Document:

exv4w2

 

Exhibit 4.2

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE OF A DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES
REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE
ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND MAY NOT BE
TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY
OR BY A NOMINEE OF THE DEPOSITARY TO ANOTHER NOMINEE OF THE DEPOSITARY OR TO
THE DEPOSITARY OR BY ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF
SUCH SUCCESSOR DEPOSITORY.

UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL IN AS MUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

THE RYLAND GROUP, INC.

5  3/8% Senior Notes due 2008

CUSIP. 783764AJ2

	 	 	 
	No. R-1	 	
$150,000,000

     THE RYLAND GROUP, INC., a Maryland corporation (herein called the
“Company,” which term includes any successor Person under the Indenture
hereinafter referred to), for value received, hereby promises to pay to Cede &
Co., or registered assigns, the principal sum of One Hundred Fifty Million
Dollars on June 1, 2008, at the office or agency of the Company referred to
below, and to pay interest thereon, accruing from June 5, 2003, on December 1,
2003 and semi-annually thereafter on June 1 and December 1 in each year, at the
rate of 5  3/8% per annum until the principal hereof is paid or made available for
payment. The interest so payable, and punctually paid or duly provided for, on
any Interest Payment Date will, as provided in such Indenture, be paid to the
Person in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for such
interest, which shall be May 15 or November 15 (whether or not a Business Day),
as the case may be, next preceding such Interest Payment Date. Any such
interest not so punctually paid or duly provided for will forthwith cease to be
payable to the Holder on such Regular Record Date and may either be paid to the
Person in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business on a Special Record Date for the payment of
such Defaulted Interest to be fixed by the Trustee, notice whereof shall be
given to Holders of the Securities of this series not less than 10 days prior
to such Special Record Date, or be paid at any time in any other lawful manner
not inconsistent with the requirements of any securities exchange on which the
Securities of this series may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in said Indenture.

     Payment of the principal of, and interest on, this Security will be made
at the office appointed by the Company in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of
public and private debts; provided, however, that at the option of the Company
payment of interest may be made (i) by check mailed to the address of the
Person entitled thereto as such

 

 

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address shall appear in the Security Register or (ii) by wire transfer to
an account maintained by the Person entitled thereto.

     Reference is hereby made to the further provisions of this Security set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

     Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual signature, this Security
shall not be entitled to any benefit under the Indenture or be valid or
obligatory for any purpose.

 

 

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     IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed under its corporate seal.

	 	 	 
	Dated: June 5, 2003	THE RYLAND GROUP, INC
	 
	 	By:	 
	 	 	

David L. Fristoe

Senior Vice President

Attest:

	 
	 

Timothy J. Geckle

Secretary

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     This is one of the Securities of the series designated therein referred to
in the within-mentioned Indenture.

JPMorgan Chase Bank (formerly known as Chemical Bank), as Trustee

	 	 	 
	By:	 	 
	 	 	

Authorized Officer

 

 

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REVERSE OF SECURITY

     This Security is one of a duly authorized issue of securities of the
Company (herein called the “Securities”), issued and to be issued in one or
more series under an Indenture, dated as of June 28, 1996 (herein called the
“Indenture), between the Company and JPMorgan Chase Bank (formerly known as
Chemical Bank), as Trustee, herein called the “Trustee,” which term includes
any successor trustee under the Indenture), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, obligations, duties and immunities
thereunder of the Company, the Trustee and the Holders of the Securities and of
the terms upon which the Securities are, and are to be, authenticated and
delivered. The terms of this Security include the covenants and terms
established by the Certificate of the Chief Executive Officer and Chief
Financial Officer dated June 5, 2003, pursuant to the authority granted under
the Indenture (such terms and covenants shall be referred to herein
collectively with the terms and covenants set out in the Indenture that are
applicable to the Securities of this series as the “Indenture Terms”). Defined
terms used herein that are not otherwise defined shall have the meanings given
such terms in the Indenture Terms. This Security is one of the series
designated on the face hereof, in an aggregate principal amount of
$150,000,000. The Company may subsequently issue additional securities as part
of this series of Securities under the Indenture.

