Document:

exhibit410

[CERTAIN INFORMATION AND ATTACHMENTS TO THIS EXHIBIT, MARKED BY [***], HAVE BEEN OMITTED IN ACCORDANCE WITH ITEM 601(A)(5) OF REGULATION S-K AS THEY DO NOT CONTAIN INFORMATION MATERIAL TO AN INVESTMENT OR VOTING DECISION.] Execution Version 744948385 18588171 AMENDMENT NO. 1 TO SERIES 2020-1 SUPPLEMENT TO INDENTURE THIS AMENDMENT NO. 1 TO SERIES 2020-1 SUPPLEMENT TO INDENTURE, dated as of December 20, 2021 (the “Amendment”), is made to amend the Series 2020-1 Supplement to Indenture, dated as of September 21, 2020 (as previously amended, the “Indenture Supplement”), between TRITON CONTAINER FINANCE VIII LLC, a limited liability company organized under the laws of the State of Delaware, as issuer (the “Issuer”), and WILMINGTON TRUST, NATIONAL ASSOCIATION, as Indenture Trustee (the “Indenture Trustee”). W I T N E S S E T H: WHEREAS, the Issuer and the Indenture Trustee have previously entered into the Indenture Supplement; and WHEREAS, pursuant to Section 705(a) of the Indenture Supplement, the parties desire to amend certain provisions of the Indenture Supplement, as further set forth herein. NOW THEREFORE, in consideration of the premises and mutual covenants herein contained, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: Section 1. Defined Terms. Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings assigned to such terms in the Indenture Supplement. Section 2. Amendment to the Indenture Supplement. Pursuant to the terms of the Indenture Supplement, the Indenture Supplement is hereby amended, effective as of the Effective Date (as defined in Section 4 hereof), in accordance with the copy of the Indenture Supplement attached hereto as Exhibit A, wherein all deletions from the Indenture Supplement are indicated in strikethrough format and all additions to the Indenture Supplement are indicated in double underlined format. Section 3. Representations and Warranties. (a) Each of the parties hereto hereby confirms that each of the representations and warranties set forth in the Indenture Supplement made by such party are true and correct as of the date first written above with the same effect as though each had been made by such party as of such date, except to the extent that any of such representations and warranties expressly relate to earlier dates. (b) The Issuer hereby confirms that each of the conditions precedent to the amendment to the Indenture Supplement have been, or contemporaneously with the execution of this Amendment will be, satisfied. Section 4. Effectiveness of Amendment. (a) The Amendment shall become effective on the date (such date, the “Effective Date”) on which all of the following events or conditions shall have occurred or been satisfied: EXHIBIT 4.10 

 

2 744948385 18588171 (i) this Amendment has been executed and delivered by the Issuer and the Indenture Trustee; (ii) the Rating Agencies shall have been notified in writing of this Amendment; and (iii) the Indenture Trustee shall have received an Officer’s Certificate and Opinion of Counsel, each in form and substance reasonably satisfactory to the Indenture Trustee, as to the permissibility of this Amendment under the Indenture Supplement. (b) This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. (c) On and after the execution and delivery hereof, (i) this Amendment shall become a part of the Indenture Supplement and (ii) each reference in the Indenture Supplement to “this Indenture Supplement”, or “hereof', “hereunder” or words of like import, and each reference in any other document to the Indenture Supplement shall mean and be a reference to such Indenture Supplement, as amended or modified hereby. (d) Except as expressly amended or modified hereby, the Indenture Supplement shall remain in full force and effect and is hereby ratified and confirmed by the parties hereto. Section 5. Execution in Counterparts, Effectiveness. This Amendment may be executed by the parties hereto in separate counterparts, each of which shall be deemed to be an original and all of which shall constitute together but one and the same agreement. Each party agrees that this Amendment may be electronically signed, and that any electronic signatures appearing on this Amendment are the same as handwritten signatures for the purposes of validity, enforceability, and admissibility. Section 6. Governing Law THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW BUT WITHOUT REFERENCE TO NEW YORK'S CONFLICTS OF LAW PRINCIPLES), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. [Signature pages follow] 

 

744948385 18588171 AMENDMENT No. 1 to SERIES 2020-1 SUPPLEMENT TO INDENTURE (TCF VIII) IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective officers as of the day and year first above written. TRITON CONTAINER FINANCE VIII LLC By: Triton Container International Limited, its manager By: /s/ Michael S. Pearl Name: Michael S. Pearl Title: Vice President and Treasurer 

 

AMENDMENT No. 1 to SERIES 2020-1 SUPPLEMENT TO INDENTURE (TCF VIII) 744948385 18588171 Acknowledged by: TRITON CONTAINER INTERNATIONAL LIMITED, as Manager By: /s/ Michael S. Pearl Name: Michael S. Pearl Title: Vice President and Treasurer 

 

AMENDMENT No. 1 to SERIES 2020-1 SUPPLEMENT TO INDENTURE (TCF VIII) 744948385 18588171 WILMINGTON TRUST, NATIONAL ASSOCIATION, as Indenture Trustee By: /s/ Robert J. Perkins Name: Robert J. Perkins Title: Vice President 

 

744948385 18588171 AMENDMENT No. 1 to SERIES 2020-1 SUPPLEMENT TO INDENTURE (TCF VIII) Exhibit A Amendments to Indenture Supplement [Attached] 

 

EXECUTION VERSIONConformed Copy Amendment No. 1, dated December 20, 2021 TRITON CONTAINER FINANCE VIII LLC Issuer and WILMINGTON TRUST, NATIONAL ASSOCIATION Indenture Trustee ______________________________ SERIES 2020-1 SUPPLEMENT Dated as of September 21, 2020 to INDENTURE Dated as of September 21, 2020 ______________________________ $1,300,000,000 FIXED RATE ASSET-BACKED NOTES, SERIES 2020-1, CLASS A $65,800,000 FIXED RATE ASSET-BACKED NOTES, SERIES 2020-1, CLASS B 744972246 18588171 

 

“Class B Supplemental Principal Payment Amount” means on each Payment Date an amount equal to the excess, if any, of (i) the Aggregate Series 2020-1 Note Principal Balance on such Payment Date  (calculated  after giving  effect  to  all  Class A Scheduled Principal Payment Amounts, Class A Supplemental Principal Payment Amounts and Class B Scheduled Principal Payment Amounts actually paid on such date) over (ii) the Series 2020-1 Asset Base (determined as of the last day of the month immediately preceding such Payment Date). “Control  Party”  means,  with  respect  to Series  2020-1,  the Majority  of Holders  of  the Series 2020-1 Notes. “Disposition Fees” means, with respect to any Managed Container that (i) has been sold to a third party, or (ii) is the subject of a Casualty Loss, an amount equal to the product of (x) five percent (5%) and (y) the DispositionSales Proceeds realized thereon. “DTC” shall have the meaning set forth in Section 206. “Eligible Bank” means a banking,  financial or  similar  institution capable of  issuing an Eligible Letter of Credit which institution has a long-term unsecured debt rating of “A-” or better from the Rating Agency. “Eligible  Letter  of  Credit”  a  Letter  of  Credit  (a)  with  respect  to  which  the  Rating Agency Condition has been  satisfied,  (b)  that  is  issued by an Eligible Bank and  for which  the Indenture Trustee is  the beneficiary, (c) that has a stated expiration date of not earlier than one year  after  its  issuance  date  and  that  permits  drawing  thereon  (x)  prior  to  non-renewal  of  such Letter of Credit or (y) prior to the related Letter of Credit Bank ceasing to be an Eligible Bank, in each  case  if  not  replaced  by  cash  or  a  replacement  Eligible  Letter  of  Credit,  (d)  that  may  be drawn upon at a branch of such institution in the Borough of Manhattan, New York or the City of Wilmington,  Delaware  as  the  same  shall  be  designated  from  time  to  time  by  notice  to  the Indenture Trustee pursuant to the terms of such letter of credit, (e) which is payable in Dollars in immediately  available  funds  in  an  amount  of  not  less  than  the  available  drawing  amount specified therein, and (f) that may be transferred by the Indenture Trustee, without a fee payable by  the  Indenture Trustee  and  without  the  consent  of  the  related  Letter  of Credit  Bank,  to  any replacement indenture trustee appointed in accordance with the terms of the Indenture. “Interest  Accrual  Period”  means,  with  respect  to  the  calculation  of  Class  A  Note Interest Payment and Class B Note Interest Payment payable on each Payment Date, the period beginning  with,  and  including,  the  immediately  preceding  Payment  Date  and  ending  on  and including the day before such Payment Date; except that the first Interest Accrual Period will be the  period  beginning  with  and  including  the  Series  2020-1  Closing  Date  and  ending  on  and including the day before the initial Payment Date.  Each Interest Accrual Period (other than the initial Interest Accrual Period) shall be deemed to have a duration of thirty (30) days.  The initial Interest Accrual Period for Series 2020-1 shall have a duration of 29 days. “Issuance  Date  Restricted  Cash  Amount”  means  the  Series  2020-1  Restricted  Cash Amount  on  the  Issuance  Date  of  the  Series  2020-1  Notes;  this  amount  shall  be  equal  to $10,968,578.   4 744972246 18588171 

 

