Document:

FS Investment Corporation IV 8-K

 

Exhibit 10.1

 

	
        Citibank, N.A.

        390 Greenwich Street

        New York, New York 10013
	

 

EXECUTION
COPY

 

		Date:	January 19, 2016 (amended and restated as of April 19, 2019)

		To:	Cheltenham Funding LLC

c/o FS Investment Corporation IV

201 Rouse Boulevard

Philadelphia, PA 19112

Attention: William Goebel, Chief Financial Officer

Phone: 215-220-4247

Fax: 215-222-4649

Email:    credit.notices@fsinvestments.com

FSICIVTeam@fsinvestments.com

portfolio_finance@fsinvestments.com

 

	From:	Citibank, N.A.

388 Greenwich Street

11th Floor

New York, New York 10013

Attention: Director Derivative Operations

Facsimile: 212-615-8594
	 	 
	Transaction Reference Number:  __________

CONFIRMATION

 

Ladies and Gentlemen:

 

The purpose of this letter agreement is
to set forth the terms and conditions of the Transactions entered into between Citibank, N.A. (“Citibank”)
and Cheltenham Funding LLC, a limited liability company formed under the laws of the State of Delaware (“Counterparty”),
on the Trade Date specified below (each, a “Transaction” and, collectively, the “Transactions”).
This letter constitutes a “Confirmation” as referred to in the Master Agreement specified below.

 

The definitions and provisions contained
in the 2000 ISDA Definitions (the “Definitions”), as published by the International Swaps and Derivatives
Association, Inc., are incorporated into this Confirmation. In the event of any inconsistency between the Definitions and this
Confirmation, this Confirmation shall govern. Capitalized terms used but not defined in this Confirmation have the meanings assigned
to them in Annex A. Capitalized terms used but not defined in this Confirmation or in Annex A have the meanings assigned
to them in the Definitions or (if not defined as aforesaid) in the Master Agreement referred to below.

 

With effect from and after the Tenth Amendment
Effective Date specified below, this Confirmation amends and restates the prior Confirmation dated as of January 19, 2016 and amended
and restated as of April 12, 2016, June 3, 2016, June 30, 2016, January 19, 2017, July 19, 2017, September 5, 2017, January 19,
2018, July 19, 2018 and January 19, 2019 (the “Original Confirmation”) relating to the Transactions described
herein, which Original Confirmation (with respect to the period from and after the Tenth Amendment Effective Date) is hereby superseded
and shall be of no further force or effect.

 

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1.       Agreement

 

This Confirmation supplements, forms a
part of and is subject to, the ISDA 2002 Master Agreement, dated as of January 19, 2016 (as amended, supplemented and otherwise
modified and in effect from time to time, the “Master Agreement”), between Citibank and Counterparty. All
provisions contained in the Master Agreement govern this Confirmation except as expressly modified below.

 

FS Investment Corporation IV (“Guarantor”)
has guaranteed all of the present and future obligations of Counterparty under the Master Agreement pursuant to a guarantee dated
as of the date hereof (the “Guarantee”) between Guarantor and Citibank. Guarantor will be a Credit Support
Provider, and the Guarantee will be a Credit Support Document, with respect to Counterparty. The obligations of the Guarantor under
the Guarantee shall, so long as no Event of Default in relation to Counterparty as Defaulting Party has occurred and is then continuing
and no Early Termination Date has been designated by Citibank, terminate and be of no further force of effect on the Portfolio
Criteria Satisfaction Date.

 

2.       Terms
of Transactions

 

The terms of the particular Transactions
to which this Confirmation relates are as follows:

 

	General Terms:	 
	Trade Date:	January 19, 2016
	Effective Date:	January 19, 2016
	Amendment Effective Date:	April 12, 2016
	Second Amendment Effective Date:	June 3, 2016
	Third Amendment Effective Date:	June 30, 2016
	Fourth Amendment Effective Date:	January 19, 2017
	Fifth Amendment Effective Date:	July 19, 2017
	Sixth Amendment Effective Date:	September 5, 2017
	Seventh Amendment Effective Date:	January 19, 2018
	Eighth Amendment Effective Date:	July 19, 2018
	Ninth Amendment Effective Date:	January 19, 2019
	Tenth Amendment Effective Date:	April 19, 2019
	Scheduled Termination Date:	The latest date for the final scheduled payment (or, if there is only one scheduled payment, for the scheduled payment) of principal of any Reference Obligation at any time included in the Reference Portfolio.

 

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	Termination Date:	The final Scheduled Settlement Date (as defined in the Master Agreement) with respect to all Transactions (other than (i) any Citibank Fixed Amount Payer Payment Date that occurs after the final Obligation Termination Date and (ii) any Counterparty Fourth Floating Rate Payer Payment Date).  The obligations of the parties to make payments required to be made hereunder shall survive the Termination Date.
	Obligation Termination Date:	
        (a) In relation to any Repaid Obligation,
        the related Repayment Date; and

         

        (b) In relation to any Terminated
        Obligation, the related Termination Settlement Date.

         

	Reference Portfolio:	As of any date of determination, all Reference Obligations with respect to all Transactions outstanding on such date.
	Reference Obligation:	Each obligation listed on Annex I from time to time having a Reference Amount equal to the “Reference Amount” indicated on Annex I for such obligation (and, in the case of a Committed Obligation, having an Outstanding Principal Amount equal to the “Outstanding Principal Amount” indicated on Annex I for such Committed Obligation), in each case, subject to adjustment by the Calculation Agent in accordance with the terms of this Confirmation.
	 	        Counterparty may, by notice to Citibank
        on any Business Day on or after the Trade Date (each, an “Obligation Trade Date”), designate that any obligation
        (each, a “Reference Obligation”) shall become the subject of a Transaction hereunder. Any such notice shall
        specify the proposed Reference Obligation and the proposed Reference Amount, Reference Entity and Initial Price in relation to
        such Transaction.

         

        Notwithstanding the foregoing, no such
        designation by Counterparty will be effective unless:

         

        (a)       Citibank
        consents on or prior to the Obligation Trade Date to the relevant Reference Obligation becoming the subject of a Transaction hereunder
        (having the proposed Reference Amount and Initial Price in the notice of designation from Counterparty);

        

 

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        (b)       on
        the Obligation Trade Date (i) the relevant Reference Obligation satisfies the Obligation Criteria set forth in Annex II
        and (ii) on and after the Portfolio Criteria Satisfaction Date, the Portfolio Criteria set forth in Annex II are satisfied
        (or, if any Portfolio Criterion is not satisfied immediately prior to such designation, then the extent of compliance with such
        Portfolio Criterion is improved); and

         

        (c)       if
        the relevant Reference Obligation would be a Specified Reference Obligation, Counterparty gives notice of such fact to Citibank
        in such notice of designation (provided that any failure to give such notice shall not affect the effectiveness of such designation).

         

        Without limiting the generality of the
        foregoing clause (a), Citibank may withhold its consent to any such designation based on any legal, accounting, tax or other similar
        issues that are adverse to Citibank in any material respect and that would or could reasonably be expected to arise as a result
        of the entry into such Transaction or any purchase by the Citibank Holder of such Reference Obligation as a hedge for such Transaction.
        In the event that Citibank determines not to hold, or cause to be held, all or any portion of any such Reference Obligation as
        a hedge for such Transaction on the Obligation Settlement Date for such Transaction, Citibank shall give prompt notice thereof
        to Counterparty.

         

        The “Obligation Settlement Date” for a Transaction shall be the date following the Obligation Trade Date for such Transaction that is customary for settlement of
        the related Reference Obligation substantially in accordance with the then-current market practice in the principal market for
        the related Reference Obligation (as determined by the Calculation Agent).

         

        On the Obligation Trade Date for a Transaction,
        the Reference Amount of such Transaction shall, for all purposes hereof (including the determination of the “Maximum Portfolio
        Notional Amount”) other than calculating Rate Payments, be increased by the “Reference Amount” specified in such
        notice from Counterparty. On the Obligation Settlement Date for a Transaction, the Reference Amount of such Transaction shall,
        solely for the purposes of calculating Rate Payments, be increased by the “Reference Amount” specified in such notice
        from Counterparty.

        

 

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        Once a Reference Obligation becomes the
        subject of a Transaction hereunder, Citibank shall promptly prepare and deliver to Counterparty a revised Annex I reflecting
        the Reference Portfolio as of the related Obligation Trade Date.

         

        If any payment of interest on a Reference
        Obligation that would otherwise be made during the period from and including the Obligation Trade Date to but excluding the Termination
        Trade Date is not made but is capitalized as additional principal (without default), then the amount of interest so capitalized
        as principal shall become a new Transaction hereunder (a “PIK Transaction”) having the same terms and conditions
        as the Transaction relating to the Reference Obligation in respect of which such interest is capitalized, except that (1) the
        Initial Price in relation to such PIK Transaction shall be zero, (2) the Obligation Trade Date and Obligation Settlement Date
        for such PIK Transaction shall be the date on which such interest is capitalized and (3) the Reference Amount of such PIK
        Transaction will be the amount of interest so capitalized as principal. Citibank shall give notice to Counterparty after a PIK
        Transaction becomes outstanding as provided above, which notice shall set forth the information in the foregoing clauses (2) and
        (3).

         

	Reference Entity:	The borrower of the Reference Obligation identified as such in Annex I hereto.  In addition, “Reference Entity”, unless the context otherwise requires, shall also refer to any guarantor of or other obligor on the Reference Obligation.
	Ramp-Up Period:	The period from and including the Effective Date and ending on and including the date occurring 90 days after the Effective Date.
	Ramp-Down Period:	The period from and including the date 30 days prior to the Scheduled Termination Date and ending on and including the Scheduled Termination Date.
	Portfolio Notional Amount:	As of any date of determination, the sum of the Notional Amounts for all Reference Obligations as of such date.
	Notional Amount:	
        (a) In relation to any Transaction (other
        than with respect to any Terminated Obligation or Repaid Obligation), as of any date of determination, the Reference Amount of
        the related Reference Obligation as of such date multiplied by the Initial Price in relation to such Reference Obligation;
        and

        

 

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        (b) In relation to any Transaction
        with respect to a Terminated Obligation or Repaid Obligation, the amount of the reduction in the Reference Amount of the related
        Reference Obligation determined, in the case of a Terminated Obligation, pursuant to Clause 3 or, in the case of a Repaid
        Obligation, pursuant to Clause 5, in each case multiplied by the Initial Price in relation to the related Reference
        Obligation.

         

	Outstanding Principal Amount:	In relation to any Reference Obligation as of any date of determination, the outstanding principal amount of such obligation as shown in the then-current Annex I, as increased pursuant to this Clause 2 (or, in the case of any Committed Obligation, pursuant to any borrowing in respect of such Committed Obligation after the Obligation Trade Date) and reduced pursuant to Clauses 3 and 5.  Except as otherwise expressly provided below with respect to Counterparty First Floating Amounts, the principal amount of any Committed Obligation outstanding on any date shall include the aggregate stated face amount of all letters of credit, bankers’ acceptances and other similar instruments issued in respect of such Committed Obligation to the extent that the holder of such Committed Obligation is obligated to extend credit in respect of any drawing or other similar payment thereunder.
	Commitment Amount:	In relation to any Reference Obligation that is a Committed Obligation (and the related Transaction) as of any date of determination, the maximum outstanding principal amount of such Reference Obligation that a registered holder thereof would on such date be obligated to fund (including all amounts previously funded and outstanding, whether or not such amounts, if repaid, may be reborrowed).
	Notional Funded Amount:	
        In relation to any Reference Obligation
        that is a Committed Obligation (and to the related Transaction) as of any date of determination, the greater of (a) zero and
        (b) the sum of (i) the Outstanding Principal Amount of such Reference Obligation as of the Obligation Trade Date multiplied
        by the Initial Price in relation to such Reference Obligation minus (ii) the product of (x) the excess, if any, of the
        Commitment Amount of such Reference Obligation as of the Obligation Trade Date over the Outstanding Principal Amount of such Reference
        Obligation as of the Obligation Trade Date multiplied by (y) 100% minus the Initial Price in relation to such Reference Obligation
        plus (iii) any increase in the Outstanding Principal Amount of such Reference Obligation during the period from but excluding
        the Obligation Trade Date to and including such date of determination minus (iv) any decrease in the Outstanding Principal
        Amount of such Reference Obligation during the period from but excluding the Obligation Trade Date to and including such date of
        determination.

        

 

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	 	        In relation to any Reference Obligation
        that is a Term Obligation (and the related Transaction) as of any date of determination, the Notional Amount of such Reference
        Obligation.

                                                                   

	Portfolio Notional Funded Amount:	As of any date of determination, the aggregate of all Notional Funded Amounts with respect to all Reference Obligations in the Reference Portfolio on such date of determination.
	Reference Amount:	In relation to (a) any Term Obligation, the Outstanding Principal Amount thereof and (b) any Committed Obligation, the Commitment Amount thereof.
	Maximum Portfolio Notional Amount:	USD175,000,000
	Minimum Portfolio Notional Amount:	85% of the Maximum Portfolio Notional Amount
	Utilization Amount:	In relation to any Calculation Period, the daily average of the Portfolio Notional Funded Amount during such Calculation Period.
	Business Day:	New York
	Business Day Convention:	
        Following (which shall apply to any date
        specified herein for the making of any payment or determination or the taking of any action which falls on a day that is not a
        Business Day).

         

        If any anniversary date specified herein
        would fall on a day on which there is no corresponding day in the relevant calendar month, then such anniversary date shall be
        the last day of such calendar month.

         

	Floating Rate Index:	Whenever in this Confirmation reference is made to USD-LIBOR-BBA (a “Floating Rate Index”), in no event may such Floating Rate Index be less than zero

 

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	Monthly Period:	Each period from but excluding the last day of any calendar month to and including the last day of the immediately succeeding calendar month.
	Calculation Agent:	Citibank; provided that, if an Event of Default described in Section 5(a)(i) or Section 5(a)(vii) occurs with respect to Citibank as Defaulting Party and no Event of Default has occurred and is continuing with respect to Counterparty as Defaulting Party, then Counterparty may designate any of Bank of America, NA, The Bank of Montreal, Barclays Bank plc, Canadian Imperial Bank of Commerce, Credit Suisse, Deutsche Bank AG, JPMorgan Chase Bank, N.A., UBS AG and Wells Fargo Bank, National Association as Calculation Agent, which designation shall be effective only (a) if such designated entity accepts such appointment and agrees to perform the duties of the Calculation Agent hereunder and (b) so long as such Event of Default with respect to Citibank as Defaulting Party continues.  Unless otherwise specified, the Calculation Agent shall make all determinations, calculations and adjustments required pursuant to this Confirmation in good faith and on a commercially reasonable basis.
	Calculation Agent City:	New York
	Initial Price:	In relation to any Reference Obligation (and the related Transaction), the Initial Price specified in Annex I.  The Initial Price (a) will be expressed exclusive of accrued interest, (b) will be expressed as a percentage of the Reference Amount, (c) will be determined exclusive of Costs of Assignment that would be incurred by a buyer in connection with any purchase of the Reference Obligation and exclusive of any Delay Compensation and (d) will be, as of the related Obligation Trade Date, the “Initial Price” specified by Counterparty to Citibank in the notice of designation referred to above and consented to by Citibank.
	Payments by Counterparty	 
	Counterparty First Floating Amounts:	 
	First Floating Amount Payer:	Counterparty

 

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	First Floating Amount:	In relation to any First Floating Rate Payer Payment Date, the sum, for each Transaction, of the products of (a) the First Floating Rate Payer Calculation Amount for such Transaction for the related First Floating Rate Payer Calculation Period multiplied by (b) the Floating Rate Option for such Transaction during the related First Floating Rate Payer Calculation Period plus the Spread multiplied by (c) the Floating Rate Day Count Fraction; provided that, for purposes of the foregoing calculation, the percentage specified in the foregoing clause (b) shall be the Spread (and not the Floating Rate Option plus the Spread) with respect to any portion of a First Floating Rate Payer Calculation Amount constituting the undrawn stated face amount of all letters of credit, bankers’ acceptances and other similar instruments issued in respect of a related Committed Obligation.
	
        First Floating Rate Payer

        

        Calculation Amount:

         
	In relation to any First Floating Rate Payer Calculation Period and any Transaction, the daily average of the Notional Funded Amount of such Transaction during such First Floating Rate Payer Calculation Period.
	
        First Floating Rate Payer

        

        Calculation Period:

         
	In relation to any Transaction, each Monthly Period, except that (a) the initial First Floating Rate Payer Calculation Period will commence on, and include, the related Obligation Settlement Date and (b) the final First Floating Rate Payer Calculation Period will end on, but exclude, the related Obligation Termination Date.
	
        First Floating Rate

        

        Payer Payment Date:

         
	
        (a) In relation to any Transaction (other
        than with respect to any Terminated Obligation or Repaid Obligation), the tenth Business Day following the last day of any Monthly
        Period, commencing with the first such date after the Obligation Settlement Date for such Transaction and ending with the last
        such date occurring prior to the related Obligation Termination Date; and

         

        (b) In relation to any Terminated
        Obligation or Repaid Obligation, the related Total Return Payment Date.

         

	Floating Rate Option:	In relation to any Transaction, USD-LIBOR-BBA.
	Designated Maturity:	In relation to any Transaction, one month.
	Spread:	(a) Prior to the Portfolio Criteria Satisfaction Date, 1.60%; and (b) on or after the Portfolio Criteria Satisfaction Date, 1.50%.

 

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        Floating Rate Day

        

        Count Fraction:

         
	In relation to any Transaction, Actual/360.
	Reset Dates:	The first day of each First Floating Rate Payer Calculation Period.
	Compounding:	Inapplicable
	Counterparty Second Floating Amounts:	 
	Second Floating Amount Payer:	Counterparty
	Second Floating Amount:	
        In relation to any Second Floating Rate
        Payer Payment Date, the product of (a) the Second Floating Rate Payer Calculation Amount for the related Second Floating Rate
        Payer Calculation Period multiplied by (b) the Spread multiplied by (c) the Floating Rate Day Count Fraction.

         

        Notwithstanding the foregoing, no Second
        Floating Amount shall be payable on any Second Floating Rate Payer Payment Date, (a) on or following the Termination Date
        if the Termination Date results from the designation of an Early Termination Date pursuant to Section 6(a) of the Master Agreement
        by reason of an Event of Default under Section 5(a)(i) or 5(a)(vii) of the Master Agreement in relation to Citibank as the
        Defaulting Party or (b) on or following any date on which each of the following two conditions has been satisfied: (i) Counterparty
        has designated at least 20 Designated Reference Obligations to become the subject of Transactions hereunder (as contemplated opposite
        the caption “Reference Obligation” above) and (ii) the aggregate Notional Amount of all Designated Reference Obligations
        as to which Citibank has not given its consent to such Designated Reference Obligations becoming the subject of Transactions hereunder
        (as contemplated opposite the caption “Reference Obligation” above) exceeds 50% of the aggregate Notional Amount of all
        Designated Reference Obligations that Counterparty has designated are to become the subject of Transactions hereunder (as contemplated
        opposite the caption “Reference Obligation” above).

        

 

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        Second Floating Rate Payer

        

        Calculation Amount:

         
	In relation to any Second Floating Rate Payer Calculation Period, the excess, if any, of (a) the Minimum Portfolio Notional Amount over (b) the Utilization Amount for such Second Floating Rate Payer Calculation Period.
	
        Second Floating Rate Payer

        

        Calculation Period:

         
	Each Monthly Period; provided that (a) the initial Second Floating Rate Payer Calculation Period shall begin on the first day following the last day of the Ramp-Up Period and (b) the final Second Floating Rate Payer Calculation Period shall end on the last Second Floating Rate Payer Payment Date.
	
        Second Floating Rate

        

        Payer Payment Dates:

         
	The tenth Business Day following the last day of each Monthly Period; provided that (a) the initial Second Floating Rate Payer Payment Date will be the first such Business Day after the last day of the Ramp-Up Period and (b) the final Second Floating Rate Payer Payment Date will be the day preceding the first day of the Ramp-Down Period.
	Spread:	(a) Prior to the Portfolio Criteria Satisfaction Date, 1.60%; and (b) on or after the Portfolio Criteria Satisfaction Date, 1.50%.
	
        Floating Rate Day

        

        Count Fraction:

         
	Actual/360.
	Compounding:	Inapplicable
	Counterparty Third Floating Amounts:	 
	Third Floating Amount Payer:	Counterparty
	Third Floating Amount:	In relation to any Third Floating Rate Payer Payment Date, the product of (a) the Third Floating Rate Payer Calculation Amount for the related Third Floating Rate Payer Calculation Period multiplied by (b) the Spread multiplied by (c) the Floating Rate Day Count Fraction.
	
        Third Floating Rate Payer

        

        Calculation Amount:

         
	In relation to any Third Floating Rate Payer Calculation Period, the excess, if any, of (a) the Maximum Portfolio Notional Amount over (b) the greater of (i) the Minimum Portfolio Notional Amount and (ii) the daily average Portfolio Notional Funded Amount for such Third Floating Rate Payer Calculation Period.

 

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        Third Floating Rate Payer

        

        Calculation Period:

         
	Each Monthly Period; provided that (a) the initial Third Floating Rate Payer Calculation Period shall begin on the first day following the last day of the Ramp-Up Period and (b) the final Third Floating Rate Payer Calculation Period shall end on the last Third Floating Rate Payer Payment Date.
	