     The Company may, at its option, redeem the Securities in whole at any time
or in part from time to time, on at least 30 but not more than 60 days’ prior
notice, at a Redemption Price equal to the greater of (A) 100% of their
principal amount and (B) the present value of the Remaining Scheduled Payments
(as defined below) on the Securities being redeemed, discounted to the
Redemption Date, on a semiannual basis, at the Treasury Rate (as defined below)
plus 30 basis points (0.30%).

     The Company will also pay accrued interest on the Securities being
redeemed to the Redemption Date. In determining the Redemption Price and
accrued interest, interest will be calculated on the basis of a 360-day year
consisting of twelve 30-day months.

     If money sufficient to pay the Redemption Price of and accrued interest on
the Securities to be redeemed is deposited with the Trustee on or before the
Redemption Date, on and after the Redemption Date interest will cease to accrue
on the Securities (or such portions thereof) called for redemption and such
Securities will cease to be Outstanding.

     “Comparable Treasury Issue” means the United States Treasury security
selected by the Reference Treasury Dealer (as defined below) as having a
maturity comparable to the remaining term of the Securities to be redeemed that
would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of
comparable maturity to the remaining term of the Securities.

     “Comparable Treasury Price” means, with respect to any Redemption Date,
(1) the average of the bid and asked prices for the Comparable Treasury Issue
(expressed in each case as a percentage of its principal amount) on the third
Business Day preceding such Redemption Date, as set forth in the daily
statistical release (or any successor release) published by the Federal Reserve
Bank of New York and designated “Composite 3:30 p.m. Quotations for U.S.
Government Securities” or (2) if such release (or any successor release) is not
published or does not contain such price on such Business Day, (A) the average
of the Reference Treasury Dealer Quotations (as defined below) for such
Redemption Date, after excluding the highest and lowest such Reference Treasury
Dealer Quotations or (B) if fewer than four such Reference Treasury Dealer
Quotations are delivered to the Trustee, the average of all such quotations.

 

 

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     “Reference Treasury Dealer” means (A) UBS Warburg LLC (or an affiliate
thereof which is a Primary Treasury Dealer), and its successors; provided,
however, that if the foregoing shall cease to be a primary U.S. Government
securities dealer in New York City (a “Primary Treasury Dealer”), the Company
will substitute therefor another Primary Treasury Dealer; and (B) any other
Primary Treasury Dealer(s) selected by the Company.

     “Reference Treasury Dealer Quotations” means, with respect to each
Reference Treasury Dealer and any Redemption Date, the average, as determined
by the Trustee, of the bid and asked prices for the Comparable Treasury Issue
(expressed in each case as a percentage of its principal amount) quoted in
writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m. on the
third Business Day preceding such Redemption Date.

     “Remaining Scheduled Payments” means, with respect to any Security, the
remaining scheduled payments of the principal (or of the portion) thereof to be
redeemed and interest thereon that would be due after the related Redemption
Date but for such redemption; provided, however, that, if such Redemption Date
is not an Interest Payment Date with respect to such Security, the amount of
the next succeeding scheduled interest payment thereon will be reduced by the
amount of interest accrued thereon to such Redemption Date.

     “Treasury Rate” means, with respect to any Redemption Date, the rate per
annum equal to the semiannual equivalent yield to maturity of the Comparable
Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed
as a percentage of its principal amount) equal to the Comparable Treasury Price
for such Redemption Date.

     The Indenture Terms contain provisions for defeasance at any time of the
entire indebtedness of this Security upon compliance with certain conditions
set forth therein.

