Document:

Exhibit 4.1 

 

 

THIS NOTE (THIS “NOTE”)
AND THE SECURITIES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD, PLEDGED, OR OTHERWISE TRANSFERRED OR DISPOSED OF UNLESS
AND UNTIL THIS NOTE AND/OR SUCH SECURITIES ARE REGISTERED UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION
FROM SUCH REGISTRATION IS AVAILABLE. THE HOLDER OF THIS CERTIFICATE, BY ITS ACCEPTANCE, AGREES TO OFFER, SELL OR OTHERWISE
TRANSFER THIS NOTE AND THE SECURITIES ISSUABLE HEREUNDER ONLY (A) TO MAKER (AS DEFINED BELOW); (B) PURSUANT TO A REGISTRATION STATEMENT
THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT; (C) TO A NON-U.S. PERSON IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH
RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S UNDER THE SECURITIES ACT; OR (D) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

 

PROMISSORY NOTE

 

	$33,300,000	August 29, 2014

 

FOR VALUE RECEIVED,
the undersigned, Sino Agro Food, Inc., a Nevada corporation (“Maker”), promises to pay to the order of Euro
China Capital AB (“Payee”), corporate registration number 556713-6717 at ______________________________ (or
such other place as Payee may from time to time designate), the principal amount of up to an aggregate of Thirty-Three Million
Three Hundred Thousand and No/100 Dollars ($33,300,000), or so much as advanced hereunder, together with interest on the unpaid
principal balance from time to time outstanding at a rate per annum equal to 10.5% (calculated on the basis of actual days elapsed,
but computed as if each calendar year consisted of 360 days); provided that, in no event shall the interest rate hereunder exceed
the highest rate permitted by law.

 

1.Principal
and Principal Discounts.  Payee will, in its sole discretion, make advances of Maker up to the principal amounts set forth
on Schedule A on or before the dates set forth on Schedule A.  In connection with each such advance of principal
under this Note, Maker shall pay to Payee a discount equal to 25% of the amount of the principal advanced by Payee (each, a “Principal
Discount”).  Each such Principal Discount shall be payable on the date of the applicable advance and shall be deducted
from the proceeds of such advance by Payee. For purposes of this Note, the Principal Discount shall be treat as outstanding principal.

 

2.Interest and
Interest Payment Notes. Interest on this Note shall accrue on the outstanding principal balance of this Note from the date
hereof. Interest shall be payable quarterly on the last day of each of March, June, September and December commencing September
30, 2014 and on the date of any repayment; provided that Payee may elect, at its option by delivery of notice to Maker on or before
the applicable interest payment date, to require Maker to issue to Payee a promissory note (valued at 100% of the principal amount
thereof) in lieu of cash in satisfaction of any interest due and payable at such time (each an “Interest Payment Note”).
Any Interest Payment Note shall be subject to the same terms as this Note (except, as the case may be, with respect to the date
of issuance and aggregate principal amount, and except that the outstanding principal amount of all Interest Payment Notes and
all accrued but unpaid interest shall be due and payable on the Maturity Date (as defined below)). Each Interest Payment Note shall
bear interest from the date of the Interest Payment Note. Interest on each Interest Payment Note shall be paid in cash or the issuance
of additional Interest Payment Notes, as the case may be, to the same extent and in the same manner as provided above with respect
to this Note. All past due principal of and accrued interest on this Note shall bear interest from maturity (stated, by acceleration,
or otherwise) until indefeasibly paid in full at the lesser of 18% or the highest rate permitted by law.

 

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3.Maturity Date.
The outstanding principal amount of this Note and all accrued but unpaid interest shall be payable in full on February 28, 2020
(or earlier as hereinafter referred to) (the “Maturity Date”).

 

4.Covenants.
Maker covenants and agrees that so long as this Note is in effect, it will, and will cause each of its subsidiaries to, comply
with the following provisions:

 

(a)Notices.
Promptly give written notice to Payee of:

 

(i)Any
litigation commenced or, to the knowledge of Maker, threatened in writing against Maker or any of its subsidiaries involving claims
in excess of $100,000 individually or $500,000 in the aggregate or involving any injunctive, declaratory or other equitable relief
that could reasonably be expected to be material to Maker or any of its subsidiaries, such notice to include, if requested by Payee,
copies of all papers filed in such litigation and to be given monthly with respect to any such papers that have been filed since
the last notice was given;

 

(ii)Any
dispute or disputes that may exist between Maker or any of its subsidiaries and any governmental authority and which involve (a)
claims against Maker or any of its subsidiaries that exceed $100,000 individually or $500,000 in the aggregate, (b) injunctive
or declaratory relief that could reasonably be expected to be material to Maker or any of its subsidiaries, (c) revocation, modification,
failure to renew or the like of any permit or imposition of additional material conditions with respect thereto, or (d) any liens
for taxes due but not paid that could reasonably be expected to be material to Maker or any of its subsidiaries;

 

(iii)Any
Event of Default (as defined below); and

 

(iv)Promptly,
from time to time, such other information regarding the operations, business affairs and financial condition of Maker or any of
its subsidiaries as Payee may reasonably request.

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(b)Director
Nominee. Following the satisfaction of the Payee Conditions (as defined below), within ten (10) calendar days following the
receipt of notice from Payee, Maker shall take, or cause to be taken, all actions that are necessary to cause one (1) person designated
by Payee to the nominated to the Board. For so long as this Note remains outstanding, Payee shall continue to have the right (but
not the obligation) pursuant to this Note to nominate to the Board, one (1) director, and Maker shall include, and shall use its
best efforts to cause the Board, whether acting through the Nominating and Corporate Governance Committee of the Board or otherwise,
to include, in the slate of nominees recommended to stockholders of the Company (the “Stockholders”) for election
as a director at any annual or special meeting of the Stockholders (or, if permitted, by any action by written consent of the Stockholders)
at or by which directors of the Maker are to be elected, the individual identified in advance by Payee. So long as this Note remains
outstanding, Maker shall notify Payee in writing of the date on which proxy materials are expected to be mailed by Maker in connection
with an election of directors at an annual or special meeting of the Stockholders (and Maker shall deliver such notice at least
60 days (or such shorter period to which Payee consents) prior to such expected mailing date or such earlier date as may be specified
by Maker reasonably in advance of such earlier delivery date on the basis that such earlier delivery is necessary so as to ensure
that such nominee may be included in such proxy materials at the time such proxy materials are mailed). Maker shall provide Payee
with a reasonable opportunity to review and provide comments on any portion of the proxy materials relating to Payee’s nominee
or the rights and obligations provided under this Notes and to discuss any such comments with Maker. Maker shall notify Payee of
any opposition to Payee’s nominee sufficiently in advance of the date on which such proxy materials are to be mailed by Maker
in connection with such election of directors so as to enable Payee to propose a replacement nominee, if necessary, in accordance
with the terms of this Note, and Payee shall have ten (10) business days to designate another nominee. So long as this Note remains
outstanding, subject to applicable legal requirements, the Articles of Incorporation or Bylaws of Maker shall accommodate and be
subject to and not in any respect conflict with the rights and obligations set forth herein. For purposes of this Note, "Payee
Conditions" shall mean such time as both of the following shall have occurred (i) Payee shall have advanced during the
term of this Note a total principal amount of at least $33,300,000 and (ii) Payee shall have delivered to Maker a notification
notifying Maker that Payee has formed a bondholders committee consisting of two to four persons.

 

(d)Chief Financial
Officer. Following the satisfaction of the Payee Conditions, Maker shall not hire a new Chief Financial Officer (or any person
that performs the functions typically performed by a Chief Financial Officer) without the prior written consent of Payee.

 

(e)Right of
First Refusal. In the event Maker or any of its subsidiaries proposes to enter into any loan or other arrangement for borrowed
money with, or offer any debt or equity securities to, any person, Payee shall have the right, but not the obligation, to make
all or a portion of such loan or to purchase all or a portion of such debt or equity securities on the same terms and conditions
as with such other person. Maker will promptly give written notice of such proposed transaction with such other person to Payee.
Maker will also promptly provide to Payee such additional information as is reasonably requested by Payee. Payee shall have 30
days from the receipt of notice from Maker to decide whether or not it wants to exercise the rights set forth in the Section 4(e).
If Payee does elect to exercise such rights, then Maker will take all actions reasonably necessary, including but not limited to
entering into all agreements and instruments as are reasonably necessary, to complete such transaction with 30 days from the receipt
of the notice from Maker. If Payee does not elect to exercise such rights, then Maker or such subsidiary shall have a period of
30 days to consummate said transaction on the exact same terms and conditions as those offered to Payee.

 

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(f)Issuances
of Equity to Vendors or Lenders. Other than issuances of equity to certain vendors or lenders, which subject to the prior written
consent of the Payee may be made for an aggregate amount of $5,500,000 of indebtedness and other payables currently owed to such
vendors or lenders that Maker has previously agreed to repay by issuing equity securities in Maker (which issuances, including
the number of equity securities to be issued, have been disclosed to Payee in writing on the date hereof), Maker shall not under
any circumstances enter into any arrangement (other than as contemplated in this Note and any Interest Payment Notes) with any
vendor or lender that involves the issuance of any equity securities as payment for any amounts owed to such vendor or lender or
actually issue any such equity securities to such vendor or lender as payment for any such amounts from and after the date hereof.

 

(g)Listing and
Trading. Upon request from Payee, Maker shall use its best efforts to promptly have this Note and any Interest Payment Notes
listed through Euroclear on any exchange on which Payee may request, maintain such listing of this Note and any Interest Payment
Notes and register the Note and any Interest Payment Notes with the US Securities and Exchange Commission. In connection with any
listing or registration, Maker shall procure that there will at all times be timely furnished to any such exchange such documents
and information as such exchange may require to be furnished in accordance with its normal requirements or in accordance with any
arrangements made with such exchange and keep effective any such registration statement. Maker agrees to satisfy all conditions
that such exchange may impose on the listing of this Note and the Interest Payment Notes and shall prepare or enter into any agreements,
registration statements documents, indentures and agency agreement and take any other actions as may be reasonably requested by
Payee to effect or maintain any such listing or registration. Maker shall be responsible for all costs incurred in connection with
procuring and maintaining any such listing or registration.

 

5.Events of
Default and Remedies. Without notice or demand (which are hereby waived), the entire unpaid principal balance of and all accrued
interest on this Note shall immediately become due and payable at the option of the holder hereof upon the occurrence of any one
or more of the following events of default (individually or collectively, herein called an “Event of Default”):

 

(a)the failure
or refusal of Maker to pay all or any part of the principal of or accrued interest on this Note as and when the same becomes due
and payable in accordance with the terms hereof;

 

(b)the occurrence of a breach or violation
of any of the terms of this Note;

 

(c)Maker shall
(i) become insolvent within the meaning of the Bankruptcy Code of the United States, as amended, (ii) admit in writing
its inability to pay or otherwise fail to pay its debts generally as they become due, (iii) voluntarily seek, consent to,
or acquiesce in the benefit or benefits of any Debtor Relief Law (meaning the Bankruptcy Code of the United States, as amended,
and all other applicable liquidation, conservatorship, bankruptcy, moratorium, rearrangement, receivership, insolvency, reorganization,
or similar debtor relief laws from time to time in effect affecting the rights of creditors generally), or (iv) be made the
subject of any proceeding provided for by any Debtor Relief Law that could suspend or otherwise affect any of the rights of the
holder hereof;

 

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(d)the nonpayment
when due of any other material indebtedness owed by Maker, or the occurrence of any event under any document or instrument evidencing,
securing, or executed in connection with any such indebtedness which could give the holder thereof the right to declare such indebtedness
or any part thereof due prior to its scheduled maturity;

 

(e)the discovery
by the holder hereof that any statement, representation, or warranty made by Maker in any writing, document, or instrument ever
delivered to the holder hereof in connection herewith was at the time made false, misleading, or erroneous in any material respect;
or

 

(f)a final judgment
is entered against Maker for the payment of money in excess of $25,000 in the aggregate and remains unsatisfied for thirty (30)
days after entry, or any property of Maker is attached, garnished or otherwise made such to legal process.

 

Upon the occurrence
of an Event of Default, the holder of this Note may (a) offset against this Note any sum or sums owed by the holder hereof to Maker
or (b)  proceed to protect and enforce its rights either by suit in equity and/or by action at law, or by other appropriate
proceedings, whether for the specific performance of any covenant or agreement contained in this Note or any document or instrument
executed and delivered by Maker in connection with this Note or in aid of the exercise of any power or right granted by this Note
or any document or instrument executed and delivered by Maker in connection with this Note or to enforce any other legal or equitable
right of the holder of this Note.