        Third Floating Rate

        

        Payer Payment Dates:

         
	The tenth Business Day following the last day of each Monthly Period; provided that (a) the initial Third Floating Rate Payer Payment Date will be the first such Business Day after the last day of the Ramp-Up Period and (b) the final Third Floating Rate Payer Payment Date will be the day preceding the first day of the Ramp-Down Period.
	Spread:	0.15%.
	
        Floating Rate Day

        

        Count Fraction:

         
	Actual/360.
	Compounding:	Inapplicable
	Counterparty Fourth Floating Amounts:	 
	Fourth Floating Amount Payer:	Counterparty
	Fourth Floating Amount:	Each Expense or Other Payment.
	
        Fourth Floating Rate

        

        Payer Payment Dates:

         
	In relation to any Transaction, (a) the tenth Business Day following the last day of each Monthly Period, beginning with the first such Business Day after the Obligation Settlement Date for such Transaction, (b) the related Obligation Termination Date and (c) after the related Obligation Termination Date, the tenth Business Day after notice of a Fourth Floating Amount from Citibank to Counterparty; provided that, prior to the tenth Business Day after the related Obligation Termination Date, if Counterparty has received less than ten Business Days’ notice from Citibank that such Fourth Floating Amount is due and payable, such Fourth Floating Rate Payer Payment Date shall be the tenth Business Day following the last day of the next succeeding Monthly Period.  The obligation of Counterparty to pay Fourth Floating Amounts in respect of any Transaction shall survive the related Obligation Termination Date.

 

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	Counterparty Fifth Floating Amounts:	 
	Fifth Floating Amount Payer:	Counterparty
	Fifth Floating Amount:	In relation to any Terminated Obligation or Repaid Obligation, Capital Depreciation, if any.
	
        Fifth Floating Rate

        

        Payer Payment Dates:

         
	Each Total Return Payment Date.
	Payments by Citibank:	 
	Citibank Fixed Amounts:	 
	Fixed Amount Payer:	Citibank
	Fixed Amount:	In relation to any Transaction, the Interest and Fee Amount with respect to such Transaction for the related Fixed Amount Payer Payment Date.
	Fixed Amount Payer Calculation Periods:	In relation to each Reference Obligation in the Reference Portfolio, each period from and including any date upon which a payment of interest is made on such Reference Obligation to but excluding the next such date; provided that (a) the initial Fixed Amount Payer Calculation Period shall commence on and include the Obligation Settlement Date for such Reference Obligation and (b) the final Fixed Amount Payer Calculation Period shall end on, but exclude, the related Obligation Termination Date.
	Fixed Amount Payer Payment Dates:	
        (a) In relation to any Transaction (other
        than with respect to any Terminated Obligation or Repaid Obligation), the tenth Business Day following the last day of any Monthly
        Period, commencing with the first such date after the Obligation Settlement Date for such Transaction and ending with the last
        such date occurring prior to the related Obligation Termination Date; and

         

        (b) In relation to any Transaction
        with respect to any Terminated Obligation or Repaid Obligation, the related Total Return Payment Date; provided that, if interest
        on the Reference Obligation is actually paid on the scheduled interest payment date next succeeding the related Obligation Termination
        Date, then the final Fixed Amount Payer Payment Date shall be the tenth Business Day next succeeding the last day of the Monthly
        Period during which such scheduled interest payment date occurs.

        

 

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	Citibank Floating Amounts:	 
	Floating Amount Payer:	Citibank
	Floating Amount:	In relation to any Terminated Obligation or Repaid Obligation, Capital Appreciation, if any.
	Floating Rate Payer Payment Dates:	Each Total Return Payment Date.

3.       Reference
Obligation Removal; Accelerated Termination.

 

Reference Obligation Removal

 

(a)           A
Transaction may be terminated in whole by either party (or in part by Counterparty) in accordance with this Clause 3 by the
giving of notice (an “Accelerated Termination Notice”) to the other party (each such termination, an “Accelerated
Termination”).

 

		(i)	Counterparty shall be entitled to terminate any Transaction or any portion thereof by delivering
an Accelerated Termination Notice to Citibank that is given (i) no later than the proposed Termination Trade Date and (ii) no
more than 30 days, and no less than 10 days, prior to the proposed Termination Settlement Date; provided that, except in
the case of the termination of all Transactions in connection with the occurrence of the Scheduled Termination Date, (x) on
and after the Portfolio Criteria Satisfaction Date, the Portfolio Criteria set forth in Annex II would be satisfied on the
proposed Termination Trade Date after giving effect to such termination (or, if any Portfolio Criterion is not satisfied immediately
prior to such termination, the extent of compliance therewith would be maintained or improved after giving effect to such termination)
and (y) after giving effect to such termination, no Delivery Amount (as defined in the Credit Support Annex) would be required
under the Credit Support Annex to be transferred by Counterparty. The Accelerated Termination Notice shall specify the Reference
Obligation that is the subject of such Accelerated Termination, the amount of the Terminated Obligation, the proposed Termination
Trade Date and the proposed Termination Settlement Date.

 

		(ii)	Following the occurrence of a Credit Event (as determined by the Calculation Agent) with respect
to the related Reference Entity (including any guarantor or other obligor referred to in the definition thereof), Citibank will
have the right, but not the obligation, to request that Counterparty agree to increase the Independent Amount Percentage with respect
to the related Transaction to (i) 100% minus (ii) the Supplemental Independent Amount Percentage. If Counterparty does not
agree to such request within one Business Day after notice of such request from Citibank, then Citibank will have the right, but
not the obligation, to terminate the related Transaction by delivering an Accelerated Termination Notice to Counterparty no less
than 10 days prior to the proposed Termination Trade Date. The Accelerated Termination Notice shall specify the Reference Obligation
that is the subject of such Accelerated Termination, the amount of the Terminated Obligation, the proposed Termination Trade Date
and the proposed Termination Settlement Date.

 

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Elective Termination by Citibank due
to Certain Events

 

(b)       If:

 

		(i)	any Reference Obligation (including any Exchange Consideration) fails to satisfy the Obligation
Criteria at any time, or

 

		(ii)	the Portfolio Criteria are not satisfied at any time on or after the Portfolio Criteria Satisfaction
Date,

 

then Citibank may notify
Counterparty in writing of such event. In the case of the foregoing clause (i), if such event continues for 30 days following the
delivery of such notice, then Citibank will have the right but not the obligation to terminate the related Transaction. In the
case of the foregoing clause (ii), if such event continues for 30 days following the delivery of such notice, then Citibank will
have the right but not the obligation to terminate each Transaction that is the subject of this Confirmation. Citibank may exercise
this termination right with respect to each Terminated Obligation by delivering an Accelerated Termination Notice to Counterparty
that is given, as to any Terminated Obligation, (1) on the proposed Termination Trade Date and (2) no less than 10 days
prior to the proposed Termination Settlement Date for the related Terminated Obligation. The Accelerated Termination Notice shall
specify each Reference Obligation that is the subject of such Accelerated Termination and, with respect to each such Reference
Obligation, the amount of the Terminated Obligation, the proposed Termination Trade Date and the proposed Termination Settlement
Date.

 

Citibank Optional Termination Date

 

(c)       Citibank
will have the right, but not the obligation, to terminate each Transaction that is the subject of this Confirmation, effective
on any Business Day occurring on or after the date that is three months after the Tenth Amendment Effective Date (such date, the
“Citibank Optional Termination Date”). Citibank can exercise this termination right by delivering an Accelerated
Termination Notice to Counterparty that is given no less than 30 days prior to the first proposed Termination Trade Date specified
in the related Accelerated Termination Notice. The Accelerated Termination Notice shall specify, as to each Reference Obligation,
the amount of the Terminated Obligation, the proposed Termination Trade Date and the proposed Termination Settlement Date. If Citibank
does not exercise its right to terminate each Transaction that is the subject of this Confirmation on or before the date occurring
30 days prior to the Citibank Optional Termination Date, then Citibank will have the right, but not the obligation, to propose,
by notice to Counterparty, to amend and restate one or more material terms of the Transactions, including, without limitation,
the Spread, the Independent Amount Percentage, the Supplemental Independent Amount Percentage and the application of the Obligation
Criteria and Portfolio Criteria to the Transactions. If Citibank provides a notice to Counterparty proposing to amend and restate
one or more material terms of the Transactions as provided above and Counterparty does not agree in writing to such amended and
restated terms within 10 Business Days after Citibank provides such notice to Counterparty, each Transaction shall terminate, and
the Termination Trade Date shall be such tenth Business Day. In the event of any such termination, Citibank shall deliver an Accelerated
Termination Notice to Counterparty, which shall specify, as to each Reference Obligation, the amount of the Terminated Obligation,
the proposed Termination Trade Date and the proposed Termination Settlement Date. Even if a Termination Trade Date has been designated
with respect to each Transaction pursuant to this Clause 3(c), such designation will not prevent Citibank or Counterparty
from subsequently designating an earlier Termination Trade Date in relation to any Transaction to the extent Citibank or Counterparty,
as the case may be, is entitled to designate such earlier Termination Trade Date pursuant to this Confirmation. Notwithstanding
anything in this Confirmation to the contrary:

 

    Page 15

     

    

 

		(i)	if Citibank elects to exercise its termination right under this Clause 3(c), then each reference
to the term “Scheduled Termination Date” in Clauses 4 (other than Clause 4(c)) and 5 and in the definitions
of “Ramp-Down Period” and “Termination Trade Date” will instead be a reference to the date 30 days after the
first proposed Termination Trade Date specified in such notice; and

 

		(ii)	whether or not Citibank elects to exercise its termination right under this Clause 3(c), each
reference to the term “Scheduled Termination Date” in the provisions of Clause 4(c) dealing with the payment of
Counterparty Second Floating Amounts, and each reference to the day preceding the first day of the Ramp-Down Period in the definitions
of “Counterparty Second Floating Rate Payer Payment Date” and “Counterparty Third Floating Rate Payer Payment Date”,
will instead be a reference to the date occurring 30 days prior to the Citibank Optional Termination Date.

 

Early Termination Date under Master
Agreement

 

(d)       If
there is effectively designated an Early Termination Date under the Master Agreement, then (i) each Transaction will be terminated
in its entirety (but without limiting Clause 4(c)), (ii) notwithstanding any contrary or otherwise inconsistent provision
of the Master Agreement, the provisions set forth in Section 6(e) of the Master Agreement shall not apply to any Transaction
(except that amounts that become due and payable on or prior to such Early Termination Date with respect to any Transaction as
provided in this Confirmation will constitute Unpaid Amounts) and (iii) the Termination Trade Date for each Transaction will
be the date specified by the Calculation Agent occurring on or promptly after such Early Termination Date; provided that,
if such Early Termination Date is designated by reason of an Event of Default as to which Citibank is the Defaulting Party, Counterparty
may specify the Termination Trade Date with respect to any Transaction as to which the Calculation Agent has not specified the
Termination Trade Date within 10 days after such Early Termination Date. The Calculation Agent shall give notice (an “Accelerated
Termination Notice”) to each party (such termination, an “Accelerated Termination”) on or
prior to such Early Termination Date, which Accelerated Termination Notice shall specify each Reference Obligation that is the
subject of such Accelerated Termination and, with respect to each such Reference Obligation, the amount of the Terminated Obligation,
the proposed Termination Trade Date and the proposed Termination Settlement Date. The amount, if any, payable in respect of such
Early Termination Date will be determined in accordance with Clause 4(b) of this Confirmation based upon the delivery of such
Accelerated Termination Notice.

 

Effect of Termination

 

(e)       With
respect to any Transaction terminated in whole pursuant to this Clause 3, (i) as of the relevant Termination Trade Date
the Reference Amount shall, for all purposes hereof (including the determination of the “Maximum Portfolio Notional Amount”)
other than calculating Rate Payments, be reduced to zero (and, in the case of a Committed Obligation, the Outstanding Principal
Amount thereof shall be reduced to zero) and (ii) as of the relevant Termination Settlement Date the Reference Amount, for
purposes of calculating Rate Payments, shall be reduced to zero (and, in the case of a Committed Obligation, the Outstanding Principal
Amount thereof shall be reduced to zero). With respect to any Transaction terminated in part pursuant to this Clause 3, (i) as
of the relevant Termination Trade Date the Reference Amount shall, for all purposes hereof (including the determination of the
“Maximum Portfolio Notional Amount”) other than calculating Rate Payments, be reduced by the amount of the reduction
of the Reference Amount specified in the Accelerated Termination Notice (and, in the case of a Committed Obligation, the Outstanding
Principal Amount shall be reduced by an amount equal to the product of the Outstanding Principal Amount in effect immediately prior
to such reduction multiplied by the amount of the reduction of the Reference Amount divided by the Reference Amount in effect immediately
prior to such reduction) and (ii) as of the relevant Termination Settlement Date the Reference Amount shall, for purposes
of calculating Rate Payments, be reduced by the amount of the reduction of the Reference Amount specified in the Accelerated Termination
Notice (and, in the case of a Committed Obligation, the Outstanding Principal Amount shall be reduced by an amount equal to the
product of the Outstanding Principal Amount in effect immediately prior to such reduction multiplied by the amount of the reduction
of the Reference Amount divided by the Reference Amount in effect immediately prior to such reduction). Following any Termination
Trade Date (other than the Termination Trade Date in respect of the Termination Date), Citibank shall promptly prepare and deliver
to Counterparty a revised Annex I.

 

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4.       Final
Price Determination

 

Following the termination of any Transaction
in whole or in part pursuant to Clause 3 or by reason of the occurrence of the Scheduled Termination Date (other than in connection
with a Repayment), the Final Price for the relevant Terminated Obligation will be determined in accordance with this Clause 4.

 

Determination by Counterparty

 

(a)       In
order to determine the Final Price for any Terminated Obligation then held by or on behalf of Citibank as a hedge for the related
Transaction if such determination is being made as the result of a termination pursuant to Clause 3(a), Counterparty may arrange
for the sale of such Terminated Obligation by giving notice of such sale to Citibank; provided that Counterparty shall have
no right to arrange a sale of a Terminated Obligation pursuant to this Clause 4(a) if, as a result of such termination and
the termination of all other Transactions as to which the Total Return Payment Date has not yet occurred, after giving effect to
such termination, a Delivery Amount (as defined in the Credit Support Annex) would be required under the Credit Support Annex to
be transferred by Counterparty. Such notice must be given at least three Business Days prior to the related Termination Settlement
Date in the case of any Terminated Obligation and at least 10 days prior to the Scheduled Termination Date if all Transactions
are to be terminated in connection with the Scheduled Termination Date. Any sale (i) must be to an Approved Buyer or another
buyer approved in advance by Citibank, such approval not to be unreasonably withheld or delayed, and (ii) must be scheduled
to occur no later than the date customary for settlement, substantially in accordance with the then-current market practice in
the principal market for such Terminated Obligation (as determined by the Calculation Agent), following the Termination Trade Date
and prior to the Scheduled Termination Date if all Transactions are to be terminated in connection with the Scheduled Termination
Date. If Counterparty so arranges any sale, the net cash proceeds received from the sale of any Terminated Obligation, net of the
related Costs of Assignment and adjusted by any Delay Compensation as provided in Clause 6(b), shall be the “Final
Price” for that Terminated Obligation.

 

Determination by Calculation Agent

 

(b)       If
the Final Price for any Terminated Obligation is not determined according to Clause 4(a), the Calculation Agent shall attempt
to obtain Firm Bids for such Terminated Obligation with respect to the applicable Termination Trade Date from two or more Dealers.
The Calculation Agent will give Counterparty notice of its intention to obtain Firm Bids pursuant to this Clause 4(b) (such
notice to be given telephonically and via electronic mail) not later than two hours prior to the bid submission deadline specified
below. By notice to Citibank not later than the bid submission deadline specified below, Counterparty may, but shall not be obligated
to, designate up to three Approved Buyers each of which shall provide a Firm Bid (and the Calculation Agent will seek a Firm Bid
from any such designee so designated by Counterparty on a timely basis). A “Firm Bid” shall be a good and
irrevocable bid for value, to purchase all or a portion of the applicable Terminated Obligation, expressed as a percentage of the
Reference Amount of such Terminated Obligation and exclusive of accrued interest, for scheduled settlement substantially in accordance
with the then-current market practice in the principal market for such Terminated Obligation, as determined by the Calculation
Agent, submitted as of 11 a.m. New York time or as soon as practicable thereafter. If there is more than one Terminated Obligation
at any time, then the Calculation Agent shall obtain Firm Bids solely with respect to each separate Terminated Obligation (but
not with respect to any group or groups of such Terminated Obligations). Citibank may, but is not obligated to, sell or cause the
sale of any portion of any Terminated Obligation to any Dealer that provides a Firm Bid.

 

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If the Calculation Agent is unable to obtain
from Dealers at least one Firm Bid or combination of Firm Bids for all of the Reference Amount of any Terminated Obligation with
respect to the relevant Termination Trade Date, the Calculation Agent will attempt to obtain a Firm Bid or combination of Firm
Bids for all of the Reference Amount of such Terminated Obligation from two or more Dealers until the earlier of (i) the second
Business Day (inclusive) following such Termination Trade Date and (ii) the date a Firm Bid or combination of Firm Bids is
obtained for all of the Reference Amount of such Terminated Obligation.

 

If the Calculation Agent is able to obtain
at least one Firm Bid or combination of Firm Bids for all or any portion of the Reference Amount of any Terminated Obligation,
the Final Price for such Terminated Obligation or portion thereof shall be determined by reference to such Firm Bid or Firm Bids
pursuant to the last paragraph of this Clause 4(b). If no Firm Bids are obtained on or before such second Business Day for
all or a portion of the applicable Terminated Obligation, the Final Price shall be deemed to be zero with respect to each portion
of such Terminated Obligation for which no Firm Bid was obtained. The Calculation Agent will conduct the bid process in accordance
with the procedures set forth in this Clause 4(b) and otherwise in good faith and in a commercially reasonable manner. Other
than in the case of a termination pursuant to Clause 3(b) or 3(d), Citibank and Counterparty will make commercially reasonable
efforts to accomplish the assignment to Counterparty (free of payment by Counterparty except for the prior payment when due of
any related Counterparty Fifth Floating Amount) of the related Terminated Obligation or portion thereof held by or on behalf of
Citibank as a hedge for the related Transaction for which the Final Price is deemed to be zero (including as provided below); provided
that Citibank shall not be liable for any losses related to any delay in or failure of such assignment beyond its control.

 

Notwithstanding anything to the contrary
herein,

 

		(i)	the Calculation Agent shall be entitled to disregard any Firm Bid submitted by a Dealer if, in
the Calculation Agent’s commercially reasonable judgment, (x) such Dealer is ineligible to accept assignment or transfer of
the related Terminated Obligation or portion thereof, as applicable, substantially in accordance with the then-current market practice
in the principal market for the Terminated Obligation, as determined by the Calculation Agent, or (y) as a result of the terms
of any agreement or instrument governing the related Terminated Obligation or any order of a court of competent jurisdiction relating
to such Terminated Obligation, such Dealer is prohibited or restricted from obtaining any consent required for the assignment or
transfer of the related Terminated Obligation or portion thereof, as applicable, to it; and

 

		(ii)	if the Calculation Agent determines that the highest Firm Bid obtained in connection with any Termination
Trade Date is not bona fide as a result of (x) the occurrence of an Event of Default described in Section 5(a)(vii)
with respect to the bidder, (y) the inability, failure or refusal of the bidder to settle the purchase of the related Terminated
Obligation or portion thereof, as applicable, or otherwise settle transactions in the relevant market or perform its obligations
generally or (z) the Calculation Agent not having pre-approved trading lines with the bidder that would permit settlement
of the purchase of the related Terminated Obligation or portion thereof, as applicable, that Firm Bid shall be disregarded and
the next highest Firm Bid that is not disregarded shall be used to determine the Final Price.

 

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If there is no such Firm Bid, then the
Calculation Agent shall designate a new Termination Trade Date; provided that the Calculation Agent shall designate a new
Termination Trade Date pursuant to this paragraph only once. If the highest Firm Bid for any portion of the related Terminated
Obligation determined in connection with the second Termination Trade Date is disregarded pursuant to this paragraph, the Calculation
Agent shall have no obligation to obtain further bids, and the applicable “Final Price” for the portion
which was so disregarded shall be deemed to be zero.

 

If Citibank transfers, or causes the transfer
of, all or any portion of the Terminated Obligation to the Dealer or Dealers providing the highest Firm Bid or highest combination
of Firm Bids for such Terminated Obligation (or portion thereof) or to such other party as provided above, the net cash proceeds
received from the sale of such Terminated Obligation or portion thereof (which sale shall be scheduled to settle substantially
in accordance with the then-current market practice in the principal market for the related Reference Obligation as determined
by the Calculation Agent), net of the related Costs of Assignment and adjusted by any Delay Compensation as provided in Clause 6(b),
shall be the “Final Price” for that Terminated Obligation (or the portion thereof that is sold).