(3) income or  loss attributable to discontinued operations (including, without limitation, operations disposed of during such period whether or not such operations were classified as discontinued); (4) the cumulative effect of a change in accounting principles, as determined in accordance with GAAP; (5) any adjustments, restructuring costs, non-recurring expenses, nonrecurring fees,  non-operating  expenses,  charges or other  expenses  (including bonus  and  retention payments and non-cash compensation charges)  incurred  in connection with acquisitions of Containers as well as acquisitions of a company or a business; and (6) Systems/Organizational Establishment Expenses; in each case, for such period. “Letter  of  Credit” means  any  irrevocable,  transferable,  unconditional  standby  letter of credit  issued  for  the  benefit  of  the  Indenture  Trustee,  for  the  benefit  of  the  Series  2020-1 Noteholders, in accordance with the terms of this Supplement. “Letter of Credit Bank” means the issuing bank of a Letter of Credit. “Letter of Credit Drawing” has the meaning set forth in Section 305(b) hereof. “Letter of Credit Fee” means the periodic interest and/or fees payable by the Issuer to a Letter of Credit Bank for issuing a Letter of Credit; provided, however, that in no event shall the Letter  of  Credit  Fee  include  reimbursement  for  any  unreimbursed  draws  made  on  the  related Letter of Credit. “Majority of Holders” means, with respect to the Series 2020-1 Notes as of any date of determination, (A) so long as the Class A Notes are Outstanding, Class A Noteholders holding Class A Notes  constituting more  than  fifty percent  (50%) of  the  then Aggregate Class A Note Principal Balance; and (B) at all times not covered by clause (A), Class B Noteholders holding Class  B  Notes  constituting  more  than  fifty  percent  (50%)  of  the  Aggregate  Class  B  Note Principal Balance. “Management  Fee”  means,  for  any  Payment  Date  with  respect  to  the  Series  2020-1 Notes, an amount equal to the sum of (A)  the product of (x) seven percent (7%) and (y) the Long Term Fleet  Interest  related  to  the Series 2020-1 Series-Specific Container Pool allocated to the Issuer  for  the preceding Collection Period (other  than Container Revenues on Finance Leases), (B)  the  product  of  (x)  seven  percent  (7%)  and  (y)  the  Short  Term  Fleet  Interest  related  toNet Operating  Income, other  than with  respect  to Containers with Finance Leases,  received  for  the Series 2020-1 Series-Specific Container Pool allocated to the Issuer for the preceding Collection Period,  (CB)  the  product  of  (x)  five  percent  (5%)  and  (y)  the Finance  Lease  Proceeds  related toNet  Operating  Income  with  respect  to  Containers  with  Finance  Leases  in  the  Series  2020-1 Series-Specific Container Pool received for the preceding Collection Period, and (DC) the sum of all Disposition Fees related to the Series 2020-1 Series-Specific Container Pool for the preceding Collection Period.   6 744972246 18588171 

 

Supplement, the Series 2020-1 Revenue Reserve Account is the “Revenue Reserve Account” for Series 2020-1. “Series 2020-1 Revenue Reserve Deposit Amount” means $21,065,617.40. “Series 2020-1 Revenue Reserve Release Amount” means, on the Determination Date occurring  in  October  2020,  $7,021,872.47,  on  the  Determination  Date  occurring  in November 2020,  $7,021,872.47,  and  on  the  Determination  Date  occurring  in  December  2020, $7,021,872.46. “Series  2020-1  Series  Account”  means  the  account  of  that  name  established  in accordance with Section 301 hereof. “Series  2020-1  Series-Specific  Container  Pool”  means  the  Series-Specific  Container Pool for Series 2020-1. “Series  2020-1  Transaction  Documents”  means  any  and  all  of  the  Indenture,  this Supplement, the Series 2020-1 Notes, the Note Purchase Agreement for the Series 2020-1 Notes, the  Management  Agreement,  the  Contribution  and  Sale  Agreement,  the  Transition  Agent Agreement,  the  Supplemental  Collateral  Agreement  and  all  other  Transaction  Documents  and any and all other agreements, documents and instruments executed and delivered by or on behalf or in support of the Issuer with respect to the issuance and sale of the Series 2020-1 Notes, as any of the foregoing may from time to time be amended, modified, supplemented or renewed. “Shared  Available  Funds”  means,  for  the  Series  2020-1  Notes  on  any  date  of determination, the portion of the Series 2020-1 Available Funds remaining after giving effect to all distributions required pursuant  to  the following provisions of Section 303: (i) Part I clauses (1) through (15), inclusive, (ii) Part II clauses (1) through (14) inclusive, and (iii) Part III, clauses (1) through (14) inclusive. “Short Term Fleet” shall mean all Revenue Generating Equipment,  the  initial  lease of which is a Short Term Lease, and which is owned by TCIL or the Issuer, leased by TCIL from a Triton Lessor, or managed or operated by TCIL as agent or manager for or on behalf of others. With effect from  the date of delivery  to  the  lessee  thereunder, Revenue Generating Equipment which becomes subject to a Finance Lease shall cease to be included in the Short Term Fleet. “Supplemental Collateral Agreement” means the Supplemental Agreement, dated as of September 21, 2020, pursuant to which the Issuer and the Indenture Trustee are confirmed as a “Managed  Equipment  Owner”  and  a “Managed  Equipment  Lender”,  respectively,  under  the Intercreditor  Collateral  Agreement,  as  such  agreement  may  be  amended,  modified  or supplemented from time to time. “Supplemental Principal Payment Amount” means, either or both, as the context may require of  the Class A Supplemental Principal Payment Amount and the Class B Supplemental Principal Payment Amount. “Transaction Parties” means the Issuer, the Seller, the Manager, the Initial Purchasers or any of their respective affiliates, the Indenture Trustee or the Transition Agent.  13 744972246 18588171 

 

“Transferor” shall have the meaning set forth in Section 206 hereof. “Weighted Average Age” means, for any date of determination, an amount equal to (i) the  sum  of  the  products,  for  each  Managed  Container  in  the  Series  2020-1  Series  Specific Container Pool, of (A) the age in years of such Managed Container and (B) the Net Book Value of such Managed Container, divided by (ii) the Aggregate Net Book Value of the Series 2020-1 Series Specific Container Pool. The  following words and phrases used  in  the calculation of  the financial(b) covenants  and  related  terms  set  forth  in  the definitions of Series 2020-1 Manager Default  and Series 2020-1 Back-up Manager Event  in this Supplement shall have the meanings assigned to them  on  Exhibit  G  to  this  Supplement: “Capitalized  Lease”, “Capitalized  Rentals”, “Consolidated Subsidiaries”, “Consolidated Tangible  Net  Worth”, “Container  Equipment”, “Current  Debt”, “Funded  Debt”, “Funded  Debt  Ratio”, “Funded  Indebtedness”, “GAAP”, “Guarantee  LiabilityFinance  Lease”, “Finance  Lease  Obligations”, “GAAP”, “Indebtedness”, “Intangible  Assets”, “Investment”, “Lien”, “Long  Term  Lease”, “Permitted  Investments”, “Person”, “Rentals”, “Restricted  Investments”, “Restricted Subsidiary”, “Senior Funded Debt”, “Subordinated  Funded  Debt”, “Subsidiary”, “TAL  Group”, “TCIL  Credit  Agreement”, “Total Debt”, “Total  Senior  Debt”Subsidiary”, “Total  Debt”, “Total  Debt  Ratio”,  and “Unrestricted Subsidiary”.  The  term “Finance Lease” used  in  the  calculation of  the  financial  covenants and related  terms  set  forth  in  the  definitions  of Series  2020-1 Manager Default  and Series  2020-1 Back-up Manager Event in this Supplement shall have the meaning assigned to it on Exhibit G to this Supplement; for all other purposes of this Supplement, the term “Finance Lease” shall mean any lease (but  in no event a sublease) providing revenue to the applicable Person,  the Revenue Generating Equipment under which  is not  included as an asset on  the books of such Person  in accordance with generally accepted accounting principles.  Notwithstanding the foregoing, to the extent  that  any  term  defined  in  Exhibit  G  has  a  corresponding  definition  in  the  TCIL  Credit Agreement  that  is  modified  pursuant  to  an  amendment  of  the  TCIL  Credit  Agreement,  its definition  for purposes of Exhibit G shall be so modified unless such modification results  in a Series  2020-1  Manager  Default  or  Series  2020-1  Back-up  Manager  Event  becoming  more restrictive. Capitalized  terms  used  herein  and  not  otherwise  defined  shall  have  the(c) meaning  set  forth  in Appendix  A  to  the  Indenture  or,  if  not  defined  therein,  as  defined  in  the Series 2020-1 Note Purchase Agreement.  The rules of usage set forth in such Appendix A shall apply to this Supplement. Unless  otherwise  specified  herein,  any  calculation  of  the  Series  2020-1(d) Asset Allocation Percentage  for the purpose of making any distributions pursuant to Section 303 in this Supplement shall be made on the Determination Date immediately preceding the related Payment Date. In the event that any term or provision contained herein shall conflict with(e) or be inconsistent with any term or provision contained in the Indenture, the terms and provisions of this Supplement shall control.  14 744972246 18588171 

 

