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Exhibit 4.2

AMENDED AND RESTATED BYLAWS

OF

METALS USA HOLDINGS CORP.

Incorporated under the Laws of the State of Delaware

 

These Amended and Restated Bylaws (the “Bylaws”) of Metals USA Holdings Corp., f/k/a Flag Holdings Corporation, a Delaware corporation (the “Corporation”), are effective as of April 5, 2010, and hereby amend and restate the previous bylaws of the Corporation which are hereby deleted in their entirety and replaced with the following:

ARTICLE I

OFFICES AND RECORDS

SECTION 1.                         
 SECTION 1.1.                          Delaware Office.  The registered office of  the Corporation in the State of Delaware shall be located in the City of Wilmington, County of New Castle, and the name and address of its registered agent is The Corporation Trust Company, 1209 Orange Street, Wilmington, Delaware 19801.
 SECTION 1.2.                          Other Offices.  The Corporation may have such other offices, either inside or outside the State of Delaware, as the Board of Directors may designate or as the business of the Corporation may from time to time require.
 SECTION 1.3.                          Books and Records.  The books and records of the Corporation may be kept inside or outside the State of Delaware at such place or places as may from time to time be designated by the Board of Directors.

ARTICLE II

STOCKHOLDERS

SECTION 2.                         
 SECTION 2.1.                          Annual Meeting.  The annual meeting of the stockholders of the Corporation shall be held on such date and at such place and time as may be fixed by resolution of the Board of Directors.
 SECTION 2.2.                          Special Meeting.  Subject to the rights of the holders of any series of stock having a preference over the Common Stock of the Corporation as to dividends, voting or upon liquidation (“Preferred Stock”) with respect to such series of Preferred Stock, special meetings of the stockholders may be called only by the Chairman of the Board or by the Board of Directors pursuant to a resolution adopted by a majority of the total number of directors which the Corporation would have if there were no vacancies (the “Whole Board”).  Business transacted at 

	

                                                                                                                                                                                                                                                                

 

 

 special meetings shall be confined to the purposes stated in the Corporation’s notice of the meeting or in any supplemental notice delivered by the Corporation in accordance with Section 2.4 of these Bylaws.
 SECTION 2.3.                          Place of Meeting.  The Board of Directors or the Chairman of the Board, as the case may be, may designate the place of meeting for any annual or special meeting of the stockholders.  If no designation is so made, the place of meeting shall be the principal office of the Corporation.
 SECTION 2.4.                          Notice of Meeting.  Written or printed notice, stating the place, date and hour of the meeting, the means of remote communications, if any, by which stockholders and proxy holders may be deemed to be present in person and vote at such meeting, and, in the case of a special meeting, the purpose or purposes for which the meeting is called, shall be delivered by the Corporation not less than ten (10) days nor more than sixty (60) days before the date of the meeting, either personally, by electronic transmission in the manner provided in Section 232 of the General Corporation Law of the State of Delaware (except to the extent prohibited by Section 232(e) of the General Corporation Law of the State of Delaware) or by mail, to each stockholder of record entitled to vote at such meeting.  If mailed, such notice shall be deemed to be delivered when deposited in the United States mail with postage thereon prepaid, addressed to the stockholder at his address as it appears on the stock transfer books of the Corporation.  If notice is given by electronic transmission, such notice shall be deemed to be given at the times provided in the General Corporation Law of the State of Delaware.  Such further notice shall be given as may be required by law.  Meetings may be held without notice if all stockholders entitled to vote are present, or if notice is waived by those not present in accordance with Section 7.4 of these Bylaws.  Any previously scheduled meeting of the stockholders may be postponed, and (unless the Certificate of Incorporation otherwise provides) any special meeting of the stockholders may be cancelled, by resolution of the Board of Directors upon public notice given prior to the date previously scheduled for such meeting of stockholders.
 SECTION 2.5.                          Quorum and Adjournment.  Except as otherwise provided by law or by the Certificate of Incorporation, the holders of a majority of the outstanding shares of the Corporation entitled to vote generally in the election of directors (the “Voting Stock”) represented in person or by proxy, shall constitute a quorum at a meeting of stockholders, except that when specified business is to be voted on by a class or series of stock voting as a class, the holders of a majority of the shares of such class or series shall constitute a quorum of such class or series for the transaction of such business.  The Chairman of the Board of Directors or the President may adjourn the meeting from time to time, whether or not there is a quorum.  No notice of the time and place of adjourned meetings need be given except as required by law.  The stockholders present at a duly called meeting at which a quorum is present may continue to transact business until adjournment, notwithstanding the withdrawal of enough stockholders to leave less than a quorum.
 SECTION 2.6.                          Proxies.  At all meetings of stockholders, a stockholder may vote by proxy executed in writing (or in such manner prescribed by the General Corporation Law of the State of Delaware) by the stockholder, or by his duly authorized attorney-in-fact.
 

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 SECTION 2.7.                          Order of Business.
 (a)                Annual Meetings of Stockholders.  At any annual meeting of the stockholders, only such nominations of persons for election to the Board of Directors shall be made, and only such other business shall be conducted or considered, as shall have been properly brought before the meeting.  For nominations to be properly made at an annual meeting, and proposals of other business to be properly brought before an annual meeting, nominations and proposals of other business must be (i) specified in the Corporation’s notice of meeting (or any supplement thereto) given by or at the direction of the Board of Directors, (ii) otherwise properly made at the annual meeting, by or at the direction of the Board of Directors or (iii) otherwise properly requested to be brought before the annual meeting by a stockholder of the Corporation in accordance with these Bylaws.  For nominations of persons for election to the Board of Directors or proposals of other business to be properly requested by a stockholder to be made at an annual meeting, a stockholder must (A) be a stockholder of record at the time of giving of notice of such annual meeting by or at the direction of the Board of Directors and at the time of the annual meeting, (B) be entitled to vote at such annual meeting and (C) comply with the procedures set forth in these Bylaws as to such business or nomination.  The immediately preceding sentence shall be the exclusive means for a stockholder to make nominations or other business proposals (other than matters properly brought under Rule 14a-8 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and included in the Corporation’s notice of meeting) before an annual meeting of stockholders.
 (b)               Special Meetings of Stockholders.  At any special meeting of the stockholders, only such business shall be conducted or considered as shall have been properly brought before the meeting pursuant to the Corporation’s notice of meeting.  To be properly brought before a special meeting, proposals of business must be (i) specified in the Corporation’s notice of meeting (or any supplement thereto) given by or at the direction of the Board of Directors or (ii) otherwise properly brought before the special meeting, by or at the direction of the Board of Directors.

Nominations of persons for election to the Board of Directors may be made at a special meeting of stockholders at which directors are to be elected pursuant to the Corporation’s notice of meeting (A) by or at the direction of the Board of Directors or (B) provided that the Board of Directors has determined that directors shall be elected at such meeting, by any stockholder of the Corporation who (1) is a stockholder of record at the time of giving of notice of such special meeting and at the time of the special meeting, (2) is entitled to vote at the meeting and (3) complies with the procedures set forth in Sections 2.8(b) and 2.8(c) of these Bylaws as to such nomination.

(c)                General.  Except as otherwise provided by law, the Certificate of Incorporation or these Bylaws, the Chairman of the meeting shall have the power to determine whether a nomination or any other business proposed to be brought before the meeting was made or proposed, as the case may be, in accordance with these Bylaws and, if any proposed nomination or other business is not in compliance with these Bylaws, to declare that no action shall be taken on such nomination or other proposal and such nomination or other proposal shall be disregarded.
 

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 SECTION 2.8.                          Advance Notice of Stockholder Business and Nominations.
 (a)                Annual Meeting of Stockholders.  Without qualification or limitation, for any nominations or any other business to be properly brought before an annual meeting by a stockholder pursuant to Section 2.7(a) of these Bylaws, the stockholder must have given timely notice thereof and timely updates and supplements thereof in writing to the Secretary and such other business must otherwise be a proper matter for stockholder action.  

To be timely, a stockholder’s notice shall be delivered to the Secretary at the principal executive offices of the Corporation not earlier than the close of business on the 120th day and not later than the close of business on the 90th day prior to the first anniversary of the preceding year’s annual meeting; provided, however, that in the event that the date of the annual meeting is more than 30 days before or more than 60 days after such anniversary date, notice by the stockholder must be so delivered not earlier than the close of business on the 120th day prior to the date of such annual meeting and not later than the close of business on the later of the 90th day prior to the date of such annual meeting or, if the first public announcement of the date of such annual meeting is less than 100 days prior to the date of such annual meeting, the 10th day following the day on which public announcement of the date of such meeting is first made by the Corporation.  In no event shall any adjournment or postponement of an annual meeting, or the public announcement thereof, commence a new time period for the giving of a stockholder’s notice as described above.  

Notwithstanding anything in the immediately preceding paragraph to the contrary, in the event that the number of directors to be elected to the Board of Directors is increased by the Board of Directors, and there is no public announcement by the Corporation naming all of the nominees for director or specifying the size of the increased Board of Directors at least 100 days prior to the first anniversary of the preceding year’s annual meeting, a stockholder’s notice required by this Section 2.8(a) shall also be considered timely, but only with respect to nominees for any new positions created by such increase, if it shall be delivered to the Secretary at the principal executive offices of the Corporation not later than the close of business on the 10th day following the day on which such public announcement is first made by the Corporation.

In addition, to be timely, a stockholder’s notice shall further be updated and supplemented, if necessary, so that the information provided or required to be provided in such notice shall be true and correct as of the record date for the meeting and as of the date that is ten (10) business days prior to the meeting or any adjournment or postponement thereof, and such update and supplement shall be delivered to the Secretary at the principal executive offices of the Corporation not later than five (5) business days after the record date for the meeting in the case of the update and supplement required to be made as of the record date, and not later than eight (8) business days prior to the date for the meeting, any adjournment or postponement thereof in the case of the update and supplement required to be made as of ten (10) business days prior to the meeting or any adjournment or postponement thereof.

(b)               Special Meetings of Stockholders.  In the event the Corporation calls a special meeting of stockholders for the purpose of electing one or more directors to the Board of Directors, any such stockholder may nominate a person or persons (as the case may be) for election to such position(s) as specified in the Corporation’s notice of meeting, provided that the 

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stockholder’s notice with respect to any nomination (including the completed and signed questionnaire, representation and agreement required by Section 2.9 of these Bylaws) shall be delivered to the Secretary at the principal executive offices of the Corporation not earlier than the close of business on the 120th day prior to the date of such special meeting and not later than the close of business on the later of the 90th day prior to the date of such special meeting or, if the first public announcement of the date of such special meeting is less than 100 days prior to the date of such special meeting, the 10th day following the day on which public announcement is first made of the date of the special meeting and of the nominees proposed by the Board of Directors to be elected at such meeting.  In no event shall any adjournment or postponement of a special meeting, or the public announcement thereof, commence a new time period for the giving of a stockholder’s notice as described above.

 (c)                Disclosure Requirements.
 (i)                 To be in proper form, a stockholder’s notice (whether given pursuant to Section 2.7(a) or 2.7(b) of these Bylaws) to the Secretary must include the following, as applicable.
 (A)             As to the stockholder giving the notice and the beneficial owner, if any, on whose behalf the nomination or proposal is made, a stockholder’s notice must set forth:  (1) the name and address of such stockholder, as they appear on the Corporation’s books, of such beneficial owner, if any, and of their respective affiliates or associates or others acting in concert therewith, (2) (q) the class or series and number of shares of the Corporation which are, directly or indirectly, owned beneficially and of record by such stockholder, such beneficial owner and their respective affiliates or associates or others acting in concert therewith, (s) any option, warrant, convertible security, stock appreciation right, or similar right with an exercise or conversion privilege or a settlement payment or mechanism at a price related to any class or series of shares of the Corporation or with a value derived in whole or in part from the value of any class or series of shares of the Corporation, any derivative or synthetic arrangement having the characteristics of a long position in any class or series of shares of the Corporation, or any contract, derivative, swap or other transaction or series of transactions designed to produce economic benefits and risks that correspond substantially to the ownership of any class or series of shares of the Corporation, including due to the fact that the value of such contract, derivative, swap or other transaction or series of transactions is determined by reference to the price, value or volatility of any class or series of shares of the Corporation, whether or not such instrument, contract or right shall be subject to settlement in the underlying class or series of shares of the Corporation, through the delivery of cash or other property, or otherwise, and without regard of whether the stockholder of record, the beneficial owner, if any, or any affiliates or associates or others acting in concert therewith, may have entered into transactions that hedge or mitigate the economic effect of such instrument, contract or right (a “Derivative Instrument”) directly or indirectly owned beneficially by such stockholder, the beneficial owner, if any, or any affiliates or associates or others acting in concert therewith and any other direct or indirect opportunity to profit or share in any profit derived from any increase or decrease in the value of shares of the Corporation, (t) any proxy, contract, arrangement, understanding, or relationship pursuant to which such stockholder has a right to vote any class or series of shares of the Corporation, (u) any agreement, arrangement, understanding, relationship or otherwise, including any repurchase or similar so-called “stock borrowing” agreement or arrangement, engaged in, directly or 

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indirectly, by such stockholder, the purpose or effect of which is to mitigate loss to, reduce the economic risk (of ownership or otherwise) of any class or series of the shares of the Corporation by, manage the risk of share price changes for, or increase or decrease the voting power of, such stockholder with respect to any class or series of the shares of the Corporation, or which provides, directly or indirectly, the opportunity to profit or share in any profit derived from any decrease in the price or value of any class or series of the shares of the Corporation (“Short Interests”), (v) any rights to dividends on the shares of the Corporation owned beneficially by such stockholder that are separated or separable from the underlying shares of the Corporation, (w) any proportionate interest in shares of the Corporation or Derivative Instruments held, directly or indirectly, by a general or limited partnership in which such stockholder is a general partner or, directly or indirectly, beneficially owns an interest in a general partner of such general or limited partnership, (x) any performance-related fees (other than an asset-based fee) that such stockholder is entitled to based on any increase or decrease in the value of shares of the Corporation or Derivative Instruments, if any, including without limitation any such interests held by members of such stockholder’s immediate family sharing the same household, (y) any significant equity interests or any Derivative Instruments or Short Interests in any principal competitor of the Corporation held by such stockholder, and (z) any direct or indirect interest of such stockholder in any contract with the Corporation, any affiliate of the Corporation or any principal competitor of the Corporation (including, in any such case, any employment agreement, collective bargaining agreement or consulting agreement), and (3) any other information relating to such stockholder and beneficial owner, if any, that would be required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of proxies for, as applicable, the proposal and/or for the election of directors in a contested election pursuant to Section 14 of the Exchange Act and the rules and regulations promulgated thereunder; 

 (B)              If the notice relates to any business other than a nomination of a director or directors that the stockholder proposes to bring before the meeting, a stockholder’s notice must, in addition to the matters set forth in paragraph (A) above, also set forth:  (1) a brief description of the business desired to be brought before the meeting, the reasons for conducting such business at the meeting and any material interest of such stockholder and beneficial owner, if any, in such business, (2) the text of the proposal or business (including the text of any resolutions proposed for consideration) and (3) a description of all agreements, arrangements and understandings between such stockholder and beneficial owner, if any, and any other person or persons (including their names) in connection with the proposal of such business by such stockholder; 
 (C)              As to each person, if any, whom the stockholder proposes to nominate for election or reelection to the Board of Directors, a stockholder’s notice must, in addition to the matters set forth in paragraph (A) above, also set forth:  (1) all information relating to such person that would be required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of proxies for election of directors in a contested election pursuant to Section 14 of the Exchange Act and the rules and regulations promulgated thereunder (including such person’s written consent to being named in the proxy statement as a nominee and to serving as a director if elected) and (2) a description of all direct and indirect compensation and other material monetary agreements, arrangements and understandings during the past three years, and any other material relationships, between or 