 

If Citibank has determined not to hold,
or cause to be held, all or any portion of any Terminated Obligation as a hedge for the related Transaction or otherwise determines,
in its sole discretion, not to sell or cause the sale of any portion of any Terminated Obligation to a Dealer providing the highest
Firm Bid or combination of Firm Bids, the “Final Price” for such Terminated Obligation or portion thereof
shall be equal to the highest Firm Bid (or highest combination of Firm Bids) for such Terminated Obligation (or portion thereof)
multiplied by the Reference Amount of such Terminated Obligation (or the respective portions of the Reference Amount to which such
Firm Bids relate). The Calculation Agent may perform any of its duties under this Clause 4(b) through any Affiliate designated
by it, but no such designation shall relieve the Calculation Agent of its duties under this Clause 4(b).

 

Early Termination of Facility

 

(c)       For
the avoidance of doubt (and subject to paragraph (ii) of the last sentence of Clause 3(c) and the definition of “Second
Floating Amount” above), if the Termination Date occurs prior to the Citibank Optional Termination Date, each Counterparty
Second Floating Amount shall continue to be payable by Counterparty on each subsequent Second Floating Rate Payer Payment Date
occurring on or prior to the Scheduled Termination Date; provided that, if either party shall so specify in writing to the
other party prior to any final Termination Trade Date, then on such final Termination Trade Date (i) the obligation of Counterparty
to continue to pay each Counterparty Second Floating Amount on each subsequent Second Floating Rate Payer Payment Date occurring
on or prior to the Scheduled Termination Date shall terminate and be replaced by the obligation in the following clause and (ii) Counterparty
shall pay to Citibank an amount equal to the present value (as calculated by the Calculation Agent with discounting on a continuous
basis) discounted to such final Termination Trade Date of each Counterparty Second Floating Amount payable (without regard to the
termination of such obligation under the foregoing clause) on each subsequent Second Floating Rate Payer Payment Date occurring
on or prior to the Scheduled Termination Date, at a discount rate per annum equal to the Discount Rate. For this purpose, the “Discount
Rate” means the zero coupon swap rate (as determined by the Calculation Agent) implied by the fixed rate offered to
be paid by Citibank under a fixed for floating interest rate swap transaction with a remaining Term equal to the period from such
final Termination Trade Date to the Scheduled Termination Date in exchange for the receipt of payments indexed to USD-LIBOR-BBA.

 

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	5.	Repayment.

 

If
all or a portion of the Reference Amount of any Reference Obligation is repaid or otherwise reduced (in the case of a Committed
Obligation, only if the Reference Amount thereof is permanently reduced) (including, without limitation, through any exercise
of any right of set-off, reduction, or counterclaim that results in the satisfaction of the obligations of such Reference Entity
to pay any principal owing in respect of such Reference Obligation) on or prior to the Scheduled Termination Date (the amount
of such repayment or other reduction, a “Repayment”; the portion of the related Reference Obligation
so repaid or otherwise reduced, a “Repaid Obligation”; and the date of such Repayment, the “Repayment
Date”):

 

	(a)	the
                                         Total Return Payment Date with respect to the Repaid Obligation will be the tenth Business
                                         Day next succeeding the last day of the Monthly Period in which the Repayment Date occurred;

 

	(b)	as
                                         of the related Repayment Date, the Reference Amount of such Reference Obligation shall
                                         be decreased by an amount equal to the principal amount of the Repaid Obligation; and

 

	(c)	the
                                         related Final Price in relation to the Repaid Obligation shall be (i) in the case of
                                         a Committed Obligation, the portion of the Reference Amount that is permanently reduced
                                         (excluding any such reduction below the Outstanding Principal Amount thereof) on such
                                         Repayment Date and (ii) in the case of a Term Obligation, the amount of principal and
                                         premium in respect of principal paid by such Reference Entity on the Repaid Obligation
                                         to holders thereof (or the amount by which the Reference Obligation was otherwise reduced)
                                         on such Repayment Date. Following any Repayment Date, Citibank shall promptly prepare
                                         and deliver to Counterparty a revised Annex I showing the revised Reference Amount for
                                         the related Reference Obligation.

 

	6.	Adjustments.

 

(a)         
If any Reference Obligation or portion thereof is irreversibly converted or exchanged into or for any securities, obligations
or other assets or property (“Exchange Consideration”), thereafter such Exchange Consideration will
constitute such Reference Obligation or portion thereof, and, unless Citibank shall otherwise agree in writing, (i) if such Exchange
Consideration fails to satisfy the Obligation Criteria, then Clause 3(b)(i) shall apply and (ii) if, on and after the Portfolio
Criteria Satisfaction Date, the Portfolio Criteria set forth in Annex II would not be satisfied after giving effect to such exchange,
then Clause 3(b)(ii) shall apply.

 

(b)          

Delay Compensation (as defined below) shall result in an adjustment (i) as contemplated by the definition of “Interest and
Fee Amount” in connection with the establishment by the Citibank Holder of a related hedge in respect of a Transaction,
if the actual settlement of the purchase of the related hedge occurs after the Obligation Settlement Date and (ii) of a Final
Price with respect to a Terminated Obligation in connection with the termination by the Citibank Holder of a related hedge, if
the actual settlement of the sale of the related hedge occurs after the Termination Settlement Date. “Delay Compensation”
shall accrue (x) in the case of clause (i) above, from and including the Obligation Settlement Date to but excluding the actual
settlement of the purchase effected to establish the related hedge (and, during such period, (A) the Counterparty First Floating
Amount shall be calculated by reference to the Spread and not the Floating Rate Option and (B) Interest and Fee Amounts will be
determined without regard to payments in respect of the interest rate index, but will be determined inclusive of the applicable
spread above such interest rate index, used in the Reference Obligation Credit Agreement to calculate interest payments in respect
of the related Reference Obligation and in effect during such period) and (y) in the case of clause (ii) above, from and including
the Termination Settlement Date to but excluding the actual settlement of the sale effected to terminate the related hedge (and,
during such period, (A) the Counterparty First Floating Amount shall be calculated by reference to the Floating Rate Option and
not the Spread and (B) Interest and Fee Amounts shall be reduced by interest accrued during such period in excess of the interest
rate index used in the Reference Obligation Credit Agreement to calculate interest payments in respect of the related Reference
Obligation and in effect during such period). In connection with any adjustment by reason of Delay Compensation, (i) any initial
Payment Date in this Confirmation determined by reference to the “Obligation Settlement Date” shall be determined
as if the Obligation Settlement Date were the actual settlement of the purchase of the related hedge and (ii) any final Payment
Date in this Confirmation determined by reference to the “Termination Settlement Date” shall be determined as if the
Termination Settlement Date were the actual settlement of the termination of the related hedge.

 

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(c)         

If (i) Citibank elects to establish a hedge as a result of the addition or increase in the Reference Amount of any Reference Obligation
that is the subject of a Transaction and (ii) the Citibank Holder is unable after using commercially reasonable efforts to effect
the settlement of such hedge, then, by notice to Counterparty, Citibank may in its sole discretion, specify that such addition
or increase in the Reference Amount of such Reference Obligation shall be of no force or effect (retroactive to the Obligation
Trade Date or the Obligation Settlement Date, as the case may be).

 

(d)          

Counterparty will give prompt notice to Citibank of the occurrence of the Portfolio Criteria Satisfaction Date (which notice shall
specify such date).

 

	7.	Representations,
                                         Warranties and Agreements.

 

(a)          

Each party hereby agrees as follows, so long as either party has or may have any obligation under any Transaction.

 

	(i)	Non-Reliance.
                                         It is acting for its own account, and it has made its own independent decisions to enter
                                         into such Transaction and as to whether such Transaction is appropriate or proper for
                                         it based upon its own judgment and upon advice from such advisors as it has deemed necessary.
                                         It is not relying on any communication (written or oral) of the other party as investment
                                         advice or as a recommendation to enter into such Transaction; it being understood that
                                         information and explanations related to the terms and conditions of such Transaction
                                         shall not be considered investment advice or a recommendation to enter into such Transaction.
                                         It has not received from the other party any assurance or guarantee as to the expected
                                         results of such Transaction;

 

	(ii)	Evaluation
                                         and Understanding. It is capable of evaluating and understanding (on its own behalf
                                         or through independent professional advice), and understands and accepts, the terms,
                                         conditions and risks of such Transaction. It is also capable of assuming, and assumes,
                                         the financial and other risks of such Transaction;

 

	(iii)	Status
                                         of Parties. The other party is not acting as a fiduciary or an advisor for it in
                                         respect of such Transaction; and

 

	(iv)	Reliance
                                         on its Own Advisors. Without limiting the generality of the foregoing, in making
                                         its decision to enter into, and thereafter to maintain, administer or terminate, such
                                         Transaction, it will not rely on any communication from the other party as, and it has
                                         not received any representation or other communication from the other party constituting,
                                         legal, accounting, business or tax advice, and it will consult its own legal, accounting,
                                         business and tax advisors concerning the consequences of such Transaction.

 

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	(b)	Each
                                         party acknowledges and agrees that, so long as either party has or may have any obligation
                                         under any Transaction:

 

		(i)	such
                                         Transaction does not create any direct or indirect obligation of any Reference Entity
                                         or any direct or indirect participation in any Reference Obligation or any other obligation
                                         of any Reference Entity;

 

		(ii)	each
                                         party and its Affiliates may deal in any Reference Obligation and may accept deposits
                                         from, make loans or otherwise extend credit to, and generally engage in any kind of commercial
                                         or investment banking or other business with any Reference Entity, any Affiliate of any
                                         Reference Entity, any other person or entity having obligations relating to any Reference
                                         Entity and may act with respect to such business in the same manner as if such Transaction
                                         did not exist and may originate, purchase, sell, hold or trade, and may exercise consensual
                                         or remedial rights in respect of, obligations, securities or other financial instruments
                                         of, issued by or linked to any Reference Entity, regardless of whether any such action
                                         might have an adverse effect on such Reference Entity, the value of the related Reference
                                         Obligation or the position of the other party to such Transaction or otherwise;

 

		(iii)	except
                                         as provided in Clause 7(d)(iii), each party and its Affiliates and the Calculation Agent
                                         may, whether by virtue of the types of relationships described herein or otherwise, at
                                         the date hereof or at any time hereafter, be in possession of information regarding any
                                         Reference Entity or any Affiliate of any Reference Entity that is or may be material
                                         in the context of such Transaction and that may or may not be publicly available or known
                                         to the other party. In addition, except as provided in Clause 7(b)(vii), this Confirmation
                                         does not create any obligation on the part of such party and its Affiliates to disclose
                                         to the other party any such relationship or information (whether or not confidential);

 

		(iv)	neither
                                         Citibank nor any of its Affiliates shall be under any obligation to hedge such Transaction
                                         or to own or hold any Reference Obligation as a result of such Transaction, and Citibank
                                         and its Affiliates may establish, maintain, modify, terminate or re-establish any hedge
                                         position or any methodology for hedging at any time without regard to Counterparty. Counterparty
                                         acknowledges and agrees that it is not relying on any representation, warranty or statement
                                         by Citibank or any of its Affiliates as to whether, at what times, in what manner or
                                         by what method Citibank or any of its Affiliates may engage in any hedging activities;

 

		(v)	notwithstanding
                                         any other provision in this Confirmation or any other document, Citibank and Counterparty
                                         (and each employee, representative, or other agent of Citibank or Counterparty) may each
                                         disclose to any and all persons, without limitation of any kind, the U.S. tax treatment
                                         and U.S. tax structure of the transaction and all materials of any kind (including opinions
                                         or other tax analyses) that are provided to them relating to such U.S. tax treatment
                                         and U.S. tax structure (as those terms are used in Treasury Regulations under Sections
                                         6011, 6111 and 6112 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”)),
                                         other than any information for which nondisclosure is reasonably necessary in order to
                                         comply with applicable securities laws. To the extent not inconsistent with the previous
                                         sentence, Citibank and Counterparty will each keep confidential (except as required by
                                         law) all information unless the other party has consented in writing to the disclosure
                                         of such information;

 

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		(vi)	if
                                         Citibank chooses to hold a Reference Obligation as a result of any Transaction, Citibank
                                         shall hold such Reference Obligation directly or through an Affiliate (the “Citibank
                                         Holder”). The Citibank Holder may deal with such Reference Obligation as
                                         if the related Transaction did not exist, provided that, so long as the Citibank
                                         Holder remains the lender of record with respect to such Reference Obligation, upon any
                                         occasion permitting the Citibank Holder to exercise any right in relation to such Reference
                                         Obligation to give or withhold consent (an “Election”) to an
                                         action proposed to be taken (or to be refrained from being taken), the Citibank Holder
                                         shall, insofar as permitted under (x) applicable laws, rules and regulations and (y)
                                         each provision of any agreement or instrument evidencing or governing such Reference
                                         Obligation (and, in the case of any participation interest, governing such participation
                                         interest), give its consent to the action proposed to be taken (or to be refrained from
                                         being taken), unless (A) Counterparty, by timely notice to Citibank, requests (a “Counterparty
                                         Election Request”) that the Citibank Holder withhold such consent and (B)
                                         the Citibank Holder, in its sole discretion, elects to withhold such consent in accordance
                                         with the Counterparty Election Request. Notwithstanding the foregoing: (1) the Citibank
                                         Holder shall have no obligation to respond to, or consult with Counterparty in relation
                                         to, a Counterparty Election Request (failure to respond to a Counterparty Election Request
                                         being deemed a denial); (2) the Citibank Holder shall have no other duties or obligations
                                         to Counterparty of any nature with respect to any Election or any Counterparty Election
                                         Request; (3) the Citibank Holder shall not be liable to Counterparty or any of its Affiliates
                                         for the consequences of any consent given or withheld by the Citibank Holder in connection
                                         with such Reference Obligation (whether or not pursuant to a Counterparty Election Request);
                                         and (4) if the Citibank Holder elects in its sole discretion to withhold its consent
                                         in accordance with a Counterparty Election Request, the Citibank Holder may subsequently
                                         determine to give such consent at any time without notice to Counterparty; and

 

		(vii)	in
                                         connection with each Reference Obligation that is held by a Citibank Holder as a result
                                         of any Transaction, the Citibank Holder will promptly (and in any event within one Business
                                         Day after receipt) deliver or cause to be delivered to Counterparty the following information
                                         and documentation, in each case, to the extent actually received by the Citibank Holder
                                         from the Reference Entity or its agents under the related Reference Obligation Credit
                                         Agreement: all notices of any borrowings, prepayments and interest rate settings, all
                                         amendments, consents, waivers and other modifications (whether final or proposed) in
                                         relation to the terms of the Reference Obligation; and all notices given by the Reference
                                         Entity to the lenders or their agent or by the lenders or their agent to the Reference
                                         Entity in relation to the exercise of remedies.

 

	(c)	Each
                                         of the parties hereby represents that, on each date on which a Transaction is entered
                                         into hereunder:

 

		(i)	it
                                         is entering into such Transaction for investment, financial intermediation, hedging or
                                         other commercial purposes; and

 

		(ii)	(x)
                                         it is an “eligible contract participant” as defined in Section 1a(18) of
                                         the U.S. Commodity Exchange Act, as amended (the “CEA”), (y)
                                         the Master Agreement and each Transaction are subject to individual negotiation by each
                                         party, and (z) neither the Master Agreement nor any Transaction will be executed or traded
                                         on a “trading facility” within the meaning of Section 1a(51) of the CEA.

 

	(d)	Counterparty
                                         hereby represents to Citibank that:

 

		(i)	its
                                         financial condition is such that it has no need for liquidity with respect to its investment
                                         in any Transaction and no need to dispose of any portion thereof to satisfy any existing
                                         or contemplated undertaking or indebtedness. Its investments in and liabilities in respect
                                         of any Transaction, which it understands is not readily marketable, is not disproportionate
                                         to its net worth, and it is able to bear any loss in connection with any Transaction,
                                         including the loss of its entire investment in such Transaction;

 

    Page 23

     

    

 

		(ii)	it
                                         understands no obligations of Citibank to it hereunder will be entitled to the benefit
                                         of deposit insurance and that such obligations will not be guaranteed by any Affiliate
                                         of Citibank or any governmental agency;

 

		(iii)	as
                                         of (x) the relevant Obligation Trade Date and (y) any date on which a sale is effected
                                         pursuant to Clause 4(a) or on which the Calculation Agent solicits Firm Bids pursuant
                                         to Clause 4(b), neither Counterparty nor any of its Affiliates, whether by virtue of
                                         the types of relationships described herein or otherwise, is on such date in possession
                                         of information regarding any related Reference Entity or any Affiliate of such Reference
                                         Entity that is or may be material in the context of such Transaction or the purchase
                                         or sale of any related Reference Obligation unless such information either (x) is publicly
                                         available or (y) has been made available to each registered owner of such Reference Obligation
                                         on a basis that permits such registered owner to disclose such information to any assignee
                                         of or participant (whether on a funded or unfunded basis) in, or any prospective assignee
                                         of or participant (whether on a funded or unfunded basis) in, any rights or obligations
                                         under the related Reference Obligation Credit Agreement;

 

		(iv)	Counterparty
                                         is a wholly owned subsidiary of a United States person, within the meaning of Section
                                         7701(a)(30) of the Code, and has elected to be treated as a disregarded entity for U.S.
                                         Federal income tax purposes;

 

		(v)	it
                                         has delivered to Citibank on or prior to the Trade Date (and it will, prior to any expiration
                                         of any such form previously so delivered, deliver to Citibank) a United States Internal
                                         Revenue Service Form W-9 (or applicable successor form), properly completed and signed
                                         (which representation shall also be made for purposes of Section 3(f) of the Master Agreement);

 

		(vi)	it
                                         could have received all payments on the Reference Obligation without U.S. Federal or
                                         foreign withholding tax if it owned the Reference Obligation (which representation shall
                                         also be made for purposes of Section 3(f) of the Master Agreement);

 

		(vii)	it
                                         is not, for U.S. Federal income tax purposes, a tax-exempt organization; and

 

		(viii)	it
                                         is not an Affiliate of the Reference Entity.

 

(e)           Except
for any disclosure authorized pursuant to Clause 7(b)(v), Counterparty agrees to be bound by the confidentiality provisions of
the related Reference Obligation Credit Agreement with respect to all information and documentation in relation to a Reference
Entity or a Reference Obligation delivered to Counterparty hereunder. Counterparty acknowledges that such information may include
material non-public information concerning the Reference Entity or its securities and agrees to use such information in accordance
with applicable law, including Federal and State securities laws.

 

(f)           Multiple
Transaction Payment Netting under Section 2(c) of the Master Agreement will apply to the Transactions to which this Confirmation
relates.

 

(g)          Notwithstanding
anything in the Master Agreement to the contrary, Citibank will not be required to pay any additional amount under Section 2(d)(i)
of the Master Agreement in respect of any deduction or withholding for or on account of any Tax in relation to any payment under
any Transaction that is determined by reference to interest or fees payable with respect to any Reference Obligation. If Citibank
is required by any applicable law, as modified by the practice of any relevant governmental revenue authority, to make any deduction
or withholding for or on account of any Tax in relation to any payment under any Transaction that is determined by reference to
interest or fees payable with respect to any Reference Obligation and Citibank does not so deduct or withhold, then Section 2(d)(ii)
of the Master Agreement shall be applicable.

 

    Page 24

     

    

 

	8.      	Adjustments
                                         Relating to Certain Unpaid or Rescinded Payments.

 

(a)           If
(i) Citibank makes any payment to Counterparty as provided under Clause 2 and the corresponding Interest and Fee Amount is not
paid (in whole or in part) when due or (ii) any Interest and Fee Amount in respect of a Reference Obligation is required to be
returned (in whole or in part) by a holder of such Reference Obligation (including, without limitation, the Citibank Holder) to
the applicable Reference Entity or paid to any other person or entity or is otherwise rescinded pursuant to any bankruptcy or
insolvency law or any other applicable law, then Counterparty will pay to Citibank, upon request by Citibank, such amount (or
portion thereof) so not paid or so required to be returned, paid or otherwise rescinded. If such returned, paid or otherwise rescinded
amount is subsequently paid, Citibank shall pay such amount (subject to Clause 8(c)) to Counterparty within ten Business Days
after the date of such subsequent payment.

 

(b)           If,
with respect to any Repaid Obligation, the corresponding payment of principal of the Repaid Obligation is required to be returned
(in whole or in part) by a holder thereof (including, without limitation, the Citibank Holder) to the applicable Reference Entity
or paid to any other person or entity or is otherwise rescinded pursuant to any bankruptcy or insolvency law or any other applicable
law, then (i) the parties hereto shall be restored severally and respectively to their former positions hereunder and thereafter
all rights and obligations of the parties hereunder shall continue as though no Repayment had occurred and (ii) without limiting
the generality of the foregoing, if either party has made a payment to the other party in respect of Capital Appreciation or Capital
Depreciation related to such Repayment as provided under Clause 2, then the party that received the payment in respect of such
Capital Appreciation or Capital Depreciation, as applicable, shall repay such amount (subject to Clause 8(c)) to the other party.
If such returned, paid or otherwise rescinded amount is subsequently paid by the related Reference Entity or any such other person
or entity, then the relevant party shall pay the amount of such Capital Appreciation or Capital Depreciation, as applicable, within
ten Business Days after the date of such subsequent payment.

 

(c)           Amounts
payable pursuant to this Clause 8 shall be subject to adjustment by the Calculation Agent in good faith and on a commercially
reasonable basis, as agreed by Citibank and Counterparty, in order to preserve for the parties the intended economic risks and
benefits of the relevant Transaction.

