such Person to the provisions (including the representations and warranties) of this Indenture as a Subsidiary Guarantor and (b) an Opinion of Counsel to the effect that such supplemental indenture has been duly authorized
Β
56
and executed by such Person and such supplemental indenture and such Personβs obligations under its Subsidiary Guarantee and this Indenture constitute the legal, valid, binding and enforceable obligations of such Person (subject to such customary exceptions concerning creditorsβ rights and equitable principles as may be acceptable to the Trustee in its discretion).
Β
ARTICLE FOURTEEN
Β
LEGAL DEFEASANCE AND COVENANT DEFEASANCE
Β
SECTIONΒ 1401. | Β | OPTION TO EFFECT DEFEASANCE OR COVENANT DEFEASANCE. |
Β
The Company may, as its option and at any time, elect to have either Section 1402 or 1403 hereof be applied to all outstanding Securities of a series upon compliance with the conditions set forth in this Article Fourteen.
Β
SECTIONΒ 1402. | Β | LEGAL DEFEASANCE AND DISCHARGE. |
Β
Upon the Companyβs exercise under Section 1401 hereof of the option applicable to this Section 1402, the Company shall, subject to the satisfaction of the conditions set forth in Section 1404 hereof, be deemed to have been discharged from its obligations with respect to all outstanding Securities of a series on the date the conditions set forth below are satisfied (hereafter, βLegal Defeasanceβ) and each Subsidiary Guarantor shall be released from all of its obligations under its Guarantee. For this purpose, Legal Defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by such outstanding series of Securities, which shall thereafter be deemed to be βoutstandingβ only for the purpose of Section 1405 hereof and the other Sections of this Indenture referred to in (a), (b), (c) and (d) below, and to have satisfied all its other obligations under such Securities and this Indenture (and the Trustee, on demand of and at the expense of the Company, 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 Securities to receive solely from the trust fund described in Section 1404 hereof, and as more fully set forth in such Section, payments in respect of the principal of, premium, if any, or interest and Additional Amounts, if any, on such Securities when such payments are due, (b) the Companyβs obligations with respect to such Securities under Section 304, 305, 306 and Sections 1002 and 1003 hereof, (c) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Companyβs obligations in connection therewith and (d) this Article Fourteen. If the Company exercises under Section 1401 hereof the option applicable to this Section 1402, subject to the satisfaction of the conditions set forth in Section 1404 hereof, payment of the series of Securities affected by such exercise may not be accelerated because of an Event of Default. Subject to compliance with this Article Fourteen, the Company may exercise its option under this Section 1402, notwithstanding the prior exercise of its option under Section 1403 hereof.
Β
SECTIONΒ 1403. | Β | COVENANT DEFEASANCE. |
Β
Upon the Companyβs exercise under Section 1401 hereof of the option applicable to this Section 1403, the Company shall, subject to the satisfaction of the conditions set forth in Section 1404 hereof, be released from its obligations under the covenants provided pursuant to Sections 901(3) or 901(4), with respect to the applicable series of Securities on and after the date the conditions set forth in Section 1404 hereof are satisfied (hereinafter, βCovenant Defeasanceβ) and each Subsidiary Guarantor shall be released from all of its obligations under its Guarantee with respect to such covenants in connection with such outstanding series of Securities and the series of Securities shall thereafter be deemed not βoutstandingβ for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences
Β
57
of any thereof) in connection with such covenants, but shall continue to be deemed βoutstandingβ for all other purposes hereunder (it being understood that such Securities shall not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding series of Securities, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in the covenants provided pursuant to Sections 901(3) or 901(4), 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 an Event of Default under Section 501 hereof, but, except as specified above, the remainder of this Indenture and such series of Securities shall be unaffected thereby. If the Company exercises under Section 1401 hereof the option applicable to this Section 1403, subject to the satisfaction of the conditions set forth in Section 1404 hereof, payment of the applicable series of Securities may not be accelerated because of certain Events of Default specified in the applicable indenture supplement.
Β
SECTIONΒ 1404. | Β | CONDITIONS TO LEGAL OR COVENANT DEFEASANCE. |
Β
The Legal Defeasance or the Covenant Defeasance option with respect to a series of Securities may be exercised only if:
Β
(a) the Company irrevocably deposits in trust (the βdefeasance trustβ) with the Trustee money or U.S. Government Obligations for the payment of principal of, premium, if any, and interest on such outstanding Securities to their Stated Maturity or the next date of redemption, as the case may be;
Β
(b) the Company delivers to the Trustee a certificate from a nationally recognized firm of independent certified public accountants expressing their opinion that the payments of principal, premium, if any and interest, when due and without reinvestment on the deposited U.S. Government Obligations plus any deposited money without investment will provide cash at such times and in such amounts as will be sufficient to pay principal, premium, if any, and interest, if any, when due on all such series of Securities to their Stated Maturity or the next date of redemption, as the case may be.