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among such stockholder and beneficial owner, if any, and their respective affiliates and associates, or others acting in concert therewith, on the one hand, and each proposed nominee, and his or her respective affiliates and associates, or others acting in concert therewith, on the other hand, including, without limitation all information that would be required to be disclosed pursuant to Rule 404 promulgated under Regulation S-K if the stockholder making the nomination and any beneficial owner on whose behalf the nomination is made, if any, or any affiliate or associate thereof or person acting in concert therewith, were the “registrant” for purposes of such rule and the nominee were a director or executive officer of such registrant; and 

 (D)             With respect to each person, if any, whom the stockholder proposes to nominate for election or reelection to the Board of Directors, a stockholder’s notice must, in addition to the matters set forth in paragraphs (A) and (C) above, also include a completed and signed questionnaire, representation and agreement required by Section 2.9 of these Bylaws.  The Corporation may require any proposed nominee to furnish such other information as may reasonably be required by the Corporation to determine the eligibility of such proposed nominee to serve as an independent director of the Corporation or that could be material to a reasonable stockholder’s understanding of the independence, or lack thereof, of such nominee.
 (ii)               For purposes of this Bylaw, “public announcement” shall mean disclosure in a press release reported by a national news service or in a document publicly filed by the Corporation with the Securities and Exchange Commission pursuant to Section 13, 14 or 15(d) of the Exchange Act and the rules and regulations promulgated thereunder.
 (iii)             Notwithstanding the foregoing provisions of this Bylaw, a stockholder shall also comply with all applicable requirements of the Exchange Act and the rules and regulations thereunder with respect to the matters set forth in this Bylaw; provided, however, that any references in these Bylaws to the Exchange Act or the rules promulgated thereunder are not intended to and shall not limit the requirements applicable to nominations or proposals as to any other business to be considered pursuant to Section 2.7 of these Bylaws.  Nothing in this Bylaw shall be deemed to affect any rights (1) of stockholders to request inclusion of proposals in the Corporation’s proxy statement pursuant to Rule 14a‐8 under the Exchange Act or (2) of the holders of any series of Preferred Stock if and to the extent provided for under law, the Certificate of Incorporation or these Bylaws.  Subject to Rule 14a-8 under the Exchange Act, nothing in these Bylaws shall be construed to permit any stockholder, or give any stockholder the right, to include or have disseminated or described in the Corporation’s proxy statement any nomination of director or directors or any other business proposal.
 SECTION 2.9.      Submission of Questionnaire; Representation and Agreement.  To be eligible to be a nominee for election or reelection as a director of the Corporation, a person must deliver (in accordance with the time periods prescribed for delivery of notice under Section 2.8 of these Bylaws) to the Secretary at the principal executive offices of the Corporation a written questionnaire with respect to the background and qualification of such person and the background of any other person or entity on whose behalf the nomination is being made (which questionnaire shall be provided by the Secretary upon written request), and a written representation and agreement (in the form provided by the Secretary upon written request) that such person (a) is not and will not become a party to (i) any agreement, arrangement or 

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 understanding with, and has not given any commitment or assurance to, any person or entity as to how such person, if elected as a director of the Corporation, will act or vote on any issue or question (a “Voting Commitment”) that has not been disclosed to the Corporation or (ii) any Voting Commitment that could limit or interfere with such person’s ability to comply, if elected as a director of the Corporation, with such person’s fiduciary duties under applicable law, (b) is not and will not become a party to any agreement, arrangement or understanding with any person or entity other than the Corporation with respect to any direct or indirect compensation, reimbursement or indemnification in connection with service or action as a director that has not been disclosed therein, and (c) in such person’s individual capacity and on behalf of any person or entity on whose behalf the nomination is being made, would be in compliance, if elected as a director of the Corporation, and will comply with all applicable publicly disclosed corporate governance, conflict of interest, confidentiality and stock ownership and trading policies and guidelines of the Corporation.
 SECTION 2.10.                      Procedure for Election of Directors; Required Vote.  Election of directors at all meetings of the stockholders at which directors are to be elected shall be by ballot, and, subject to the rights of the holders of any series of Preferred Stock to elect directors under specified circumstances, a plurality of the votes cast at any meeting for the election of directors at which a quorum is present shall elect directors.  Except as otherwise provided by law, the Certificate of Incorporation, or these Bylaws, in all matters other than the election of directors, the affirmative vote of a majority of the shares present in person or represented by proxy at the meeting and entitled to vote on the matter shall be the act of the stockholders.  
 SECTION 2.11.                      Inspectors of Elections; Opening and Closing the Polls.  The Board of Directors by resolution shall appoint one or more inspectors, which inspector or inspectors may, but does not need to, include individuals who serve the Corporation in other capacities, including, without limitation, as officers, employees, agents or representatives, to act at the meetings of stockholders and make a written report thereof.  One or more persons may be designated as alternate inspectors to replace any inspector who fails to act.  If no inspector or alternate has been appointed to act or is able to act at a meeting of stockholders, the Chairman of the meeting shall appoint one or more inspectors to act at the meeting.  Each inspector, before discharging his or her duties, shall take and sign an oath faithfully to execute the duties of inspector with strict impartiality and according to the best of his or her ability.  The inspectors shall have the duties prescribed by law.

The Chairman of the meeting shall be appointed by the inspector or inspectors to fix and announce at the meeting the date and time of the opening and the closing of the polls for each matter upon which the stockholders will vote at a meeting.

SECTION 2.12.                      Record Date for Action by Written Consent.  In order that the Corporation may determine the stockholders entitled to consent to corporate action in writing without a meeting, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board of Directors, and which date shall not be more than ten (10) days after the date upon which the resolution fixing the record date is adopted by the Board of Directors.  Any stockholder of record seeking to have the stockholders authorize or take corporate action by written consent shall request the Board of Directors to fix a record date, which request shall be in proper form and delivered to the 

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 Secretary at the principal executive offices of the Corporation.  To be in proper form, such request must be in writing, shall state the purpose or purposes of the action or actions proposed to be taken by written consent.  

The Board of Directors shall promptly, but in all events within ten (10) days after the date on which such a request is received, adopt a resolution fixing the record date.  If no record date has been fixed by the Board of Directors within ten (10) days of the date on which such a request is received, the record date for determining stockholders entitled to consent to corporate action in writing without a meeting, when no prior action by the Board of Directors is required by applicable law, shall be the first date on which a signed written consent setting forth the action taken or proposed to be taken is delivered to the Corporation by delivery to its registered office in Delaware, its principal place of business or to any officer or agent of the Corporation having custody of the book in which proceedings of meetings of stockholders are recorded.  Delivery made to the Corporation’s registered office shall be by hand or by certified or registered mail, return receipt requested.  If no record date has been fixed by the Board of Directors and prior action by the Board of Directors is required by applicable law, the record date for determining stockholders entitled to consent to corporate action in writing without a meeting shall be at the close of business on the date on which the Board of Directors adopts the resolution taking such prior action.

SECTION 2.13.                      Inspectors of Written Consent.  In the event of the delivery, in the manner provided by Section 2.12 of these Bylaws, to the Corporation of the requisite written consent or consents to take corporate action and/or any related revocation or revocations, the Corporation shall engage nationally recognized independent inspectors of elections for the purpose of promptly performing a ministerial review of the validity of the consents and revocations.  For the purpose of permitting the inspectors to perform such review, no action by written consent without a meeting shall be effective until such date as the independent inspectors certify to the Corporation that the consents delivered to the Corporation in accordance with Section 2.12 of these Bylaws represent at least the minimum number of votes that would be necessary to take the corporate action.  Nothing contained in this paragraph shall in any way be construed to suggest or imply that the Board of Directors or any stockholder shall not be entitled to contest the validity of any consent or revocation thereof, whether before or after such certification by the independent inspectors, or to take any other action (including, without limitation, the commencement, prosecution or defense of any litigation with respect thereto, and the seeking of injunctive relief in such litigation).
 SECTION 2.14.                      Effectiveness of Written Consent.  Every written consent shall bear the date of signature of each stockholder who signs the consent and no written consent shall be effective to take the corporate action referred to therein unless, within 60 days of the earliest dated written consent received in accordance with Section 2.12 of these Bylaws, a written consent or consents signed by a sufficient number of holders to take such action are delivered to the Corporation in the manner prescribed in Section 2.12 of these Bylaws.

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ARTICLE III

BOARD OF DIRECTORS

SECTION 3.                         
 SECTION 3.1.                          General Powers.  The business and affairs of the Corporation shall be managed under the direction of the Board of Directors.  In addition to the powers and authorities by these Bylaws expressly conferred upon them, the Board of Directors may exercise all such powers of the Corporation and do all such lawful acts and things as are not by statute or by the Certificate of Incorporation or by these Bylaws required to be exercised or done by the stockholders.
 SECTION 3.2.                          Number, Tenure and Qualifications.  Subject to the rights of the holders of any series of Preferred Stock to elect directors under specified circumstances, the number of directors shall be fixed from time to time exclusively pursuant to a resolution adopted by a majority of the Whole Board.  No decrease in the number of authorized directors constituting the Whole Board shall shorten the term of any incumbent director.  Commencing with the date of these Bylaws, the directors, other than those who may be elected by the holders of any series of Preferred Stock under specified circumstances, shall be divided, with respect to the time for which they severally hold office, into three classes, as nearly equal in number as is reasonably possible, with the term of office of the first class to expire at the 2011 annual meeting of stockholders, the term of office of the second class to expire at the 2012 annual meeting of stockholders and the term of office of the third class to expire at the 2013 annual meeting of stockholders, with each director to hold office until his or her successor shall have been duly elected and qualified.  At each annual meeting of stockholders, commencing with the 2011 annual meeting, (a) directors elected to succeed those directors whose terms then expire shall be elected for a term of office to expire at the third succeeding annual meeting of stockholders after their election, with each director to hold office until his or her successor shall have been duly elected and qualified, and (b) if authorized by a resolution of the Board of Directors, directors may be elected to fill any vacancy on the Board of Directors, regardless of how such vacancy shall have been created.
 SECTION 3.3.                          Regular Meetings.  A regular meeting of the Board of Directors shall be held without other notice than this Bylaw immediately after, and at the same place as, the Annual Meeting of Stockholders.  The Board of Directors may, by resolution, provide the time and place for the holding of additional regular meetings without other notice than such resolution.
 SECTION 3.4.                          Special Meetings.  Special meetings of the Board of Directors shall be called at the request of the Chairman of the Board or a majority of the Board of Directors then in office.  The person or persons authorized to call special meetings of the Board of Directors may fix the place and time of the meetings.
 SECTION 3.5.                          Notice.  Notice of any special meeting of directors shall be given to each director at such person’s business or residence in writing by hand delivery, first-class or overnight mail or courier service, telegram, email or facsimile transmission, or orally by telephone.  If mailed by first-class mail, such notice shall be deemed adequately delivered when deposited in the United States mails so addressed, with postage thereon prepaid, at least five (5) days before such meeting.  If by telegram, overnight mail or courier service, such notice shall be deemed adequately delivered when the telegram is delivered to the telegraph company, or the notice is delivered to the overnight mail or courier service company at least twenty-four (24) hours before 

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 such meeting.  If by email, facsimile transmission, telephone or by hand, such notice shall be deemed adequately delivered when the notice is transmitted at least twelve (12) hours before such meeting.  Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the Board of Directors need be specified in the notice of such meeting, except for amendments to these Bylaws, as provided under Section 9.1 of these Bylaws.  A meeting may be held at any time without notice if all the directors are present or if those not present waive notice of the meeting in accordance with Section 7.4 of these Bylaws.
 SECTION 3.6.                          Action by Consent of Board of Directors.  Any action required or permitted to be taken at any meeting of the Board of Directors or of any committee thereof may be taken without a meeting if all members of the Board of Directors or committee, as the case may be, consent thereto in writing, and the writing or writings are filed with the minutes of proceedings of the Board of Directors or committee.
 SECTION 3.7.                          Conference Telephone Meetings.  Members of the Board of Directors, or any committee thereof, may participate in a meeting of the Board of Directors or such committee by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other, and such participation in a meeting shall constitute presence in person at such meeting.
 SECTION 3.8.                          Quorum.  A majority, which shall include at least one Apollo Representative (as defined below) for so long as there is at least one Apollo Representative on the Board of Directors, of the members of the Whole Board shall constitute a quorum for the transaction of business; provided, however, that if at least one Apollo Representative is on the Board of Directors, then a quorum for a meeting of the Board of Directors must include at least one Apollo Representative unless each Apollo Representative on the Board of Directors provides written or electronic notice to the remaining members of the Board of Directors prior to such meeting waiving his or her right to be included in the quorum at such meeting.  An “Apollo Representative” shall be any officer, director, employee, managing director, consultant or other affiliate of Apollo Management V, L.P. (“Apollo”), or any person on the Board of Directors nominated by Apollo.  If at any meeting of the Board of Directors there shall be less than a quorum present, a majority of those present may adjourn the meeting from time to time until a quorum is obtained, and no further notice thereof need be given other than by announcement at the meeting which shall be so adjourned.  No business may be conducted by the Board of Directors, other than the adjournment of the meeting, where a quorum is not present or is no longer continuing.  The vote of the majority of the directors present at a meeting at which a quorum is present and continuing shall be the act of the Board of Directors unless the Certificate of Incorporation of the Corporation or these Bylaws shall require the vote of a greater number.  This Bylaw may not be amended, modified or repealed without the approval of no less than two-thirds of the Whole Board, including at least one Apollo Representative if there is at least one Apollo Representative on the Board of Directors, or the affirmative vote of no less than two-thirds of the stockholders entitled to vote thereon at an annual or special meeting of stockholders at which such action is proposed. 
 SECTION 3.9.                          Vacancies.  Subject to applicable law and the rights of the holders of any series of Preferred Stock with respect to such series of Preferred Stock, and unless the Board of Directors otherwise determines, vacancies resulting from death, resignation, retirement, 

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 disqualification, removal from office or other cause, and newly created directorships resulting from any increase in the authorized number of directors, may be filled only by the affirmative vote of a majority of the remaining directors, though less than a quorum of the Board of Directors, and directors so chosen shall hold office for a term expiring at the annual meeting of stockholders at which the term of office of the class to which they have been appointed expires and until such director’s successor shall have been duly elected and qualified.  
 SECTION 3.10.                      Executive and Other Committees.  The Board of Directors may, by resolution adopted by a majority of the Whole Board, designate an Executive Committee to exercise, subject to applicable provisions of law, all the powers of the Board of Directors in the management of the business and affairs of the Corporation when the Board is not in session, including without limitation the power to declare dividends, to authorize the issuance of the Corporation’s capital stock and to adopt a certificate of ownership and merger pursuant to Section 253 of the General Corporation Law of the State of Delaware, and may, by resolution similarly adopted, designate an Audit Committee, a Compensation Committee, a Nominating/Governance Committee and one or more additional committees.  