 

6.Conversion.

 

(a)Right to
Convert. In addition to the remedies set forth in Section 5, this Note shall be convertible at the option of Payee, in whole
or in part, at any time after the occurrence and during the continuance of an Event of Default (the “Default Conversion”).
In addition to the Default Conversion rights of Payee, this Note shall be convertible (the “Optional Conversion”),
at the option of Payee, at any time, in whole or in part, for a period of 30 calendar days beginning on October 1, 2015 and on
each anniversary thereafter, in lieu and in satisfaction of the principal and accrued but unpaid interest due and payable at such
time. In the case any Default Conversion or Optional Conversion, this Note shall be convertible into that number of fully paid
and nonassessable shares of the Conversion Security (as defined in Section 7) as is equal to the quotient of the unpaid principal
amount of this Note plus the accrued but unpaid interest hereon divided by the applicable Conversion Price (as defined in Section
7) in effect from time to time. Upon any Default Conversion or Optional Conversion, the outstanding principal amount plus all accrued
but unpaid interest due under this Note shall be reduced in full by an amount equal to the number of shares of the Conversion Security
issued upon such Default Conversion or Optional Conversion, as the case may be, multiplied by the applicable Conversion Price.

 

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(b)Conversion
Procedures. If Payee desires to convert this Note into the Conversion Security, it shall surrender this Note to Maker at its
principal executive offices, accompanied by proper instruments of transfer to Maker or in blank, accompanied by irrevocable written
notice to Maker that Payee elects so to convert this Note and the name or names (with address) in which a certificate or certificates
for the Conversion Security are to be issued. Maker shall, as soon as practicable after such written notice and compliance with
any other conditions herein contained, deliver at such office to Payee, certificates for the number of full shares of the Conversion
Security to which it shall be entitled, together with a cash adjustment of any fraction of a share as hereinafter provided. Subject
to the following provisions of this paragraph, such conversion shall be deemed to have been made as of the date of such surrender
of this Note, and the person or persons entitled to receive the Conversion Security or other securities deliverable upon conversion
shall be treated for all purposes as the record holder or holders thereof on such date.

 

(c)Certain Adjustments.
The applicable Conversion Price and the number of securities issuable upon conversion of this Note shall be subject to adjustment
from time to time as follows:

 

(i)In
case Maker shall at any time on or after the date of this Note (1) pay a dividend or make a distribution on its capital stock
that is paid or made (A) in shares of stock of Maker or (B) in rights to purchase stock or other securities (unless or
until adjustment is made under subparagraph (ii) below), (2) subdivide its outstanding shares of the Conversion Security into
a greater number of shares or (3) combine its outstanding shares of the Conversion Security into a smaller number of shares,
then in each such case the applicable Conversion Price in effect immediately prior thereto and the securities issuable shall be
adjusted retroactively as provided below so that Payee thereafter shall be entitled to receive the number of shares of the Conversion
Security of Maker and other shares and rights to purchase stock or other securities which Payee would have owned or have been entitled
to receive after the happening of any of the events described above had this Note been converted immediately prior to the happening
of such event or any record date with respect thereto. In the event of the redemption of any shares or rights referred to in clause
(1), Payee shall have the right to receive, in lieu of any such shares or rights, any cash, property or securities paid in respect
of such redemption. An adjustment made pursuant to this subparagraph (i) shall become effective immediately after the record
date in the case of a dividend or distribution and shall become effective immediately after the effective date in the case of a
subdivision or combination.

 

(ii)In
case Maker shall issue shares of its Common Stock at, or securities convertible or exercisable for shares of Common Stock at any
time on or after the date of this Note with a conversion or exercise price equal to, a price per share less than the greater of
the applicable Conversion Price or the Fair Market Value in effect immediately prior to such issuance or the date fixed for the
determination of stockholders entitled to receive such securities, then, in each such case, the Conversion Price in effect at the
opening of business on the day following such time or date shall be reduced by multiplying such Conversion Price by a fraction
of which the denominator shall be (A) the number of shares of Common Stock outstanding at the close of business on such date
plus (B) the number of shares of Common Stock so issued or the maximum number of shares of Common Stock into which the securities
so issued are convertible or exercisable, and the numerator shall be (X) the number of shares of Common Stock outstanding
at the close of business on such date plus (Y) the number of shares of Common Stock that the aggregate price of the shares
of Common Stock so issued or into which the securities so issued are convertible or exercisable would purchase at such previously
effective Conversion Price or Fair Market Value, such reduction to become effective immediately after the opening of business on
the day following such time or date; provided, however, in the event that all the shares of Common Stock into which
the securities so issued are convertible or exercisable are not delivered upon the conversion or exercise of such securities, upon
the expiration of such rights of conversion or exercise, the Conversion Price under this Note shall be readjusted to the Conversion
Price that would have been in effect had the denominator and the numerator of the foregoing fraction and the resulting adjustment
been made based upon the number of shares of Common Stock actually delivered upon the conversion or exercise of such securities
rather than upon the number of shares of Common Stock into which such securities were convertible or exercisable. For the purposes
of this subparagraph (ii), the number of shares of Common Stock at any time outstanding shall not include shares held in the
treasury of Maker.

 

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(iii)If
Maker shall make, at any time after the date hereof, any dividend or distribution of cash, securities (other than as contemplated
by Section 6(c)(i) above) property or evidences of indebtedness of any nature whatsoever (other than those contemplated in Section
6(g) below), then the Conversion Price in effect at the opening of business on the day following such time or date shall be reduced
by an amount equal to the per share amount of such cash dividend or the Fair Market Value of such distributed property on a per
share basis based on the number of shares outstanding. In no event shall the Conversion Price be reduced below $0.01. The above
provisions shall similarly apply to successive dividends or distributions.

 

(iv)Whenever
the Conversion Price is adjusted as provided in any provision of these conversion provisions, Maker shall compute the adjusted
Conversion Price in accordance herewith and mail to Payee a notice stating that the Conversion Price has been adjusted and
setting forth the adjusted Conversion Price.

 

(v)In
the event that at any time, as a result of any adjustment made pursuant to these provisions, Payee shall become entitled to receive
any shares of Maker other than shares of the Conversion Security or to receive any other securities, the number of such other shares
or securities so receivable upon conversion of this Note shall be subject to adjustment from time to time in a manner and on terms
as nearly equivalent as practicable to the provisions contained in these provisions with respect to the Conversion Security.

 

(vi) Notwithstanding
the foregoing, no such adjustments shall be made under this Section 6(c) as a result of any of the following:

 

(A)issuances
of Common Stock or other securities convertible into Common Stock to employees, officers, directors or consultants of Maker pursuant
to a stock grant, stock option plan or stock purchase plan or other stock agreement or arrangement approved by the Board so long
as the aggregate number of such shares so issued in any given calendar year beginning on January 1, 2014 does not exceed 5% of
the shares of Maker outstanding on August 12, 2014 (appropriately adjusted for any stock split, stock dividend or other recapitalization);
provided that the purchase price or exercise price to be received by Maker upon issuance of any such shares is equal to at least
the Fair Market Value in effect on the date of and immediately prior to such issuance of option or shares under such plan, agreement
or arrangement;

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(B)the
exercise of the options and warrants outstanding as of August 12, 2014; or

 

(C)the
conversion or exchange of any debt or other obligation of Maker for Common Stock or Preferred Stock, each of which has been disclosed
in writing to Payee prior to the date hereof, whether or not such right of conversion or exchange is evidenced by a note or other
written agreement, which debt or other obligation is existing and outstanding on August 12, 2014, including this Note.

 

(d)No
Fractional Shares. No fractional shares or scrip representing fractional shares of the Conversion Security shall be issued
upon conversion of this Note. Instead of any fractional share of the Conversion Security which would otherwise be issuable upon
conversion, Maker will pay a cash adjustment in respect of such fractional interest in an amount equal to the same fraction of
the Fair Market Value of a share of the Conversion Security at the close of business on the day of conversion.

 

(e)Reclassification,
Consolidation, Merger or Sale of Assets. In case of any reclassification of the Conversion Security, any consolidation of Maker
with, or merger of Maker into, any other person, any merger of another person into Maker (other than a merger which does not result
in any reclassification, conversion, exchange or cancellation of outstanding shares of the Conversion Security of Maker), any sale
or transfer of all or a substantial portion of the assets of Maker or any compulsory share exchange pursuant to which share exchange
the Conversion Security is converted into other securities, cash or other property, then lawful provision shall be made as part
of the terms of such transaction whereby Payee shall have the right thereafter, during the period this Note shall be convertible
hereunder, to convert this Note only into the kind and amount of securities, cash and other property receivable upon such reclassification,
consolidation, merger, sale, transfer or share exchange by a holder of the number of shares of the Conversion Security of Maker
into which this Note might have been converted immediately prior to such reclassification, consolidation, merger, sale, transfer
or share exchange assuming such holder of the Conversion Security of Maker (i) is not a person with which Maker consolidated or
into which Maker merged or which merged into Maker, to which such sale or transfer was made or a party to such share exchange,
as the case may be (“constituent person”), or an affiliate of a constituent person and (ii) failed to exercise
its rights of election, if any, as to the kind or amount of securities, cash and other property receivable upon such reclassification,
consolidation, merger, sale, transfer or share exchange (provided that if the kind or amount of securities, cash and other property
receivable upon such reclassification, consolidation, merger, sale, transfer or share exchange is not the same for each share of
the Conversion Security of Maker held immediately prior to such consolidation, merger, sale or transfer by other than a constituent
person or an affiliate thereof and in respect of which such rights of election shall not have been exercised (“non-electing
share”), then the kind and amount of securities, cash and other property receivable upon such reclassification, consolidation,
merger, sale, transfer or share exchange by each non-electing share shall be deemed to be the kind and amount so receivable per
share by a plurality of the non-electing shares). Maker, the person formed by such consolidation or resulting from such merger
or which acquires such assets or which acquires Maker’s shares, as the case may be, shall make provisions in its certificate
or articles of incorporation or other constituent document to establish such right. Such certificate or articles of incorporation
or other constituent document shall provide for adjustments which, for events subsequent to the effective date of such certificate
or articles of incorporation or other constituent document, shall be as nearly equivalent as may be practicable to the adjustments
provided for herein. The above provisions shall similarly apply to successive reclassifications, consolidations, mergers, sales,
transfers, or share exchanges.

 

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(f)Reservation
of Shares; Transfer Taxes; Etc. Maker shall at all times reserve and keep available, out of its authorized and unissued stock,
solely for the purpose of effecting the conversion of this Note, such number of shares of the Conversion Security and other securities
free of preemptive rights as shall from time to time be sufficient to effect the conversion of this Note. Maker shall from time
to time, in accordance with the laws of the State of Nevada, increase the authorized number of shares of the Conversion Security
if at any time the number of shares of the Conversion Security not outstanding shall not be sufficient to permit the conversion
of this Note. If the Conversion Security is listed on the New York Stock Exchange, the Nasdaq National Market, or any other national
securities exchange, Maker will, if permitted by the rules of such exchange, list and keep listed on such exchange, upon official
notice of issuance, all shares of the Conversion Security issuable upon conversion of this Note. Maker shall pay any and all issue
or other taxes that may be payable in respect of any issue or delivery of shares of the Conversion Security or other securities
upon conversion of this Note by Payee.

 

(g)Spin-off
of a Subsidiary. If Maker elects to spin-off all or any of the ownership interests Maker holds in any of its subsidiaries to
the Stockholders after the date hereof, then in connection with such spin-off lawful provision shall be made as part of the terms
of such transaction that Payee shall have the right (in addition the conversion rights set forth above) to convert this Note into
securities of such subsidiary in such amount as will result in an ownership percentage with respect to the ownership interests
in such subsidiary distributed to the Stockholders equal to the ownership percentage Payee could acquire in Maker at the time of
any such conversion. To the extent Payee elects to exercise any conversion rights under this Note with respect to Maker, Payee
will also elect to exercise proportionate conversion rights with respect to such subsidiary. Prior to and as a condition of such
spin-off, such subsidiary shall become a co-obligor on this Note and any Interest Payment Notes. Such subsidiary shall also make
provisions in its certificate or articles of incorporation or other constituent document to establish the rights set forth above.
Such certificate or articles of incorporation or other constituent document shall provide for adjustments that shall be as nearly
equivalent as may be practicable to the adjustments provided for herein. Such subsidiary shall at all times reserve and keep available
such amount of securities free of preemptive rights as shall from time to time be sufficient to effect the foregoing. Such subsidiary
shall from time to time, in accordance with applicable laws, increase the number of its authorized securities as are necessary
to effect the foregoing.

