Document:

ex4-6.htm

Exhibit 4.6

__________________________________________

 

 

 

UNITED NATURAL FOODS, INC.

 

TO

 

________________,

 

Trustee

 

_________

 

INDENTURE

Debt Securities

 

Dated as of ____________, 20___

__________________________________________

  

  

  

TABLE OF CONTENTS

 

	
ARTICLE 1.
	
DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	
1

	  	  	  
	
Section 1.01
	
Definitions.
	
1

	
Section 1.02
	
Compliance Certificates and Opinions.
	
8

	
Section 1.03
	
Form of Documents Delivered to Trustee.
	
9

	
Section 1.04
	
Acts of Holders.
	
10

	
Section 1.05
	
Notices, etc. to Trustee and Company.
	
11

	
Section 1.06
	
Notice to Holders of Securities; Waiver.
	
12

	
Section 1.07
	
Language of Notices.
	
12

	
Section 1.08
	
Conflict with Trust Indenture Act.
	
12

	
Section 1.09
	
Effect of Headings and Table of Contents.
	
13

	
Section 1.10
	
Successors and Assigns.
	
13

	
Section 1.11
	
Separability Clause.
	
13

	
Section 1.12
	
Benefits of Indenture.
	
13

	
Section 1.13
	
Governing Law.
	
13

	
Section 1.14
	
Waiver of Jury Trial.
	
13

	
Section 1.15
	
Legal Holidays.
	
13

	
Section 1.16
	
Indenture May be Executed in Counterparts.
	
14

	  	  	  
	
ARTICLE 2.
	
SECURITY FORMS
	
14

	  	  	  
	
Section 2.01
	
Forms Generally.
	
14

	
Section 2.02
	
Form of Legend for Global Security.
	
14

	
Section 2.03
	
Form of Trustee’s Certificate of Authentication.
	
15

	  	  	  
	
ARTICLE 3.
	
THE DEBT SECURITIES
	
15

	  	  	  
	
Section 3.01
	
Amount Unlimited; Issuable in Series.
	
15

	
Section 3.02
	
Denominations.
	
19

	
Section 3.03
	
Execution, Authentication, Delivery and Dating.
	
19

	
Section 3.04
	
Temporary Securities.
	
22

	
Section 3.05
	
Registration; Registration of Transfer and Exchange.
	
22

	
Section 3.06
	
Mutilated, Destroyed, Lost and Stolen Securities.
	
24

	
Section 3.07
	
Payment of Interest; Interest Rights Preserved.
	
25

	
Section 3.08
	
Persons Deemed Owners.
	
26

	
Section 3.09
	
Cancellation by Security Registrar.
	
26

	
Section 3.10
	
Computation of Interest.
	
26

	
Section 3.11
	
Payment to Be in Proper Currency.
	
26

	
Section 3.12
	
Extension of Interest Payment.
	
27

	
Section 3.13
	
CUSIP and ISIN Numbers.
	
27

	  	  	  
	
ARTICLE 4.
	
REDEMPTION OF SECURITIES
	
27

	  	  	  
	
Section 4.01
	
Applicability of Article.
	
27

Note:           This table of contents shall not, for any purpose, be deemed to be part of the Indenture.

  

-i-

  

	
Section 4.02
	
Election to Redeem; Notice to Trustee.
	
27

	
Section 4.03
	
Selection of Securities to Be Redeemed.
	
28

	
Section 4.04
	
Notice of Redemption.
	
28

	
Section 4.05
	
Securities Payable on Redemption Date.
	
29

	
Section 4.06
	
Securities Redeemed in Part.
	
30

	  	  	  
	
ARTICLE 5.
	
SINKING FUNDS
	
30

	  	  	  
	
Section 5.01
	
Applicability of Article.
	
30

	
Section 5.02
	
Satisfaction of Sinking Fund Payments with Securities.
	
30

	
Section 5.03
	
Redemption of Securities for Sinking Fund.
	
31

	  	  	  
	
ARTICLE 6.
	
COVENANTS
	
31

	  	  	  
	
Section 6.01
	
Payment of Principal, Premium and Interest.
	
31

	
Section 6.02
	
Maintenance of Office or Agency.
	
32

	
Section 6.03
	
Money for Securities Payments to Be Held in Trust.
	
32

	
Section 6.04
	
Corporate Existence.
	
34

	
Section 6.05
	
Vacancy in the Office of Trustee.
	
34

	
Section 6.06
	
Annual Officers’ Certificate as to Compliance.
	
34

	
Section 6.07
	
Waiver of Certain Covenants.
	
34

	
Section 6.08
	
Calculation of Original Issue Discount.
	
35

	  	  	  
	
ARTICLE 7.
	
DEFEASANCE, SATISFACTION AND DISCHARGE
	
35

	  	  	  
	
Section 7.01
	
Company’s Option to Elect Legal Defeasance or Covenant Defeasance.
	
35

	
Section 7.02
	
Legal Defeasance.
	
35

	
Section 7.03
	
Covenant Defeasance.
	
36

	
Section 7.04
	
Conditions to Legal Defeasance and Covenant Defeasance.
	
36

	
Section 7.05
	
Application of Trust Money.
	
37

	
Section 7.06
	
Reinstatement.
	
38

	
Section 7.07
	
Satisfaction and Discharge of Indenture.
	
38

	  	  	  
	
ARTICLE 8.
	
EVENTS OF DEFAULT; REMEDIES
	
39

	  	  	  
	
Section 8.01
	
Events of Default.
	
39

	
Section 8.02
	
Acceleration of Maturity; Rescission and Annulment.
	
40

	
Section 8.03
	
Collection of Indebtedness and Suits for Enforcement by Trustee.
	
42

	
Section 8.04
	
Trustee May File Proofs of Claim.
	
42

	
Section 8.05
	
Trustee May Enforce Claims Without Possession of Securities.
	
43

	
Section 8.06
	
Application of Money Collected.
	
43

	
Section 8.07
	
Limitation on Suits.
	
44

	
Section 8.08
	
Unconditional Right of Holders to Receive Principal, Premium and Interest.
	
44

Note:           This table of contents shall not, for any purpose, be deemed to be part of the Indenture.

  

-ii-

  

	
Section 8.09
	
Restoration of Rights and Remedies.
	
44

	
Section 8.10
	
Rights and Remedies Cumulative.
	
45

	
Section 8.11
	
Delay or Omission Not Waiver.
	
45

	
Section 8.12
	
Control by Holders of Securities.
	
45

	
Section 8.13
	
Waiver of Past Defaults.
	
45

	
Section 8.14
	
Undertaking for Costs.
	
46

	
Section 8.15
	
Waiver of Stay or Extension Laws.
	
46

	  	  	  
	
ARTICLE 9.
	
THE TRUSTEE
	
46

	  	  	  
	
Section 9.01
	
Certain Duties and Responsibilities.
	
46

	
Section 9.02
	
Notice of Defaults.
	
48

	
Section 9.03
	
Certain Rights of Trustee.
	
48

	
Section 9.04
	
Not Responsible for Recitals or Issuance of Securities.
	
49

	
Section 9.05
	
May Hold Securities.
	
49

	
Section 9.06
	
Money Held in Trust.
	
49

	
Section 9.07
	
Compensation and Reimbursement.
	
50

	
Section 9.08
	
Disqualification; Conflicting Interests.
	
51

	
Section 9.09
	
Corporate Trustee Required; Eligibility.
	
51

	
Section 9.10
	
Resignation and Removal; Appointment of Successor.
	
51

	
Section 9.11
	
Acceptance of Appointment by Successor.
	
53

	
Section 9.12
	
Merger, Conversion, Consolidation or Succession to Business.
	
54

	
Section 9.13
	
Preferential Collection of Claims Against Company.
	
54

	
Section 9.14
	
Appointment of Authenticating Agent.
	
55

	  	  	  
	
ARTICLE 10.
	
HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY
	
56

	  	  	  
	
Section 10.01
	
Lists of Holders.
	
56

	
Section 10.02
	
Preservation of Information; Communications to Holders.
	
57

	
Section 10.03
	
Reports by the Trustee.
	
57

	
Section 10.04
	
Reports by the Company.
	
57

	  	  	  
	
ARTICLE 11.
	
CONSOLIDATION, MERGER, CONVEYANCE OR OTHER TRANSFER
	
58

	  	  	  
	
Section 11.01
	
Company May Consolidate, etc., Only on Certain Terms.
	
58

	
Section 11.02
	
Successor Corporation Substituted.
	
58

	  	  	  
	
ARTICLE 12.
	
SUPPLEMENTAL INDENTURES
	
59

	  	  	  
	
Section 12.01
	
Supplemental Indentures Without Consent of Holders.
	
59

	
Section 12.02
	
Supplemental Indentures With Consent of Holders.
	
60

	
Section 12.03
	
Execution of Supplemental Indentures.
	
61

	
Section 12.04
	
Effect of Supplemental Indentures.
	
62

	
Section 12.05
	
Conformity With Trust Indenture Act.
	
62

Note:           This table of contents shall not, for any purpose, be deemed to be part of the Indenture.

  

-iii-

  

	
Section 12.06
	
Reference in Securities to Supplemental Indentures.
	
62

	
Section 12.07
	
Modification Without Supplemental Indenture.
	
62

	  	  	  
	
ARTICLE 13.
	
SUBORDINATION OF SECURITIES
	
62

	  	  	  
	
Section 13.01
	
Agreement to Subordinate.
	
62

	
Section 13.02
	
Distribution on Dissolution, Liquidation and Reorganization; Subrogation of Securities.
	
63

	
Section 13.03
	
No Payment on Securities in Event of Default on Senior Indebtedness.
	
65

	
Section 13.04
	
Payments on Subordinated Securities Permitted.
	
66

	
Section 13.05
	
Authorization of Holders to Trustee to Effect Subordination.
	
66

	
Section 13.06
	
Notices to Trustee.
	
66

	
Section 13.07
	
Trustee as Holder of Senior Indebtedness.
	
67

	
Section 13.08
	
Modifications of Terms of Senior Indebtedness.
	
67

	
Section 13.09
	
Reliance on Judicial Order or Certificate of Liquidating Agent.
	
68

	
Section 13.10
	
Trustee Not Fiduciary for Holders of Senior Indebtedness.
	
68

	
Section 13.11
	
Article Applicable to Paying Agents.
	
68

	  	  	  
	
ARTICLE 14.
	
IMMUNITY OF INCORPORATORS, SHAREHOLDERS, OFFICERS AND DIRECTORS
	
68

	  	  	  
	
Section 14.01
	
Liability Solely Corporate.
	
68

Note:           This table of contents shall not, for any purpose, be deemed to be part of the Indenture.

  

-iv-

  

UNITED NATURAL FOODS, INC.

 

Reconciliation and tie between Trust Indenture Act of 1939

and Indenture, dated as of [                    ]

 

	
Trust Indenture Act Section
	
Indenture Section

	 	 	 
	
§310
	
(a)(1)
	
9.09

	  	
(a)(2)
	
9.09

	  	
(a)(3)
	
Not Applicable

	  	
(a)(4)
	
Not Applicable

	  	
(b)
	
9.08, 9.10

	
§311
	
(a)
	
9.13

	  	
(b)
	
9.13

	  	
(c)
	
Not Applicable

	
§312
	
(a)
	
10.01

	  	
(b)
	
10.02

	  	
(c)
	
10.01, 10.02

	
§313
	
(a)
	
10.03

	  	
(b)
	
10.03

	  	
(c)
	
10.03

	  	
(d)
	
10.03

	
§314
	
(a)
	
10.04

	  	
(a)(4)
	
6.06

	  	
(b)
	
Not Applicable

	  	
(c)(1)
	
1.02

	  	
(c)(2)
	
1.02

	  	
(c)(3)
	
Not Applicable

	  	
(d)
	
Not Applicable

	  	
(e)
	
1.02

	
§315
	
(a)
	
9.01, 9.03

	  	
(b)
	
9.02

	  	
(c)
	
9.01

	  	
(d)
	
9.01

	  	
(e)
	
8.14

	
§316
	
(a)(1)(A)
	
8.02, 8.12

	  	
(a)(1)(B)
	
8.13

	  	
(a)(2)
	
Not Applicable

	  	
(b)
	
8.08

	  	
(c)
	
1.04

	
§317
	
(a)(1)
	
8.03

	  	
(a)(2)
	
8.04

	  	
(b)
	
6.03

	
§318
	
(a)
	
1.08

  

  

  

INDENTURE

 

INDENTURE, dated as of [           ], between UNITED NATURAL FOODS, INC., a corporation duly organized and existing under the laws of the State
of Delaware, having its principal office at 260 Lake Road, Dayville, Connecticut 06241 (the “Company”), and [                ], a [          ] banking corporation, having its principal corporate trust office at [                     ],
as Trustee (the “Trustee”).

 

RECITAL OF THE COMPANY

 

The Company has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its debentures, notes or other evidences of indebtedness (the “Securities”), in an unlimited aggregate principal amount
to be issued in one or more series as contemplated herein; and all acts necessary to make this Indenture a valid agreement of the Company have been performed.

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

For and in consideration of the premises and the purchase of the Securities by the Holders (as defined herein) thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of the Securities or of any series thereof, as follows:

 

	
ARTICLE 1.
	
DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

 

Section 1.01       Definitions.

 

For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires:

 

(a)           the terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular;

 

(b)           all terms used herein without definition which are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings assigned to them therein;

 

(c)           all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles in the United States, and, except as otherwise herein expressly provided, the term “generally
accepted accounting principles” with respect to any computation required or permitted hereunder shall mean such accounting principles as are generally accepted in the United States at the date of such computation or, at the election of the Company from time to time, at the date of the execution and delivery of this Indenture; provided, however, that in determining generally accepted accounting principles applicable to the Company, the Company shall, to the extent required, conform to any order, rule or
regulation of any administrative agency, regulatory authority or other Governmental Authority having jurisdiction over the Company;

 

  

  

  

(d)           unless the context otherwise requires, any reference to an “Article,” “Section” or “Subsection” refers to an “Article,” “Section” or “Subsection,” as the case may be, of
this Indenture; and

 

(e)           the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision.

 

“Act”, when used with respect to any Holder of a Security, has the meaning specified in Section 1.04.

 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person.  For the purposes of this definition, “control”
when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly through one or more intermediaries, whether through the ownership of voting securities, by  contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing.

 

“Authenticating Agent” means any Person (other than the Company or an Affiliate of the Company) authorized by the Trustee pursuant to Section 9.14 to act on behalf of the Trustee to authenticate one or more series of Securities or Tranche thereof.

 

“Authorized Officer” means the Chairman of the Board of Directors, the Chief Executive Officer, the President, any Vice President, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Assistant Secretary, or any other
officer or agent of the Company duly authorized by the Board of Directors to act in respect of matters relating to this Indenture.

 

“Board of Directors” means either the board of directors of the Company or any committee thereof duly authorized to act in respect of matters relating to this Indenture.

 

“Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, and
delivered to the Trustee.

 

“Business Day”, when used with respect to a Place of Payment or any other particular location specified in the Securities or this Indenture, means any day, other than a Saturday or Sunday, which is not a day on which banking institutions or
trust companies in such Place of Payment or other location are generally authorized or required by law, regulation or executive order to remain closed, except as may be otherwise specified as contemplated by Section 3.01.

 

“Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act or, if at any time after the date of execution and delivery of this Indenture such Commission is not existing and performing
the duties now assigned to it under the Trust Indenture Act, then the body, if any, performing such duties at such time.

 

  

-2-

  

“Company” means the Person named as the “Company” in the first paragraph of this Indenture until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company”
shall mean such successor Person.

 

“Company Request” or “Company Order” means a written request or order signed in the name of the Company by an Authorized Officer and delivered to the Trustee.

 

“Corporate Trust Office” means the office of the Trustee at which at any particular time its corporate trust business shall be principally administered, which office at the date of execution and delivery of this instrument is located at [                ].

 

“corporation” means a corporation, association, company, limited liability company, partnership, joint stock company or business trust.

 

“Covenant Defeasance” has the meaning specified in Section 7.03.

 

“Declaration of Acceleration” has the meaning specified in Section 8.02.

 

“Defaulted Interest” has the meaning specified in Section 3.07.

 

“Defeasible Covenant” has the meaning specified in Section 7.03.

 

“Depositary” means, with respect to the Securities of any series issuable or issued in whole or in part in the form of one or more Global Securities, the Person designated as Depositary for such series by the Company pursuant to Section 3.01,
which Person shall be a “clearing agency” registered under the Exchange Act; and if at any time there is more than one such Person, “Depositary,” as used with respect to the Securities of any series, shall mean the Depositary with respect to the Securities of such series.

 

“Discount Security” means any Security which provides for an amount less than the principal amount thereof to be due and payable upon a Declaration of Acceleration of the Maturity thereof pursuant to Section 8.02.  “Interest”
with respect to a Discount Security means interest, if any, borne by such Security at a Stated Interest Rate.

 

“Dollar” or “$” means a dollar or other equivalent unit in such coin or currency of the United States as at the time shall be legal tender for the payment of public and private
debts.

 

“Eligible Obligations” means:

 

(a)           with respect to Securities denominated in Dollars, Government Obligations; or

 

(b)           with respect to Securities denominated in a currency other than Dollars or in a composite currency, such other obligations or instruments as shall be specified with respect to such Securities, as contemplated by Section 3.01.

 

“Event of Default” has the meaning specified in Section 8.01.

 

  

-3-

  

“Exchange Act” means, as of any time, the Securities Exchange Act of 1934, or any successor statute, as in effect at such time.

 

“Global Security” means a Security bearing the legend prescribed in Section 2.02 (or such legend as may be specified as contemplated by Section 3.01 for such Security) evidencing all or part of a series of Securities, authenticated and delivered
to the Depositary for such series or to its nominee, and registered in the name of such Depositary or nominee.

 

“Governmental Authority” means the government of the United States or of any State or territory thereof or of the District of Columbia or of any county, municipality or other political subdivision of any of the foregoing, or any department,
agency, authority or other instrumentality of any of the foregoing.

 

“Government Obligations” means:

 

(a)           direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States and entitled to the benefit of the full faith and credit thereof; and

 

(b)           certificates, depositary receipts or other instruments which evidence a direct ownership interest in obligations described in clause (a) above or in any specific interest or principal payments due in respect thereof; provided, however, that
the custodian of such obligations or specific interest or principal payments shall be a bank or trust company (which may include the Trustee or any Paying Agent) having a combined capital and surplus of at least $50,000,000 and subject to Federal, State or District of Columbia supervision or examination; and provided, further, that, except as may be otherwise required by law, such custodian shall be obligated to pay to the holders of such certificates, depositary receipts or other instruments the full amount
received by such custodian in respect of such obligations or specific payments and shall not be permitted to make any deduction therefrom.

 

“Holder” means a Person in whose name a Security is registered in the Security Register.

 

“Indenture” means this instrument as originally executed and delivered and as it may from time to time be supplemented or amended by one or more indentures, Board Resolutions or Officers’ Certificates supplemental hereto entered into or
delivered to the Trustee pursuant to the applicable provisions hereof, which shall include the terms of a particular series of Securities established as contemplated by Section 3.01.

 

“Interest Payment Date”, when used with respect to any Security, means the Stated Maturity of an installment of interest on such Security.

 

“Legal Defeasance” has the meaning specified in Section 7.02.

 

“Mandatory Sinking Fund Payment” has the meaning specified in Section 5.01.

 

  

-4-

  

“Maturity”, when used with respect to any Security, means the date on which the principal of such Security or an installment of principal becomes due and payable as provided in such Security or in this Indenture, whether at the Stated Maturity,
by Declaration of Acceleration, upon call for redemption or otherwise.

 

“Officers’ Certificate” means a certificate signed by two Authorized Officers and delivered to the Trustee.

 

“Opinion of Counsel” means a written opinion of counsel, who may be an employee of the Company.

 

“Optional Sinking Fund Payment” has the meaning specified in Section 5.01.

 

“Outstanding”, when used with respect to Securities, means, as of the date of determination, all Securities theretofore authenticated and delivered under this Indenture, except:

 

(a)           Securities theretofore canceled or delivered to the Security Registrar for cancellation;

 

(b)           Securities deemed to have been paid in accordance with Section 7.02; and

 

(c)           Securities which have been paid pursuant to Section 3.06 or in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall
have been presented to the Trustee proof reasonably satisfactory to it and the Company that such Securities are held by a bona fide purchaser or purchasers in whose hands such Securities are valid obligations of the Company;

 

provided, however, that in determining whether or not the Holders of the requisite principal amount of the Outstanding Securities under this Indenture, or the Outstanding Securities of any series or Tranche, have given any request, demand, authorization, direction, notice, consent or waiver hereunder,

 

(x)  Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor (unless the Company, such Affiliate or such obligor owns all Outstanding Securities under this Indenture, or (except for the purposes of actions to be taken by Holders
of (i) more than one series voting as a class under Section 8.12 or (ii) more than one series or more than one Tranche, as the case may be, voting as a class under Section 12.02) all Outstanding Securities of each such series and each such Tranche, as the case may be, determined without regard to this clause (x)) shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent
or waiver or upon any such determination as to the presence of a quorum, only Securities which a Responsible Officer of  the Trustee actually knows to be so owned shall be so disregarded; provided, however, that Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Company or any other obligor upon the Securities
or any Affiliate of the Company or of such other obligor; and

 

  

-5-

  

(y)  the principal amount of a Discount Security that shall be deemed to be Outstanding for such purposes shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon a Declaration of Acceleration of the Maturity thereof pursuant to Section 8.02;

 

provided, further, that, in the case of any Security the principal of which is payable from time to time without presentment or surrender, the principal amount of such Security that shall be deemed to be Outstanding at any time for all purposes of this Indenture shall be the original principal amount thereof
less the aggregate amount of principal thereof theretofore paid.

 

“Paying Agent” means any Person, including the Company, authorized by the Company to pay the principal of, and premium, if any, or interest, if any, on any Securities on behalf of the Company.

 

“Periodic Offering” means an offering of Securities of a series from time to time any or all of the specific terms of which Securities, including, without limitation, the rate or rates of interest, if any, thereon, the Stated Maturity or Maturities
thereof and the redemption provisions, if any, with respect thereto, are to be determined by the Company or its agents upon the issuance of such Securities.

 

“Person” means any individual, corporation, joint venture, trust or unincorporated organization or any Governmental Authority.

 

“Place of Payment”, when used with respect to the Securities of any series, or any Tranche thereof, means the place or places, specified as contemplated by Section 3.01, at which, subject to Section 6.02, principal of and premium, if any, and
interest, if any, on the Securities of such series or Tranche are payable.

 

“Predecessor Security” of any particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated
and delivered under Section 3.06 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed (to the extent lawful) to evidence the same debt as the mutilated, destroyed, lost or stolen Security.

 

“Redemption Date”, when used with respect to any Security to be redeemed, means the date fixed for such redemption by or pursuant to this Indenture.

 

“Redemption Price”, when used with respect to any Security to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture.

 

“Regular Record Date” for the interest payable on any Interest Payment Date on the Securities of any series means the date specified for that purpose as contemplated by Section 3.01.

 

“Required Currency” has the meaning specified in Section 3.11.

 

“Responsible Officer”, when used with respect to the Trustee, means any officer in the Corporate Trust Office of the Trustee or any other officer of the Trustee customarily performing functions similar to those performed by any of the above
designated officers and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his or her knowledge of and familiarity with the particular subject.

 

  

-6-

  

“Securities” has the meaning stated in the first recital of this Indenture and more particularly means any securities authenticated and delivered under this Indenture.

 

“Security Register” and “Security Registrar” have the respective meanings specified in Section 3.05.