Each committee, as appropriate, shall consist of two or more directors of the Corporation.  The Board of Directors may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee.  Any such committee, other than the Executive Committee (the powers of which are expressly provided for herein), may to the extent permitted by law exercise such powers and shall have such responsibilities as shall be specified in the designating resolution.  In the absence or disqualification of any member of such committee or committees, the member or members thereof present at any meeting and not disqualified from voting, whether or not constituting a quorum, may unanimously appoint another member of the Board of Directors to act at the meeting in the place of any such absent or disqualified member.  Each committee shall keep written minutes of its proceedings and shall report such proceedings to the Board of Directors when required.  

A majority of any committee may determine its action and fix the time and place of its meetings, unless the Board of Directors shall otherwise provide.  Notice of such meetings shall be given to each member of the committee in the manner provided for in Section 3.5 of these Bylaws.  The Board of Directors shall have power at any time to fill vacancies in, to change the membership of, or to dissolve, any such committee.  Nothing herein shall be deemed to prevent the Board of Directors from appointing one or more committees consisting in whole or in part of persons who are not directors of the Corporation; provided, however, that no such committee shall have or may exercise any authority of the Board of Directors.

SECTION 3.11.                      Removal.  Subject to the rights of the holders of any series of Preferred Stock with respect to such series of Preferred Stock, any director, or the entire Board of Directors, may be removed from office at any time, but only for cause and only by the affirmative vote of the holders of at least a majority of the voting power of all of the then-outstanding shares of Voting Stock, voting together as a single class.
 SECTION 3.12.                      Records.  The Board of Directors shall cause to be kept a record containing the minutes of the proceedings of the meetings of the Board of Directors and of the stockholders, 

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 appropriate stock books and registers and such books of records and accounts as may be necessary for the proper conduct of the business of the Corporation.
 SECTION 3.13.                      Compensation of Directors.  Directors shall be paid their reasonable and necessary expenses, if any, of attendance at each meeting of the Board of Directors or any committee thereof and, as and to the extent authorized by the Board of Directors, a fixed sum for attendance at each meeting of the Board of Directors or any committee thereof and a stated fee as director.  No such payment shall preclude any director from serving the Corporation in any other capacity and receiving compensation therefor. Members of standing or other committees of the Board of Directors may be allowed like compensation for attending committee meetings.

ARTICLE IV

OFFICERS 

SECTION 4.                         
 SECTION 4.1.                          Elected Officers.  The elected officers of the Corporation shall be a Chairman of the Board of Directors, a President, a Secretary, a Treasurer, and such other officers (including, without limitation, a Chief Financial Officer) as the Board of Directors from time to time may deem proper.  The Chairman of the Board shall be chosen from among the directors.  Any number of offices may be held by the same person.  All officers elected by the Board of Directors shall each have such powers and duties as generally pertain to their respective offices, subject to the specific provisions of this Article IV.  Such officers shall also have such powers and duties as from time to time may be conferred by the Board of Directors or by any committee thereof.  The Board of Directors or any committee thereof may from time to time elect, or the Chairman of the Board or President may appoint, such other officers (including one or more Assistant Vice Presidents, Assistant Secretaries, Assistant Treasurers, and Assistant Controllers) and such agents, as may be necessary or desirable for the conduct of the business of the Corporation.  Such other officers and agents shall have such duties and shall hold their offices for such terms as shall be provided in these Bylaws or as may be prescribed by the Board of Directors or such committee or by the Chairman of the Board or President, as the case may be.
 SECTION 4.2.                          Election and Term of Office.  The elected officers of the Corporation shall be elected by the Board of Directors.  Each officer shall hold office until his successor shall have been duly elected and shall have qualified or until his death or until he shall resign.
 SECTION 4.3.                          Chairman of the Board.  The Chairman of the Board shall preside at all meetings of the stockholders and of the Board of Directors and shall perform all duties incidental to his office which may be required by law and all such other duties as are properly required of him by the Board of Directors. 
 SECTION 4.4.                          President.  The President shall be the chief executive officer of the Corporation and, subject to the control of the Board of Directors, shall be responsible for the general and active management of the business, operations and affairs of the Corporation and shall perform all duties incident to the office of President.  The President shall have such other powers and perform such other duties as may from time to time be assigned to the President by these Bylaws or by the Board of Directors.
 

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 SECTION 4.5. 

SECTION 4.5.             Vice Presidents.  In the absence of the President or in the event of the President’s inability or refusal to act, except as otherwise expressly provided in these Bylaws, the Vice President (or in the event there be more than one Vice President, the Vice Presidents in the order designated by the Board of Directors, or in the absence of any designation, then in the order of their election or appointment) shall perform the duties of the President, and, when so acting, shall have all the powers of and be subject to all the restrictions upon the President.  Each Vice President shall have all such other powers and shall perform all such other duties incident to the office of Vice President and shall have such other powers and perform such other duties as may from time to time be assigned to such Vice President by these Bylaws or by the Board of Directors or the President.

SECTION 4.6.                          Chief Financial Officer.  The Chief Financial Officer (if any) shall be a Vice President and act in an executive financial capacity.  He shall assist the Chairman of the Board and the President in the general supervision of the Corporation’s financial policies and affairs.
 SECTION 4.7.                          Treasurer.  Unless the Board of Directors by resolution otherwise provides, the Treasurer may also serve as the chief accounting officer or the chief financial officer of the Corporation.  The Treasurer shall have custody of, and when proper shall pay out, disburse or otherwise dispose of, all funds and securities of the Corporation which may have come into the hands of the Treasurer; the Treasurer may endorse on behalf of the Corporation for collection checks, notes and other obligations and shall deposit the same to the credit of the Corporation in such bank or banks or depositary or depositaries as the Board of Directors may designate; the Treasurer shall sign all receipts and vouchers for payments made to the Corporation; the Treasurer shall enter or cause to be entered regularly in the books of the Corporation kept for the purpose full and accurate accounts of all moneys received or paid or otherwise disposed of by the Treasurer and whenever required by the Board of Directors, the Chairman of the Board or the President shall render statements of such accounts; the Treasurer shall, at all reasonable times, exhibit the Treasurer’s books and accounts to any director of the Corporation upon application at the office of the Corporation during business hours; and the Treasurer shall have all powers and the Treasurer shall perform all duties incident to the office of the Treasurer and shall also have such other powers and shall perform such other duties as may from time to time be assigned to the Treasurer by these Bylaws or by the Board of Directors, the Chairman of the Board or the President.
 SECTION 4.8.                          Secretary.  The Secretary shall have the duty to record the proceedings of all meetings of the Board of Directors and all meetings of the stockholders in books to be kept for that purpose; the Secretary shall attend to the giving or serving of all notices of the Corporation; the Secretary shall have custody of the corporate seal of the Corporation and shall affix the same to such documents and other papers as the Board of Directors, the Chairman of the Board or the President shall authorize and direct; the Secretary shall have charge of the stock certificate books, transfer books and stock ledgers and such other books and papers as the Board of Directors, the Chairman of the Board or the President shall direct, all of which shall at all reasonable times be open to the examination of any director, upon application, at the office of the Corporation during business hours; and whenever required by the Board of Directors, the Chairman of the Board or the President shall render statements of such accounts; and the Secretary shall have all powers and shall perform all duties incident to the office of Secretary and shall also have such other powers and shall perform such other duties as may from time to time 

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 be assigned to the Secretary by these Bylaws or by the Board of Directors, the Chairman of the Board or the President.
 SECTION 4.9.                          Removal.  Any officer elected, or agent appointed, by the Board of Directors may be removed from office with or without cause by the affirmative vote of a majority of the Whole Board.  Any officer or agent appointed by the Chairman of the Board or the President may be removed by him with or without cause.  No elected officer shall have any contractual rights against the Corporation for compensation by virtue of such election beyond the date of the election of his successor, his death, his resignation or his removal, whichever event shall first occur, except as otherwise provided in an employment contract or under an employee deferred compensation plan.
 SECTION 4.10.                      Vacancies.  A newly created elected office and a vacancy in any elected office because of death, resignation, or removal may be filled by the Board of Directors.  Any vacancy in an office appointed by the Chairman of the Board or the President because of death, resignation, or removal may be filled by the Chairman of the Board or the President.

ARTICLE V

STOCK CERTIFICATES AND TRANSFERS

SECTION 5.                         
 SECTION 5.1.                          Certificated and Uncertificated Stock; Transfers.  The interest of each stockholder of the Corporation may be evidenced by certificates for shares of stock in such form as the appropriate officers of the Corporation may from time to time prescribe or be uncertificated.  
 The shares of the stock of the Corporation shall be transferred on the books of the Corporation, in the case of certificated shares of stock, by the holder thereof in person or by his attorney duly authorized in writing, upon surrender for cancellation of certificates for at least the same number of shares, with an assignment and power of transfer endorsed thereon or attached thereto, duly executed, with such proof of the authenticity of the signature as the Corporation or its agents may reasonably require; and, in the case of uncertificated shares of stock, upon receipt of proper transfer instructions from the registered holder of the shares or by such person’s attorney duly authorized in writing, and upon compliance with appropriate procedures for transferring shares in uncertificated form.  No transfer of stock shall be valid as against the Corporation for any purpose until it shall have been entered in the stock records of the Corporation by an entry showing from and to whom transferred.

The certificates of stock shall be signed, countersigned and registered in such manner as the Board of Directors may by resolution prescribe, which resolution may permit all or any of the signatures on such certificates to be in facsimile.  In case any officer, transfer agent or registrar who has signed or whose facsimile signature has been placed upon a certificate has ceased to be such officer, transfer agent or registrar before such certificate is issued, it may be issued by the Corporation with the same effect as if he were such officer, transfer agent or registrar at the date of issue.

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Notwithstanding anything to the contrary in these Bylaws, at all times that the Corporation’s stock is listed on a stock exchange, the shares of the stock of the Corporation shall comply with all direct registration system eligibility requirements established by such exchange, including any requirement that shares of the Corporation’s stock be eligible for issue in book-entry form.  All issuances and transfers of shares of the Corporation’s stock shall be entered on the books of the Corporation with all information necessary to comply with such direct registration system eligibility requirements, including the name and address of the person to whom the shares of stock are issued, the number of shares of stock issued and the date of issue.  The Board of Directors shall have the power and authority to make such rules and regulations as it may deem necessary or proper concerning the issue, transfer and registration of shares of stock of the Corporation in both the certificated and uncertificated form.

SECTION 5.2.                          Lost, Stolen or Destroyed Certificates.  No certificate for shares of stock in the Corporation shall be issued in place of any certificate alleged to have been lost, destroyed or stolen, except on production of such evidence of such loss, destruction or theft and on delivery to the Corporation of a bond of indemnity in such amount, upon such terms and secured by such surety, as the Board of Directors or any financial officer may in its or his discretion require. 
 SECTION 5.3.                          Record Owners.  The Corporation shall be entitled to recognize the exclusive right of a person registered on its books as the owner of shares to receive dividends, and to vote as such owner, and to hold liable for calls and assessments a person registered on its books as the owner of shares, and shall not be bound to recognize any equitable or other claim to or interest in such share or shares on the part of any other person, whether or not it shall have express or other notice thereof, except as otherwise required by law.
 SECTION 5.4.                          Transfer and Registry Agents.  The Corporation may from time to time maintain one or more transfer offices or agencies and registry offices or agencies at such place or places as may be determined from time to time by the Board of Directors.

ARTICLE VI

INDEMNIFICATION

SECTION 6.                         
 SECTION 6.1.                          Indemnification.  
 (a)                Each person who was or is made a party or is threatened to be made a party to or is otherwise involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative (hereinafter, a “Proceeding”), by reason of the fact that he or she or a person of whom he or she is the legal representative is or was, at any time during which this Bylaw is in effect (whether or not such person continues to serve in such capacity at the time any indemnification or advancement of expenses pursuant hereto is sought or at the time any Proceeding relating thereto exists or is brought), a director or officer of the Corporation or is or was at any such time serving at the request of the Corporation as a director, officer, trustee, employee or agent of another corporation or of a partnership, joint venture, trust or other enterprise, including service with respect to employee benefit plans maintained or sponsored by the Corporation (hereinafter, a “Covered Person”), whether the basis of such Proceeding is alleged action in an official capacity as a director, officer, trustee, employee or agent or in any 

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other capacity while serving as a director, officer, trustee, employee or agent, shall be (and shall be deemed to have a contractual right to be) indemnified and held harmless by the Corporation (and any successor of the Corporation by merger or otherwise) to the fullest extent authorized by the General Corporation Law of the State of Delaware as the same exists or may hereafter be amended or modified from time to time (but, in the case of any such amendment or modification, only to the extent that such amendment or modification permits the Corporation to provide greater indemnification rights than said law permitted the Corporation to provide prior to such amendment or modification), against all expense, liability and loss (including attorneys’ fees, judgments, fines, ERISA excise taxes or penalties and amounts paid or to be paid in settlement) incurred or suffered by such person in connection therewith and such indemnification shall continue as to a person who has ceased to be a director, officer, trustee, employee or agent and shall inure to the benefit of his or her heirs, executors and administrators; provided, however, that except as provided in paragraph (a) of Section 6.3 of these Bylaws, the Corporation shall indemnify any such person seeking indemnification in connection with a Proceeding (or part thereof) initiated by such person only if such Proceeding (or part thereof) was authorized by the Board of Directors.  