     The following constitute Events of Default: default for 30 days in payment
of any interest on any Security when due; default in payment of principal of
(or premium, if any, on) any Security when due; default in performance, or
breach, of any covenant or agreement of the Company in the Indenture Terms
which continues for 60 days after written notice to the Company by the Trustee
or by the Holders of at least 25% in principal amount of the Securities of this
series; the occurrence of any event that results in the acceleration of any
Indebtedness (other than Non-Recourse Indebtedness) of the Company or any of
its Restricted Subsidiaries that has an outstanding principal amount of
$10,000,000 or more in the aggregate; a default in the payment of any principal
or interest in respect of any Indebtedness of the Company or any of its
Restricted Subsidiaries (other than Non-Recourse Indebtedness) that has an
outstanding principal amount of $20,000,000 or more and the continuation of
such default for ten Business Days from the date such principal or interest
payment became due and payable (after giving effect to any applicable grace
period set forth in the documents governing such Indebtedness) and certain
events of bankruptcy, insolvency or reorganization as provided in the Indenture
Terms. If any Event of Default occurs and is continuing, the Trustee or the
Holders of at least 25% in principal amount of the outstanding Securities of
this series may declare the principal of all of the Securities of this series
to be due and payable immediately. Holders of Securities may not enforce the
Indenture or the Securities except as provided in the Indenture. The Trustee
may require indemnity satisfactory to it before it enforces the Indenture or
the Securities. Subject to certain limitations, Holders of a majority in
principal amount of the Securities of this series may direct the Trustee in its
exercise of any trust or power conferred upon the Trustee with respect to such
Securities. The Trustee may withhold from Holders of the Securities of this
series notice of any continuing default (except a default in payment of
principal or interest) if it determines that withholding notice is in their
interests. The Company must furnish an annual compliance certificate to the
Trustee.

 

 

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     The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series to be
affected under the Indenture at any time by the Company and the Trustee with
the consent of the Holders of a majority in principal amount of the Securities
at the time Outstanding of each series to be affected. Without the consent of
any Holder of Securities, the Indenture or the Securities may be amended to
cure any ambiguity, omission, defect or inconsistency or to make any change
that does not adversely affect the rights of any Holder of Securities in any
material respect. The Indenture also contains provisions permitting the
Holders of specified percentages in principal amount of the Securities of each
series at the time Outstanding, on behalf of the Holders of all Securities of
such series, to waive compliance by the Company with certain provisions of the
Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Holders of this Security shall be conclusive
and binding upon such Holder and upon all future Holders of this Security and
of any Security issued upon the registration of transfer hereof or in exchange
or in lieu hereof, whether or not notation of such consent or waiver is made
upon this Security.

     No reference herein to the Indenture Terms and no provision of this
Security or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of and any
premium and interest on this Security at the times, places and rates, and in
the coin or currency, herein prescribed.

     As provided in the Indenture Terms and subject to certain limitations
therein set forth, the transfer of this Security is registrable in the Security
Register, upon surrender of this Security for registration of transfer at the
office or agency appointed by the Company in any place where the principal of
and any premium and interest on this Security are payable, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Company and the Security Registrar duly executed by, the Holder thereof or his
attorney duly authorized in writing, and thereupon one or more new Securities
of this series and of like tenor, of authorized denominations and for the same
aggregate principal amount, will be issued to the designated transferee or
transferees.

     The Securities of this series are issuable only in registered form without
coupons in denominations of $1,000.00 and any integral multiple thereof. As
provided in the Indenture Terms and subject to certain limitations set forth
therein, Securities of this series are exchangeable for a like aggregate
principal amount of Securities of this series and of like tenor of a different
authorized denomination, as requested by the Holder surrendering the same.

     No service charge shall be made for any such registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

     A director, officer, employee or stockholder, as such, of the Company
shall not have any liability for any obligations of the Company under the
Securities or the Indenture Terms or for any claim based on, in respect of or
by reason of such obligations or their creation. Each Holder of Securities of
this series by accepting a Security waives and releases all such liability.
The waiver and release are part of the consideration for the issuance of the
Securities of this series.

     Prior to due presentment of this Security for registration of transfer,
the Company, the Trustee and any agent of the Company or the Trustee may treat
the Person in whose name this Security is registered as the owner hereof for
all purposes, whether or not this Security is overdue, and neither the Company,
the Trustee nor any such agent shall be affected by notice to the contrary.

 

 

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     No recourse shall be had for the payment of the principal of (and premium,
if any) or interest on this Security, or for any claim based hereon, or
otherwise in respect hereof, or based on or in respect of the Indenture Terms
or any indenture supplemental thereto, against any incorporator, stockholder,
officer or director, as such, past, present or future, of the Company or of any
successor corporation, whether by virtue of any constitution, statute or rule
of law, or by the enforcement of any assessment or penalty or otherwise, all
such liability being, by the acceptance hereof and as part of the consideration
for the issue hereof, expressly waived and released.

     JPMorgan Chase Bank (formerly known as Chemical Bank), the Trustee under
the Indenture, or any banking institution serving as successor Trustee
thereunder, in its individual or any other capacity, may make loans to, accept
deposits from and perform services for the Company or its Affiliates, and may
otherwise deal with the Company or its Affiliates as if it were not Trustee.