 

(d)           The
payment obligations of Citibank and Counterparty pursuant to this Clause 8 shall survive the termination of all Transactions.

 

	9.	Credit
                                         Support.

 

Notwithstanding
anything in the Credit Support Annex (the “Credit Support Annex”) to the Schedule to the Master Agreement
to the contrary, the following collateral terms shall apply to each Transaction to which this Confirmation relates (capitalized
terms used in this Clause 9 but not otherwise defined in this Confirmation have the respective meanings given to such terms in
the Credit Support Annex):

 

		(a)	With
                                         respect to each Transaction to which this Confirmation relates, a single “Independent
                                         Amount” shall be applicable to Counterparty in an amount equal to the Notional
                                         Amount with respect to such Transaction (or, in the case of any increase of the Notional
                                         Amount under any Transaction, the amount of such increase) multiplied by the percentage
                                         set forth in Clause 9(b) under the caption “Independent Amount Percentage”.

 

    Page 25

     

    

 

		(b)	With
                                         respect to each Transaction to which this Confirmation relates, the “Independent
                                         Amount Percentage” applicable to such Transaction will be equal to:

 

	Condition	Independent
    Amount Percentage
	(i)
    Prior to the Portfolio Criteria Satisfaction Date:	Such
    percentage as Citibank shall specify on or prior to the Obligation Trade Date for such Transaction; provided that such
    percentage specified shall not be less than 22.5%.
	(ii)
    Except as provided in clause (iv) below, on or after the Portfolio Criteria Satisfaction Date, with respect to any Transaction
    not relating to a Specified Reference Obligation:	17.5%
	(iii)
    Except as indicated in clause (iv) below, on or after the Portfolio Criteria Satisfaction Date, with respect to any Transaction
    relating to a Specified Reference Obligation:	Such
    percentage as Citibank shall specify for such Transaction on or within five Business Days after Counterparty gives notice
    to Citibank of the occurrence of the Portfolio Criteria Satisfaction Date
	(iv)
    On or after the Portfolio Criteria Satisfaction Date, with respect to any Transaction relating to a Reference Obligation whose
    Reference Entity is the subject of a Credit Event:	Such
    percentage (not to exceed 100% minus the Supplemental Independent Amount Percentage) as Citibank shall specify from time to
    time in its sole discretion in a notice to Counterparty

 

	(c)	With
                                         respect to each Transaction to which this Confirmation relates, a single “Supplemental
                                         Independent Amount” shall be applicable to Counterparty in an amount equal to the
                                         Notional Amount with respect to such Transaction multiplied by 2.5% (the “Supplemental
                                         Independent Amount Percentage”).

 

	(d)	For
                                         purposes of calculating “Exposure” with respect to any Transaction to which
                                         this Confirmation relates, (i) Citibank shall be the sole Valuation Agent and shall determine
                                         any Close-out Amount in relation to such Transaction, (ii) such Close-out Amount will
                                         be determined by the Valuation Agent using its estimate of the amount that would be paid
                                         to or by the Secured Party based on the application of Section 6(e)(ii)(1) of the Master
                                         Agreement, (iii) such Close-out Amount may from time to time be determined by the Valuation
                                         Agent in its sole discretion and without notice to Counterparty solely in respect of
                                         payments in respect of Capital Appreciation or Capital Depreciation that would have been
                                         required in respect of a Transaction after the relevant Early Termination Date (provided
                                         that the Valuation Agent will not thereafter be precluded from making such determination
                                         with respect to all payments and deliveries that would have been required after the relevant
                                         Early Termination Date, regardless of the absence of notice thereof to Counterparty)
                                         and (iv) if Counterparty disputes the calculation of Exposure with respect to such Transaction,
                                         the Valuation Agent will recalculate Exposure for such Transaction on the basis that
                                         the market value of the related Reference Obligation is equal to its Current Price.

 

		(e)	Neither
                                         party shall have any rights under Paragraph 5 of the Credit Support Annex with respect
                                         to the determination of “Exposure” in respect of any Transaction to which
                                         this Confirmation relates. The foregoing will not limit the rights of Counterparty as
                                         provided in the definition of “Current Price” set forth in this Confirmation.

 

    Page 26

     

    

 

		(f)	Notwithstanding
                                         anything in this Confirmation to the contrary, a Secured Party’s Exposure with
                                         respect to any Terminated Transaction will, during the period from and including the
                                         related Termination Trade Date to but excluding the date on which the amount required
                                         to be paid on the related Total Return Payment Date is actually paid, be equal to the
                                         amount of Capital Appreciation or Capital Depreciation, if any, that would be payable
                                         on such Total Return Payment Date to the Secured Party (expressed as a positive number)
                                         or by the Secured Party (expressed as a negative number).

 

	10.      	Notice
                                         and Account Details.

 

	Notices
    to Citibank:
	 	Citibank,
                                         N.A., New York Branch

        390
        Greenwich Street, 4th Floor

        New
        York, New York 10013 

        Tel:
        (212) 723-6181 

        Fax:
        (646) 291-5779 

        Attn:
        Mitali Sohoni

         

        with
        a copy to:

         

        Office
        of the General Counsel

        Fixed
        Income and Derivatives Sales and Trading 

        Citibank,
        N.A., New York Branch 

        388
        Greenwich Street, 17th Floor 

        New
        York, New York 10013 

        Tel:
        (212) 816-2121 

        Fax:
        (646) 862-8431 

        Attn:
        Craig Seledee 

	 	 
	Notices
    to Counterparty:
	 	As
    set forth in Part 4 of the Schedule to the Master Agreement
	Payments
    to Citibank:
	 	Citibank,
                                         N.A., New York

        ABA
        No.: 021-000-089 

        Account
        No.: 00167679 

        Ref:
        Financial Futures 

	 	 
	Payments
    to Counterparty:
	 	Any
    payment to be made to Counterparty shall be subject to the condition that Citibank shall have received notice of the account
    to which such payment is to be made not less than three Local Business Days prior to the date of such payment.

 

    Page 27

     

    

 

	11.	Offices.

 

	(a)	The
                                         Office of Citibank for each Transaction:

 

New
York, NY

 

	(b)	The
                                         Office of Counterparty for each Transaction:

 

Philadelphia,
PA

 

    Page 28

     

    

 

Please
confirm that the foregoing correctly sets forth the terms of our agreement by having a duly authorized officer of Counterparty
execute this Confirmation and return the same by facsimile to the attention of the individual at Citibank indicated on the first
page hereof. 

 

	Very truly yours,	 
	 	 
	CITIBANK, N.A.	 
	 	 
	By: 	/s/
    Donald Merritt	 
	 	Name: Merritt, Donald	 
	 	Title: Vice President	 

 

	CONFIRMED AND AGREED	 
	AS OF THE DATE FIRST ABOVE WRITTEN:	 
	 	 
	CHELTENHAM
    FUNDING LLC	 
	 	 
	By: 	/s/
    William Goebel	 
	 	Name: William Goebel	 
	 	Title: CFO	 

 

TRS Confirmation
– Signature Page 

 

     

     

    

 

ANNEX
A

 

ADDITIONAL
DEFINITIONS

 

“Adjusted
Notional Funded Amount” means (A) in relation to any Reference Obligation that is a Committed Obligation (and the
related Transaction) as of any date of determination, the greater of (a) zero and (b) the sum of (i) the Outstanding
Principal Amount of such Reference Obligation as of such date of determination multiplied by the Current Price minus
(ii) the product of (x) the excess, if any, of the Commitment Amount of such Reference Obligation as of such date
over the Outstanding Principal Amount of such Reference Obligation as of such date multiplied by (y) 100% minus
the Current Price; and (B) in relation to any Reference Obligation that is a Term Obligation (and the related Transaction)
as of any date of determination, the Reference Amount of the related Reference Obligation as of such date multiplied by
the Current Price in relation to such Reference Obligation.

 

“Affiliate”,
for purposes of this Confirmation only, has the meaning given to such term in Rule 405 under the Securities Act of 1933,
as amended.

 

“Approved
Buyer” means (a) any entity listed in Annex III hereto (as such Annex may be amended by mutual written
consent of the parties hereto from time to time) so long as its long-term unsecured and unsubordinated debt obligations on the
“trade date” for the related purchase or submission of a Firm Bid contemplated hereby are rated at least “A2”
by Moody’s and at least “A” by S&P and (b) if an entity listed in Annex III hereto is not the principal
banking or securities Affiliate within a financial holding company group, the principal banking or securities Affiliate of such
listed entity within such financial holding company group so long as such obligations of such Affiliate have the rating indicated
in clause (a) above.

 

“Capital
Appreciation” and “Capital Depreciation” mean, for any Total Return Payment Date, the amount
determined according to the following formula for the applicable Terminated Obligation or Repaid Obligation:

 

Final
Price – Applicable Notional Amount

 

where

 

“Final
Price” means (a) in the case of any Terminated Obligation, the amount determined pursuant to Clause 4,
and (b) in the case of any Repaid Obligation, the amount determined pursuant to Clause 5, and

 

“Applicable
Notional Amount” means the Notional Funded Amount (determined immediately prior to the related Repayment Date or
Termination Trade Date) for such Terminated Obligation or Repaid Obligation, as applicable.

 

If
such amount is positive, such amount is “Capital Appreciation” and if such amount is negative, the absolute
value of such amount is “Capital Depreciation”.

 

“Committed
Obligation” means (a) any Delayed Drawdown Reference Obligation and (b) any Revolving Reference Obligation.

 

“Costs
of Assignment” means, in the case of any Terminated Obligation, the sum of (a) any actual costs of transfer
or assignment paid by the seller under the terms of any Terminated Obligation or otherwise actually imposed on the seller by any
applicable administrative agent, borrower or obligor incurred in connection with the sale of such Terminated Obligation and (b) any
reasonable expenses incurred by the seller in connection with such sale and, if transfers of the Terminated Obligation are subject
to the Standard Terms and Conditions for Distressed Trade Confirmations, as published by the LSTA and as in effect on the Obligation
Trade Date, reasonable legal costs incurred by the seller in connection with such sale, in each case to the extent not already
reflected in the Final Price.

 

     

     

    

 

“Credit
Event” means the occurrence of a Bankruptcy or Failure to Pay. For purposes of the determination of whether a Credit
Event has occurred, the Obligation Category will be Borrowed Money, the Payment Requirement will be USD1,000,000 and no Obligation
Characteristics will be specified. Capitalized terms used in this definition but not defined in this Confirmation shall have the
meanings specified in the 2003 ISDA Credit Derivatives Definitions.

 

“Current
Price” means, with respect to any Reference Obligation on any date of determination, the Calculation Agent’s determination
of the net cash proceeds that would be received from the sale on such date of determination of such Reference Obligation, net
of the related Costs of Assignment. If Counterparty disputes the Calculation Agent’s determination of the Current Price of any
Reference Obligation, then Counterparty may, no later than two hours after Counterparty is given notice of such determination,
(a) designate up to two entities, each of which shall be either (i) an Approved Buyer or (ii) a Dealer of credit standing
acceptable to Citibank in the exercise of its reasonable discretion and (b) provide to Citibank within such two-hour period
with respect to each such Approved Buyer or Dealer a Firm Bid with respect to the entire Reference Amount of the Reference Obligation.
The higher of such two Firm Bids will be the Current Price. The “Current Price” shall be expressed as a percentage of
par and will be determined exclusive of accrued interest.

 

“Dealer”
means (a) any nationally recognized independent dealer in the related Reference Obligation chosen by the Calculation Agent
or its designated Affiliate, (b) any Approved Buyer or other entity designated by the Calculation Agent and having a credit
standing acceptable to Citibank and (c) any Approved Buyer designated by Counterparty pursuant to Clause 4(b).

 

“Delayed
Drawdown Reference Obligation” means a Reference Obligation that (a) requires the holder thereof to make one
or more future advances to the borrower under the instrument or agreement pursuant to which such Reference Obligation was issued
or created, (b) specifies a maximum amount that can be borrowed on one or more fixed borrowing dates and (c) does not
permit the re-borrowing of any amount previously repaid; provided that, on any date on which all commitments by the holder
thereof to make advances to the borrower under such Delayed Drawdown Reference Obligation expire or are terminated or reduced
to zero, such Reference Obligation shall cease to be a Delayed Drawdown Reference Obligation.

 

“Designated
Reference Obligation” means any Reference Obligation that (a) is not a Specified Reference Obligation, (b) has
as of the Obligation Trade Date a Moody’s Rating of at least B2 and an S&P Rating of at least B, (c) is on the Obligation
Trade Date part of a fungible class of debt obligations (as to issuance date and all economic terms) of at least USD500,000,000,
(d) has an Initial Price as of the Obligation Trade Date of at least 90% and (e) is on the Obligation Trade Date the
subject of at least five bid quotations from nationally recognized independent dealers in the related obligation as reported on
a nationally recognized pricing service.

 

“Expense
or Other Payment” means the aggregate amount of any payments (other than extensions of credit) due from the lender(s)
in respect of any Reference Obligation, including, without limitation, (a) any expense associated with any amendment, modification
or waiver of the provisions of a credit agreement, (b) any reimbursement of any agents under the provisions of a credit agreement,
and (c) any indemnity or other similar payment, including amounts owed on or after the related Obligation Termination Date
in respect of amounts incurred or any event that occurred before the related Obligation Termination Date.

 

    Page 31

     

    

 

“Financial
Sponsor” means any entity, including any subsidiary of another entity, whose principal business activity is acquiring,
holding and selling investments (including controlling interests) in otherwise unrelated companies that each are distinct legal
entities with separate management, books and records and bank accounts, whose operations are not integrated one with another and
whose financial condition and creditworthiness are independent of the other companies so owned by such entity.

 

“Interest
and Fee Amount” means, for any Citibank Fixed Amount Payer Payment Date and any Transaction, the aggregate amount
of interest (including interest breakage costs), fees (including, without limitation, amendment, consent, tender, facility, letter
of credit and other similar fees) and other amounts (other than in respect of principal and premium paid in respect of principal)
paid with respect to the related Reference Obligation (after deduction of any withholding taxes for which the Reference Entities
are not obligated to reimburse holders of the related Reference Obligation, if applicable) during the relevant Citibank Fixed
Amount Payer Calculation Period; provided that Interest and Fee Amounts:

 

		(a)	in
                                         the case of “Interest and Accruing Fees” (as defined in the “Standard
                                         Terms and Conditions for Par/Near Par Trade Confirmations” or “Standard Terms
                                         and Conditions for Distressed Trade Confirmations”, as applicable to the relevant
                                         Reference Obligation, most recently published by the LSTA prior to the Trade Date), shall
                                         not include any amounts that accrue prior to the Obligation Settlement Date for the related
                                         Reference Obligation or that accrue on or after the Obligation Termination Date for the
                                         related Reference Obligation or portion thereof;

 

		(b)	in
                                         the case of “Non-Recurring Fees” (as so defined), shall not include any amounts
                                         that (i) accrue prior to the Obligation Trade Date for the related Reference Obligation
                                         or that accrue on or after the Termination Trade Date for the related Reference Obligation
                                         or portion thereof or (ii) to the extent that such amounts are payable contingent
                                         upon whether a consent is given or withheld by the record owner of the related Reference
                                         Obligation, accrue with respect to the related Reference Obligation that is not held
                                         by or on behalf of Citibank as a hedge for the related Transaction;

 

		(c)	shall
                                         be determined after deducting any Costs of Assignment that would be incurred by a buyer
                                         in connection with any purchase of the Reference Obligation as a hedge for such Transaction
                                         and, in connection with the establishment by the Citibank Holder of a related hedge in
                                         respect of such Transaction, shall be adjusted by any Delay Compensation as provided
                                         in Clause 6(b);

 

		(d)	in
                                         the case of any Transaction as to which the related Reference Obligation is a Committed
                                         Obligation, shall include only 75% of fees that are stated to accrue on or in respect
                                         of the unfunded portion of any Commitment Amount; and

 

		(e)	with
                                         respect to any Terminated Transaction, if any interest on the Terminated Obligation accrued
                                         prior to the related Obligation Termination Date is actually paid on the scheduled interest
                                         payment date next succeeding the Obligation Termination Date, then the Interest and Fee
                                         Amount shall include the portion of such interest so paid (as determined by the Calculation
                                         Agent) that accrued with respect to the period ending on but excluding the Obligation
                                         Termination Date.

 

“Loan”
means any obligation for the payment or repayment of borrowed money that is documented by a term loan agreement, revolving loan
agreement or other similar credit agreement.

 

“LSTA”
means The Loan Syndications and Trading Association, Inc. and any successor thereto.

 

    Page 32

     

    

 

“Moody’s”
means Moody’s Investors Service, Inc. or any successor thereto.

 

“Moody’s
Rating” means, with respect to a Reference Obligation, as of any date of determination:

 

		(i)	if
                                         the Reference Obligation itself is rated by Moody’s (including pursuant to any credit
                                         estimate), such rating,

 

		(ii)	if
                                         the foregoing paragraph is not applicable, then, if the Reference Obligation is a Loan
                                         and the related Reference Entity has a corporate family rating by Moody’s, the rating
                                         specified in the applicable row of the table below under “Relevant Rating”
                                         opposite the row in the table below that describes such Loan:

 

	Loan	Relevant Rating

                                                                                 

	The
    Loan is a secured obligation, but is not a Second Lien Obligation and is not Subordinate	The rating by Moody’s that is one rating subcategory above such corporate family rating

                                                                                 

	The
    Loan is an unsecured obligation or is a Second Lien Obligation, but is not Subordinate	The rating by Moody’s that is one rating subcategory below such corporate family rating

                                                                                 

	The
    Loan is Subordinate	The
    rating by Moody’s that is two rating subcategories below such corporate family rating 

 

		(iii)	if
                                         the foregoing paragraphs are not applicable, but there is a rating by Moody’s on a secured
                                         obligation of the Reference Entity that is not a Second Lien Obligation and is not Subordinate
                                         (the “other obligation”), the rating specified in the applicable row of the
                                         table below under “Relevant Rating” opposite the row in the table below that
                                         describes such Reference Obligation:

 

	Reference
    Obligation	Relevant Rating

                                                                                 

	The
    Reference Obligation is a secured obligation, but is not a Second Lien Obligation and is not Subordinate	The
    rating assigned by Moody’s to the other obligation
	The
    Reference Obligation is an unsecured obligation or is a Second Lien Obligation, but is not Subordinate	The rating by Moody’s that is one rating subcategory below the rating assigned by Moody’s to the other obligation

                                                                                 

	The
    Reference Obligation is Subordinate	The
    rating by Moody’s that is two rating subcategories below the rating assigned by Moody’s to the other obligation 

 

    Page 33

     

    

 

		(iv)	if
                                         the foregoing paragraphs are not applicable, but there is a rating by Moody’s on an unsecured
                                         obligation of the Reference Entity (or, failing that, an obligation that is a Second
                                         Lien Obligation) but is not Subordinate (the “other obligation”), the rating
                                         specified in the applicable row of the table below under “Relevant Rating”
                                         opposite the row in the table below that describes such Reference Obligation:

 

	Reference
    Obligation	Relevant Rating

                                                                                 

	The
    Reference Obligation is a secured obligation, but is not a Second Lien Obligation and is not Subordinate	The rating by Moody’s that is one rating subcategory above the rating assigned by Moody’s to the other obligation

                                                                                 

	The
    Reference Obligation is an unsecured obligation or is a Second Lien Obligation, but is not Subordinate	The
    rating assigned by Moody’s to the other obligation
	The
    Reference Obligation is Subordinate	The
    rating by Moody’s that is one rating subcategory below the rating assigned by Moody’s to the other obligation 

 

		(v)	if
                                         the foregoing paragraphs are not applicable, but there is a rating by Moody’s on an obligation
                                         of the Reference Entity that is Subordinate (the “other obligation”), the rating
                                         specified in the applicable row of the table below under “Relevant Rating”
                                         opposite the row in the table below that describes such Reference Obligation:

 

	Reference
    Obligation	Relevant Rating

                                                                                 

	The
    Reference Obligation is a secured obligation, but is not a Second Lien Obligation and is not Subordinate	The rating by Moody’s that is two rating subcategories above the rating assigned by Moody’s to the other obligation

                                                                                 

	The
    Reference Obligation is an unsecured obligation or is a Second Lien Obligation, but is not Subordinate	The rating by Moody’s that is one rating subcategory above the rating assigned by Moody’s to the other obligation

                                                                                 

	The
    Reference Obligation is Subordinate	The
    rating assigned by Moody’s to the other obligation 

 

		(vi)	if
                                         a rating cannot be assigned pursuant to clauses (i) through (v), the Moody’s Rating
                                         may be determined using any of the methods below:

 

		(A)	for
                                         up to 5% of the Portfolio Target Amount, Counterparty may apply to Moody’s for a shadow
                                         rating or public rating of such Reference Obligation, which shall then be the Moody’s
                                         Rating (and Counterparty may deem the Moody’s Rating of such Reference Obligation to
                                         be “B3” pending receipt of such shadow rating or public rating, as the case
                                         may be); provided that (x) a Reference Obligation will not be included in
                                         the 5% limit of the Portfolio Target Amount if Counterparty has assigned a rating to
                                         such Reference Obligation in accordance with clause (B) below and (y) upon receipt
                                         of a shadow rating or public rating, as the case may be, such Reference Obligation will
                                         not be included in the 5% limit of the Portfolio Target Amount;

 

    Page 34

     

    

 

		(B)	for
                                         up to 5% of the Portfolio Target Amount, if there is a private rating of an obligor that
                                         has been provided by Moody’s to Citibank and Counterparty, Counterparty may impute a
                                         Moody’s Rating that corresponds to such private rating; provided that a Reference
                                         Obligation will not be included in the 5% limit of the Portfolio Target Amount if Counterparty
                                         has applied to Moody’s for a shadow rating; or

 

		(C)	for
                                         up to 10% of the Portfolio Target Amount, the Moody’s Rating may be determined in accordance
                                         with the methodologies for establishing the S&P Rating except that the Moody’s Rating
                                         of such obligation will be (1) one sub-category below the Moody’s equivalent of
                                         the S&P Rating if such S&P Rating is “BBB-” or higher and (2) two
                                         sub-categories below the Moody’s equivalent of the S&P Rating if such S&P Rating
                                         is “BB+” or lower.