 

“Senior Indebtedness” means all indebtedness and obligations (other than non-recourse obligations and Securities subject to ARTICLE 13 hereof) of, or guaranteed or assumed by, the Company (a) for borrowed money and (b) that are evidenced
by bonds, debentures, notes or other similar instruments, in each case, whether outstanding on the date of this Indenture or thereafter created, incurred, assumed or guaranteed, and all amendments, renewals, extensions, modifications and refundings of such indebtedness and obligations, excluding in any such case (i) trade accounts payable, (ii) accrued liabilities arising in the ordinary course of business, (iii) indebtedness of the Company to any of its Subsidiaries, or (iv) indebtedness or obligations for which
the instrument by which such indebtedness or obligations are created, incurred, assumed or guaranteed by the Company, or are evidenced, provides that they are subordinated, or are not superior, in right of payment to any Subordinated Securities.

 

“Special Record Date” for the payment of any Defaulted Interest on the Securities of any series means a date fixed by the Trustee pursuant to Section 3.07.

 

“Stated Interest Rate” means a rate (whether fixed or variable) at which an obligation by its terms is stated to bear simple interest.  Any calculation or other determination to be made under this Indenture by reference to the Stated
Interest Rate on a Security shall be made without regard to the effective interest cost to the Company of such Security and without regard to the Stated Interest Rate on, or the effective cost to the Company of, any other indebtedness in respect of which the Company’s obligations are evidenced or secured in whole or in part by such Security.

 

“Stated Maturity”, when used with respect to any obligation or any installment of principal thereof or interest thereon, means the date on which the principal of such obligation or such installment of principal or interest is stated to be due
and payable (without regard to any provisions for redemption, prepayment, acceleration, purchase or extension).

 

“Subordinated Securities” has the meaning specified in Section 13.01.

 

“Subsidiary”, when used with respect to any Person, means:

 

(a)           any corporation of which more than 50% of the total voting power of shares of voting securities entitled (without regard to the occurrence of any contingency and after giving effect to any voting agreement or stockholders’ agreement that
effectively transfers voting power) to vote in the election of directors, managers or trustees of the corporation is at the time owned or controlled, directly or indirectly, by that Person or one or more other Subsidiaries of that Person (or a combination thereof); and

 

  

-7-

  

(b)           any partnership (i) the sole general partner or the managing general partner of which is such Person or a Subsidiary of such Person or (ii) the only general partners of which are that Person or one or more Subsidiaries of that Person (or any
combination thereof).

 

“Tranche” means a group of Securities which (a) are of the same series and (b) have identical terms except as to date of issuance.

 

“Trust Indenture Act” means, as of any time, the Trust Indenture Act of 1939, or any successor statute, as in effect at such time.

 

“Trustee” means the Person named as the “Trustee” in the first paragraph of this Indenture until a successor Trustee shall have become such with respect to one or more series of Securities pursuant to the applicable provisions of
this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder, and if at any time there is more than one such Person, “Trustee” as used with respect to the Securities of any series shall mean the Trustee with respect to Securities of that series.

 

“United States” means the United States of America (including the States and the District of Columbia), its territories, its possessions and other areas subject to its political jurisdiction.

 

Section 1.02        Compliance Certificates and Opinions.

 

Except as otherwise expressly provided in this Indenture, upon any application or request by the Company to the Trustee to take any action under any provision of this Indenture, the Company shall, if requested by the Trustee, furnish to the Trustee an Officers’ Certificate stating that in the opinion of
the Authorized Officer executing such Officers’ Certificate all conditions precedent, if any, provided for in this Indenture relating to the proposed action (including any covenants compliance with which constitutes a condition precedent) have been complied with and an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with, except that in the case of any such application or request as to which the furnishing of such documents is specifically
required by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished.

 

Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include:

 

(a)           a statement that each Person signing such certificate or opinion has read such covenant or condition and the definitions herein relating thereto;

 

(b)           a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;

 

(c)           a statement that, in the opinion of each such Person, such Person has made such examination or investigation as is necessary to enable such Person to express an informed opinion as to whether or not such covenant or condition has been complied
with; and

 

  

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(d)           a statement as to whether, in the opinion of each such Person, such condition or covenant has been complied with.

 

Section 1.03        Form of Documents Delivered to Trustee.

 

In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person
may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.

 

Any certificate or opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with
respect to the matters upon which such officer’s certificate or opinion are based are erroneous.  Any such certificate or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Company stating that the information with respect to such factual matters is in the possession of the Company, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion
or representations with respect to such matters are erroneous.

 

Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument.

 

Whenever, subsequent to the receipt by the Trustee of any Board Resolution, Officers’ Certificate, Opinion of Counsel or other document or instrument, a clerical, typographical or other inadvertent or unintentional error or omission shall be discovered therein, a new document or instrument may be substituted
therefor in corrected form with the same force and effect as if originally filed in the corrected form and, irrespective of the date or dates of the actual execution and/or delivery thereof, such substitute document or instrument shall be deemed to have been executed and/or delivered as of the date or dates required with respect to the document or instrument for which it is substituted.  Anything in this Indenture to the contrary notwithstanding, if any such corrective document or instrument indicates
that action has been taken by or at the request of the Company which could not have been taken had the original document or instrument not contained such error or omission, the action so taken shall not be invalidated or otherwise rendered ineffective but shall be and remain in full force and effect, except to the extent that such action was a result of willful misconduct or bad faith.  Without limiting the generality of the foregoing, any Securities issued under the authority of such defective document
or instrument shall nevertheless be the valid obligations of the Company entitled to the benefits of this Indenture equally and ratably with all other Outstanding Securities, except as aforesaid.

 

  

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Section 1.04        Acts of Holders.

 

(a)           Any request, demand, authorization, direction, notice, consent, election, waiver or other action  provided by this Indenture to be made, given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially
similar tenor signed by such Holders in person or by an agent duly appointed in writing.  Except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company.  The Trustee promptly shall deliver to the Company copies of all such instruments delivered to the Trustee.  Such instrument or instruments (and the action embodied therein and evidenced
thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments.  Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 9.01) conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section.  Without limiting the generality of the foregoing,
a Holder, including a Depositary that is a Holder of a Global Security, may make, give or take, by a proxy or proxies, duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other Act provided or permitted in this Indenture to be made, given or taken by Holders, and a Depositary that is a Holder of a Global Security may provide its proxy or proxies to the beneficial owners of interest in any such Global Security.

 

(b)           The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments
of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof or may be proved in any other manner which the Trustee and the Company deem sufficient.  Where such execution is by a signer acting in a capacity other than his or her individual capacity, such certificate or affidavit shall also constitute sufficient proof of his or her authority.

 

(c)           The principal amount (except as otherwise contemplated in clause (y) of the first proviso to the definition of Outstanding) and serial numbers of Securities held by any Person, and the date of holding the same, shall be proved by the Security
Register.

 

(d)           Any request, demand, authorization, direction, notice, consent, election, waiver or other Act of a Holder shall bind every future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof
or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company in reliance thereon, whether or not notation of such action is made upon such Security.

 

(e)           Until such time as written instruments shall have been delivered to the Trustee with respect to the requisite percentage of principal amount of Securities for the action contemplated by such instruments, any such instrument executed and delivered
by or on behalf of a Holder may be revoked with respect to any or all of such Securities by written notice by such Holder or any subsequent Holder, proven in the manner in which such instrument was proven.

 

  

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(f)           Securities of any series, or any Tranche thereof, authenticated and delivered after any Act of Holders may, and shall, if required by the Trustee, bear a notation in form approved by the Trustee as to any action taken by such Act of Holders.  If
the Company shall so determine, new Securities of any series, or any Tranche thereof, so modified as to conform, in the opinion of the Trustee and the Company, to such action may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series or Tranche.

 

(g)           If the Company shall solicit from Holders any request, demand, authorization, direction, notice, consent, waiver or other Act, the Company may, at its option, fix in advance a record date for the determination of Holders entitled to give such
request, demand, authorization, direction, notice, consent, waiver or other Act, but the Company shall have no obligation to do so.  If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be given before or after such record date, but only the Holders of record at the close of business on the record date shall be deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of the Outstanding Securities
have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the Outstanding Securities shall be computed as of the record date.

 

Section 1.05        Notices, etc. to Trustee and Company.

 

Any request, demand, authorization, direction, notice, consent, election, waiver or Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with, the Trustee by any Holder or by the Company, or the Company by the Trustee or by any Holder, shall
be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and delivered personally to an officer or other responsible employee of the addressee at the applicable location set forth below or at such other location as such party may from time to time designate by written notice, or transmitted by facsimile transmission to the applicable facsimile number set forth below or to such other facsimile number as such party may from time to time designate by written notice, or
transmitted by other direct written electronic means to such electronic communications address as the parties hereto shall from time to time designate by written notice, or transmitted by certified or registered mail, charges prepaid, to the applicable address set forth below or to such other address as either party hereto may from time to time designate by written notice:

 

If to the Trustee, to:

 

[             ]

[Address]

Attention:        [Corporate Trust Administration]

 

Telephone:

Facsimile:

 

  

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If to the Company, to:

 

United Natural Foods, Inc.

260 Lake Road

Dayville, Connecticut 06241

Attention:    Chief Financial Officer

Telephone:  (860) 779-2800

Facsimile:    (860) 779-5678

 

Any communication contemplated herein shall be deemed to have been made, given, furnished and filed if personally delivered, on the date of delivery, if transmitted by facsimile transmission or other direct written electronic means, on the date of receipt, and if transmitted by certified or registered mail, on
the date of receipt.

 

Section 1.06        Notice to Holders of Securities; Waiver.

 

Except as otherwise expressly provided herein, where this Indenture provides for notice to Holders of any event, such notice shall be sufficiently given, and shall be deemed given, to Holders if in writing and mailed, first-class postage prepaid, to each Holder affected by such event, at the address of such
Holder as it appears in the Security Register, not later than the latest date, if any, and not earlier than the earliest date, if any, prescribed for the giving of such notice.  Any notice that is mailed in the manner herein provided shall be conclusively presumed to have been duly given or provided, whether or not such notice is received by the Holder.

 

If by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice to Holders by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.  In
any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders.

 

Any notice required by this Indenture may be waived in writing by the Person entitled to receive such notice, either before or after the event otherwise to be specified therein, and such waiver shall be the equivalent of such notice.  Waivers of notice by Holders shall be filed with the Trustee, but
such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.

 

Section 1.07        Language of Notices.

 

Any request, demand, authorization, direction, notice, consent, election or waiver required or permitted under this Indenture shall be in the English language.

 

Section 1.08        Conflict with Trust Indenture Act.

 

If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act that is required under the Trust Indenture Act to be a part of and govern this Indenture, the provision of the Trust Indenture Act shall control.  If any provision of this Indenture modifies or excludes
any provision of the Trust Indenture Act that may be so modified or excluded, the provision of the Trust Indenture Act shall be deemed to apply to this Indenture as so modified or to be excluded.

 

  

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Section 1.09        Effect of Headings and Table of Contents.

 

The Article and Section headings in this Indenture and the Table of Contents are for convenience only and shall not affect the construction hereof.

 

Section 1.10        Successors and Assigns.

 

All covenants and agreements in this Indenture by the Company and Trustee shall bind their respective successors and assigns, whether so expressed or not.

 

Section 1.11        Separability Clause.

 

In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 1.12        Benefits of Indenture.

 

Nothing in this Indenture or in the Securities, express or implied, shall give to any Person, other than the parties hereto, their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture.

 

Section 1.13        Governing Law.

 

This Indenture and the Securities shall be governed by and construed in accordance with the laws of the State of New York, excluding any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of this Indenture to the substantive law of another
jurisdiction.

 

Section 1.14        Waiver of Jury Trial.

 

Each of the Company and the Trustee hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Indenture, the Securities or the transactions contemplated hereby.

 

Section 1.15        Legal Holidays.

 

In any case where any Interest Payment Date, Redemption Date or Stated Maturity of any Security shall not be a Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or of the Securities other than a provision in the Securities of any series, or any Tranche thereof,
or in the Board Resolution or Officers’ Certificate which establishes the terms of the Securities of such series or Tranche, that specifically states that such provision shall apply in lieu of this Section) payment of interest or principal and premium, if any, need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment, with the same force and effect, and in the same amount,  as if made on the Interest Payment Date or Redemption
Date, or at the Stated Maturity, as the case may be, and, if such payment is made or duly provided for on such Business Day, no interest shall accrue on the amount so payable for the period from and after such Interest Payment Date, Redemption Date or Stated Maturity, as the case may be, to such Business Day.

 

  

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Section 1.16        Indenture May be Executed in Counterparts.

 

This instrument may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument.

 

ARTICLE 2.       SECURITY FORMS

 

Section 2.01        Forms Generally.

 

The definitive Securities of each series shall be in substantially the form or forms thereof established in the indenture supplemental hereto establishing such series or in a Board Resolution establishing such series, or in an Officers’ Certificate pursuant to such supplemental indenture or Board Resolution,
in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or as may, consistently herewith, be determined by the officers executing such Securities, as conclusively evidenced by their execution of the Securities.  If the form or forms
of Securities of any series are established in a Board Resolution or in an Officers’ Certificate pursuant to a Board Resolution, such Board Resolution and Officers’ Certificate, if any, shall be delivered to the Trustee at or prior to the delivery of the Company Order contemplated by Section 3.03 for the authentication and delivery of such Securities.

 

Unless otherwise specified as contemplated by Section 3.01 or Section 12.01(g), the Securities of each series shall be issuable in registered form without coupons.  The definitive Securities shall be produced in such manner as shall be determined by the officers executing such Securities, as conclusively
evidenced by their execution thereof.

 

Section 2.02        Form of Legend for Global Security.

 

Unless otherwise specified as contemplated by Section 3.01 for the Securities evidenced thereby, any Global Security authenticated and delivered hereunder shall bear a legend in substantially the following form:

 

“This Security is a Global Security within the meaning of the Indenture hereinafter referred to and is registered in the name of a Depositary or a nominee thereof.  This Security may not be transferred to, or registered or exchanged for Securities registered in the name of, any Person other than
the Depositary or a nominee thereof, and no such transfer may be registered, except in the limited circumstances described in the Indenture.  Every Security authenticated and delivered upon registration of transfer of, or in exchange for or in lieu of, this Security shall be a Global Security that is subject to the foregoing, except in such limited circumstances.”

 

  

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Section 2.03        Form of Trustee’s Certificate of Authentication.

 

The Trustee’s certificate of authentication shall be in substantially the form set forth below:

 

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

 

Dated:

	
  
	

_________________________________

as Trustee

 

By:_____________________________

    Authorized Signatory

 

 

ARTICLE 3.       THE DEBT SECURITIES

 

Section 3.01        Amount Unlimited; Issuable in Series.

 

The aggregate principal amount of Securities which may be authenticated and delivered under this Indenture is unlimited.

 

The Securities may be issued in one or more series.  Subject to the last paragraph of this Section, prior to the authentication and delivery of Securities of any series there shall be established by specification in a supplemental indenture or in a Board Resolution, or in an Officers’ Certificate
pursuant to a Board Resolution:

 

(a)           the title of the Securities of such series (which shall distinguish the Securities of such series from Securities of all other series);

 

(b)           any limit upon the aggregate principal amount of the Securities of such series which may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange
for, or in lieu of, other Securities of such series pursuant to Sections 3.04, 3.05, 3.06, 4.06 or 12.06 and except for any Securities which, pursuant to Section 3.03, are deemed never to have been authenticated and delivered hereunder);

 

(c)           the dates on which or periods during which the Securities of the series may be issued;

 

(d)           the Person or Persons (without specific identification) to whom interest on Securities of such series, or any Tranche thereof, shall be payable on any Interest Payment Date, if other than the Persons in whose names such Securities (or one or
more Predecessor Securities) are registered at the close of business on the Regular Record Date for such interest;

 

  

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(e)           the date or dates on which the principal of and premium, if any, on the Securities of such series, or any Tranche thereof, is payable or any formula or other method or other means by which such date or dates shall be determined, by reference
to an index or other fact or event ascertainable outside of this Indenture or otherwise (without regard to any provisions for redemption, prepayment, acceleration, purchase or extension);

 

(f)           the rate or rates at which the Securities of such series, or any Tranche thereof, shall bear interest, if any (including the rate or rates at which overdue principal shall bear interest, if different from the rate or rates at which such Securities
shall bear interest prior to Maturity, and, if applicable, the rate or rates at which overdue premium or interest shall bear interest, if any), or any formula or other method or other means by which such rate or rates shall be determined, by reference to an index or other fact or event ascertainable outside of this Indenture or otherwise; the date or dates from which such interest shall accrue; the Interest Payment Dates on which such interest shall be payable and the Regular Record Date, if any, for the interest
payable on such Securities on any Interest Payment Date; the right of the Company, if any, to extend the interest payment periods and the duration of any such extension as contemplated by Section 3.12; and the basis of computation of interest, if other than as provided in Section 3.10;

 

(g)           the place or places at which or methods by which (i) the principal of and premium, if any, and interest, if any, on Securities of such series, or any Tranche thereof, shall be payable, (ii) registration of transfer of Securities of such series,
or any Tranche thereof, may be effected, and (iii) exchanges of Securities of such series, or any Tranche thereof, may be effected; the Security Registrar for such series or Tranche; and if such is the case, that the principal of such Securities shall be payable without presentment or surrender thereof;

 

(h)           the period or periods within which, or the date or dates on which, the price or prices (or any formula or method or other means by which such price is to be determined) at which and the terms and conditions upon which the Securities of such
series, or any Tranche thereof, may be redeemed, in whole or in part, at the option of the Company and any restrictions on such redemptions, including, but not limited to, a restriction on a partial redemption by the Company of the Securities of any series, or any Tranche thereof, resulting in delisting of such Securities from any national exchange;

 

(i)           the obligation or obligations, if any, of the Company to redeem or purchase the Securities of such series, or any Tranche thereof, pursuant to any sinking fund or other mandatory redemption provisions or at the option of a Holder thereof and
the period or periods within which, or the date or dates on which, the price or prices at which and the terms and conditions upon which such Securities shall be redeemed or purchased, in whole or in part, pursuant to such obligation, and applicable exceptions to the requirements of Section 4.04 in the case of mandatory redemption or redemption at the option of the Holder (or any formula or other method or other means by which such price is to be determined);

 

(j)           the denominations in which Securities of such series, or any Tranche thereof, shall be issuable if other than denominations of $1,000 and any integral multiple thereof;

 

  

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(k)           the currency or currencies, including composite currencies, in which payment of the principal of and premium, if any, and interest, if any, on the Securities of such series, or any Tranche thereof, shall be payable (if other than in Dollars),
and the manner of determining the equivalent thereof in Dollars for purposes of the definition of “Outstanding” in Section 1.01;

 

(l)           if the principal of or premium, if any, or interest, if any, on the Securities of such series, or any Tranche thereof, are to be payable, at the election of the Company or a Holder thereof, in a coin or currency other than that in which the
Securities are stated to be payable, the period or periods within which, and the terms and conditions upon which, such election may be made;

 

(m)           if the principal of or premium, if any, or interest, if any, on the Securities of such series, or any Tranche thereof, are to be payable, or are to be payable at the election of the Company or a Holder thereof, in securities or other property,
the type and amount of such securities or other property, or the formula or other method or other means by which such amount shall be determined, and the period or periods within which, and the terms and conditions upon which, any such election may be made;

 

(n)           if the amount payable in respect of principal of or premium, if any, or interest, if any, on the Securities of such series, or any Tranche thereof, may be determined with reference to an index, formula or other fact or event ascertainable outside
of this Indenture, the manner in which such amounts shall be determined to the extent not established pursuant to clause (f) of this Section;

 

(o)           if other than the principal amount thereof, the portion of the principal amount of Securities of such series, or any Tranche thereof, which shall be payable upon Declaration of Acceleration of the Maturity thereof pursuant to Section 8.02;

 

(p)           any addition to or change in the Events of Default specified in Section 8.01 with respect to the Securities of such series, any change in the rights of the Trustee or the requisite Holders of the Securities of such series to declare the principal
amount thereof due and payable pursuant to Section 8.02, or any addition to or change in the covenants of the Company for the benefit of the Holders of the Securities of such series, or any Tranche thereof, set forth in ARTICLE 6;

 

(q)           whether the Securities of such series, or any Tranche thereof, may be converted into or exchanged for shares of capital stock or other securities of the Company or any other Person, and if such Securities are also convertible or exchangeable,
the terms and conditions upon which such Securities will be so convertible or exchangeable, and any additions or changes, if any, to permit or facilitate such conversion or exchange;

 

(r)           the obligations or instruments, if any, which shall be considered to be Eligible Obligations in respect of the Securities of such series, or any Tranche thereof, denominated in a currency other than Dollars or in a composite currency;

 

(s)           whether the Securities of the series shall be issuable in whole or in part in the form of one or more Global Securities and, in such case, the Depositary or Depositaries for such Global Security or Global Securities, and any circumstances,
other than those set forth in the last paragraph of Section 3.05, in which any such Global Security may be transferred to, and registered and exchanged for Securities registered in the name of, a Person other than the Depositary for such Global Security or a nominee thereof and in which any such transfer may be registered;

 

  

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(t)           if the Securities of such series, or any Tranche thereof, are to be issuable as bearer securities, any and all matters incidental thereto which are not specifically addressed in a supplemental indenture as contemplated by Section 12.01(g);

 

(u)           to the extent not established pursuant to clause (s) of this Section, any limitations on the rights of the Holders of the Securities of such Series, or any Tranche thereof, to transfer or exchange such Securities or to obtain the registration
of transfer thereof; and if a service charge will be made for the registration of transfer or exchange of Securities of such series, or any Tranche thereof, the amount or terms thereof;

 

(v)           any exceptions to Section 1.15, or variation in the definition of Business Day, with respect to the Securities of such series, or any Tranche thereof;

 

(w)           any collateral security, assurance or guarantee, if any, for the Securities of such series, and the extent of such collateral security, assurance or guarantee (including provisions relating to seniority, subordination, and the release of the
guarantors), if any, and any additions or changes to permit or facilitate guarantees of such Securities;

 

(x)           whether the Securities of the series are to be issued as Discount Securities and the amount of discount with which such Securities may be issued;

 

(y)           the form of the Securities of the series;

 

(z)           whether the Securities of such series, or any Tranche thereof, are subject to subordination pursuant to ARTICLE 13 and the terms of such subordination, including any modification to the terms of ARTICLE 13 and to the definition of “Senior
Indebtedness” with respect to such series or Tranche;

 

(aa)           any rights or duties of another Person to assume the obligations of the Company with respect to the Securities of such series (whether as joint obligor, primary obligor, secondary obligor or substitute obligor) and any rights or duties to
discharge and release any obligor with respect to the Securities of such series or the Indenture to the extent related to such series; and

 

(bb)           any other terms of the Securities of such series, or any Tranche thereof, not inconsistent with the provisions of this Indenture except as permitted by Section 12.01 but which may modify or delete any provision of this Indenture insofar as
it applies to such Securities.

 

With respect to Securities of a series subject to a Periodic Offering, the indenture supplemental hereto, the Board Resolution or the Officers’ Certificate pursuant to a Board Resolution which establishes such series, as the case may be, may provide general terms or parameters for Securities of such series
and provide either that the specific terms of Securities of such series, or any Tranche thereof, shall be specified in a Company Order or that such terms shall be determined by the Company or its agents in accordance with procedures specified in a Company Order as contemplated by Section 3.03(b).

 

  

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Section 3.02         Denominations.

 

Unless otherwise provided as contemplated by Section 3.01 with respect to any series of Securities, or any Tranche thereof, the Securities of each series shall be issuable in denominations of $1,000 and any integral multiple thereof.

 

Section 3.03         Execution, Authentication, Delivery and Dating.