     The Company will furnish to any Holder of the Securities of this series
upon written request and without charge a copy of the Indenture. Requests may
be made to: The Ryland Group, Inc., 24025 Park Sorrento, Suite 400, Calabasas,
California 91302, Attention: Treasurer.Form of Note

 

Exhibit 4.01

KELLOGG COMPANY

2.875% Senior Notes due June 1, 2008

Unless this certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation (“DTC”), to the Company (as
defined below) or its agent for registration of transfer, exchange or payment,
and any certificate issued is registered in the name of Cede & Co. or in such
other name as is requested by an authorized representative of DTC (and any
payment is made to Cede & Co. or to such other entity as is requested by an
authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered
owner hereof, Cede & Co., has an interest herein.

	 	 	 
	REGISTERED	 	
REGISTERED

	 	 	 
	No. R-1	 	
U.S.$500,000,000

CUSIP No.: 487836 AY 4

ISIN No.: US487836AY41

Common Code No.: 017005162

     Kellogg Company, a corporation duly organized and existing under the laws
of Delaware (herein called the “Company,” which term includes any successor
Person under the Indenture hereinafter referred to), for value received, hereby
promises to pay to CEDE & CO., or registered assigns, the principal sum set
forth above or such other principal sum on the Schedule attached hereto (which
shall not exceed U.S.$500,000,000) on June 1, 2008, and to pay interest thereon
from June 5, 2003 or from the most recent interest payment date to which
interest has been paid or duly provided for, semiannually on June 1 and
December 1 in each year, commencing December 1, 2003, at the rate of 2.875% per
annum, until the principal hereof is paid or made available for payment.

     The interest so payable, and punctually paid or duly provided for, on any
interest payment date will, as provided in the Indenture, be paid to the Person
in whose name this Security (or one or more predecessor Securities) is
registered at the close of business on the regular record date for such
interest, which shall be the May 15 or November 15 (whether or not a Business
Day), as the case may be, next preceding such interest payment date. Any such
interest not so punctually paid or duly provided for will forthwith cease to be
payable to the Securityholder on such regular record date and may either be
paid to the Person in whose name this Security (or one or more predecessor
Securities) is registered at the close of business on a special record date for
the payment of such Defaulted Interest to be fixed by the Trustee, notice
whereof shall be given to Securityholders of this Series not less than 10 days
prior to such special record date, or be paid at any time in any other lawful
manner not inconsistent with the
requirements of any securities exchange on which the Securities of this
Series may be listed, and

 

 

 upon such notice as may be required by such exchange,
all as more fully provided in the Indenture.

     Payment of the principal of (and premium, if any) and interest on this
Security will be made at the office or agency of the Company maintained for
that purpose in the Borough of Manhattan, The City of New York, in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts; provided, however, that at the
option of the Company payment of interest may be made by check mailed to the
address of the Person entitled thereto as such address shall appear in the
Security Register or by wire transfer to an account maintained by the Person
entitled thereto as specified in the Security Register, provided that such
Person shall have given the Trustee written wire instructions at least five
Business Days prior to the applicable Interest Payment Date.

     Reference is hereby made to the further provisions of this Security set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

     Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual signature, this Security
shall not be entitled to any benefit under the Indenture or be valid or
obligatory for any purpose.

[Signatures appear on next page]

2

 

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

Dated: June 5, 2003

	 	 	 	 	 
	 	 	KELLOGG COMPANY
	 	 	 	 	 
	 	 	
By:	 	/s/ Joel R.
Wittenberg
	 	 	 	 	

	 	 	 	 	Name: Joel R. Wittenberg

Title: Vice President and Treasurer
	 	 	 	 	 
	 	 	
By:	 	/s/ Gary H. Pilnick
	 	 	 	 	

	 	 	 	 	Name: Gary H. Pilnick

Title: Vice President, Deputy General

Counsel and Assistant Secretary

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     This is one of the Securities of the series designated herein and referred
to in the within-mentioned Indenture.

