Document:

Ex-4.3 Senior Subordinated Convertible Note

 

Exhibit 4.3

OPEN SOLUTIONS INC.

Senior Subordinated Convertible Notes due 2035

			
	No.    A1
	 	CUSIP: 68371PAA0

Issue Date: February 2, 2005

	 	 	 
	Issue Price: $533.56

	 	          Original Issue Discount: $466.44
	(for each $1,000 Principal Amount

	 	(for each $1,000 Principal Amount
	at Maturity)

	 	          at Maturity)

     Open Solutions Inc., a Delaware corporation, promises to pay to Cede & Co. or registered
assigns the Principal Amount at Maturity of Two Hundred Seventy Million Dollars ($270,000,000.00)
on February 2, 2035.

     This Security shall not bear interest except as specified on the other side of this Security.
Original Issue Discount will accrue as specified on the other side of this Security. This Security
is convertible as specified on the other side of this Security.

     Additional provisions of this Security are set forth on the other side of this Security.

Dated: February 2, 2005

SIGNATURE PAGE FOLLOWS

 

 

     IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

	 	 	 	 	 
	 	 	OPEN SOLUTIONS INC.
	 
	 	 	 	 
	

	 	By:
	 	/s/ Carl D. Blandino
	

	 	 	 	 
	

	 	Name:
	 	Carl D. Blandino
	

	 	Title:
	 	Vice President, Chief Financial
	

	 	 	 	Officer and Treasurer

Dated:

Trustee’s Certificate of Authentication: This is one of the

     Securities referred to in the within-mentioned Indenture.

U.S. BANK NATIONAL ASSOCIATION,

   as Trustee

	 	 	 	 	 
	By:

	 	/s/ E. C. Hamma
	 	 
	

	 	 	 	 
	

	 	Authorized Signatory	 	 

 

 

[FACE OF SECURITY]

     UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT HEREON IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. THIS
SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS
REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY IS EXCHANGEABLE FOR
SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE
LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR
IN PART FOR SECURITIES IN DEFINITIVE FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE
BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE
DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A
SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.

     THIS SECURITY AND THE SHARES OF COMMON STOCK ISSUABLE UPON CONVERSION OF THIS SECURITY HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY
STATE SECURITIES LAWS. NEITHER THIS SECURITY, THE SHARES OF COMMON STOCK ISSUABLE UPON CONVERSION
OF THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN OR THEREIN MAY BE REOFFERED, SOLD,
ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH
REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, REGISTRATION. EACH
PURCHASER OF THIS SECURITY IS HEREBY NOTIFIED THAT THE SELLER OF THIS SECURITY MAY BE RELYING ON
THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A
THEREUNDER.

     THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES TO OFFER, SELL OR OTHERWISE
TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) WHICH IS TWO
YEARS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH OPEN SOLUTIONS
INC. OR ANY AFFILIATE OF OPEN SOLUTIONS INC. WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF
SUCH SECURITY) ONLY (A) TO OPEN SOLUTIONS INC. OR ANY PARENT OR SUBSIDIARY THEREOF,

 

 

(B) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON
IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE
SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL
BUYER TO WHICH NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (C)
PURSUANT TO A REGISTRATION STATEMENT WHICH IS EFFECTIVE UNDER THE SECURITIES ACT AT THE TIME OF
SUCH OFFER, TRANSFER OR SALE, OR (D) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO OPEN SOLUTIONS INC.’S AND THE TRUSTEE’S RIGHT PRIOR
TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (D) TO REQUIRE THE DELIVERY OF AN OPINION OF
COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM, AND IN EACH OF THE
FOREGOING CASES, A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THE OTHER SIDE OF THIS SECURITY
IS COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE TRUSTEE. THIS LEGEND WILL BE REMOVED UPON THE
REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.