 

Unless otherwise provided as contemplated by Section 3.01 with respect to any series of Securities, or any Tranche thereof, the Securities shall be executed on behalf of the Company by an Authorized Officer and may have the corporate seal of the Company affixed thereto or reproduced thereon attested by any other
Authorized Officer.  The signature of any or all of these officers on the Securities may be manual or facsimile.

 

Securities bearing the manual or facsimile signatures of individuals who were at the time of execution Authorized Officers shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold
such offices at the date of such Securities.

 

The Trustee shall authenticate and deliver Securities of a series, for original issue, at one time or from time to time in accordance with the Company Order referred to below, upon receipt by the Trustee of:

 

(a)           the instrument or instruments establishing the form or forms and terms of such series, as provided in Section 2.01 and Section 3.01;

 

(b)           a Company Order requesting the authentication and delivery of such Securities and, to the extent that the terms of such Securities shall not have been established in an indenture supplemental hereto or in a Board Resolution, or in an Officers’
Certificate pursuant to a Board Resolution, all as contemplated by Section 2.01 and Section 3.01, either (i) establishing such terms or (ii) in the case of Securities of a series subject to a Periodic Offering, specifying procedures, acceptable to the Trustee, by which such terms are to be established (which procedures may provide, to the extent acceptable to the Trustee, for authentication and delivery pursuant to oral or electronic instructions from the Company or any agent or agents thereof, which oral instructions
are to be promptly confirmed electronically or in writing), in either case in accordance with the instrument or instruments delivered pursuant to clause (a) above;

 

(c)           the Securities of such series, executed on behalf of the Company by an Authorized Officer;

 

(d)           an Opinion of Counsel to the effect that:

 

	
  
	
(i)
	
the form or forms of such Securities have been duly authorized by the Company and have been established in conformity with the provisions of this Indenture;

 

  

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(ii)
	
the terms of such Securities have been duly authorized by the Company and have been established in conformity with the provisions of this Indenture; and

 

	
  
	
(iii)
	
such Securities, when authenticated and delivered by the Trustee in accordance with the terms of this Indenture, and delivered under this Indenture by the Company against payment therefor, in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute the valid and binding obligations of the Company, be entitled to the benefits provided by this Indenture, and be enforceable
in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws of general applicability relating to or affecting creditors’ rights and to general equity principles;

 

provided, however, that, with respect to Securities of a series subject to a Periodic Offering, the Trustee shall be entitled to receive such Opinion of Counsel only once at or prior to the time of the first authentication of such Securities (provided that such Opinion of Counsel addresses the authentication
and delivery of all Securities of such series) and that in lieu of the opinions described in clauses (ii) and (iii) above Counsel may opine that:

 

(x)  when the terms of such Securities shall have been established pursuant to a Company Order or Orders or pursuant to such procedures (acceptable to the Trustee) as may be specified from time to time by a Company Order or Orders, all as contemplated by and in accordance with the instrument or instruments
delivered pursuant to clause (a) above, such terms will have been duly authorized by the Company and will have been established in conformity with the provisions of this Indenture; and

 

(y)  such Securities, when authenticated and delivered by the Trustee in accordance with this Indenture, and delivered under this Indenture by the Company against payment therefor, in the manner and subject to any conditions specified in such Opinion of Counsel, including, but not limited to, the conditions
specified in the Company Order or Orders or referred to in clause (x) above, will constitute the valid and binding obligations of the Company, be entitled to the benefits of this Indenture, and be enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws of general applicability relating to or affecting creditors’ rights and to general equity principles.

 

With respect to Securities of a series subject to a Periodic Offering, the Trustee may conclusively rely, as to the authorization by the Company of any of such Securities, the form, terms thereof and the legality, validity, binding effect and enforceability thereof, and compliance of the authentication and delivery
thereof with the terms and conditions of this Indenture, upon the Opinion of Counsel and other documents delivered pursuant to Section 2.01 and Section 3.01 and this Section, as applicable, at or prior to the time of the first authentication of Securities of such series unless and until such opinion or other documents have been superseded or revoked or expire by their terms.  In connection with the authentication and delivery of Securities of a series subject to a Periodic Offering, the Trustee shall
be entitled to assume that the Company’s instructions to authenticate and deliver such Securities do not violate any applicable law or any applicable rule, regulation or order of any Governmental Authority having jurisdiction over the Company.

 

  

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If the form or terms of the Securities of any series have been established by or pursuant to a Board Resolution or an Officers’ Certificate as permitted by Section 2.01 and Section 3.01, the Trustee shall not be required to authenticate such Securities if the issuance of such Securities pursuant to this
Indenture will materially or adversely affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee.

 

If the Company shall establish pursuant to Section 3.01 that the Securities of a series are to be issued in whole or in part in the form of one or more Global Securities, then the Company shall execute and the Trustee shall, in accordance with this Section 3.03 and the Company Order with respect to such series,
authenticate and deliver one or more Global Securities in permanent form that (a) shall represent and shall be denominated in an amount equal to the aggregate principal amount of the Outstanding Securities of such series to be represented by such Global Security or Securities, (b) shall be registered in the name of the Depositary for such Global Security or Securities or the nominee of such Depositary, and (c) shall be delivered by the Trustee to such Depositary or pursuant to such Depositary’s instruction.

 

Members of, or participants in, the Depositary shall have no rights under this Indenture with respect to any Global Security held on their behalf by the Depositary or by the custodian appointed by the Depositary under such Global Security, and the Depositary may be treated by the Company, the Trustee, the Paying
Agent and the Registrar and any of their agents as the absolute owner of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee, the Paying Agent or the Registrar or any of their agents from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its members or participants, the operation of customary practices of the Depositary governing the exercise
of the rights of an owner of a beneficial interest in any Global Security. The Holder of a Global Security may grant proxies and otherwise authorize any Person, including members of, or participants in, the Depositary and Persons that may hold interests through members of, or participants in, the Depositary to take any action that a Holder is entitled to take under this Indenture or the Securities.

 

Unless otherwise specified as contemplated by Section 3.01 with respect to any series of Securities, or any Tranche thereof, each Security shall be dated the date of its authentication.

 

Unless otherwise specified as contemplated by Section 3.01 with respect to any series of Securities, no Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a certificate of authentication substantially in the form provided
for herein executed by the Trustee or an Authenticating Agent by manual signature, and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder and is entitled to the benefits of this Indenture.  Notwithstanding the foregoing, if any Security shall have been authenticated and delivered hereunder to the Company, or any Person acting on its behalf, but shall never have been issued and sold by the Company,
and the Company shall deliver such Security to the Trustee for cancellation as provided in Section 3.09 together with a written statement (which need not comply with Section 1.02 and need not be accompanied by an Opinion of Counsel) stating that such Security has never been issued and sold by the Company, for all purposes of this Indenture such Security shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to the benefits hereof.

 

  

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Section 3.04          Temporary Securities.

 

Pending the preparation of definitive Securities of any series, or any Tranche thereof, the Company may execute, and upon Company Order the Trustee shall authenticate and deliver, temporary Securities which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination,
substantially of the tenor of the definitive Securities in lieu of which they are issued, with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Securities may determine, as conclusively evidenced by their execution of such Securities; provided, however, that temporary Securities need not recite specific redemption, sinking fund, conversion or exchange provisions.  Any such temporary security may be in the form of one or more Global Securities,
representing all or a portion of the Outstanding Securities of such series.

 

Unless otherwise specified as contemplated by Section 3.01 with respect to the Securities of any series, or any Tranche thereof, after the preparation of definitive Securities of such series or Tranche, the temporary Securities of such series or Tranche shall be exchangeable, without charge to the Holder thereof,
for definitive Securities of such series or Tranche upon surrender of such temporary Securities at the office or agency of the Company maintained pursuant to Section 6.02 in a Place of Payment for such Securities.  Upon such surrender of temporary Securities for such exchange, the Company shall, except as aforesaid, execute and the Trustee shall authenticate and deliver in exchange therefor definitive Securities of the same series and Tranche of authorized denominations and of like tenor and aggregate
principal amount.

 

Until exchanged in full as hereinabove provided, temporary Securities shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of the same series and Tranche and of like tenor authenticated and delivered hereunder.

 

Section 3.05          Registration; Registration of Transfer and Exchange.

 

The Company shall cause to be kept in each office designated pursuant to Section 6.02, with respect to the Securities of each series, a register (all registers kept in accordance with this Section being collectively referred to as the “Security Register”)
in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Securities of such series, or any Tranche thereof, and the registration of transfer thereof.  The Company shall designate one Person to maintain the Security Register for the Securities of each series on a consolidated basis, and such Person is referred to herein, with respect to such series, as the “Security Registrar.”  Anything
herein to the contrary notwithstanding, the Company may designate one or more of its offices as an office in which a register with respect to the Securities of one or more series shall be maintained, and the Company may designate itself the Security Registrar with respect to one or more of such series.  The Security Register shall be open for inspection by the Trustee and the Company at all reasonable times.

 

  

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Except as otherwise specified as contemplated by Section 3.01 with respect to the Securities of any series, or any Tranche thereof, upon surrender for registration of transfer of any Security of such series or Tranche at the office or agency of the Company maintained pursuant to Section 6.02 in a Place of Payment
for such series or Tranche, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Securities of the same series and Tranche, of authorized denominations and of like tenor and aggregate principal amount. The Securities shall be transferable only upon the surrender of a Security for registration of transfer.

 

Except as otherwise specified as contemplated by Section 3.01 with respect to the Securities of any series, or any Tranche thereof, any Security of such series or Tranche may be exchanged at the option of the Holder, for one or more new Securities of the same series and Tranche, of authorized denominations and
of like tenor and aggregate principal amount, upon surrender of the Securities to be exchanged at any such office or agency.  Whenever any Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Securities which the Holder making the exchange is entitled to receive.

 

All Securities delivered upon any registration of transfer or exchange of Securities shall be valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange.

 

Every Security presented or surrendered for registration of transfer or for exchange shall (if so required by the Company, the Trustee or the Security Registrar) be duly endorsed or shall be accompanied by a written instrument of transfer in form satisfactory to the Company, the Trustee or the Security Registrar,
as the case may be, duly executed by the Holder thereof or its attorney duly authorized in writing.

 

Unless otherwise specified as contemplated by Section 3.01 with respect to Securities of any series, or any Tranche thereof, no service charge shall be made for any registration of transfer or exchange of Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant to Sections 3.04, 4.06 or 12.06 not involving any transfer.

 

The Company shall not be required to execute or to provide for the registration of transfer of or the exchange of (a) Securities of any series, or any Tranche thereof, during a period of 15 days immediately preceding the date notice is to be mailed identifying the Securities of such series or Tranche called
for redemption or (b) any Security so selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part.

 

Notwithstanding the foregoing and except as otherwise specified as contemplated by Section 3.01, no Global Security shall be exchangeable pursuant to this Section 3.05 or Sections 3.04, 4.06 or 12.06 for Securities registered in the name of, and no transfer of a Global Security of any series may be registered
to, any Person other than the Depositary for such Security or its nominee, unless (a) such Depositary (i) notifies the Company that it is unwilling or unable to continue as Depositary for such Global Security or (ii) ceases to be a “clearing agency” registered under the Exchange Act, and the Company within 90 days after it receives such notice or becomes aware of such ineligibility does not appoint a successor Depositary, (b) the Company

 

  

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executes and delivers to the Trustee a Company Order that such Global Security shall be so exchangeable and the transfer thereof so registrable, or (c) there shall have occurred and be continuing an Event of Default, or an event which with notice or lapse of time or both would become an Event of Default, with
respect to the Securities evidenced by such Global Security.  Upon the occurrence in respect of any Global Security of any series of any one or more of the conditions specified in clause (a), (b) or (c) of the preceding sentence or such other conditions as may be specified as contemplated by Section 3.01 for such series, such Global Security shall be exchanged for Securities registered in the names of, and the transfer of such Global Security shall be registered to, such Persons (including Persons other
than the Depositary with respect to such series and its nominees) as such Depositary shall direct.  Notwithstanding any other provision of this Indenture, any Security authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, any Global Security shall also be a Global Security and shall bear the legend specified in Section 2.02, except for any Security authenticated and delivered in exchange for, or upon registration of transfer of, a Global Security pursuant to
the preceding sentence.

 

Section 3.06         Mutilated, Destroyed, Lost and Stolen Securities.

 

If any mutilated Security is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same series and Tranche, and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

 

If there shall be delivered to the Company and the Trustee (a) evidence to their satisfaction of the ownership of and the destruction, loss or theft of any Security and (b) such security or indemnity as may be reasonably required by them to save each of them and any agent of either of them harmless, then, in
the absence of notice to the Company or the Trustee that such Security is held by a Person purporting to be the owner of such Security, the Company shall execute and the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security of the same series and Tranche, and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

 

Notwithstanding the foregoing, in case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security.

 

Upon the issuance of any new Security under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including the fees and expenses of the Trustee) connected therewith.

 

Every new Security of any series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone other than the Holder
of such new Security, and any such new Security shall be entitled to all of the benefits of this Indenture equally and proportionately with any and all other Securities of such series duly issued hereunder.

 

  

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The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities.

 

Section 3.07         Payment of Interest; Interest Rights Preserved.

 

Unless otherwise specified as contemplated by Section 3.01 with respect to the Securities of any series, or any Tranche thereof, interest on any Security which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one
or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest.

 

Subject to Section 3.12, any interest on any Security of any series which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (“Defaulted Interest”) shall forthwith cease to be payable to the Holder on the
related Regular Record Date by virtue of having been such Holder, and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in clause (a) or (b) below:

 

(a)           The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on a date (a “Special
Record Date”) for the payment of such Defaulted Interest, which shall be fixed in the following manner.  The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Security of such series and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to
the Trustee for such deposit on or prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as provided in this clause (a).  Thereupon, the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest, which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of
the proposed payment.  The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall promptly cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to each Holder of Securities of such series at the address of such Holder as it appears in the Security Register, not less than 10 days prior to such Special Record Date.  Notice of the
proposed payment of such Defaulted Interest and the Special Record Date therefor having been so mailed, such Defaulted Interest shall be paid to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on such Special Record Date.

 

(b)           The Company may make payment of any Defaulted Interest on the Securities of any series in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Securities may be listed, and upon such notice
as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause (b), such manner of payment shall be deemed practicable by the Trustee.

 

  

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Subject to the foregoing provisions of this Section and Section 3.05, each Security delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue in the future, which were carried by such
other Security.

 

Section 3.08         Persons Deemed Owners.

 

Prior to due presentment of a 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 such Security is registered as the absolute owner of such Security for the purpose of receiving payment of principal of and premium, if
any, and (subject to Section 3.05 and Section 3.07) interest, if any, on such Security and for all other purposes whatsoever, whether or not such Security be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary.

 

Section 3.09         Cancellation by Security Registrar.

 

All Securities surrendered for payment, redemption, registration of transfer or exchange or for credit against any sinking fund payment shall, if surrendered to any Person other than the Security Registrar, be delivered to the Security Registrar and, if not theretofore canceled, shall be promptly canceled by
the Security Registrar.  The Company may at any time deliver to the Security Registrar for cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever or which the Company shall not have issued and sold, and all Securities so delivered shall be promptly canceled by the Security Registrar.  No Securities shall be authenticated in lieu of or in exchange for any Securities canceled as provided in this Section, except
as expressly permitted by this Indenture.  All canceled Securities held by the Security Registrar shall be disposed of in accordance with the customary practices of the Security Registrar at the time in effect, and the Security Registrar shall not be required to destroy any such certificates.  The Security Registrar shall promptly deliver a certificate of disposition to the Trustee and the Company unless, by a Company Order, similarly delivered, the Company shall direct that canceled Securities
be returned to it.  The Security Registrar shall promptly deliver evidence of any cancellation of a Security in accordance with this Section 3.09 to the Trustee (if the Security Registrar is not then the Trustee) and the Company.

 

Section 3.10         Computation of Interest.

 

Except as otherwise specified as contemplated by Section 3.01 for Securities of any series, or any Tranche thereof, interest on the Securities of each series shall be computed on the basis of a 360-day year consisting of twelve 30-day months and for any period shorter than a full month, on the basis of the actual
number of days elapsed in such period.

 

Section 3.11         Payment to Be in Proper Currency.

 

In the case of the Securities of any series, or any Tranche thereof, denominated in any currency other than Dollars or in a composite currency (the “Required Currency”), except as otherwise specified with respect to such Securities as contemplated
by Section 3.01, the obligation of the Company to make any payment of the principal thereof, or the premium or

 

  

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interest thereon, shall not be discharged or satisfied by any tender by the Company, or recovery by the Trustee, in any currency other than the Required Currency, except to the extent that such tender or recovery shall result in the Trustee timely holding the full amount of the Required Currency then due and
payable.  If any such tender or recovery is in a currency other than the Required Currency, the Trustee may take such actions as it considers appropriate to exchange such currency for the Required Currency.  The costs and risks of any such exchange, including, without limitation, the risks of delay and exchange rate fluctuation, shall be borne by the Company; the Company shall remain fully liable for any shortfall or delinquency in the full amount of Required Currency then due and payable;
and in no circumstances shall the Trustee be liable for any such shortfall or delinquency except in the case of its negligence or willful misconduct.

 

Section 3.12         Extension of Interest Payment.

 

The Company shall have the right at any time, so long as the Company is not in default in the payment of interest on the Securities of any series hereunder, to extend interest payment periods on all Securities of one or more series, if so specified with respect to such Securities as contemplated by Section 3.01,
upon such terms as may be specified with respect to such Securities as contemplated by Section 3.01.

 

Section 3.13         CUSIP and ISIN Numbers.

 

The Company in issuing the Securities may use “CUSIP” or “ISIN” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” or “ISIN” numbers in notices of redemption as a convenience to Holders; provided, that any such notice may state that no
representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of redemption and that reliance may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers.  The Company shall promptly notify the Trustee of any change in the “CUSIP” or “ISIN” numbers.

 

ARTICLE 4.        REDEMPTION OF SECURITIES

 

Section 4.01         Applicability of Article.

 

Securities of any series, or any Tranche thereof, that are redeemable before their Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise specified as contemplated by Section 3.01 for Securities of such series or Tranche) in accordance with this Article.

 

Section 4.02         Election to Redeem; Notice to Trustee.

 

The election of the Company to redeem any Securities shall be evidenced by a Board Resolution or an Officers’ Certificate.  The Company shall, at least 45 days prior to the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the  Trustee), notify the
Trustee in writing of such Redemption Date and of the principal amount of such Securities to be redeemed.  In the case of any redemption of Securities (a) prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture or (b) pursuant to an election of the Company that is subject to a condition specified in the terms of such Securities, the Company shall furnish the Trustee with an Officers’ Certificate evidencing compliance
with such restriction or condition.

 

  

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Section 4.03         Selection of Securities to Be Redeemed.

 

If less than all of the Securities of any series, or any Tranche thereof, are to be redeemed, the particular Securities to be redeemed shall be selected by the Trustee from the Outstanding Securities of such series or Tranche not previously called for redemption by such method as shall be provided for any particular
series, or, in the absence of any such provision, by such method as the Trustee shall deem fair and appropriate and which may provide for the selection for redemption of portions (equal to the minimum authorized denomination for Securities of such series or Tranche or any integral multiple thereof) of the principal amount of Securities of such series or Tranche of a denomination larger than the minimum authorized denomination for Securities of such series or Tranche; provided, however, that if, as indicated in
an Officers’ Certificate, the Company shall have offered to purchase all or any principal amount of the Securities then Outstanding of any series, or any Tranche thereof, and less than all of such Securities as to which such offer was made shall have been tendered to the Company for such purchase, the Trustee, if so directed by Company Order, shall select for redemption all or any principal amount of such Securities which have not been so tendered.

 

The Trustee shall promptly notify the Company and the Security Registrar in writing of the Securities selected for redemption and, in the case of any Securities selected to be redeemed in part, the principal amount thereof to be redeemed.

 

For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall relate, in the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal amount of such Securities which has been or is to be redeemed.

 

Section 4.04         Notice of Redemption.

 

Except as otherwise specified as contemplated by Section 3.01 for Securities of any series, notice of redemption shall be given in the manner provided in Section 1.06 to the Holders of the Securities to be redeemed not less than 30 nor more than 60 days prior to the Redemption Date.

 

Except as otherwise specified as contemplated by Section 3.01 for Securities of any series, all notices of redemption shall identify the Securities to be redeemed (including CUSIP, ISIN or similar numbers, if available) and shall state:

 

(a)           the Redemption Date;

 

(b)           the Redemption Price (if known);

 

(c)           if less than all of the Securities of any series, or any Tranche thereof, are to be redeemed, the identification of the particular Securities to be redeemed and the portion of the principal amount of any Security to be redeemed in part;

 

(d)           that on the Redemption Date the Redemption Price, together with accrued interest, if any, to the Redemption Date, will become due and payable upon each such Security to be redeemed and, if applicable, that interest thereon will cease to accrue
on and after said date;

 

  

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(e)           the place or places where such Securities are to be surrendered for payment of the Redemption Price and accrued interest, if any, unless it shall have been specified as contemplated by Section 3.01 with respect to such Securities that such
surrender shall not be required;

 

(f)           that the redemption is for a sinking or other fund, if such is the case; and

 

(g)           such other matters as the Company shall deem desirable or appropriate.

 

Unless otherwise specified with respect to any Securities in accordance with Section 3.01, with respect to any notice of redemption of Securities at the election of the Company, unless upon the giving of such notice such Securities shall be deemed to have been paid in accordance with Section 7.02, such notice
may state that such redemption shall be conditional upon the receipt by the Paying Agent or Agents for such Securities, on or prior to the date fixed for such redemption, of money sufficient to pay the principal of and premium, if any, and interest, if any, on such Securities and that if such money shall not have been so received such notice shall be of no force or effect and the Company shall not be required to redeem such Securities.  In the event that such notice of redemption contains such a condition
and such money is not so received, the redemption shall not be made and within a reasonable time thereafter notice shall be given, in the manner in which the notice of redemption was given, that such money was not so received and such redemption was not required to be made, and the Paying Agent or Agents for the Securities otherwise to have been redeemed shall promptly return to the Holders thereof any of such Securities which had been surrendered for payment upon such redemption.

 

Notice of redemption of Securities to be redeemed at the election of the Company, and any notice of non-satisfaction of a condition for redemption as aforesaid, shall be given by the Company or, at the Company’s request, by the Security Registrar in the name and at the expense of the Company.  Notice
of mandatory redemption of Securities shall be given by the Security Registrar in the name and at the expense of the Company.

 

Section 4.05         Securities Payable on Redemption Date.

 

Notice of redemption having been given as aforesaid, and the conditions, if any, set forth in such notice having been satisfied, the Securities or portions thereof so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified, and from and after such date (unless,
in the case of an unconditional notice of redemption, the Company shall default in the payment of the Redemption Price and accrued interest, if any) such Securities or portions thereof, if interest-bearing, shall cease to bear interest.  Upon surrender of any such Security for redemption in accordance with such notice, such Security or portion thereof shall be paid by the Company at the Redemption Price, together with accrued interest, if any, to the Redemption Date; provided, however, that no such
surrender shall be a condition to such payment if so specified as contemplated by Section 3.01 with respect to such Security; and provided, further, that except as otherwise specified as contemplated by Section 3.01 with respect to such Security, any installment of interest on any Security the Stated Maturity of which installment is on or prior to the Redemption Date shall be payable to the Holder of such Security, or one or more Predecessor Securities, registered as such at the close of business on the related
Regular Record Date according to the terms of such Security and subject to the provisions of Section 3.07.

 

  

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Section 4.06         Securities Redeemed in Part.