	 	 	 	 	 
	 	 	BNY MIDWEST TRUST COMPANY,

as Trustee
	 	 	 	 	 
	 	 	
By:	 	/s/ Roxane Ellwanger
	 	 	 	 	

	 	 	 	 	Authorized Signatory

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[FORM OF REVERSE SIDE OF SECURITY]

2.875% Senior Notes due June 1, 2008

     Section 1. Indenture

     The Company issued the Securities under an Indenture, dated as of March
15, 2001, between the Company and the Trustee, and Supplemental Indenture No. 1
thereto, dated as of March 29, 2001 (collectively, the “Indenture”). The terms
of the Securities include those stated in the Indenture and those made part of
the Indenture by reference to the Trust Indenture Act as in effect on the date
of the Indenture. The Securities are subject to all terms and provisions of
the Indenture, and Securityholders are referred to the Indenture and the Trust
Indenture Act for a statement of such terms and provisions.

     The Securities are senior unsecured obligations of the Company initially
limited to $500,000,000 aggregate principal amount at any one time outstanding.
This Security is one of a Series designated as 2.875% Senior Notes due 2008 of
the Company.

     Section 2. Redemption

     All or a portion of the Securities will be redeemable at any time or from
time to time at the option of the Company at a redemption price equal to the
greater of

     (a)  one hundred percent (100%) of the principal amount of the Securities
to be redeemed on the redemption date; and

     (b)  the sum of the present values of the remaining scheduled payments of
principal and interest on the Securities being redeemed on such redemption date
(not including any portion of any payments of interest accrued to the
redemption date), discounted to the redemption date on a semiannual basis at
the Treasury Rate (as defined below), plus 15 basis points,

plus, in each case, accrued and unpaid interest on the Securities to the
redemption date. Notwithstanding the foregoing, installments of interest on
the Securities that are due and payable on interest payment dates falling on or
prior to a redemption date will be payable on the interest payment date to the
registered Securityholders as of the close of business on the relevant record
date according to the Securities and the Indenture. The redemption price will
be calculated on the basis of a 360-day year consisting of twelve 30-day
months.

     Notice of any redemption will be mailed at least 30 days but not more than
60 days before the redemption date to each Securityholder. Once notice of
redemption is mailed, the Securities called for redemption will become due and
payable on the redemption date and at the applicable redemption price, plus
accrued and unpaid interest to the redemption date.

     “Treasury Rate” means, with respect to any redemption date, the rate per
annum equal to the semiannual equivalent yield to maturity of the Comparable
Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed
as a percentage of its principal amount) equal to the Comparable Treasury Price
for such redemption date.

 

 

     “Comparable Treasury Issue” means the United States Treasury security
selected by the Reference Treasury Dealer as having a maturity comparable to
the remaining term of the Securities to be redeemed that would be utilized, at
the time of selection and in accordance with customary financial practice, in
pricing new issues of corporate debt securities of comparable maturity to the
remaining term of such Securities.

     “Comparable Treasury Price” means, with respect to any redemption date,
(i) the average of the Reference Treasury Dealer Quotations for such redemption
date, after excluding the highest and lowest such Reference Treasury Dealer
Quotations, (ii) if the Trustee obtains fewer than three such Reference
Treasury Dealer Quotations, the average of all such quotations or (iii) if only
one Reference Treasury Dealer Quotation is received, such Quotation.

     “Reference Treasury Dealer” means (i) Banc of America Securities LLC,
Barclays Capital Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities
Inc. (or its respective affiliates which are Primary Treasury Dealers) and
their respective successors; provided, however, that if any of the foregoing
shall cease to be a primary U.S. Government securities dealer in New York City
(a “Primary Treasury Dealer”), the Company shall substitute therefor another
Primary Treasury Dealer; and (ii) any other Primary Treasury Dealer(s) selected
by the Company.

     “Reference Treasury Dealer Quotation” means, with respect to each
Reference Treasury Dealer and any redemption date, the average, as determined
by the Trustee, of the bid and asked prices for the Comparable Treasury Issue
(expressed in each case as a percentage of its principal amount) quoted in
writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m. (New York
City time) on the third business day preceding such redemption date.

     On and after the redemption date, interest will cease to accrue on the
Securities or any portion of the Securities called for redemption (unless the
Company defaults in the payment of the redemption price and accrued interest).
On or before the redemption date, the Company will deposit with a Paying Agent
or the Trustee money sufficient to pay the redemption price of and accrued
interest on the Securities to be redeemed on that date. If less than all of
the securities of any series are to be redeemed, the securities to be redeemed
shall be selected by the Trustee by a method the Trustee deems to be fair and
appropriate.