 

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7.Defined Terms.
As used in this Note, the following terms have the respective meanings set forth below:

 

(a)“Appraised
Value” shall mean the value determined with the following procedures. For a period (the “Negotiation Period”)
of 30 days after the date of the event requiring adjustment under Section 6 (the “Valuation Event”), Maker and
Payee agree to negotiate in good faith to reach agreement on the fair market value of such consideration or property, as of the
date of the Valuation Event. If Maker and Payee are unable to agree on the fair market value of such consideration or property
by the end of the Negotiation Period, then the fair market value of such consideration or property will be determined for purposes
of this Note by an independent appraiser mutually acceptable to Maker and Payee (the “Appraiser”). If Maker
and Payee cannot agree on an Appraiser within 10 days after the end of the Negotiation Period, Maker, on the one hand, and Payee,
on the other hand, shall each select an Appraiser within 15 days after the end of the Negotiation Period and those two appraisers
shall select within 20 days after the end of the Negotiation Period an independent Appraiser to determined the fair market value
of such consideration or property. Such independent Appraiser shall be directed to determine the fair market value of such consideration
or property as soon as practical, but in no event later than 20 days from the date of its selection. The determination by an Appraiser
of the fair market value of such consideration or property will be conclusive and binding on Maker and Payee.

 

(b)“Common
Stock” shall mean the common stock, $0.001 par value per share, of Maker and any capital stock into which such common
stock shall have been changed and any other stock resulting from any reclassification of such stock which is not preferred as to
dividends or assets over any other class of stock which shall be in effect from time to time.

 

(c)“Conversion
Price” shall mean, subject to adjustment as provided in Section 6 hereof, $1.00.

 

(d)“Conversion
Security” shall mean shares of Common Stock.

 

(e)“Fair
Market Value” shall mean (i) so long as the Common Stock is traded on an exchange, the average trading price of the Common
Stock over the immediately preceding 20 trading days and (ii) in all other instances, the fair market value of the security or
securities or property as determined in good faith by the Board (irrespective of the accounting treatment thereof); provided that,
at the election of Payee, the fair market value of the consideration received will be the Appraised Value.

 

(f)“Preferred
Stock” shall mean any capital stock issued by Maker which, by its terms, is entitled to preference over the Common Stock
in liquidation.

 

8.No Impairment.
Maker will not, by amendment of its Articles of Incorporation or through any reorganization, transfer of assets, merger, dissolution,
spin-off, issuance or sale of securities or any other voluntary action or inaction, avoid or seek to avoid the observance or performance
of any of the material terms to be observed or performed hereunder by Maker but will at all times in good faith assist in the carrying
out of all the provisions of this Note.

 

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9.Cumulative
Rights. No delay on the part of the holder of this Note in the exercise of any power or right under this Note, or under any
document or instrument executed in connection herewith, shall operate as a waiver thereof, nor shall a single or partial exercise
of any other power or right. Enforcement by the holder of this Note of any security for the payment hereof shall not constitute
any election by it of remedies so as to preclude the exercise of any other remedy available to it.

 

10.Waiver.
Maker, and each surety, endorser, guarantor, and other party ever liable for the payment of any sum of money payable on this Note,
jointly and severally waive demand, presentment, protest, notice of nonpayment, notice of intention to accelerate, notice of acceleration,
notice of protest, and any and all lack of diligence or delay in collection or the filing of suit hereon which may occur; agree
that their liability on this Note shall not be affected by any renewal or extension in the time of payment hereof, by any indulgences,
or by any release or change in any security for the payment of this Note; and hereby consent to any and all renewals, extensions,
indulgences, releases, or changes hereof or hereto, regardless of the number of such renewals, extensions, indulgences, releases,
or changes.

 

11.Attorneys’
Fees and Costs. In the event an Event of Default shall occur, and in the event that thereafter this Note is placed in the hands
of attorneys for collection, or in the event this Note is collected in whole or in part through legal proceedings of any nature,
then and in any such case Maker promises to pay all costs of collection, including, but not limited to, reasonable attorneys’
fees, incurred by the holder hereof on account of such collection.

 

12.NO ORAL AGREEMENTS.
THIS NOTE (ALONG WITH THE OTHER DOCUMENTS AND INSTRUMENTS EXECUTED AND DELIVERED PURSUANT THERETO) REPRESENTS THE FINAL AGREEMENT
BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.
THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

 

13.Governing
Law. This Note shall be governed by and construed in accordance with the laws of the State of New York.

 

14.Severability.
If any provision of this Note shall be held to be unenforceable by a court of competent jurisdiction, such provisions shall be
severed from this Note and the remainder of this Note shall continue in full force and effect.

 

15.Assignment.
This Note, or any portion hereof, may be assigned by Payee without the consent of Maker. Any such assignment by Payee shall be
in compliance with the Securities Act and applicable state securities laws.

 

16.Subsidiaries. For purposes
of this Note, the terms “subsidiary” and “subsidiaries” shall include each entity in which Maker owns 50%
or more of the ownership interests on the date of this Note regardless of whether Maker continues to own such ownership interests
in such entity after the date of this Note.

 

    	11

    	 

    

 

17.Limitation
on Interest. It is the intent of Payee and Maker in the execution of this Note to contract in strict compliance with applicable
usury law. In furtherance thereof, Payee and Maker stipulate and agree that none of the terms and provisions contained in this
Note, or in any other instrument executed in connection herewith, shall ever be construed to create a contract to pay for the use,
forbearance or detention of money, interest at a rate in excess of the maximum interest rate permitted to be charged by applicable
law; that neither Maker nor any guarantors, endorsers or other parties now or hereafter becoming liable for payment of this Note
shall ever be obligated or required to pay interest on this Note at a rate in excess of the maximum interest that may be lawfully
charged under applicable law; and that the provisions of this paragraph shall control over all other provisions of this Note and
any other instruments now or hereafter executed in connection herewith which may be in apparent conflict herewith. The holder of
this Note expressly disavows any intention to charge or collect excessive unearned interest or finance charges in the event the
maturity of this Note is accelerated. If the maturity of this Note shall be accelerated for any reason or if the principal of this
Note is paid prior to the end of the term of this Note, and as a result thereof the interest received for the actual period of
existence of the loan evidenced by this Note exceeds the applicable maximum lawful rate, the holder of this Note shall, at its
option, either refund to Maker the amount of such excess or credit the amount of such excess against the principal balance of this
Note then outstanding and thereby shall render inapplicable any and all penalties of any kind provided by applicable law as a result
of such excess interest. In the event that Payee or any other holder of this Note shall contract for, charge or receive any amount
or amounts and/or any other thing of value which are determined to constitute interest which would increase the effective interest
rate on this Note to a rate in excess of that permitted to be charged by applicable law, an amount equal to interest in excess
of the lawful rate shall, upon such determination, at the option of the holder of this Note, be either immediately returned to
Maker or credited against the principal balance of this Note then outstanding, in which event any and all penalties of any kind
under applicable law as a result of such excess interest shall be inapplicable. By execution of this Note, Maker acknowledges that
it believes the loan evidenced by this Note to be non-usurious and agrees that if, at any time, Maker should have reason to believe
that such loan is in fact usurious, it will give the holder of this Note notice of such condition and Maker agrees that said holder
shall have ninety (90) days in which to make appropriate refund or other adjustment in order to correct such condition if in fact
such exists. The term “applicable law” as used in this Note shall mean the laws of the State of New York or
the laws of the United States, whichever laws allow the greater rate of interest, as such laws now exist or may be changed or amended
or come into effect in the future.

 

(Remainder of page intentionally left
blank)

 

 

 

 

 

 

 

    	12

    	 

    

 

IN WITNESS WHEREOF,
the undersigned has executed this Note as of the day and year first above written.

 

 

		SINO AGRO FOOD, INC.
	 	 	 	 
	 	 	 	 
		By:	 	 
	 	 	 	 
	 	 	Name:   Solomon Lee	 
		 	 	 
	 	 	Title: CEO of Sino Agro Food Inc.	 
	 	 	 	 
		 	 	 
	 	By:	 	 
	 	 	 	 
	 	 	Name:   George Yap	 
		 	 	 
	 	 	Title:  Director of Sino Agro Food Inc.	 
	 	 	 	 
	 	 	 	 
		By:	 	 
	 	 	 	 
	   		Name:	 
	 	 	 	 
	                                                                          	 	Title: Director of Euro China Capital AB 	 
		 	 	 
		 	 	 

  

    	13

    	 

    

 

SCHEDULE A

 

 

	Date	Amount
	 	 
	August 12, 2014	$5,000,000
	 	 
	August 31, 2014	$5,000,000
	 	 
	November 30, 2014	$5,000,000
	 	 
	February 28, 2015	$18,300,000

 

 

    	14Exhibit 10.1

 

Commercial Paper Dealer Agreement

 

Between:

 

Amphenol Corporation, as Issuer and             , as Dealer

 

Concerning Notes to be issued pursuant to a Commercial Paper Issuing and Paying Agent Agreement (the “Issuing and Paying Agency Agreement”) dated as of August 29, 2014 between the Issuer and          , as Issuing and Paying Agent

 

Dated as of

 

August 29, 2014

 

Commercial Paper Dealer Agreement

4(a)(2) Program

 

This agreement (the “Agreement”) sets forth the understandings between the Issuer and the Dealer, each named above, in connection with the issuance and sale by the Issuer of its short-term promissory notes (the “Notes”) through the Dealer.

 

Certain terms used in this Agreement are defined in Section 6 hereof.

 

The Addendum to this Agreement, and any Annexes or Exhibits described in this Agreement or such Addendum, are hereby incorporated into this Agreement and made fully a part hereof.

 

1.              Offers, Sales and Resales of Notes.

 

1.1                   While (i) the Issuer has and shall have no obligation to sell the Notes to the Dealer or to permit the Dealer to arrange any sale of the Notes for the account of the Issuer, and (ii) the Dealer has and shall have no obligation to purchase the Notes from the Issuer or to arrange any sale of the Notes for the account of the Issuer, the parties hereto agree that in any case where the Dealer purchases Notes from the Issuer, or arranges for the sale of Notes by the Issuer, such Notes will be purchased or sold by the Dealer in reliance on the representations, warranties, covenants and agreements of the Issuer contained herein or made pursuant hereto and on the terms and conditions and in the manner provided herein.

 

1.2                   So long as this Agreement shall remain in effect, and in addition to the limitations contained in Section 1.7 hereof, the Issuer shall not, without the consent of the Dealer, offer, solicit or accept offers to purchase, or sell, any Notes except (a) in transactions with one or more dealers which may from time to time after the date hereof become dealers with respect to the Notes by executing with the Issuer one or more agreements which contain provisions substantially identical to those contained in Section 1 of this Agreement, of which the Issuer hereby undertakes to provide the Dealer prompt notice or (b) in transactions with the other dealer listed on the Addendum hereto, which is executing an agreement with the Issuer that contains provisions substantially identical to Section 1 of this Agreement contemporaneously herewith.  In no event shall the Issuer offer, solicit or accept offers to purchase, or sell, any Notes directly on its own behalf in transactions with persons other than broker-dealers as specifically permitted in this Section 1.2.

 

 

1.3                   The Notes shall be in a minimum denomination of $250,000 or integral multiples of $1,000 in excess thereof, will bear such interest rates, if interest bearing, or will be sold at such discount from their face amounts, as shall be agreed upon by the Dealer and the Issuer, shall have a maturity not exceeding 397 days from the date of issuance and may have such terms as are specified in Exhibit C hereto, the Private Placement Memorandum, any Pricing Supplement, or as otherwise agreed upon by the applicable purchaser and the Issuer.  The Notes shall not contain any provision for extension, renewal or automatic “rollover.”

 

1.4                   The authentication and issuance of, and payment for, the Notes shall be effected in accordance with the Issuing and Paying Agency Agreement, and the Notes shall be either individual physical certificates or book-entry notes evidenced by one or more master notes (each, a “Master Note”) registered in the name of The Depository Trust Company (“DTC”) or its nominee, in the form or forms annexed to the Issuing and Paying Agency Agreement.