 

Upon the surrender of any Security which is to be redeemed only in part at a Place of Payment therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or its attorney
duly authorized in writing), the Company shall execute, and the Trustee shall authenticate and deliver to the Holder of such Security, without service charge, a new Security or Securities of the same series and Tranche, of any authorized denomination requested by such Holder and of like tenor and in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered; except that if a Global Security is so surrendered, the Company shall execute, and the
Trustee shall authenticate and deliver to the Depositary for such Global Security, without service charge, a new Global Security in a denomination equal to and in exchange for the unredeemed portion of the principal of the Global Security so surrendered. In the case of a Security providing appropriate space for such notation, at the option of the Holder thereof, the Trustee, in lieu of delivering a new Security or Securities as aforesaid, may make a notation on such Security of the payment of the redeemed portion
thereof.

 

ARTICLE 5.        SINKING FUNDS

 

Section 5.01         Applicability of Article.

 

The provisions of this Article shall be applicable to any sinking fund for the retirement of the Securities of any series, or any Tranche thereof, except as otherwise specified as contemplated by Section 3.01 for Securities of such series or Tranche.

 

The minimum amount of any sinking fund payment provided for by the terms of Securities of any series, or any Tranche thereof, is herein referred to as a “Mandatory Sinking Fund Payment,” and any payment in excess of such minimum amount provided
for by the terms of Securities of any series, or any Tranche thereof, is herein referred to as an “Optional Sinking Fund Payment.”  If provided for by the terms of Securities of any series, or any Tranche thereof, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 5.02.  Each sinking fund payment shall be applied to the redemption of Securities of the series or Tranche in respect
of which it was made as provided for by the terms of such Securities.

 

Section 5.02         Satisfaction of Sinking Fund Payments with Securities.

 

The Company may, at its option, in satisfaction of all or any part of a Mandatory Sinking Fund Payment with respect to a series of Securities, or a Tranche thereof, (a) deliver to the Trustee Outstanding Securities (other than any Securities previously called for redemption) of such series or Tranche and (b)
apply as a credit Securities of such series or Tranche which have been redeemed, either at the election of the Company pursuant to the terms of such Securities or through the application of permitted Optional Sinking Fund Payments pursuant to the terms of such Securities; provided, however, that no Securities shall be applied in satisfaction of a Mandatory Sinking Fund Payment if such Securities shall have been previously so applied.  Securities so applied shall be received and credited for such purpose
by the Trustee at the Redemption Price specified in such Securities for redemption through operation of the sinking fund and the amount of such Mandatory Sinking Fund Payment shall be reduced accordingly.

 

  

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Section 5.03         Redemption of Securities for Sinking Fund.

 

Not less than 45 days prior to each sinking fund payment date for the Securities of any series, or any Tranche thereof, the Company shall deliver to the Trustee an Officers’ Certificate specifying:

 

(a)           the amount of the next succeeding Mandatory Sinking Fund Payment for such series or Tranche;

 

(b)           the amount, if any, of the Optional Sinking Fund Payment to be made together with such Mandatory Sinking Fund Payment;

 

(c)           the aggregate sinking fund payment;

 

(d)           the portion, if any, of such aggregate sinking fund payment which is to be satisfied by the payment of cash; and

 

(e)           the portion, if any, of such aggregate sinking fund payment which is to be satisfied by delivering and crediting Securities of such series or Tranche pursuant to Section 5.02, the basis for such credit and that such Securities have not previously
been so credited, and that the Company also shall deliver to the Trustee any Securities to be so delivered.

 

If the Company shall have not delivered such Officers’ Certificate and, to the extent applicable, all such Securities on or prior to such 45th day prior to a sinking fund payment date, the sinking fund payment for such series or Tranche payable on such sinking fund payment date shall be made entirely in
cash in the amount of the Mandatory Sinking Fund Payment.  Not less than 30 days before each such sinking fund payment date, the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 4.03 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 4.04.  Such notice having been duly given, the redemption of such Securities shall be made upon the
terms and in the manner stated in Section 4.05 and Section 4.06.

 

ARTICLE 6.        COVENANTS

 

Section 6.01         Payment of Principal, Premium and Interest.

 

The Company shall pay the principal of and premium, if any, and interest, if any, on the Securities of each series in accordance with the terms of such Securities and this Indenture.  Interest on Securities shall be payable without presentment of such Securities, and only to the registered Holders
thereof determined as provided in Section 3.07.  The Company shall have the right to require a Holder, in connection with the payment of the principal of and premium, if any, or interest, if any, on a Security, to present at the office or agency of the Company at which such payment is made a certificate, in such form as the Company may from time to time prescribe, to enable the Company to determine its duties and liabilities with respect to any taxes, assessments or governmental charges that it may
be required to deduct or withhold therefrom under any present or future law of the United States of America or of any State, county, municipality or taxing or withholding authority therein, and the Company shall be entitled to determine its duties and liabilities with respect to such deduction or withholding on the basis of information contained in such certificate or, if no such certificate shall be so presented, on the basis of any presumption created by any such law, and shall be entitled to act in accordance
with such determination.

 

  

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Section 6.02         Maintenance of Office or Agency.

 

The Company shall maintain in each Place of Payment for the Securities of each series, or any Tranche thereof, an office or agency where payment of such Securities shall be made, where the registration of transfer or exchange of such Securities may be effected and where notices and demands to or upon the Company
in respect of such Securities and this Indenture may be served.  The Company shall give prompt written notice to the Trustee of the location, and any change in the location, of each such office or agency and prompt notice to the Holders of any such change in the manner specified in Section 1.06.  If at any time the Company shall fail to maintain any such required office or agency in respect of Securities of any series, or any Tranche thereof, or shall fail to furnish the Trustee with the address
thereof, payment of such Securities shall be made, registration of transfer or exchange thereof may be effected and notices and demands in respect thereof may be served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent for all such purposes in any such event.

 

The Company also may, from time to time, designate one or more other offices or agencies with respect to the Securities of one or more series, or any Tranche thereof, for any or all of the foregoing purposes and may, from time to time, rescind such designations; provided, however, that, unless otherwise specified
as contemplated by Section 3.01 with respect to the Securities of such series or Tranche, no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency for such purposes in each Place of Payment for such Securities in accordance with the requirements set forth above.  The Company shall give prompt written notice to the Trustee, and prompt notice to the Holders in the manner specified in Section 1.06, of any such designation or rescission
and of any change in the location of any such other office or agency.

 

Anything herein to the contrary notwithstanding, any office or agency required by this Section may be maintained at an office of the Company, in which event the Company shall perform all functions to be performed at such office or agency.

 

Section 6.03         Money for Securities Payments to Be Held in Trust.

 

If the Company shall at any time act as its own Paying Agent with respect to the Securities of any series, or any Tranche thereof, it shall, on or before each due date of the principal of and premium, if any, and/or interest, if any, on any of such Securities, segregate and hold in trust for the benefit of the
Persons entitled thereto a sum sufficient to pay the principal and premium, if any, or interest, if any, so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided. The Company shall promptly notify the Trustee of any failure by the Company (or any other obligor on such Securities) to make any payment of principal of or premium, if any, or interest, if any, on such Securities.

 

  

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Whenever the Company shall have one or more Paying Agents for the Securities of any series, or any Tranche thereof, it shall, on or before each due date of the principal of and premium, if any, and/or interest, if any, on such Securities, deposit with such Paying Agents sums sufficient (without duplication)
to pay the principal and premium, if any, or interest, if any, so becoming due, such sums to be held in trust for the benefit of the Persons entitled to such principal, premium or interest, and (unless such Paying Agent is the Trustee) the Company shall promptly notify the Trustee of any failure by it so to act.

 

The Company shall cause each Paying Agent for the Securities of any series, or any Tranche thereof, other than the Company or the Trustee, to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent
shall:

 

(a)           hold all sums held by it for the payment of the principal of and premium, if any, or interest, if any, on such Securities in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed
of as herein provided;

 

(b)           give the Trustee notice of any failure by the Company (or any other obligor upon such Securities) to make any payment of principal of or premium, if any, or interest, if any, on such Securities; and

 

(c)           at any time during the continuance of any such failure, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent and furnish to the Trustee such information as it possesses regarding
the names and addresses of the Persons entitled to such sums.

 

The Company may at any time pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying Agent and, if so stated
in a Company Order delivered to the Trustee, in accordance with the provisions of ARTICLE 7; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such money.

 

Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of and premium, if any, or interest, if any, on any Security and remaining unclaimed for two years after such principal and premium or interest has become due and payable shall be
paid to the Company on Company Request, or, if then held by the Company, shall be discharged from such trust; and, upon such payment or discharge, the Holder of such Security shall, as an unsecured general creditor and not as a Holder of an Outstanding Security, look only to the Company for payment of the amount so due and payable and remaining unpaid, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease;
provided, however, that the Trustee or such Paying Agent, before being required to make any such payment to the Company, shall at the expense of the Company cause to be mailed, on one occasion only, notice to such Holder that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such mailing, any unclaimed balance of such money then remaining will be paid to the Company.

 

  

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Section 6.04          Corporate Existence.

 

Subject to the rights of the Company under ARTICLE 11, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence.

 

Section 6.05          Vacancy in the Office of Trustee.

 

The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee with respect to one or more series, shall appoint, in the manner provided in ARTICLE 9, a Trustee, so that there shall at all times be a Trustee hereunder.

 

Section 6.06          Annual Officers’ Certificate as to Compliance.

 

Not later than the 120th day following the end of each fiscal year of the Company, the Company shall deliver to the Trustee an Officers’ Certificate which need not comply with Section 1.02, executed by the principal executive officer, the principal financial officer or the principal accounting officer
of the Company, as to such officer’s knowledge of the Company’s compliance with all conditions and covenants under this Indenture, such compliance to be determined without regard to any period of grace or requirement of notice under this Indenture, and making any other statements as may be required by the provisions of Section 314(a)(4) of the Trust Indenture Act.

 

Section 6.07          Waiver of Certain Covenants.

 

The Company may omit in any particular instance to comply with any term, provision or condition set forth in (a) Section 6.02 or any additional covenant or restriction specified with respect to the Securities of any series, or any Tranche thereof, as contemplated by Section 3.01, if before the time for such
compliance the Holders of a majority in aggregate principal amount of the Outstanding Securities of all series and Tranches with respect to which compliance with Section 6.02 or such additional covenant or restriction is to be omitted, considered as one class, shall, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such term, provision or condition, and (b) Section 6.04 or ARTICLE 11 if before the time for such compliance the Holders of a majority in principal
amount of Outstanding Securities under this Indenture shall, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such term, provision or condition; but, in the case of (a) or (b), no such waiver shall extend to or affect such term, provision or condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such term, provision or condition shall
remain in full force and effect.

 

  

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Section 6.08          Calculation of Original Issue Discount.

 

If any of the Securities are Discount Securities or are otherwise treated as issued with “original issue discount” for Federal income tax purposes, the Company shall file with the Trustee promptly at the end of each calendar year (a) a written notice specifying the amount of original issue discount
(including daily rates and accrual periods) accrued on such Outstanding Securities as of the end of such year, if any, and (b) such other specific information relating to such original issue discount as may then be relevant under the Internal Revenue Code of 1986, as amended from time to time.

 

ARTICLE 7.           DEFEASANCE, SATISFACTION AND DISCHARGE

 

Section 7.01          Company’s Option to Elect Legal Defeasance or Covenant Defeasance.

 

The Company may elect, at its option at any time, to have Section 7.02 or Section 7.03 applied to the Securities of any series, or any Tranche thereof, as provided in either Section 7.02 or Section 7.03 and upon compliance with the additional requirements set forth below in this Article.

 

Section 7.02          Legal Defeasance.

 

Upon the Company’s exercise of its option to have this Section 7.02 applied to the Securities of any series, or any Tranche thereof, the Company shall be deemed to have been discharged from its obligations with respect to the Outstanding Securities of such series or Tranche on and after the date the conditions
precedent set forth in Section 7.04 are satisfied (“Legal Defeasance”).  For this purpose, such Legal Defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by the Outstanding Securities of such series or Tranche and to have satisfied all of its other obligations under such Securities and this Indenture insofar as such Securities are concerned (and the Trustee, at the expense
of the Company, shall execute proper instruments acknowledging the same), except for the following rights and obligations, which shall survive until otherwise terminated or discharged hereunder: (a) the rights of Holders of Outstanding Securities of such series or Tranche to receive, solely from the trust fund described in Section 7.05, payments of the principal of and premium, if any, and/or interest, if any, on such Securities when such payments are due, (b) the Company’s obligations with respect to such
Securities under Sections 3.04, 3.05, 3.06, 4.04, 5.03 (as to notice of redemption), 6.02, 6.03, 9.07 and 9.14, and (c) this ARTICLE 7.  Subject to compliance with this ARTICLE 7, the Company may exercise its option under this Section 7.02 notwithstanding the prior exercise of its option under Section 7.03 with respect to the Securities of such series or Tranche.  Following a Legal Defeasance, payment of the Securities of such series or Tranche may not be accelerated because of an Event of
Default. In the event that Securities in respect of which the Company’s indebtedness shall have been satisfied and discharged as provided in this Section do not mature and are not to be redeemed within the 60-day period commencing with the date of the deposit of moneys or Eligible Obligations as provided in Section 7.04 below, the Company shall, as promptly as practicable, give notice, in the same manner as a notice of redemption with respect to such Securities, to the Holders of such Securities of such
deposit and the effect thereof.

 

  

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Section 7.03          Covenant Defeasance.

 

Upon the Company’s exercise of its option to have this Section 7.03 applied to the Securities of any series, or any Tranche thereof, and after the date the conditions set forth in Section 7.04 are satisfied, (a) the Company shall be released from its obligations under (i) ARTICLE 11 and (ii) any covenant
established with respect to the Securities of such series pursuant to Section 3.01(p) (each such covenant referred to in clause (i) or (ii), a “Defeasible Covenant”); (b) the occurrence of an event specified in Section 8.01(d) with respect to such Defeasible Covenant shall not be deemed to be an Event of Default; and (c) if the Securities of such series or Tranche are Subordinated Securities, ARTICLE 13 and any other subordination provisions
established in respect of such series or Tranche in accordance with Section 3.01, shall cease to be effective, in each case, with respect to the Outstanding Securities of such series or Tranche (“Covenant Defeasance”).  For this purpose, such Covenant Defeasance means that, with respect to the Outstanding Securities of such series or Tranche, the Company shall not be required to comply with and shall have no liability or obligation
in respect of any term, condition or limitation set forth in any such Defeasible Covenant, whether directly or indirectly by reason of any reference herein to any such Defeasible Covenant or by reason of any reference in any such Defeasible Covenant to any other provision herein or in any other document, but the remainder of this Indenture and such Securities shall be unaffected thereby.  Following a Covenant Defeasance, payment of the Securities of such series or Tranche may not be accelerated because
of an Event of Default under Section 8.01(d) by reason of such Defeasible Covenant or as provided in Section 8.01(e) or (f).

 

Section 7.04          Conditions to Legal Defeasance and Covenant Defeasance.

 

The following shall be the conditions precedent to application of either Section 7.02 or Section 7.03 to the Outstanding Securities of any series or Tranche:

 

(a)           The Company shall irrevocably have deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the benefit of
the Holders of such Securities, (i) money in an amount, (ii) Eligible Obligations which through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, not later than one day before the due date of any payment, money in an amount, or (iii) a combination thereof, in each case sufficient, without reinvestment, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee,
to pay and discharge, and which shall be applied by the Trustee (or other qualifying trustee) to pay and discharge, the principal of and premium, if any, and interest, if any, on the Outstanding Securities of such series or Tranche on the Maturity of such Securities and any Mandatory Sinking Fund Payments or analogous payments applicable to the Outstanding Securities of such series or Tranche on the due dates thereof.  Before such a deposit, the Company may make arrangements satisfactory to the Trustee
for the redemption of Securities at a future date or dates in accordance with ARTICLE 4, which shall be given effect in applying this clause (a).

 

  

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(b)           No Event of Default or event which, with notice or lapse of time or both, would become an Event of Default with respect to the Securities of such series or Tranche shall have occurred and be continuing (i) on the date of such deposit or (ii)
insofar as Sections 8.01(e) and (f) are concerned, at any time during the period ending on the 91st day after the date of such deposit or, if longer, ending on the first day following the expiration of the longest preference period applicable to the Company in respect of such deposit (it being understood that the condition in this clause (ii) shall not be deemed satisfied until the expiration of such period).

 

(c)           Such Legal Defeasance or Covenant Defeasance shall not (i) cause the Trustee for the Securities of such series or Tranche to have a conflicting interest for purposes of the Trust Indenture Act or (ii) result in the trust arising from such deposit
to constitute, unless it is qualified as, a regulated investment company under the Investment Company Act of 1940, as amended.

 

(d)           Such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument to which the Company is a party or by which it is bound.

 

(e)           Such Legal Defeasance or Covenant Defeasance shall not cause any Securities of such series or Tranche then listed on any national securities exchange registered under the Exchange Act to be delisted.

 

(f)           In the case of an election under Section 7.02 or under Section 7.03, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of the Outstanding Securities of such series or Tranche will not recognize
income, gain or loss for Federal income tax purposes as a result of such Legal Defeasance or Covenant Defeasance, respectively, and will be subject to Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance or Covenant Defeasance, as applicable, had not occurred.

 

(g)           Such Legal Defeasance or Covenant Defeasance shall be effected in compliance with any additional terms, conditions or limitations which may be imposed on the Company in connection therewith pursuant to Section 3.01.

 

(h)           The Company shall have paid, or provided for the payment of, the fees and expenses of the Trustee payable pursuant to Section 9.07.

 

(i)           The Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent relating to either the Legal Defeasance under Section 7.02 or the Covenant Defeasance under
Section 7.03 (as the case may be) have been complied with.

 

Section 7.05          Application of Trust Money.

 

Subject to the provisions of Section 6.03, all money and Eligible Obligations (including principal or interest payments on any such Eligible Obligations) deposited with the Trustee pursuant to Section 7.04 in respect of the Outstanding Securities of any series, or any Tranche thereof, shall be held in trust
and applied by the Trustee, in accordance with the provisions of

 

  

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such Securities and this Indenture, to the payment, either directly or through any Paying Agent (but not including the Company acting as its own Paying Agent) as the Trustee may determine, to the Holders of such Securities, of all sums due and to become due thereon in respect of principal, premium, if any, or
interest, if any; provided, however, that, so long as there shall not have occurred and be continuing an Event of Default, any cash received from such principal or interest payments on such Eligible Obligations, if not then needed for such purpose, shall, to the extent practicable and upon Company Request, be invested in Eligible Obligations of the type described in clause (a)(ii) of Section 7.04 and interest earned from such reinvestment shall be paid over to the Company as received, free and clear of any trust,
lien or pledge under this Indenture except the lien provided by Section 9.07; and provided, further, that, so long as there shall not have occurred and be continuing an Event of Default, any moneys held in accordance with this Section on the Maturity of all such Securities in excess of the amount required to pay the principal of and premium, if any, and interest, if any, then due on such Securities shall be paid over to the Company free and clear of any trust, lien or pledge under this Indenture except the lien
provided by Section 9.07; and provided, further, that if an Event of Default shall have occurred and be continuing, moneys to be paid over to the Company pursuant to this Section shall be held until such Event of Default shall have been waived or cured.

 

The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the money or Eligible Obligations deposited pursuant to Section 7.04 or the principal and interest received in respect thereof.

 

Section 7.06          Reinstatement.

 

If the Trustee (or any Paying Agent) is unable to apply any money in accordance with Section 7.05 by reason of any order or judgment of any court or Governmental Authority enjoining, restraining or otherwise prohibiting such application, then the Company’s obligations under the Securities of such series
or Tranche shall be revived and reinstated as though no deposit had occurred pursuant to this ARTICLE 7 until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 7.05; provided, however, that if the Company makes any payment of principal, premium or interest on any such Securities following the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money held by the
Trustee or the Paying Agent.

 

Section 7.07          Satisfaction and Discharge of Indenture.

 

This Indenture shall upon Company Request cease to be of further effect (except as hereinafter expressly provided), and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when

 

(a)           no Securities remain Outstanding hereunder; and

 

(b)           the Company has paid or caused to be paid all other sums payable hereunder by the Company;

 

  

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provided, however, that if, in accordance with Section 7.06, any Security previously deemed to have been paid for purposes of this Indenture shall be deemed retroactively not to have been so paid, this Indenture shall be deemed retroactively not to have been satisfied and discharged and to remain in full force
and effect, and the Company shall execute and deliver such instruments as the Trustee shall reasonably request to evidence and acknowledge the same.

 

Notwithstanding the satisfaction and discharge of this Indenture as aforesaid, the obligations of the Company and the Trustee under Sections 3.04, 3.05, 3.06, 4.04, 5.03 (as to notice of redemption), 6.02, 6.03, 9.07 and 9.14 and this Article shall survive. Upon satisfaction and discharge of this Indenture as
provided in this Section, the Trustee shall assign, transfer and turn over to the Company, subject to the lien provided by Section 9.07, any and all money, securities and other property then held by the Trustee for the benefit of the Holders of the Securities other than money and Eligible Obligations held by the Trustee pursuant to Section 7.05.

 

ARTICLE 8.         EVENTS OF DEFAULT; REMEDIES

 

Section 8.01          Events of Default.

 

“Event of Default,” wherever used herein with respect to Securities of any series, means any one of the following events, unless in the supplemental indenture, Board Resolution or Officers’ Certificate pursuant to a Board Resolution establishing such series, it is provided that such series
shall not have the benefit of said Event of Default:

 

(a)           failure to pay interest, if any, on any Security of such series within 30 days after the same becomes due and payable; provided, however, that a valid extension of the interest payment period by the Company as contemplated in Section 3.12 of
this Indenture shall not constitute a failure to pay interest for this purpose; or

 

(b)           failure to pay the principal of, or premium, if any, on, any Security of such series at its Maturity; or

 

(c)           failure to pay a Mandatory Sinking Fund Payment, if any, when and as the same shall become payable by the terms of a Security of such series, which failure shall have continued unremedied for a period of 30 days; or

 

(d)           subject to ARTICLE 7, failure to perform or breach of any covenant or warranty of the Company in this Indenture (other than a covenant or warranty a default in the performance of which or breach of which is elsewhere in this Section specifically
dealt with or which has expressly been included in this Indenture solely for the benefit of one or more series of Securities other than such series) for a period of 90 days after there has been given, by registered or certified mail, to the Company by the Trustee, or to the Company and the Trustee by the Holders of at least 33% in principal amount of the Outstanding Securities of such series, a written notice specifying such default or breach and requiring
it to be remedied and stating that such notice is a “Notice of Default” hereunder, unless the Trustee, or the Trustee and the Holders of a principal amount of Securities of such series not less than the principal amount of Securities the Holders of which gave such notice, as the case may be, shall agree in writing to an extension of such period prior to its expiration; provided, however, that the Trustee, or the Trustee and the Holders of such principal amount of Securities of such series, as the
case may be, shall be deemed to have agreed to an extension of such period if corrective action is initiated by the Company within such period and is being diligently pursued; or

 

  

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(e)           the entry by a court having jurisdiction in the premises of (i) a decree or order for relief in respect of the Company in an involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other
similar law or (ii) a decree or order adjudging the Company a bankrupt or insolvent, or approving as properly filed a petition by one or more Persons other than the Company seeking reorganization, arrangement, adjustment or composition of or in respect of the Company under any applicable Federal or State law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official for the Company or for any substantial part of its property, or ordering the winding up or liquidation
of its affairs, and any such decree or order for relief or any such other decree or order shall have remained unstayed and in effect for a period of 90 consecutive days; or

 

(f)           the commencement by the Company of a voluntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent,
or the consent by it to the entry of a decree or order for relief in respect of the Company in a case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable Federal or State law, or the consent by it to the filing of such petition or to the appointment of or taking
possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or similar official of the Company or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors, or the authorization of such action by the Board of Directors; or

 

(g)           any other Event of Default specified with respect to Securities of such series in the supplemental indenture, Board Resolution or Officers’ Certificate pursuant to a Board Resolution establishing such series.