     Section 3. Payment of Additional Amounts

     The Company shall pay to any Securityholder who is a non-United States
person such additional amounts (“Additional Amounts”) as may be necessary in
order that every net payment in respect of the principal, premium, if any, or
interest, if any, on such Securities, after deduction or withholding by the
Company or any Paying Agent for or on account of any present or future tax,
assessment or governmental charge imposed upon or as a result of such payment
by the United States or any political subdivision or taxing authority thereof
or therein, will not be less than the amount provided for in such Securities to
be then due and payable before any such deduction or withholding for or on
account of any such tax, assessment or governmental charge. The foregoing
obligation to pay such Additional Amounts shall not apply to:

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     (a)  any tax, assessment or other governmental charge which would not have
been so imposed but for:

		
	 	     (i) the existence of any present or former connection between such
Securityholder (or a fiduciary, settlor, beneficiary, member or
shareholder of, or holder of a power over, such Securityholder, if such
Securityholder is an estate, trust, partnership or corporation) and the
United States, including, without limitation, such Securityholder (or
such fiduciary, settlor, beneficiary, member, shareholder of, or holder
of a power) being or having been a citizen or resident or treated as a
resident thereof or being or having been engaged in a trade or business
therein or being or having been present therein or having or having had a
permanent establishment therein, or

		
	 	     (ii) such Securityholder’s present or former status as a personal
holding company or foreign personal holding company or controlled foreign
corporation for United States federal income tax purposes or corporation
which accumulates earnings to avoid United States federal income tax;

     (b)  any tax, assessment or other governmental charge which would not have
been so imposed but for the presentation by the Securityholder for payment on a
date more than 10 days after the date on which such payment became due and
payable or the date on which payment thereof is duly provided for, whichever
occurs later;

     (c)  any estate, inheritance, gift, sales, transfer, personal property or
excise tax or any similar tax, assessment or governmental charge;

     (d)  any tax, assessment or other governmental charge which is payable
otherwise than by withholding from payments in respect of principal of or
interest, if any, on any of the Securities;

     (e)  any tax, assessment or other governmental charge imposed on interest
received by a Securityholder or beneficial owner of the Securities who actually
or constructively owns 10% or more of the total combined voting power of all
classes of stock of the Company entitled to vote within the meaning of Section
871(h)(3) of the United States Internal Revenue Code of 1986, as amended;

     (f)  any tax, assessment or other governmental charge imposed as a result
of the failure to comply with:

		
	 	     (i) certification, information, documentation, reporting or other
similar requirements concerning the nationality, residence, identity or
connection with the United States of the Securityholder or beneficial
owner of the Securities, if such compliance is required by statute, or by
regulation of the United States Treasury Department, as a precondition to
relief or exemption from such tax, assessment or other governmental
charge (including backup withholding), or

		
	 	     (ii) any other certification, information, documentation, reporting
or other similar requirements under United States income tax laws or
regulations that would

3

 

		
	 	establish entitlement to otherwise applicable relief or exemption
from such tax, assessment or other governmental charge;

     (g)  any tax, assessment or other governmental charge required to be
withheld by any Paying Agent from any payment of the principal of or interest,
if any, on any of the Securities, if such payment can be made without such
withholding by at least one other Paying Agent;

     (h)  any tax, assessment or other governmental charge that is required to
be made pursuant to any European Union directive on the taxation of savings
income or any law implementing or complying with, or introduced to conform to,
any such directive; or

     (i)  any combination of items (a), (b), (c), (d), (e), (f), (g) or (h);

nor will such Additional Amounts be paid to any Securityholder who is a
fiduciary or partnership or other than the sole beneficial owner of the
Securities to the extent a settlor or beneficiary with respect to such
fiduciary or a member of such partnership or a beneficial owner of the
Securities would not have been entitled to payment of such Additional Amounts
had such beneficiary, settlor, member or beneficial owner been the
Securityholder. The Securities are subject in all cases to any tax, fiscal or
other law or regulation or administrative or judicial interpretation applicable
thereto. Except as specifically provided under this Section 3, the Company
shall not be required to make any payment with respect to any tax, assessment
or governmental charge imposed by any government or a political subdivision or
taxing authority thereof or therein.