     THE HOLDER OF THIS SECURITY IS ENTITLED TO THE BENEFITS OF A REGISTRATION RIGHTS AGREEMENT (AS
SUCH TERM IS DEFINED IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF) AND, BY ITS ACCEPTANCE
HEREOF, AGREES TO BE BOUND BY AND TO COMPLY WITH THE PROVISIONS OF SUCH REGISTRATION RIGHTS
AGREEMENT.

 

 

[REVERSE SIDE OF SECURITY]

OPEN SOLUTIONS INC.

SENIOR SUBORDINATED CONVERTIBLE NOTES DUE 2035

1. INTEREST

     Open Solutions Inc., a Delaware corporation (the “Company”, which term shall include any
successor corporation under the Indenture hereinafter referred to), promises to pay cash interest
on the Principal Amount at Maturity of this Security at the rate of 1.4673% per annum. The Company
shall pay cash interest semiannually on February 2 and August 2 of each year (each an “Interest
Payment Date”), commencing August 2, 2005 until February 2, 2012. Each payment of cash interest
will include cash interest accrued through the day before the relevant Interest Payment Date (or
purchase or redemption date, as the case may be). Cash interest will be computed on the basis of a
360-day year comprised of twelve 30-day months. Any reference herein to interest accrued or
payable as of any date shall include any Liquidated Damages accrued or payable on such date as
provided in the Registration Rights Agreement.

     After February 2, 2012, this Security shall not bear cash interest. During the period from
and after February 2, 2012 in which a Security remains outstanding, but in no event after February
2, 2035, Original Issue Discount (the difference between the Issue Price and the Principal Amount
at Maturity of the Security) shall accrue daily on the Issue Price at the rate of 2.75% per annum,
with the accrual to be calculated on a semiannual bond equivalent basis using a 360-day year
comprised of twelve 30-day months.

     No sinking fund is provided for the Securities.

2. METHOD OF PAYMENT

     The Company shall pay interest on this Security (except defaulted interest) to the person who
is the Holder of this Security at the close of business on January 15 or July 15, as the case may
be, (each, a “Regular Record Date”) next preceding the related Interest Payment Date. The Holder
must surrender this Security to a Paying Agent to collect payment of principal. The Company will
pay principal and interest in money of the United States that at the time of payment is legal
tender for payment of public and private debts. The Company may pay principal and interest in
respect of any Certificated Security by check or wire payable in such money; provided,
however, that a Holder with an aggregate Principal Amount at Maturity in excess of
$2,000,000 will be paid by wire transfer in immediately available funds at the election of such
Holder if such Holder has provided wire transfer instructions to the Trustee at least 10 Business
Days prior to the Payment Date. The Company may mail an interest check to the Holder’s registered
address. Notwithstanding the foregoing, so long as this Security is registered in the name of a
Depositary or its nominee, all payments hereon shall be made by wire transfer of immediately
available funds to the account of the Depositary or its nominee.

     Any wire transfer instructions received by the Trustee will remain in effect until revoked by
the Holder.

3. PAYING AGENT, REGISTRAR AND CONVERSION AGENT

     Initially, U.S. Bank National Association (the “Trustee”, which term shall include any
successor trustee under the Indenture hereinafter referred to) will act as Paying Agent, Registrar
and Conversion Agent. The

 

 

Company may change any Paying Agent, Registrar or Conversion Agent without notice to the
Holder. The Company or any of its Subsidiaries may, subject to certain limitations set forth in
the Indenture, act as Paying Agent or Registrar.

4. INDENTURE, LIMITATIONS

     This Security is one of a duly authorized issue of Securities of the Company designated as its
Senior Subordinated Convertible Notes Due 2035 (the “Securities”), issued under an Indenture dated
as of February 2, 2005 (together with any supplemental indentures thereto, the “Indenture”),
between the Company and the Trustee. The terms of this Security include those stated in the
Indenture and those required by or made part of the Indenture by reference to the Trust Indenture
Act of 1939, as amended, as in effect on the date of the Indenture. This Security is subject to
all such terms, and the Holder of this Security is referred to the Indenture and said Act for a
statement of them.