 

1.5                   If the Issuer and the Dealer shall agree on the terms of the purchase of any Note by the Dealer or the sale of any Note arranged by the Dealer (including, but not limited to, agreement with respect to the date of issue, purchase price, principal amount, maturity and interest rate or interest rate index and margin (in the case of interest-bearing Notes) or discount thereof (in the case of Notes issued on a discount basis), and appropriate compensation for the Dealer’s services hereunder) pursuant to this Agreement, the Issuer shall cause such Note to be issued and delivered in accordance with the terms of the Issuing and Paying Agency Agreement and payment for such Note shall be made by the purchaser thereof, either directly or through the Dealer, to the Issuing and Paying Agent, for the account of the Issuer.  Except as otherwise agreed, in the event that the Dealer is acting as an agent and a purchaser shall either fail to accept delivery of or make payment for a Note on the date fixed for settlement, the Dealer shall promptly notify the Issuer, and if the Dealer has theretofore paid the Issuer for the Note, the Issuer will promptly return such funds to the Dealer against its return of the Note to the Issuer, in the case of a certificated Note, and upon notice of such failure in the case of a book-entry Note.  If such failure occurred for any reason other than default by the Dealer, the Issuer shall reimburse the Dealer on an equitable basis for the Dealer’s loss of the use of such funds for the period such funds were credited to the Issuer’s account.

 

1.6                   The Dealer and the Issuer hereby establish and agree to observe the following procedures in connection with offers, sales and subsequent resales or other transfers of the Notes:

 

(a)         Offers and sales of the Notes by or through the Dealer shall be made only to: (i) investors reasonably believed by the Dealer to be Qualified Institutional Buyers or Institutional Accredited Investors and (ii) non-bank fiduciaries or agents that will be purchasing Notes for one or more accounts, each of which is reasonably believed by the Dealer to be an Institutional Accredited Investor.

 

(b)         Resales and other transfers of the Notes by the holders thereof shall be made only in accordance with the restrictions in the legend described in clause (e) below.

 

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(c)          No general solicitation or general advertising shall be used in connection with the offering of the Notes.  Without limiting the generality of the foregoing, without the prior written approval of the Dealer, the Issuer shall not issue any press release, make any other statement to any member of the press making reference to the Notes, the offer or sale of the Notes or this Agreement or place or publish any “tombstone” or other advertisement relating to the Notes or the offer or sale thereof. To the extent permitted by applicable securities laws, the Issuer shall (i) omit the name of the Dealer from any publicly available filing by the Issuer that makes reference to the Notes, the offer or sale of the Notes or this Agreement, (ii) not include a copy of this Agreement in any such filing or as an exhibit thereto, and (iii) shall redact the Dealer’s name and any contact or other information that could identify the Dealer from any agreement or other information included in such filing.

 

(d)         No sale of Notes to any one purchaser shall be for less than $250,000 principal or face amount, and no Note shall be issued in a smaller principal or face amount.  If the purchaser is a non-bank fiduciary acting on behalf of others, each person for whom such purchaser is acting must purchase at least $250,000 principal or face amount of Notes.

 

(e)          Offers and sales of the Notes shall be subject to the restrictions described in the legend appearing on Exhibit A hereto.  A legend substantially to the effect of such Exhibit A shall appear as part of the Private Placement Memorandum used in connection with offers and sales of Notes hereunder, as well as on each individual certificate representing a Note and each Master Note representing book-entry Notes offered and sold pursuant to this Agreement.

 

(f)           The Dealer shall furnish or shall have furnished to each purchaser of Notes for which it has acted as the Dealer a copy of the then-current Private Placement Memorandum unless such purchaser has previously received a copy of the Private Placement Memorandum as then in effect.  The Private Placement Memorandum shall expressly state that any person to whom Notes are offered shall have an opportunity to ask questions of, and receive information from, the Issuer and the Dealer and shall provide the names, addresses and telephone numbers of the persons from whom information regarding the Issuer may be obtained.

 

(g)          The Issuer agrees, for the benefit of the Dealer and each of the holders and prospective purchasers from time to time of the Notes that, if at any time the Issuer shall not be subject to Section 13 or 15(d) of the Exchange Act, the Issuer will furnish, upon request and at its expense, to the Dealer and to holders and prospective purchasers of Notes information required by Rule 144A(d)(4)(i) in compliance with Rule 144A(d).

 

(h)         In the event that any Note offered or to be offered by the Dealer would be ineligible for resale under Rule 144A, the Issuer shall immediately notify the Dealer (by telephone, confirmed in writing) of such fact and shall promptly prepare and deliver to the Dealer an amendment or supplement to the Private Placement Memorandum describing the Notes that are ineligible, the reason for such ineligibility and any other relevant information relating thereto.

 

(i)             The Issuer represents that it is not currently issuing commercial paper in the United States market in reliance upon the exemption provided by Section 3(a)(3) of the Securities Act.  The Issuer agrees that, if it shall issue commercial paper after the date hereof in reliance upon such exemption (a) the proceeds from the sale of the Notes will be segregated from the proceeds of the sale of any such commercial paper by being placed in a separate account; (b) the Issuer will institute appropriate corporate procedures to ensure that the offers and sales of notes issued by the Issuer pursuant to the Section 3(a)(3) exemption are not integrated with offerings and sales of Notes hereunder; and (c) the Issuer will comply with each of the requirements of Section 3(a)(3) of the Securities Act in selling commercial paper or other short-term debt securities other than the Notes in the United States.

 

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1.7                   The Issuer hereby represents and warrants to the Dealer, in connection with offers, sales and resales of Notes, as follows:

 

(a)         The Issuer hereby confirms to the Dealer that (except as permitted by Section 1.6(i)) within the preceding six months neither the Issuer nor any person other than the Dealer or the other dealers referred to in Section 1.2 hereof acting on behalf of the Issuer has offered or sold any Notes, or any substantially similar security of the Issuer (including, without limitation, medium-term notes issued by the Issuer), to, or solicited offers to buy any such security from, any person other than the Dealer or the other dealers referred to in Section 1.2 hereof.  The Issuer also agrees that (except as permitted by Section 1.6(i)), as long as the Notes are being offered for sale by the Dealer and the other dealers referred to in Section 1.2 hereof as contemplated hereby and until at least six months after the offer of Notes hereunder has been terminated, neither the Issuer nor any person other than the Dealer or the other dealers referred to in Section 1.2 hereof (except as contemplated by Section 1.2 hereof) will offer the Notes or any substantially similar security of the Issuer for sale to, or solicit offers to buy any such security from, any person other than the Dealer or the other dealers referred to in Section 1.2 hereof, it being understood that such agreement is made with a view to bringing the offer and sale of the Notes within the exemption provided by Section 4(a)(2) of the Securities Act and shall survive any termination of this Agreement.  The Issuer hereby represents and warrants that it has not taken or omitted to take, and will not take or omit to take, any action that would cause the offering and sale of Notes hereunder to be integrated with any other offering of securities, whether such offering is made by the Issuer or some other party or parties.

 

(b)         The Issuer represents and agrees that the proceeds of the sale of the Notes are not currently contemplated to be used for the purpose of buying, carrying or trading securities within the meaning of Regulation T and the interpretations thereunder by the Board of Governors of the Federal Reserve System.  In the event that the Issuer determines to use such proceeds for the purpose of buying, carrying or trading securities, whether in connection with an acquisition of another company or otherwise, the Issuer shall give the Dealer at least five business days’ prior written notice to that effect.  The Issuer shall also give the Dealer prompt notice of the actual date that it commences to purchase securities with the proceeds of the Notes.  Thereafter, in the event that the Dealer purchases Notes as principal and does not resell such Notes on the day of such purchase, to the extent necessary to comply with Regulation T and the interpretations thereunder, the Dealer will sell such Notes either (i) only to offerees it reasonably believes to be Qualified Institutional Buyers or to Qualified Institutional Buyers it reasonably believes are acting for other Qualified Institutional Buyers, in each case in accordance with Rule 144A or (ii) in a manner which would not cause a violation of Regulation T and the interpretations thereunder.

 

4

 

2.              Representations and Warranties of Issuer.

 

The Issuer represents and warrants that:

 

2.1                   The Issuer is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation and has all the requisite power and authority to execute, deliver and perform its obligations under the Notes, this Agreement and the Issuing and Paying Agency Agreement.

 

2.2                   This Agreement and the Issuing and Paying Agency Agreement have been duly authorized, executed and delivered by the Issuer and constitute legal, valid and binding obligations of the Issuer enforceable against the Issuer in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law).

 

2.3                   The Notes have been duly authorized, and when issued as provided in the Issuing and Paying Agency Agreement, will be duly and validly issued and will constitute legal, valid and binding obligations of the Issuer enforceable against the Issuer in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law).

 

2.4                   The offer and sale of the Notes in the manner contemplated hereby do not require registration of the Notes under the Securities Act, pursuant to the exemption from registration contained in Section 4(a)(2) thereof, and no indenture in respect of the Notes is required to be qualified under the Trust Indenture Act of 1939, as amended.

 

2.5                   The Notes will rank at least pari passu with all other unsecured and unsubordinated indebtedness of the Issuer.

 

2.6                   No consent or action of, or filing or registration with, any governmental or public regulatory body or authority, including the SEC, is required to authorize, or is otherwise required in connection with the execution, delivery or performance of, this Agreement, the Notes or the Issuing and Paying Agency Agreement, except as may be required by the securities or Blue Sky laws of the various states in connection with the offer and sale of the Notes.

 

2.7                   Neither the execution and delivery of this Agreement and the Issuing and Paying Agency Agreement, nor the issuance of the Notes in accordance with the Issuing and Paying Agency Agreement, nor the fulfillment of or compliance with the terms and provisions hereof or thereof by the Issuer, will (i) result in the creation or imposition of any mortgage, lien, charge or encumbrance of any nature whatsoever upon any of the properties or assets of the Issuer, or (ii) violate or result in a breach or a default under any of the terms of the Issuer’s charter documents or by-laws, any contract or instrument to which the Issuer is a party or by which it or its property is bound, or any law or regulation, or any order, writ, injunction or decree of any court or government instrumentality, to which the Issuer is subject or by which it or its property is bound, which breach or default could reasonably be expected to result in a material adverse effect on the condition (financial or otherwise), operations or business prospects of the Issuer or the ability of the Issuer to perform its obligations under this Agreement, the Notes or the Issuing and Paying Agency Agreement.

 

5

 

2.8                   There is no litigation or governmental proceeding pending, or to the knowledge of the Issuer threatened, against or affecting the Issuer or any of its subsidiaries which could reasonably be expected to result in a material adverse change in the condition (financial or otherwise), operations or business prospects of the Issuer or the ability of the Issuer to perform its obligations under this Agreement, the Notes or the Issuing and Paying Agency Agreement.

 

2.9                   The Issuer is not an “investment company” within the meaning of the Investment Company Act of 1940, as amended.

 

2.10            Neither the Private Placement Memorandum nor the Company Information contains any untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.

 

2.11            Each (a) issuance of Notes by the Issuer hereunder and (b) amendment or supplement of the Private Placement Memorandum shall be deemed a representation and warranty by the Issuer to the Dealer, as of the date thereof, that, both before and after giving effect to such issuance and after giving effect to such amendment or supplement, (i) the representations and warranties given by the Issuer set forth in this Section 2 remain true and correct on and as of such date as if made on and as of such date, (ii) in the case of an issuance of Notes, the Notes being issued on such date have been duly and validly issued and constitute legal, valid and binding obligations of the Issuer, enforceable against the Issuer in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law) and (iii) in the case of an issuance of Notes, since the date of the most recent Private Placement Memorandum, there has been no material adverse change in the condition (financial or otherwise), operations or business prospects of the Issuer which has not been disclosed to the Dealer in writing.

 

2.12            None of the Issuer, any of its subsidiaries or, to the knowledge of the Issuer, any director, officer, agent, employee or affiliate of the Issuer or any of its subsidiaries is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons of the FCPA, including, without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any “foreign official” (as such term is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in contravention of the FCPA, and the Issuer, its subsidiaries and, to the knowledge of the Issuer, its affiliates have conducted their businesses in compliance with the FCPA and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith.