Series  2020-1  Series  Account.   The  Issuer  shall  establish  on  the  SeriesSection 301 2020-1 Closing Date and maintain, so long as any Series 2020-1 Note is Outstanding, an Eligible Account  in  the  name  of  the  Issuer  with  the  Indenture  Trustee  which  shall  be  a  non-interest bearing trust account and designated as the Series 2020-1 Series Account, which account shall be pledged to the Indenture Trustee for the benefit of the Series 2020-1 Noteholders pursuant to the Indenture and this Supplement.  All deposits of funds by, or for the benefit, of the Series 2020-1 Noteholders shall be accumulated in, and withdrawn from, the Series 2020-1 Series Account in accordance with the provisions of the Indenture and this Supplement. “The Series 2020-1 Series Account shall be a “Collateral Account” for purposes of  the Intercreditor Collateral Agreement with respect to the Issuer. So  long  as  no  Manager  Default  has  occurred  and  is  continuing,  the(a) Manager  shall  be  permitted  to  require  the  Indenture  Trustee  to  withdraw  from  amounts  on deposit  in  the  Series  Account  on  each  Payment  Date,  or  otherwise  net  out  from  amounts otherwise required to be deposited by the Manager in the Series Account in accordance with the provisions  of  Section  5.1  and  5.2  of  the  Management  Agreement,  the  amount  of  any Management Fees or Management Fee Arrearage that would otherwise be due and payable with respect to Series 2020-1 on the immediately succeeding Payment Date. The  Sales  Proceeds  resulting  from  a  sale  of  any  Managed  Container  or(b) other property constituting the Series 2020-1 Collateral made in accordance with the provisions of Section 207 of this Supplement shall be deposited directly into the Series Account and shall be distributed in accordance with the provisions of this Supplement. Investment  of Funds.  Any  funds  on  deposit  in  the Series  2020-1 SeriesSection 302 Account, the Series 2020-1 Revenue Reserve Account, the Series 2020-1 L/C Cash Account and the Series 2020-1 Restricted Cash Account shall be invested in accordance with the provisions of Section 302 of the Indenture. Distributions from Series 2020-1 Series Account. On each DeterminationSection 303 Date,  the  Issuer  shall  cause  the  Manager  to prepare  and  deliver  the  Manager  Report.   The Indenture Trustee shall be entitled to conclusively and exclusively rely upon the Manager Report in making any distributions hereunder.  On each Payment Date and on each other date on which any payment is to be made with respect to the Offered Notes, the Indenture Trustee, based on the Manager Report, shall distribute Series 2020-1 Available Funds as set forth below. (I) If neither an Early Amortization Event for Series 2020-1 nor an Event of Default for Series 2020-1 shall have occurred and shall then be continuing: (1) To the Indenture Trustee, an amount equal to the sum, without duplication, of (A) the Indenture Trustee Fees then due and payable for the Series 2020-1 Notes and (B) an amount equal to the product of (i) the Series 2020-1 Asset Allocation Percentage and  (ii)  any  amounts  payable  to  the  Indenture  Trustee  on  such  Payment  Date  in accordance  with  a  specified  provision  of  the  Indenture  regarding  enforcement  of  the obligations  of  the  Issuer  under  the  Indenture,  so  long  as  the  aggregate  amount  paid pursuant  to  this  clause  (1)  in  any  calendar  year  would  not  exceed  an  amount  equal  to $40,000;  26 744972246 18588171 

 

As of any date of determination, the existence of any one of the following(a) events  or  conditions  shall  constitute  a  Manager  Default  for  the  Series  2020-1  Notes  (each,  a “Series 2020-1 Manager Default”): any  failure  by  the  Manager  to  deliver  or  cause  to  be(1) delivered  any  required  payment  to  the  Indenture  Trustee  for  distribution  to  the Series 2020-1 Noteholders, which failure continues unremedied for  ten Business Days after discovery  thereof by a Responsible Officer of  the Manager or receipt by the Manager of written notice thereof from the Indenture Trustee or the Control Party; any  failure  by  the Manager  to  duly  observe  or perform  in(2) any material respect any other of its covenants or agreements in the Management Agreement, which failure materially and adversely affects the rights of the Series 2020-1 Noteholders, and which continues unremedied for 60 days or, in the case of a failure by the Manager to deliver a Manager Report or Asset Base Certificate when due under the Management Agreement, 30 days, after discovery thereof by a Responsible Officer of  the Manager or  receipt by  the Manager of written notice thereof from the Indenture Trustee or the Control Party; any representation or warranty of the Manager made in the(3) Management  Agreement  proves  to  have  been  incorrect  in  any  material  respect when made, which failure materially and adversely affects the rights of the Series 2020-1  Noteholders,  and  which  failure  continues  unremedied  for  60  days  after discovery  thereof  by  a  Responsible  Officer  of  the  Manager  or  receipt  by  the Manager of written notice thereof from the Indenture Trustee or the Control Party (it  being  understood  that  any  repurchase  of  a  Managed  Container  in  the  Series 2020-1 Series-Specific Container Pool by Seller pursuant to the Contribution and Sale Agreement or by the Manager pursuant to the Management Agreement shall be deemed to remedy any incorrect representation or warranty with respect to such Managed Container); the FundedTotal  Debt  Ratio  as  of  the  end  of  any  fiscal(4) quarter shall exceed the greater of (x) 4.25 to 1.00 and (y) the corresponding such ratio  set  forth  in  the  TCIL  Credit  Agreement  following  an  amendment  thereof after the date of this Supplement; the  sum  of  (a)  Consolidated  Tangible  Net  Worth  plus  (b)(5) the  Manager’s  Investments  in  Unrestricted  Subsidiaries  (excluding  Manager’s direct  or  indirect  Investments  in  the TAL Group)  (calculated  as  set  forth  in  the definition  of “Restricted  Investments”)  shall  be  less  than  the  lesser  of  (x) $855,000,000 and (y) the corresponding such amount set forth in the TCIL Credit Agreement  following  an  amendment  thereof  after  the  date  of  this  Supplement; or[Reserved]; or the Manager suffers a Bankruptcy Event;(6)  42 744972246 18588171 

 

provided,  however,  that  (x)  the  grace  periods  referred  to  under  clauses  (1),  (2)  or  (3) above shall be extended for a period of 120 days if such breach or failure was caused by a force majeure or other similar occurrence and (y) if athe Series 2020-1 Manager Default described in either  of  clauses  (4)  or  (5clause  (4)  occurs,  such  condition  shall  be  deemed  cured  if  a subsequently  delivered  Manager  Report  indicates  that  such  condition  does  not  exist  on  any subsequent Payment Date.  Except as set forth in the immediately preceding sentence, if a Series 2020-1 Manager Default exists on any Payment Date, then such Series 2020-1 Manager Default shall  be  deemed  to  continue  until  the  Business  Day  on  which  the  Control  Party  waives,  in writing,  such  Series  2020-1  Manager  Default.   The  Indenture  Trustee  shall  promptly  provide notice  of  any  such  waiver  received  by  it  of  a  Series  2020-1  Manager  Default  to  each  Rating Agency for the Series 2020-1 Notes. The occurrence of a Series 2020-1 Manager Default will not in and of itself result in the occurrence of a Series Specific Manager Default for any other Series.  The rights of the Series 2020-1 Noteholders and other parties following the occurrence of a Manager Default are set forth in Section 10 of the Management Agreement. As of any date of determination, a Back-up Manager Event with respect to(b) the Series  2020-1 Notes  (a “Series 2020-1 Back-up Manager Event”) shall be deemed  to have occurred if the FundedTotal Debt Ratio as of the end of any fiscal quarter shall exceed the greater of  (x)  4.00  to  1.00.  and  (y)  the  difference  between  the FundedTotal  Debt  Ratio,  which,  if exceeded, would cause a Manager Default as of such date, and 0.50%.0.50. Series 2020-1 Cash Sweep Events.Section 404 As of any date of determination, the existence of any one of the following(a) events or conditions shall constitute a “Series 2020-1 Cash Sweep Event”: as of any Payment Date, the Weighted Average Age of the(1) Managed  Containers  in  the  Series  2020-1  Series-Specific  Container  Pool,  as indicated on the Manager Report relating to such Payment Date, shall be greater than ten (10) years; and the principal balance of the Series 2020-1 Notes is not paid(2) in full on or before the Series 2020-1 Cash Sweep Trigger Date. If a Series 2020-1 Cash Sweep Event described in clause (1) occurs, such condition shall be deemed cured if it does not exist on any subsequent Payment Date. Except as set forth in the immediately  preceding  sentence,  if  a Series  2020-1 Cash Sweep Event  exists  on  any Payment Date, then such Series 2020-1 Cash Sweep Event shall be deemed to continue until the Business Day  on  which  the  Control  Party  for  the  Series  2020-1  Notes  waives,  in  writing,  such  Series 2020-1  Cash  Sweep  Event.  The  Indenture  Trustee  shall  promptly  provide  notice  of  any  such waiver received by it to the Rating Agency for the Series 2020-1 Notes. The existence of a Series 2020-1 Cash Sweep Event will affect the method in which cash flows will be distributed  from  the Series 2020-1 Series Account  to  the Holders of  the Class A Notes and the Class B Notes in respect of principal.  43 744972246 18588171 

 

EXHIBIT G ADDITIONAL DEFINITIONS USED IN CALCULATION OF SERIES 2020-1 MANAGER DEFAULTS AND SERIES 2020-1 BACK-UP MANAGER EVENTS “Capitalized Lease” means any lease obligation for Rentals which “Consolidated  Subsidiaries”  means,  with  respect  to  any  Person,  each  Restricted Subsidiary  of  such  Person  that  is  required  to  be capitalized  on  the  balance  sheet  of  the lesseeconsolidated with such Person in accordance with GAAP. “Capitalized Rentals” means, as of  the date of any determination thereof,  the amount at which the aggregate Rentals due and to become due under all Capitalized Leases under which the Manager  or  any  Restricted  Subsidiary  is  a  lessee  would  be  reflected  as  a  liability  on  a consolidated balance sheet of the Manager and its Restricted Subsidiaries. “Consolidated Tangible Net Worth” means, as of  the date of any determination thereof, the  consolidated  stockholders  in  each  case  based  on  the  most  recent  Triton  Holdco  financial statements,  (a)  the  sum  of  (x)  total  shareholders’  equity  of the  ManagerTriton  Holdco  and  its RestrictedConsolidated  Subsidiaries,  as  determined  in  accordance  with  GAAP  (excluding  any non-cash  gain  or  loss  on  any  interest  rate  protection  agreement  or  similar  hedging  agreement resulting from the requirements of Financial Accounting StandardFASB ASC No. 133815 or any similar accounting standard), plus all outstanding preferred stock of the Manager and accrued but unpaid dividends thereon, less the sum, without duplication, of (a(y) all net deferred income tax liabilities on  the balance sheet of Triton Holdco plus  (z)  the amount set forth on Schedule I  to this Exhibit  G  in  respect  of  the  relevant  quarter, less  (b)  all  Intangible  Assets  of the ManagerTriton  Holdco  and  its RestrictedConsolidated  Subsidiaries  and  (b)  Restricted Investments. “Container Equipment” shall have the meaning set forth in the TCIL Credit Agreement. “Current Debt” means, with respect to any Person as of the date of any determination, (a) all Indebtedness of such Person for money borrowed or that has been incurred in connection with the acquisition of assets, in each case other than Funded Debt, and (b) all Guarantee Liabilities of such Person with respect to Indebtedness of other Persons of the types described in clause (a). “Finance  Lease” means  any Lease  (but  in  no  event  a  sublease)  of  container  equipment which  provides  revenue  to  the  Manager  and  with  respect  to  which  the  related  container equipment  is  not  included  as  an  asset  on  the  books  of  the  Manager  in  accordance  with GAAP.lease  classified  as  a “finance  lease”  under  GAAP,  but  excluding,  for  the  avoidance  of doubt, any Operating Lease. “Funded Debt”  of  any Person means, without duplication,  (a)  all Funded  Indebtedness, (b) all Capitalized Rentals, (c) all Guarantee Liabilities relating to Funded Debt of others, (d) all Guarantee Liabilities  relating to the obligations of Unrestricted Subsidiaries and (e)  the present value of all Long Term Lease obligations (such present value to be calculated using a discount Exhibit G – Page   1 744972246 18588171 