     The Security are senior subordinated unsecured obligations of the Company limited to
$270,000,000 aggregate Principal Amount at Maturity. The Indenture does not limit other debt of
the Company, secured or unsecured.

5. REDEMPTION AT THE OPTION OF THE COMPANY

     Prior to February 2, 2012, the Securities shall not be redeemable. On or after February 2,
2012, the Company may, at its option, redeem the Securities for cash, as a whole at any time or
from time to time in part at a Redemption Price of 100% of the Issue Price of the Securities plus
accrued Original Issue Discount, in each case together with any accrued and unpaid cash interest,
if any, and Liquidated Damages, if any, up to but not including the applicable Redemption Date (the
“Redemption Price”); provided that if the Redemption Date falls after a Regular Record Date
and on or before the related Interest Payment Date, then interest on the Securities payable on such
Interest Payment Date will instead be payable to the Holders in whose names the Securities are
registered at the close of business on such Regular Record Date. Securities or portions of
Securities called for redemption shall be convertible by the Holder until the close of business on
the Business Day prior to the relevant Redemption Date.

6. NOTICE OF REDEMPTION

     Notice of redemption, as set forth in Section 3.03 of the Indenture, will be mailed by
first-class mail at least 30 days but not more than 60 days before a Redemption Date to each Holder
of Securities to be redeemed at its registered address. Securities in denominations larger than
$1,000 may be redeemed in part, but only in whole multiples of $1,000. On and after the Redemption
Date, subject to the deposit with the Paying Agent of funds sufficient to pay the Redemption Price,
such Securities or portions of them called for redemption will cease to be outstanding, whether or
not the Security is delivered to the Paying Agent, and the rights of the Holder in respect thereof
shall cease (other than the right to receive the Redemption Price).

7. PURCHASE OF SECURITIES AT OPTION OF HOLDER UPON A CHANGE OF CONTROL

     At the option of the Holder and subject to the terms and conditions of the Indenture, the
Company shall become obligated to purchase for cash, subject to certain exceptions described in the
Indenture all or any part specified by the Holder (so long as the Principal Amount at Maturity of
such part is $1,000 or an integral multiple of $1,000) of the Securities held by such Holder on a
date specified by the Company that is no more than 30 Business Days after the date that a Change of
Control Company Notice is delivered, at a purchase price

 

 

equal to the Issue Price thereof together with any accrued Original Issue Discount, accrued
and unpaid cash interest, if any, and accrued and unpaid Liquidated Damages, if any, to, but
excluding, the Change of Control Repurchase Date. The Holder shall have the right to withdraw any
Change of Control Repurchase Notice (in whole or in a portion thereof that is $1,000 or an integral
multiple of $1,000) at any time prior to the close of business on the Business Day next preceding
the Change of Control Repurchase Date by delivering a written notice of withdrawal to the Paying
Agent in accordance with the terms of the Indenture.

8. PURCHASE OF SECURITIES AT OPTION OF HOLDER ON SPECIFIED DATES

     At the option of the Holder and subject to the terms and conditions of the Indenture, the
Company shall become obligated to purchase for cash all or any part specified by the Holder (so
long as the Principal Amount at Maturity of such part is $1,000 or an integral multiple of $1,000)
of the Securities held by such Holder on the applicable Put Right Purchase Date at the applicable
Put Right Purchase Price. The Holder shall have the right to withdraw any Put Right Purchase
Notice (in whole or in a portion thereof that is $1,000 or an integral multiple of $1,000) at any
time prior to the close of business on the Business Day next preceding the Put Right Purchase Date
by delivering a written notice of withdrawal to the Paying Agent in accordance with the terms of
the Indenture.