 

Section 8.02          Acceleration of Maturity; Rescission and Annulment.

 

(a)           If an Event of Default described in Section 8.01(a), Section 8.01(b) or Section 8.01(c) shall have occurred and be continuing, then, and in each and every case, except for any series of Securities the principal of which shall have already become
due and payable, either the Trustee or the Holders of at least 33% in principal amount of the Outstanding Securities of such series may by notice in writing to the Company then declare the principal amount (or, if any of the Securities of such series are Discount Securities, such portion of the principal amount as may be specified in the terms thereof as contemplated by Section 3.01) of all Securities of such series and interest accrued thereon, if any, to be due and payable immediately, and upon any such declaration,
the same shall become immediately due and payable.

 

(b)           Except as otherwise provided in the terms of any series of Outstanding Securities that are not Subordinated Securities pursuant to Section 3.01, if an Event of Default described in Section 8.01(d) or Section 8.01(g) with respect to all Outstanding
Securities that are not Subordinated Securities or an Event of Default specified in Section 8.01(e) or Section 8.01(f) shall have occurred and be continuing, either the Trustee or the Holders of at least 33% in principal amount of all such Securities then Outstanding (considered as one class), and not the Holders of the Securities of any one of such series, may by notice in writing to the Company declare the principal amount (or, if any of the Securities of such series are Discount Securities, such portion of
the principal amount as may be specified in the terms thereof as contemplated by Section 3.01) of all such Securities and interest accrued thereon, if any, to be due and payable immediately, and upon any such declaration, the same shall become immediately due and payable.

 

  

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(c)           Except as otherwise provided in the terms of any series of Outstanding Subordinated Securities pursuant to Section 3.01, if an Event of Default described in  Section 8.01(d) or Section 8.01(g) with respect to all Outstanding Subordinated
Securities or an Event of Default specified in Section 8.01(e) or Section 8.01(f) shall have occurred and be continuing, either the Trustee or the Holders of at least 33% in principal amount of all Subordinated Securities then Outstanding (considered as one class), and not the Holders of the Subordinated Securities of any one of such series, may by notice in writing to the Company declare the principal amount (or, if any of the Securities of such series are Discount Securities, such portion of the principal amount
as may be specified in the terms thereof as contemplated by Section 3.01) of all Subordinated Securities and interest accrued thereon, if any, to be due and payable immediately, and upon any such declaration, the same shall become immediately due and payable.

 

(d)           At any time after a declaration described in Section 8.02(a), (b) or (c) (a “Declaration of Acceleration”) with respect to Securities of any series shall have been made and
before a judgment or decree for payment of the money due shall have been obtained by the Trustee as hereinafter in this Article provided, the Event or Events of Default giving rise to such Declaration of Acceleration shall, without further act, be deemed to have been waived, and such declaration and its consequences shall, without further act, be deemed to have been rescinded and annulled, if

 

	
  
	
(i)
	
the Company shall have paid or deposited with the Trustee a sum sufficient to pay

 

	
  
	
(A)
	
all matured installments of interest, if any, upon all Securities of that series;

 

	
  
	
(B)
	
the principal of (and premium, if any, on) any and all Securities of that series that have become due otherwise than by acceleration (with interest on overdue installments of interest (to the extent that payment of such interest is enforceable under applicable law) and on such principal (and premium, if any) at the rate of interest prescribed therefor by such Securities, to the date of such payment or deposit);
and

 

	
  
	
(C)
	
all amounts due to the Trustee under Section 9.07;

 

and

 

  

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(ii)
	
any other Event or Events of Default with respect to Securities of such series, other than the nonpayment of the principal of Securities of such series which shall have become due solely by such Declaration of Acceleration, shall have been cured or waived as provided in Section 8.13.

 

(e)           No such rescission shall affect any subsequent Event of Default or impair any right consequent thereon.

 

Section 8.03          Collection of Indebtedness and Suits for Enforcement by Trustee.

 

If an Event of Default described in Section 8.01(a), Section 8.01(b) or Section 8.01(c) shall have occurred and be continuing, subject to ARTICLE 13 and any other subordination provisions established, as contemplated by Section 3.01, in respect of any series of Subordinated Securities as to which such Event
of Default shall have occurred, the Company shall, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holders of the Securities of the series with respect to which such Event of Default shall have occurred, the whole amount then due and payable on such Securities for principal and premium, if any, and interest, if any, and, to the extent permitted by law, interest on any overdue principal and interest, at the rate or rates prescribed therefor in such Securities, and, in addition thereto, such
further amount as shall be sufficient to cover any amounts due to the Trustee under Section 9.07.

 

If an Event of Default with respect to Securities of any series occurs and is continuing, the Trustee, in its own name and as trustee as an express trust, may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such series by such appropriate judicial proceedings
as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted under this Indenture, or to enforce any other legal or equitable right vested in the Trustee by this Indenture or by law.

 

Section 8.04          Trustee May File Proofs of Claim.

 

In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors, the
Trustee (irrespective of whether the principal of the Securities shall then be due and payable as therein expressed or by Declaration of Acceleration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise,

 

(a)           to file and prove a claim for the whole amount of principal, premium, if any, and interest, if any, owing and unpaid in respect of the Securities and to file such other papers or documents as may be necessary or advisable in order to have the
claims of the Trustee (including any claim for amounts due to the Trustee under Section 9.07) and of the Holders allowed in such judicial proceeding; and

 

(b)           to collect and receive any moneys or other property payable or deliverable on any such claims and, subject to ARTICLE 13 and any other subordination provisions established in respect of any series of Subordinated Securities as contemplated
by Section 3.01, to distribute the same;

 

  

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and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to
pay to the Trustee any amounts due it under Section 9.07.

 

Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect
of the claim of any Holder in any such proceeding.

 

Section 8.05          Trustee May Enforce Claims Without Possession of Securities.

 

All rights of action and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name
as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders in respect of which such judgment has been recovered.

 

Section 8.06          Application of Money Collected.

 

Any money collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal or premium, if any, or interest, if any, upon presentation of the Securities in respect of which
or for the benefit of which such money shall have been collected and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:

 

First:  To the payment of all amounts due the Trustee under Section 9.07;

 

Second:  Subject to ARTICLE 13 and any other subordination provisions established in respect of any series of Subordinated Securities as contemplated by Section 3.01, as applicable, to the payment of the amounts then due and unpaid upon the Securities
for principal of and premium, if any, and interest, if any, in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal, premium, if any, and interest, if any, respectively; and

 

Third:  To the payment of the remainder, if any, to the Company or to whomsoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct.

 

  

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Section 8.07          Limitation on Suits.

 

No Holder shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture or the Securities, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless:

 

(a)           such Holder shall have previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of such series;

 

(b)           the Holders of a majority in aggregate principal amount of the Outstanding Securities of all series in respect of which an Event of Default shall have occurred and be continuing, considered as one class, shall have made written request to the
Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;

 

(c)           such Holder or Holders shall have offered to the Trustee indemnity reasonably satisfactory to the Trustee against the costs, expenses and liabilities to be incurred in compliance with such request;

 

(d)           the Trustee for 60 days after its receipt of such notice, request and offer of indemnity shall have failed to institute any such proceeding; and

 

(e)           no direction inconsistent with such written request shall have been given to the Trustee during such 60-day period by the Holders of a majority in aggregate principal amount of the Outstanding Securities of all series in respect of which an
Event of Default shall have occurred and be continuing, considered as one class;

 

it being understood and intended that no one or more of such Holders shall have any right in any manner whatsoever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders or to obtain or to seek to obtain priority or preference over
any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all of such Holders.

 

	
Section 8.08
	
Unconditional Right of Holders to Receive Principal, Premium and Interest.

 

Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of and premium, if any, and (subject to Section 3.07 and Section 3.12) interest, if any, on such Security on the Stated Maturity or
Maturities expressed in such Security (or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder.

 

Section 8.09          Restoration of Rights and Remedies.

 

If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding shall have been discontinued or abandoned for any reason, or shall have been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination
in such proceeding, the Company, the Trustee and such Holder shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and such Holder shall continue as though no such proceeding had been instituted.

 

  

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Section 8.10          Rights and Remedies Cumulative.

 

Except as otherwise provided in the last paragraph of Section 3.06, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.  The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

Section 8.11          Delay or Omission Not Waiver.

 

No delay or omission of the Trustee or of any Holder to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein.  Every right and remedy given by this Article or by law to the
Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.

 

Section 8.12          Control by Holders of Securities.

 

The Holders of a majority in principal amount of the Outstanding Securities of any series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities of
such series; provided, however, that if an Event of Default shall have occurred and be continuing with respect to more than one series of Securities, the Holders of a majority in aggregate principal amount of the Outstanding Securities of all such series, considered as one class, shall have the right to make such direction, and not the Holders of the Securities of any one of such series; and provided, further, that such direction shall not be in conflict with any rule of law or with this Indenture.  The
Trustee may take any other action deemed proper by the Trustee which is not inconsistent with any such direction.  Before proceeding to exercise any right or power hereunder at the direction of such Holders, the Trustee shall be entitled to receive from such Holders security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with any such direction.

 

Section 8.13          Waiver of Past Defaults.

 

The Holders of not less than a majority in principal amount of the Outstanding Securities of any series may, on behalf of the Holders of all of the Securities of such series, waive any past default hereunder with respect to such series and its consequences, except a default

 

(a)           in the payment of the principal of or premium, if any, or interest, if any, on any Security of such series, or

 

  

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(b)           in respect of a covenant or provision hereof which under Section 12.02 cannot be modified or amended without the consent of the Holder of each Outstanding Security of such series affected.

 

Upon any such waiver, such default shall cease to exist, and any and all Events of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon.

 

Section 8.14          Undertaking for Costs.

 

The Company and the Trustee agree, and each Holder of a Security by its acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered
or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Trustee, to any suit instituted by any Holder,
or group of Holders, holding in the aggregate more than 10% in aggregate principal amount of the Outstanding Securities of all series in respect of which such suit may be brought, considered as one class, or to any suit instituted by any Holder for the enforcement of the payment of the principal of or premium, if any, or interest, if any, on any Security on or after the Stated Maturity or Maturities expressed in such Security (or, in the case of redemption, on or after the Redemption Date).

 

Section 8.15          Waiver of Stay or Extension Laws.

 

The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the
performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.

 

ARTICLE 9.         THE TRUSTEE

 

Section 9.01          Certain Duties and Responsibilities.

 

(a)           Except during the continuance of an Event of Default:

 

	
  
	
(i)
	
the Trustee undertakes to perform such duties, and only such duties, as specifically are set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and

 

  

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(ii)
	
in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions which by any provisions hereof are specifically required to be furnished to the Trustee,
the Trustee shall be under a duty to examine such certificates or opinions to determine whether or not they conform to the requirements of this Indenture.

 

(b)           In case an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent Person would exercise
or use under the circumstances in the conduct of such Person’s own affairs.

 

(c)           No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except, to the extent permitted by the Trust Indenture Act
that:

 

	
  
	
(i)
	
the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts;

 

	
  
	
(ii)
	
the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of a majority in principal amount of the Outstanding Securities of any series (or if an Event of Default shall have occurred and be continuing with respect to more than one series of Securities, the Holders of a majority in aggregate principal amount of
the Outstanding Securities of all such series, considered as one class), relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of the affected series, provided such direction shall not be in conflict with any rule of law or with this Indenture; and

 

	
  
	
(iii)
	
no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it.

 

(d)           Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section.

 

  

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Section 9.02          Notice of Defaults.

 

The Trustee shall give notice of any default hereunder known to the Trustee with respect to the Securities of any series to the Holders of Securities of such series in the manner and to the extent required to do so by the Trust Indenture Act, unless such default shall have been cured or waived.  For
the purpose of this Section and Section 9.03(i), the term “default” means any event which is, or after notice or lapse of time, or both, would become, an Event of Default.

 

Section 9.03          Certain Rights of Trustee.

 

Subject to the provisions of Section 9.01 and to the applicable provisions of the Trust Indenture Act:

 

(a)           the Trustee may conclusively rely and shall be protected in acting or refraining from acting in good faith upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture,
note, other evidence of indebtedness or other paper or document reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties;

 

(b)           any request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order, or as otherwise expressly provided herein, and any resolution of the Board of Directors may be sufficiently evidenced
by a Board Resolution;

 

(c)           whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically
prescribed) may, in the absence of bad faith on its part, rely upon an Officers’ Certificate, except that in the case of any such Officers’ Certificate that by any provision hereof is specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not it conforms to the requirements of this Indenture;

 

(d)           the Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good
faith and in reliance thereon, except that in the case of any such Opinion of Counsel that by any provision hereof is specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not it conforms to the requirements of this Indenture;

 

(e)           the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any Holder pursuant to this Indenture, unless such Holder shall have offered to the Trustee security
or indemnity reasonably satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction;

 

  

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(f)           the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence
of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall (subject to applicable legal requirements) be entitled to examine, during normal business hours, the books, records and premises of the Company, personally or by agent or attorney;

 

(g)           the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys, and the Trustee shall not be responsible for any misconduct or negligence on the part of any
agent or attorney appointed with due care by it hereunder;

 

(h)           the rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder; and

 

(i)           the Trustee shall not be charged with knowledge of any default or Event of Default, as the case may be, with respect to the Securities of any series for which it is acting as Trustee unless either (i) a Responsible Officer of the Trustee shall
have actual knowledge that such default or Event of Default, as the case may be, exists and constitutes a default or Event of Default under this Indenture or (ii) written notice of such default or Event of Default, as the case may be, shall have been given in the manner provided in Section 1.05 hereof to the Trustee by the Company, any other obligor on such Securities or by any Holder of such Securities.

 

Section 9.04          Not Responsible for Recitals or Issuance of Securities.

 

The recitals contained herein and in the Securities (except the Trustee’s certificates of authentication) shall be taken as the statements of the Company, and neither the Trustee nor any Authenticating Agent assumes responsibility for their correctness.  The Trustee makes no representations as
to the validity or sufficiency of this Indenture or of the Securities.  Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by the Company of Securities or the proceeds thereof.

 

Section 9.05          May Hold Securities.

 

Each of the Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other agent of the Company, in its individual or any other capacity, may become the owner or pledgee of Securities and, subject to Section 9.08 and Section 9.13, may otherwise deal with the Company with the same rights
it would have if it were not the Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other agent.

 

Section 9.06          Money Held in Trust.

 

Money held by the Trustee in trust hereunder need not be segregated from other funds, except to the extent required by law.  The Trustee shall be under no liability for interest on any money received by it hereunder except as expressly provided herein or otherwise agreed in writing with, and for the
sole benefit of, the Company.

 

  

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Section 9.07          Compensation and Reimbursement.

 

The Company shall:

 

(a)           pay to the Trustee from time to time such compensation as shall be agreed in writing between the Company and the Trustee for all services rendered by it hereunder (which compensation shall not be limited to any provision of law in regard to
the compensation of a trustee of an express trust);

 

(b)           except as otherwise expressly provided herein, reimburse the Trustee, upon its request, for all reasonable expenses, disbursements and advances reasonably incurred or made by the Trustee in accordance with any provision of this Indenture (including
the reasonable compensation and the expenses and disbursements of its agents and counsel), except to the extent that any such expense, disbursement or advance may be attributable to the Trustee’s negligence, willful misconduct or bad faith; and

 

(c)           indemnify the Trustee for, and hold it harmless from and against, any and all loss, liability, damage, claim or expense, including taxes (other than taxes based on the income of the Trustee and any taxes applied generally without regard to
the acceptance or administration of the specific trust or trusts hereunder or the performance of its specific duties hereunder), reasonably incurred by it arising out of or in connection with the acceptance or administration of the trust or trusts hereunder or the performance of its duties hereunder, including the reasonable costs and expenses of defending itself against any claim of liability (whether asserted by the Company, a Holder or any other Person) in connection with the exercise or performance of any
of its powers or duties hereunder, except to the extent any such loss, liability or expense may be attributable to its negligence, willful misconduct or bad faith; provided that:

 

	
  
	
(i)
	
with respect to any such claim, the Trustee shall have given the Company written notice thereof promptly after the Trustee shall have knowledge thereof, but failure by the Trustee to give such notice shall not affect the Trustee’s right or the Company’s obligation to indemnify hereunder;

 

	
  
	
(ii)
	
the Trustee shall cooperate and consult with the Company in preparing its defense; and

 

	
  
	
(iii)
	
notwithstanding anything to the contrary in this Section, the Company shall not be liable for settlement of any such claim by the Trustee entered into without the prior written consent of the Company, which consent shall not be unreasonably withheld.

 

As security for the performance of the obligations of the Company under this Section, the Trustee shall have a lien prior to the Securities upon all property and funds held or collected by the Trustee as such, other than property and funds held in trust under Section 7.05 (except as otherwise provided in Section
7.05).  “Trustee” for purposes of this Section shall include any predecessor Trustee; provided, however, that the negligence, willful misconduct or bad faith of any Trustee hereunder shall not affect the rights of any other Trustee hereunder.

 

  

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When the Trustee incurs expenses or renders services in connection with an Event of Default specified in Section 8.01(e) or (f), the expenses (including the reasonable charges and expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration under any applicable
Federal or State bankruptcy, insolvency or other similar law.

 

The provisions of this Section 9.07 shall survive the termination of this Indenture or the earlier resignation or removal of the Trustee.

 

Section 9.08          Disqualification; Conflicting Interests.

 

If the Trustee shall have or acquire any conflicting interest within the meaning of the Trust Indenture Act, it shall either eliminate such conflicting interest or resign to the extent, in the manner and with the effect, and subject to the conditions, provided in the Trust Indenture Act and this Indenture.  To
the extent permitted by the Trust Indenture Act, the Trustee shall not be deemed to have a conflicting interest by virtue of being a trustee under this Indenture with respect to Securities of more than one series.

 

Section 9.09          Corporate Trustee Required; Eligibility.

 

There shall at all times be a Trustee hereunder which shall be

 

(a)           a corporation organized and doing business under the laws of the United States, any State or territory thereof or the District of Columbia, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus
of at least $50,000,000 and subject to supervision or examination by Federal, State or District of Columbia authority; or

 

(b)           if and to the extent permitted by the Commission by rule, regulation or order upon application, a corporation or other Person organized and doing business under the laws of a foreign government, authorized under such laws to exercise corporate
trust powers, having a combined capital and surplus of at least $50,000,000 or the Dollar equivalent of the applicable foreign currency and subject to supervision or examination by authority of such foreign government or a political subdivision thereof substantially equivalent to supervision or examination applicable to United States institutional trustees;

 

and, in either case, qualified and eligible under this Article and the Trust Indenture Act.  If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of such supervising or examining authority, then for the purposes of this Section, the combined capital
and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.  If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article.

 

Section 9.10          Resignation and Removal; Appointment of Successor.

 

(a)           No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of
Section 9.11.

 

  

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(b)           The Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Company.  If the instrument of acceptance by a successor Trustee required by Section 9.11 shall not have
been delivered to the Trustee within 60 days after the giving of such notice of resignation, the resigning Trustee may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.

 

(c)           The Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the Trustee and to the Company.  If
the instrument of acceptance by a successor Trustee required by Section 9.11 shall not have been delivered to the Trustee within 60 days after the giving of such notice of removal, the Trustee being removed may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.

 

(d)           If at any time:

 

(i)  the Trustee shall fail to comply with Section 9.08 after written request therefor by the Company or by any Holder who has been a bona fide Holder for at least six months;

 

(ii)  the Trustee shall cease to be eligible under Section 9.09 and shall fail to resign after written request therefor by the Company or by any such Holder; or

 

(iii)  the Trustee shall become incapable of acting or shall be adjudged bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation
or liquidation;

 

then, in any such case, (x) the Company by a Board Resolution may remove the Trustee with respect to all Securities or (y) subject to Section 8.14, any Holder who has been a bona fide Holder for at least six months may, on behalf of itself and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees.

 

(e)           If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause (other than as contemplated in clause (y) in Subsection (d) of this Section), with respect to the Securities
of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect to the Securities of any particular series) and shall comply with the applicable requirements of Section 9.11.  If, within one year
after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 9.11,

 

  

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become the successor Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the Company.  If no successor Trustee with respect to the Securities of any series shall have been so appointed by the Company or the Holders and accepted appointment
in the manner required by Section 9.11, any Holder who has been a bona fide Holder of a Security of such series for at least six months may, on behalf of itself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.

 

(f)           So long as no event which is, or after notice or lapse of time, or both, would become, an Event of Default shall have occurred and be continuing, and except with respect to a Trustee appointed by Act of the Holders of a majority in principal
amount of the Outstanding Securities pursuant to Subsection (e) of this Section, if the Company shall have delivered to the Trustee (i) a Board Resolution appointing a successor Trustee, effective as of a date specified therein, and (ii) an instrument of acceptance of such appointment, effective as of such date, by such successor Trustee in accordance with Section 9.11, the Trustee shall be deemed to have resigned as contemplated in Subsection (b) of this Section, the successor Trustee shall be deemed to have
been appointed by the Company pursuant to Subsection (e) of this Section and such appointment shall be deemed to have been accepted as contemplated in Section 9.11, all as of such date, and all other provisions of this Section and Section 9.11 shall be applicable to such resignation, appointment and acceptance, except to the extent inconsistent with this Subsection (f).

 

(g)           The Company (or, should the Company fail so to act promptly, the successor Trustee at the expense of the Company) shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series and each appointment
of a successor Trustee with respect to the Securities of any series by mailing written notice of such event by first-class mail, postage prepaid, to all Holders of Securities of such series as their names and addresses appear in the Security Register.  Each notice shall include the name of the successor Trustee with respect to the Securities of such series and the address of its corporate trust office.

 

Section 9.11          Acceptance of Appointment by Successor.

 

(a)           In case of the appointment hereunder of a successor Trustee with respect to the Securities of all series, every such successor Trustee so appointed shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument
accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all of the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of all sums owed to it, execute and deliver an instrument transferring to such successor Trustee all of the rights, powers and
trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder.

 

  

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(b)           In case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the Company, the retiring Trustee and each successor Trustee with respect to the Securities of one or more series
shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which (i) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all of the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates, (ii) if the retiring Trustee is not retiring with respect
to all Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that all of the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee and (iii) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than
one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee; and, upon the execution and delivery of such supplemental indenture, the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such successor
Trustee, without any further act, deed or conveyance, shall become vested with all of the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates; but, on request of the Company or any successor Trustee, such retiring Trustee, upon payment of all sums owed to it, shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder with
respect to the Securities of that or those series to which the appointment of such successor Trustee relates.

 

(c)           Upon request of any such successor Trustee, the Company shall execute any instruments which fully vest in and confirm to such successor Trustee all such rights, powers and trusts referred to in Subsection (a) or (b) of this Section, as the
case may be.

 

(d)           No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible under this Article.

 

Section 9.12          Merger, Conversion, Consolidation or Succession to Business.

 

Any Person into which the Trustee may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or  consolidation to which the Trustee shall be a party, or any Person succeeding to all or substantially all of the corporate trust business of the
Trustee, shall be the successor of the Trustee hereunder, provided such Person shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto.  In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated
with the same effect as if such successor Trustee had itself authenticated such Securities.

 

Section 9.13          Preferential Collection of Claims Against Company.