 

2.13            The operations of the Issuer and its subsidiaries are and have been conducted at all times in compliance in all material respects with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all applicable jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines issued, administered or enforced by any governmental agency (collectively, the “Money Laundering Laws”) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Issuer or any of its subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the Issuer, threatened.

 

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2.14            None of the Issuer or any of its subsidiaries nor, to the knowledge of the Issuer, any director, officer, agent, employee or affiliate of the Issuer or any of its subsidiaries is currently the subject of any sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department or the U.S. State Department (the “Sanctions”); nor is the Issuer or any of its subsidiaries located, organized or resident in a country or territory that is the subject of comprehensive Sanctions; and the Issuer will not directly or indirectly use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds, to any subsidiary, joint venture partner or other person or entity, (i) for the purpose of financing the activities of any person or entity that, at the time of such financing, is the subject of any Sanctions, (ii) for the purpose of funding any activities of or business (except as permitted by an agency or department of the U.S. government, pursuant to license or otherwise) in any country or territory that is the subject of comprehensive Sanctions or (iii) in any other manner that will result in a violation by any person or entity (including any person or entity participating in the transaction, whether as dealer, advisor, investor or otherwise) of Sanctions.

 

3.              Covenants and Agreements of Issuer.

 

The Issuer covenants and agrees that:

 

3.1                   The Issuer will give the Dealer prompt notice (but in any event prior to any subsequent issuance of Notes hereunder) of any amendment to, modification of or waiver with respect to, the Notes or the Issuing and Paying Agency Agreement, including a complete copy of any such amendment, modification or waiver.

 

3.2                   The Issuer shall, whenever there shall occur any change in the Issuer’s condition (financial or otherwise), operations or business prospects or any development or occurrence in relation to the Issuer that would be material to holders of the Notes or potential holders of the Notes (including any downgrading or receipt of any notice of intended or potential downgrading or any review for potential change in the rating accorded any of the Issuer’s securities by any nationally recognized statistical rating organization which has published a rating of the Notes), promptly, and in any event prior to any subsequent issuance of Notes hereunder, notify the Dealer (by telephone, confirmed in writing) of such change, development or occurrence.

 

3.3                   The Issuer shall from time to time furnish to the Dealer such information as the Dealer may reasonably request, including, without limitation, any press releases or material provided by the Issuer to any national securities exchange or rating agency, regarding (i) the Issuer’s operations and financial condition, (ii) the due authorization and execution of the Notes and (iii) the Issuer’s ability to pay the Notes as they mature.

 

3.4                   The Issuer will take all such action as the Dealer may reasonably request to ensure that each offer and each sale of the Notes will comply with any applicable state Blue Sky laws; provided, however, that the Issuer shall not be obligated to file any general consent to service of process or to qualify as a foreign corporation in any jurisdiction in which it is not so qualified or subject itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise so subject.

 

7

 

3.5                   The Issuer will not be in default of any of its obligations hereunder, under the Notes or under the Issuing and Paying Agency Agreement, at any time that any of the Notes are outstanding.

 

3.6                   The Issuer shall not issue Notes hereunder until the Dealer shall have received (a) an opinion of counsel to the Issuer, addressed to the Dealer, satisfactory in form and substance to the Dealer, (b) a copy of the executed Issuing and Paying Agency Agreement as then in effect, (c) a copy of resolutions adopted by the Board of Directors of the Issuer, satisfactory in form and substance to the Dealer and certified by the Secretary or similar officer of the Issuer, authorizing execution and delivery by the Issuer of this Agreement, the Issuing and Paying Agency Agreement and the Notes and consummation by the Issuer of the transactions contemplated hereby and thereby, (d) a certificate of the secretary, assistant secretary or other designated officer of the Issuer as to the incumbency of the officers of the Issuer authorized to execute and deliver this Agreement, the Issuing and Paying Agency Agreement and the Notes and to take other actions on behalf of the Issuer in connection with the transactions contemplated thereby, (e) prior to the issuance of any book-entry Notes represented by a Master Note registered in the name of DTC or its nominee, a copy of the executed Letter of Representations among the Issuer, the Issuing and Paying Agent and DTC and of the executed Master Note, (f) prior to the issuance of any Notes in physical form, a copy of such form (unless attached to this Agreement or the Issuing and Paying Agency Agreement) and (g) such other certificates, opinions, letters and documents as the Dealer shall have reasonably requested.

 

3.7                   The Issuer shall reimburse the Dealer for all of the Dealer’s out-of-pocket expenses related to this Agreement, including expenses incurred in connection with its preparation and negotiation, and the transactions contemplated hereby (including, but not limited to, the printing and distribution of the Private Placement Memorandum), and, if applicable, for the reasonable fees and out-of-pocket expenses of the Dealer’s counsel.

 

3.8                   The Issuer shall not file a Form D (as referenced in Rule 503 under the Securities Act) at any time in respect of the offer and sale of the Notes.

 

4.              Disclosure.

 

4.1                   The Private Placement Memorandum and its contents (other than the Dealer Information) shall be the sole responsibility of the Issuer.  The Private Placement Memorandum shall contain a statement expressly offering an opportunity for each prospective purchaser to ask questions of, and receive answers from, the Issuer concerning the offering of Notes and to obtain relevant additional information which the Issuer possesses or can acquire without unreasonable effort or expense.

 

4.2                   The Issuer agrees to promptly furnish the Dealer the Company Information as it becomes available.

 

4.3                   (a)  The Issuer further agrees to notify the Dealer promptly upon the occurrence of any event relating to or affecting the Issuer that would cause the Company Information then in existence to include an untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements contained therein, in light of the circumstances under which they are made, not misleading.

 

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(b)       In the event that the Issuer gives the Dealer notice pursuant to Section 4.3(a) and the Dealer notifies the Issuer that it then has Notes it is holding in inventory, the Issuer agrees promptly to supplement or amend the Private Placement Memorandum so that the Private Placement Memorandum, as amended or supplemented, shall not contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading, and the Issuer shall make such supplement or amendment available to the Dealer.

 

(c)        In the event that (i) the Issuer gives the Dealer notice pursuant to Section 4.3(a), (ii) the Dealer does not notify the Issuer that it is then holding Notes in inventory and (iii) the Issuer chooses not to promptly amend or supplement the Private Placement Memorandum in the manner described in clause (b) above, then all solicitations and sales of Notes shall be suspended until such time as the Issuer has so amended or supplemented the Private Placement Memorandum, and made such amendment or supplement available to the Dealer.

 

(d)       Without limiting the generality of Section 4.3(a), to the extent that the Private Placement Memorandum sets forth financial information of the Issuer (other than financial information included in a report described in clause (i) of the definition of “Company Information” that (i) is incorporated by reference in the Private Placement Memorandum or (ii) the Private Placement Memorandum expressly states is being made available to holders and prospective purchasers of the Notes but is not otherwise set forth therein), the Issuer shall review, amend and supplement the Private Placement Memorandum on a periodic basis, but no less than at least once annually, to incorporate current financial information of the Issuer to the extent necessary to ensure that the information provided in the Private Placement Memorandum is accurate and complete.

 

5.              Indemnification and Contribution.

 

5.1                   The Issuer will indemnify and hold harmless the Dealer, each individual, corporation, partnership, trust, association or other entity controlling the Dealer, any affiliate of the Dealer or any such controlling entity and their respective directors, officers, employees, partners, incorporators, shareholders, servants, trustees and agents (hereinafter the “Indemnitees”) against any and all liabilities, penalties, suits, causes of action, losses, damages, claims, costs and expenses (including, without limitation, fees and disbursements of counsel) or judgments of whatever kind or nature (each a “Claim”), imposed upon, incurred by or asserted against the Indemnitees arising out of or based upon (i) any allegation that the Private Placement Memorandum, the Company Information or any information provided by the Issuer to the Dealer for delivery or dissemination to investors or prospective investors included (as of any relevant time) or includes an untrue statement of a material fact or omitted (as of any relevant time) or omits to state any material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading or (ii) the breach by the Issuer of any agreement, covenant or representation made in or pursuant to this Agreement.  This indemnification shall not apply to the extent that the Claim arises out of or is based upon Dealer Information.

 

5.2                   Provisions relating to claims made for indemnification under this Section 5 are set forth on Exhibit B to this Agreement.

 

9

 

5.3                   In order to provide for just and equitable contribution in circumstances in which the indemnification provided for in this Section 5 is held to be unavailable or insufficient to hold harmless the Indemnitees, although applicable in accordance with the terms of this Section 5, the Issuer shall contribute to the aggregate costs incurred by the Dealer in connection with any Claim in the proportion of the respective economic interests of the Issuer and the Dealer; provided, however, that such contribution by the Issuer shall be in an amount such that the aggregate costs incurred by the Dealer do not exceed the aggregate of the commissions and fees earned by the Dealer hereunder with respect to the issue or issues of Notes to which such Claim relates.  The respective economic interests shall be calculated by reference to the aggregate proceeds to the Issuer of the Notes issued hereunder and the aggregate commissions and fees earned by the Dealer hereunder.

 

6.              Definitions.

 

6.1                   “Claim” shall have the meaning set forth in Section 5.1.

 

6.2                   “Company Information” at any given time shall mean the Private Placement Memorandum together with, to the extent applicable, (i) the Issuer’s most recent report on Form 10-K filed with the SEC and each report on Form 10-Q or 8-K filed by the Issuer with the SEC since the most recent Form 10-K, (ii) the Issuer’s most recent annual audited financial statements and each interim financial statement or report prepared subsequent thereto, if not included in item (i) above, (iii) the Issuer’s other publicly available recent reports, including, but not limited to, any publicly available filings or reports provided to its shareholders, (iv) any other information or disclosure prepared pursuant to Section 4.3 hereof and (v) any information prepared or approved by the Issuer for dissemination to investors or potential investors in the Notes.

 

6.3                   “Current Issuing and Paying Agent” shall have the meaning set forth in Section 7.9(i).

 

6.4                   “Dealer Information” shall mean material concerning the Dealer provided by the Dealer in writing expressly for inclusion in the Private Placement Memorandum.

 

6.5                   “Exchange Act” shall mean the U.S. Securities Exchange Act of 1934, as amended.

 

6.6                   “FCPA” shall mean the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder.

 

6.7                   “Indemnitee” shall have the meaning set forth in Section 5.1.

 

6.8                   “Institutional Accredited Investor” shall mean an institutional investor that is an accredited investor within the meaning of Rule 501 under the Securities Act and that has such knowledge and experience in financial and business matters that it is capable of evaluating and bearing the economic risk of an investment in the Notes, including, but not limited to, a bank, as defined in Section 3(a)(2) of the Securities Act, or a savings and loan association or other institution, as defined in Section 3(a)(5)(A) of the Securities Act, whether acting in its individual or fiduciary capacity.

 

6.9                   “Issuing and Paying Agency Agreement” shall mean the issuing and paying agency agreement described on the first page of this Agreement, or any replacement thereof, as such agreement may be amended or supplemented from time to time.

 

10

 

6.10            “Issuing and Paying Agent” shall mean the party designated as such on the first page of this Agreement, or any successor thereto or replacement thereof, as issuing and paying agent under the Issuing and Paying Agency Agreement.

 

6.11            “Money Laundering Laws” shall have the meaning set forth in Section 2.13.

 

6.12            “Non-bank fiduciary or agent” shall mean a fiduciary or agent other than (a) a bank, as defined in Section 3(a)(2) of the Securities Act, or (b) a savings and loan association, as defined in Section 3(a)(5)(A) of the Securities Act.

 

6.13            “Outstanding Notes” shall have the meaning set forth in Section 7.9(ii).

 

6.14            “Private Placement Memorandum” shall mean offering materials prepared in accordance with Section 4 (including materials referred to therein or incorporated by reference therein, if any) provided to purchasers and prospective purchasers of the Notes, and shall include amendments and supplements thereto which may be prepared from time to time in accordance with this Agreement (other than any amendment or supplement that has been completely superseded by a later amendment or supplement).

 

6.15            “Qualified Institutional Buyer” shall have the meaning assigned to that term in Rule 144A under the Securities Act.

 

6.16            “Replacement” shall have the meaning set forth in Section 7.9(i).

 

6.17            “Replacement Issuing and Paying Agent” shall have the meaning set forth in Section 7.9(i)

 

6.18            “Replacement Issuing and Paying Agency Agreement” shall have the meaning set forth in Section 7.9(i).

 

6.19            “Rule 144A” shall mean Rule 144A under the Securities Act.