9. CONVERSION

     Subject to the right of the Company to pay some or all of the conversion consideration in
cash, and subject to and upon compliance with the provisions of the Indenture, at the option of the
Holder thereof, any Security that is an integral multiple of $1,000 Principal Amount at Maturity
may be converted into fully paid and nonassessable shares (calculated as to each conversion to the
nearest 1/100th of a share) of Common Stock of the Company at the Conversion Rate determined as
provided in the Indenture upon the occurrence of the events specified in the Indenture.

10. DENOMINATIONS, TRANSFER, EXCHANGE

     The Securities are in registered form, without coupons, in denominations of $1,000 Principal
Amount at Maturity and integral multiples of $1,000 Principal Amount at Maturity. A Holder may
register the transfer of or exchange Securities in accordance with the Indenture. The Registrar
may require a Holder, among other things, to furnish appropriate endorsements and transfer
documents and to pay any taxes or other governmental charges that may be imposed in relation
thereto by law or permitted by the Indenture.

11. PERSONS DEEMED OWNERS

     The Holder of a Security may be treated as the owner of it for all purposes.

12. UNCLAIMED MONEY

     If money for the payment of principal or interest remains unclaimed for two years, the Trustee
and any Paying Agent will pay the money back to the Company at its written request, subject to
applicable unclaimed property law and the provisions of the Indenture. After that, Holders
entitled to money must look to the Company for payment as general creditors unless an applicable
abandoned property law designates another person.

 

 

13. AMENDMENT, SUPPLEMENT AND WAIVER

     Subject to certain exceptions, the Indenture or the Securities may be amended or supplemented
with the consent of the Holders of at least a majority in aggregate Principal Amount at Maturity of
the Securities then outstanding, and an existing Default or Event of Default and its consequence or
compliance with any provision of the Indenture or the Securities may be waived in a particular
instance with the consent of the Holders of a majority in aggregate Principal Amount at Maturity of
the Securities then outstanding. Without the consent of or notice to any Holder, the Company and
the Trustee may amend or supplement the Indenture or the Securities to, among other things, cure
any ambiguity, defect or inconsistency or make any other change that does not adversely affect the
rights of the Holders in any material respect. The Company may also amend the Indenture, without
consent of the Holders or the Trustee, for the purpose of surrendering the Company’s right to issue
shares of Common Stock upon conversion of the Securities.

14. SUBORDINATION

     The payment of principal, or premium, if any, and interest on the Securities will be
subordinated in right of payment, as set forth in the Indenture, to the prior payment in full in
cash or cash equivalents (or other payments satisfactory to the holders of Senior Indebtedness) of
all Senior Indebtedness whether outstanding on the date of the Indenture or thereafter incurred.

15. SUCCESSOR ENTITY

     When a successor corporation assumes all the obligations of its predecessor under the
Securities and the Indenture in accordance with the terms and conditions of the Indenture, the
predecessor corporation (except in certain circumstances specified in the Indenture) shall be
released from those obligations.

16. DEFAULTS AND REMEDIES

     Under the Indenture, an Event of Default shall occur if:

     (1) the Company shall fail to pay when due the Principal Amount at Maturity on any of the
Securities at the Final Maturity Date, or any Redemption Price, Put Right Purchase Price, or Change
of Control Repurchase Price on any Security when the same becomes due and payable, upon redemption,
upon declaration, when due for purchase by the Company or otherwise, upon a redemption or
repurchase pursuant to Article 3 therein, or otherwise, whether or not such payment is prohibited
by the provisions in Article 11 of the Indenture; provided that in the case that any
failure to make such payments is due solely to the fault of the Trustee, the Company shall have a
three Business Day grace period; or

     (2) the Company shall fail to pay an installment of cash interest or Liquidated Damages, if
any, on any of the Securities, which failure continues for 30 days after the date when due, whether
or not such payment is prohibited by the provisions in Article 11 of the Indenture; or