 

rate  equal  to  the  sum  of  (i)  the “Alternate  Base  Rate”  then  in  effect  under  the  TCIL  Credit Agreement plus (ii) 1.00%). “Funded Debt Ratio” means the ratio of Total Debt to an amount equal to the sum of (x) Consolidated  Tangible  Net  Worth  plus  (y)  the  Manager’s  deferred  income  related  to  sales  of Container Equipment to Subsidiaries as recorded on the Manager’s balance sheet (determined in accordance with GAAP consistently applied). “Funded Indebtedness” means, as of any date, Indebtedness that matures more than one year after such date or which is renewable, extendible or refundable at the option of the obligor for a period or periods of more than one year after such date, but shall not include any portion of the  principal  of  any  such  Indebtedness  that  is  payable within  one  year  after  such  date.Finance Lease Obligations” means, as of the date of any determination thereof, the amount at which the aggregate Rentals due and to become due under all Finance Leases under which the Manager or any of  its Restricted Subsidiaries  is a  lessee would be reflected as a  liability on a consolidated balance sheet of the Manager or any of its Restricted Subsidiaries. “GAAP” means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards  Board  or  such  other  principles  as  may  be  approved  by  a  significant  segment  of  the accounting profession in the United States, that are applicable to the circumstances as of the date of determination, consistently applied. “Guarantee Liability” of any Person means any agreement, undertaking or arrangement by which such Person guarantees, endorses or otherwise becomes or is contingently liable upon (by direct or indirect agreement, contingent or otherwise, to provide funds for payment by, to supply funds  to,  or otherwise  to  invest  in,  a debtor, or otherwise  to assure a creditor against  loss)  the indebtedness, obligation or any other liability of any other Person (other than by endorsements of instruments  in  the  course  of  collection),  or  guarantees  the  payment  of  dividends  or  other distributions  upon  the  shares  of  any  other  Person.  The  amount  of  any  Person’s  obligation  in respect of any Guarantee Liability shall (subject to any limitation set forth therein) be deemed to be  the  outstanding  principal  amount  (or  maximum  principal  amount,  if  larger)  of  the  debt, obligation or other liability guaranteed thereby. “Indebtedness” with  respect  toof  any  Person  means,  without  duplication,  means  all obligations of such Person which in accordance with GAAP shall be classified upon the balance sheet  of  such  Person  as  liabilities  of  such  Person,  and  in  any  event  shall  include  all  (a) obligations of such Person for borrowed money or which have been incurred in connection with the acquisition of property or assets, (b) obligations secured by any Lien upon property or assets owned  by  such  Person,  even  though  such  Person  has  not  assumed  or  become  liable  for  the payment of such obligations, (c) obligations created or arising under any conditional sale or other title retention agreement with respect  to property acquired by such Person, notwithstanding the fact that the rights and remedies of the seller, lender or lessor under such agreement in the event of default are  limited  to  repossession or sale of property,  (d) Capitalized RentalsFinance Lease Obligations,  (e)  obligations  of  such  Person  evidenced  by  bonds,  debentures,  notes  or  similar instruments, (f) obligations of such Person upon which interest charges are customarily paid, (g) Exhibit G – Page   2 744972246 18588171 

 

obligations  of  such  Person  issued  or  assumed  as  the  deferred  purchase  price  of  property  or services and, (h) obligations of such Person, actual or contingent, as an account party in respect of  letters  of  credit  and  bankers’  acceptances  (other  than  any  such  obligations  in  respect  of undrawn  amounts  under  letters  of  credit  in  respect  of  trade  payables)  and  (i)  obligations  in respect  of  guarantees  of  Indebtedness  set  forth  in  clauses  (a)  through (h); provided  that  trade payables, deferred rental income, repair service provision, deferred taxes, taxes payable, payroll expenses  and  other  accrued  expenses  incurred  in  the  ordinary  course  of  business  shall  not constitute Indebtedness. “Intangible  Assets”  means,  with  respect  to  any  Person,  all  intangible  assets  of  such Person and shall  include unamortized debt discount and expense, unamortized deferred charges and goodwill. “Investment” means any investment, made in cash or by delivery of any kind of property or asset, in any Person, whether by acquisition of shares of stock or similar interest, Indebtedness or other obligation or security, or by loan, advance or capital contribution, or otherwise; provided that notwithstanding the foregoing, for purposes of calculating the financial covenants under the Management Agreement  and  this Supplementthis Exhibit  and  the definition of each of “Series 2020-1 Manager Default” and “Series 2020-1 Backup Manager Event”, Finance Leases are not considered “Investments”. “Lien”  means  any  mortgage,  pledge,  hypothecation,  judgment  lien  or  similar  legal process,  title  retention  lien, or other  lien or  security  interest,  including  the  interest  of a vendor under any conditional sale or other title retention agreement and the interest of a lessor under any CapitalizedFinance Lease. “Long Term Lease” means any lease of real or personal property (other than a Capitalized Lease)  having  an  original  term,  including  any  period  for  which  the  lease  may  be  renewed  or extended  at  the  option  of  the  lessor,  of  five  years  or  moreOperating  Lease”  means  any  lease classified as an “operating lease” under GAAP. “Permitted  Investments”  means  (a)  Investments  in  direct  United  States  government  or United  States  agency  obligations,  (b)  Investments  in  corporate  obligations  of “AA”  quality  or better maturing within one year,  (c)  Investments  in certificates of deposit  issued by any United States  commercial  bank,  the  United  States  branch  of  any  foreign  bank,  any  United  Kingdom commercial bank, HSBC Bank of Bermuda Limited or Bank of N.T. Butterfield & Son Limited, in  each  case  so  long  as  such  bank  has  capital  and  surplus  of  not  less  than  the  equivalent  of $50,000,000, (d) preferred stock Investments rated “AA” or better, (e) Investments in any state, local or municipal obligations rated “AA” or better or (f) Investments in money market funds that are listed on the National Association of Insurance Commissioners Class 1 list. “Person” means an  individual, partnership, corporation,  limited  liability company,  trust, joint  venture,  joint  stock  company,  association,  unincorporated  organization,  government  or agency or political subdivision thereof or other entity. “Rentals”  means  all  fixed  rents  (including  as  such  all  payments  which  the  lessee  is obligated to make to the lessor on termination of the lease or surrender of the property) payable Exhibit G – Page   3 744972246 18588171 

 

by the Manager or a Restricted Subsidiary, as lessee or sublessee under a lease of real or personal property,  but  shall  be  exclusive  of  any  amounts  required  to  be  paid  by  the  Manager  or  a Restricted  Subsidiary  (whether  or  not  designated  as  rents  or  additional  rents)  on  account  of maintenance,  utilities,  repairs,  insurance,  taxes  and  similar  charges.  Fixed  rents  under  any so-called “percentage lease” shall be computed solely on the basis of the minimum rents, if any, required to be paid by the lessee, regardless of sales volume or gross revenues. “Restricted Investments” means the total of (a) the amount of the Manager’s Investments in  any Unrestricted Subsidiary as  shown on  the most  recent consolidating balance sheet of  the Manager,  excluding,  for purposes of determining  the amount of any Investment  in any Person, any  non-cash  gain  or  loss  on  any  interest  rate  protection  agreement  or  any  similar  hedging agreement entered into by such Person resulting from the requirements of Financial Accounting Standard No. 133 or any similar accounting standard, plus (b) the excess, if any, of the amount of all  other  Investments  of  the  Manager  as  shown  on  such  balance  sheet  (other  than  Permitted Investments) over 25% of then current Consolidated Tangible Net Worth.  For purposes of clause (b) above, the original amount of any Investment in a general partnership interest in any general or  limited partnership shall be deemed  to be  the aggregate amount of such partnership’s actual and contingent liabilities, as determined in accordance with GAAP. “Restricted Subsidiary” means any Subsidiary that is not an Unrestricted Subsidiary. “Senior Funded Debt” means Funded Debt of the Manager and its Restricted Subsidiaries (determined on a consolidated basis eliminating intercompany items), excluding all Subordinated Funded Debt. “Subordinated Funded Debt” means of any Person means all unsecured Funded Debt of such  Person  and  its  Restricted  Subsidiaries  which  shall  contain  or  have  applicable  thereto subordination provisions which are typically contained in subordinated debt agreements. “Subsidiary”  means  any  Person  of  which  or  in  which  the  Manager  and  its  other Subsidiaries own directly or indirectly 50% or more than 50% of (a) the combined voting power of  all  classes  of  stock  having  general  voting  power  under  ordinary  circumstances  to  elect  a majority of the board of directors of a Person which is a corporation, (b) the capital, membership or profits interest of a Person which is a limited liability company, partnership, joint venture or similar  entity,  or  (c)  the  beneficial  interest  of  a  Person  which  is  a  trust,  association  or  other unincorporated organization. “TAL  Group”  means,  collectively,  TAL  International  Group,  Inc.,  a  Delaware corporation, and each of its Subsidiaries (including, as of the Series 2020-1 Closing Date, TAL International Container Corporation, a Delaware corporation, TAL Finance III LLC, a Delaware limited  liability company, TAL Advantage V LLC, a Delaware limited liability company, TAL Advantage  VI  LLC,  a  Delaware  limited  liability  company,  and  TAL  Advantage  VII  LLC,  a Delaware limited liability company.). “TCIL  Credit  Agreement” means that  certain TenthEleventh  Restated  and  Amended Credit Agreement, dated as of May 16, 2019, among the Manager, as borrowerOctober 14, 2021, among TCIL and TAL International Container Corporation, as borrowers, the lenders from time Exhibit G – Page   4 744972246 18588171 