 

6.20            “SEC” shall mean the U.S. Securities and Exchange Commission.

 

6.21            “Sanctions” shall have the meaning set forth in Section 2.14.

 

6.22            “Securities Act” shall mean the U.S. Securities Act of 1933, as amended.

 

7.              General

 

7.1                   Unless otherwise expressly provided herein, all notices under this Agreement to parties hereto shall be in writing and shall be effective when received at the address of the respective party set forth in the Addendum to this Agreement.

 

7.2                   This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to its conflict of laws provisions.

 

7.3                   The Issuer agrees that any suit, action or proceeding brought by the Issuer against the Dealer in connection with or arising out of this Agreement or the Notes or the offer and sale of the Notes shall be brought solely in the United States federal courts located in the Borough of Manhattan or the courts of the State of New York located in the Borough of Manhattan.  EACH OF THE DEALER AND THE ISSUER WAIVES ITS RIGHT TO TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

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7.4                   This Agreement may be terminated, at any time, by the Issuer, upon one business day’s prior notice to such effect to the Dealer, or by the Dealer upon one business day’s prior notice to such effect to the Issuer.  Any such termination, however, shall not affect the obligations of the Issuer under Sections 3.7, 5 and 7.3 hereof or the respective representations, warranties, agreements, covenants, rights or responsibilities of the parties made or arising prior to the termination of this Agreement.

 

7.5                   This Agreement is not assignable by either party hereto without the written consent of the other party; provided, however, that the Dealer may assign its rights and obligations under this Agreement to any affiliate of the Dealer.

 

7.6                   This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

 

7.7                   This Agreement is for the exclusive benefit of the parties hereto, and their respective permitted successors and assigns hereunder, and shall not be deemed to give any legal or equitable right, remedy or claim to any other person whatsoever.

 

7.8                   The Issuer acknowledges and agrees that (i) purchases and sales, or placements, of the Notes pursuant to this Agreement, including the determination of any prices for the Notes and Dealer compensation, are arm’s-length commercial transactions between the Issuer and the Dealer, (ii) in connection therewith and with the process leading to such transactions, the Dealer is acting solely as a principal and not the agent (except to the extent explicitly set forth herein) or fiduciary of the Issuer or any of its affiliates, (iii) the Dealer has not assumed an advisory or fiduciary responsibility in favor of the Issuer or any of its affiliates with respect to the offering contemplated hereby or the process leading thereto (irrespective of whether the Dealer has advised or is currently advising the Issuer or any of its affiliates on other matters) or any other obligation to the Issuer or any of its affiliates except the obligations expressly set forth in this Agreement, (iv) the Issuer is capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions contemplated by this Agreement, (v) the Dealer and its affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Issuer and that the Dealer has no obligation to disclose any of those interests by virtue of any advisory or fiduciary relationship, (vi) the Dealer has not provided any legal, accounting, regulatory or tax advice with respect to the transactions contemplated hereby, and (vii) the Issuer has consulted its own legal and financial advisors to the extent it deemed appropriate. The Issuer agrees that it will not claim that the Dealer has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to the Issuer in connection with such transactions or the process leading thereto.  Any review by the Dealer of the Issuer, the transactions contemplated hereby or other matters relating to such transactions shall be performed solely for the benefit of the Dealer and shall not be on behalf of the Issuer.  This Agreement supersedes all prior agreements and understandings (whether written or oral) between the Issuer and the Dealer with respect to the subject matter hereof. The Issuer hereby waives and releases, to the fullest extent permitted by law, any claims the Issuer may have against the Dealer with respect to any breach or alleged breach of fiduciary duty.

 

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7.9                   (i) The parties hereto agree that the Issuer may, in accordance with the terms of this Section 7.9, from time to time replace the party which is then acting as Issuing and Paying Agent (the “Current Issuing and Paying Agent”) with another party (such other party, the “Replacement Issuing and Paying Agent”), and enter into an agreement with the Replacement Issuing and Paying Agent covering the provision of issuing and paying agency functions in respect of the Notes by the Replacement Issuing and Paying Agent (the “Replacement Issuing and Paying Agency Agreement”) (any such replacement, a “Replacement”).

 

(ii) From and after the effective date of any Replacement, except (A) to the extent that the Issuing and Paying Agency Agreement provides that the Current Issuing and Paying Agent will continue to act in respect of Notes outstanding as of the effective date of such Replacement (the “Outstanding Notes”), then (i) the “Issuing and Paying Agent” for the Notes shall be deemed to be the Current Issuing and Paying Agent, in respect of the Outstanding Notes, and the Replacement Issuing and Paying Agent, in respect of Notes issued on or after the Replacement, (ii) all references to the “Issuing and Paying Agent” hereunder shall be deemed to refer to the Current Issuing and Paying Agent in respect of Outstanding Notes, and the Replacement Issuing and Paying Agent in respect of Notes issued on or after the Replacement, and (iii) all references to the “Issuing and Paying Agency Agreement” hereunder shall be deemed to refer to the existing Issuing and Paying Agency Agreement, in respect of the Outstanding Notes, and the Replacement Issuing and Paying Agency Agreement, in respect of Notes issued on or after the Replacement; and (B) to the extent that the Issuing and Paying Agency Agreement does not provide that the Current Issuing and Paying Agent will continue to act in respect of the Outstanding Notes, then (i) the “Issuing and Paying Agent” for the Notes shall be deemed to be the Replacement Issuing and Paying Agent, (ii) all references to the “Issuing and Paying Agent” hereunder shall be deemed to refer to the Replacement Issuing and Paying Agent, and (iii) all references to the “Issuing and Paying Agency Agreement” hereunder shall be deemed to refer to the Replacement Issuing and Paying Agency Agreement.

 

(iii) From and after the effective date of any Replacement, the Issuer shall not issue any Notes hereunder unless and until the Dealer shall have received: (a) a copy of the executed Replacement Issuing and Paying Agency Agreement, (b) a copy of the executed Letter of Representations among the Issuer, the Replacement Issuing and Paying Agent and DTC, (c) a copy of the executed Master Note authenticated by the Replacement Issuing and Paying Agent and registered in the name of DTC or its nominee, (d) an amendment or supplement to the Private Placement Memorandum describing the Replacement Issuing and Paying Agent as the Issuing and Paying Agent for the Notes, and reflecting any other changes thereto necessary in light of the Replacement so that the Private Placement Memorandum, as amended or supplemented, satisfies the requirements of this Agreement, and (e) a legal opinion of counsel to the Issuer, addressed to the Dealer, satisfactory in form and substance reasonably satisfactory to the Dealer, as to (x) the due authorization, delivery, validity and enforceability of Notes issued pursuant to the Replacement Issuing and Paying Agency Agreement, and (y) such other matters as the Dealer may reasonably request.

 

[remainder of page intentionally left blank]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date and year first above written.

 

	
Amphenol Corporation, as Issuer
    	
 
    	
Dealer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Name:
    	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Title:
    	
 
    	
 
    	
Title:
    	
 
    

 

14

 

Addendum

 

The following additional clauses shall apply to the Agreement and be deemed a part thereof.

 

1.              The other dealer referred to in clause (b) of Section 1.2 of the Agreement is

 

2.              The addresses of the respective parties for purposes of notices under Section 7.1 are as follows:

 

For the Issuer:

 

	
Address:
    	
 
    	
Amphenol   Corporation
    
	
 
    	
 
    	
358   Hall Avenue
    
	
 
    	
 
    	
Wallingford,   CT 06492
    
	
 
    	
 
    	
 
    
	
Attention:
    	
 
    	
Patrick   Gillard, Vice President and Treasurer
    
	
 
    	
 
    	
 
    
	
Telephone   number:
    	
 
    	
203-265-8754
    
	
 
    	
 
    	
 
    
	
Fax   number:
    	
 
    	
203-265-8623
    
	
 
    	
 
    	
 
    
	
For   the Dealer:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Address:
    	
 
    	
J.P.   Morgan Securities LLC
    
	
 
    	
 
    	
383   Madison Avenue, 3rd Floor
    
	
 
    	
 
    	
New   York, NY 10179
    
	
 
    	
 
    	
 
    
	
Attention:
    	
 
    	
Short   Term Fixed Income Division
    
	
 
    	
 
    	
 
    
	
Telephone   number:
    	
 
    	
(212)   834-5543
    
	
 
    	
 
    	
 
    
	
Fax   number:
    	
 
    	
(212)   834-6172
    
	
 
    	
 
    	
 
    
	
For   the Dealer:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Address:
    	
 
    	
Citigroup   Global Markets Inc.
    
	
 
    	
 
    	
390   Greenwich Street, 5th Floor
    
	
 
    	
 
    	
New   York, NY 100013
    
	
 
    	
 
    	
 
    
	
Attention:
    	
 
    	
Money   Markets Origination
    
	
 
    	
 
    	
 
    
	
Telephone   number:
    	
 
    	
212-723-6669
    
	
 
    	
 
    	
 
    
	
Fax   number:
    	
 
    	
212-723-8624
    

 

15

 

Exhibit A

 

Form of Legend for Private Placement Memorandum and Notes

 

THE NOTES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY OTHER APPLICABLE SECURITIES LAW, AND OFFERS AND SALES THEREOF MAY BE MADE ONLY IN COMPLIANCE WITH AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.  BY ITS ACCEPTANCE OF A NOTE, THE PURCHASER WILL BE DEEMED TO REPRESENT THAT (I) IT HAS BEEN AFFORDED AN OPPORTUNITY TO INVESTIGATE MATTERS RELATING TO AMPHENOL CORPORATION (THE “ISSUER”) AND THE NOTES, (II) IT IS NOT ACQUIRING SUCH NOTE WITH A VIEW TO ANY DISTRIBUTION THEREOF AND (III) IT IS EITHER (A)(1) AN INSTITUTIONAL INVESTOR THAT IS AN ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(a) UNDER THE ACT (AN “INSTITUTIONAL ACCREDITED INVESTOR”) AND IS (2)(i) PURCHASING NOTES FOR ITS OWN ACCOUNT, (ii) A BANK (AS DEFINED IN SECTION 3(a)(2) OF THE ACT) OR A SAVINGS AND LOAN ASSOCIATION OR OTHER INSTITUTION (AS DEFINED IN SECTION 3(a)(5)(A) OF THE ACT) ACTING IN ITS INDIVIDUAL OR FIDUCIARY CAPACITY OR (iii) A FIDUCIARY OR AGENT (OTHER THAN A U.S. BANK OR SAVINGS AND LOAN ASSOCIATION OR OTHER SUCH INSTITUTION) PURCHASING NOTES FOR ONE OR MORE ACCOUNTS EACH OF WHICH ACCOUNTS IS SUCH AN INSTITUTIONAL ACCREDITED INVESTOR; OR (B) A QUALIFIED INSTITUTIONAL BUYER (“QIB”) WITHIN THE MEANING OF RULE 144A UNDER THE ACT THAT IS ACQUIRING NOTES FOR ITS OWN ACCOUNT OR FOR ONE OR MORE ACCOUNTS, EACH OF WHICH ACCOUNTS IS A QIB; AND THE PURCHASER ACKNOWLEDGES THAT IT IS AWARE THAT THE SELLER MAY RELY UPON THE EXEMPTION FROM THE REGISTRATION PROVISIONS OF SECTION 5 OF THE ACT PROVIDED BY RULE 144A.  BY ITS ACCEPTANCE OF A NOTE, THE PURCHASER THEREOF SHALL ALSO BE DEEMED TO AGREE THAT ANY RESALE OR OTHER TRANSFER THEREOF WILL BE MADE ONLY (A) IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE ACT, EITHER (1) TO THE ISSUER OR TO A PLACEMENT AGENT DESIGNATED BY THE ISSUER AS A PLACEMENT AGENT FOR THE NOTES (COLLECTIVELY, THE “PLACEMENT AGENTS”), NONE OF WHICH SHALL HAVE ANY OBLIGATION TO ACQUIRE SUCH NOTE, (2) THROUGH A PLACEMENT AGENT TO AN INSTITUTIONAL ACCREDITED INVESTOR, OR A QIB, OR (3) TO A QIB IN A TRANSACTION THAT MEETS THE REQUIREMENTS OF RULE 144A AND (B) IN MINIMUM AMOUNTS OF $250,000.