 

For
purposes of the foregoing, a “private rating” shall refer to a rating obtained by Citibank, by Counterparty or by or
on behalf of an obligor on a Reference Obligation that is not disseminated publicly; whereas a “shadow rating” shall
refer to a credit estimate obtained upon application of Counterparty or a holder of a Reference Obligation. Any private rating
or shadow rating shall be required to be refreshed annually. If Counterparty applies to Moody’s for a shadow rating or public
rating of a Reference Obligation, Counterparty shall provide evidence to Citibank of such application and shall notify Citibank
of the expected rating. Counterparty shall notify Citibank of the shadow rating or public rating assigned by Moody’s to a Reference
Obligation.

 

“Portfolio
Criteria Satisfaction Date” means the first date on which the Reference Portfolio satisfies the Portfolio Criteria;
provided that, solely for purposes of this definition, the Portfolio Target Amount shall at all times be equal to the Portfolio
Notional Amount.

 

“Portfolio
Target Amount” means (a) during the Ramp-Up Period and the Ramp-Down Period, the Maximum Portfolio Notional
Amount and (b) at any other time, the Portfolio Notional Amount.

 

“Rate
Payments” means Counterparty First Floating Amounts, Counterparty Second Floating Amounts, Counterparty Third Floating
Amounts and Citibank Fixed Amounts.

 

“Reference
Obligation Credit Agreement” means any term loan agreement, revolving loan agreement or other similar credit agreement
governing a Reference Obligation.

 

“Revolving
Reference Obligation” means a Reference Obligation that (a) requires the holder thereof to make one or more
future advances to the borrower under the instrument or agreement pursuant to which such Reference Obligation was issued or created,
(b) specifies a maximum aggregate amount that can be borrowed and (c) permits, during any period on or after the date
on which the holder thereof acquires such Reference Obligation, the re-borrowing of any amount previously repaid; provided
that, on the date that all commitments by the holder thereof to make advances to the borrower under such Revolving Reference
Obligation expire or are terminated or reduced to zero, such Reference Obligation shall cease to be a Revolving Reference Obligation.

 

“S&P”
means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, or any successor thereto.

 

    Page 35

     

    

 

“S&P
Rating” means, with respect to a Reference Obligation:

 

		(i)	if
                                         the Reference Obligation itself is rated by S&P (including pursuant to any credit
                                         estimate), such rating,

 

		(ii)	if
                                         the foregoing paragraph is not applicable, then, if the Reference Obligation is a Loan
                                         and the related Reference Entity has a corporate issuer rating by S&P, the rating
                                         specified in the applicable row of the table below under “Relevant Rating”
                                         opposite the row in the table below that describes such Loan:

 

	Loan	Relevant Rating

                                                                                 

	The
    Loan is a secured obligation, but is not a Second Lien Obligation and is not Subordinate	The rating by S&P that is one rating subcategory above such corporate issuer rating

                                                                                 

	The
    Loan is an unsecured obligation or is a Second Lien Obligation, but is not Subordinate	The rating by S&P that is one rating subcategory below such corporate issuer rating

                                                                                 

	The
    Loan is Subordinate	The
    rating by S&P that is two rating subcategories below such corporate issuer rating 

 

		(iii)	if
                                         the foregoing paragraphs are not applicable, but there is a rating by S&P on a secured
                                         obligation of the Reference Entity that is not a Second Lien Obligation and is not Subordinate
                                         (the “other obligation”), the rating specified in the applicable row of the
                                         table below under “Relevant Rating” opposite the row in the table below that
                                         describes such Reference Obligation:

 

	Reference
    Obligation	Relevant Rating

                                                                                 

	The
    Reference Obligation is a secured obligation, but is not a Second Lien Obligation and is not Subordinate	The
    rating assigned by S&P to the other obligation
	The
    Reference Obligation is an unsecured obligation or is a Second Lien Obligation, but is not Subordinate	The rating by S&P that is one rating subcategory below the rating assigned by S&P to the other obligation

                                                                                 

	The
    Reference Obligation is Subordinate	The
    rating by S&P that is two rating subcategories below the rating assigned by S&P to the other obligation 

 

    Page 36

     

    

 

		(iv)	if
                                         the foregoing paragraphs are not applicable, but there is a rating by S&P on an unsecured
                                         obligation of the Reference Entity (or, failing that, an obligation that is a Second
                                         Lien Obligation) but is not Subordinate (the “other obligation”), the rating
                                         specified in the applicable row of the table below under “Relevant Rating”
                                         opposite the row in the table below that describes such Reference Obligation:

 

	Reference
    Obligation	Relevant Rating

                                                                                 

	The
    Reference Obligation is a secured obligation, but is not a Second Lien Obligation and is not Subordinate	The rating by S&P that is one rating subcategory above the rating assigned by S&P to the other obligation

                                                                                 

	The
    Reference Obligation is an unsecured obligation or is a Second Lien Obligation, but is not Subordinate	The
    rating assigned by S&P to the other obligation
	The
    Reference Obligation is Subordinate	The
    rating by S&P that is one rating subcategory below the rating assigned by S&P to the other obligation 

 

		(v)	if
                                         the foregoing paragraphs are not applicable, but there is a rating by S&P on an obligation
                                         of the Reference Entity that is Subordinate (the “other obligation”), the rating
                                         specified in the applicable row of the table below under “Relevant Rating”
                                         opposite the row in the table below that describes such Reference Obligation:

 

	Reference
    Obligation	Relevant Rating

                                                                                 

	The
    Reference Obligation is a secured obligation, but is not a Second Lien Obligation and is not Subordinate	The rating by S&P that is two rating subcategories above the rating assigned by S&P to the other obligation

                                                                                 

	The
    Reference Obligation is an unsecured obligation or is a Second Lien Obligation, but is not Subordinate	The rating by S&P that is one rating subcategory above the rating assigned by S&P to the other obligation

                                                                                 

	The
    Reference Obligation is Subordinate	The
    rating assigned by S&P to the other obligation 

 

		(vi)	if
                                         the foregoing paragraphs are not applicable, then the S&P Rating shall be “CC”;
                                         provided that:

 

 (A)     if application has been made to S&P to rate a Reference Obligation and such Reference Obligation has a Moody’s Rating, then the S&P Rating with respect to such Reference Obligation shall, pending the receipt of such rating from S&P, be equal to the S&P Rating that is equivalent to such Moody’s Rating and (y) Reference Obligations in the Reference Portfolio constituting no more, by aggregate Notional Amount, than 10% of the Portfolio Target Amount may be given a S&P Rating based on a rating given by Moody’s as provided in clause (x) (after giving effect to the addition of the relevant Reference Obligation, if applicable); and

 

(B)     for up to 10% of the Portfolio Target Amount, the S&P Rating may be determined in accordance with the methodologies for establishing the Moody’s Rating except that the S&P Rating of such obligation will be (1) one sub-category below the S&P equivalent of the Moody’s Rating if such Moody’s Rating is “Baa3” or higher and (2) two sub-categories below the S&P equivalent of the Moody’s Rating if such Moody’s Rating is “Ba1” or lower.

    Page 37

     

    

 

“Second
Lien Obligation” means a Loan that is secured by collateral, but as to which the beneficiary or beneficiaries of
such collateral security agree for the benefit of the holder or holders of other indebtedness secured by the same collateral (“First
Lien Debt”) as to one or more of the following: (1) to defer their right to enforce such collateral security
either permanently or for a specified period of time while First Lien Debt is outstanding, (2) to permit a holder or holders
of First Lien Debt to sell such collateral free and clear of the security in favor of such beneficiary or beneficiaries, (3) not
to object to sales of assets by the obligor on such Loan following the commencement of a bankruptcy or other insolvency proceeding
with respect to such obligor or to an application by the holder or holders of First Lien Debt to obtain adequate protection in
any such proceeding and (4) not to contest the creation, validity, perfection or priority of First Lien Debt.

 

“Specified
Reference Obligation” means any Reference Obligation whose inclusion in the Reference Portfolio (other than as a
“Specified Reference Obligation”) would not on the related Obligation Trade Date satisfy:

 

		(a)	prior
to the Portfolio Criteria Satisfaction Date, clause (xiii) of the Obligation Criteria; and

 

		(b)	on
                                         or after the Portfolio Criteria Satisfaction Date, one or more of clauses (ix) through
                                         (xiii) of the Obligation Criteria.

 

“Subordinate”
means, with respect to an obligation (the “Subordinated Obligation”) and another obligation of the obligor
thereon to which such obligation is being compared (the “Senior Obligation”), a contractual, trust or
similar arrangement (without regard to the existence of preferred creditors arising by operation of law or to collateral, credit
support, lien or other credit enhancement arrangements or provisions regarding the application of proceeds of any of the foregoing)
providing that (i) upon the liquidation, dissolution, reorganization or winding up of the obligor, claims of the holders
of the Senior Obligation will be satisfied prior to the claims of the holders of the Subordinated Obligation or (ii) the
holders of the Subordinated Obligation will not be entitled to receive or retain payments in respect of their claims against the
obligor at any time that the obligor is in payment arrears or is otherwise in default under the Senior Obligation.

 

“Term
Obligation” means any Reference Obligation that is not a Committed Obligation.

 

“Terminated
Obligation” means any Reference Obligation or portion of any Reference Obligation that is terminated pursuant to
Clause 3.

 

“Termination
Settlement Date” means, for any Terminated Obligation, the date customary for settlement, substantially in accordance
with the then-current market practice in the principal market for such Terminated Obligation (as determined by the Calculation
Agent), of the sale of such Terminated Obligation with the trade date for such sale occurring on the related Termination Trade
Date.

 

“Termination
Trade Date” means, with respect to any Terminated Obligation, the date so designated in the related Accelerated Termination
Notice; provided that:

 

		(a)	except
                                         as provided in the following clause (b), if the related Final Price is not determined
                                         in accordance with Clause 4(a), the “Termination Trade Date” will be the
                                         bid submission deadline for the Firm Bid or combination of Firm Bids for all of the Reference
                                         Amount of such Terminated Obligation that are to be the basis for determining the Final
                                         Price of such Terminated Obligation as designated by the Calculation Agent in order to
                                         cause the related Total Return Payment Date to occur as promptly as practicable (in the
                                         discretion of the Calculation Agent) after the date originally designated as the “Termination
                                         Trade Date” in the related Accelerated Termination Notice; and

 

    Page 38

     

    

 

		(b)	in
                                         respect of the Scheduled Termination Date, if the related Final Price is not determined
                                         in accordance with Clause 4(a), the “Termination Trade Date” will be the
                                         date so designated by the Calculation Agent in its discretion, occurring during the 30
                                         calendar days preceding the Scheduled Termination Date (or earlier in the case of any
                                         Terminated Obligation determined by the Calculation Agent in its sole discretion to be
                                         a distressed loan or other obligation) in a manner reasonably likely to cause the final
                                         Total Return Payment Date to occur on the Scheduled Termination Date.

 

The
Calculation Agent shall notify the parties of any Termination Trade Date designated by it pursuant to the foregoing proviso.

 

“Total
Return Payment Date” means, with respect to any Terminated Obligation or Repaid Obligation, the tenth Business Day
next succeeding the last day of the Monthly Period during which the related Obligation Termination Date occurs.

 

    Page 39

     

    

 

ANNEX
I

 

	Reference
    

Obligation	Reference

    Entity	Reference
    

Amount	Outstanding
    

Principal 

Amount	Initial
    

Price 

(%)	Obligation
    

Trade Date	Obligation
    

Settlement 

Date
	 	 	 	 	 	 	 

 

    Page 40

     

    

 

ANNEX
II

 

Obligation
Criteria

 

The
“Obligation Criteria” are as follows:

 

		(i)	The
                                         obligation is a Loan.

 

		(ii)	The
                                         obligation is denominated in USD.

 

		(iii)	The
                                         obligation is secured.

 

		(iv)	The
                                         obligation is not Subordinate.

 

		(v)	The
                                         obligation constitutes a legal, valid, binding and enforceable obligation of the applicable
                                         Reference Entity, enforceable against such person in accordance with its terms.

 

		(vi)	Except
                                         for any Delayed Drawdown Reference Obligation or Revolving Reference Obligation, the
                                         obligation does not require any future advances to be made to the related issuer or obligor
                                         on or after the relevant Obligation Trade Date.

 

		(vii)	On
                                         the relevant Obligation Trade Date for the Transaction relating to the obligation, the
                                         obligation is in the form of, and is treated as, indebtedness for U.S. Federal income
                                         tax purposes.

 

		(viii)	Transfers
                                         thereof on the Obligation Trade Date may be effected pursuant to the Standard Terms and
                                         Conditions for Par/Near Par Trade Confirmations and not the Standard Terms and Conditions
                                         for Distressed Trade Confirmations, in each case as published by the LSTA and as in effect
                                         on the Obligation Trade Date.

 

		(ix)	Except
                                         for any Specified Reference Obligation, the obligation is not a Second Lien Obligation.

 

		(x)	Except
                                         for any Specified Reference Obligation, on the Obligation Trade Date the obligation is
                                         part of a fungible class of debt obligations (as to issuance date and all economic terms)
                                         of at least USD125,000,000.

 

		(xi)	Except
                                         for any Specified Reference Obligation, the obligation has as of the Obligation Trade
                                         Date a Moody’s Rating of at least B3 and an S&P Rating of at least B-.

 

		(xii)	Except
                                         for any Specified Reference Obligation, the obligation has an Initial Price as of the
                                         Obligation Trade Date of at least 80%.

 

		(xiii)	Except
                                         for any Specified Reference Obligation,

 

		(I)	prior
                                         to the Portfolio Criteria Satisfaction Date, the obligation is on the Obligation Trade
                                         Date the subject of at least three bid quotations from nationally recognized independent
                                         dealers in the related obligation as reported on a nationally recognized pricing service;
                                         and

 

    Page 41

     

    

 

		(II)	on
                                         or after the Portfolio Criteria Satisfaction Date, either (x) the obligation is
                                         on the Obligation Trade Date the subject of at least two bid quotations from nationally
                                         recognized independent dealers in the related obligation as reported on a nationally
                                         recognized pricing service or (y) the obligation satisfies each of the following
                                         four conditions: (A) the obligation was originated not more than 30 days prior to
                                         the Obligation Trade Date, (B) the obligation is on the Obligation Trade Date the
                                         subject of at least one bid quotation from a nationally recognized independent dealer
                                         in the related obligation as reported on a nationally recognized pricing service, (C) on
                                         the Obligation Trade Date the obligation is part of a fungible class of debt obligations
                                         (as to issuance date and all economic terms) of at least USD150,000,000 and (D) the
                                         obligation has as of the Obligation Trade Date a Moody’s Rating of at least B2 and an
                                         S&P Rating of at least B.

 

    Page 42

     

    

 

Portfolio
Criteria

 

The
“Portfolio Criteria” are as follows:

 

		(i)	The
                                         Portfolio Notional Amount does not exceed the Maximum Portfolio Notional Amount.

 

		(ii)	The
                                         sum of the Notional Amounts for all Reference Obligations that are Specified Reference
                                         Obligations does not exceed 20% of the Portfolio Target Amount.

 

		(iii)	The
                                         sum of the Notional Amounts for all Reference Obligations that are Committed Obligations
                                         does not exceed 10% of the Portfolio Target Amount.

 

		(iv)	The
                                         sum of the Notional Amounts for Reference Obligations of any single Reference Entity
                                         or any of its Affiliates does not exceed 5% of the Portfolio Target Amount; provided
                                         that sum of the Notional Amounts for Reference Obligations of up to three single
                                         Reference Entities or any of its Affiliates may be up to 7.5% of the Portfolio Target
                                         Amount.

 

		(v)	The
                                         sum of the Notional Amounts for Reference Obligations of Reference Entities in any single
                                         Moody’s Industry Classification Group does not exceed 15% of the Portfolio Target Amount.

 

		(vi)	After
                                         the Ramp-Up Period and prior to (A) in the case of termination of all Transactions by
                                         Counterparty pursuant to Clause 3(a)(i) or by Citibank pursuant to its election to exercise
                                         its rights under Clause 3(c), the first proposed Termination Trade Date specified in
                                         the related Accelerated Termination Notice and (B) otherwise, the Ramp-Down Period, the
                                         Reference Portfolio has a Weighted Average Rating of at most 2,720.

 

		(vii)	Prior
                                         to the Portfolio Criteria Satisfaction Date, the Reference Portfolio contains Reference
                                         Obligations of at least three separate Reference Entities (and, for this purpose, a Reference
                                         Entity and its Affiliates will be deemed to constitute a single Reference Entity).

 

For
purposes hereof:

 

“Moody’s
Industry Classification Groups” means each of the categories set forth in Table 1 below.

 

“Weighted
Average Rating” means, as of any date of determination, the number obtained by (a) multiplying the Notional
Amount of each Reference Obligation by the applicable Rating Factor (as set forth in Table 2 below) for the related Reference
Entity; (b) summing the products obtained in clause (a) for all Reference Obligations; and (c) dividing the sum
obtained in clause (b) by the aggregate of the Notional Amounts of all Reference Obligations.

 

    Page 43

     

    

 

Table
1

 

Moody’s
Industry Classification Groups

 

Aerospace
& Defense

Automotive

Banking,
Finance, Insurance and Real Estate

Beverage,
Food, & Tobacco

Capital
Equipment

Chemicals,
Plastics, & Rubber

Construction
& Building

Consumer
goods: durable

Consumer
goods: non-durable

Containers,
Packaging, & Glass

Energy:
Electricity

Energy:
Oil & Gas

Environmental
Industries

Forest
Products & Paper

Healthcare
& Pharmaceuticals

High
Tech Industries

Hotel,
Gaming, & Leisure

Media:
Advertising, Printing & Publishing

Media:
Broadcasting & Subscription

Media:
Diversified & Production

Metals & Mining

Retail

Services:
Business

Services:
Consumer

Sovereign
& Public Finance

Telecommunications

Transportation:
Cargo

Transportation:
Consumer

Utilities:
Electric

Utilities:
Oil & Gas

Utilities:
Water

Wholesale

 

    Page 44

     

    

 

Table
2

 

Rating
Factors

 

	Moody’s
    Rating	Rating
    Factor
	Aaa	1
	Aa1	10
	Aa2	20
	Aa3	40
	A1	70
	A2	120
	A3	180
	Baa1	260
	Baa2	360
	Baa3	610
	Ba1	940
	Ba2	1,350
	Ba3	1,766
	B1	2,220
	B2	2,720
	B3	3,490
	Caa1	4,770
	Caa2	6,500
	Caa3 or below	10,000

 

    Page 45

     

    

 

Annex III

 

Approved
Buyers

 

Bank
of America, NA

The
Bank of Montreal

The
Bank of New York Mellon, N.A.

Barclays
Bank plc

BNP
Paribas

Calyon

Canadian
Imperial Bank of Commerce

Citibank,
N.A.

Credit
Agricole S.A.

Credit
Suisse

Deutsche
Bank AG

Dresdner
Bank AG

Goldman
Sachs & Co.

HSBC
Bank

JPMorgan
Chase Bank, N.A.

Merrill
Lynch, Pierce, Fenner & Smith Incorporated

Morgan
Stanley & Co.

Natixis

Northern
Trust Company

Royal
Bank of Canada

The
Royal Bank of Scotland plc

Societe
Generale

The
Toronto-Dominion Bank

UBS
AG

U.S.
Bank, National Association

Wachovia
Bank National Association

Wells
Fargo Bank, National Association

 

    Page 46Exhibit 4.9

 

AMICUS THERAPEUTICS, INC.

 

and

 

                                                   , as Trustee

 

INDENTURE

 

Dated as of                                 ,

 

 

TABLE OF CONTENTS

 

	
 
    	
 
    	
Page
    
	
ARTICLE 1   DEFINITIONS AND INCORPORATION BY REFERENCE
    	
1
    
	
1.1.
    	
DEFINITIONS
    	
1
    
	
1.2.
    	
OTHER DEFINITIONS
    	
4
    
	
1.3.
    	
INCORPORATION BY   REFERENCE OF TRUST INDENTURE ACT
    	
4
    
	
1.4.
    	
RULES OF CONSTRUCTION
    	
5
    
	
 
    	
 
    	
 
    
	
ARTICLE 2   THE SECURITIES
    	
5
    
	
2.1.
    	
ISSUABLE IN SERIES
    	
5
    
	
2.2.
    	
ESTABLISHMENT OF TERMS   OF SERIES OF SECURITIES
    	
5
    
	
2.3.
    	