 

to time party thereto, Triton HoldCo, as guarantor, and Bank of America, N.A., as administrative agent and an issuer  thereunder,  and any  revolving credit  facility  that may be entered  into from time  to  time  as  a  replacement  for  such  Credit  Agreement;  in  each  case,  as  the  same  may  be amended, restated, supplemented, waived or otherwise modified from time to time in accordance with its terms. “Total  Debt”  means  the  sum  of  (a) Total  Senior  Debt  plus  (b)  Subordinated  Funded Debt.the  principal  amount  outstanding  under  all  Indebtedness  of  Triton  Holdco  and  its Consolidated Subsidiaries, including capitalized lease obligations and (b) all accrued interest on, and  fees  in  respect  of,  such  Indebtedness.   Notwithstanding  anything  to  the  contrary  herein, Indebtedness  consisting  of  obligations  under  Interest  Rate  Hedge  Agreements  shall  not  be included in the calculation of Total Debt. “Total Senior Debt” means the sum of (a) Senior Funded Debt plus (b) all Current Debt of  the  Manager  and  its  RestrictedDebt  Ratio”  means,  with  respect  to  Triton  Holdco  and  its Consolidated Subsidiaries the ratio of Total Debt to Consolidated Tangible Net Worth. “Unrestricted Subsidiary” means any Subsidiary that is designated by the Manager as an “Unrestricted  Subsidiary”  in  accordance  with  the  procedures  set  forth  in  the  TCIL  Credit Agreement. Exhibit G – Page   5 744972246 18588171 

 

SCHEDULE I TO EXHIBIT G CONSOLIDATED TANGIBLE NET WORTH Quarter Total Q2 21 [***] Q3 21 [***] Q4 21 [***] Q1 22 [***] Q2 22 [***] Q3 22 [***] Q4 22 [***] Q1 23 [***] Q2 23 [***] Q3 23 [***] Q4 23 [***] Q1 24 [***] Q2 24 [***] Q3 24 [***] Q4 24 [***] Q1 25 [***] Q2 25 [***] Q3 25 [***] Q4 25 [***] Q1 26 [***] Q2 26 [***] Exhibit G – Page   6 744972246 18588171 * Certain information has been redacted in accordance with Item 601(a)(5) of Regulation S-K as it does not constitute information material to an investment or voting decision.exhibit411

  Exhibit 4.11  Description of the Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of  1934  As of December 31, 2021, Triton International Limited had six classes of securities registered under Section 12 of the  Securities Exchange Act of 1934, as amended (“Exchange Act”): (i) common shares, $0.01 par value per share (ii)  8.50% Series A Cumulative Redeemable Perpetual Preference Shares, $0.01 par value and $25.00 liquidation  preference per share (the "Series A Preference Shares"), (iii) 8.00% Series B Cumulative Redeemable Perpetual  Preference Shares, $0.01 par value and $25.00 liquidation preference per share (the "Series B Preference Shares"), (iv)  7.375% Series C Cumulative Redeemable Perpetual Preference Shares, $0.01 par value and $25.00 liquidation  preference per share (the "Series C Preference Shares"), (v) 6.875% Series D Cumulative Redeemable Perpetual  Preference Shares, $0.01 par value and $25.00 liquidation preference per share (the "Series D Preference Shares") and  (vi) 5.75% Series E Cumulative Redeemable Perpetual Preference Shares, $0.01 par value and $25.00 liquidation  preference per share (the “Series E Preference Shares” and together with the Series A Preference Shares, the Series B  Preference Shares, the Series C Preference Shares and the Series D Preference Shares, the "Preference Shares" and each  separately, a "series of Preference Shares").  In this description, the terms “the Company,” “Triton,” “we,” “our” or “us” means Triton International Limited.  Description of Capital Stock  The following summary description of our common shares and each series of Preference Shares is based on the  applicable provisions of the Bermuda Companies Act, our memorandum of association, as amended ("Memorandum of  Association"), our amended and restated bye-laws ("Bye-laws"), and the certificate of designations for each series of  Preference Shares establishing the rights, limitations and preferences for the respective series of Preference Shares  (each, a "Certificate of Designations"). This description does not purport to be complete and is qualified in its entirety  by reference to the full text of the Bermuda Companies Act, as it may be amended from time to time, and to the terms  of our Memorandum of Association, Bye-laws and the Certificates of Designations for the Preference Shares, each of  which is filed as an exhibit to our Annual Report on Form 10-K of which this exhibit 4.11 forms a part. As used in this  description, the terms “Triton,” the “Company,” “we,” “our” and “us” refer to Triton International Limited, a Bermuda  exempted company, and do not, unless otherwise specified, include our subsidiaries.  Authorized Capital Stock  General. As of December 31, 2021, our authorized capital stock consisted of 270,000,000 common shares; 800,000  undesignated shares; 3,450,000 Series A Preference Shares; 5,750,000 Series B Preference Shares; 7,000,000 Series C  Preference Shares; 6,000,000 Series D Preference Shares; and 7,000,000 Series E Preference Shares.  Common Shares  Liquidation and Preemptive Rights  In the event of a voluntary or involuntary liquidation, dissolution or winding up of Triton, the holders of Triton  common shares will be entitled to share equally in any of the assets available for distribution after Triton has paid in  full all of its debts and after the holders of all series of Triton’s outstanding preferred shares, if any, have received their  liquidation preferences in full.        

 

    Holders of Triton common shares are not entitled to preemptive rights. The common shares are not convertible into  shares of any other class of common shares of Triton.  Dividend Rights  Under Bermuda law, holders of our common shares will be entitled to receive dividends when and as declared by our  board of directors out of any funds of the Company legally available for the payment of such dividends, subject to any  preferred dividend rights that may exist from time to time. Bermuda law does not permit payment of dividends, or  distributions of contributed surplus, by a company if there are reasonable grounds for believing that:      • the company is, or would be, after the payment is made, unable to pay its liabilities as they become due;  or    • the realizable value of the company’s assets would be less than its liabilities.  Under Triton’s Bye-laws, the board of directors has the power to declare dividends or distributions out of contributed  surplus, and to determine that any dividend shall be paid in cash or shall be satisfied in paying up in full shares to be  issued to the shareholders credited as fully paid or partly paid or partly in one way or partly in the other. The board of  directors may also pay any fixed cash dividend whenever the position of the Company justifies such payment.  Voting Rights  Subject to the rights, if any, of the holders of any series of preferred shares, if and when issued and subject to  applicable law, each holder of Triton common shares will be entitled to one vote per share and all voting rights will be  vested in those holders of record on the applicable record date on all matters voted on by the Triton shareholders.  Holders of Triton common shares will have noncumulative voting rights, which means that the holders of more than  50% of the shares voting for the election of directors to the board can elect 100% of the directors to the board and the  holders of the remaining shares will not be able to elect any directors to the board.  Meetings of Shareholders  Special general meetings of the shareholders of Triton may be called (i) by the board of directors or (ii) when  requisitioned by shareholders pursuant to the provisions of the Bermuda Companies Act. Under the Bermuda  Companies Act, the shareholders may requisition a special general meeting, provided they hold at the date of the  deposit of the requisition shares representing not less than 10% of the paid-up capital of the company. The requisition  must state the purpose of the meeting, and must be signed by the requisitionists and deposited at the registered office of  the company. If, within 21 days from the date of the deposit of the requisition, the directors do not proceed to convene  a meeting, the requisitionists, or any of them representing more than 50% of the total voting rights of all of them, may  themselves convene a meeting, which must be convened within three months of the date of the deposit of the  requisition.  Restrictions on Transfers of Shares  The board of directors may in its absolute discretion, and without providing a reason, refuse to register the transfer of a  share which is not fully paid up. The board of directors may also refuse to register a transfer unless the shares of Triton  are (i) listed on an appointed stock exchange (of which the NYSE is one) or (ii) (A) a duly executed instrument of  transfer is provided to Triton or Triton’s transfer agent accompanied by the certificate (if any has been issued) in  respect of the shares to which it relates and by such other evidence as the board of directors may reasonably require to  show the right of the transferor to make the        

 

    transfer, (B) the instrument of transfer is only in respect of one class of shares, (C) the instrument of transfer is in favor  of less than five persons jointly, and (D) all applicable consents, authorizations, permissions or approvals of any  governmental body or agency in Bermuda or any other applicable jurisdiction have been obtained (if required). If the  board of directors refuses to register a transfer of any share, it must send to the transferee notice of the refusal within  three months after the date on which the instrument of transfer was lodged with Triton.  Shares listed on an appointed stock exchange, such as the NYSE, may be transferred by any means permitted by the  rules of such exchange.  Election and Removal of Directors  Except in the case of vacancies, each director is elected by the affirmative vote of a majority of the votes cast as the  general meeting of shareholders of Triton.  The Bye-laws of Triton provide that any vacancies on the board of directors not filled at any general meeting will be  deemed casual vacancies and the board of directors, so long as a quorum of directors remains in office, will have the  power at any time and from time to time, to appoint any individual to be a director so as to fill a casual vacancy. A  director so appointed will hold office only until the next following annual general meeting. If not reappointed at such  annual general meeting, the director will vacate office at the conclusion of the annual general meeting.  Under the Bermuda Companies Act, a director may be removed from office by the shareholders at a special general  meeting called for that purpose. The notice of a meeting convened for the purpose of removing a director must contain  a statement of intention to do so and be served on such director not less than 14 days before the meeting. The director  subject to removal will be entitled to be heard on the motion for his removal.  Amendment of Memorandum of Association  Under the Bermuda Companies Act, the memorandum of association of a company may be amended by the affirmative  vote of a majority resolution of the board of directors, but the amendment will not be operative unless and until it is  approved at a subsequent general meeting of the shareholders by a resolution approved by the affirmative vote of a  majority of the votes cast on such resolution. An amendment to the memorandum of association that alters a company’s  business objects may require approval by the Bermuda Minister of Finance, who may grant or withhold approval at his  or her discretion.  Amendment of Bye-laws  Subject to certain exceptions, the Triton Bye-laws may be revoked or amended by the affirmative vote of a majority  resolution of the board of directors, but the revocation or amendment will not be operative unless and until it is  approved at a subsequent general meeting of the shareholders of Triton by a resolution approved by the affirmative vote  of a majority of the votes cast on such resolution.  Approval of Certain Transactions  Amalgamations and Mergers: Under the Bermuda Companies Act, the amalgamation or merger of a Bermuda company  with another company (wherever incorporated) (other than certain affiliated companies) requires the amalgamation or  merger to be approved by the board of directors and by its shareholders. The Triton Bye-laws provide that a merger or  amalgamation must be approved by (i) the        