     (3) the Company shall fail to deliver when due all cash and shares of Common Stock deliverable
upon conversion of the Securities, which failure continues for 15 days; or

     (4) the Company shall fail to perform or observe any other term, covenant or agreement
contained in the Securities or this Indenture for a period of 60 days after receipt by the Company
of a Notice of Default specifying such failure; or

 

 

     (5) the Company or any Significant Subsidiary shall fail to make any payment at the end of the
applicable grace period, if any, after the maturity of any Indebtedness for borrowed money with an
aggregate principal amount then outstanding in excess of $10,000,000, whether such Indebtedness now
exists or shall hereafter be created, or there is an acceleration of Indebtedness for borrowed
money in an amount in excess of $10,000,000 because of a default with respect to such Indebtedness,
and such Indebtedness, in either case, is not discharged, or such acceleration is not cured,
waived, rescinded or annulled, within a period of 25 days after receipt by the Company of a Notice
of Default specifying such Default and requiring the Company to cause such Indebtedness to be
discharged or cause such Default to be cured or waived or such acceleration to be rescinded or
annulled; or

     (6) the Company shall fail to timely provide notice of a Change of Control when required by
Section 3.08(b) of the Indenture and such failure continues for a period of five days after a
Notice of Default specifying such failure is given; or

     (7) the Company pursuant to or within the meaning of any Bankruptcy Law:

          (A) commences as a debtor a voluntary case or proceeding; or

          (B) consents to the entry of an order for relief against it in an involuntary case or
proceeding; or

          (C) consents to the appointment of a Receiver of it or for all or substantially all of its
property; or

          (D) makes a general assignment for the benefit of its creditors;

          (E) files a petition in bankruptcy or answer or consent seeking reorganization or relief; or

          (F) consents to the filing of such a petition or the appointment of or taking possession by a
Receiver; or

     (8) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

          (A) grants relief against the Company as a debtor in an involuntary case or proceeding or
adjudicates the Company insolvent or bankrupt;

          (B) appoints a Receiver of the Company for all or substantially all of the property of the
Company; or

          (C) orders the winding up or liquidation of the Company;

and in each case the order or decree remains unstayed and in effect for 60 consecutive days.

     If an Event of Default (other than an Event of Default as a result of certain events of
bankruptcy, insolvency, or reorganization of the Company) occurs and is continuing with respect to
the Company, the Trustee may, by notice to the Company, or the Holders of at least 25% in aggregate
Principal Amount at Maturity of the Securities then outstanding may, by notice to the Company and
the Trustee, declare the Issue Price plus the Accrued Original Issue Discount, if any, and accrued
and unpaid cash interest, if any, and accrued and unpaid Liquidated Damages, if any, through the
date of declaration on all the Securities to be immediately due and payable. Upon such a
declaration, such Issue Price plus such Accrued Original Issue Discount, if any,

 

 

and such accrued and unpaid cash interest, if any, and such accrued and unpaid Liquidated
Damages, if any, shall be due and payable immediately. If an Event of Default as a result of
certain events of bankruptcy, insolvency, or reorganization of the Company occurs in respect of the
Company and is continuing, the Issue Price plus Accrued Original Issue Discount, if any, and
accrued but unpaid cash interest, if any, and accrued and unpaid Liquidated Damages, if any, on all
the Securities shall become and be immediately due and payable without any declaration or other act
on the part of the Trustee or any Holders of Securities. Holders may not enforce the Indenture or
the Securities except as provided in the Indenture. The Trustee may require indemnity satisfactory
to it before it enforces the Indenture or the Securities. Subject to certain limitations, Holders
of a majority in aggregate Principal Amount at Maturity of the Securities then outstanding may
direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders
notice of any continuing Default (except a Default in payment of principal or interest) if and so
long as it determines that withholding notice is in their interests. The Company is required to
file periodic certificates with the Trustee as to the Company’s compliance with the Indenture and
knowledge or status of any Default.