Β
(c) 91 days pass after such deposit is made and during such 91-day period no Event of Default described in Section 501(5) or (6) shall occur with respect to the Company or any other Person making such deposit and be continuing at the end of the period;
Β
(d) no Event of Default has occurred and is continuing on the date of such deposit and after giving effect thereto;
Β
(e) such deposit does not constitute a default under any other agreement or instrument binding on the Company;
Β
(f) the Company delivers to the Trustee an Opinion of Counsel to the effect that the defeasance trust does not constitute, or is qualified as, a regulated investment company under the Investment Company Act of 1940;
Β
(g) in the case of Legal Defeasance, the Company delivers to the Trustee an Opinion of Counsel stating that:
Β
(i) the Company has received from the Internal Revenue Service a ruling, or
Β
(ii) since the date of this Indenture there has been a change in the applicable Federal income tax law, to the effect, in either case, that, and based thereon such Opinion
Β
58
of Counsel shall confirm that, the Holders of the Securities 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 time as would have been the case if such Legal Defeasance had not occurred;
Β
(h) in the case of the Covenant Defeasance option, the Company delivers to the Trustee an Opinion of Counsel to the effect that the Holders of the affected series of Securities 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 time as would have been the case if such Covenant defeasance had not occurred; and
Β
(i) the Company delivers to the Trustee an Officerβs Certificate and an Opinion of Counsel, each stating that all conditions precedent to the Legal Defeasance or Covenant Defeasance have been complied with as required by this Indenture.
Β
SECTIONΒ 1405. | Β | DEPOSITED CASH AND U.S. GOVERNMENT OBLIGATIONS TO BE HELD IN TRUST; OTHER MISCELLANEOUS PROVISIONS. |
Β
(a) Subject to Section 1406, all money and U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 1405, the βTrusteeβ) pursuant to Section 1404 hereof in respect of the outstanding Securities shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine, to the Holders of all sums due and to become due thereon in respect of principal, premium, if any, and interest but such cash and securities need not be segregated from other funds except to the extent required by law.
Β
(b) The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or U.S. Government Obligations deposited pursuant to Section 1404 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 Securities.
Β
(c) Anything in this Article Fourteen to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon the request of the Company any money or U.S. Government Obligations held by it as provided in Section 1404 hereof which, in the opinion of a nationally recognized firm of independent certified public accountants of recognized international standing expressed in a written certification thereof delivered to the Trustee (which may be the certification delivered under Section 1404(b) 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.
Β
SECTIONΒ 1406. | Β | REPAYMENT TO COMPANY. |
Β
Any money or U.S. Government Obligations deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal, premium, if any, or interest on any Security and remaining unclaimed for two years after such principal, premium, if any, or interest has become due and payable shall be paid to the Company on its request or (if then held by the Company) shall be discharged from such trust; and the Holder shall thereafter, as an unsecured creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such cash and securities, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in The New York Times and
Β
00
Xxx Xxxx Xxxxxx Journal (national edition), notice that such cash and securities remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such notification or publication, any unclaimed balance of such cash and securities then remaining shall be repaid to the Company.
Β
SECTIONΒ 1407. | Β | REINSTATEMENT. |
Β
If the Trustee or Paying Agent is unable to apply any money or U.S. Government Obligations in accordance with Section 1402 or 1403 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 Companyβs obligations under this Indenture and such Securities shall be revived and reinstated as though no deposit had occurred pursuant to Section 1402 or 1403 hereof until such time as the Trustee or Paying Agent is permitted to apply all such cash and securities in accordance with Section 1402 or 1403 hereof, as the case may be; provided, however, that, if the Company makes any payment of principal of, premium, if any, or interest on any such Security following the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders to receive such payment from the cash and securities held by the Trustee or Paying Agent.
Β
* * *
Β
This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument.
Β
IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of the day and year first above written.
Β
AVIALL, INC. | ||
By | Β | Β |
Β | Β | |
Name: |
Β | Β |
Title: |
Β | Β |
Β | Β | Β |
Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β , Trustee | ||
Β | ||
By | Β | Β |
Β | Β | |
Name: |
Β | Β |
Title: |
Β | Β |
Β
60
SUBSIDIARY GUARANTORS: | ||
By: | Β | Β |
Β | Β | |
Name: |
Β | Β |
Title: |
Β | Β |
By: | Β | Β |
Β | Β | |
Name: |
Β | Β |
Title: |
Β | Β |
By: | Β | Β |
Β | Β | |
Name: |
Β | Β |
Title: |
Β | Β |
By: | Β | Β |
Β | Β | |
Name: |
Β | Β |
Title: |
Β | Β |
Β
61