EXECUTION AND   AUTHENTICATION
    	
7
    
	
2.4.
    	
REGISTRAR AND PAYING   AGENT
    	
8
    
	
2.5.
    	
PAYING AGENT TO HOLD   ASSETS IN TRUST
    	
9
    
	
2.6.
    	
SECURITYHOLDER LISTS
    	
9
    
	
2.7.
    	
TRANSFER AND EXCHANGE
    	
9
    
	
2.8.
    	
REPLACEMENT SECURITIES
    	
10
    
	
2.9.
    	
OUTSTANDING SECURITIES
    	
10
    
	
2.10.
    	
WHEN TREASURY   SECURITIES DISREGARDED; DETERMINATION OF HOLDERS’ ACTION
    	
10
    
	
2.11.
    	
TEMPORARY SECURITIES
    	
11
    
	
2.12.
    	
CANCELLATION
    	
11
    
	
2.13.
    	
PAYMENT OF INTEREST;   DEFAULTED INTEREST; COMPUTATION OF INTEREST
    	
11
    
	
2.14.
    	
CUSIP NUMBER
    	
11
    
	
2.15.
    	
PROVISIONS FOR GLOBAL   SECURITIES
    	
12
    
	
2.16.
    	
PERSONS DEEMED OWNERS
    	
13
    
	
 
    	
 
    	
 
    
	
ARTICLE 3   REDEMPTION
    	
13
    
	
3.1.
    	
NOTICES TO TRUSTEE
    	
13
    
	
3.2.
    	
SELECTION BY TRUSTEE OF   SECURITIES TO BE REDEEMED
    	
13
    
	
3.3.
    	
NOTICE OF REDEMPTION
    	
13
    
	
3.4.
    	
EFFECT OF NOTICE OF   REDEMPTION
    	
14
    
	
3.5.
    	
DEPOSIT OF REDEMPTION   PRICE
    	
14
    
	
3.6.
    	
SECURITIES REDEEMED IN   PART
    	
15
    
	
3.7.
    	
OPEN MARKET PURCHASES
    	
15
    
	
 
    	
 
    	
 
    
	
ARTICLE 4   COVENANTS
    	
15
    
	
4.1.
    	
PAYMENT OF SECURITIES
    	
15
    
	
4.2.
    	
SEC REPORTS
    	
15
    
	
4.3.
    	
WAIVER OF STAY,   EXTENSION OR USURY LAWS
    	
15
    
	
4.4.
    	
COMPLIANCE CERTIFICATE
    	
16
    
	
4.5.
    	
CORPORATE EXISTENCE
    	
16
    
	
 
    	
 
    	
 
    
	
ARTICLE 5   SUCCESSOR CORPORATION
    	
16
    
	
5.1.
    	
LIMITATION ON   CONSOLIDATION, MERGER AND SALE OF ASSETS
    	
16
    
	
5.2.
    	
SUCCESSOR PERSON   SUBSTITUTED
    	
17
    
	
 
    	
 
    	
 
    
	
ARTICLE 6   DEFAULTS AND REMEDIES
    	
17
    
	
6.1.
    	
EVENTS OF DEFAULT
    	
17
    
	
6.2.
    	
ACCELERATION
    	
18
    
	
6.3.
    	
REMEDIES
    	
18
    
	
6.4.
    	
WAIVER OF PAST DEFAULTS   AND EVENTS OF DEFAULT
    	
19
    
	
6.5.
    	
CONTROL BY MAJORITY
    	
19
    
	
6.6.
    	
LIMITATION ON SUITS
    	
19
    

 

i

 

	
6.7.
    	
RIGHTS OF HOLDERS TO   RECEIVE PAYMENT
    	
20
    
	
6.8.
    	
COLLECTION SUIT BY   TRUSTEE
    	
20
    
	
6.9.
    	
TRUSTEE MAY FILE   PROOFS OF CLAIM
    	
20
    
	
6.10.
    	
PRIORITIES
    	
20
    
	
6.11.
    	
UNDERTAKING FOR COSTS
    	
21
    
	
 
    	
 
    	
 
    
	
ARTICLE 7   TRUSTEE
    	
21
    
	
7.1.
    	
DUTIES OF TRUSTEE
    	
21
    
	
7.2.
    	
RIGHTS OF TRUSTEE
    	
22
    
	
7.3.
    	
INDIVIDUAL RIGHTS OF   TRUSTEE
    	
22
    
	
7.4.
    	
TRUSTEE’S DISCLAIMER
    	
23
    
	
7.5.
    	
NOTICE OF DEFAULT
    	
23
    
	
7.6.
    	
REPORTS BY TRUSTEE TO   HOLDERS
    	
23
    
	
7.7.
    	
COMPENSATION AND   INDEMNITY
    	
23
    
	
7.8.
    	
REPLACEMENT OF TRUSTEE
    	
24
    
	
7.9.
    	
SUCCESSOR TRUSTEE BY CONSOLIDATION,   MERGER OR CONVERSION
    	
24
    
	
7.10.
    	
ELIGIBILITY;   DISQUALIFICATION
    	
25
    
	
7.11.
    	
PREFERENTIAL COLLECTION   OF CLAIMS AGAINST COMPANY
    	
25
    
	
7.12.
    	
PAYING AGENTS
    	
25
    
	
 
    	
 
    	
 
    
	
ARTICLE 8   AMENDMENTS, SUPPLEMENTS AND WAIVERS
    	
25
    
	
8.1.
    	
WITHOUT CONSENT OF   HOLDERS
    	
25
    
	
8.2.
    	
WITH CONSENT OF HOLDERS
    	
26
    
	
8.3.
    	
COMPLIANCE WITH TRUST   INDENTURE ACT
    	
27
    
	
8.4.
    	
REVOCATION AND EFFECT   OF CONSENTS
    	
27
    
	
8.5.
    	
NOTATION ON OR EXCHANGE   OF SECURITIES
    	
27
    
	
8.6.
    	
TRUSTEE TO SIGN   AMENDMENTS, ETC.
    	
28
    
	
 
    	
 
    	
 
    
	
ARTICLE 9   DISCHARGE OF INDENTURE; DEFEASANCE
    	
28
    
	
9.1.
    	
DISCHARGE OF INDENTURE
    	
28
    
	
9.2.
    	
LEGAL DEFEASANCE
    	
28
    
	
9.3.
    	
COVENANT DEFEASANCE
    	
29
    
	
9.4.
    	
CONDITIONS TO LEGAL   DEFEASANCE OR COVENANT DEFEASANCE
    	
29
    
	
9.5.
    	
DEPOSITED MONEY AND   U.S. AND FOREIGN GOVERNMENT OBLIGATIONS TO BE HELD IN TRUST; OTHER   MISCELLANEOUS PROVISIONS
    	
30
    
	
9.6.
    	
REINSTATEMENT
    	
30
    
	
9.7.
    	
MONEYS HELD BY PAYING   AGENT
    	
31
    
	
9.8.
    	
MONEYS HELD BY TRUSTEE
    	
31
    
	
 
    	
 
    	
 
    
	
ARTICLE 10   MISCELLANEOUS
    	
31
    
	
10.1.
    	
TRUST INDENTURE ACT   CONTROLS
    	
31
    
	
10.2.
    	
NOTICES
    	
31
    
	
10.3.
    	
COMMUNICATIONS BY   HOLDERS WITH OTHER HOLDERS
    	
32
    
	
10.4.
    	
CERTIFICATE AND OPINION   AS TO CONDITIONS PRECEDENT
    	
32
    
	
10.5.
    	
STATEMENT REQUIRED IN   CERTIFICATE AND OPINION
    	
33
    
	
10.6.
    	
RULES BY TRUSTEE AND   AGENTS
    	
33
    
	
10.7.
    	
BUSINESS DAYS; LEGAL   HOLIDAYS; PLACE OF PAYMENT
    	
33
    
	
10.8.
    	
GOVERNING LAW
    	
33
    
	
10.9.
    	
NO ADVERSE   INTERPRETATION OF OTHER AGREEMENTS
    	
33
    
	
10.10.
    	
SUCCESSORS
    	
34
    
	
10.11.
    	
MULTIPLE COUNTERPARTS
    	
34
    
	
10.12.
    	
TABLE OF CONTENTS,   HEADINGS, ETC.
    	
34
    
	
10.13.
    	
SEVERABILITY
    	
34
    
	
10.14.
    	
SECURITIES IN A FOREIGN   CURRENCY OR IN EUROS
    	
34
    
	
10.15.
    	
JUDGMENT CURRENCY
    	
35
    

 

ii

 

CROSS-REFERENCE TABLE

 

	
TIA SECTION
    	
 
    	
INDENTURE SECTION
    
	
310(a)(1)(2)(5)
    	
 
    	
7.10
    
	
310(a)(3)(4)
    	
 
    	
Inapplicable
    
	
310(b)
    	
 
    	
7.8; 7.10
    
	
310(c)
    	
 
    	
Inapplicable
    
	
311(a)(b)
    	
 
    	
7.11
    
	
311(c)
    	
 
    	
Inapplicable
    
	
312(a)
    	
 
    	
2.6
    
	
312(b)(c)
    	
 
    	
10.3
    
	
313(a)(b)
    	
 
    	
7.6
    
	
313(c)
    	
 
    	
7.6; 10.2
    
	
313(d)
    	
 
    	
7.6
    
	
314(a)
    	
 
    	
4.2; 4.4; 10.2
    
	
314(b)
    	
 
    	
Inapplicable
    
	
314(c)(1)(2)
    	
 
    	
10.4; 10.5
    
	
314(c)(3)
    	
 
    	
Inapplicable
    
	
314(d)
    	
 
    	
Inapplicable
    
	
314(e)
    	
 
    	
10.5
    
	
314(f)
    	
 
    	
Inapplicable
    
	
315(a)
    	
 
    	
7.1, 7.2
    
	
315(b)
    	
 
    	
7.5; 10.2
    
	
315(c)
    	
 
    	
7.1
    
	
315(d)
    	
 
    	
7.1; 7.2
    
	
315(e)
    	
 
    	
6.11
    
	
316(a)(flush language)
    	
 
    	
2.10
    
	
316(a)(1)(A)
    	
 
    	
6.5
    
	
316(a)(1)(B)
    	
 
    	
6.4
    
	
316(a)(2)
    	
 
    	
8.2
    
	
316(b)
    	
 
    	
6.7
    
	
316(c)
    	
 
    	
8.4
    
	
317(a)(1)
    	
 
    	
6.8
    
	
317(a)(2)
    	
 
    	
6.9
    
	
317(b)
    	
 
    	
2.5; 7.12
    
	
318(a)
    	
 
    	
10.1
    

 

Note: This Cross-Reference Table shall not, for any purpose, be deemed to be a part of the Indenture.

 

iii

 

INDENTURE, dated as of                           ,               , by and between Amicus Therapeutics, Inc., a Delaware corporation, as Issuer (the “Company”), and                                           , a                                  organized under the laws of                                , as Trustee (the “Trustee”).

 

RECITALS 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 to be issued in one or more series (the “Securities”), as herein provided, up to such principal amount as may from time to time be authorized in or pursuant to one or more resolutions of the Board of Directors or by supplemental indenture.

 

All things necessary to make this Indenture a valid agreement of the Company in accordance with its terms have been done, and the execution and delivery thereof have been in all respects duly authorized by the parties hereto.

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

For and in consideration of the premises and the purchase of the Securities by the Holders thereof, it is mutually agreed, for the equal and proportionate benefit of all Holders of the Securities of a Series thereof, as follows:

 

ARTICLE 1

DEFINITIONS AND INCORPORATION BY REFERENCE

 

1.1.                            DEFINITIONS.

 

“Affiliate” of any specified Person means any other Person which, directly or indirectly through one or more intermediaries, controls, or is controlled by or is under common control with, such specified Person.  For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and “under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise.

 

“Agent” means any Registrar, Paying Agent, co-registrar or agent for service of notices and demands.

 

“Board of Directors” means the Board of Directors of the Company or any committee duly authorized to act therefor.

 

“Board Resolution” means a copy of a resolution certified pursuant to an Officers’ Certificate to have been duly adopted by the Board of Directors of the Company and to be in full force and effect on the date of such certification which has been delivered to the Trustee.

 

“Capital Stock” means, with respect to any Person, any and all shares or other equivalents (however designated) of capital stock, partnership interests or any other participation, right or other interest in the nature of an equity interest in such Person or any option, warrant or other security convertible into any of the foregoing.

 

“Company” means the party named as such in the first paragraph of this Indenture until a successor replaces such party pursuant to Article 5 of this Indenture, and thereafter means the successor and any other primary obligor on the Securities.

 

“Company Order” means a written order signed in the name of the Company by two of the Company’s executive Officers, one of whom must be its Chief Executive Officer or its Chief Financial Officer.

 

 

“Company Request” means any written request signed in the name of the Company by its Chief Executive Officer, its President, any Vice President, its Chief Financial Officer or its Treasurer and attested to by its Secretary or any Assistant Secretary.

 

“Corporate Trust Office” means the office of the Trustee at which at any particular time its corporate trust business shall be principally administered.

 

“Default” means any event that is, or that with the passing of time or giving of notice or both would be, an Event of Default.

 

“Depository” 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 Depository for such Series by the Company, which Depository shall be a clearing agency registered under the Exchange Act, until a successor Depository shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Depository” shall mean each Person who is then a Depository hereunder, and if at any time there is more than one such Person, such Persons.

 

“Dollars” means the currency of the United States of America.

 

“Euro” means the single currency of participating member states of the economic and monetary union as contemplated in the Treaty on European Union.

 

“Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

“Foreign Currency” means any currency or currency unit issued by a government other than the government of the United States of America.

 

“Foreign Government Obligations” means, with respect to Securities that are denominated in a Foreign Currency, (i) direct obligations of the government that issued or caused to be issued such currency for the payment of which obligations its full faith and credit is pledged or (ii) obligations of a Person controlled or supervised by, or acting as an agency or instrumentality of, such government, the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by such government, which, in either case under clauses (i) and (ii), are not callable or redeemable at the option of the issuer thereof.

 

“GAAP” means generally accepted accounting principles consistently applied as in effect in the United States of America from time to time.

 

“Global Security” or “Global Securities” means a Security or Securities, as the case may be, in the form established pursuant to Section 2.2, evidencing all or part of a Series of Securities issued to the Depository for such Series or its nominee, and registered in the name of such Depository or nominee, and bearing the legend set forth in Section 2.15(c) (or such other legend(s) as may be applied to such Securities in accordance with Section 2.2(24)).

 

“Holder” or “Securityholder” means the Person in whose name a Security is registered on the Registrar’s books.

 

“Indebtedness” means (without duplication), with respect to any Person, any indebtedness at any time outstanding, secured or unsecured, contingent or otherwise, which is for borrowed money (whether or not the recourse of the lender is to the whole of the assets of such Person or only to a portion thereof), or evidenced by bonds, notes, debentures or similar instruments, or representing the balance deferred and unpaid of the purchase price of any property (excluding any balances that constitute accounts payable or trade payables, and other accrued liabilities arising in the ordinary course of business), if and to the extent any of the foregoing indebtedness would appear as a liability upon a balance sheet of such Person prepared in accordance with GAAP.

 

“Indenture” means this Indenture as amended, restated or supplemented from time to time.

 

2

 

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

 

“Lien” means, with respect to any property or assets of any Person, any mortgage or deed of trust, pledge, hypothecation, assignment, deposit arrangement, security interest, lien, charge, easement, encumbrance, preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever on or with respect to such property or assets (including, without limitation, any capitalized lease obligation, conditional sales or other title retention agreement having substantially the same economic effect as any of the foregoing).

 

“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 therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption, notice of option to elect payment or otherwise.

 

“Officer” means the Chief Executive Officer, the President, any Vice President, the Chief Financial Officer, the Treasurer or the Secretary of the Company, or any other officer designated by the Board of Directors, as the case may be.

 

“Officers’ Certificate” means, with respect to any Person, a certificate signed by the Chairman, Chief Executive Officer, President or any Senior or Executive Vice President and the Chief Financial Officer or any Treasurer of such Person, that shall comply with applicable provisions of this Indenture.

 

“Opinion of Counsel” means a written opinion from legal counsel, which counsel is reasonably acceptable to the Trustee.  The counsel may be an employee of or counsel to the Company.

 

“Person” means any individual, corporation, limited liability company, partnership, joint venture, association, joint-stock company, trust, unincorporated organization or government (including any agency or political subdivision thereof).

 

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

 

“Responsible Officer,” when used with respect to the Trustee, means any officer within the corporate trust department or division of the Trustee (or any successor group 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 knowledge of and familiarity with the particular subject.

 

“SEC” means the United States Securities and Exchange Commission as constituted from time to time, or any successor performing substantially the same functions.

 

“Securities” has the meaning set forth in the Recitals.

 

“Securities Act” means the Securities Act of 1933, as amended.

 

“Series” or “Series of Securities” means each series of debentures, notes or other debt instruments of the Company created pursuant to Sections 2.1 and 2.2.

 

“Significant Subsidiary” means any direct or indirect Subsidiary of the Company that would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such regulation is in effect on the date hereof.

 

“Stated Maturity,” when used with respect to any Security or any installment of principal thereof or interest thereon, means the date specified in such Security as the fixed date on which the principal of such Security, or such installment of principal or interest, is due and payable, and when used with respect to any other Indebtedness, means

 

3

 

the date specified in the instrument governing such Indebtedness as the fixed date on which the principal of such Indebtedness, or any installment of interest thereon, is due and payable.

 

“Subsidiary” of any specified Person means any corporation, limited liability company, partnership, joint venture, association or other business entity, whether now existing or hereafter organized or acquired, (i) in the case of a corporation, of which more than 50% of the total voting power of the Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors thereof is held, directly or indirectly, by such Person or any of its Subsidiaries; or (ii) in the case of a partnership, joint venture, association or other business entity, with respect to which such Person or any of its Subsidiaries has the power to direct or cause the direction of the management and policies of such entity by contract or otherwise, or if in accordance with GAAP such entity is consolidated with such Person for financial statement purposes.

 

“TIA” means the Trust Indenture Act of 1939 (15 U.S. Code Section 77aaa-77bbbb) as in effect on the date of this Indenture (except as provided in Section 8.3).

 

“Trustee” means the party named as such in this Indenture until a successor replaces it pursuant to this Indenture, and thereafter means the successor, 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.

 

“U.S. Government Obligations” means direct non-callable obligations of, or non-callable obligations guaranteed by, the United States of America for the payment of which obligation or guarantee the full faith and credit of the United States of America is pledged.

 

1.2.                            OTHER DEFINITIONS.

 

The definitions of the following terms may be found in the sections indicated as follows:

 

	
TERM
    	
 
    	
DEFINED IN SECTION
    	
 
    
	
“Bankruptcy Law”
    	
 
    	
6.1
    	
 
    
	
“Business Day”
    	
 
    	
10.7
    	
 
    
	
“Covenant   Defeasance”
    	
 
    	
9.3
    	
 
    
	
“Custodian”
    	
 
    	
6.1
    	
 
    
	
“Event of   Default”
    	
 
    	
6.1
    	
 
    
	
“Journal”
    	
 
    	
10.14
    	
 
    
	
“Judgment   Currency”
    	
 
    	
10.15
    	
 
    
	
“Legal   Defeasance
    	
 
    	
9.2
    	
 
    
	
“Legal Holiday”
    	
 
    	
10.7
    	
 
    
	
“Market Exchange   Rate”
    	
 
    	
10.15
    	
 
    
	
“New York Paying   Agent”
    	
 
    	
2.4
    	
 
    
	
“Paying Agent”
    	
 
    	
2.4
    	
 
    
	
“Place of   Payment”
    	
 
    	
10.7
    	
 
    
	
“Registrar”
    	
 
    	
2.4
    	
 
    
	
“Required   Currency”
    	
 
    	
10.15
    	
 
    
	
“Service Agent”
    	
 
    	
2.4
    	
 
    

 

1.3.                            INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT.

 

Whenever this Indenture refers to a provision of the TIA, the portion of such provision required to be incorporated herein in order for this Indenture to be qualified under the TIA is incorporated by reference in and made a part of this Indenture.  The following TIA terms used in this Indenture have the following meanings:

 

“Commission” means the SEC.

 

“indenture securities” means the Securities.

 

4

 

“indenture securityholder” means a Holder or Securityholder.

 

“indenture to be qualified” means this Indenture.

 

“indenture trustee” or “institutional trustee” means the Trustee.

 

“obligor on the indenture securities” means the Company.

 

All other terms used in this Indenture that are defined by the TIA, defined in the TIA by reference to another statute or defined by SEC rule have the meanings therein assigned to them.

 

1.4.                            RULES OF CONSTRUCTION.

 

Unless the context otherwise requires:

 

(1)           a term has the meaning assigned to it herein, whether defined expressly or by reference;

 

(2)           an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;

 

(3)           “or” is not exclusive;

 

(4)           words in the singular include the plural, and in the plural include the singular;

 

(5)           words used herein implying any gender shall apply to each gender; and

 

(6)           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.