 

    affirmative vote of a majority of the board of directors and (ii) the affirmative vote of a majority of votes cast at a  general meeting of shareholders. For purposes of approval of an amalgamation or merger, all shares, whether or not  otherwise entitled to vote, carry the right to vote. Holders of a separate class of shares are entitled to a separate class  vote if the rights of such class would be varied by virtue of the amalgamation or merger.  Sale of Assets: The Bermuda Companies Act is silent on whether a company’s shareholders are required to approve a  sale, lease or exchange of all or substantially all of a company’s property and assets. Bermuda law does require,  however, that shareholders approve certain forms of mergers and reconstructions.  Takeovers: Bermuda does not have any takeover regulations applicable to shareholders of Bermuda companies.    Preference Shares  General  There are 3,450,000 Series A Preference Shares, 5,750,000 Series B Preference Shares, 7,000,000 Series C Preference  Shares, 6,000,000 Series D Preference Shares and 7,000,000 Series E Preference Shares issued and outstanding. We may,  without notice to or consent of the holders of the then-outstanding Preference Shares of any series, authorize and issue  additional Preference Shares of such series and Junior Securities (as defined below) and, subject to the limitations  described under “-Voting Rights,” Senior Securities (as defined below) and Parity Securities (as defined below).  The holders of our common shares are entitled to receive, to the extent permitted by law, such dividends as may from  time to time be declared by our board of directors; however, no dividend may be declared or paid or set apart for payment  on any Junior Securities including our common shares (other than a dividend payable solely in shares of Junior Securities)  unless full cumulative dividends have been or contemporaneously are being paid or provided for on all outstanding  Preference Shares and any Parity Securities through the most recent respective Dividend Payment Dates.  Upon any liquidation, dissolution or winding up of our affairs, whether voluntary or involuntary, the holders of our  common shares are entitled to receive distributions of our assets, after we have satisfied or made provision for our debts  and other obligations and for payment to the holders of shares of any class or series of capital stock (including the  Preference Shares) having preferential rights to receive distributions of our assets.  The Preference Shares of each series entitle the holders thereof to receive cumulative cash dividends when, as and if  declared by our board of directors out of legally available funds for such purpose. Each Preference Share has a fixed  liquidation preference of $25.00 per share plus an amount equal to accumulated and unpaid dividends thereon to the date  fixed for payment, whether or not declared. See “-Liquidation Rights.”  The Preference Shares represent perpetual equity interests in us and, unlike our indebtedness, do not give rise to a claim  for payment of a principal amount at a particular date. As such, the Preference Shares rank junior to all of our indebtedness  and other liabilities with respect to assets available to satisfy claims against us.  Except as described below under “-Change of Control-Conversion Right Upon a Change of Control Triggering Event,”  the Preference Shares are not convertible into common shares or other of our securities and will not have exchange rights  or be entitled or subject to any preemptive or similar rights. The Preference Shares        

 

    will not be subject to mandatory redemption or to any sinking fund requirements. The Preference Shares will be subject  to redemption, in whole or in part, at our option at any time on or after March 15, 2024 in the case of the Series A  Preference Shares, September 15, 2024 in the case of the Series B Preference Shares, December 15, 2024 in the case of  the Series C Preference Shares, March 15, 2025 in the case of the Series D Preference Shares and September 15, 2026 or  in connection with a Rating Agency Event (as defined herein) in the case of the Series E Preference Shares. See “- Redemption.”  We have appointed Computershare Trust Company, N.A. as the paying agent (the “Paying Agent”), and the registrar and  transfer agent (the “Registrar and Transfer Agent”) for the Preference Shares. The address of the Paying Agent is PO  Box 505000, Louisville, KY 40233.  Ranking  Each series of Preference Shares will, with respect to anticipated quarterly dividends and distributions upon the  liquidation, winding up and dissolution of our affairs, rank:      • senior to our common shares and to each other class or series of capital stock established after the original issue  date of such series of Preference Shares that is not expressly made senior to, or on parity with, such series of  Preference Shares as to the payment of dividends and amounts payable upon liquidation, dissolution or winding  up, whether voluntary or involuntary (“Junior Securities”);    • on a parity with the other series of Preference Shares and any other class or series of capital stock established  after the original issue date of such series of Preference Shares that is expressly made equal to such series of  Preference Shares as to the payment of dividends and amounts payable upon liquidation, dissolution or winding  up, whether voluntary or involuntary (“Parity Securities”); and    • junior to all of our indebtedness and other liabilities with respect to assets available to satisfy claims against us  and junior to each class or series of capital stock expressly made senior to such series of Preference Shares as to  the payment of dividends and amounts payable upon liquidation, dissolution or winding up, whether voluntary  or involuntary (such classes or series of capital stock referred to herein as (“Senior Securities).”  We may issue Junior Securities from time to time in one or more series without the consent of the holders of any series  of Preference Shares. We may also issue any Parity Securities as long as the cumulative dividends on the Preference  Shares are not in arrears. Our board of directors has the authority to determine the preferences, powers, qualifications,  limitations, restrictions and special or relative rights or privileges, if any, of any such series before the issuance of any  shares of that series. Our board of directors will also determine the number of shares constituting each series of securities.  Our ability to issue Senior Securities is limited as described under “-Voting Rights.”  Liquidation Rights  The holders of Preference Shares will be entitled, in the event of any liquidation, dissolution or winding up of our affairs,  whether voluntary or involuntary, to receive the liquidation preference of $25.00 per share in cash plus an amount equal  to accumulated and unpaid dividends thereon to the date fixed for payment of such amount (whether or not declared),  and no more, before any distribution will be made to the holders of our common shares or any other Junior Securities. A  consolidation or merger of us with or into any other entity, individually or in a series of transactions, will not be deemed  a liquidation, dissolution or winding up of our affairs for this purpose. In the event that our assets available for distribution  to holders of the Preference Shares and any other Parity Securities are insufficient to permit payment of all required  amounts, our assets then remaining will be distributed among the Preference Shares and any Parity Securities, as  applicable, ratably on the basis of their relative aggregate liquidation preferences. After payment of all required amounts  to the holders of the outstanding Preference Shares and other Parity Securities, our remaining assets and        

 

    funds will be distributed among the holders of the common shares and any other Junior Securities then outstanding  according to their respective rights.  Voting Rights  Each series of Preference Shares will have no voting rights except as set forth below or as otherwise provided by Bermuda  law. In the event that dividends payable on the Preference Shares of any series are in arrears for six or more quarterly  periods, whether or not consecutive, holders of the Preference Shares of such series (voting together as a class with the  other series of Preference Shares and all other classes or series of Parity Securities upon which like voting rights have  been conferred and are exercisable) will be entitled to elect two additional directors to serve on our board of directors,  and the size of our board of directors will be increased as needed to accommodate such change (unless the size of our  board of directors has already been increased by reason of the election of directors by holders of Parity Securities upon  which like voting rights have been conferred and with which such series of A Preference Shares voted as a class for the  election of such directors). Dividends payable on the Preference Shares of any series will be considered to be in arrears  for any quarterly period for which full cumulative dividends through the most recent Dividend Payment Date have not  been paid on all outstanding Preference Shares of such series. The right of such holders of Preference Shares of any series  to elect two members of our board of directors will continue until such time as there are no accumulated and unpaid  dividends in arrears on such series of Preference Shares, at which time such right will terminate, subject to revesting in  the event of each and every subsequent failure to pay six quarterly dividends as described above. Upon any termination  of the right of the holders of Preference Shares of any series and any other Parity Securities to vote as a class for such  directors, the term of office of such directors then in office elected by such holders voting as a class will terminate  immediately. Any directors elected by the holders of the Preference Shares of any series and any other Parity Securities  shall each be entitled to one vote on any matter before our board of directors.  Subject to the Companies Act 1981 of Bermuda, as amended, none of the special rights attached to the Preference Shares  of any series may be altered or abrogated by any amendment to the Company’s Bye-laws or the Certificate of  Designations for such series of Preference Shares without (i) the consent in writing of the holders of not less than seventy- five percent (75%) of the issued and outstanding Preference Shares of such series, voting as a single class or (ii) the  sanction of a resolution passed, (A) in the case of the issued and outstanding Series E Preference Shares, at a separate  general meeting of the holders of the Series E Preference Shares voting in person or by proxy, and (B) in the case of all  other issued and outstanding Preference Shares, by not less than seventy-five percent (75%) of the issued and outstanding  Preference Shares of such series, voting as a single class, at a separate general meeting of the holders of Preference Shares  of such series voting in person or by proxy.  In addition, unless we have received the affirmative vote or consent of the holders of at least two-thirds of the outstanding  Preference Shares of any series, voting as a class together with holders of any other Parity Securities upon which like  voting rights have been conferred and are exercisable, we may not:      • issue any Parity Securities if the cumulative dividends payable on outstanding Preference Shares of such series  are in arrears; or    • create or issue any Senior Securities.  For the avoidance of doubt, we do not need to obtain the affirmative vote or consent of holders of any shares of  Preference Shares to issue any debt securities, or incur any other indebtedness or other liabilities.  On any matter described above in which the holders of the Preference Shares of any series are entitled to vote as a  class, such holders will be entitled to one vote per share. Any Preference Shares held by us or any of our subsidiaries or  affiliates will not be entitled to vote.        