 

If the Trustee shall be or become a creditor of the Company or any other obligor upon the Securities (other than by reason of a relationship described in Section 311(b) of the Trust Indenture Act), the Trustee shall be subject to any and all applicable provisions of the Trust Indenture Act regarding the collection
of claims against the Company or such other obligor.

 

  

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Section 9.14          Appointment of Authenticating Agent.

 

The Trustee may appoint an Authenticating Agent or Agents with respect to the Securities of one or more series, or Tranche thereof, which shall be authorized to act on behalf of the Trustee to authenticate Securities of such series or Tranche issued upon original issuance and upon exchange, registration of transfer
or partial redemption thereof or pursuant to Section 3.06, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder.  Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an
Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent.  Each Authenticating Agent shall be acceptable to the Company and shall at all times be a corporation organized and doing business under the laws of the United States, any State or territory thereof or the District of Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination
by Federal, State or District of Columbia authority.  If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.  If at any time an Authenticating Agent shall cease to be
eligible in accordance with the provisions of this Section, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section.

 

Any corporation into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to all or substantially all of the corporate
agency or corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent, provided such corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of the Trustee or the Authenticating Agent.

 

An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and to the Company.  The Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Company.  Upon receiving
such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall notify all Holders of Securities of the series with respect to which such Authenticating Agent will serve in accordance with Section 1.06.  Any successor Authenticating Agent upon acceptance of its appointment hereunder
shall become vested with all of the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent.  No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section.

 

  

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The Company agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services under this Section.

 

The provisions of Section 3.08, Section 9.04 and Section 9.05 shall be applicable to each Authenticating Agent.

 

If an appointment with respect to the Securities of one or more series shall be made pursuant to this Section, the Securities of such series may have endorsed thereon an alternate certificate of authentication substantially in the following form:

 

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

 

	

Dated:
  
	
 

	
  
	
________________________

	
  
	
     As Trustee

	
  
	
By______________________

	
  
	
     As Authenticating Agent

	
  
	
By______________________

	
  
	
     Authorized Signatory

 

If all of the Securities of a series may not be originally issued at one time, and if the Trustee does not have an office capable of authenticating Securities upon original issuance located in a Place of Payment where the Company wishes to have Securities of such series authenticated upon original issuance,
the Trustee, if so requested by the Company in writing (which writing need not comply with Section 1.02 and need not be accompanied by an Opinion of Counsel), shall appoint, in accordance with this Section and in accordance with such procedures as shall be acceptable to the Trustee, an Authenticating Agent having an office in a Place of Payment designated by the Company with respect to such series of Securities.

 

	
ARTICLE 10.
	
HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY

 

Section 10.01        Lists of Holders.

 

The Company will furnish or cause to be furnished to the Trustee:

 

(a)           semi-annually, not later than [June 30] and [December 30] of
each year, a list for each series of Securities, in such form as the Trustee may reasonably require, of the names and addresses of the Holders of Securities of such series as of the preceding [June 15] or [December 15], as applicable, and

 

  

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(b)           at such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such request, a list of similar form and content as of a date not more than 30 days prior to the time such list is furnished;

 

provided, however, that if the Trustee is acting in the capacity of Security Registrar, no delivery of such lists shall be required.

Section 10.02          Preservation of Information; Communications to Holders.

 

The Trustee shall preserve, in as current a form as is reasonably practicable and for so long as is required by the Trust Indenture Act, the names and addresses of Holders of each series of Securities (i) contained in the most recent list, if any, furnished to the Trustee as provided in Section 10.01 and (ii)
received by the Trustee in the capacity of Security Registrar, if the Trustee is then acting in such capacity.

 

The rights of Holders to communicate with other Holders with respect to their rights under this Indenture or under the Securities of any series, and the corresponding rights and privileges of the Trustee, shall be as provided by the Trust Indenture Act.

 

Every Holder of Securities, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee nor any agent of either of them shall be held accountable to the full extent permitted by the Trust Indenture Act by reason of any disclosure of information as to names
and addresses of Holders made pursuant to the Trust Indenture Act.

 

Section 10.03        Reports by the Trustee.

 

The Trustee shall transmit to Holders such reports concerning the Trustee, its relationship to the Company (or any other obligor under the Securities) and its actions under this Indenture as are required pursuant to the Trust Indenture Act at the times or such intervals and in the manner provided for in the
Trust Indenture Act.  If required, the report contemplated by Section 313(a) of the Trust Indenture Act, shall be dated May 15 and shall be delivered to the Holders by the Trustee within 60 days after each May 15 following the date of this Indenture.

 

A copy of each report required by the immediately preceding paragraph, at the time of transmission to Holders, shall be filed by the Trustee with the Commission and with each securities exchange upon which any Securities of any series are listed and shall be furnished to the Company.  If and when Securities
of any series are listed on any securities exchange, the Company shall promptly notify the Trustee of such listing and of any subsequent delisting thereof.

 

Section 10.04        Reports by the Company.

 

The Company shall file with the Trustee (within 30 days after filing with the Commission in the case of reports which pursuant to the Trust Indenture Act must be filed with the Commission and furnished to the Trustee), and shall transmit to the Holders, such other information, reports and other documents, if
any, at such times and in such manner, as shall be required by the Trust Indenture Act.

 

  

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Subject to the provisions of Section 9.01 and to the applicable provisions of the Trust Indenture Act, (a) delivery of such reports, information and documents to the Trustee is for informational purposes only and (b) the Trustee’s receipt of such shall not constitute constructive notice of any information
contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates).

 

ARTICLE 11.         CONSOLIDATION, MERGER, CONVEYANCE OR OTHER TRANSFER

 

Section 11.01           Company May Consolidate, etc., Only on Certain Terms.

 

Subject to the following paragraph, the Company shall not consolidate with or merge into any other Person or convey or otherwise transfer or lease (in each case, whether in a single transaction or in a series of transactions) its properties and assets as or substantially as an entirety to any Person or Persons,
unless:

 

(a)           the Person formed by such consolidation or into which the Company is merged or the Person or Persons which acquires or acquire by conveyance or transfer, or which leases or lease, the properties and assets of the Company as or substantially
as an entirety shall be a Person or Persons organized and validly existing under the laws of the United States, any State thereof or the District of Columbia, and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form reasonably satisfactory to the Trustee, the due and punctual payment of the principal of and premium, if any, and interest, if any, on all Outstanding Securities according to their tenor and the performance of every covenant of this Indenture
on the part of the Company to be performed or observed;

 

(b)           immediately after giving effect to such transaction no Event of Default, and no event which, after notice or lapse of time or both, would become an Event of Default, shall have occurred and be continuing; and

 

(c)           the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, conveyance, or other transfer or lease and such supplemental indenture comply with this
Article and that all conditions precedent herein provided for relating to such transactions have been complied with.

 

Nothing contained in this Indenture or in any of the Securities shall prevent the Company (i) from merging into itself any other Person, (ii) from selling or otherwise disposing of its property or assets not as or substantially as an entirety (provided that such sale or disposition is not part of a series of
transactions that would result in the sale or disposition by the Company of its properties and assets as or substantially as an entirety), or (iii) from acquiring by purchase or otherwise all or any part of the property of any other Person.

 

Section 11.02         Successor Corporation Substituted.

 

Upon any consolidation of the Company with or merger of the Company into any other Person or any conveyance, or other transfer or lease of the properties and assets of the Company as or substantially as an entirety in accordance with Section 11.01, the successor Person formed by such consolidation or into which
the Company is merged or the Person to which such conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person had been named as the Company herein, and thereafter, except in the case of a lease, the predecessor Person shall be relieved of all obligations and covenants under this Indenture and the Outstanding Securities hereunder.

 

  

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ARTICLE 12.        SUPPLEMENTAL INDENTURES

 

Section 12.01         Supplemental Indentures Without Consent of Holders.

 

Without the consent of any Holders, the Company and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes:

 

(a)           to evidence the succession of another Person to the Company, or successive successions, and the assumption by any such successor of the covenants of the Company herein and in the Securities; or

 

(b)           to add one or more covenants of the Company or other provisions for the benefit of all Holders or for the benefit of the Holders of, or to remain in effect only so long as there shall be Outstanding, Securities of one or more specified series,
or one or more specified Tranches thereof, or to surrender any right or power herein conferred upon the Company; or

 

(c)           to add any additional Events of Default with respect to all or any series of Securities Outstanding hereunder; or

 

(d)           to change or eliminate any provision of this Indenture or to add any new provision to this Indenture; provided, however, that, except as otherwise expressly permitted under this Section 12.01, if such change, elimination or addition shall adversely
affect the interests of the Holders of Securities of any series or Tranche Outstanding on the date of such indenture supplemental hereto in any material respect, such change, elimination or addition shall become effective with respect to such series or Tranche only pursuant to the provisions of Section 12.02 hereof or when no Security of such series or Tranche remains Outstanding; or

 

(e)           to secure the Securities of any series, including provisions regarding the circumstances under which collateral may be released or substituted; or

 

(f)           to establish the form or terms of Securities of any series, or any Tranche thereof, as contemplated by Section 2.01 and Section 3.01; or

 

(g)           to provide for the authentication and delivery of bearer securities and coupons appertaining thereto representing interest, if any, thereon and for the procedures for the registration, exchange and replacement thereof and for the giving of
notice to, and the solicitation of the vote or consent of, the holders thereof, and for any and all other matters incidental thereto with respect to any series; or

 

  

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(h)           to evidence and provide for the acceptance of appointment hereunder by a separate or successor Trustee with respect to the Securities of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary
to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 9.11(b); or

 

(i)           to provide for the procedures required to permit the Company to utilize, at its option, a noncertificated system of registration for all, or any series or Tranche of, the Securities; or

 

(j)           to change any place or places where (i) the principal of and premium, if any, and interest, if any, on all or any series of Securities, or any Tranche thereof, shall be payable, (ii) all or any series of Securities, or any Tranche thereof,
may be surrendered for registration of transfer, (iii) all or any series of Securities, or any Tranche thereof, may be surrendered for exchange and (iv) notices and demands to or upon the Company in respect of all or any series of Securities, or any Tranche thereof, and this Indenture may be served; or

 

(k)           to cure any ambiguity, to correct or supplement any provision herein which may be defective or inconsistent with any other provision herein, or to make any other changes to the provisions hereof or to add other provisions with respect to matters
or questions arising under this Indenture, provided that such other changes or additions shall not adversely affect the interests of the Holders of Securities of any series or Tranche in any material respect; or

 

(l)           to modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary to effect the qualification of this Indenture under the Trust Indenture Act and to add to this Indenture such other provisions as may be expressly
required under the Trust Indenture Act.

 

Section 12.02         Supplemental Indentures With Consent of Holders.

 

With the consent of the Holders of a majority in aggregate principal amount of the Securities of all series then Outstanding under this Indenture, considered as one class, by Act of said Holders delivered to the Company and the Trustee, the Company, when authorized by a Board Resolution, and the Trustee may
enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or modifying in any manner the rights of the Holders of Securities of such series under this Indenture; provided, however, that if there shall be Securities of more than one series Outstanding hereunder and if a proposed supplemental indenture shall directly affect the rights of the Holders of Securities of one or more, but less
than all, of such series, then the consent only of the Holders of a majority in aggregate principal amount of the Outstanding Securities of all series so directly affected, considered as one class, shall be required; and provided, further, that if the Securities of any series shall have been issued in more than one Tranche and if the proposed supplemental indenture shall directly affect the rights of the Holders of Securities of one or more, but less than all, of such Tranches, then the consent only of the Holders
of a majority in aggregate principal amount of the Outstanding Securities of all Tranches so directly affected, considered as one class, shall be required; and provided, further, that no such supplemental indenture shall:

 

  

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(a)           change the Stated Maturity of the principal of, or any installment of principal of or, except as provided in Section 3.12, interest on, any Security, or reduce the principal amount thereof or the rate of interest thereon (or the amount of any
installment of interest thereon) or change the method of calculating such rate or reduce any premium payable upon the redemption thereof, or reduce the amount of the principal of a Discount Security that would be due and payable upon a Declaration of Acceleration of the Maturity thereof pursuant to Section 8.02, or change the coin or currency (or other property), in which any Security or any premium or interest thereon, if any, is payable, or impair the right to institute suit for the enforcement of any such
payment on or after the Stated Maturity of any Security (or, in the case of redemption, on or after the Redemption Date), without, in any such case, the consent of the Holder of such Security; or

 

(b)           reduce the percentage in principal amount of the Outstanding Securities of any series, or any Tranche thereof, the consent of the Holders of which is required for any such supplemental indenture, or the consent of the Holders of which is required
for any waiver of compliance with any provision of this Indenture or of any default hereunder and its consequences, without, in any such case, the consent of the Holders of each Outstanding Security of such series or Tranche; or

 

(c)           modify any of the provisions of this Section, Section 6.07 or Section 8.13 with respect to the Securities of any series, or any Tranche thereof, except to increase the percentages in principal amount referred to in this Section or such other
Sections or to provide that other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby; provided, however, that this clause (c) shall not be deemed to require the consent of any Holder with respect to changes in the references to “the Trustee” and concomitant changes in this Section, in accordance with the requirements of Section 9.11(b) and Section 12.01(h), or the deletion of this proviso.

 

A supplemental indenture which changes or eliminates any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one or more particular series of Securities, or one or more Tranches thereof, or which modifies the rights of the Holders of Securities of such series
with respect to such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series or Tranche.

 

It shall not be necessary for any Act of Holders under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof.  A waiver by a Holder of such Holder’s right to consent under this Section shall
be deemed to be a consent of such Holder.

 

Section 12.03         Execution of Supplemental Indentures.

 

In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall receive, and (subject to Section 9.01) shall be fully protected in relying upon, an Opinion of Counsel stating
that the execution of such supplemental indenture is authorized or permitted by this Indenture.  The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights, duties, immunities or liabilities under this Indenture or otherwise.

 

  

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Section 12.04         Effect of Supplemental Indentures.

 

Upon the execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered hereunder shall
be bound thereby.  Any supplemental indenture permitted by this Article may restate this Indenture in its entirety, and, upon the execution and delivery thereof, any such restatement shall supersede this Indenture as theretofore in effect for all purposes.

 

Section 12.05         Conformity With Trust Indenture Act.

 

Every supplemental indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act.

 

Section 12.06         Reference in Securities to Supplemental Indentures.

 

Securities of any series, or any Tranche thereof, authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall, if required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture.  If
the Company shall so determine, new Securities of any series, or any Tranche thereof, so modified as to conform, in the opinion of the Trustee and the Company, to any such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series or Tranche.

 

Section 12.07         Modification Without Supplemental Indenture.

 

If the terms of any particular series of Securities shall have been established in a Board Resolution or an Officers’ Certificate as contemplated by Section 3.01, and not in an indenture supplemental hereto, additions to, changes in or the elimination of any of such terms may be effected by means of a
supplemental Board Resolution or Officers’ Certificate, as the case may be, delivered to, and accepted by, the Trustee; provided, however, that such supplemental Board Resolution or Officers’ Certificate shall not be accepted by the Trustee or otherwise be effective unless all conditions set forth in this Indenture which would be required to be satisfied if such additions, changes or elimination were contained in a supplemental indenture shall have been appropriately satisfied.  Upon the
acceptance thereof by the Trustee, any such supplemental Board Resolution or Officers’ Certificate shall be deemed to be a “supplemental indenture” for purposes of Section 12.04 and Section 12.06.

 

	
ARTICLE 13.
	
SUBORDINATION OF SECURITIES

 

Section 13.01         Agreement to Subordinate.

 

In the event a series of Securities is designated as subordinated pursuant to Section 3.01 (such Securities, “Subordinated Securities”), this Article shall apply to such Securities and, except as otherwise provided in the indenture supplemental
hereto, Board Resolution or Officers’ Certificate establishing such series, the Company covenants and agrees, and each Holder of Subordinated Securities of such series by its acceptance thereof, likewise covenants and agrees, that the payment of the principal of and premium, if any, and interest, if any, on each and all of such Subordinated Securities is hereby expressly subordinated, to the extent and in the manner hereinafter set forth, in right of payment to the prior payment in full of all Senior Indebtedness.
In the event a series of Securities is not designated as subordinated pursuant to Section 3.01, this Article shall have no effect upon such Securities.

 

  

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Notwithstanding the foregoing, if a deposit referred to in Section 7.04(a) is made pursuant to Section 7.02 or Section 7.03 with respect to any Subordinated Securities (and provided all other conditions set out in Section 7.02 or Section 7.03, as applicable, shall have been satisfied with respect to such Securities),
then, when the 91st day after such deposit has ended, no money or Eligible Obligations so deposited, and no proceeds thereon, will be subject to any rights of holders of Senior Indebtedness, including any such rights arising under this ARTICLE 13.

 

Section 13.02         Distribution on Dissolution, Liquidation and Reorganization; Subrogation of Securities.

 

Upon any distribution of assets of the Company upon any dissolution, winding up, liquidation or reorganization of the Company, whether in bankruptcy, insolvency or receivership proceedings or upon an assignment for the benefit of creditors or any other marshalling of the assets and liabilities of the Company
or otherwise:

 

(a)           the holders of all Senior Indebtedness shall be entitled to receive payment in full of the principal thereof and premium, if any, and interest, if any, due thereon, or provision shall be made for such payment in cash or cash equivalents or
otherwise in a manner satisfactory to the holders of Senior Indebtedness, before the Holders of the Subordinated Securities are entitled to receive any payment upon the principal or premium, if any, or interest, if any, on indebtedness evidenced by the Subordinated Securities, and to that end the holders of Senior Indebtedness shall be entitled to receive, for application to the payment thereof, any payment or distribution of any kind or character, whether in cash, property or securities, including, without limitation,
any such payment or distribution which may be payable or deliverable by reason of the payment of any other indebtedness of the Company being subordinated to the payment of the Subordinated Securities, which may be payable or deliverable in respect of the Subordinated Securities in any such dissolution, winding up, liquidation or reorganization of the Company; and

 

(b)           the Holders of Subordinated Securities acknowledge and agree that any payment or distribution of assets of the Company of any kind or character, whether in cash, property or securities, to which such Holders or the Trustee would be entitled
except for the provisions of this Article will be paid by the liquidation trustee or agent or other Person making such payment or distribution, whether a trustee in bankruptcy, a receiver or liquidating trustee or otherwise, directly to the holders of Senior Indebtedness or their representative or representatives or to the trustee or trustees under any indenture under which any instruments evidencing any of such Senior Indebtedness may have been issued, ratably according to the aggregate amounts remaining unpaid
on account of the principal of and premium, if any, and interest, if any, on the Senior Indebtedness held or represented by each, to the extent necessary to make payment in full of all Senior Indebtedness remaining unpaid, after giving effect to any concurrent payment or distribution to the holders of such Senior Indebtedness; and

 

  

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(c)            in the event that, notwithstanding the foregoing, any payment or distribution of assets of the Company of any kind or character, whether in cash, property or securities, prohibited by the foregoing, shall be received by the Trustee or
the Holders of the Subordinated Securities before all Senior Indebtedness is paid in full, such payment or distribution shall, upon written notice to a Responsible Officer of the Trustee, be paid over to the holder of such Senior Indebtedness or its representative or representatives or to the trustee or trustees under any instrument evidencing any of such Senior Indebtedness may have been issued, ratably as aforesaid, as calculated by the Company, for application to payment of all Senior Indebtedness remaining
unpaid until all such Senior Indebtedness shall have been paid in full, after giving effect to any concurrent payment or distribution to the holders of such Senior Indebtedness.

 

Any taxes that have been withheld or deducted from any payment or distribution in respect of the Subordinated Securities, or any taxes that ought to have been withheld or deducted from any such payment or distribution that have been remitted to the relevant taxing authority, shall not be considered to be an
amount that the Trustee or the Holder of any Subordinated Security receives for purposes of clause (c) of this Section.

 

For purposes of this Article only, the words “cash, property or securities” shall not be deemed to include shares of capital stock of the Company as reorganized or readjusted, or securities of the Company or any other corporation or other entity provided for by a plan of reorganization or readjustment
which are subordinated in right of payment to all Senior Indebtedness which may at the time be outstanding to substantially the same extent as, or to a greater extent than, the Subordinated Securities are so subordinated as provided in this Article. The consolidation of the Company with, or the merger of the Company into, or the conveyance, transfer or lease by the Company of its properties and assets as, or substantially as, an entirety to, another Person upon the terms and conditions set forth in ARTICLE 11,
or the liquidation or dissolution of the Company following any such conveyance, transfer or lease, shall not be deemed a dissolution, winding up, liquidation, reorganization, insolvency, receivership, assignment for the benefit of creditors or marshalling of assets and liabilities of the Company for the purposes of this Section if the Person formed by such consolidation or into which the Company is merged or the Person which acquires by conveyance, transfer or lease of such properties and assets as, or substantially
as, an entirety, as the case may be, shall, as a part of such consolidation, merger, conveyance, transfer or lease, comply with the conditions set forth in ARTICLE 11.

 

Subject to the payment in full of all Senior Indebtedness, the Holders of the Subordinated Securities shall be subrogated to the rights of the holders of Senior Indebtedness (to the extent that distributions otherwise payable to such holders of Senior Indebtedness have been applied to the payment of Senior Indebtedness)
to receive payments or distributions of cash, property or securities of the Company applicable to Senior Indebtedness until the principal of and premium, if any, and interest, if any, on the Subordinated Securities shall be paid in full and no such payments or distributions to the Holders of the Subordinated Securities of cash, property or securities otherwise distributable to the holders of Senior Indebtedness shall, as between the

 

  

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Company, its creditors other than the holders of Senior Indebtedness, and the Holders of the Subordinated Securities be deemed to be a payment by the Company to or on account of the Subordinated Securities.  It is understood that the provisions of this Article are and are intended solely for the purpose
of defining the relative rights of the Holders of the Subordinated Securities, on the one hand, and the holders of the Senior Indebtedness, on the other hand.  Nothing contained in this Article or elsewhere in this Indenture or in the Subordinated Securities is intended to or shall impair, as between the Company, its creditors other than the holders of Senior Indebtedness, and the Holders of the Subordinated Securities, the obligation of the Company, which is unconditional and absolute, to pay to the
Holders of the Subordinated Securities the principal of and premium, if any, and interest, if any, on the Subordinated Securities as and when the same shall become due and payable in accordance with their terms, or to affect the relative rights of the Holders of the Subordinated Securities and creditors of the Company other than the holders of Senior Indebtedness, nor shall anything herein or in the Subordinated Securities prevent the Trustee or the Holder of any Subordinated Security from exercising all remedies
otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if any, under this Article of the holders of Senior Indebtedness in respect of cash, property or securities of the Company received upon the exercise of any such remedy.

 

Section 13.03          No Payment on Securities in Event of Default on Senior Indebtedness.

 

Subject to the following paragraph of this Section, if (a)(i) there shall have occurred a default in payment on account of the principal of, or premium, if any, or interest, if any, on or other monetary amounts due and payable on any Senior Indebtedness, or (ii) any other default shall have occurred concerning
any Senior Indebtedness which permits the holder or holders thereof to accelerate the maturity of such Senior Indebtedness following notice, the lapse of time, or both; (b) in the event any judicial proceeding shall be pending with respect to any such default in payment or event of default referred to in clause (a) above that shall be deemed to have occurred for the purpose of this Section; or (c) during any time Senior Indebtedness is outstanding, the principal of and premium, if any, and accrued interest, if
any, on, any series of Subordinated Securities shall have been declared due and payable upon an Event of Default pursuant to Section 8.02 hereof (and such declaration shall not have been rescinded or annulled pursuant to this Indenture); then, unless and until such default shall have been cured or waived or shall have ceased to exist, or such declaration shall have been waived, rescinded or annulled, no payment (including any payment which may be payable by reason of the payment of any other indebtedness of the
Company being subordinated to the payment of the Subordinated Securities) shall be made by the Company on account of the principal of, or premium, if any, or interest, if any, on the Subordinated Securities or on account of the purchase or other acquisition of Subordinated Securities; provided, however, that nothing in this Section shall prevent the satisfaction of any sinking fund payment in accordance with ARTICLE 5 by delivering and crediting pursuant to Section 5.02 Outstanding Securities which have been
acquired (upon redemption or otherwise) prior to such default in payment or event of default.