 (b)               To obtain indemnification under this Bylaw, a claimant shall submit to the Corporation a written request, including therein or therewith such documentation and information as is reasonably available to the claimant and is reasonably necessary to determine whether and to what extent the claimant is entitled to indemnification.  Upon written request by a claimant for indemnification, a determination, if required by applicable law, with respect to the claimant’s entitlement thereto shall be made as follows:  (i) if requested by the claimant, by Independent Counsel (as hereinafter defined), or (ii) if no request is made by the claimant for a determination by Independent Counsel, (A) by the Board of Directors by a majority vote of a quorum consisting of Disinterested Directors (as hereinafter defined), (B) if a quorum of the Board of Directors consisting of Disinterested Directors is not obtainable or, even if obtainable, such quorum of Disinterested Directors so directs, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to the claimant or (C) if a quorum of Disinterested Directors so directs, by a majority vote of the stockholders of the Corporation.  In the event the determination of entitlement to indemnification is to be made by Independent Counsel, the Independent Counsel shall be selected by the Board of Directors unless there shall have occurred within two years prior to the date of the commencement of the Proceeding for which indemnification is claimed a “Change in Control” as defined in the 2010 Long-term Incentive Plan, in which case the Independent Counsel shall be selected by the claimant unless the claimant shall request that such selection be made by the Board of Directors.  If it is so determined that the claimant is entitled to indemnification, payment to the claimant shall be made within ten (10) days after such determination.
 SECTION 6.2.                          Mandatory Advancement of Expenses.  To the fullest extent authorized by the General Corporation Law of the State of Delaware as the same exists or may hereafter be amended or modified from time to time (but, in the case of any such amendment or modification, only to the extent that such amendment or modification permits the Corporation to provide greater rights to advancement of expenses than said law permitted the Corporation to provide prior to such amendment or modification), each Covered Person shall have (and shall be deemed to have a contractual right to have) the right, without the need for any action by the Board of Directors, to be paid by the Corporation (and any successor of the Corporation by merger or 

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 otherwise) the expenses incurred in connection with any Proceeding in advance of its final disposition, such advances to be paid by the Corporation within twenty (20) days after the receipt by the Corporation of a statement or statements from the claimant requesting such advance or advances from time to time; provided, however, that if the General Corporation Law of the State of Delaware requires, the payment of such expenses incurred by a director or officer in his or her capacity as a director or officer (and not in any other capacity in which service was or is rendered by such person while a director or officer, including, without limitation, service to an employee benefit plan) shall be made only upon delivery to the Corporation of an undertaking (hereinafter, the “Undertaking”) by or on behalf of such director or officer, to repay all amounts so advanced if it shall ultimately be determined by final judicial decision from which there is no further right of appeal (a “final disposition”) that such director or officer is not entitled to be indemnified for such expenses under this Bylaw or otherwise.  
 SECTION 6.3.                          Claims.
 (a)                (i) If a claim for indemnification under this Article VI is not paid in full by the Corporation within thirty (30) days after a written claim pursuant to Section 6.1(b) of these Bylaws has been received by the Corporation, or (ii) if a request for advancement of expenses under this Article VI is not paid in full by the Corporation within twenty (20) days after a statement pursuant to Section 6.2 of these Bylaws and the required Undertaking, if any, have been received by the Corporation, the claimant may at any time thereafter bring suit against the Corporation to recover the unpaid amount of the claim for indemnification or request for advancement of expenses and, if successful in whole or in part, the claimant shall be entitled to be paid also the expense of prosecuting such claim.  It shall be a defense to any such action that, under the General Corporation Law of the State of Delaware, the claimant has not met the standard of conduct which makes it permissible for the Corporation to indemnify the claimant for the amount claimed or that the claimant is not entitled to the requested advancement of expenses, but (except where the required Undertaking, if any, has not been tendered to the Corporation) the burden of proving such defense shall be on the Corporation.  Neither the failure of the Corporation (including its Board of Directors, Independent Counsel or stockholders) to have made a determination prior to the commencement of such action that indemnification of the claimant is proper in the circumstances because he or she has met the applicable standard of conduct set forth in the General Corporation Law of the State of Delaware, nor an actual determination by the Corporation (including its Board of Directors, Independent Counsel or stockholders) that the claimant has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that the claimant has not met the applicable standard of conduct.
 (b)               If a determination shall have been made pursuant to Section 6.1(b) of these Bylaws that the claimant is entitled to indemnification, the Corporation shall be bound by such determination in any judicial proceeding commenced pursuant to paragraph (a) of this Section 6.3.
 (c)                The Corporation shall be precluded from asserting in any judicial proceeding commenced pursuant to paragraph (a) of this Section 6.3 that the procedures and presumptions of this Bylaw are not valid, binding and enforceable and shall stipulate in such proceeding that the Corporation is bound by all the provisions of this Bylaw.
 

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 SECTION 6.4.                          Contract Rights; Amendment and Repeal; Non-exclusivity of Rights.
 (a)        All of the rights conferred in this Article VI, as to indemnification, advancement of expenses and otherwise, shall be contract rights between the Corporation and each Covered Person to whom such rights are extended that vest at the commencement of such Covered Person’s service to or at the request of the Corporation and (i) any amendment or modification of this Article VI that in any way diminishes or adversely affects any such rights shall be prospective only and shall not in any way diminish or adversely affect any such rights with respect to any actual or alleged state of facts, occurrence, action or omission occurring prior to the time of such amendment or modification, or Proceeding previously or thereafter brought or threatened based in whole or in part upon any such actual or alleged state of facts, occurrence, action or omission, and (ii) all of such rights shall continue as to any such Covered Person who has ceased to be a director or officer of the Corporation or ceased to serve at the Corporation’s request as a director, officer, trustee, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, as described herein, and shall inure to the benefit of such Covered Person’s heirs, executors and administrators.
 (b)       All of the rights conferred in this Article VI, as to indemnification, advancement of expenses and otherwise, (i) shall not be exclusive of any other right which any person may have or hereafter acquire under any statute, provision of the Certificate of Incorporation, Bylaws, agreement, vote of stockholders or Disinterested Directors or otherwise and (ii) cannot be terminated by the Corporation, the Board of Directors or the stockholders of the Corporation with respect to a person’s service prior to the date of such termination.  
 SECTION 6.5.                          Insurance, Other Indemnification and Advancement of Expenses.
 (a)                The Corporation may maintain insurance, at its expense, to protect itself and any current or former director, officer, employee or agent of the Corporation or another corporation, partnership, joint venture, trust or other enterprise against any expense, liability or loss, whether or not the Corporation would have the power to indemnify such person against such expense, liability or loss under the General Corporation Law of the State of Delaware.  To the extent that the Corporation maintains any policy or policies providing such insurance, each such current or former director or officer, and each such agent or employee to which rights to indemnification have been granted as provided in paragraph (b) of this Section 6.5, shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage thereunder for any such current or former director, officer, employee or agent.
 (b)               The Corporation may, to the extent authorized from time to time by the Board of Directors or the President, grant rights to indemnification and rights to advancement of expenses incurred in connection with any Proceeding in advance of its final disposition, to any current or former employee or agent of the Corporation to the fullest extent of the provisions of this Bylaw with respect to the indemnification and advancement of expenses of current or former directors and officers of the Corporation.
 

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 SECTION 6.6.                          Definitions; Notices.  For purposes of this Bylaw:
 (a)                “Disinterested Director” means a director of the Corporation who is not and was not a party to the matter in respect of which indemnification is sought by the claimant.
 (b)               “Independent Counsel” means a law firm, a member of a law firm, or an independent practitioner, that is experienced in matters of corporation law and shall include any person who, under the applicable standards of professional conduct then prevailing, would not have a conflict of interest in representing either the Corporation or the claimant in an action to determine the claimant’s rights under this Bylaw.
 Any notice, request or other communication required or permitted to be given to the Corporation under this Bylaw shall be in writing and either delivered in person or sent by telecopy, telex, telegram, overnight mail or courier service, or certified or registered mail, postage prepaid, return receipt requested, to the Secretary of the Corporation and shall be effective only upon receipt by the Secretary.
 SECTION 6.7.                          Severability.  If any provision or provisions of this Bylaw shall be held to be invalid, illegal or unenforceable for any reason whatsoever:  (a) the validity, legality and enforceability of the remaining provisions of this Bylaw (including, without limitation, each portion of any paragraph of this Bylaw containing any such provision held to be invalid, illegal or unenforceable, that is not itself held to be invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby; and (b) to the fullest extent possible, the provisions of this Bylaw (including, without limitation, each such portion of any paragraph of this Bylaw containing any such provision held to be invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal or unenforceable.

ARTICLE VII

MISCELLANEOUS PROVISIONS

SECTION 7.                         
 SECTION 7.1.                          Fiscal Year.  The fiscal year of the Corporation shall begin on the first day of January and end on the thirty-first day of December of each year.
 SECTION 7.2.                          Dividends.  The Board of Directors may from time to time declare, and the Corporation may pay, dividends on its outstanding shares in the manner and upon the terms and conditions provided by law and the Certificate of Incorporation.
 SECTION 7.3.                          Seal.  The corporate seal shall have enscribed thereon the words “Corporate Seal”, the year of incorporation and around the margin thereof the words “Metals USA Holdings Corp. ‐ Delaware.”
 SECTION 7.4.                          Waiver of Notice.  Whenever any notice is required to be given to any stockholder or director of the Corporation under the provisions of the General Corporation Law of the State of Delaware or these Bylaws, a waiver thereof in writing, signed by the person or persons entitled to such notice, whether before or after the time stated therein, shall be deemed equivalent to the giving of such notice.  Neither the business to be transacted at, nor the purpose 

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 of, any annual or special meeting of the stockholders or the Board of Directors or committee thereof need be specified in any waiver of notice of such meeting.
 SECTION 7.5.                          Audits.  The accounts, books and records of the Corporation shall be audited upon the conclusion of each fiscal year by an independent certified public accountant selected by the Board of Directors, and it shall be the duty of the Board of Directors to cause such audit to be done annually.
 SECTION 7.6.                          Resignations.  Any director or any officer, whether elected or appointed, may resign at any time by giving written notice of such resignation to the Chairman of the Board, the President, or the Secretary, and such resignation shall be deemed to be effective as of the close of business on the date said notice is received by the Chairman of the Board, the President, or the Secretary, or at such later time as is specified therein.  No formal action shall be required of the Board of Directors or the stockholders to make any such resignation effective.  

ARTICLE VIII

Contracts, Proxies, Etc.

SECTION 8.                         
 SECTION 8.1.                          Contracts.  Except as otherwise required by law, the Certificate of Incorporation or these Bylaws, any contracts or other instruments may be executed and delivered in the name and on the behalf of the Corporation by such officer or officers of the Corporation as the Board of Directors may from time to time direct.  Such authority may be general or confined to specific instances as the Board of Directors may determine.  The Chairman of the Board, the President or any Vice President may execute bonds, contracts, deeds, leases and other instruments to be made or executed for or on behalf of the Corporation.  Subject to any restrictions imposed by the Board of Directors or the Chairman of the Board, the President or any Vice President of the Corporation may delegate contractual powers to others under his jurisdiction, it being understood, however, that any such delegation of power shall not relieve such officer of responsibility with respect to the exercise of such delegated power.
 SECTION 8.2.                          Proxies.  Unless otherwise provided by resolution adopted by the Board of Directors, the Chairman of the Board, the President or any Vice President may from time to time appoint an attorney or attorneys or agent or agents of the Corporation, in the name and on behalf of the Corporation, to cast the votes which the Corporation may be entitled to cast as the holder of stock or other securities in any other corporation, any of whose stock or other securities may be held by the Corporation, at meetings of the holders of the stock or other securities of such other corporation, or to consent in writing, in the name of the Corporation as such holder, to any action by such other corporation, and may instruct the person or persons so appointed as to the manner of casting such votes or giving such consent, and may execute or cause to be executed in the name and on behalf of the Corporation and under its corporate seal or otherwise, all such written proxies or other instruments as he may deem necessary or proper in the premises.

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ARTICLE IX

AMENDMENTS

SECTION 9.                         
 SECTION 9.1.                          Amendments.  These Bylaws may be altered, amended, or repealed at any meeting of the Board of Directors or of the stockholders, provided notice of the proposed change was given in the notice of the meeting and, in the case of a meeting of the Board of Directors, in a notice given not less than two days prior to the meeting.

 

 

Effective as of 1:20p.m. E.D.T., on April 5, 2010.

 

/s/ William A. Smith, II_________________

Secretary

 

 

-22-barclays-settlementagreement.htm - Generated by SEC Publisher for SEC Filing

Exhibit 10.1

 

Settlement AGREEMENT

 

between

Barclays Bank PLC

as Agent and Lender

and

Sunrise Senior Living INC.

as Parent/Guarantor

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This Settlement Agreement (the "Agreement") is made on April 29, 2010, between Barclays Bank PLC, having its principal place of business at One Churchill Place, London E14 5HP, United Kingdom, in its capacity as agent and, at the same time, as lender under the Loan Agreements (as defined below) (the "Lender"), and Sunrise Senior Living Inc., having its principal place of business at 7902 Westpark Drive, McLean, Virginia 22102, U.S.A. (the "Parent", and collectively with the Lender, the "Parties").

Recitals:

(A)             Sunrise Wiesbaden Senior Living GmbH & Co. KG, registered with the commercial register (Handelsregister) at the local court (Amtsgericht) of Königstein im Taunus under HRA 3008, represented by its general partner, PSRZ (Germany) General Partner GmbH with sole power of representation, registered with the commercial register at the local court of Königstein im Taunus under HRB 6199, Frankfurter Str. 1, 61476 Kronberg im Taunus ("PropCo") and the Lender are parties to that certain Loan Agreement dated 30 December 2005 (as amended from time to time, the "PropCo Loan Agreement"), under which, inter alia, the Lender has made available to PropCo the Facilities (as defined in the PropCo Loan Agreement).

(B)              Sunrise Wiesbaden GmbH, registered with the commercial register (Handelsregister) at the local court (Amtsgericht) of Königstein im Taunus under HRB 6570 ("OpCo") and the Lender are parties to that certain Loan Agreement dated 30 December 2005 (as amended from time to time, the "OpCo Loan Agreement", and collectively with the PropCo Loan Agreement, and all other agreements executed in connection therewith (as amended), the "Loan Agreements"), under which, inter alia, the Lender has made available to OpCo the Facilities (as defined in the OpCo Loan Agreement).

(C)              The Parent and the Lender are parties to (i) that certain Funding Obligation dated 10 April 2006 in relation to PropCo (as amended from time to time, the "PropCo Funding Obligation") and (ii) that certain Funding Obligation dated 10 April 2006 in relation to OpCo (as amended from time to time, the "OpCo Funding Obligation", and collectively with the PropCo Funding Obligation, the "Funding Obligations").  Under the Funding Obligations, the Parent has agreed, inter alia, to pay to the Lender an amount equal to any Cash Flow Deficit (as defined in the Funding Obligations) of PropCo or OpCo.

(D)             The Parent and the Lender are parties to (i) that certain Limited Loan to Value Guarantee dated 10 April 2006, in relation to PropCo (as amended from time to time, the "PropCo LTV Guarantee") and (ii) that certain Limited Loan to Value Guarantee dated 10 April 2006, in relation to OpCo (as amended from time to time, the "OpCo LTV Guarantee", and collectively with the PropCo LTV Guarantee, the "LTV Guarantees", and collectively with the Funding Obligations, and all other agreements executed in connection with any of the foregoing to which the Parent is a party (as amended from time to time), the "Guarantees").  Under the LTV Guarantees the Parent, inter alia, guaranteed 
 to the Lender the compliance by PropCo and OpCo, respectively, with respect to the LTV (as defined in each of the Guarantees) and to pay to the Lender, upon demand, amounts necessary to ensure such compliance up to an agreed limit.   

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(E)              The Parties agree that the Lender holds certain claims against the Parent under the Guarantees arising from the occurrence of certain Events of Default under the Loan Agreements.  The Parties agree that the precise amount and nature of the Lender's claims against the Parent under the Guarantees are uncertain as of the date of this Agreement.  However, in respect of such claims, the Parties have agreed to the payment by the Parent to the Lender of the Settlement Amount (as defined below) set forth in Clause 2.2 below pursuant to and in accordance with the provisions of this Agreement and the Note (as defined below). 

(F)               The Parties, wishing to settle, among other things, any and all existing and potential future claims which the Lender now has or may have against the Parent arising under, related to, or in connection with the Guarantees or PropCo or OpCo, or any of PropCo's or OpCo’s property, business, or other obligations, have agreed to enter into this Agreement on the terms and conditions set forth herein.

NOW IT IS HEREBY AGREED as follows:

1.                  Definitions and Language

1.1              In this Agreement, references to a person include its successors and assignees, and references to a document are references to that document as amended, novated or supplemented through the time such reference becomes effective.

1.2              Unless otherwise defined herein, capitalized terms used herein shall have the meanings as set out in the Loan Agreements.

1.3              This Agreement is made in the English language only.  For the avoidance of doubt, the English language version of this Agreement shall prevail over any translation of this Agreement. 

1.4              The headings in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose or be given any substantive effect.