17. TRUSTEE DEALINGS WITH THE COMPANY

     U.S. Bank National Association, the initial Trustee under the Indenture, in its individual or
any other capacity, may make loans to, accept deposits from and perform services for the Company or
an Affiliate of the Company, and may otherwise deal with the Company or an Affiliate of the
Company, as if it were not the Trustee.

18. NO RECOURSE AGAINST OTHERS

     A director, officer, employee or shareholder, as such, of the Company shall not have any
liability for any obligations of the Company under the Securities or the Indenture nor for any
claim based on, in respect of or by reason of such obligations or their creation. The Holder of
this Security by accepting this Security waives and releases all such liability. The waiver and
release are part of the consideration for the issuance of this Security.

19. AUTHENTICATION

     This Security shall not be valid until the Trustee or an authenticating agent manually signs
the certificate of authentication on the other side of this Security.

20. ABBREVIATIONS AND DEFINITIONS

     Customary abbreviations may be used in the name of the Holder or an assignee, such as: TEN COM
(= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of
survivorship and not as tenants in common), CUST (= Custodian) and UGMA (= Uniform Gifts to Minors
Act).

     All terms defined in the Indenture and used in this Security but not specifically defined
herein are defined in the Indenture and are used herein as so defined.

21. INDENTURE TO CONTROL; GOVERNING LAW

     In the case of any conflict between the provisions of this Security and the Indenture, the
provisions of the Indenture shall control. This Security and the Indenture shall be governed by,
and construed in accordance with, the laws of the State of New York.

 

 

     The Company will furnish to any Holder, upon written request and without charge, a copy of the
Indenture. Requests may be made to: Open Solutions Inc., 300 Winding Brook Drive, Glastonbury,
Connecticut 06033, Attention: General Counsel, Facsimile No: (860) 815-5658.

 

 

ASSIGNMENT FORM

     To assign this Security, fill in the form below:

     I or we assign and transfer this Security to

	 	 	 
	 

	 	 
	(Insert assignee’s soc. sec. or tax I.D. no.)

	 	 
	 

	 	 
	 

	 	 
	 

	 	 
	 

	 	 
	(Print or type assignee’s name, address and zip code)
	 	 
	and irrevocably appoint
	 	 
	 

	 	 
	 

	 	 
	agent to transfer this Security on the books of the Company. The agent may substitute another to act for him or her.

	 	 	 	 	 	 
	

	 	 	 	Your Signature:	 
	 
	 	 	 	 	 
	Date:
	 	 	 	 	 
	

	 	 
	 	 	 
	

	 	(Sign exactly as your name appears on the	 	 	 
	

	 	other side of this Security)	 	 	 
	*Signature guaranteed by:	 	 	 
	By:
	 	 	 	 	 
	

	 	 	 	 	 

	*	 	The signature must be guaranteed by an
institution which is a member of one of the following recognized signature
guaranty programs: (i) the Securities Transfer Agent Medallion Program
(STAMP); (ii) the New York Stock Exchange Medallion Program (MSP); (iii) the
Stock Exchange Medallion Program (SEMP); or (iv) such other guaranty program
acceptable to the Trustee.

 

 

CONVERSION NOTICE

     To
convert this Security into Common Stock of the Company, check the
box: o

     To convert only part of this Security, state the Principal Amount at Maturity to be converted
(must be $1,000 or a integral multiple of $1,000): $___.

     If you want the stock certificate made out in another person’s name, fill in the form below:

	 	 	 
	 

	 	 
	(Insert assignee’s soc. sec. or tax I.D. no.)
	 	 