 

  

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No default in payment or event of default with respect to any Senior Indebtedness shall be deemed to be a default in payment or event of default of the kind specified in clause (a)(i) or (a)(ii) of this Section, and no judicial proceeding with respect to any such default in payment or event of default shall
be deemed to be a judicial proceeding of the kind specified in clause (b) of this Section, if (x) the Company shall be disputing the occurrence or continuation of such default in payment or event of default, or any obligation purportedly giving rise to such default in payment or event of default, and (y) no final judgment holding that such default in payment or event of default has occurred and is continuing shall have been issued.  For this purpose, a “final judgment” means
a judgment that is issued by a court of competent jurisdiction, is binding on the Company, is in full force and effect and is not subject to judicial appeal or review (including, without limitation, because the time within which a party may seek appeal or review has expired); provided, that, if any such judgment has been issued but is subject to judicial appeal or review, it shall nevertheless be deemed to be a final judgment unless the Company shall in good faith be prosecuting such appeal or a proceeding for
such review.

 

In the event that, notwithstanding the foregoing, any payment shall be received by the Trustee when such payment is prohibited by this Section 13.03, such payment shall be held in trust for the benefit of, and shall be paid over or delivered to, the holders of such Senior Indebtedness or their respective representatives,
or to the trustee or trustees under any indenture pursuant to which any of such Senior Indebtedness may have been issued, as their respective interests may appear, as calculated by the Company, but only to the extent that the holders of such Senior Indebtedness (or their representative or representatives or a trustee) notify the Trustee in writing within 90 days of such payment of the amounts then due and owing on such Senior Indebtedness and only the amounts specified in such notice to the Trustee shall
be paid to the holders of such Senior Indebtedness.

 

Section 13.04        Payments on Subordinated Securities Permitted.

 

Nothing contained in this Article or elsewhere in this Indenture or in any of the Subordinated Securities shall prevent (a) the Company, at any time except during the pendency of any dissolution, winding up, liquidation or reorganization of the Company referred to in Section 13.02 or under the conditions
described in Section 13.03, from making payments at any time of or on account of the principal of and premium, if any, or interest, if any, on the Subordinated Securities or on account of the purchase or other acquisition of the Subordinated Securities, or (b) the application by the Trustee of any money deposited with it hereunder to the payment of or on account of the principal of and premium, if any, or interest, if any, on the Subordinated Securities or the retention of such payment by the Holders, if,
at the time of such application by the Trustee, it did not have knowledge that such payment would have been prohibited by the provisions of this Article.

 

Section 13.05        Authorization of Holders to Trustee to Effect Subordination.

 

Each Holder of Subordinated Securities by its acceptance thereof authorizes and directs the Trustee on its behalf to take such action as may be necessary or appropriate to effectuate the subordination as provided in this Article and appoints the Trustee its attorney-in-fact for any and all such purposes.

 

Section 13.06        Notices to Trustee.

 

The Company shall give prompt written notice to a Responsible Officer of the Trustee of any fact known to the Company that would prohibit the making of any payment of monies or assets to or by the Trustee in respect of the Subordinated Securities of any series pursuant to the provisions of this Article.  Notwithstanding
the provisions of this Article or any other provisions

 

  

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of this Indenture, but subject to Section 9.01, neither the Trustee nor any Paying Agent (other than the Company) shall be charged with knowledge of the existence of any Senior Indebtedness or of any fact which would prohibit the making of any payment of moneys or assets to or by the Trustee or such Paying Agent,
unless and until a Responsible Officer of the Trustee or such Paying Agent shall have received (in the case of a Responsible Officer of the Trustee, at the Corporate Trust Office of the Trustee) written notice thereof from the Company or from the holder of any Senior Indebtedness or from the trustee for any such holder, together with proof satisfactory to the Trustee (if such notice is not furnished by the Company) of such holding of Senior Indebtedness or of the authority of such trustee and, prior to the receipt
of any such written notice, the Trustee shall be entitled in all respects conclusively to presume that no such facts exist; provided, however, that if at least two Business Days prior to the date upon which by the terms hereof any such moneys or assets may become payable for any purpose (including, without limitation, the payment of either the principal, or premium, if any, or interest, if any, on any Subordinated Security) a Responsible Officer of the Trustee shall not have received with respect to such moneys
or assets the notice provided for in this Section 13.06, then, anything herein contained to the contrary notwithstanding, the Trustee shall have full power and authority to receive such moneys or assets and to apply the same to the purpose for which they were received, and shall not be affected by any notice to the contrary which may be received by it within two Business Days prior to such payment date.  Subject to Section 9.01, the Trustee shall be entitled to rely on the delivery to it of a written
notice by a Person representing itself to be a holder of Senior Indebtedness (or a trustee on behalf of such holder) to establish that such a notice has been given by a holder of Senior Indebtedness or a trustee on behalf of any such holder.  In the event that the Trustee determines in good faith that further evidence is required with respect to the right of any Person as a holder of Senior Indebtedness to participate in any payment or distribution pursuant to this Article, the Trustee may request such
Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness held by such Person, the extent to which such Person is entitled to participate in such payment or distribution and any other facts pertinent to the rights of such Person under this Article and, if such evidence is not furnished, the Trustee may defer any payment to such Person pending judicial determination as to the right of such Person to receive such payment.

 

Section 13.07         Trustee as Holder of Senior Indebtedness.

 

The Trustee in its individual capacity shall be entitled to all of the rights set forth in this Article in respect of any Senior Indebtedness at any time held by it to the same extent as any other holder of Senior Indebtedness and nothing in this Indenture shall be construed to deprive the Trustee of any of
its rights as such holder. Nothing in this Article shall apply to claims of, or payments to, the Trustee under or pursuant to Section 8.06 or Section 9.07.

 

Section 13.08         Modifications of Terms of Senior Indebtedness.

 

Any renewal or extension of the time of payment of any Senior Indebtedness or the exercise by the holders of Senior Indebtedness of any of their rights under any instrument creating or evidencing Senior Indebtedness, including, without limitation, the waiver of default thereunder, may be made or done all without
notice to or assent from the Holders of the Subordinated Securities or the Trustee. No compromise, alteration, amendment, modification, extension, renewal or other change of, or waiver, consent or other action in respect of, any liability or obligation under or in respect of, or of any of the terms, covenants or conditions of any indenture or other instrument under which any Senior Indebtedness is outstanding or of such Senior Indebtedness, whether or not such release is in accordance with the provisions of any
applicable document, shall in any way alter or affect any of the provisions of this Article or of the Subordinated Securities relating to the subordination thereof.  

 

  

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Section 13.09         Reliance on Judicial Order or Certificate of Liquidating Agent.

 

Upon any payment or distribution of assets of the Company referred to in this Article, the Trustee and the Holders of the Subordinated Securities shall be entitled to conclusively rely upon any order or decree entered by any court of competent jurisdiction in which such bankruptcy, insolvency or receivership
proceeding, or any assignment for the benefit of creditors or marshalling of the assets and liabilities of the Company is pending, or a certificate of the trustee in bankruptcy, liquidating trustee, custodian, receiver, assignee for the benefit of creditors, agent or other person making such payment or distribution, delivered to the Trustee or to the Holders of Subordinated Securities, for the purpose of ascertaining the Persons entitled to participate in such payment or distribution, the holders of Senior Indebtedness
and other indebtedness of the Company, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article.

 

Section 13.10         Trustee Not Fiduciary for Holders of Senior Indebtedness.

 

The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness under this Indenture and shall not be liable to any such holders or creditors if it shall in good faith pay over or distribute to the Holders of Subordinated Securities or to the Company or to any other Person cash,
property or securities to which any holders of Senior Indebtedness shall be entitled by virtue of this Article or otherwise.

 

Section 13.11         Article Applicable to Paying Agents.

 

In case at any time any Paying Agent other than the Trustee shall have been appointed by the Company and be then acting hereunder, the term “Trustee” as used in this Article shall in such case (unless the context otherwise requires) be construed as extending to and including such Paying Agent within
its meaning as fully for all intents and purposes as if such Paying Agent were named in this Article in addition to or in place of the Trustee.

 

	
ARTICLE 14.
	
IMMUNITY OF INCORPORATORS, SHAREHOLDERS, OFFICERS AND DIRECTORS

 

Section 14.01         Liability Solely Corporate.

 

No recourse shall be had for the payment of the principal of or premium, if any, or interest, if any, on any Securities, or any part thereof, or for any claim based thereon or otherwise in respect thereof, or of the indebtedness represented thereby, or upon any obligation, covenant or agreement under this Indenture,
against any incorporator, shareholder, officer or director, as such, past, present or future, of the Company or of any predecessor or successor corporation (either directly or indirectly through the Company or a predecessor or successor corporation), whether by virtue of any constitutional provision, statute or rule of law, or by the enforcement of

 

  

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any assessment or penalty or otherwise; it being expressly agreed and understood that this Indenture and all of the Securities are solely corporate obligations, and that no personal liability whatsoever shall attach to, or be incurred by, any incorporator, shareholder, officer or director, past, present or future,
of the Company or of any predecessor or successor corporation, either directly or indirectly through the Company or any predecessor or successor corporation, because of the indebtedness hereby authorized or under or by reason of any of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or to be implied herefrom or therefrom, and that any such personal liability is hereby expressly waived and released as a condition of, and as part of the consideration for, the execution
of this Indenture and the issuance of the Securities.

 

_________________________

 

 

  

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IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed, all as of the day and year first above written.

 

 

UNITED NATURAL FOODS, INC.

 

 

By: ______________________________

Name: 

Title:

 

 

______________________, Trustee

 

 

By: ______________________________

Name:

Title:ex10-1.htm

Exhibit 10.1

 

SHARE PURCHASE AGREEMENT 

THIS SHARE PURCHASE AGREEMENT (hereinafter referred to as the “Agreement”), is entered into as of the 26th day of August, 2009, by and between One Holdings, Corp., a Florida corporation (sometimes hereinafter referred
to as “One Holdings” and sometimes as the “Buyer”), Trade Finance Solutions Inc., an Ontario corporation (the “Company”) and the shareholders listed on the execution page of this Agreement (hereinafter sometimes collectively referred to as the “Shareholders”
and sometimes individually as the “Shareholder”).

W I T N E S S E T H

WHEREAS, One Holdings desires to purchase from the Shareholders and the Shareholder desire to sell to One Holdings, Three Thousand Nine Hundred and Ninety (3990) common shares (the “Shares”) of common stock the Shareholders own in the Company,
which represents all of the issued and outstanding shares of the Company’s common stock save for Ten (10) common shares, upon the terms and subject to the conditions of this Agreement;

NOW THEREFORE, in consideration of the premises and the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

ARTICLE I

PURCHASE OF TFS STOCK

1.1            The Shareholders hereby agree to collectively sell to One Holdings and One Holdings hereby agrees to purchase from the Shareholders the Shares for a total purchase price consisting of cash and stock of One Holdings (the “Purchase
Price”) which shall be determined and payable as follows:

(i) in each of months 7 to 18, both inclusive, following the Closing of the transactions contemplated by this Agreement (the “Measuring Period”) the Monthly EBIT of the Company, (earnings before interest and taxes) according to US GAAP, shall
be measured;

(ii) when the aggregate Monthly EBIT of the Company achieved at any time during the Measuring Period is equal to or greater than $2,000,000.00 the Payout Term shall commence on the 1st day of the month immediately
next following;

 

(ii) failing the aggregate Monthly EBIT of the Company achieved at any time during the Measuring Period being equal to or greater than $2,000,000.00 the Payout Term shall commence on the 1st day of the month immediately
next following expiration of the Measuring Period;

 

(iii) if the aggregate Monthly EBIT of the Company achieved at any time during the Measuring Period is equal to or greater than $2,000,000.00 the total Purchase Price shall be $6,000,000.00;

 

 

 

 

(iv) failing the aggregate Monthly EBIT of the Company achieved at any time during the Measuring Period being equal to or greater than $2,000,000.00 the total Purchase Price shall be calculated as three (3) times the aggregate Monthly EBIT of the Company achieved during the Measuring Period; and

 

(iv) for the purposes of calculation of the Monthly EBIT of the Company pursuant to this Article 1.1, the calculation of the quarter-yearly installment payment pursuant to Article 1.1.2 (A) below and the calculation of EBIT pursuant to Article 1.1.3 below, any distributions by or payments from the Company or its subsidiary corporations
to the Buyer, it’s associated or affiliated companies, directly or indirectly, for services, fees or otherwise, shall be excluded.

	
  
	
1.1.1
	
Payments of the Purchase Price shall initially be made in quarter-yearly installments from cash flow, the first of such quarter-yearly installments being due and payable on the 15th day of the 1st month of the Payout Term and continuing thereafter on the 15th day following expiration of each quarter year of the Payout Term.

	
  
	
1.1.2
	
Each quarter-yearly installment payment shall be equal to the amount determined by multiplying (A) Company’s EBITDA (earnings before interest, taxes, depreciation and amortization) according to US GAAP less interest, accrued taxes, and capital expenditures for the applicable quarter by (B) 70% (the “Quarterly
Installment Payment”).  The Quarterly Installment Payments shall continue until the Purchase Price is paid in full; Provided further that upon that date which is 60 months following the Closing the Shareholders shall be paid 50% of any portion of the Purchase Price then unpaid and shall receive a promissory note (the “Note”) from the Company for the remaining 50% of any balance of the Purchase
price then unpaid. The Note shall be for a term of 1 year, and be payable in 4 equal quarter-yearly installments, without interest.  Effective as of the Closing and continuing until the Purchase Price is paid in full, the Shareholders shall have security interests in the Company’s assets and in the assets of the Company’s subsidiary corporations, such security interests to be evidenced by General Security/U.C.C. Agreements in form and content satisfactory to Shareholder’s legal counsel
and registered under the Ontario Personal Property Security Act and applicable U.S. registration, as security for payment of the unpaid balance of the Purchase Price, which security interests shall be subordinate and postponed only to the following:

 

 

 

 

 

	
  
	
(i)
	
to the presently held security interests of all existing lenders to the Company as at the date hereof; and,

	
  
	
(ii)
	
to any new financing placed on or after Closing where the proceeds of which are fully applied to the ordinary course business of the Company or its subsidiary corporations, as applicable.

 

	
  
	
1.1.3
	
In addition to the cash portion of the Purchase Price, the Shareholders shall receive 1 share of the Buyer’s common stock (the “One Holdings Stock”) (adjusted for forward or reverse splits following the Closing) for every $1.00 in EBIT achieved during the Measuring Period (“Stock
Compensation”) subject to a maximum Stock Compensation of 6 million shares of the Buyer’s common stock.  The Stock Compensation shall be payable within 30 days following the end of the Measuring Period.  The Shareholder’s ability to sell the Stock Compensation shall be subject to lockup and leak-out as outlined in Section 1.2 below.

 

1.2     Subject to the Shareholder’s compliance with applicable securities laws, after the applicable holding period, the Shareholder shall be entitled to sell the shares of One Holdings Stock in the public market as set forth in this Section 1.2.  Except
as otherwise expressly provided herein and subject to the resale requirements of Rule 144 promulgated under the Securities Act of 1933, as amended (the “1933 Act”), or any other rule or agreement that otherwise restricts the Shareholder from selling the One Holdings Stock, the Shareholder agrees that he/she may only sell the One Holdings Stock subject to the following conditions commencing from the date he/she receives the One Holdings Stock and until the expiration of 36 months after the Stock Compensation
is paid as set forth in Section 1.1.3 hereof(the “Lock Up/Leak Out Period”) as follows:

 

(i)           if on any day the Shareholder desires to sell any of the One Holdings Stock, the Shareholder will not sell more than 10% of the average daily volume of trading in the One Holdings Stock for the ten (10) consecutive business days immediately preceding any such trading
day. For the purposes of this subsection “average daily volume of trading” means the average of the number of shares traded on trading days in which an actual trade or trades occurs;

 

(ii)           The Shareholder will only sell the One Holdings Stock at the "offer" or "ask" price stated by the relevant market maker and the Shareholder agrees that he will not sell One Holdings Stock at the "bid" price.

 

(iii)           The Shareholder agrees that he will not engage in any short selling of the One Holdings Stock during the Lock-Up/Leak out Period.

 

 

 

 

(iv)           The Shareholder agrees that he will comply with all obligations and requirements under applicable “insider” trading rules;

(v)           Except as set forth in this Section 1.2, the Shareholder agrees that he will not transfer, pledge, or hypothecate the One Holdings Stock without the prior written consent of One Holdings;

Notwithstanding anything contained in this Agreement, the Shareholder may transfer any or all of his One Holdings Stock as bona fide gifts or transfers to any trust for the direct or indirect benefit of each person of the Shareholder’s immediate family; provided that it shall be a condition to any such gift or transfer that (i) the
transferee/donee agrees, in writing, to be bound by the terms of this Agreement to the same extent as if the transferee/donee were a party hereto; and (ii) the Shareholder provides written notice to One Holdings prior to such gift or transfer.  “Immediate family” shall mean the Shareholder’s children, stepchildren, grandchildren, parents, stepparents, grandparents, spouse, former spouses, siblings, nieces, nephews, mother-in-law, father-in-law, sons-in-law, daughters-in-law, brother-in-law,
or sister-in-law, including adoptive relationships.

1.3            Legends.  The Shareholder understands that until such time as the resale of such shares have been registered under the 1933 Act the certificates representing the shares of One Holdings Stock shall
bear any legend as required by the 1933 Act and the "blue sky" laws of any state and a restrictive legend in substantially the following form (and a stop-transfer order may be placed against transfer of such stock certificates):

THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (i) IN THE ABSENCE OF (a) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (b) AN OPINION OF COUNSEL, IN A FORM REASONABLY ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT
REQUIRED UNDER SAID ACT OR (ii) UNLESS SOLD PURSUANT TO RULE 144 UNDER SAID ACT.

 

1.4            No Dilution.  One Holdings shall neither effect, nor fix any record date with respect to, any stock split, stock dividend, reverse
stock split, recapitalization, or similar change in One Holdings' Stock between the date of this Agreement and the Closing Date.

1.5            Closing. The consummation of the Transaction (the "Closing") shall take place at the offices of Arnstein & Lehr, LLP, on a date to be mutually
agreed upon by the Parties, which shall be no later than September 2, 2009 (the “Closing Date”).  Not later than 5 days prior to the Closing Date the parties shall take the following actions:

 

	
  
	
(i)
	
the Shareholders shall deliver to Arnstein & Lehr, LLP as escrow agent (“Escrow Agent”) under this Agreement the certificate(s) evidencing the Shares together with a stock power executed by Shareholder in favor of One Holdings, with Medallion guarantee, dated as of the Closing Date.

 

 

 

 

 

	
  
	
(ii)
	
the Company shall deliver to the Escrow Agent the following:

 

	
  
	
a.
	
a certified copy of the Articles of Incorporation and bylaws of the Company;

	
  
	
b.
	
a Certificate of Status from the Ontario Ministry of Consumer and Business Services dated as of a date within ten days prior to the Closing Date certifying that the Company is in good standing as a corporation in the Province of Ontario;

	
  
	
c.
	
a copy of the consent resolution of the Company’s board of directors approving the Transactions.

(iii)            One Holdings shall deliver to the Escrow Agent the following:

	
  
	
a.
	
a certified copy of the Articles of Incorporation and bylaws of the One Holdings;

	
  
	
b.
	
a good standing certificate from the Secretary of State of Florida dated as of a date within ten days prior to the Closing Date certifying that the One Holdings is in good standing as a corporation in the State of Florida;

	
  
	
c.
	
a copy of the consent resolution of the One Holdings’ board of directors approving the Transactions.

Within sixty (60) days from the date of this Agreement, the Company shall deliver to One Holdings true and correct copies of the Company Financial Statements as defined and set forth in Section 2.10 hereof.  One Holdings shall have five (5) days from its receipt of the Company Financial Statements to approve the Company Financial
Statements.  If One Holdings approves the Company Financial Statements, One Holdings shall notify the Escrow Agent in writing of such approval and the Escrow Agent shall release (i) to the respective party, signed copies of this Agreement, the good standing certificate and the Board consent resolutions to the other party hereto, and (ii) to One Holdings, the certificate(s) evidencing the Shares and the Stock Power executed by Shareholder (with Medallion guarantee) in favor of One Holdings and the Closing
shall be effective as of the Closing Date.  If the Company fails to deliver the Company Financial Statements to One Holdings within said sixty (60) day period, notwithstanding any other rights One Holdings may have under this Agreement, One Holdings may waive such failure and close the Transactions effective as of the Closing Date and the Escrow Agent shall deliver to the respective party the documents, the stock certificate(s) evidencing the Shares and the stock powers as set forth in the previous
sentence.  If (x) One Holdings does not accept the Company Financial Statements, or (y) if the Company fails to deliver the Company Financial Statements to One Holdings within the 60 day period and One Holdings does not waive such failure by the Company or (z) if One Holdings does not notify the Escrow Agent within said five (5) day period that it accepts the Company Financial Statements, this Agreement shall terminate.

 

 

 

 

           1.6                 Closing Events.  At the Closing, each of the Parties hereto shall execute, acknowledge, and deliver
(or shall cause to be executed, acknowledged, and delivered) any and all stock certificates, officers’ certificates, agreements, resolutions, schedules, or other instruments required by this Agreement to be so delivered at or prior to the Closing, together with such other items as may be reasonably requested by the other Parties hereto and their respective legal counsel in order to effectuate or evidence the transactions contemplated by this Agreement.  If agreed to by the Parties, the Closing
may take place through the exchange of documents (other than the exchange of stock certificates) by efax, fax, email and/or express courier.

 

ARTICLE II

REPRESENTATIONS, COVENANTS, AND WARRANTIES OF THE SHAREHOLDER AND ONE HOLDINGS

 

Each Shareholder, to the best of his knowledge, individually and jointly and severally with the other Shareholders, represents and warrants to, and covenants and agrees with, the Company as follows:

2.1            The Shareholder is acquiring the One Holdings Stock for its own account for investment only and not with a view towards the public sale or distribution thereof and not with a view to or for sale in connection with any distribution thereof.

2.2            The Shareholder is (i) an “accredited investor” as that term is defined in Rule 501 of the General Rules and Regulations under the Securities Act of 1933 Act, as amended (“1933
Act”) , (ii) experienced in making investments of the kind described in this Agreement and the related documents, (iii) able, by reason of the business and financial, to protect its own interests in connection with the transactions described in this Agreement, and the related documents, and (iv) able to afford the entire loss of its investment in the One Holdings Shares.

 

2.3            The Shareholder understands that its investment in the One Holdings Stock involves a high degree of risk.

 

2.4            The Shareholder understands that the One Holdings Stock is deemed to be “restricted stock” as defined under the 1933 Act.

 

2.5            The Shareholder has good and marketable title to all of the Shares, free and clear of any liens, claims, charges, options, rights of tenants or other encumbrances and shall not, until the transactions contemplated by this Agreement is closed, or this Agreement is terminated,
sell, hypothecate, encumber, transfer or otherwise dispose of the Shares.  At the Closing, the Shareholder will convey to One Holdings all right, title, and interest in and to the Shares free and clear of all liens, claims, pledges, encumbrances, options, charges, restrictions, and adverse rights or interests whatsoever.  The Shareholder has the exclusive right to vote the Shares.