1.5              Words importing the singular include the plural and vice versa.

2.                  Settlement

2.1              In consideration of the Parent’s agreement to pay the Settlement Amount (as defined below), the sufficiency of which is hereby acknowledged by the Lender, subject to and immediately upon (i) the occurrence of the Effective Date and (ii) the receipt of the Initial Payment (as defined below) by the Lender: 

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2.1.1        (i) the Guarantees and all of the Parties’ respective rights and obligations thereunder are hereby terminated and (ii) all claims and causes of action, whether known or unknown, contingent or matured, liquidated or unliquidated, by the Lender against the Parent and by the Parent against the Lender arising under, related to, or in connection with the Guarantees or PropCo or OpCo, or any of PropCo's or OpCo’s property, business, or other obligations, which the Lender or Parent has, had or could have at any time, are hereby fully and forever irrevocably and unconditionally remised, released and discharged; provided, however, that, except as expressly set forth herein, the foregoing shall not release any of the respective rights, remedies or obligations of the Parties under this Agreement, the Note or the Standstill Agreement (as defined below), or any agreements between the Parties (including, but not limited to, any amendments, modifications, restatements, or otherwise, to, or affecting, any of the foregoing agreements) which are entered into after the date hereof. 

2.1.2        (a) the Lender, solely in its capacity as a lender, hereby acknowledges and agrees that (i) it is not, and will not become, a party to that certain Restructure Term Sheet dated October 22, 2009, among the Parent, certain of its affiliates and certain lenders party thereto, a copy of which is attached hereto as Appendix A (the "Restructure Term Sheet") and (ii) it will not assert any claims against the Parent with respect to any amounts the Lender would have been entitled to receive under the Restructure Term Sheet had it been a party thereto; provided, however, that the foregoing shall in no way be deemed to be a waiver of any provision of, or operate as a waiver of any right, default, Event of Default, power or remedy of the Lender under the Loan Agreements or any agreements or documents entered into or related to the Loan Agreements.  (b) The Parent hereby indemnifies the Lender for any loss, cost, expense or liability (including, but not limited to, reasonable legal fees and expenses) that the Lender may suffer or incur as a result of a breach by the Parent of the representations and warranties set forth in Clause 4.6 (which, for the avoidance of doubt, shall constitute an Event of Default under the Note (as defined below)).  (c) The Parent hereby acknowledges that the Lender has expressly conditioned its entry into this Agreement, the Standstill Agreement and the Note on, among other things, the Parent agreeing to provide the indemnification in this Clause 2.1.2 and the representations, warranties and covenants in Clause 4.6.       

2.1.3        the Parties, OpCo and PropCo, will, contemporaneously herewith, enter into a mutually-agreed amendment to the standstill agreement dated February 5, 2009 (as may be amended from time to time, the "Standstill Agreement"),  the form of which is attached hereto as Appendix E.  

2.1.4        the Lender: 

                                  (i)       undertakes to (with the Parent being entitled to claim for specific performance, and not just for damages if the Lender fails to) in the future consent to the Parent’s assumption of PropCo’s and OpCo’s obligations to the Lender under the Loan Agreements, in each case and 
 each time a portion of PropCo's and OpCo's obligations is assumed pursuant to the terms of the debt assumption agreement (substantially in the form as set out in Appendix B) in an aggregate amount corresponding to the Initial Payment (as defined below) and all other payments made or to be made by the Parent under the Note (as defined below) (as a debt assumption within the meaning of § 415 of the German Civil Code (Schuldübernahme i.S.d. § 415 BGB) and forfeiting any recourse claim the Parent may have against PropCo and OpCo in accordance with § 426 of the German Civil Code (BGB) or any other provision); provided, however, that the aforementioned debt assumption has taken place after the valid execution of this Agreement but prior to the Lender's consent and a copy of the executed debt assumption agreement has been received by the Lender and that the Initial Payment or the respective other payment under the Note (as defined below) has been received by the Lender; and 

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                                (ii)       undertakes to (with the Parent being entitled to claim for specific performance, and not just for damages if the Lender fails to) immediately after the relevant declared consent according to above Clause 2.1.4(i) assign (abtreten) to the Parent the Lender's corresponding claims against PropCo and OpCo in an amount in each case and each time corresponding to the amount of each respective portion of obligations assumed in accordance with above Clause 2.1.4(i) (substantially in the form as set out in Appendix C) with such claims upon assignment to the Parent being or becoming unsecured, and the Lender’s liens on, and security interests in, the collateral securing PropCo's and OpCo's obligations under the Loan Agreements not being shared in any way with the Parent, so that these claims become united in the person of the Parent and thereby cease to exist by operation of law (confusio).

2.1.5        subject to (a) the Lender's consent (such consent not to be unreasonably withheld) to a sale and purchase agreement relating to the assets and operations of PropCo and OpCo ("PSA"), unless the purchase price under such PSA exceeds the total amount of all outstanding claims under the Loan Agreements (taking into account the reduction of such obligations through the transactions set out in Clause 2.1.4(i) and (ii) above), in which case no such Lender's consent shall be required, and (b) receipt by the Lender of the full purchase price under such PSA allocated to the Lender with its consent up to an amount of the outstanding claims under the Loan Agreements (taking into account the reduction of such obligations through the transactions set out in Clause 2.1.4(i) and (ii) above) and being understood that the following provisions shall apply in connection with any PSA and shall not be subject to the consent of the Lender), the Lender

                                  (i)       undertakes to (with the Parent being entitled to claim for specific performance, and not just for damages if the Lender fails to) release its liens on the collateral securing PropCo's and OpCo's obligations under the Loan Agreements;

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                                (ii)       undertakes to (with the Parent being entitled to claim for specific performance, and not just for damages if the Lender fails to) in the future consent to the Parent’s assumption of PropCo’s and OpCo’s obligations to the Lender under the Loan Agreements (substantially in the form as set out in Appendix B but with relevant adjustments caused by this specific debt assumption) in an aggregate amount equal to the residual loan amounts that remain owed by PropCo and OpCo (as a debt assumption within the meaning of § 415 of the German Civil Code (Schuldübernahme i.S.d. § 415 BGB) and forfeiting any recourse claim the Parent may have against PropCo and OpCo in accordance with § 426 of the German Civil Code or any other provision); provided, however, that the aforementioned debt assumption has taken place after the valid execution of this Agreement but prior to the Lender's consent and a copy of the executed debt assumption agreement has been received by the Lender, so that no obligations will continue to be owed by PropCo and/or OpCo under the Loan Agreements; and 

                              (iii)       undertakes to immediately after the declared consent according to above Clause 2.1.5(ii) assign (abtreten) to the Parent the Lender's corresponding claims against PropCo and OpCo (substantially in the form as set out in Appendix C but with relevant adjustments caused by this specific assignment), so that these claims become united in the person of the Parent and thereby cease to exist by operation of law (confusio). 

2.2              As consideration for the termination of the Guarantees and the Parent's obligations thereunder, the release of claims pursuant to Clause 2.1.1(i) against the Parent, and the other actions and undertakings by the Lender as set out above in Clause 2.1, the Parent hereby agrees to pay to the Lender the sum of EUR 7,491,277.00 (the "Settlement Amount") pursuant to, and in accordance with, the terms of a promissory note dated as of the date hereof in the form attached hereto as Appendix D (the "Note"), as follows:

2.2.1        on or prior to five (5) Business Days (as defined in the Note) following the Effective Date (the “Initial Payment Due Date”) the Parent shall wire to the Lender in immediately available funds the sum of EUR 1,000,000 (the "Initial Payment") to the account designated by the Lender below:

PropCo Account - Euros 

 

SWIFTBIC: BARCGB22.

 

	
Sort code

	
Account No

	
IBAN

	
 

	
 

	
 

	
206582

	
85119344

	
GB94 BARC 2065 8285 1193 44

	
 

	
 

	
 

            

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2.2.2        the balance of the Settlement Amount (EUR 6,491,277.00) shall be paid by the Parent to the Lender pursuant to the schedule of payments and other terms set forth in the Note.  

3.                  Conditions Precedent to Effectiveness and Effective Date

3.1              This Agreement and all obligations of the Lender and Parent shall become effective on the date when each of the following conditions precedent are satisfied or, in the case of Clauses 3.3 and 3.5, either satisfied by the Parent (to the reasonable satisfaction of the Lender) or waived by the Lender, or in the case of Clause 3.8, either satisfied by the Lender, to the extent capable of performance prior to the Effective Date, or waived by the Parent (the "Effective Date"):

3.2              Execution and Delivery.  Each Party shall have executed and delivered to the other Party this Agreement. 

3.3              Execution and Delivery of the Note.  The Lender shall have received the original Note duly executed by the Parent.

3.4              Execution and Delivery of the Standstill Agreement. Each Party, OpCo and PropCo shall have executed and delivered to the other Party the Standstill Agreement 

3.5              Other Documents.  On or before the Effective Date, the Parent shall deliver to the Lender a copy of each of the following: 

3.5.1        a good standing certificate from the applicable governmental authority of the Parent's jurisdiction of incorporation, dated as of a recent date prior to the Effective Date; and

3.5.2        such other constitutive or organizational documents of, and/or such other documents, information or agreements regarding, the Parent as the Lender may reasonably request prior to the Effective Date in writing. 

3.6              The Lender shall provide the Parent on the Effective Date with a declaration that the Effective Date has occurred, but failure by the Lender to provide such declaration shall not be a condition precedent to the Effective Date nor relieve the Parent of its obligations hereunder or under the Note. 

3.7              The Parties hereby agree that the Parent, subject to, and immediately upon the occurrence of the Effective Date, shall be obligated to the Lender in the amount of the Settlement Amount under any and all circumstances, including, but not limited to, if (i) a PSA is never executed or the transactions under an executed PSA are never effectuated, (ii) a person or entity files for opening of insolvency proceedings in relation to PropCo and/or OpCo, (iii) any other currently unexpected, unintended or unforeseen event or development takes place in relation to the assets and operations or prospects of PropCo and/or OpCo, or (iv) the Parent fails to pay the Initial Payment on or prior to the Initial Payment Due Date.      

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3.8              To the extent capable of performance prior to the Effective Date, the Lender shall have performed its obligations under Clauses 2.1.4 and 2.1.5.

4.                  Representations and Warranties of Parent

4.1              Corporate Power and Authority.  The Parent has all requisite power and authority, including, but not limited to, any approvals required to be given by the board of directors or similar governing body of the Parent, to enter into this Agreement, the Note, and the Standstill Agreement and to carry out the transactions contemplated by, and perform its obligations, hereunder and thereunder.

4.2              Authorization of Agreements.  The execution and delivery of this Agreement and the Note has been duly authorized by all necessary action on the part of the Parent.

4.3              No Conflict.  The execution and delivery by the Parent of this Agreement and the Note and the performance by the Parent of such agreements do not and will not (i) violate (a) any material provision of any law, statute, rule or regulation, or of the certificate or articles of incorporation, other constitutive documents or the by-laws of the Parent or (b) any applicable order of any court or any rule, regulation or order of any governmental authority, (ii) be in conflict with, result in a breach of or constitute (alone or with notice or lapse of time or both) a default under any contractual obligation of the Parent (other than an Event of Default under either of the Loan Agreements), or (iii) require any approval of stockholders or partners or any approval or consent of any person under any contractual obligation of the Parent, except for such approvals or consents which have been, or will be, obtained on or before the Effective Date, copies of which shall be provided to the Lender upon its reasonable written request.

4.4              Binding Obligation.  This Agreement has been duly executed and delivered by the Parent and constitutes the legal, valid and binding obligation of the Parent enforceable against the Parent in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, moratorium, reorganization or other similar laws affecting creditors’ rights generally and except as enforceability may be limited by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

4.5              Governmental Consents.  No action, consent or approval of, registration or filing with, or any other action by, any governmental authority is or will be required in connection with the execution and delivery by the Parent of this Agreement and the Note and the performance by the Parent of its obligations hereunder and thereunder.  

4.6              Restructure Term Sheet.  The Parent represents, warrants and covenants that it will not agree to any amendments, modifications, revisions or otherwise to the Restructure Term Sheet (and/or any definitive agreements entered into, or to be entered into, in connection therewith) which would be contrary or 
 materially adverse to the Parent's obligations under this Agreement, the Note or the Standstill Agreement or any related agreements, or which materially and adversely affect, directly or indirectly, the rights and remedies of the Lender under any such agreements.   

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5.                  Further Assurances  

Following the execution and delivery of this Agreement, each Party is and shall be obligated to execute and deliver such other certificates, agreements and other documents and take such other actions as may be reasonably requested, from time to time, by the other Party in order to consummate or implement to the fullest degree possible the transactions and agreements contemplated by this Agreement, in particular, the Parent shall promptly deliver to the Lender a copy of any executed debt assumption agreement between the Parent on the one hand and PropCo or OpCo on the other hand, and upon reasonable request from the Parent, the Lender shall confirm the termination of the Guarantees, or, if a third party (in particular, without limitation, an Insolvency Administrator) contests the validity of the release of the Parent from its obligations under the Guarantees, execute a termination and release agreement (Aufhebungs- und Erlassvertrag) under German law, provided that, in each aforementioned case, such termination has taken place in accordance with above Clause 2.1 of this Agreement.

6.                  General Provisions

6.1              Severability.  If any provision of this Agreement shall be held invalid or unenforceable under any applicable laws, such invalidity shall not render invalid or enforceable the remaining terms and provisions of this Agreement that can be given effect without the invalid or unenforceable provision, nor affect the validity or enforceability of any of the terms and provisions of this Agreement in any other jurisdiction.  

6.2              Amendments.  This Agreement may not be amended, supplemented or modified in any manner (including, without limitation, Clause 5, whether by course or conduct or otherwise, except by an instrument in writing signed by each Party.  

6.3              Governing Law.  This Agreement shall be construed, enforced and governed by and in accordance with the laws of the State of New York, excluding choice-of-law principles of the law of such state that would require the application of the laws of a jurisdiction other than such state.  THE PARTIES HEREUNDER SHALL WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, ARISING OUT OF, RELATED TO, OR CONNECTED WITH, THIS AGREEMENT OR THE NOTE. 

6.4              Jurisdiction.  Each Party irrevocably agrees that the courts of the State of New York and the United States located in the Borough of Manhattan in New York, New York shall have exclusive jurisdiction over any action arising out of or 
 relating to this Agreement, and for such purposes, irrevocably submits to the jurisdiction of such courts.

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6.5              Notices.  All correspondence pursuant to or in relation to this Agreement or the Note shall be provided as set forth in the Note. 

6.6              Counterparts.  This Agreement may be executed in any number of counterparts and by different Parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument; signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are physically attached to the same document.  Signatures may be delivered by one Party to the other Party via facsimile or by other electronic transmission. 

6.7              Entire Agreement; No Third Party Beneficiaries.  This Agreement, including the documents and instruments attached hereto, (i) constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, between the Parties with respect to the subject matter hereof, and (ii) is not intended to confer upon any person other than the Parties any rights or remedies hereunder or under the Note, other than OpCo and PropCo, as specifically set forth herein.  

6.8              Assignment.  Neither this Agreement nor the Note, nor any of the rights, interests or obligations of the Parent hereunder or thereunder shall be assigned without the prior written consent of the Lender, and any attempt to make any such assignment without such consent shall be null and void.  The Lender may, without the consent of the Parent, assign or transfer its rights and obligations under this Agreement or the Note to any assignee or transferee it may choose or designate and the Lender may disclose to any potential assignee or designee any information about the Parent, PropCo and/or OpCo as the Lender shall consider appropriate (subject to such assignee or transferee, other than an affiliate of the Lender, entering into a confidentiality undertaking reasonably satisfactory to the Parent); on the condition that any such assignee or transferee shall assume in writing for the benefit of the Parent, OpCo and PropCo all of the obligations of the Lender hereunder.  This Agreement and the Note will be binding upon, inure to the benefit of and be enforceable by the Parties and their respective successors and permitted assigns.  