	 
	 	 
	 

	 	 
	 

	 	 
	 

	 	 
	 

	 	 
	(Print or type assignee’s name, address and zip code)
	 	 

	 	 	 	 	 
	

	 	 	 	Your Signature:
	 
	 	 	 	 
	Date:
	 	 	 	 
	

	 	 
	 	 
	

	 	(Sign exactly as your name appears on the	 	 
	

	 	other side of this Security)	 	 
	*Signature guaranteed by:	 	 
	By:
	 	 	 	 
	

	 	 
	 	 

	*	 	The signature must be guaranteed by an
institution which is a member of one of the following recognized signature
guaranty programs: (i) the Securities Transfer Agent Medallion Program
(STAMP); (ii) the New York Stock Exchange Medallion Program (MSP); (iii) the
Stock Exchange Medallion Program (SEMP); or (iv) such other guaranty program
acceptable to the Trustee.

 

 

CHANGE OF CONTROL REPURCHASE NOTICE

To:   Open Solutions Inc.

     The undersigned registered owner of this Security hereby irrevocably acknowledges receipt of a
notice from Open Solutions Inc. (the “Company”) as to the occurrence of a Change of Control with
respect to the Company and requests and instructs the Company to purchase the entire Principal
Amount at Maturity of this Security, or the portion thereof (which is $1,000 or an integral
multiple thereof) below designated, in accordance with the terms of the Indenture referred to in
this Security at the Change of Control Repurchase Price, together with accrued and unpaid cash
interest and Liquidated Damages, if any, to, but excluding, such date, to the registered Holder
hereof.

	 	 	 	 	 
	Dated:
	 	 	 	 
	

	 	 
	 	 
	 
	 	 	 	 
	 
	

	 	 	 	 
	

	 	 	 	Signature(s)
	 
	 	 	 	 
	

	 	 	 	Signature(s) must be guaranteed by a qualified
guarantor institution with membership in an
approved signature guarantee program pursuant to
Rule 17Ad-15 under the Securities Exchange Act of
1934.
	 
	 	 	 	 
	

	 	 	 	 
	

	 	 	 	Signature Guaranty
	Principal Amount at Maturity to be redeemed	 	 
	(in an integral multiple of $1,000, if less than all):	 	 
	 
	 	 	 	 
	 	 	 
	 
	 	 	 	 
	NOTICE: The signature to the foregoing Election must correspond to the Name as written upon
the face of this Security in every particular, without any alteration or change whatsoever.

 

 

OPTION TO ELECT PURCHASE ON SPECIFIED DATES

     To: Open Solutions Inc.

     The undersigned hereby requests and instructs Open Solutions Inc. to purchase the entire
Principal Amount at Maturity of this Security, or the portion thereof (which is $1,000 or an
integral multiple thereof) below designated, on ______ in accordance with the terms of
the Indenture referred to in this Security at the Put Right Purchase Price for the next occurring
Put Right Purchase Date to the registered Holder hereof.

	 	 	 	 	 
	Dated:
	 	 	 	 
	

	 	 
	 	 
	

	 	 	 	Signature(s) must be guaranteed by a qualified
guarantor institution with membership in an
approved signature guarantee program pursuant to
Rule 17Ad-15 under the Securities Exchange Act of
1934.
	 
	 	 	 	 
	

	 	 	 	 
	

	 	 	 	Signature Guaranty
	Principal Amount at Maturity to be redeemed	 	 
	      (in an integral multiple of $1,000, if less than all):	 	 
	 
	 	 	 	 
	 	 	 
	NOTICE: The signature to the foregoing Election must correspond to the Name as written upon the
face of this Security in every particular, without any alteration or
change whatsoever.