 

16

 

Exhibit B

 

Further Provisions Relating to Indemnification

 

(a)         The Issuer agrees to reimburse each Indemnitee for all expenses (including reasonable fees and disbursements of internal and external counsel) as they are incurred by it in connection with investigating or defending any loss, claim, damage, liability or action in respect of which indemnification may be sought under Section 5 of the Agreement (whether or not it is a party to any such proceedings).

 

(b)         Promptly after receipt by an Indemnitee of notice of the existence of a Claim, such Indemnitee will, if a claim in respect thereof is to be made against the Issuer, notify the Issuer in writing of the existence thereof; provided that (i) the omission so to notify the Issuer will not relieve the Issuer from any liability which it may have hereunder unless and except to the extent it did not otherwise learn of such Claim and such failure results in the forfeiture by the Issuer of substantial rights and defenses, and (ii) the omission so to notify the Issuer will not relieve it from liability which it may have to an Indemnitee otherwise than on account of this indemnity agreement.  In case any such Claim is made against any Indemnitee and it notifies the Issuer of the existence thereof, the Issuer will be entitled to participate therein, and to the extent that it may elect by written notice delivered to the Indemnitee, to assume the defense thereof, with counsel reasonably satisfactory to such Indemnitee; provided that if the defendants in any such Claim include both the Indemnitee and the Issuer, and the Indemnitee shall have concluded that there may be legal defenses available to it which are different from or additional to those available to the Issuer, the Issuer shall not have the right to direct the defense of such Claim on behalf of such Indemnitee, and the Indemnitee shall have the right to select separate counsel to assert such legal defenses on behalf of such Indemnitee.  Upon receipt of notice from the Issuer to such Indemnitee of the Issuer’s election so to assume the defense of such Claim and approval by the Indemnitee of counsel, the Issuer will not be liable to such Indemnitee for expenses incurred thereafter by the Indemnitee in connection with the defense thereof (other than reasonable costs of investigation) unless (i) the Indemnitee shall have employed separate counsel in connection with the assertion of legal defenses in accordance with the proviso to the next preceding sentence (it being understood, however, that the Issuer shall not be liable for the expenses of more than one separate counsel (in addition to any local counsel in the jurisdiction in which any Claim is brought), approved by the Dealer, representing the Indemnitee who is party to such Claim), (ii) the Issuer shall not have employed counsel reasonably satisfactory to the Indemnitee to represent the Indemnitee within a reasonable time after notice of existence of the Claim or (iii) the Issuer has authorized in writing the employment of counsel for the Indemnitee.  The indemnity, reimbursement and contribution obligations of the Issuer hereunder shall be in addition to any other liability the Issuer may otherwise have to an Indemnitee and shall be binding upon and inure to the benefit of any successors, assigns, heirs and personal representatives of the Issuer and any Indemnitee.  The Issuer agrees that without the Dealer’s prior written consent, it will not settle, compromise or consent to the entry of any judgment in any Claim in respect of which indemnification may be sought under the indemnification provision of the Agreement (whether or not the Dealer or any other Indemnitee is an actual or potential party to such Claim), unless such settlement, compromise or consent (i) includes an unconditional release of each Indemnitee from all liability arising out of such Claim and (ii) does not include a statement as to or an admission of fault, culpability or failure to act, by or on behalf of any Indemnitee.

 

17

 

Exhibit C

 

Statement of Terms for Interest – Bearing Commercial Paper Notes of Amphenol Corporation

 

THE PROVISIONS SET FORTH BELOW ARE QUALIFIED TO THE EXTENT APPLICABLE BY THE TRANSACTION SPECIFIC PRIVATE PLACEMENT MEMORANDUM SUPPLEMENT (THE “SUPPLEMENT”) (IF ANY) SENT TO EACH PURCHASER AT THE TIME OF THE TRANSACTION.

 

1.  General.  (a)  The obligations of the Issuer to which these terms apply (each a “Note”) are represented by one or more Master Notes (each, a “Master Note”) issued in the name of (or of a nominee for) The Depository Trust Company (“DTC”), which Master Note includes the terms and provisions for the Issuer’s Interest-Bearing Commercial Paper Notes that are set forth in this Statement of Terms, since this Statement of Terms constitutes an integral part of the Underlying Records as defined and referred to in the Master Note.

 

(b)  “Business Day” means any day other than a Saturday or Sunday that is neither a legal holiday nor a day on which banking institutions are authorized or required by law, executive order or regulation to be closed in New York City and, with respect to LIBOR Notes (as defined below) is also a London Business Day.  “London Business Day” means, a day, other than a Saturday or Sunday, on which dealings in deposits in U.S. dollars are transacted in the London interbank market.

 

2.  Interest.  (a)  Each Note will bear interest at a fixed rate (a “Fixed Rate Note”) or at a floating rate (a “Floating Rate Note”).

 

(b)  The Supplement sent to each holder of such Note will describe the following terms: (i) whether such Note is a Fixed Rate Note or a Floating Rate Note and whether such Note is an Original Issue Discount Note (as defined below); (ii) the date on which such Note will be issued (the “Issue Date”); (iii) the Stated Maturity Date (as defined below); (iv) if such Note is a Fixed Rate Note, the rate per annum at which such Note will bear interest, if any, and the Interest Payment Dates; (v) if such Note is a Floating Rate Note, the Base Rate, the Index Maturity, the Interest Reset Dates, the Interest Payment Dates and the Spread and/or Spread Multiplier, if any (all as defined below), and any other terms relating to the particular method of calculating the interest rate for such Note; and (vi) any other terms applicable specifically to such Note.  “Original Issue Discount Note” means a Note which has a stated redemption price at the Stated Maturity Date that exceeds its Issue Price by more than a specified de minimis amount and which the Supplement indicates will be an “Original Issue Discount Note”.

 

(c)  Each Fixed Rate Note will bear interest from its Issue Date at the rate per annum specified in the Supplement until the principal amount thereof is paid or made available for payment.  Interest on each Fixed Rate Note will be payable on the dates specified in the Supplement (each an “Interest Payment Date” for a Fixed Rate Note) and on the Maturity Date (as defined below).  Interest on Fixed Rate Notes will be computed on the basis of a 360-day year of twelve 30-day months.

 

If any Interest Payment Date or the Maturity Date of a Fixed Rate Note falls on a day that is not a Business Day, the required payment of principal, premium, if any, and/or interest will be payable on the next succeeding Business Day, and no additional interest will accrue in respect of the payment made on that next succeeding Business Day.

 

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(d)  The interest rate on each Floating Rate Note for each Interest Reset Period (as defined below) will be determined by reference to an interest rate basis (a “Base Rate”) plus or minus a number of basis points (one basis point equals one-hundredth of a percentage point) (the “Spread”), if any, and/or multiplied by a certain percentage (the “Spread Multiplier”), if any, until the principal thereof is paid or made available for payment.  The Supplement will designate which of the following Base Rates is applicable to the related Floating Rate Note: (a) the CD Rate (a “CD Rate Note”), (b) the Commercial Paper Rate (a “Commercial Paper Rate Note”), (c) the Federal Funds Rate (a “Federal Funds Rate Note”), (d) LIBOR (a “LIBOR Note”), (e) the Prime Rate (a “Prime Rate Note”), (f) the Treasury Rate (a “Treasury Rate Note”) or (g) such other Base Rate as may be specified in such Supplement.

 

The rate of interest on each Floating Rate Note will be reset daily, weekly, monthly, quarterly or semi-annually (the “Interest Reset Period”).  The date or dates on which interest will be reset (each an “Interest Reset Date”) will be, unless otherwise specified in the Supplement, in the case of Floating Rate Notes which reset daily, each Business Day, in the case of Floating Rate Notes (other than Treasury Rate Notes) that reset weekly, the Wednesday of each week; in the case of Treasury Rate Notes that reset weekly, the Tuesday of each week; in the case of Floating Rate Notes that reset monthly, the third Wednesday of each month; in the case of Floating Rate Notes that reset quarterly, the third Wednesday of March, June, September and December; and in the case of Floating Rate Notes that reset semiannually, the third Wednesday of the two months specified in the Supplement.  If any Interest Reset Date for any Floating Rate Note is not a Business Day, such Interest Reset Date will be postponed to the next day that is a Business Day, except that in the case of a LIBOR Note, if such Business Day is in the next succeeding calendar month, such Interest Reset Date shall be the immediately preceding Business Day. Interest on each Floating Rate Note will be payable monthly, quarterly or semiannually (the “Interest Payment Period”) and on the Maturity Date.  Unless otherwise specified in the Supplement, and except as provided below, the date or dates on which interest will be payable (each an “Interest Payment Date” for a Floating Rate Note) will be, in the case of Floating Rate Notes with a monthly Interest Payment Period, on the third Wednesday of each month; in the case of Floating Rate Notes with a quarterly Interest Payment Period, on the third Wednesday of March, June, September and December; and in the case of Floating Rate Notes with a semiannual Interest Payment Period, on the third Wednesday of the two months specified in the Supplement.  In addition, the Maturity Date will also be an Interest Payment Date.

 

If any Interest Payment Date for any Floating Rate Note (other than an Interest Payment Date occurring on the Maturity Date) would otherwise be a day that is not a Business Day, such Interest Payment Date shall be postponed to the next day that is a Business Day, except that in the case of a LIBOR Note, if such Business Day is in the next succeeding calendar month, such Interest Payment Date shall be the immediately preceding Business Day.  If the Maturity Date of a Floating Rate Note falls on a day that is not a Business Day, the payment of principal and interest will be made on the next succeeding Business Day, and no interest on such payment shall accrue for the period from and after such maturity.

 

Interest payments on each Interest Payment Date for Floating Rate Notes will include accrued interest from and including the Issue Date or from and including the last date in respect of which interest has been paid, as the case may be, to, but excluding, such Interest Payment Date.  On the Maturity Date, the interest payable on a Floating Rate Note will include interest accrued to, but excluding, the Maturity Date.  Accrued interest will be calculated by multiplying the principal amount of a Floating Rate Note by an accrued interest factor.  This accrued interest factor will be computed by adding the interest factors calculated for each day in the period for which accrued interest is being calculated.  The interest factor (expressed as a decimal) for each such day will be computed by dividing the interest rate applicable to such day by 360, in the cases where the Base Rate is the CD Rate, Commercial Paper Rate, Federal Funds Rate, LIBOR or Prime Rate, or by the actual number of days in the year, in the case where the Base Rate is the Treasury Rate.  The interest rate in effect on each day will be (i) if such day is an Interest Reset Date, the interest rate with respect to the Interest Determination Date (as defined below) pertaining to such Interest Reset Date, or (ii) if such day is not an Interest Reset Date, the interest rate with respect to the Interest Determination Date pertaining to the next preceding Interest Reset Date, subject in either case to any adjustment by a Spread and/or a Spread Multiplier.

 

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The “Interest Determination Date” where the Base Rate is the CD Rate or the Commercial Paper Rate will be the second Business Day next preceding an Interest Reset Date.  The Interest Determination Date where the Base Rate is the Federal Funds Rate or the Prime Rate will be the Business Day next preceding an Interest Reset Date.  The Interest Determination Date where the Base Rate is LIBOR will be the second London Business Day next preceding an Interest Reset Date.  The Interest Determination Date where the Base Rate is the Treasury Rate will be the day of the week in which such Interest Reset Date falls when Treasury Bills are normally auctioned.  Treasury Bills are normally sold at auction on Monday of each week, unless that day is a legal holiday, in which case the auction is held on the following Tuesday or the preceding Friday.  If an auction is so held on the preceding Friday, such Friday will be the Interest Determination Date pertaining to the Interest Reset Date occurring in the next succeeding week.

 

The “Index Maturity” is the period to maturity of the instrument or obligation from which the applicable Base Rate is calculated.

 

The “Calculation Date,” where applicable, shall be the earlier of (i) the tenth calendar day following the applicable Interest Determination Date or (ii) the Business Day preceding the applicable Interest Payment Date or Maturity Date.

 

All times referred to herein reflect New York City time, unless otherwise specified.

 

The Issuer shall specify in writing to the Issuing and Paying Agent which party will be the calculation agent (the “Calculation Agent”) with respect to the Floating Rate Notes.  The Calculation Agent will provide the interest rate then in effect and, if determined, the interest rate which will become effective on the next Interest Reset Date with respect to such Floating Rate Note to the Issuing and Paying Agent as soon as the interest rate with respect to such Floating Rate Note has been determined and as soon as practicable after any change in such interest rate.