 

    Preference Shares held in nominee or street name account will be voted by the broker or other nominee in  accordance with the instruction of the beneficial owner unless the arrangement between the beneficial owner and his  nominee provides otherwise.  Dividends  Dividend Rate  Holders of Preference Shares of each series will be entitled to receive, when, as and if declared by our board of directors  or any authorized committee thereof, out of legally available funds for such purpose, cumulative cash dividends at the  rate of (i) 8.50% per annum of the $25.00 liquidation preference per share, or $2.1250 per share per year, (ii) 8.00% per  annum of the $25.00 liquidation preference per share, or $2.00 per share per year, (iii) 7.375% per annum of the $25.00  liquidation preference per share, or $1.84375 per share per year, (iv) 6.875% per annum of the $25.00 liquidation  preference per share, or $1.71875 per share per year and (v) 5.75% per annum of the $25.00 liquidation preference per  share, or $1.4375 per share per year, in each case, payable on each Dividend Payment Date.  Dividend Payment Dates  The “Dividend Payment Dates” for each series of Preference Shares will be the 15th day of each March, June, September  and December. Dividends for each series of Preference Shares will accumulate in each dividend period from and  including the preceding Dividend Payment Date or the initial issue date, as the case may be, to but excluding the  applicable Dividend Payment Date for such dividend period. In the case of the Series A Preference Shares and the Series  B Preference Shares, dividends will accrue on accumulated dividends not paid on any Dividend Payment Date at the  applicable dividend rate. Dividends on the Preference Shares will be payable based on a 360-day year consisting of  twelve 30-day months.  If any Dividend Payment Date is not a Business Day, then the dividend which would otherwise have been payable on  such Dividend Payment Date will be paid on the next succeeding Business Day, and no additional dividends or other  sums will accrue on the amount so payable for the period from and after such Dividend Payment Date to that next  succeeding Business Day.  “Business Day” means any day on which the NYSE is open for trading and which is not a Saturday, a Sunday or other  day on which banks in New York City or Bermuda are authorized or required by law to close.  Payment of Dividends  On each Dividend Payment Date, we will pay those dividends, if any, on the Preference Shares of each series that have  been declared by our board of directors to the holders of such shares as such holders’ names appear on our stock transfer  books maintained by the Registrar and Transfer Agent on the applicable Record Date. The applicable record date (or  Record Date) will be the close of business, New York City time, on the fifth Business Day immediately preceding the  applicable Dividend Payment Date, except that in the case of payments of dividends in arrears, the Record Date with  respect to a Dividend Payment Date will be such date and time as may be designated by our board of directors.  No dividend may be declared or paid or set apart for payment on any Junior Securities (other than a dividend payable  solely in shares of Junior Securities) unless full cumulative dividends have been or contemporaneously are being paid or  provided for on all outstanding Preference Shares and any Parity Securities through the most recent respective dividend  payment dates. Accumulated dividends in arrears for any past dividend period for any series of Preference Shares may  be declared by our board of directors and paid on any date fixed by our board of directors, whether or not a Dividend  Payment Date, to holders of the Preference Shares of such series on the record date for such payment, which may not be  more than 60 days,        

 

    nor less than 15 days, before such payment date. Subject to the next succeeding sentence, if all accumulated dividends in  arrears on all outstanding Preference Shares and any Parity Securities have not been declared and paid, or sufficient funds  for the payment thereof have not been set apart, payment of accumulated dividends in arrears will be made in order of  their respective dividend payment dates, commencing with the earliest. If less than all dividends payable with respect to  all Preference Shares and any Parity Securities are paid, any partial payment will be made pro rata with respect to the  Preference Shares of each series and any Parity Securities entitled to a dividend payment at such time in proportion to  the aggregate amounts remaining due in respect of such shares at such time. Holders of the Preference Shares will not be  entitled to any dividend, whether payable in cash, property or stock, in excess of full cumulative dividends. Except insofar  as dividends accrue on the amount of any accumulated and unpaid dividends as described under “-Dividends-Dividend  Rate” with respect to the Series A Preference Shares and the Series B Preference Shares, no interest or sum of money in  lieu of interest will be payable in respect of any dividend payment which may be in arrears on the Preference Shares.  Change of Control  Optional Redemption Upon a Change of Control Triggering Event  Upon the occurrence of a Change of Control Triggering Event (as defined below), we may, at our option, redeem the  Preference Shares of any series in whole or in part within 120 days after the first date on which such Change of Control  Triggering Event occurred (the “Change of Control Redemption Period”), by paying the liquidation preference of $25.00  per Preference Share of each such series, plus all accumulated and unpaid dividends on each such series of Preference  Shares to, but not including, the redemption date, whether or not declared. If, prior to the Change of Control Conversion  Date (as defined below), we exercise our right to redeem the Preference Shares of any series as described in the  immediately preceding sentence or as described below under “-Redemption,” holders of the Preference Shares of such  series we have elected to redeem will not have the conversion right described below under “-Conversion Right Upon a  Change of Control Triggering Event.” Any cash payment to holders of Preference Shares of any series will be subject to  the limitations contained in any agreements governing our indebtedness.  “Change of Control” means the occurrence of either of the following after the original issue date of the Preference Shares  of each series:      • the direct or indirect lease, sale, transfer, conveyance or other disposition (other than by way of merger,  consolidation or business combination), in one or a series of related transactions, of all or substantially all of the  properties or assets of us and our subsidiaries taken as a whole to any “person” (as that term is used in  Section 13(d)(3) of the Exchange Act); or    • the consummation of any transaction (including, without limitation, any merger, consolidation or business  combination), the result of which is that any person (as defined above), becomes the beneficial owner, directly  or indirectly, of more than 50% of the voting interests of us, measured by voting power rather than percentage of  interests.    “Change of Control Triggering Event” means, with respect to each series of Preference Shares, the occurrence of a  Change of Control that is accompanied or followed by either a downgrade by one or more gradations (including both  gradations within ratings categories and between ratings categories) or a withdrawal of the rating of such series of  Preference Shares within the Ratings Decline Period (in any combination) by the Named Rating Agency (as defined  below) then rating such series of Preference Shares, as a result of which the rating of such series of Preference Shares on  any day during the Ratings Decline Period is withdrawn or is below the rating by such Named Rating Agency in effect  immediately preceding the first public        

 

    announcement of the Change of Control (or occurrence thereof if such Change of Control occurs prior to public  announcement).  “Named Rating Agency” means with respect to each series of Preference Shares:      1. S&P; and    2. if S&P ceases to rate such series of Preference Shares or fails to rate such series of Preference Shares, as the case  may be, for reasons outside of our control, a “nationally recognized statistical rating organization” as defined in  Section 3(a)(62) under the Exchange Act selected by us as a replacement agency for S&P.    “Ratings Decline Period” means the period that (i) begins on the occurrence of a Change of Control and (ii) ends 60 days  following consummation of such Change of Control.  “S&P” means S&P Global Ratings, a division of S&P Global Inc.  Conversion Right Upon a Change of Control Triggering Event  Upon the occurrence of a Change of Control Triggering Event, each holder of Preference Shares of each series will have  the right (unless we have provided notice of our election to redeem Preference Shares of such series as described above  under “-Optional Redemption upon a Change of Control Triggering Event” or below under “-Redemption”) to convert  some or all of the Preference Shares of such series held by such holder on the Change of Control Conversion Date into a  number of our common shares per Preference Share of such series to be converted equal (the “Common Share Conversion  Consideration”) to the lesser of:      • the quotient obtained by dividing (i) the sum of the $25.00 liquidation preference plus the amount of any  accumulated and unpaid dividends on such series of Preference Shares to, but not including, the Change of  Control Conversion Date (unless the Change of Control Conversion Date is after a record date for the Preference  Share dividend payment and prior to the corresponding Preference Share dividend payment date, in which case  no additional amount for such accumulated and unpaid dividend will be included in this sum) by (ii) the Common  Share Price (as defined below), and    • (i) 1.53657 in the case of the Series A Preference Shares, (ii) 1.58178 in the case of the Series B Preference  Shares, (iii) 1.35685 in the case of the Series C Preference Shares, (iv) 1.26968 in the case of the Series D  Preference Shares and (v) 0.93668 in the case of the Series E Preference Shares, subject, in each case, to certain  adjustments and to provisions for (i) the payment of any Alternative Conversion Consideration (as defined below)  and (ii) splits, combinations and dividends in the form of equity issuances.    In the case of a Change of Control pursuant to which our common shares will be converted into cash, securities or other  property or assets (including any combination thereof), a holder of Preference Shares of any series electing to exercise  its Change of Control Conversion Right (as defined below) will receive upon conversion of such Preference Shares  elected by such holder the kind and amount of such consideration that such holder would have owned or been entitled to  receive upon the Change of Control had such holder held a number of our common shares equal to the Common Share  Conversion Consideration for such Preference Shares immediately prior to the effective time of the Change of Control,  which we refer to as the “Alternative Conversion Consideration”; provided, however, that if the holders of our common  shares have the opportunity to elect the form of consideration to be received in the Change of Control, the consideration  that the holders of Preference Shares of any series electing to exercise their Change of Control Conversion Right will  receive will be the form and proportion of the aggregate consideration elected by the holders of our common shares who  participate in the determination (based on the weighted average of elections) and will be subject to any limitations to  which all holders of our common shares are subject, including, without limitation, pro rata reductions applicable to any  portion of the consideration payable in the Change of Control. We will not issue        