6.9              No Waiver.  Except as expressly set forth in this Agreement or the Standstill Agreement, the execution, delivery and performance of this Agreement shall not constitute a waiver of any provision of, or operate as a waiver of any right, default, Event of Default, power or remedy of the Lender under the Loan Agreements or any agreements or documents entered into or related to the Loan Agreements (other than the Guarantees), including, but not limited to any standstills or waivers, or other similar agreements. 

6.10          Fees and Expenses.  Each Party shall pay its own costs, fees and expenses (including attorneys’ fees) incurred in connection with this Agreement and  

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Note (other than, as set forth in the Note, costs, fees and expenses (including attorneys’ fees) incurred by the Lender in connection with the enforcement of its rights under the Note) and shall not seek reimbursement thereof from the other Party except for the Lender's lawyers fees which shall be borne by the Parent to the extent included in the Settlement Amount.

6.11          All Syndicate Lenders.  For the avoidance of doubt, all references to the "Lender" shall mean and include Barclays Bank PLC, in its individual capacity as a syndicate lender, and as duly authorized agent for and on behalf of itself and all other syndicate lenders under the Loan Agreements.  

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly elected officers duly authorized as of the date first above written.

THE LENDER

 

By:      /s/Malcom Weir                 

Name:  Malcom Weir  

Title:    Head of Corporate Insolvency 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature Page to Settlement Agreement]

 

 

THE PARENT 

 

 

By:      /s/ Julie A. Pangelinan                  

Name:  Julie A. Pangelinan

Title:    Chief Financial Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature Page to Settlement Agreement]

APPENDIX A

RESTRUCTURE TERM SHEET

 

The Restructure Term Sheet dated October 22, 2009 was filed 

as Exhibit 10.1 to the Current Report on Form 8-K filed by 

Sunrise Senior Living, Inc. with the U.S. Securities and 

Exchange Commission on October 28, 2009, 

which is incorporated herein by reference.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

APPENDIX B

FORM OF CONSENT TO DEBT ASSUMPTION 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Letterhead of Barclays Bank PLC]

 

 

Sunrise Senior Living, Inc.

7902 Westpark Drive

McLean VA 22102,

U.S.A

 

Sunrise Wiesbaden GmbH

Frankfurter Str. 1

61476 Kronberg im Taunus 

 

Sunrise Wiesbaden Senior Living GmbH & Co. KG

Frankfurter Str. 1

61476 Kronberg im Taunus 

 

London, [Date]

 

	
Schuldübernahmevertrag vom [●] 2010

	
Debt Assumption Agreement dated [●] 2010

	
 

	
 

	
Sehr geehrte Damen und Herren,

	
Dear Sirs:

	
 

	
 

	
wir nehmen Bezug auf den Schuldübernahmevertrag vom [●] 2010, mit dem Sunrise Senior Living, Inc. die Übernommenen OpCo-Verbindlichkeiten und die Übernommenen PropCo-Verbindlichkeiten (jeweils wie darin definiert) zu den darin bestimmten Zeitpunkten und in den darin bestimmten Beträgen von der Sunrise Wiesbaden GmbH und der Sunrise Wiesbaden Senior Living GmbH & Co. KG im Wege der befreienden Schuldübernahme nach § 415 BGB übernommen hat.

	
Reference is made to the Debt Assumption Agreement dated [●] 2010 pursuant to which Sunrise Senior Living, Inc. has assumed at the times and in the amounts specified therein the Assumed OpCo Loan Obligations and the Assumed PropCo Loan Obligations (each as defined therein) from Sunrise Wiesbaden GmbH and Sunrise Wiesbaden Senior Living GmbH & Co. KG by way of debt assumption with discharging effect pursuant to sec. 415 German Civil Code.

	
 

	
 

	
Hiermit bestätigen wir, dass wir von dem Schuldübernahmevertrag Kenntnis haben, und genehmigen unwiderruflich die mit Wirkung zum [●] erfolgte Übernahme eines Teils der Übernommenen OpCo-Verbindlichkeiten in Höhe eines Betrages von EUR [●] und die mit Wirkung zum [●] erfolgte Übernahme eines Teils der Übernommenen PropCo-Verbindlichkeiten (jeweils wie darin definiert) in Höhe eines Betrages von EUR [●] durch die Sunrise Senior Living, Inc.

	
We hereby confirm, that we have knowledge of the Debt Assumption Agreement, and irrevocably consent to the assumption of the Assumed OpCo Loan Obligations in an amount of EUR [●] made as of [●] and the assumption of the Assumed PropCo Loan Obligations (each as defined therein) in an amount of EUR [●] made as of [●] by Sunrise Senior Living, Inc.

 

	
Mit freundlichen Grüßen

	
Yours sincerely

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Barclays Bank PLC

	
Barclays Bank PLC

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

APPENDIX C

FORM OF ASSIGNMENT 

ABTRETUNGSVERTRAG / 

RIGHTS ASSIGNMENT AGREEMENT

 

 

zwischen / between

 

Barclays Bank PLC

 

als Zedent / as Assignor

 

und / and

 

Sunrise Senior Living Inc.

als Zessionar / as Assignee

 

vom / dated

 

29 April 2010

 

	
ZWISCHEN

	
 

	
BETWEEN

	
1.     Barclays Bank PLC, One Churchill Place, London E14 5HP, Vereinigtes Königreich (im Folgenden "Zedent")

    

	
 

	
1.     Barclays Bank PLC, One Churchill Place, London E14 5HP, United Kingdom (hereinafter "Assignor")

    

	
2.     Sunrise Senior Living Inc., 7902 Westpark Drive, McLean, VA 22102, U.S.A. (im Folgenden "Zessionar")

    

	
 

	
2.     Sunrise Senior Living Inc., 7902 Westpark Drive, McLean, VA 22102, U.S.A. (hereinafter "Assignee")

    

	
VEREINBAREN DIE PARTEIEN DAS FOLGENDE:

  

	
 

	
THE PARTIES AGREE AS FOLLOWS:

   

	 1.     DEFINITIONEN

In diesem Vertrag haben die folgenden Worte, Ausdrücke und Abkürzungen die folgenden Bedeutungen:

       
	
 

	 DEFINITIONS

In this Agreement the following words, expressions and abbreviations shall have the following meaning:

        

	
"Kreditgeber" bezeichnet Barclays Bank PLC.

    

	
 

	
"Assumed OpCo Loan Obligations" means the obligations of OpCo vis-à-vis the Lender under the OpCo Loan Agreement as set forth in Schedule 1 of the Debt Assumption Agreement. 

     

	
"OpCo" bezeichnet Sunrise Wiesbaden GmbH, eingetragen im Handelsregister beim Amtsgericht Königstein im Taunus unter HRB 6570, Frankfurter Str. 1, 61476 Kronberg im Taunus.

   

	
 

	
"Assumed PropCo Loan Obligations" means the obligations of PropCo vis-à-vis the Lender under the PropCo Loan Agreement as set forth in Schedule 1 of the Debt Assumption Agreement.

  

	
"OpCo-Loan-Rechte" bezeichnet die den Übernommenen OpCo-Verbindlichkeiten entsprechenden Forderungen und Rechte des Kreditgebers gegen OpCo aus dem OpCo-Darlehensvertrag.

	
 

	
"Debt Assumption Agreement" means the agreement dated 29 April 2010 between PropCo and OpCo as original debtors and Sunrise Senior Living Inc. as new debtor in relation to the assumption of the Assumed PropCo Loan Obligations and the Assumed OpCo Loan Obligations.

    

	
"OpCo-Darlehensvertrag" bezeichnet den Darlehensvertrag vom 30. Dezember 2005 (in der jeweils gültigen Fassung) zwischen der Barclays Bank PLC als Agent und Darlehensgeber und OpCo als Darlehensnehmer.

   

	
 

	
"Lender" means Barclays Bank PLC.

   

	
"PropCo" bezeichnet Sunrise Wiesbaden Senior Living GmbH & Co. KG, eingetragen im Handelsregister beim Amtsgericht Königstein im Taunus unter HRA 3008, Frankfurter Str. 1, 61476 Kronberg im Taunus.

   

	
 

	
"OpCo" means Sunrise Wiesbaden GmbH, registered with the commercial register (Handelsregister) at the local court (Amtsgericht) of Königstein im Taunus under HRB 6570, Frankfurter Str. 1, 61476 Kronberg im Taunus.

    

	
"PropCo-Loan-Rechte" bezeichnet die den Übernommenen PropCo-Verbindlichkeiten entsprechenden Forderungen und Rechte des Kreditgebers gegen PropCo aus dem PropCo-Darlehensvertrag.

  

	
 

	
"OpCo Loan Rights" means all of the rights and claims of the Lender against OpCo under the OpCo Loan Agreement corresponding the Assumed OpCo Loan Obligations.

   

	
"PropCo-Darlehensvertrag" bezeichnet den Darlehensvertrag vom 30. Dezember 2005 (in der jeweils gültigen Fassung) zwischen der Barclays Bank PLC als Agent und Darlehensgeber und PropCo als Darlehensnehmer.

   

	
 

	
"OpCo Loan Agreement" means the loan agreement dated 30 December 2005 between Barclays Bank PLC as agent and lender and OpCo as borrower.

    

	
    

	
 

	
"PropCo" means Sunrise Wiesbaden Senior Living GmbH & Co. KG, registered with the commercial register (Handelsregister) at the local court (Amtsgericht) of Königstein im Taunus under HRA 3008, Frankfurter Str. 1, 61476 Kronberg im Taunus.

   

	
"Schuldübernahmevertrag" bezeichnet den Schuldübernahmevertrag vom 29. April 2010 zwischen PropCo und OpCo als ursprüngliche Schuldner und Sunrise Senior Living Inc. als neuer Schuldner hinsichtlich der Übernahme der Übernommenen OpCo-Verbindlichkeiten und der Übernommenen PropCo-Verbindlichkeiten.

   

	
 

	
"PropCo Loan Rights" means all of the rights and claims of the Lender against PropCo under the PropCo Loan Agreement corresponding the Assumed OpCo Loan Obligations.

   

	
"Übernommene OpCo-Verbindlichkeiten" bezeichnet die in Anlage 1 des Schuldübernahmevertrags aufgeführten Verbindlichkeiten der OpCo gegenüber dem Kreditgeber unter dem OpCo Darlehensvertrag.

   

	
 

	
"PropCo Loan Agreement" means the loan agreement dated 30 December 2005 between Barclays Bank PLC as agent and lender and PropCo as borrower.

   

	
"Übernommene PropCo-Verbindlichkeiten" bezeichnet die in Anlage 1 des Schuldübernahmevertrags aufgeführten Verbindlichkeiten der PropCo gegenüber dem Kreditgeber unter dem PropCo Darlehensvertrag.

   

	
 

	
 

	 2.     ABTRETUNG OPCO LOAN RECHTE

   
	
 

	 2.    ASSIGNMENT OF OPCO LOAN RIGHTS

	 2.1   Der Zedent tritt hiermit unter der in Ziff. 2.2 genannten aufschiebenden Bedingung die jeweiligen OpCo-Loan-Rechte an den Zessionar ab. Der Zessionar nimmt diese Abtretung an.

   
 Die Parteien sind sich einig, dass nach Eintritt der aufschiebenden Bedingung in Ziff. 2.2 die jeweiligen OpCo-Loan-Rechte durch Vereinigung (Konfusion) von Forderung und Schuld in der Person des Zessionars erlöschen sollen.

  
	
 

	 2.1  The Assignor hereby assigns to the Assignee, subject to the condition precedent set out in Clause 2.2 below, the particular OpCo Loan Rights. The Assignee accepts this assignment. 

   
 The Parties agree that following the condition precedent set out in Clause 2.2 below, the particular OpCo Loan Rights shall be cancelled due to the amalgamation of debt and claim (confusio) in the person of the Assignee. 

    

	 2.2   Die Abtretung gemäß Ziff. 2.1 steht jeweils unter der aufschiebenden Bedingung des Wirksamwerdens der im Schuldübernahmevertrag geregelten Schuldübernahmen.

   
	
 

	 2.2  The assignment pursuant to Clause 2.1 is in each case subject to the condition precedent of the debt assumption in the Debt Assumption Agreement having become effective.

   

	 3.     ABTRETUNG PROPCO LOAN RECHTE

   
	
 

	 3.    ASSIGNMENT OF PROPCO LOAN RIGHTS

   

	 3.1   Der Zedent tritt hiermit unter der in Ziff. 3.2 genannten aufschiebenden Bedingung die jeweiligen PropCo-Loan-Rechte an den Zessionar ab. Der Zessionar nimmt diese Abtretung an.

  
 Die Parteien sind sich einig, dass nach Wirksamkeit der jeweiligen Abtretung insoweit keine Rechte aus dem PropCo-Darlehensvertrag mehr beim Kreditgeber verbleiben sollen, und dass nach Eintritt der aufschiebenden Bedingung in Ziff. 3.2 die PropCo-Loan-Rechte durch Vereinigung (Konfusion) von Forderung und Schuld in der Person des Zessionars erlöschen sollen.

   
	
 

	 3.1  The Assignor hereby assigns to the Assignee, subject to the condition precedent set out in Clause 3.2 below, the particular PropCo Loan Rights. The Assignee accepts this assignment. 

   
 The Parties agree that following the validity of the particular assignment and to its extent, no rights and claims under the PropCo Loan Agreement shall remain with the Lender, and following the condition precedent set out in Clause 3.2 below, the PropCo Loan Rights shall be cancelled due to the amalgamation of debt and claim (confusio) in the person of the Assignee. 

   

	 3.2   Die Abtretung gemäß Ziff. 3.1 steht jeweils unter der aufschiebenden Bedingung des Wirksamwerdens der im Schuldübernahmevertrag geregelten Schuldübernahmen.

   
	
 

	 3.2  The assignment pursuant to Clause 3.1 is in each case subject to the condition precedent of the debt assumption in the Debt Assumption Agreement having become effective.

   

	  
	
 

	  

	 4.     ÄNDERUNGEN UND ERGÄNZUNGEN

   
	
 

	 4.    MODIFICATIONS AND AMENDMENTS

   

	
Änderungen und Ergänzungen dieses Vertrags, einschließlich dieser Klausel, bedürfen der Schriftform.

  

	
 

	
Modifications and amendments of this agreement, including this provision, shall only be effective if made in writing.

   

	
 

	
 

	
 

	 5.     SONSTIGES

   
	
 

	 5.    MISCELLANEOUS

   

	
5.1  Sollte eine Bestimmung dieses Vertrags nach einem anwendbaren Recht unwirksam, nichtig oder nicht durchsetzbar sein oder werden, berührt die Unwirksamkeit, Nichtigkeit oder Undurchsetzbarkeit dieser Bestimmung nicht die Wirksamkeit der übrigen Bestimmungen dieses Vertrags. Die unwirksame, nichtige oder undurchsetzbare Bestimmung gilt als durch eine Bestimmung ersetzt, die dem ursprünglichen Willen der Parteien und dem Regelungsgehalt der unwirksamen, nichtigen oder undurchsetzbaren Bestimmung am Nächsten kommt. Sollte eine Regelungslücke in diesem Vertrag erscheinen, soll diese Regelungslücke, ohne die Wirksamkeit der übrigen Bestimmungen dieses Vertrags zu berühren, als durch eine Bestimmung gefüllt gelten, die dem ursprünglichen Willen der Parteien am Nächsten kommt.