 

ARTICLE 2

THE SECURITIES

 

2.1.                            ISSUABLE IN SERIES.

 

The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is $[·].  The Securities may be issued in one or more Series.  All Securities of a Series shall be identical except as may be set forth in a Board Resolution, a supplemental indenture or an Officers’ Certificate detailing the adoption of the terms thereof pursuant to the authority granted under a Board Resolution.  In the case of Securities of a Series to be issued from time to time, the Board Resolution, Officers’ Certificate or supplemental indenture may provide for the method by which specified terms (such as interest rate, Stated Maturity, record date or date from which interest shall accrue) are to be determined.  Securities may differ between Series in respect of any matters, PROVIDED, that all Series of Securities shall be equally and ratably entitled to the benefits of the Indenture.

 

2.2.                            ESTABLISHMENT OF TERMS OF SERIES OF SECURITIES.

 

At or prior to the issuance of any Securities within a Series, the following shall be established (as to the Series generally, in the case of Subsection 2.2(1) and either as to such Securities within the Series or as to the Series generally in the case of Subsections 2.2(2) through 2.2(25)) by a Board Resolution, a supplemental indenture or an Officers’ Certificate, in each case, pursuant to authority granted under a Board Resolution:

 

(1)           the title of the Series (which shall distinguish the Securities of that particular Series from the Securities of any other Series);

 

5

 

(2)           any limit upon the aggregate principal amount of the Securities of the 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 the Series pursuant to Section 2.7, 2.8, 2.11, 3.6 or 8.5);

 

(3)           the price or prices (expressed as a percentage of the principal amount thereof) at which the Securities of the Series will be issued;

 

(4)           the date or dates on which the principal of the Securities of the Series is payable;

 

(5)           the rate or rates (which may be fixed or variable) per annum or, if applicable, the method used to determine such rate or rates (including, but not limited to, any commodity, commodity index, stock exchange index or financial index) at which the Securities of the Series shall bear interest, if any, the date or dates from which such interest, if any, shall accrue, the date or dates on which such interest, if any, shall commence and be payable and any regular record date for the interest payable on any Interest Payment Date;

 

(6)           the place or places where the principal of, and interest and premium, if any, on, the Securities of the Series shall be payable, or the method of such payment, if by wire transfer, mail or other means;

 

(7)           if applicable, the period or periods within which, the price or prices at which and the terms and conditions upon which the Securities of the Series may be redeemed, in whole or in part, at the option of the Company;

 

(8)           the obligation, if any, of the Company to redeem or purchase the Securities of the Series pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof, and the period or periods within which, the price or prices at which and the terms and conditions upon which Securities of the Series shall be redeemed or purchased, in whole or in part, pursuant to such obligation;

 

(9)           the dates, if any, on which and the price or prices at which the Securities of the Series will be repurchased by the Company at the option of the Holders thereof, and other detailed terms and provisions of such repurchase obligations;

 

(10)         if other than denominations of $1,000 and any integral multiple thereof, the denominations in which the Securities of the Series shall be issuable;

 

(11)         the forms of the Securities of the Series in bearer (if to be issued outside of the United States of America) or fully registered form (and, if in fully registered form, whether the Securities will be issuable as Global Securities);

 

(12)         if other than the principal amount thereof, the portion of the principal amount of the Securities of the Series that shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 6.2;

 

(13)         the currency of denomination of the Securities of the Series, which may be Dollars or any Foreign Currency, including, but not limited to, the Euro, and, if such currency of denomination is a composite currency other than the Euro, the agency or organization, if any, responsible for overseeing such composite currency;

 

(14)         the designation of the currency, currencies or currency units in which payment of the principal of, and interest and premium, if any, on, the Securities of the Series will be made;

 

(15)         if payments of principal of, or interest or premium, if any, on, the Securities of the Series are to be made in one or more currencies or currency units other than that or those in which such Securities are denominated, the manner in which the exchange rate with respect to such payments will be determined;

 

6

 

(16)         the manner in which the amounts of payment of principal of, or interest and premium, if any, on, the Securities of the Series will be determined, if such amounts may be determined by reference to an index based on a currency or currencies or by reference to a commodity, commodity index, stock exchange index or financial index;

 

(17)         the provisions, if any, relating to any collateral provided for the Securities of the Series;

 

(18)         any addition to or change in the covenants set forth in Articles 4 or 5 that applies to Securities of the Series;

 

(19)         any addition to or change in the Events of Default which applies to any Securities of the Series, and any change in the right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 6.2;

 

(20)         the terms and conditions, if any, for conversion of the Securities into or exchange of the Securities for shares of common stock or preferred stock of the Company that apply to Securities of the Series;

 

(21)         any depositories, interest rate calculation agents, exchange rate calculation agents or other agents with respect to Securities of such Series if other than those appointed herein;

 

(22)         the provisions, if any, relating to any guaranties of the Securities;

 

(23)         the terms and conditions, if any, upon which the Securities shall be subordinated in right of payment to other Indebtedness of the Company;

 

(24)         if applicable, that the Securities of the Series, in whole or any specified part, shall be defeasible pursuant to Article 9; and

 

(25)         any other terms of the Securities of the Series (which terms shall not be inconsistent with the provisions of this Indenture, except as permitted by Section 8.1, but which may modify or delete any provision of this Indenture insofar as it applies to such Series).

 

All Securities of any one Series need not be issued at the same time, and may be issued from time to time, consistent with the terms of this Indenture.  The Company may, without the consent of the Holders and notwithstanding Section 2.1, reopen this Indenture and issue additional Securities hereunder with the same terms as the Securities initially issued hereunder (other than differences in the issue price and the interest accrued prior to the issue date of such additional Securities) in an unlimited aggregate principal amount. Any such issuance of additional Securities shall be provided by or pursuant to the Board Resolution, supplemental indenture or Officers’ Certificate referred to above, however, the authorized principal amount of any Series may not be increased to provide for issuances of additional Securities of such Series, unless otherwise provided in such Board Resolution, supplemental indenture or Officers’ Certificate.

 

2.3.                            EXECUTION AND AUTHENTICATION.

 

The Securities shall be executed on behalf of the Company by two Officers of the Company or an Officer and an Assistant Secretary of the Company.  Each such signature may be either manual or facsimile.  The Company’s seal may be impressed, affixed, imprinted or reproduced on the Securities and may be in facsimile form.

 

If an Officer whose signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall nevertheless be valid.

 

A Security shall not be valid until authenticated by the manual or facsimile signature of the Trustee or an authenticating agent.  The signature shall be conclusive evidence that the Security has been authenticated under this

 

7

 

Indenture.  The Trustee shall at any time, and from time to time, authenticate Securities for original issue in the principal amount provided in the Board Resolution, supplemental indenture hereto or Officers’ Certificate, upon receipt by the Trustee of a Company Order.  Such Company Order may authorize authentication and delivery pursuant to oral or electronic instructions from the Company or its duly authorized agent or agents, which oral instructions shall be promptly confirmed in writing.  Each Security shall be dated the date of its authentication.

 

The aggregate principal amount of Securities of any Series outstanding at any time may not exceed any limit upon the maximum principal amount for such Series set forth in the Board Resolution, supplemental indenture hereto or Officers’ Certificate delivered pursuant to Section 2.2, except as provided in Section 2.8.

 

Prior to the issuance of Securities of any Series, the Trustee shall have received and (subject to Section 7.1) shall be fully protected in relying on: (a) the Board Resolution, supplemental indenture hereto or Officers’ Certificate establishing the form of the Securities of that Series or of Securities within that Series and the terms of the Securities of that Series or of Securities within that Series, (b) an Officers’ Certificate complying with Section 10.4, and (c) an Opinion of Counsel complying with Section 10.4.

 

The Trustee shall have the right to decline to authenticate and deliver any Securities of any Series: (a) if the Trustee, being advised in writing by outside counsel, determines that such action may not lawfully be taken; or (b) if the Trustee in good faith by its board of directors or trustees, executive committee or a trust committee of directors and/or vice-presidents shall reasonably determine that such action would expose the Trustee to personal liability, or cause it to have a conflict of interest with respect to Holders of any then outstanding Series of Securities.

 

The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Securities.  An authenticating agent may authenticate Securities whenever the Trustee may do so.  Any appointment shall be evidenced by an instrument signed by an authorized officer of the Trustee, a copy of which shall be furnished to the Company.  Each reference in this Indenture to authentication by the Trustee includes authentication by such agent.  An authenticating agent has the same rights as an Agent to deal with the Company or an Affiliate of the Company.

 

2.4.                            REGISTRAR AND PAYING AGENT.

 

The Company shall maintain in each Place of Payment for any Series of Securities (i) an office or agency where such Securities may be presented for registration of transfer or for exchange (“Registrar”), (ii) an office or agency where such Securities may be presented for payment (“Paying Agent”) (PROVIDED that the Company shall at all times maintain a Paying Agent in the Borough of Manhattan, City of New York, State of New York (the “New York Paying Agent”), and PROVIDED, FURTHER, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the register for the Securities maintained by the Registrar), and (iii) an office or agency where notices and demands to or upon the Company in respect of the Securities and this Indenture may be served (“Service Agent”).  The Registrar shall keep a register of the Securities and of their transfer and exchange.  The Company may have one or more co-registrars and one or more additional paying agents.  The Company shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency.  If at any time the Company shall fail to maintain any such required office, or to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the address of the Trustee as set forth in Section 10.2.  If the Company acts as Paying Agent, it shall segregate the money held by it for the payment of principal of, and interest and premium, if any, on, the Securities and hold it as a separate trust fund.  The Company may change any Paying Agent, Registrar, co-registrar or any other Agent without notice to any Securityholder.

 

The Company may also from time to time designate one or more other offices or agencies where the Securities may be presented or surrendered for any or all such purposes, and may from time to time rescind such designations; PROVIDED, HOWEVER, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in each Place of Payment for Securities of any Series for such purposes.  The Company hereby initially designates the Corporate Trust Office of the Trustee as such office of the Company.  The Company shall give prompt written notice to the Trustee of such designation or rescission, and of any change in the location of any such other office or agency.

 

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The Company shall enter into an appropriate agency agreement with any Registrar or Paying Agent not a party to this Indenture.  The agreement shall implement the provisions of this Indenture that relate to such Agent.  The Company shall notify the Trustee of the name and address of any such Agent.  If the Company fails to maintain a Registrar or Paying Agent, or agent for service of notices and demands, or fails to give the foregoing notice, the Trustee shall act as such.  The Company hereby appoints the Trustee as the initial Registrar, Paying Agent and Service Agent for each Series unless another Registrar, Paying Agent or Service Agent, as the case may be, is appointed prior to the time Securities of that Series are first issued.  The Company designates                                                              , as the New York Paying Agent, with offices at                                                       .

 

2.5.                            PAYING AGENT TO HOLD ASSETS IN TRUST.

 

The Trustee as Paying Agent shall, and the Company shall require each Paying Agent other than the Trustee to agree in writing that each Paying Agent shall, hold in trust for the benefit of the Holders of any Series of Securities or the Trustee all assets held by the Paying Agent for the payment of principal of, or interest or premium, if any, on, such Series of Securities (whether such assets have been distributed to it by the Company or any other obligor on such Series of Securities), and the Company and the Paying Agent shall notify the Trustee in writing of any Default by the Company (or any other obligor on such Series of Securities) in making any such payment.  The Company at any time may require a Paying Agent to distribute all assets held by it to the Trustee and account for any assets disbursed, and the Trustee may, at any time during the continuance of any payment default with respect to any Series of Securities, upon written request to a Paying Agent, require such Paying Agent to distribute all assets held by it to the Trustee and to account for any assets distributed.  Upon distribution to the Trustee of all assets that shall have been delivered by the Company to the Paying Agent, the Paying Agent shall have no further liability for such assets.

 

2.6.                            SECURITYHOLDER LISTS.

 

The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Securityholders of each Series of Securities and shall otherwise comply with TIA Section 312(a).  If the Trustee is not the Registrar, the Company shall furnish to the Trustee as of each regular record date for the payment of interest on the Securities of a Series and before each related Interest Payment Date, and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Securityholders of each Series of Securities.

 

2.7.                            TRANSFER AND EXCHANGE.

 

When Securities of a Series are presented to the Registrar with a request to register the transfer thereof, the Registrar shall register the transfer as requested if the requirements of applicable law are met, and when such Securities of a Series are presented to the Registrar with a request to exchange them for an equal principal amount of other authorized denominations of Securities of the same Series, the Registrar shall make the exchange as requested.  To permit transfers and exchanges, upon surrender of any Security for registration of transfer at the office or agency maintained pursuant to Section 2.4, the Company shall execute and the Trustee shall authenticate Securities at the Registrar’s request.

 

If Securities are issued as Global Securities, the provisions of Section 2.15 shall apply.

 

All Securities issued upon any registration of transfer or exchange of Securities shall be the 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 or the Registrar or a co-registrar) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Registrar or a co-registrar, duly executed by the Holder thereof or his attorney duly authorized in writing.

 

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Any exchange or transfer shall be without charge, except that the Company may require payment by the Holder of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation to a transfer or exchange, but this provision shall not apply to any exchange pursuant to Section 2.11, 3.6 or 8.5.  The Trustee shall not be required to register transfers of Securities of any Series, or to exchange Securities of any Series, for a period of 15 days before the record date for selection for redemption of such Securities.  The Trustee shall not be required to exchange or register transfers of Securities of any Series called or being called for redemption in whole or in part, except the unredeemed portion of such Security being redeemed in part.

 

2.8.                            REPLACEMENT SECURITIES.

 

If a mutilated Security is surrendered to the Trustee, or if the Holder of a Security presents evidence to the satisfaction of the Company and the Trustee that the Security has been lost, destroyed or wrongfully taken, the Company shall issue and the Trustee shall authenticate a replacement Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.  An indemnity bond may be required by the Company or the Trustee that is sufficient in the reasonable judgment of the Company or the Trustee, as the case may be, to protect the Company, the Trustee or any Agent from any loss which any of them may suffer if a Security is replaced.  The Company may charge such Holder for the Company’s out-of-pocket expenses in replacing a Security, including the fees and expenses of the Trustee.  Every replacement Security shall constitute an original additional obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of that Series duly issued hereunder.

 

2.9.                            OUTSTANDING SECURITIES.

 

Securities outstanding at any time are all Securities authenticated by the Trustee, except for those canceled by it, those delivered to it for cancellation and those described in this Section 2.9 as not outstanding.

 

If a Security is replaced pursuant to Section 2.8 (other than a mutilated Security surrendered for replacement), it ceases to be outstanding until the Company and the Trustee receive proof satisfactory to each of them that the replaced Security is held by a bona fide purchaser.  A mutilated Security ceases to be outstanding upon surrender of such Security and replacement thereof pursuant to Section 2.8.

 

If a Paying Agent holds on a Redemption Date or the Stated Maturity money sufficient to pay the principal of, premium, if any, and accrued interest on, Securities payable on that date, and is not prohibited from paying such money to the Holders thereof pursuant to the terms of this Indenture (PROVIDED, that if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made), then on and after that date such Securities cease to be outstanding and interest on them ceases to accrue.

 

A Security does not cease to be outstanding solely because the Company or an Affiliate holds the Security.

 

2.10.                     WHEN TREASURY SECURITIES DISREGARDED; DETERMINATION OF HOLDERS’ ACTION.

 

In determining whether the Holders of the required aggregate principal amount of the Securities of any Series have concurred in any direction, waiver or consent, the Securities of any Series owned by the Company or any other obligor on such Securities, or by any Affiliate of any of them, shall be disregarded, except that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Securities of such Series which the Trustee actually knows are so owned shall be so disregarded.  Securities of such Series so owned which have been pledged in good faith shall not be disregarded if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to the Securities of such Series and that the pledgee is not the Company or any other obligor on the Securities of such Series, or an Affiliate of any of them.

 

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2.11.                     TEMPORARY SECURITIES.

 

Until definitive Securities are ready for delivery, the Company may prepare and execute, and the Trustee shall authenticate, temporary Securities.  Temporary Securities shall be substantially in the form, and shall carry all rights, of definitive Securities, but may have variations that the Company considers appropriate for temporary Securities.  Without unreasonable delay, the Company shall prepare and execute, and the Trustee shall authenticate, definitive Securities in exchange for temporary Securities without charge to the Holder.

 

2.12.                     CANCELLATION.

 

All Securities surrendered for payment, redemption or registration of transfer or exchange, or for credit against any sinking fund payment, shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee for cancellation.  The Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities previously authenticated hereunder which the Company has not issued and sold.  The Registrar and the Paying Agent shall forward to the Trustee any Securities surrendered to them for transfer, exchange or payment.  The Trustee or, at the direction of the Trustee, the Registrar or the Paying Agent, and no one else, shall cancel, and at the written request of the Company shall dispose of, all Securities surrendered for transfer, exchange, payment or cancellation.  If the Company shall acquire any of the Securities, such acquisition shall not operate as a redemption or satisfaction of the Indebtedness represented by such Securities unless and until the same are surrendered to the Trustee for cancellation pursuant to this Section 2.12.  No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section 2.12, except as expressly permitted by this Indenture.

 

2.13.                     PAYMENT OF INTEREST; DEFAULTED INTEREST; COMPUTATION OF INTEREST.

 

Except as otherwise provided as contemplated by Section 2.2 with respect to any Series of Securities, 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 is registered at the close of business on the regular record date for such interest, as provided in the Board Resolution, supplemental indenture hereto or Officers’ Certificate establishing the terms of such Series.

 

If the Company defaults in a payment of interest on the Securities, it shall pay the defaulted amounts, plus any interest payable on defaulted amounts pursuant to Section 4.1, to the Persons who are Securityholders on a subsequent special record date, which date shall be the 15th day next preceding the date fixed by the Company for the payment of defaulted interest, or the next succeeding Business Day if such date is not a Business Day.  At least 15 days before the special record date, the Company shall mail or cause to be mailed to each Securityholder, with a copy to the Trustee, a notice that states the special record date, the payment date and the amount of defaulted interest, and interest payable on such defaulted interest, if any, to be paid.

 

Except as otherwise specified as contemplated by Section 2.2 for Securities of any Series, interest on the Securities of each Series shall be computed on the basis of a 360-day year of twelve 30-day months.

 

2.14.                     CUSIP NUMBER.

 

The Company in issuing the Securities may use one or more “CUSIP” numbers, and, if the Company does so, the Trustee shall use the CUSIP number(s) in notices of redemption or exchange as a convenience to Holders, PROVIDED, that any such notice may state that no representation is made as to the correctness or accuracy of the CUSIP number(s) printed in the notice or on the Securities, and that reliance may be placed only on the other identification numbers printed on the Securities, and that any such redemption or exchange shall not be affected by any defect in or omission of any such numbers.

 

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2.15.                     PROVISIONS FOR GLOBAL SECURITIES.

 

(a)           A Board Resolution, a supplemental indenture hereto or an Officers’ Certificate shall establish whether the Securities of a Series shall be issued in whole or in part in the form of one or more Global Securities, and the Depository for such Global Securities or Securities.

 

(b)           Notwithstanding any provisions to the contrary contained in Section 2.7 and in addition thereto, any Global Security shall be exchangeable if (i) the Depository at any time is unwilling or unable to continue as Depository for such Global Security or ceases to be a clearing agency registered under the Exchange Act and a successor Depository is not appointed by the Company within 90 days after the date the Company is so informed in writing or becomes aware of the same, or (ii) the Company executes and delivers to the Trustee an Officer’s Certificate to the effect that such Global Security shall be so exchangeable. In either case, the Company promptly will execute and deliver to the Trustee definitive Securities, and the Trustee, upon receipt of a Company Request for the authentication and delivery of such definitive Securities (which the Company will promptly execute and deliver to the Trustee), will authenticate and deliver definitive Securities, without charge, registered in such names and in such authorized denominations as the Depository shall direct in writing (pursuant to instructions from its direct and indirect participants or otherwise) in an aggregate principal amount equal to the principal amount of the Global Security with like tenor and terms.  Upon the exchange of a Global Security for definitive Securities, such Global Security shall be canceled by the Trustee.  Unless and until it is exchanged in whole or in part for definitive Securities, as provided in this Section 2.15(b), a Global Security may not be transferred except as a whole by the Depository with respect to such Global Security to a nominee of such Depository, by a nominee of such Depository to such Depository or another nominee of such Depository or by the Depository or any such nominee to a successor Depository or a nominee of such a successor Depository.

 

(c)           Any Global Security issued 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 the Depository or a nominee of the Depository.  This Security is exchangeable for Securities registered in the name of a Person other than the Depository or its nominee only in the limited circumstances described in the Indenture, and may not be transferred except as a whole by the Depository to a nominee of the Depository, by a nominee of the Depository to the Depository or another nominee of the Depository or by the Depository or any such nominee to a successor Depository or a nominee of such a successor Depository.”

 

(d)           The Depository, as a Holder, may appoint agents and otherwise authorize participants to give or take any request, demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under the Indenture.

 

(e)           Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section 2.2, payment of the principal of, and interest and premium, if any, on, any Global Security shall be made to the Depository or its nominee in its capacity as the Holder thereof.

 

(f)            Except as provided in Section 2.15(e) above, the Company, the Trustee and any Agent shall treat a Person as the Holder of such principal amount of outstanding Securities of any Series represented by a Global Security as shall be specified in a written statement of the Depository (which may be in the form of a participants’ list for such Series) with respect to such Global Security, for purposes of obtaining any consents, declarations, waivers or directions required to be given by the Holders pursuant to this Indenture, PROVIDED, that until the Trustee is so provided with a written statement, it may treat the Depository or any other Person in whose name a Global Security is registered as the owner of such Global Security for the purpose of receiving payment of the principal of, and any premium and (subject to Section 2.13) any interest on, such Global Security and for all other purposes whatsoever, and none of the Company, the Trustee or any agent of the Company or the Trustee shall be affected by notice to the contrary.