 

All percentages resulting from any calculation on Floating Rate Notes will be rounded to the nearest one hundred-thousandth of a percentage point, with five-one millionths of a percentage point rounded upwards.  For example, 9.876545% (or .09876545) would be rounded to 9.87655% (or .0987655).  All dollar amounts used in or resulting from any calculation on Floating Rate Notes will be rounded, in the case of U.S. dollars, to the nearest cent or, in the case of a foreign currency, to the nearest unit (with one-half cent or unit being rounded upwards).

 

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CD Rate Notes

 

“CD Rate” means the rate on any Interest Determination Date for negotiable certificates of deposit having the Index Maturity as published by the Board of Governors of the Federal Reserve System (the “FRB”) in “Statistical Release H.15(519), Selected Interest Rates” or any successor publication of the FRB (“H.15(519)”) under the heading “CDs (Secondary Market)”.

 

If the above rate is not published in H.15(519) by 3:00 p.m. on the Calculation Date, the CD Rate will be the rate on such Interest Determination Date set forth in the daily update of H.15(519), available through the world wide website of the FRB at http://www.federalreserve.gov/releases/h15/Update, or any successor site or publication or other recognized electronic source used for the purpose of displaying the applicable rate (“H.15 Daily Update”) under the caption “CDs (Secondary Market)”.

 

If such rate is not published in either H.15(519) or H.15 Daily Update by 3:00 p.m. on the Calculation Date, the Calculation Agent will determine the CD Rate to be the arithmetic mean of the secondary market offered rates as of 10:00 a.m. on such Interest Determination Date of three leading nonbank dealers in negotiable U.S. dollar certificates of deposit in New York City selected by the Calculation Agent for negotiable U.S. dollar certificates of deposit of major United States money center banks of the highest credit standing in the market for negotiable certificates of deposit with a remaining maturity closest to the Index Maturity in the denomination of $5,000,000.

 

If the dealers selected by the Calculation Agent are not quoting as set forth above, the CD Rate will remain the CD Rate then in effect on such Interest Determination Date.

 

Commercial Paper Rate Notes

 

“Commercial Paper Rate” means the Money Market Yield (calculated as described below) of the rate on any Interest Determination Date for commercial paper having the Index Maturity, as published in H.15(519) under the heading “Commercial Paper-Nonfinancial”.

 

If the above rate is not published in H.15(519) by 3:00 p.m. on the Calculation Date, then the Commercial Paper Rate will be the Money Market Yield of the rate on such Interest Determination Date for commercial paper of the Index Maturity as published in H.15 Daily Update under the heading “Commercial Paper-Nonfinancial”.

 

If by 3:00 p.m. on such Calculation Date such rate is not published in either H.15(519) or H.15 Daily Update, then the Calculation Agent will determine the Commercial Paper Rate to be the Money Market Yield of the arithmetic mean of the offered rates as of 11:00 a.m. on such Interest Determination Date of three leading dealers of U.S. dollar commercial paper in New York City selected by the Calculation Agent for commercial paper of the Index Maturity placed for an industrial issuer whose bond rating is “AA,” or the equivalent, from a nationally recognized statistical rating organization.

 

If the dealers selected by the Calculation Agent are not quoting as mentioned above, the Commercial Paper Rate with respect to such Interest Determination Date will remain the Commercial Paper Rate then in effect on such Interest Determination Date.

 

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“Money Market Yield” will be a yield calculated in accordance with the following formula:

 

	
Money   Market Yield =
    	
D x 360
    	
x 100
    
	
360 - (D x M)
    

 

where “D” refers to the applicable per annum rate for commercial paper quoted on a bank discount basis and expressed as a decimal and “M” refers to the actual number of days in the interest period for which interest is being calculated.

 

Federal Funds Rate Notes

 

“Federal Funds Rate” means the rate on any Interest Determination Date for federal funds as published in H.15(519) under the heading “Federal Funds (Effective)” and displayed on Reuters Page (as defined below) FEDFUNDS1 (or any other page as may replace the specified page on that service) (“Reuters Page FEDFUNDS1”) under the heading EFFECT.

 

If the above rate does not appear on Reuters Page FEDFUNDS1or is not so published by 3:00 p.m. on the Calculation Date, the Federal Funds Rate will be the rate on such Interest Determination Date as published in H.15 Daily Update under the heading “Federal Funds/(Effective)”.

 

If such rate is not published as described above by 3:00 p.m. on the Calculation Date, the Calculation Agent will determine the Federal Funds Rate to be the arithmetic mean of the rates for the last transaction in overnight U.S. dollar federal funds arranged by each of three leading brokers of Federal Funds transactions in New York City selected by the Calculation Agent prior to 9:00 a.m. on such Interest Determination Date.

 

If the brokers selected by the Calculation Agent are not quoting as mentioned above, the Federal Funds Rate will remain the Federal Funds Rate then in effect on such Interest Determination Date.

 

“Reuters Page” means the display on the Reuters 3000 Xtra Service, or any successor service, on the page or pages specified in this Statement of Terms or the Supplement, or any replacement page on that service.

 

LIBOR Notes

 

The London Interbank offered rate (“LIBOR”) means, with respect to any Interest Determination Date, the rate for deposits in U.S. dollars having the Index Maturity that appears on the Designated LIBOR Page as of 11:00 a.m., London time, on such Interest Determination Date.

 

If no rate appears, LIBOR will be determined on the basis of the rates at approximately 11:00 a.m., London time, on such Interest Determination Date at which deposits in U.S. dollars are offered to prime banks in the London interbank market by four major banks in such market selected by the Calculation Agent for a term equal to the Index Maturity and in principal amount equal to an amount that in the Calculation Agent’s judgment is representative for a single transaction in U.S. dollars in such market at such time (a “Representative Amount”).  The Calculation Agent will request the principal London office of each of such banks to provide a quotation of its rate.  If at least two such quotations are provided, LIBOR will be the arithmetic mean of such quotations.  If fewer than two quotations are provided, LIBOR for such interest period will be the arithmetic mean of the rates quoted at approximately 11:00 a.m., in New York City, on such Interest Determination Date by three major banks in New York City, selected by the Calculation Agent, for loans in U.S. dollars to leading European banks, for a term equal to the Index Maturity and in a Representative Amount; provided, however, that if fewer than three banks so selected by the Calculation Agent are providing such quotations, the then existing LIBOR rate will remain in effect for such Interest Payment Period.

 

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“Designated LIBOR Page” means the display on the Reuters 3000 Xtra Service (or any successor service) on the “LIBOR01” page (or any other page as may replace such page on such service) for the purpose of displaying the London interbank rates of major banks.

 

Prime Rate Notes

 

“Prime Rate” means the rate on any Interest Determination Date as published in H.15(519) under the heading “Bank Prime Loan”.

 

If the above rate is not published in H.15(519) prior to 3:00 p.m. on the Calculation Date, then the Prime Rate will be the rate on such Interest Determination Date as published in H.15 Daily Update opposite the caption “Bank Prime Loan”.

 

If the rate is not published prior to 3:00 p.m. on the Calculation Date in either H.15(519) or H.15 Daily Update, then the Calculation Agent will determine the Prime Rate to be the arithmetic mean of the rates of interest publicly announced by each bank that appears on the Reuters Screen US PRIME1 Page (as defined below) as such bank’s prime rate or base lending rate as of 11:00 a.m., on that Interest Determination Date.

 

If fewer than four such rates referred to above are so published by 3:00 p.m. on the Calculation Date, the Calculation Agent will determine the Prime Rate to be the arithmetic mean of the prime rates or base lending rates quoted on the basis of the actual number of days in the year divided by 360 as of the close of business on such Interest Determination Date by three major banks in New York City selected by the Calculation Agent.

 

If the banks selected are not quoting as mentioned above, the Prime Rate will remain the Prime Rate in effect on such Interest Determination Date.

 

“Reuters Screen US PRIME1 Page” means the display designated as page “US PRIME1” on the Reuters Monitor Money Rates Service (or such other page as may replace the US PRIME1 page on that service for the purpose of displaying prime rates or base lending rates of major United States banks).

 

Treasury Rate Notes

 

“Treasury Rate” means:

 

(1) the rate from the auction held on the Interest Determination Date (the “Auction”) of direct obligations of the United States (“Treasury Bills”) having the Index Maturity specified in the Supplement under the caption “INVEST RATE” on the display on the Reuters Page designated as USAUCTION10 (or any other page as may replace that page on that service) or the Reuters Page designated as USAUCTION11 (or any other page as may replace that page on that service), or

 

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(2) if the rate referred to in clause (1) is not so published by 3:00 p.m. on the related Calculation Date, the Bond Equivalent Yield (as defined below) of the rate for the applicable Treasury Bills as published in H.15 Daily Update, under the caption “U.S. Government Securities/Treasury Bills/Auction High”, or

 

(3) if the rate referred to in clause (2) is not so published by 3:00 p.m. on the related Calculation Date, the Bond Equivalent Yield of the auction rate of the applicable Treasury Bills as announced by the United States Department of the Treasury, or

 

(4) if the rate referred to in clause (3) is not so announced by the United States Department of the Treasury, or if the Auction is not held, the Bond Equivalent Yield of the rate on the particular Interest Determination Date of the applicable Treasury Bills as published in H.15(519) under the caption “U.S. Government Securities/Treasury Bills/Secondary Market”, or

 

(5) if the rate referred to in clause (4) not so published by 3:00 p.m. on the related Calculation Date, the rate on the particular Interest Determination Date of the applicable Treasury Bills as published in H.15 Daily Update, under the caption “U.S. Government Securities/Treasury Bills/Secondary Market”, or

 

(6) if the rate referred to in clause (5) is not so published by 3:00 p.m. on the related Calculation Date, the rate on the particular Interest Determination Date calculated by the Calculation Agent as the Bond Equivalent Yield of the arithmetic mean of the secondary market bid rates, as of approximately 3:30 p.m. on that Interest Determination Date, of three primary United States government securities dealers selected by the Calculation Agent, for the issue of Treasury Bills with a remaining maturity closest to the Index Maturity specified in the Supplement, or

 

(7) if the dealers so selected by the Calculation Agent are not quoting as mentioned in clause (6), the Treasury Rate in effect on the particular Interest Determination Date.

 

“Bond Equivalent Yield” means a yield (expressed as a percentage) calculated in accordance with the following formula:

 

	
Bond   Equivalent Yield =
    	
D x N
    	
x   100
    
	
360 - (D x M)
    

 

where “D” refers to the applicable per annum rate for Treasury Bills quoted on a bank discount basis and expressed as a decimal, “N” refers to 365 or 366, as the case may be, and “M” refers to the actual number of days in the applicable Interest Reset Period.

 

3.   Final Maturity.  The Stated Maturity Date for any Note will be the date so specified in the Supplement, which shall be no later than 397 days from the date of issuance.  On its Stated Maturity Date, or any date prior to the Stated Maturity Date on which the particular Note becomes due and payable by the declaration of acceleration, each such date being referred to as a Maturity Date, the principal amount of such Note, together with accrued and unpaid interest thereon, will be immediately due and payable.

 

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4.   Events of Default.  The occurrence of any of the following shall constitute an “Event of Default” with respect to a Note:  (i) default in any payment of principal of or interest on such Note (including on a redemption thereof); (ii) the Issuer makes any compromise arrangement with its creditors generally including the entering into any form of moratorium with its creditors generally; (iii) a court having jurisdiction shall enter a decree or order for relief in respect of the Issuer in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or there shall be appointed a receiver, administrator, liquidator, custodian, trustee or sequestrator (or similar officer) with respect to the whole or substantially the whole of the assets of the Issuer and any such decree, order or appointment is not removed, discharged or withdrawn within 60 days thereafter; or (iv) the Issuer shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or consent to the entry of an order for relief in an involuntary case under any such law, or consent to the appointment of or taking possession by a receiver, administrator, liquidator, assignee, custodian, trustee or sequestrator (or similar official), with respect to the whole or substantially the whole of the assets of the Issuer or make any general assignment for the benefit of creditors.  Upon the occurrence of an Event of Default, the principal of such Note (together with interest accrued and unpaid thereon) shall become, without any notice or demand, immediately due and payable.

 

5.   Obligation Absolute.  No provision of the Issuing and Paying Agency Agreement under which the Notes are issued shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on each Note at the times, place and rate, and in the coin or currency, herein prescribed.

 

6.   Supplement.  Any term contained in the Supplement shall supercede any conflicting term contained herein.

 

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