 

 

SCHEDULE OF EXCHANGES OF SECURITIES

     The following exchanges, purchase, redemptions, purchases or conversions of a part of this
Global Security have been made:

	 	 	 	 	 	 	 
	Principal Amount at	 	 	 	 	 	 	 	 
	Maturity of this	 	 	 	 	Amount of	 	 	Amount of
	Global Note	 	 	 	 	Decrease in	 	 	Increase in
	Following Such	 	Authorized	 	 	Principal	 	 	Principal
	Decrease Date	 	Signatory of	 	 	Amount at	 	 	Amount at
	of Exchange (or	 	Securities	 	 	Maturity of this	 	 	Maturity of this
	Increase)	 	Custodian	 	 	Global Note	 	 	Global Note

 

 

CERTIFICATE TO BE DELIVERED UPON EXCHANGE OR REGISTRATION

OF TRANSFER OF RESTRICTED SECURITIES

	 	   	Re: Senior Subordinated Convertible Notes Due 2035 (the “Securities”) of Open Solutions
Incorporated

          This
certificate relates to $______ Principal Amount at Maturity of Securities owned in (check
applicable box)

          o
book-entry or    o definitive form by ______ (the
“Transferor”).

          The Transferor has requested a Registrar or the Trustee to exchange or register the transfer
of such Securities.

          In connection with such request and in respect of each such Security, the Transferor does
hereby certify that the Transferor is familiar with transfer restrictions relating to the
Securities as provided in Section 2.12 of the Indenture dated as of February 2, 2005 between Open
Solutions Inc. and U.S. Bank National Association, as trustee (the “Indenture”), and the transfer
of such Security is being made pursuant to an effective registration statement under the Securities
Act of 1933, as amended (the “Securities Act”) (check applicable box) or the transfer or exchange,
as the case may be, of such Security does not require registration under the Securities Act because
(check applicable box):

     o Such Security is being transferred pursuant to an effective registration
statement under the Securities Act.

     o Such Security is being acquired for the Transferor’s own account, without
transfer.

     o Such Security is being transferred to the Company or a Subsidiary (as defined in
the Indenture) of the Company.

         o Such Security is being transferred to a person the Transferor reasonably believes
is a “qualified institutional buyer” (as defined in Rule 144A or any successor provision
thereto (“Rule 144A”) under the Securities Act) that is purchasing for its own account
or for the account of a “qualified institutional buyer”, in each case to whom notice has
been given that the transfer is being made in reliance on such Rule 144A, and in each
case in reliance on Rule 144A.

         o Such Security is being transferred pursuant to and in compliance with an
exemption from the registration requirements under the Securities Act in accordance with
Rule 144 (or any successor thereto) (“Rule 144”)
under the Securities Act.

         o
Such Security is being transferred to a non-U.S. Person in an offshore
transaction in compliance with Rule 904 of Regulation S under the Securities Act (or any
successor thereto).

         o Such Security is being transferred pursuant to and in compliance with an
exemption from the registration requirements of the Securities Act (other than an
exemption referred to above) and as a result of which such Security will, upon such
transfer, cease to be a “restricted security” within the meaning of Rule 144 under the
Securities Act.

 

 

     The Transferor acknowledges and agrees that, if the transferee will hold any such Securities
in the form of beneficial interests in a Global Note which is a “restricted security” within the
meaning of Rule 144 under the Securities Act, then such transfer can only be made pursuant to (i)
Rule 144A under the Securities Act and such transferee must be a “qualified institutional buyer”
(as defined in Rule 144A) or (ii) Regulation S under the Securities Act.

	 	 	 	 	 
	Date:
	 	 	 	 
	

	 	 
	 	 
	

	 	 	 	(Insert Name of Transferor)Exhibit 10

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in this Post-Effective Amendment
No. 38 to Registration Statement No. 2-56978 of Merrill Lynch Pacific Fund, Inc.
(the "Fund") on Form N-1A of our report dated February 16, 2005 appearing in the
December 31, 2004 Annual Report of the Fund, which is incorporated by reference
in the Statement of Additional Information which is part of this Registration
Statement. We also consent to the reference to us under the caption "Financial
Highlights" in the Prospectus, which is also a part of this Registration
Statement.

/s/ Deloitte & Touche LLP

Princeton, New Jersey
April 25, 2005

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