 

    fractional common shares upon the conversion of the Preference Shares of any series. Instead, we will pay the cash value  of such fractional shares.  If we provide a redemption notice, whether pursuant to our special optional redemption right in connection with a Change  of Control Triggering Event as described under “-Optional Redemption upon a Change of Control Triggering Event” or  our optional redemption rights as described below under “-Redemption,” holders of Preference Shares of any series will  not have any right to convert the Preference Shares of such series that we have elected to redeem and any Preference  Shares of such series subsequently selected for redemption that have been tendered for conversion pursuant to the Change  of Control Conversion Right will be redeemed on the related redemption date instead of converted on the Change of  Control Conversion Date.  Within five days following the expiration of the Change of Control Redemption Period (or, if we waive our right to  redeem the Preference Shares of any series prior to the expiration of the Change of Control Redemption Period, within  five days following the date of such waiver), we will provide to the holders of the Preference Shares of each series  written notice of the occurrence of the Change of Control Triggering Event that describes the resulting Change of  Control Conversion Right. This notice will state the following:      • the events constituting the Change of Control Triggering Event;    • the date of the Change of Control Triggering Event;    • the date on which the Change of Control Redemption Period expired or was waived;    • the last date on which the holders of Preference Shares may exercise their Change of Control Conversion Right;    • the method and period for calculating the Common Share Price;    • the Change of Control Conversion Date;    • if applicable, the type and amount of Alternative Conversion Consideration entitled to be received per  Preference Share of each series; and    • the procedure that the holders of Preference Shares must follow to exercise the Change of Control Conversion  Right.  We will issue a press release for publication through a news or press organization as is reasonably expected to broadly  disseminate the relevant information to the public, or post notice on our website, in any event prior to the opening of  business on the first Business Day following any date on which we provide the notice described above to the holders of  the Preference Shares.  Holders of Preference Shares that choose to exercise their Change of Control Conversion Right will be required prior to  the close of business on the third Business Day preceding the Change of Control Conversion Date, to notify us of the  number of Preference Shares to be converted and otherwise to comply with any applicable procedures contained in the  notice described above or otherwise required by the Securities Depositary for effecting the conversion.  “Change of Control Conversion Right” means the right of a holder of Preference Shares of any series to convert some  or all of the Preference Shares of such series held by such holder on the Change of Control Conversion Date into a  number of our common shares per Preference Share of such series pursuant to the conversion provisions in the  Certificate of Designation with respect to such series of Preference Shares.  “Change of Control Conversion Date” means the date fixed by the board of directors, in its sole discretion, as the date  the Preference Shares are to be converted, which will be a Business Day that is no fewer than 20 days nor more than 35  days after the date on which we provide the notice described above to holders of the Preference Shares.        

 

    “Common Share Price” means (i) the amount of cash consideration per common share, if the consideration to be  received in the Change of Control by the holders of our common shares is solely cash; and (ii) the average of the  closing prices for our common shares on the NYSE for the ten consecutive trading days immediately preceding, but not  including, the Change of Control Conversion Date, if the consideration to be received in the Change of Control by the  holders of our common shares is other than solely cash.  Notwithstanding the foregoing, the holders of Preference Shares of each series will not have a conversion right upon a  Change of Control if (i) the acquiror has shares listed or quoted on the NYSE, the NYSE American or NASDAQ or  listed or quoted on an exchange or quotation system that is a successor to the NYSE, the NYSE American or  NASDAQ, and (ii) the Preference Shares of such series remain continuously listed or quoted on the NYSE, the NYSE  American or NASDAQ or listed or quoted on an exchange or quotation system that is a successor to the NYSE, the  NYSE American or NASDAQ.     Redemption  Optional Redemption  Commencing on (i) March 15, 2024 in the case of the Series A Preference Shares, (i) September 15, 2024 in the case of  the Series B Preference Shares, (iii) December 15, 2024 in the case of the Series C Preference Shares, (iv) March 15,  2025 in the case of the Series D Preference Shares and (v) September 15, 2026 in the case of the Series E Preference  Shares, we may redeem, at our option, in whole or in part, the Preference Shares of any series at a redemption price in  cash equal to $25.00 per share plus an amount equal to all accumulated and unpaid dividends thereon to, but not including,  the date of redemption, whether or not declared. Any such optional redemption shall be effected only out of funds legally  available for such purpose. We may undertake multiple partial redemptions.  We may also redeem the Preference Shares of any series under the terms set forth under “-Change of Control-Optional  Redemption Upon a Change of Control Triggering Event.”  Optional Redemption Following a Rating Agency Event  We may, at our option, redeem the Series E Preference Shares in whole but not in part, at any time within 120 days after  the conclusion of any review or appeal process instituted by us following the occurrence of a Rating Agency Event, or,  if no review or appeal process is available or sought with respect to such Rating Agency Event, at any time within 120  days after the occurrence of such Rating Agency Event, at a redemption price in cash equal to $25.50 per share, plus all  accumulated and unpaid dividends thereon to, but excluding, the date fixed for redemption, whether or not declared.  A “Rating Agency Event” means that any “nationally recognized statistical rating organization” within the meaning of  Section 3(a)(62) of the Exchange Act that then publishes a rating for us amends, clarifies or changes the methodology or  criteria that it employed for purposes of assigning equity credit to securities such as the Series E Preference Shares on  the original issue date of the Series E Preference Shares (the “current methodology”), which amendment, clarification or  change either (i) shortens the period of time during which equity credit pertaining to the Series E Preference Shares would  have been in effect had the current methodology not been changed or (ii) reduces the amount of equity credit assigned to  the Series E Preference Shares as compared with the amount of equity credit that such rating agency had assigned to the  Series E Preference Shares as of the original issue date.  We may also redeem the Series E Preference Shares under the terms set forth under “—Change of Control—Optional  Redemption Upon a Change of Control Triggering Event.”  Redemption Procedures  We will give notice of any redemption by mail, postage prepaid, not less than 30 days and not more than 60 days before  the scheduled date of redemption, to the holders of any shares to be redeemed as such holders’ names appear on our share  transfer books maintained by the Registrar and Transfer Agent at the address of such holders shown therein. Such notice  

 

shall state: (1) the redemption date, (2) the number of Preference Shares of the applicable series to be redeemed and, if  less than all issued and outstanding Preference Shares of the applicable series are to be redeemed, the number (and the  identification) of shares to be redeemed from such holder, (3) the redemption price, (4) the place where the Preference  Shares of the applicable series are to be redeemed and shall be presented and surrendered for payment of the redemption  price therefor and (5) that dividends on the shares to be redeemed will cease to accumulate from and after such redemption  date.  If fewer than all of the issued and outstanding Preference Shares of any series are to be redeemed, the number of shares  to be redeemed will be determined by us, and such shares will be redeemed by such method of selection as the Securities  Depository shall determine, pro rata or by lot, with adjustments to avoid redemption of fractional shares. So long as all  Preference Shares of any series are held of record by the nominee of the Securities Depository, we will give notice, or  cause notice to be given, to the Securities Depository of the number of Preference Shares of such series to be redeemed,  and the Securities Depository will determine the number of Preference Shares of such series to be redeemed from the  account of each of its participants holding such shares in its participant account. Thereafter, each participant will select  the number of shares to be redeemed from each beneficial owner for whom it acts (including the participant, to the extent  it holds Preference Shares of such series for its own account). A participant may determine to redeem Preference Shares  of the applicable series from some beneficial owners (including the participant itself) without redeeming Preference  Shares of such series from the accounts of other beneficial owners.  If we give or cause to be given a notice of redemption for any series of Preference Shares, then we will deposit with the  Paying Agent funds sufficient to redeem the Preference Shares of such series as to which notice has been given by the  close of business, New York City time, no later than the Business Day immediately preceding the date fixed for  redemption, and will give the Paying Agent irrevocable instructions and authority to, pay the redemption price to the  holder or holders thereof upon surrender or deemed surrender (which will occur automatically if the certificate  representing such shares is issued in the name of the Securities Depository or its nominee) of the certificates therefor. If  notice of redemption shall have been given, unless we default in providing funds sufficient for such redemption at the  time and place specified for payment pursuant to the notice, all dividends on such shares will cease to accumulate and all  rights of holders of such shares as our shareholders will cease, except the right to receive the redemption price, including  an amount equal to accumulated and unpaid dividends through the date fixed for redemption, whether or not declared.  We will be entitled to receive from the Paying Agent the interest income, if any, earned on such funds deposited with the  Paying Agent (to the extent that such interest income is not required to pay the redemption price of the shares to be  redeemed), and the holders of any shares so redeemed will have no claim to any such interest income. Any funds  deposited with the Paying Agent hereunder by us for any reason, including, but not limited to, redemption of Preference  Shares of any series, that remain unclaimed or unpaid after two years after the applicable redemption date or other  payment date, shall be, to the extent permitted by law, repaid to us upon our written request, after which repayment the  holders of the applicable Preference Shares entitled to such redemption or other payment shall have recourse only to us.  If only a portion of the Preference Shares of any series represented by a certificate has been called for redemption, upon  surrender of the certificate to the Paying Agent (which will occur automatically if the certificate representing such shares  is registered in the name of the Securities Depository or its nominee), the Paying Agent will issue to the holder of such  shares a new certificate (or adjust the applicable book-entry account) representing the number of Preference Shares of  such series represented by the surrendered certificate that have not been called for redemption.  Notwithstanding any notice of redemption, there will be no redemption of any Preference Shares called for redemption  until funds sufficient to pay the full redemption price of such shares, including all accumulated and unpaid dividends to  the date fixed for redemption, whether or not declared, have been deposited by us with the Paying Agent.  We and our affiliates may from time to time purchase the Preference Shares of any series, subject to compliance with all  applicable securities and other laws. Any shares repurchased and cancelled by us will revert to the status of authorized  but unissued preference shares, undesignated as to series.  Notwithstanding the foregoing, in the event that any dividends on the Preference Shares of any series and any Parity  Securities are in arrears, we may not repurchase, redeem or otherwise acquire, in whole or in part, any Preference Shares  or Parity Securities except pursuant to a purchase or exchange offer made on the same terms to all holders of Preference  Shares and any Parity Securities. Common shares and any other Junior Securities may not be redeemed, repurchased or  

 

otherwise acquired unless there are no dividends on the Preference Shares of each series and any Parity Securities in  arrears.  No Sinking Fund  The Preference Shares do not have the benefit of any sinking fund.

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