 

 

 

 

 

2.6            The entering into of this Agreement by the Shareholder, and the performance by the Shareholder of his obligations hereunder, will not conflict with or constitute a breach of or default under any agreement to which the Shareholder is a party or any order or decree of
any court or regulatory body to which the Shareholder is subject.

 

The Company represents and warrants to, and covenants and agrees with, One Holdings as follows:

2.7            Organization.  The Company is a corporation duly organized, validly existing, and in good standing under the laws of the Province of Ontario.  A certified copy of the Articles of Incorporation
and bylaws of the Company are attached hereto as Schedule 2.7.  The Company has the power and is duly authorized, qualified, franchised, and licensed under all applicable laws, regulations, ordinances, and orders of public authorities to own all of its properties and assets and to carry on its business in all material respects as it is now being conducted, including qualification to do business as a foreign corporation in jurisdictions in which the character and location of the assets owned by it or
the nature of the business transacted by it requires qualification.  The execution and delivery of this Agreement does not, and the consummation of the Transactions in accordance with the terms hereof will not, violate any provision of the Company’s organizational documents.  The Company has taken all action required by laws, its articles of incorporation, certificate of business registration, or otherwise to authorize the execution and delivery of this Agreement. The Company has full
power, authority, and legal right and has taken or will take all action required by law, its Certificate of Incorporation, and otherwise to consummate the Transactions.

2.8            Capitalization.  The Company has a total of 4,000 issued and outstanding shares of common stock, each of which is legally issued, fully paid, and non-assessable.  All such shares of
the Company’s Common Stock are held of record by the Shareholders, save for 10 common shares registered in the name of Jim Reddon.  The Company has no other capital stock, warrants, options, or other securities convertible into shares of the Company capital stock.

2.9            Taxes.

 (i)           The Company has filed all Federal, provincial and local tax returns required to be filed by it from its inception to the date hereof.  All such returns are complete and accurate in all material respects.

 (ii)           The Company has no liabilities with respect to the payment of Federal, provincial, county, local, or other taxes, including any deficiencies, interest, or penalties (collectively "Taxes"), except for taxes
accrued but not yet due and payable, for which the Company may be liable in its own right or as a transferee of the assets of, or as a successor to, any other corporation or entity.

 

 

 

 

 

 (iii)           No deficiency for any Taxes has been proposed, asserted or assessed against the Company.  There has been no Tax audit, nor has there been any notice to the Company by any taxing authority regarding any such Tax audit, or, to the knowledge of the Company,
is any such Tax audit threatened with regard to any Taxes or the Company’s tax returns.  The Company does not expect the assessment of any additional Taxes of the Company for any period prior to the date hereof and has no knowledge of any unresolved questions concerning the liability for Taxes of the Company.

 (iv)           The books and records, financial and otherwise, of the Company are in all material respects complete and correct and have been maintained in accordance with good business and accounting practices.

2.10           Financial Statements.

 

 (i)           Within sixty (60) days from the date of this Agreement, the Company shall provide to One Holdings true and correct copies of the Company’s balance sheet as of December 31, 2008 (audited) and interim balance sheet as of June 30, 2009 (unaudited), and the Company’s
income statement and statement of stockholder's equity for the year ended December 31, 2008 (audited) and interim income statement and statement of stockholder's equity as of June 30, 2009 (unaudited) (collectively the “Company Financial Statements").  The Company Financial Statements (including any related notes) shall: (i) be prepared in accordance with GAAP applied on a consistent basis throughout the periods covered (except as may be
indicated in the notes to such financial statements, and except that the unaudited financial statements may not contain footnotes and are subject to normal and recurring year-end adjustments),  (ii) fairly present in all material respects the consolidated financial position of the Company as of the respective dates thereof and the results of operations and cash flows of the Company for the periods covered thereby (iii) be PCAOB compliant and have been completed with a PCAOB auditor.

 (ii)           Except for those liabilities that are reflected or reserved on the Company’s Financial Statements (including any notes thereto) and for liabilities incurred in the ordinary course of business consistent with past practice since June 30, 2009, the Company
has not incurred any liability of any nature whatsoever (whether absolute, accrued or contingent and whether due or to become due) that has had or is reasonably likely to have, either individually or in the aggregate, a material adverse effect on the business, operations, financial condition, or prospects of the Company.

 (ii)           Except for the Liabilities set forth in Company’s Financial Statements, the Company has and will have no indebtedness or liabilities or other obligations of any nature whatsoever (whether direct or indirect,
asserted or unasserted, known or unknown, accrued, absolute, contingent, or otherwise).

 

 

 

 

2.11           Information.  The information concerning the Company set forth in this Agreement and the schedules hereto is and will be complete and accurate in all material respects and does not contain any
untrue statement of a material fact or omit to state a material fact required to make the statements made, in light of the circumstances under which they were made, not misleading as of the date hereof and as of the Closing Date.

2.12           Absence of Certain Changes or Events.  Except as set forth in this Agreement or the schedules hereto, since June 30, 2009, there has not been (i) any material adverse change in the business, operations,
financial condition, or prospects of the Company; or (ii) any damage, destruction, or loss to the Company (whether or not covered by insurance) materially and adversely affecting the business, operations, financial condition, or prospects of the Company;

2.13           Litigation and Proceedings.  There are no actions, suits, proceedings, or investigations pending or, to the knowledge of the Company, threatened by or against the Company, or affecting the Company,
or its properties, at law or in equity, before any court or other governmental agency or instrumentality, domestic or foreign, or before any arbitrator of any kind save for the present litigation with Wildeboer Dellelce LLP as described in Schedule 2.13;

2.14           No Conflict With Other Instruments.  The execution of this Agreement and the consummation of the Transactions will not result in the breach of any term or provision of, or constitute an event
of default under, any material indenture, mortgage, deed of trust, or other material contract, agreement, or instrument to which the Company is a party or to which any of its properties or operations are subject.

2.15           Compliance With Laws and Regulations.  To the best of its knowledge, the Company has complied with all applicable statutes and regulations of any Federal, provincial, or other applicable governmental
entity or agency thereof, except to the extent that noncompliance would not materially and adversely affect the business, operations, financial condition, or prospects of the Company or except to the extent that noncompliance would not result in the incurrence of any material liability.

 

2.16           Approval of Agreement.  The board of directors of the Company has authorized the execution and delivery of this Agreement by the Company and has approved the Transactions.  Copies of
said consent resolutions are attached hereto as Schedule 2.16.

2.17           Title and Related Matters.  The Company has good and marketable title to all of its properties, interest in properties, and assets, real and personal, (except properties, interest in properties,
and assets sold or otherwise disposed of in the ordinary course of business), free and clear of all liens, pledges, charges, or encumbrances and except for security interests granted by the Company in the ordinary course of business consistent with past practice since March 31, 2009.

 

 

 

 

2.18           Brokers.  The Company has not entered into any contract with any person, firm or other entity that would obligate the Company or One Holdings to pay any commission, brokerage or finders’ fee
in connection with the Transactions.

2.19           Full Disclosure.  There is no fact actually known to the Company that would reasonably be expected to materially and adversely affect the ability of the Company to perform its obligations pursuant
to this Agreement.

 

2.20           Notwithstanding the foregoing One Holdings acknowledges, agrees and consents to the transactions whereby that the Company entered into a financing and share issuance transaction with the Shareholders on July 29, 2009 wherein the Company obtained loan financing of $600,000
Canadian and increased the total number of it’s issued and outstanding shares in the capital stock of the Company from 100 to 4,000 common shares.

 

2.21           Governmental Licenses and Permits.  All licenses, permits, approvals, registrations, qualifications, certificates, and other authorizations necessary for the conduct of the Company's business as presently conducted
have been duly obtained, are in full force and effect, and there are no proceedings pending or threatened which may result in the revocation, cancellation, suspension, or modification of any of such items, nor will the transactions hereby contemplated result in any such revocation, cancellation, suspension or modification of any such items.

 

2.22           Employee Matters.  The Company’s employees are not covered by a collective bargaining agreement, and no organizational efforts with respect to any employees of the Company are pending or, to the knowledge
of the Company, threatened.  No formal or other labor dispute, strike, or work stoppage with respect to any employees of the Company is pending or, to the knowledge of the Company, is threatened.  There are no existing or threatened employee claims (other than nonmaterial health insurance, disability insurance and workers’ compensation claims in the ordinary and customary course of business, which are fully covered by insurance), grievances, or unfair labor practice complaints pending
or threatened against the Company.  All employees of the Company are employees "at will" and have no contractual or other rights to continued employment with the Company, or for severance, retirement or other benefits or payments from the Company upon termination of their employment with the Company.  Prior to Closing, the Company will have provided One Holdings with a full and complete written description of any vacation, sickness and health benefit policies applicable to the Company’s
employees.

 

2.23           Powers of Attorney.  The Company does not have outstanding any powers of attorney authorizing any third party to act by or on behalf of the Company.

 

2.24           Guaranties.  The Company has not guaranteed, co-signed, or otherwise become obligated (contingently or otherwise) with respect to the indebtedness or obligations of any other Person.

 

 

 

 

 

2.25           Employees.  To the best of the Company’s knowledge, no executive, key employee or group of employees has any plans to terminate employment with the Company.

 

2.26           Binding Effect.  This Agreement constitutes a legal, valid, and binding obligation of the Company enforceable in accordance with its terms except subject to applicable bankruptcy, insolvency, and similar laws
affecting the enforceability of creditors’ rights generally and the discretion of the courts with respect to equitable remedies.

 

2.27           Resignations and Releases.  Effective as of the Closing, the Company’s officers and directors shall resign.

 

2.28           Confidentiality, Non-solicitation, and Non-interference.

(i)             Confidential Information.  "Confidential Information means information, technical data or know-how
that, if disclosed in written form, is designated in writing to be confidential or proprietary, or if disclosed orally, is summarized and confirmed in writing within thirty (30) days as being confidential or proprietary. Confidential Information does not include information, technical data or know-how that (i) is in the possession of the receiving party at the time of disclosure as shown by the receiving party's files and records in existence prior to the time of disclosure, or (ii) prior to or after the time
of disclosure becomes part of the public knowledge or literature, not as a result of any wrongful inaction or action of the receiving party, or (iii) is developed independently by the receiving party without use of or reference to the Confidential Information of the disclosing party, or (iv) is properly acquired from a third party having the right to disclose such information, or (v) is approved in writing for release by the disclosing party. From and after the Closing Date no Shareholder shall, without
the prior written consent of the Buyer, directly or indirectly, disclose, disseminate, divulge, discuss, copy, or otherwise use or permit to be used, in competition with, or harmful to the interests of the Buyer any Confidential Information, provided, however, that the Shareholder may disclose or use such information under any of the following circumstances:

2.28.1           disclosure which such person is required by mandate of law or is used or disclosed by or on behalf of the Shareholder, to the extent reasonably required, to prosecute, defend or respond to any legal or regulatory action
or process, provided that the Shareholder shall first notify the Buyer in writing of the intended use or disclosure of such information and comply with such reasonable requests as the Buyer may make (in a timely manner) to assure that the use or disclosure of such information is limited to the extent reasonably necessary to accommodate the Shareholder’s proper purposes for such use or disclosure; and

2.28.2           disclosure or use by such person of any such Confidential Information which is generally known within the industry or is otherwise available through independent sources owing no duty of confidentiality to the Buyer,
the Seller or the Company.

 

 

 

2.29           Non-Solicitation of Customers and Suppliers.  For a period of five years from the Closing Date
(or, if this five year period shall be unenforceable by law, then for such lesser period as shall be required by law to make the provisions of this Section enforceable), the Shareholder agrees that it will not, without the express written consent of the Buyer, directly or indirectly, with the intent of providing any service or product competitive with any service or product which is offered or provided, or proposed to be offered or provided, by the Company immediately prior to the Closing, or in any manner assist
any other Person or entity to take such action, contact or deal with any Person or entity which purchased products or services from (or was solicited for such purchase by), or sold products or provided services to, the Company during the 24 month period immediately preceding the Closing.

 

2.30           Non-Interference.  For a period of five  years from the Closing Date (or, if this five year period shall be unenforceable by law, then for such
lesser period as shall be required by law to make the provisions of this Section enforceable), the Shareholder  agrees that it will not, without the express written consent of the Buyer, directly or indirectly, induce or encourage (i) any employee, distributor or representative of the Company or the Buyer to leave his, her or its employment or arrangement with the Company or the Buyer, or to seek employment or an arrangement with anyone other than the Company or the Buyer or (ii) any customer or supplier
(including without limitation, independent contractors engaged by the Company or the Buyer to provide or deliver products to, or perform services for, customers of the Company or the Buyer) of the Company or the Buyer to modify or terminate any relationship, whether or not evidenced by a written contract.

2.31           Non-Circumvention.  Shareholder agrees not to make use of a third party to circumvent the restrictive covenants of this Agreement.

2.32           Termination of Restrictions.  Upon default in payment of the Purchase Price or any portion thereof the provisions of Articles 2.29 and 2.30 shall no longer
apply and the Shareholders shall no longer be bound by the provisions thereof.

ARTICLE III

REPRESENTATIONS, COVENANTS, AND WARRANTIES OF ONE HOLDINGS

One Holdings represents and warrants to, and covenants and agrees with, the Shareholders and the Company as follows:

3.1            Organization.  One Holdings is a corporation duly organized, validly existing, and in good standing under the laws of the State of Florida.  A certified copy of the Articles of Incorporation
and bylaws of One Holdings are attached hereto as Schedule 3.1.  One Holdings has the power and is duly authorized, qualified, franchised, and licensed under all applicable laws, regulations, ordinances, and orders of public authorities to own all of its properties and assets and to carry on its business in all material respects as it is now being conducted, including qualification to do business as a foreign corporation in jurisdictions in which the character and location of the assets owned by it
or the nature of the business transacted by it requires qualification.  The execution and delivery of this Agreement does not, and the consummation of the Transactions in accordance with the terms hereof will not, violate any provision of One Holdings’ organizational documents.  One Holdings has taken all action required by laws, its articles of incorporation, certificate of business registration, or otherwise to authorize the execution and delivery of this Agreement. One Holdings has
full power, authority, and legal right and has taken or will take all action required by law, its Certificate of Incorporation, and otherwise to consummate the Transactions.  One Holdings is a corporation in good standing under the laws of the state of Florida and shall receive a certificate of good standing from the Secretary of State of the State of Florida, dated as of a date within ten days prior to the Closing Date certifying that One Holdings is in good standing as a corporation in the State of
Florida.

 

 

 

 

3.2            Capitalization.  One Holdings has a total of 101,625,000 issued and outstanding shares of common stock, each of which is legally issued, fully paid, and non-assessable.  All such shares
of One Holdings Stock are held of record by the One Holdings shareholders.

33             Information.  The information concerning One Holdings set forth in this Agreement and the schedules hereto is and will be complete and accurate in all material respects and does not contain
any untrue statement of a material fact or omit to state a material fact required to make the statements made, in light of the circumstances under which they were made, not misleading as of the date hereof and as of the Closing Date.

3.4            Litigation and Proceedings.  There are no actions, suits, proceedings, or investigations pending or, to the knowledge of One Holdings, threatened by or against One Holdings, or affecting One Holdings,
or its properties, at law or in equity, before any court or other governmental agency or instrumentality, domestic or foreign, or before any arbitrator of any kind.

3.5            No Conflict With Other Instruments.  The execution of this Agreement and the consummation of the Transactions will not result in the breach of any term or provision of, or constitute an event
of default under, any material indenture, mortgage, deed of trust, or other material contract, agreement, or instrument to which One Holdings is a party or to which any of its properties or operations are subject.

 

3.6            Compliance With Laws and Regulations.  To the best of its knowledge, One Holdings has complied with all applicable statutes and regulations of any Federal, state, or other applicable governmental
entity or agency thereof, except to the extent that noncompliance would not materially and adversely affect the business, operations, financial condition, or prospects of One Holdings or except to the extent that noncompliance would not result in the incurrence of any material liability.

 

 

 

 

 

3.7            Approval of Agreement.  The board of directors of One Holdings (the “One Holdings Board”) has authorized the execution and delivery
of this Agreement by One Holdings and has approved the Transactions.  Copies of said consent resolutions are attached hereto as Schedule 3.7.

3.8            Title and Related Matters.  One Holdings has good and marketable title to all of its properties, interest in properties, and assets, real and personal, (except properties, interest in properties,
and assets sold or otherwise disposed of in the ordinary course of business), free and clear of all liens, pledges, charges, or encumbrances except.

3.9            Brokers.  One Holdings has not entered into any contract with any person, firm or other entity that would obligate One Holdings or One Holdings to pay any commission, brokerage or finders’
fee in connection with the Transactions.

3.10           Full Disclosure. There is no fact actually known to One Holdings that would reasonably be expected to materially and adversely affect the ability
of One Holdings to perform its obligations pursuant to this Agreement.

 

3.11           Post Closing Funding. One Holdings acknowledges that the Company requires further funding to finance its operations and growth of earnings in
order to have any reasonable expectation of attaining the cash flow necessary to make payment of the Purchase Price.  Accordingly, the Buyer covenants and agrees with the Shareholders to use its best efforts to obtain for and on behalf of the Company upon such terms as are deemed acceptable to One Holdings in its sole and exclusive determination, further financing at such times and in such amounts substantially in accordance with the funding forecast set forth in Schedule 3.11 attached.

 

3.12           Post Closing Expenditures or Distributions. One Holdings acknowledges that the Company requires sufficient cash flow to maintain earnings and
the cash flow necessary to make payment of the Purchase Price.  Accordingly, the Buyer and the Company covenant and agree with the Shareholder that, so long as any portion of the Purchase Price remains unpaid, to limit the aggregate of any distributions by or payments from the Company and its subsidiary corporations to the Buyer, it’s associated or affiliated companies, directly or indirectly, for services, fees or otherwise (collectively “Distributions”), to a maximum amount of 5.5%
of monthly Gross Margin calculated as follows:

 

Prior to the expiry of the third month following Closing there shall be no Distributions. In each month thereafter, commencing with the fourth month following Closing, Distributions shall not exceed 5.5% for each whole, but not part, $30,000.00 of Gross Margin measured for and in the last month of each quarter yearly period following Closing
immediately preceding and adjusted for the next ensuing three month period.

 

 “Gross Margin” means the revenue of the Company minus cost of goods sold according to US GAAP.

 

 

 

3.13           Post Closing Operations and Reporting. One Holdings and the Company acknowledge and agree with the Shareholders that for the purposes of calculation
of the Monthly EBIT of the Company pursuant to Article 1.1, the calculation of the quarter-yearly installment payment pursuant to Article 1.1.2 (A), the calculation of EBIT pursuant to Article 1.1.3  and the calculation of Gross Margin pursuant to Article 3.12 such calculations shall be based upon the consolidated financial reports, including the aggregate sum of the earnings and revenues, of the Company and of it’s subsidiary corporations TFP International Inc. (an Ontario corporation) and TFP
International Inc. (a Florida corporation) (collectively “TFP”).  One Holdings and the Company covenant and agree with the Shareholder that, so long as any portion of the Purchase Price remains unpaid, there shall be no sale by the Company of any of the shares in the capital stock of TFP, no issuance by TFP of any shares and provided further that there shall be no sale, out of the ordinary course of business, of all or any material part of the assets of the Company or of TFP.

 

ARTICLE IV

MISCELLANEOUS

4.1            Governing Law.  This Agreement shall be governed by, enforced, and construed under and in accordance with the laws of the State of Florida, without regard to its choice of law principles.

4.2            Notices.  Any notices or other communications required or permitted hereunder shall be sufficiently given if personally delivered to it or sent by registered mail or certified mail, postage prepaid,
or by prepaid telegram and any such notice or communication shall be deemed to have been given as of the date so delivered, mailed, or telegraphed.

4.3            Expenses.  Except as otherwise set forth herein, each Party shall bear its own costs and expenses associated with the Transactions contemplated by this Agreement.

4.4            Third Party Beneficiaries.  This contract is solely between One Holdings and the Shareholder and, except as specifically provided, no director, officer, stockholder, employee, agent, independent
contractor, or any other person or entity shall be deemed to be a third party beneficiary of this Agreement.

4.5           Entire Agreement.  This Agreement represents the entire agreement between the Parties relating to the Transaction. There are no other courses of dealing, understandings, agreements, representations,
or warranties, written or oral, except as set forth herein.

 

 

 

 

4.6            Survival.  The representations and warranties of the respective Parties shall survive the Closing Date and the consummation of the transactions contemplated by this Agreement.

4.7            Counterparts.  This Agreement may be executed in multiple counterparts, each of which shall be deemed an original and all of which taken together shall be but a single instrument.

4.8            Amendment or Waiver.  Every right and remedy provided herein shall be cumulative with every other right and remedy, whether conferred herein, at law, or in equity, and may be enforced concurrently
herewith, and no waiver by any Party of the performance of any obligation by the other shall be construed as a waiver of the same or any other default then, theretofore, or thereafter occurring or existing. At any time prior to the Closing Date, this Agreement may be amended by a writing signed by all Parties hereto, with respect to any of the terms contained herein, and any term or condition of this Agreement may be waived or the time for performance hereof may be extended by a writing signed by the Party or
Parties for whose benefit the provision is intended.

4.9            Further Assurances.  Each Party to this Agreement shall take all such actions reasonably necessary to effectuate the terms and conditions of this Agreement and the Transactions set forth herein.

4.10           Assignment.  Subject to any provisions herein to the contrary, this Agreement shall inure to the benefit of and be binding upon the Parties hereto and their respective legal representatives, successors
and assigns; provided, however, that no Party may assign this Agreement without the prior written consent of the other Parties.

4.11           Severability.  In the event any provision of this Agreement is held to be invalid, illegal or unenforceable for any reason and in any respect, such invalidity, illegality, or unenforceability
shall in no event affect, prejudice or disturb the validity of the remainder of this Agreement, which shall remain in full force and effect, enforceable in accordance with its terms.

4.12           Limitation of Liability.  Notwithstanding any provision in this Agreement to the contrary, neither party shall be liable to the other for any special,
incidental, indirect, exemplary or consequential damages of the other, even if advised of the possibility thereof, including but not limited to lost profits or lost revenues. In no case will Shareholder's total liability under this Agreement exceed the cash payments of the Purchase Price actually received by Shareholder under the provisions of this Agreement.

 

4.13           Proportionate Interest.  Each of the Shareholders listed on the execution page of this Agreement shall individually receive, and One Holdings shall deliver to each such Shareholder, that portion
of the Purchase Price, Note, security and Stock Compensation pro-rata to that number of common shares in the capital stock of the Company sold and transferred by each such Shareholder in proportion to the total number of the Shares sold to One Holdings pursuant to the terms of this Agreement.

 

 

 

 

IN WITNESS WHEREOF, this Agreement has been duly executed by the One Holdings and the Shareholders as of the date set forth below.

 

Date:   as of September 2, 2009

 

 

ONE HOLDINGS, CORP.

 

By:__________________________________

 

Name and Title:

 

TRADE FINANCE SOLUTIONS INC.:

 

By:__________________________________

 

Name and Title: Steve McDonald, President

 

 

SHAREHOLDER:

 

_____________________________________

 

Name: Melanie Kerekes

 

SHAREHOLDER:

 

_____________________________________

 
Name: Jim Oattes

 

_____________________________________

 
SHAREHOLDER:

 

_____________________________________

 

Name: Tomas Anleo Gonzales

 

SHAREHOLDER:

 

_____________________________________

 
Name: Vern Ralphs

 

 

 

 

 

SHAREHOLDER:

 

_____________________________________

 
Name: Steve McDonald

 

SHAREHOLDER:

 

_____________________________________

 
Name: Peter Cook

 

SHAREHOLDER:

 

_____________________________________

 

Name: Michael Weingarten

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