     Section 4. Redemption for Tax Reasons

     If, as a result of:

		
	 	     (a) any change in or amendment to the laws (including any
regulations or rulings promulgated thereunder) of the United States or
any political subdivision thereof or therein affecting taxation, which
becomes effective after May 29, 2003 or which proposal is made after such
date,

		
	 	     (b) any change in the official application or interpretation of such
laws, including any official proposal for such a change, amendment or
change in the application or interpretation of such laws, which change,
amendment, application or interpretation is announced or becomes
effective after May 29, 2003 or which proposal is made after such date,

		
	 	     (c)  any action taken by any taxing authority of the United States
which action is taken or becomes generally known after May 29, 2003, or
any commencement of a proceeding in a court of competent jurisdiction in
the United States after such date, whether or not such action was taken
or such proceeding was brought with respect to the Company,

there is, in such case, in the written opinion of independent legal counsel of
recognized standing to the Company, a material increase in the probability that
the Company has or may become obligated to pay Additional Amounts, and the
Company in its business judgment, determines that such obligation cannot be
avoided by the use of reasonable measures available to it, not

4

 

including assignment of the Securities, the Securities affected thereby may be
redeemed, as a whole but not in part, at the Company’s option at any time
thereafter, upon notice to the Trustee and the Securityholders affected thereby
in accordance with the provisions of this Security and the Indenture at a
redemption price equal to 100% of the principal amount of the Securities to be
redeemed together with accrued interest thereon to the date fixed for
redemption.

     Section 5. Sinking Fund

     The Securities are not subject to any sinking fund.

     Section 6. Denominations; Transfer; Exchange

     The Securities are in registered form without coupons in denominations of
$1,000 and whole multiples of $1,000. A Securityholder may transfer or
exchange Securities in accordance with the Indenture. Upon any transfer or
exchange, the Registrar and the Trustee may require a Securityholder, among
other things, to furnish appropriate endorsements or transfer documents and to
pay any taxes required by law or permitted by the Indenture. The Registrar
need not register the transfer of or exchange any Securities selected for
redemption or to transfer or exchange any Securities for a period of 15 days
prior to the mailing of a notice of redemption of Securities to be redeemed.

     A global Security deposited with the Depositary or the Trustee shall be
transferred to the beneficial owner thereof in the form of Definitive
Securities only if (a) the Company notifies the Trustee in writing that the
Depositary, Euroclear or Clearstream is no longer willing or able to act as a
depositary or clearing system for the Securities or the Depositary ceases to be
registered as a clearing agency under the Exchange Act, and a successor
depositary or clearing system is not appointed within 90 days of this notice or
cessation, (b) the Company, at its option, notifies the Trustee in writing that
it elects to cause the issuance of the Securities in definitive form under the
Indenture or (c) upon the occurrence and continuation of an Event of Default
under the Indenture with respect to the Securities. Upon surrender by the
Depositary of the global Securities, certificated Securities will be issued to
each Person that the Depositary identifies as the beneficial owner of the
Securities represented by the global Security. Upon any such issuance, the
Trustee is required to register the certificated Securities in the name of the
Person or Persons or the nominee of any of these Persons and cause the same to
be delivered to these Persons. Neither the Company nor the Trustee shall be
liable for any delay by the Depositary or any participant or indirect
participant in identifying the beneficial owners of the related Securities and
each such Person may conclusively rely on, and shall be protected in relying
on, instructions from the Depositary for all purposes, including with respect
to the registration and delivery, and respective principal amounts, of the
Securities to be issued.

     Section 7. Events of Default

     If an Event of Default with respect to Securities of this series shall
occur and be continuing, the principal of the Securities of this series may be
declared due and payable in the manner and with the effect provided in the
Indenture.

5

 

     Section 8.
Persons Deemed Owners

     The registered Securityholder may be treated as the owner of it for all
purposes.

     Section 9.
Unclaimed Money

     If money for the payment of principal or interest remains unclaimed for
two years, the Trustee or Paying Agent shall pay the money back to the Company
at its written request unless an abandoned property law designates another
Person. After any such payment, Securityholders entitled to the money must
look only to the Company and not to the Trustee for payment.