   

	
 

	 5.1  If at any time, any one or more of the provisions hereof is or becomes invalid, illegal or unenforceable in any respect under the law of any jurisdiction, such provision shall as to such jurisdiction, be ineffective to the extent necessary without affecting or impairing the validity, legality and enforceability of the remaining provisions hereof or of such provisions in any other jurisdiction. The invalid, illegal or unenforceable provision shall be deemed to be replaced with such valid, legal and enforceable provision which comes as close as possible to the original intent of the parties and the invalid, illegal or unenforceable provision. Should a gap become evident in this Agreement, such gap shall, without affecting or impairing the validity, legality and enforceability of the remaining provisions hereof, be deemed to be filled in with such provision which comes as close as possible to the original intent of the parties.

   

	
5.2  Der deutsche Text hat Vorrang. Der englische Text ist nicht Bestandteil dieses Vertrags, sondern nur eine unverbindliche Übersetzung.

   

	
 

	 5.2  The German text prevails. The English text is not part of this agreement, but a non-binding convenience-translation.

   

	
5.3  Auf diesen Vertrag findet deutsches Recht Anwendung. Nicht-ausschließlicher Gerichtsstand ist Frankfurt am Main.

   

	
 

	 5.3  This agreement shall be governed by German law. Non-exclusive place of jurisdiction is Frankfurt/Main. 

   

BARCLAYS BANK PLC

By: ___________________

Name: 

Title:

By: ___________________

Name: 

Title  

 

 

SUNRISE SENIOR LIVING, INC.

By: ___________________

Name: 

Title:

By: ___________________

Name: 

Title  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

APPENDIX D

PROMISSORY NOTE

 

 

 

 

 

 

 

 

 

 

 

PROMISSORY NOTE

€7,491,277.00                                                                                                  April 29, 2010

FOR VALUE RECEIVED, the undersigned, SUNRISE SENIOR LIVING INC., a Delaware corporation (the "Maker"), hereby unconditionally promises to pay to the order of BARCLAYS BANK PLC, with offices at One Churchill Place, London E14 5HP (the "Payee"), to the account specified below or such other account or at such place as the Payee may from time to time designate in writing, in Euros and in immediately available funds, the principal amount of SEVEN MILLION FOUR HUNDRED NINETY-ONE THOUSAND TWO HUNDRED SEVENTY-SEVEN EUROS (€7,491,277.00) in the manner provided below.  

The principal amount of this Note shall be due and payable as follows:

(i)                           on or prior to five (5) Business Days (as defined below) following the Effective Date, the Maker shall wire to the Lender in immediately available funds the sum of EUR 1,000,000 (the "Initial Payment"); and  

(ii)                         the balance of EUR 6,491,277.00 shall be due and payable in accordance with the following schedule:

	
Payment Date

	
Amount

	
June 1, 2010

	
€270,469.90

	
August 1, 2010

	
€270,469.90

	
October 1, 2010

	
€270,469.90

	
December 1, 2010

	
€270,469.90

	
February 1, 2011

	
€270,469.90

	
April 1, 2011

	
€270,469.90

	
June 1, 2011

	
€270,469.90

	
August 1, 2011

	
€270,469.90

	
October 1, 2011

	
€270,469.90

	
December 1, 2011

	
€270,469.90

	
February 1, 2012

	
€270,469.90

	
April 1, 2012

	
€270,469.90

	
June 1, 2012

	
€270,469.90

	
August 1, 2012

	
€270,469.90

	
October 1, 2012

	
€270,469.90

	
December 1, 2012

	
€270,469.90

	
February 1, 2013

	
€270,469.90

	
April 1, 2013

	
€270,469.90

	
June 1, 2013

	
€270,469.90

	
August 1, 2013

	
€270,469.90

	
October 1, 2013

	
€270,469.90

	
December 1, 2013

	
€270,469.90

	
February 1, 2014

	
€270,469.90

	
April 1, 2014

	
€270,469.30

 

Upon three (3) Business Days' (as defined below) prior written notice given by the Maker to the Payee at its address for notices specified below, the principal amount hereof may be prepaid without penalty, in whole or in part.  Each prepayment shall be applied to installments of principal hereunder in the order of maturity.

Upon the occurrence and continuation of an Event of Default (as defined below), the Maker shall, on demand, pay interest on any principal hereof and, to the extent permitted by applicable law, interest on any accrued but unpaid interest on and from the date of the occurrence of such Event of Default until the outstanding balance of this Note, plus any accrued but unpaid Default Interest (as defined below) thereon, shall have been paid in full, at a rate per annum equal to two percent (2%) above EURIBOR (as defined below) (“Default Interest”).  Default interest shall be calculated on the basis of a 360-day year and actual days.  In no event shall the rate of Default Interest hereunder exceed the maximum interest rate permitted by applicable law.  For the avoidance of doubt, except upon the occurrence and continuation of an Event of Default (as defined below), no interest shall accrue or be payable under this Note. 

As used herein, the term "EURIBOR" shall mean the Euro Interbank Offered Rate for Euros for a three month period (the "Default Interest Period") which appears on the Reuters page "EURIBOR" (or such other page as may be substituted for such page for the purpose of displaying offered rates for Euro deposits) as offered at 11:00 a.m. Brussels time (Frankfurt fixing) for Euro deposits for such three month period on the date of the occurrence of any Event of Default, or, if such date is not a Business Day (as defined below), on the next successive Business Day; provided, however, that in the event that this Note, plus any accrued but unpaid Default Interest, shall not have been paid in full on or prior to the end of the initial Default Interest Period, EURIBOR shall be determined for each successive Default Interest Period by reference to EURIBOR on the first day of such successive Default Interest Period, or if such date is not a Business Day, on the next successive Business Day.  If no such interest rate is displayed on such page (or any successor page) at the relevant time, the Payee and the Maker shall agree on the applicable rate, and if no such agreement is reached within 20 days, the rate shall apply as determined by the Payee as the arithmetic mean quoted by three internationally active first class banks named by the Payee as the interest rate per annum at which these banks offer Euro deposits to prime banks in the Frankfurt interbank market on the relevant time in amounts substantially equivalent to the outstanding amount under this Note for a three month period.  

As used herein, the term "Business Day" shall mean any day on which commercial banks in Frankfurt are not required or authorized to be closed and on which dealings are carried out in the Euro interbank market.

This is the promissory note referred to in the Settlement Agreement dated as of April 29, 2010 (as amended, restated, supplemented or otherwise modified from time to time, the "Settlement Agreement"), by and between the Payee and Maker relating to the settlement of certain claims of the Payee against the Maker arising under the Guarantees, all as more fully 
 set forth in the Settlement Agreement.  Capitalized terms used and not otherwise defined herein shall have the respective meanings attributed thereto in the Settlement Agreement.

Upon the occurrence of any of the following specified events (each herein called an "Event of Default"), the Payee, at its option at any time thereafter during the continuation of such Event of Default, by written notice (except that, in the case of paragraphs (a) and (b) below, the acceleration shall be automatic), may declare the principal amount hereof to be immediately due and payable in full, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Maker:

(a)      The Maker shall fail to pay the Initial Payment when due hereunder;

(b)      The Maker shall fail to pay any principal or other amount (other than the Initial Payment) within five (5) Business Days of the date such payment is due hereunder;

(c)      The Maker shall make a general assignment for the benefit of creditors; or any proceeding shall be instituted by or against the Maker seeking to adjudicate it bankrupt or insolvent, or seeking the liquidation, winding up, reorganization, arrangement, adjustment, protection, relief or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for it or for any substantial part of its property, which proceeding is (i) not instituted by the Payee or any Agent or Lender or syndicate lender as referred to in the Settlement Agreement, and (ii) other than any proceeding instituted by the Maker, is not dismissed, stayed or controverted within 60 days of the filing of such proceeding; or the Maker shall take any action to authorize any of the actions set forth above in this clause (c);

(d)      Any representation or warranty made by the Maker in the Settlement Agreement or which is contained in any certificate, document or statement furnished by the Maker under or in connection therewith or herewith shall prove to have been incorrect in any material respect on or as of the date made;

(e)      The Maker shall breach any representation, warranty or covenant set forth in the Clause 4.6 of the Settlement Agreement; 

(f)       There shall have occurred a Change of Control (as defined below) without payment by the Maker of all unpaid amounts outstanding hereunder within five (5) Business Days thereof; or

(g)      The Maker shall default in the performance of any other material term, condition, covenant, or agreement contained in this Note (other than a default set forth in clauses (a) - (f) above) or the Settlement Agreement, and if curable, such default shall continue unremedied for a period of five (5) Business Days from the date the Maker receives a Default Notice (as defined below) from the Payee.

 As used herein, the term "Change of Control" shall mean any of the following: (i) any individual, partnership, corporation, limited liability company, limited liability partnership, joint stock company, land trust, business trust, unincorporated organization or  governmental authority or entity (each, a "Person") acquires by way of a purchase, merger, consolidation or other business combination or transaction, the actual, present legal and beneficial ownership of a majority of the equity interests entitled to vote  in the election of the board of directors of the Maker (for the avoidance of doubt, the issuance by the Maker of unexercised warrants, options, conversion or exchange rights, or other contingent or prospective rights (collectively, "Rights") shall not constitute a Change of Control), (ii) any Person, after the exercise of Rights, shall hold the actual, present legal and beneficial ownership of a majority of the equity interests entitled to vote in the election of the board of directors of the Maker, (iii) the Maker is merged with or into another Person and the Maker shall fail to be the surviving entity, (iv) a change in the majority of the board of directors of the Maker unless such change is approved by the then majority of the board of directors of the Maker, or (v) the Maker sells all, or substantially all, of its assets in one or more series of transactions to another, or more than one other, Person.

The Maker shall, within two (2) Business Days of the occurrence of any Event of Default under clauses (c) - (g) above, provide the Payee with written notice via facsimile (followed by transmitting a copy of the same to the Payee via hand delivery or overnight courier) of such occurrence (a "Default Notice").  Upon an Event of Default under this Note, in addition to the rights of acceleration of the Payee set forth above, the Payee shall have the right to pursue all or any other rights and remedies available to it at law or in equity.  The rights and remedies of the Payee under this Note are cumulative.

In the event that any one or more of the provisions of this Note are deemed to be invalid, illegal or otherwise unenforceable in any respect, the validity, legality and enforceability of the remaining provisions shall not in any manner be affected or impaired thereby.

No modification, amendment or other revision of the provisions of this Note shall be binding unless in writing and signed by the Payee and the Maker.  No omission or delay by the Payee in exercising any right, remedy or power under this Note shall impair the exercise of any such right, remedy or power or be construed to be a waiver of any default or to be an acquiescence therein, and any exercise of any such right, remedy or power shall not be valid unless in writing and signed by the Payee, and then only to the extent specifically therein specified.

In the event the Payee or any holder hereof shall refer this Note to an attorney or agent for collection, the Maker agrees to pay, on demand, in addition to unpaid principal and Default Interest, all of the costs and expenses incurred in attempting or effecting collection hereunder, including reasonable fees of any such attorneys or agents, whether or not suit or other legal action is instituted or taken.

The Maker and every endorser and guarantor, if any, of this Note or the obligation represented hereby waives presentment, demand, notice, protest and all other demands and notices in connection with the delivery, acceptance, performance, default or enforcement of this Note, except as expressly provided herein, and assents to any extension or postponement of the time of payment or any other indulgence, to any substitution, exchange or release of collateral, if any, and to the addition or release of any other party or person primarily or secondarily liable.

 
The Maker, and THE Payee by acceptance of this Note, each irrevocably and unconditionally AGREE THAT the Obligations of the MAKER AND RIGHTS AND REMEDIES OF THE PAYEE under this Note, and any claim or controversy directly or indirectly based upon or arising out of this Note or the transactions contemplated hereby (whether based on contract, tort, or any other theory), including all matters of construction, validity and performance, shall in all respects be governed by and interpreted, construed and determined in accordance with the internal laws of the state of New York (without regard to any conflicts of law provision thereof that would require the application of the laws of any other jurisdiction). 

The Maker, and THE Payee by acceptance of this Note, each hereby irrevocably and unconditionally waive, to the fullest extent permitted by applicable law, any RIGHT THAT they may have to trial by jury of any claim or cause of action, or in any legal proceeding, directly or indirectly based upon or arising out of this Note or the transactions contemplated hereby (whether based on contract, tort, or any other theory).  The Maker, and THE Payee by acceptance of this Note, each (a) certify that no representative, agent, or attorney of the other party has represented, expressly or otherwise, that such other party would not, in the event of litigation, seek to enforce the foregoing waiver and (b) acknowledge that it and the other party have been induced to enter into this Note by, among other things, the mutual waivers and certifications in this Section.

The Maker, and THE Payee by acceptance of this Note, each hereby irrevocably and unconditionally submit to and accept the Exclusive jurisdiction of the courts of the state of new york and the United States located in the borough of manhattan in New York, New York for any action, suit or proceeding arising out of or based upon this Note or any other matter relating to it and waive any objection that they may have to the laying of venue in such courts or that such courts are an inconvenient forum or do not have personal jurisdiction over them. 

Unless otherwise specified by the Payee in writing, all payments to be made under this Note shall be transmitted to the following account:

PropCo Account - Euros 

 

SWIFTBIC: BARCGB22.

 

	
Sort code

	
Account No

	
IBAN

	
 

	
 

	
 

	
206582

	
85119344

	
IBAN GB94 BARC 2065 8285 1193 44

 

Unless otherwise specified by either the Payee or the Maker, respectively, all correspondence pursuant to this Note (or the Settlement Agreement) shall be mailed or delivered in writing either personally by overnight courier or by facsimile and shall be addressed to the following addresses: 

 

 

Payee

Barclays Bank PLC

            One Churchill Place

            London E14 5HP

            Attn: Malcolm Weir

            Facsimile:  + 44 020 7116 7520

Maker

Sunrise Senior Living, Inc.

7902 Westpark Drive

McLean, Virginia 22102

USA

Attn: Edward W. Burnett 

Facsimile:  703-744-1644 

 

            This Note shall be binding upon the Maker and its successors and permitted assigns and shall inure to the benefit of the Payee and its successors and assigns; provided, however, that the Maker may not delegate any obligations hereunder without the prior written consent of the Payee, which consent may be withheld or conditioned in the sole discretion of the Payee.  The Payee, in accordance with Clause 6.8 of the Settlement Agreement, may, without the consent of the Maker, assign or transfer its rights under this Note to any assignee or transferee it may choose or designate. 

 

 

 

 

 

 

 

 

 

 

 

 

IN WITNESS WHEREOF, this Note has been executed and delivered by its duly authorized representative as of the date first written above. 

SUNRISE SENIOR LIVING INC.