     Section 10. Discharge and Defeasance

     Subject to certain conditions, the Company at any time may terminate some
of or all its obligations under the Securities and the Indenture if the Company
deposits with the Trustee money or U.S. Government Obligations for the payment
of principal and interest on the Securities to redemption or maturity, as the
case may be.

     Section 11. Trustee Dealings with the Company

     Subject to certain limitations imposed by the Trust Indenture Act, the
Trustee under the Indenture, in its individual or any other capacity, may
become the owner or pledgee of Securities and may otherwise deal with and
collect obligations owed to it by the Company or its Affiliates and may
otherwise deal with the Company or its Affiliates with the same rights it would
have if it were not Trustee.

     Section 12. No Recourse Against Others

     A director, officer, employee or stockholder, as such, of the Company
shall not have any liability for any obligations of the Company under the
Securities or the Indenture or for any claim based on, in respect of or by
reason of such obligations or their creation. By accepting a Security, each
Securityholder waives and releases all such liability. The waiver and release
are part of the consideration for the issue of the Securities.

     Section 13. Authentication

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

     Section 14. Notices

     Notices to Securityholders will be published in authorized daily
newspapers in the City of New York, in London, and, so long as the Securities
are listed on the Luxembourg Stock Exchange, in Luxembourg. It is expected
that publication will be made in the City of New York in The Wall Street
Journal, in London in the Financial Times, and in Luxembourg in the Luxemburger
Wort. Any notice given pursuant to these provisions shall be deemed to have
been given on the date of publication or, if published more than once, on the
date first published.

6

 

     Section 15. Governing Law

     THIS SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE
PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS
OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

     Section 16. CUSIP Numbers

     Pursuant to a recommendation promulgated by the Committee on Uniform
Security Identification Procedures, the Company has caused CUSIP numbers to be
printed on the Securities and has directed the Trustee to use CUSIP numbers in
notices of redemption as a convenience to Securityholders. No representation
is made as to the accuracy of such numbers either as printed on the Securities
or as contained in any notice of redemption and reliance may be placed only on
the other identification numbers placed thereon.

     Section 17. Defined Terms

     All terms used in this Security which are defined in the Indenture and
not otherwise defined herein shall have the meanings assigned to them in the
Indenture.

     The Company will furnish to any Securityholder upon written request and
without charge to the Securityholder a copy of the Indenture which has in it
the text of this Security.

7

 

CERTIFICATE TO BE DELIVERED UPON EXCHANGE

OR REGISTRATION OF TRANSFER OF SECURITIES

     This
Certificate relates to
$                principal amount of Securities
held in (check applicable space)      book-entry or      definitive form by
                  (the “Transferor”).

The Transferor (check one box below):

		
	 	has requested the Trustee by written order to deliver in exchange for its
beneficial interest in the Global Security held by the Depositary a
Security or Securities in definitive, registered form of authorized
denominations in an aggregate principal amount equal to its beneficial
interest in such Global Security (or the portion thereof indicated
above); or

		
	 	has requested the Trustee by written order to exchange or register the
transfer of a Security or Securities.

	 	 	 	 	 	 	 
	 	 	 	 	

[INSERT NAME OF TRANSFEROR]
	 	 	 	 	 	 	 
	Dated:	 	 	 	By:	 	 
	 	 	

	 	 	 	

8

 

SCHEDULE OF EXCHANGES

     The following exchanges of a part of this Book-Entry Security have been
made:

	 	 	 	 	 	 	 	 	 
	Date of Exchange	 	
Amount of decrease in
Principal Amount of
this Book-Entry Security
	 	Amount of increase in
Principal Amount of
this Book-Entry
Security
	 	Principal Amount of this
Book-Entry Security
following such decrease
(or increase)
	 	Signature of
authorized signatory
of Trustee or
Security Custodian

9

 

ASSIGNMENT FORM

To assign this Security, fill in the form below:

I or we assign and transfer this Security to

      

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

      

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

and irrevocably appoint
             agent to transfer
this Security on the books of the Company. The agent may substitute another to
act for him.

	 	 	 	 	 	 	 
	Date:	 	 	 	Your Signature:	 	 
	 	 	

	 	 	 	

      

Sign exactly as your name appears on the other side of this Security.

10

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