By:_____________________

Name:

Title:

 

 

 

 

 

 

 

 

APPENDIX E

STANDSTILL AGREEMENT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Eighth Standstill and Waiver Agreement

(Stillhaltevereinbarung)

 

This eighth standstill and waiver Agreement (Stillhaltevereinbarung) ("Eighth Standstill Agreement") is made on 29 April 2010 between

1.      Sunrise Wiesbaden Senior Living GmbH & Co. KG, registered with the commercial register (Handelsregister) at the local court (Amtsgericht) of Königstein im Taunus, represented by its sole general partner, PSRZ (Germany) General Partner GmbH, registered with the commercial register at the local court of Königstein im Taunus under HRB 6199, Frankfurter Str. 1, 61476 Kronberg im Taunus

– "PropCo" –

2.      Sunrise Wiesbaden GmbH, registered with the commercial register at the local court of Königstein im Taunus under HRB 6570, Frankfurter Str. 1, 61476 Kronberg im Taunus

– "OpCo" –

3.      Sunrise Senior Living Inc., 7900 Westpark Drive, Suite T-900, Mc Lean, VA 22102, U.S.A.

– "Guarantor" –

4.      Barclays Bank PLC, a public limited company registered in England and Wales (company no. 01026167) with its registered office at 1 Churchill Place, London, E14 5HP, United Kingdom

in its capacity as Agent and Lender under the Loan Agreements (as defined below) also for and on behalf of the other lenders

– "Lender" or "Agent" –

PropCo, OpCo, the Guarantor and the Agent are hereinafter collectively referred to as the "Parties" and each a "Party"

The Parties hereby agree as follows:

PREAMBLE:

(A)             OpCo and the Agent are parties to a loan agreement dated 30 December 2005 (the "OpCo Loan Agreement") under which, inter alia, the lenders have made available to OpCo the Facilities (as defined in the OpCo Loan Agreement);
 

 (B)              PropCo and the Agent are parties to a loan agreement dated 30 December 2005 (the "PropCo Loan Agreement" and collectively with the OpCo Loan Agreement, the "Loan Agreements") under which, inter alia, the lenders have made available to PropCo the Facilities (as defined in the PropCo Loan Agreement);
 (C)              The Guarantor and the Agent are parties to (i) a funding obligation agreement dated 10 April 2006 with PropCo (the "PropCo Funding Obligation"), (ii) a funding obligation agreement dated 10 April 2006 with OpCo (the "OpCo Funding Obligation") and (iii) two limited loan to value guarantee agreements, each dated 10 April 2006 (the "LTV Guarantees", and collectively with the OpCo Funding Obligation and the PropCo Funding Obligation, the "Funding Obligations"). Under the OpCo Funding Obligation and PropCo Funding Obligation, the Guarantor has agreed, subject to the terms set out therein, to pay to the Agent amounts equal to a Cash Flow Deficit (as defined in the OpCo Funding Obligations and PropCo Funding Obligations) of OpCo or PropCo, as the case may be. Under the LTV Guarantees, the Guarantor has agreed, subject to the terms and limitations set out therein, to pay to the Agent an amount necessary to ensure OpCo or PropCo, as the case may be, will be in compliance with the LTV (as defined therein);
 (D)             The Parties entered into a Standstill and Waiver Agreement (Stillhaltevereinbarung) on 5 February 2009 (the "Standstill Agreement") which was amended by an Amendment to the Standstill Agreement on 27 March 2009 (the "First Amendment Agreement");
 (E)              The Parties entered into a Second Standstill and Waiver Agreement (Stillhalte­vereinbarung) on 30 June 2009 (the "Second Standstill Agreement") which superseded and replaced the Standstill Agreement (as amended by the First Amendment Agreement);
 (F)               The Parties entered into a Third Standstill and Waiver Agree-ment (Stillhalte­vereinbarung) on 30 July 2009 (the "Third Standstill Agreement") which superseded and replaced the Standstill Agreement (as amended and/or replaced by the First Amendment Agreement and Second Standstill Agreement);
 (G)             The Parties entered into a Fourth Standstill and Waiver Agreement (Stillhalte­vereinbarung) on 28 August 2009 (the "Fourth Standstill Agreement") which superseded and replaced the Standstill Agreement (as amended and/or replaced by the First Amendment Agreement, the Second Standstill and the Third Standstill Agreement);
 (H)       The Parties entered into a Fifth Standstill and Waiver Agreement (Stillhalte­vereinbarung) on 29 September 2009 (the "Fifth Standstill Agreement") which superseded and replaced the Standstill Agreement (as amended and/or replaced by the 

 First Amendment Agreement, the Second Standstill, the Third Standstill Agreement and the Fourth Standstill Agreement);
 (I)                The Parties entered into a Sixth Standstill and Waiver Agreement (Stillhalte­vereinbarung) on 1 February 2010, with effect as of 1 November 2009 (the "Sixth Standstill Agreement") which superseded and replaced the Standstill Agreement (as amended and/or replaced by the First Amendment Agreement, the Second Standstill, the Third Standstill Agreement, the Fourth Standstill Agreement and the Fifth Standstill Agreement);
 (J)                The Parties entered into a Seventh Standstill and Waiver Agreement (Stillhalte­vereinbarung) on 1 April 2010, with effect as of 1 March 2009 (the "Seventh Standstill Agreement") which superseded and replaced the Standstill Agreement (as amended and/or replaced by the First Amendment Agreement, the Second Standstill, the Third Standstill Agreement, the Fourth Standstill Agreement, the Fifth Standstill Agreement and the Sixth Standstill Agreement);
 (K)             When entering into the Standstill Agreement and the First Amendment Agreement the Parties assumed that there would be no surplus in form of net operating income as shown in the combined monthly P&L statement for OpCo and PropCo ("NOI"). Contrary to such assumption there has been in April 2009 a month-end surplus in form of NOI. Any future month-end surplus following April 2009 in the form of NOI shall hereinafter be referred to as "Excess Cash". OpCo has made payments to the Agent on Excess Cash as specified below;
 (L)              Payments which have become due or will, during the term of this Eighth Standstill Agreement, become due and payable pursuant to the terms of the Loan Agreements are hereinafter collectively referred to as the "Claims";
 (M)            The Guarantor, OpCo, PropCo and the Agent intend that (i) the business and assets operated by OpCo and PropCo (the "Wiesbaden Business") shall be sold by way of share deal, asset deal or a combination thereof (followed by an, if necessary, solvent liquidation of OpCo and PropCo) (the "Sales Transaction"), (ii) the proceeds of such sale shall be applied in repayment of the Claims then outstanding in accordance with the terms of the Loan Agreements and (iii) any Claims then outstanding shall be assumed by the Guarantor and assigned by the Agent (on behalf of the Lenders) to the Guarantor in consideration received by the Agent in full and final settlement of the Guarantor's obligations under the Funding Obligations (the "Work Out");
 (N)             To enable OpCo and PropCo to continue working on the sales process and to set aside any potential obligation of the managing directors (Geschäftsführer) of OpCo and the general partner of PropCo as to their duty to file for commencement of insolvency proceedings, it is the Parties' intention to enter into this Eighth Standstill Agreement.

The Parties agree as follows:

1.                  Definitions and interpretation 

Capitalized terms used herein shall, unless defined otherwise herein, have the same meaning as in the Loan Agreements.

2.                  Standstill Agreement

Subject to the provisions in this Eighth Standstill Agreement the Agent agrees:

(a)                not to enforce (durchsetzen) the Claims (either by filing of legal proceedings of any kind, by filing a petition to commence insolvency proceedings for OpCo, PropCo or the Guarantor, or by realization of any security granted under or in connection with the Loan Agreements, and that payment of the Claims shall be deferred (gestundet) from signing of this Eighth Standstill Agreement and during the term of this Eighth Standstill Agreement;
 (b)               not to accelerate (kündigen) the Loans (or any portion thereof) based on an Event of Default which has arisen, or might potentially arise, during the term of this Eighth Standstill Agreement; and
 (c)                not to demand that additional security is pro-vided.

This Eighth Standstill Agreement does not apply to claims the Agent has against the Guarantor under any separate settlement agreement made between the Agent and the Guarantor or any separate promissory note by the Guarantor in connection with the Work-Out, which shall remain enforceable solely in accordance with its terms; for the avoidance of doubt, this Eighth Standstill Agreement shall continue to apply to PropCo and OpCo notwithstanding any such claims or the enforcement of such claims against the Guarantor until and unless this Eighth Standstill Agreement is terminated pursuant to Clause 4 hereof.

3.                  Payment of Excess Cash
 (a)                The Parties hereby agree that the Lender shall be entitled to claim immediate payment of months-end Excess Cash (if any) up to a maximum amount of the Claims which are due and payable and would have been enforceable at that time if the Parties had not entered into this Eighth Standstill Agreement (the "Excess Cash Claims"). Such Excess Cash Claims for the relevant month shall be due and payable five (5) Business Days after the combined monthly P&L statements for OpCo and PropCo for the relevant month have been prepared.
 (b)               OpCo has made the following payments on Excess Cash to the Agent:
 

 (i)                 EUR 62,415.79 for Excess Cash in June, July and August 2009;
 (ii)               EUR 10,585.00 for Excess Cash in September 2009;
 (iii)             EUR 14,029.00 for Excess Cash in October 2009.

The Agent will duly account for these payments against OpCo's obligations under the OpCo Loan Agreement. The Agent undertakes to duly account for any future payments on Excess Cash.

4.                  Term

This Eighth Standstill Agreement shall remain effective until the earlier of:

(a)                the Agent has sent a termination notice in writing to OpCo, PropCo and the Guarantor to the addresses as set out in the Loan Agreements or notified in accordance with the provisions of the Loan Agreements. The Agent shall have the right to terminate this Eighth Standstill Agreement (Kündigungsrecht) only (i) in the event of a filing for insolvency, bankruptcy or similar proceedings in other jurisdictions with respect to the Guarantor or Sunrise Properties Germany GmbH ("HoldCo"), or (ii) if a third party begins to enforce (durchsetzen) any claim against the Guarantor or HoldCo (either by filing of legal proceedings of any kind or by realization of any security granted). The Guarantor undertakes to inform the Lender without undue delay of the intention to file for insolvency, bankruptcy or similar proceedings in other jurisdictions prior to such filing;
 (b)               the filing of insolvency proceedings (Antrag auf Eröffnung des Insolvenzverfahrens) or any similar proceedings in other jurisdictions over the assets of OpCo or PropCo;
 (c)                a third party beginning to enforce (durchsetzen) any claim against OpCo or PropCo (either by filing of legal proceedings of any kind or by realization of any security granted);
 (d)               in case PropCo or OpCo have not paid Excess Cash as provided under Clause 3 when due within three Business Days after receipt of a reminder in writing;
 (e)                the purchase price becoming due under an agreement on the sale and purchase of the Wiesbaden Business ("SPA") prior to 1 July 2010;
 (f)                1 July 2010 (the "Standstill Termination Date"); provided, however that,  if no SPA has been signed by the Standstill Termination Date, the Agent will in good faith discuss with OpCo, PropCo and the Guarantor an extension of the 

 standstill, taking into account whether the efforts to sell the Wiesbaden Business have failed or are not likely to be successful;

following which this Eighth Standstill Agreement will terminate (beenden) effective as of the day following the day the re-spective event has occurred.

5.                  Undertakings

Subject to receipt by the Agent of the purchase price for the Wiesbaden Business under an SPA in repayment of the obligations then outstanding under the Loan Agreements and subject to the amount of such purchase price for the Wiesbaden Business under an SPA being agreed by the Agent, the Agent undertakes to 

(a)                release any security securing PropCo's and OpCo's obligations under the Loan Agreements;
 (b)               in the future consent to the Guarantor's assumption of PropCo's and OpCo's obligations under the Loan Agreements in an aggregate amount equal to the residual loan amounts that remain owed by PropCo and OpCo (as a debt assumption within the meaning of § 415 of the German Civil Code (Schuldübernahme i.S.d. § 415 BGB) and forfeiting any recourse claim the Guarantor may have against PropCo and OpCo in accordance with § 426 of the German Civil Code or any other provision) so that no obligations will continue to be owed by PropCo and/or OpCo under the Loan Agreements; provided, however, that the aforementioned debt assumption has taken place after the valid execution of this Eighth Standstill Agreement but prior to the Agent's consent, and a copy of the executed debt assumption agreement has been received by the Agent; and 
 (c)                undertakes to immediately after the declared consent according to paragraph (b) above assign (abtreten) to the Guarantor the Agent's corresponding claims against PropCo and OpCo, so that these claims become united in the person of the Guarantor and thereby cease to exist by operation of law (confusio).

The undertakings in this Clause 5 shall not affect or reduce any claims the Agent has against the Guarantor under any separate settlement agreement made be-tween the Agent and the Guarantor or any separate promissory note by the Guarantor in connection with the Work-Out, which shall remain enforceable solely in accordance with its terms.

The Parties, as of the date of this Eighth Standstill Amendment, based on the process of the Work-Out and currently available knowledge to them, consider it more likely than not (überwiegend wahrscheinlich) that a solution between the Parties can be 

 reached which will enable OpCo and PropCo to continue to trade as a going concern (Fortführung des Geschäftsbetriebs) or be liquidated on a solvent basis.

6.                  No waiver of rights or defenses
 Nothing in this Eighth Standstill Agreement shall, to the extent not expressed herein, constitute a waiver, amendment or termination of any agreement between the Parties or of the rights, remedies or defenses any Party has against the other party.
 7.                  Confirmations
 As the Agent is not agreeing to provide any funding to keep the operations going the Guarantor confirms that, during the term of this Eighth Standstill Agreement, PropCo, OpCo and Sunrise Senior Living Germany GmbH have sufficient funds or will be given sufficient funds to meet all their operating costs. 
 8.                  Miscellaneous
 (a)                This Eighth Standstill Agreement supersedes and replaces – as of the date of its effectiveness – the Standstill Agreement (as amended and/or replaced by the First Amendment Agreement, the Second Standstill, the Third Standstill Agreement, the Fourth Standstill Agreement, the Fifth Standstill Agreement and the Sixth Standstill Agreement); for the avoidance of doubt, the Standstill Agreement (as amended and/or replaced by the First Amendment Agreement, the Second Standstill, the Third Standstill Agreement, the Fourth Standstill Agreement, the Fifth Standstill Agreement and the Sixth Standstill Agreement) shall remain in full force and effect for the period from its date until the date of the effectiveness of this Eighth Standstill Amendment.
 (b)               If at any time, any one or more of the provisions hereof is or becomes invalid, illegal or unenforceable in any respect under the law of any jurisdiction, such provision shall as to such jurisdiction, be ineffective to the extent necessary without affecting or impairing the validity, legality and enforceability of the remaining provisions hereof or of such provisions in any other jurisdiction. The invalid, illegal or unenforceable provision shall be deemed to be replaced with such valid, legal or enforceable provision which comes as close as possible to the original intent of the parties and the invalid, illegal or unenforceable provision. Should a gap (Regelungslücke) become evident in this Seventh Standstill Agreement, such gap shall, without affecting or impairing the validity, legality and enforceability of the remaining provisions hereof, be deemed to be filled in with such provision which comes as close as possible to the original intent of the Parties.
 

 (c)                Changes and amendments to this Eighth Standstill Agreement including this Clause 8 shall be made in writing.
 (d)               This Eighth Standstill Agreement is governed by the laws of the Federal Republic of Germany.
 (e)                The place of jurisdiction for any and all disputes arising under or in connection with this Seventh Standstill Agreement shall be the district court (Landgericht) in Frankfurt am Main. The Agent however, shall also be entitled to take action against any of the other Parties in any other court of competent jurisdiction.

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Sunrise Wiesbaden Senior Living GmbH & Co. KG

by its general partner PSRZ (Germany) General Partner GmbH

 

	
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Sunrise Wiesbaden GmbH

 

	
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Sunrise Senior Living Inc.

 

	
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Barclays Bank PLC

in its capacity as Agent and Lender under the Loan Agreements (as defined above) also for and on behalf of the other lenders

 

 

	
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