 

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2.16.                     PERSONS DEEMED OWNERS.

 

Prior to due presentment of a Security for registration of transfer, the Company, the Trustee, the Registrar and any agent of the Company, the Registrar or the Trustee may treat the Person in whose name such Security is registered in the Registrar’s books as the owner of such Security for the purpose of receiving payment of the principal of, and any premium and (subject to Section 2.13) any interest on, such Security and for all other purposes whatsoever, and none of the Company, the Trustee, the Registrar or any agent of the Company, the Trustee or the Registrar shall be affected by notice to the contrary.

 

ARTICLE 3

REDEMPTION

 

3.1.                            NOTICES TO TRUSTEE.

 

The Company may, with respect to any Series of Securities, reserve the right to redeem and pay the Series of Securities, or may covenant to redeem and pay the Series of Securities or any part thereof, prior to the Stated Maturity thereof at such time and on such terms as provided for in such Securities or the related Board Resolution, supplemental indenture or Officers’ Certificate.  If a Series of Securities is redeemable and the Company elects to redeem all or part of such Series of Securities, it shall notify the Trustee of the Redemption Date and the principal amount of Securities to be redeemed at least 45 days (unless a shorter notice shall be satisfactory to the Trustee) before the Redemption Date.  Any such notice may be canceled at any time prior to notice of such redemption being mailed to any Holder, and shall thereby be void and of no effect.

 

3.2.                            SELECTION BY TRUSTEE OF SECURITIES TO BE REDEEMED.

 

Unless otherwise indicated for a particular Series of Securities by a Board Resolution, a supplemental indenture or an Officers’ Certificate, if fewer than all of the Securities of a Series are to be redeemed, the Trustee shall select the Securities of a Series to be redeemed pro rata, by lot or by any other method that the Trustee considers fair and appropriate (unless the Company specifically directs the Trustee otherwise and subject to the Depository’s procedures) and, if such Securities are listed on any securities exchange, by a method that complies with the requirements of such exchange.

 

The Trustee shall make the selection from Securities of a Series outstanding and not previously called for redemption, and shall promptly notify the Company in writing of the Securities selected for redemption and, in the case of any Security selected for partial redemption, the principal amount thereof to be redeemed at least 35 but not more than 60 days before the Redemption Date.  Securities of a Series in denominations of $1,000 may be redeemed only in whole.  The Trustee may select for redemption portions of the principal of Securities of a Series that have denominations larger than $1,000.  Securities of a Series and portions of them it selects shall be in amounts of $1,000 or, with respect to Securities of any Series issuable in other denominations pursuant to Section 2.2(10), the minimum principal denomination for each Series and integral multiples thereof.  Provisions of this Indenture that apply to Securities called for redemption also apply to portions of Securities called for redemption.

 

3.3.                            NOTICE OF REDEMPTION.

 

Unless otherwise indicated for a particular Series by Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, at least 30 days, and no more than 60 days, before a Redemption Date, the Company shall mail, or cause to be mailed, a notice of redemption by first-class mail to each Holder of Securities to be redeemed at his or her last address as the same appears on the registry books maintained by the Registrar.  Notwithstanding the foregoing, a redemption notice may be mailed more than 60 days before a Redemption Date if it is issued in connection with a defeasance of the Securities or a satisfaction and discharge of this Indenture.  The notice shall identify the Securities to be redeemed and shall state:

 

(1)           the Redemption Date;

 

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(2)           the redemption price, and that such redemption price shall become due and payable on the Redemption Date;

 

(3)           if any Security of a Series is being redeemed in part, the portion of the principal amount of such Security of a Series to be redeemed and that, after the Redemption Date and upon surrender of such Security of a Series, a new Security or Securities in principal amount equal to the unredeemed portion will be issued;

 

(4)           the name and address of the Paying Agent;

 

(5)           that Securities of a Series called for redemption must be surrendered to the Paying Agent to collect the redemption price, and the place or places where each such Security is to be surrendered for such payment;

 

(6)           that, unless the Company defaults in making the redemption payment, interest on the Securities of a Series called for redemption ceases to accrue on the Redemption Date, and the only remaining right of the Holders of such Securities is to receive payment of the redemption price upon surrender to the Paying Agent of the Securities redeemed;

 

(7)           if fewer than all of the Securities of a Series are to be redeemed, the identification of the particular Securities of a Series (or portion thereof) to be redeemed, as well as the aggregate principal amount of Securities of a Series to be redeemed and the aggregate principal amount of Securities of a Series to be outstanding after such partial redemption.

 

(8)           the CUSIP number, if any, printed on the Securities being redeemed; and

 

(9)           that no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed in such notice or printed on the Securities.

 

At the Company’s request, the Trustee shall give the notice of redemption in the Company’s name and at the Company’s sole expense.  A notice mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the Holder actually receives the notice. Failure to give such notice by mail or any defect in the notice to a Holder shall not affect the validity of the proceeding for the redemption of any Security.

 

3.4.                            EFFECT OF NOTICE OF REDEMPTION.

 

Once the notice of redemption described in Section 3.3 is mailed, Securities of a Series called for redemption become due and payable on the Redemption Date and at the redemption price, plus interest, if any, accrued to the Redemption Date.  Upon surrender to the Trustee or Paying Agent, such Securities of a Series shall be paid at the redemption price, plus accrued interest, if any, to the Redemption Date; PROVIDED, that if the Redemption Date is after a regular interest payment record date and on or prior to the next Interest Payment Date, the accrued interest shall be payable to the Holder of the redeemed Securities registered on the relevant record date, as specified by the Company in the notice to the Trustee pursuant to Section 3.1.

 

3.5.                            DEPOSIT OF REDEMPTION PRICE.

 

On or prior to the Redemption Date (but no later than 11:00 A.M. Eastern Time on such date), the Company shall deposit with the Paying Agent money sufficient to pay the redemption price of and accrued interest, if any, on all Securities to be redeemed on that date other than Securities or portions thereof called for redemption on that date which have been delivered by the Company to the Trustee for cancellation.

 

On and after any Redemption Date, if money sufficient to pay the redemption price of, and accrued interest on, Securities called for redemption shall have been made available in accordance with the preceding paragraph and the Company and the Paying Agent are not prohibited from paying such moneys to Holders, the Securities called for redemption will cease to accrue interest and the only right of the Holders of such Securities will be to receive

 

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payment of the redemption price of and, subject to the proviso in Section 3.4, accrued and unpaid interest on such Securities to the Redemption Date.  If any Security called for redemption shall not be so paid, interest will be paid, from the Redemption Date until such redemption payment is made, on the unpaid principal of the Security and any interest or premium, if any, not paid on such unpaid principal, in each case, at the rate and in the manner provided in the Securities.

 

3.6.                            SECURITIES REDEEMED IN PART.

 

Upon surrender of a Security of a Series that is redeemed in part, the Company shall execute, and the Trustee shall authenticate, for a Holder a new Security of the same Series equal in principal amount to the unredeemed portion of the Security surrendered.

 

3.7.                            OPEN MARKET PURCHASES

 

The Company may at any time, and from time to time, purchase the Securities in the open market or otherwise, subject to compliance with applicable securities laws; provided that any such Securities acquired, directly or indirectly, by the Company, any of its Subsidiaries may not (other than with respect to matters requiring the consent of each affected Holder) vote on, and shall be disregarded for purposes of determining whether the requisite percentage of outstanding Securities has been obtained in connection with, waivers, amendments, consents and modifications of the Securities and the Indenture.

 

ARTICLE 4

COVENANTS

 

4.1.                            PAYMENT OF SECURITIES.

 

The Company shall pay the principal of, and interest and premium, if any, on, each Series of Securities on the dates and in the manner provided in such Securities and this Indenture.

 

An installment of principal or interest shall be considered paid on the date it is due if the Trustee or Paying Agent holds on that date money designated for and sufficient to pay such installment and is not prohibited from paying such money to the Holders pursuant to the terms of this Indenture or otherwise.

 

The Company shall pay interest on overdue principal, and overdue interest, to the extent lawful, at the rate specified in the Series of Securities.

 

4.2.                            SEC REPORTS.

 

The Company will deliver to the Trustee within 15 days after the filing of the same with the SEC, copies of the quarterly and annual reports and of the information, documents and other reports, if any, which the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act; PROVIDED, HOWEVER, that each such report or document will be deemed to be so delivered to the Trustee if the Company files such report or document with the SEC through the SEC’s EDGAR database no later than the time such report or document is required to be filed with the SEC pursuant to the Exchange Act.

 

4.3.                            WAIVER OF STAY, EXTENSION OR USURY LAWS.

 

The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead (as a defense or otherwise) or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension, usury or other law which would prohibit or forgive the Company from paying all or any portion of the principal of, and/or interest and premium, if any, on, the Securities as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Indenture; and the Company hereby expressly waives (to the extent that it may lawfully do so) all benefit or advantage of any such law,

 

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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.

 

4.4.                            COMPLIANCE CERTIFICATE.

 

(a)           The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year of the Company, an Officers’ Certificate which complies with TIA Section 314(a)(4) stating that a review of the activities of the Company and its Subsidiaries during such fiscal year has been made under the supervision of the signing Officers with a view to determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his or her knowledge the Company has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and that there is no default in the performance or observance of any of the terms, provisions and conditions hereof (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Company is taking or proposes to take with respect thereto) and that to the best of his or her knowledge no event has occurred and remains in existence by reason of which payments on account of the principal of, or interest or premium, if any, on, the Securities is prohibited, or if such event has occurred, a description of the event and what action the Company is taking or proposes to take with respect thereto.

 

(b)           (i) If any Default or Event of Default has occurred and is continuing or (ii) if any Holder seeks to exercise any remedy hereunder with respect to a claimed Default under this Indenture or the Securities, within five Business Days after the Company becoming aware of such occurrence the Company shall deliver to the Trustee an Officers’ Certificate specifying such event, notice or other action and what action the Company is taking or proposes to take with respect thereto.

 

4.5.                            CORPORATE EXISTENCE.

 

Subject to Article 5, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence, in accordance with the organizational documents (as the same may be amended from time to time) of the Company and the rights (charter and statutory), licenses and franchises of the Company; PROVIDED, HOWEVER, that the Company shall not be required to preserve any such right, license or franchise, or its corporate existence, if the Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and that the loss thereof is not adverse in any material respect to the Holders.

 

ARTICLE 5

SUCCESSOR CORPORATION

 

5.1.                            LIMITATION ON CONSOLIDATION, MERGER AND SALE OF ASSETS.

 

(a)           Unless otherwise indicated for a particular Series by Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, the Company will not, in any transaction or series of transactions, merge or consolidate with or into, or sell, assign, convey, transfer, lease or otherwise dispose of all or substantially all of its properties and assets (as an entirety or substantially as an entirety in one transaction or a series of related transactions), to any Person or Persons, unless at the time of and after giving effect thereto (i) either (A) if the transaction or series of transactions is a merger or consolidation, the Company shall be the surviving Person of such merger or consolidation, or (B) the Person formed by such consolidation or into which the Company is merged or to which the properties and assets of the Company are transferred (any such surviving Person or transferee Person being the “Surviving Entity”) shall be a corporation organized and existing under the laws of the United States of America, any state thereof or the District of Columbia, or a corporation or comparable legal entity organized under the laws of a foreign jurisdiction and shall expressly assume by a supplemental indenture executed and delivered to the Trustee, in form reasonably satisfactory to the Trustee, all of the obligations of the Company (including, without limitation, the obligation to pay the principal of, and premium and interest, if any, on, the Securities and the performance of the other covenants) under the Securities of each Series and this Indenture, and in each case, this Indenture shall remain in full force and effect; and (ii) immediately before and immediately after giving effect to

 

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such transaction or series of transactions on a pro forma basis (including, without limitation, any Indebtedness incurred or anticipated to be incurred in connection with or in respect of such transaction or series of transactions), no Default or Event of Default shall have occurred and be continuing.

 

The preceding paragraph will not prohibit:

 

(i)            a merger between the Company and a wholly owned Subsidiary of the Company; or

 

(ii)           a merger between the Company and an Affiliate incorporated solely for the purpose of converting the Company into a corporation organized under the laws of the United States or any political subdivision or state thereof or for the purpose of creating or collapsing a holding company structure.

 

(b)           In connection with any consolidation, merger or transfer of assets contemplated by this Section 5.1, the Company shall deliver, or cause to be delivered, to the Trustee, in form and substance reasonably satisfactory to the Trustee, an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger or transfer, and the supplemental indenture in respect thereto, comply with this Section 5.1, and that all conditions precedent herein provided for relating to such transaction or transactions have been complied with.

 

5.2.                            SUCCESSOR PERSON SUBSTITUTED.

 

Upon any consolidation, merger or transfer of all or substantially all of the assets of the Company in accordance with Section 5.1 above, the successor corporation formed by such consolidation, or into which the Company is merged or to which such transfer 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 corporation had been named as the Company herein, and thereafter (except with respect to any such transfer which is a lease) the predecessor corporation shall be relieved of all obligations and covenants under this Indenture and the Securities.

 

ARTICLE 6

DEFAULTS AND REMEDIES

 

6.1.                            EVENTS OF DEFAULT.

 

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

 

(1)           there is a default in the payment of any principal of, or premium, if any, on, the Securities when the same becomes due and payable at Maturity, upon acceleration, redemption or otherwise;

 

(2)           there is a default in the payment of any interest on any Security of a Series when the same becomes due and payable, and the default continues for a period of 30 days;

 

(3)           the Company defaults in the observance or performance of any other covenant in the Securities of a Series or in this Indenture for 60 days after written notice from the Trustee or the Holders of not less than 25% in the aggregate principal amount of the Securities of such Series then outstanding, which notice must specify the default, demand that it be remedied and state that the notice is a “Notice of Default”;

 

(4)           the Company or any Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law:

 

(A)          commences a voluntary case,

 

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

 

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

 

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

 

(E)           generally is not paying its debts as they become due;

 

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

 

(A)          is for relief against the Company or any Significant Subsidiary in an involuntary case;

 

(B)          appoints a Custodian of the Company or any Significant Subsidiary, or for all or substantially all of the property of the Company or any Significant Subsidiary; or

 

(C)          orders the liquidation of the Company or any Significant Subsidiary, and the order or decree remains unstayed and in effect for 90 consecutive days; or

 

(6)           any other Event of Default provided with respect to Securities of that Series, which is specified in a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, in accordance with Section 2.2(19).

 

The term “Bankruptcy Law” means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors.  The term “Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

The Trustee may withhold notice of any Default (except in the payment of the principal of, or interest or premium, if any, on, the Securities) to the Holders of the Securities of any Series in accordance with Section 7.5.  When a Default is cured, it ceases to exist.

 

6.2.                            ACCELERATION.

 

If an Event of Default with respect to Securities of any Series at the time outstanding (other than an Event of Default arising under Section 6.1(4) or (5)) occurs and is continuing, the Trustee by written notice to the Company, or the Holders of not less than 25% in aggregate principal amount of the Securities of that Series then outstanding by written notice to the Company and the Trustee, may declare that the entire principal amount of all the Securities of that Series then outstanding plus accrued and unpaid interest to the date of acceleration are immediately due and payable, in which case such amounts shall become immediately due and payable; PROVIDED, HOWEVER, that after such acceleration but before a judgment or decree based on such acceleration is obtained by the Trustee, the Holders of a majority in aggregate principal amount of the outstanding Securities of that Series may rescind and annul such acceleration and its consequences if (i) all existing Events of Default, other than the nonpayment of accelerated principal, interest or premium, if any, that has become due solely because of the acceleration, have been cured or waived, (ii) to the extent the payment of such interest is lawful, interest on overdue installments of interest and overdue principal, which has become due otherwise than by such declaration of acceleration, has been paid and (iii) the rescission would not conflict with any judgment or decree.  No such rescission shall affect any subsequent Default or impair any right consequent thereto.  In case an Event of Default specified in Section 6.1(4) or (5) with respect to the Company occurs, such principal, premium, if any, and interest amount with respect to all of the Securities of that Series shall be due and payable immediately without any declaration or other act on the part of the Trustee or the Holders of the Securities of that Series.

 

6.3.                            REMEDIES.

 

If an Event of Default with respect to Securities of any Series at the time outstanding occurs and is continuing, the Trustee may pursue any available remedy by proceeding at law or in equity to collect the payment of

 

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the principal of, or interest and premium, if any, on, the Securities of that Series, or to enforce the performance of any provision of the Securities of that Series or this Indenture.

 

The Trustee may maintain a proceeding even if it does not possess any of the Securities of that Series or does not produce any of them in the proceeding.  A delay or omission by the Trustee or any Securityholder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default.  No remedy is exclusive of any other remedy.  All available remedies are cumulative to the extent permitted by law.

 

6.4.                            WAIVER OF PAST DEFAULTS AND EVENTS OF DEFAULT.

 

Subject to Sections 6.2, 6.7 and 8.2, the Holders of a majority in principal amount of the Securities of any Series then outstanding have the right to waive any existing Default or Event of Default with respect to such Series or compliance with any provision of this Indenture (with respect to such Series) or the Securities of such Series.  Upon any such waiver, such Default with respect to such Series shall cease to exist, and any Event of Default with respect to such Series 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 Event of Default or impair any right consequent thereto.  This Section 6.4 shall be in lieu of TIA Section 316(a)(1)(B), and TIA Section 316(a)(1)(B) is hereby expressly excluded from this Indenture and Section as permitted by the TIA.

 

6.5.                            CONTROL BY MAJORITY.

 

Subject to Sections 6.2, 6.7 and 8.2, the Holders of a majority in principal amount of the Securities of any Series then outstanding may 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 by this Indenture with respect to such Series.  The Trustee, however, may refuse to follow any direction that conflicts with law or this Indenture, or that the Trustee determines may be unduly prejudicial to the rights of another Securityholder, or that may involve the Trustee in personal liability; PROVIDED, that the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction.  This Section 6.5 shall be in lieu of TIA Section 316(a)(1)(A), and TIA Section 316(a)(1)(A) is hereby expressly excluded from this Indenture and Section as permitted by the TIA.

 

6.6.                            LIMITATION ON SUITS.

 

Subject to Section 6.7, a Securityholder may not institute any proceeding or pursue any remedy with respect to this Indenture or the Securities of a Series unless:

 

(1)           the Holder gives to the Trustee written notice of a continuing Event of Default with respect to the Securities of that Series;

 

(2)           the Holders of at least 25% in aggregate principal amount of the Securities of such Series then outstanding make a written request to the Trustee to pursue the remedy;

 

(3)           such Holder or Holders offer to the Trustee indemnity reasonably satisfactory to the Trustee against any loss, liability or expense to be incurred in compliance with such request;

 

(4)           the Trustee does not comply with the request within 60 days after receipt of the request and the offer of indemnity; and

 

(5)           no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in aggregate principal amount of the Securities of such Series then outstanding.

 

A Securityholder may not use this Indenture to prejudice the rights of another Securityholder, or to obtain a preference or priority over another Securityholder.

 

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6.7.                            RIGHTS OF HOLDERS TO RECEIVE PAYMENT.

 

Notwithstanding any other provision of this Indenture, the right of any Holder of a Security of a Series to receive payment of the principal of, and interest and premium, if any, on, the Security of such Series on or after the respective due dates expressed in the Security of such Series, or to bring suit for the enforcement of any such payment on or after such respective dates, is absolute and unconditional, and shall not be impaired or affected without the consent of the Holder.

 

6.8.                            COLLECTION SUIT BY TRUSTEE.

 

If an Event of Default in payment of principal, interest or premium, if any, specified in Section 6.1(1) or (2) with respect to Securities of any Series at the time outstanding occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company (or any other obligor on the Securities of that Series) for the whole amount of unpaid principal and premium, if any, and accrued interest remaining unpaid, together with interest on overdue principal and premium, if any, and, to the extent that payment of such interest is lawful, interest on overdue installments of interest, in each case at the rate then borne by the Securities of that Series, and such further amounts as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, as set forth in Section 7.7.

 

6.9.                            TRUSTEE MAY FILE PROOFS OF CLAIM.

 

The Trustee may file such proofs of claim and other papers or documents, and take other actions (including sitting on a committee of creditors), as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Securityholders allowed in any judicial proceedings relative to the Company (or any other obligor on the Securities), any of their respective creditors or any of their respective property, and the Trustee shall be entitled and empowered to collect and receive any monies or other property payable or deliverable on any such claims, and to distribute the same after deduction of its charges and expenses to the extent that any such charges and expenses are not paid out of the estate in any such proceedings, and any custodian in any such judicial proceeding is hereby authorized by each Securityholder 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 Securityholders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.7.

 

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

 

6.10.                     PRIORITIES.

 

If the Trustee collects any money pursuant to this Article 6, it shall pay out the money in the following order:

 

FIRST: to the Trustee for amounts due under Section 7.7;

 

SECOND: to Securityholders for amounts then due and unpaid for the principal of, and interest and premium, if any, on, the Securities 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 and any premium and interest, respectively; and

 

THIRD: to the Company.

 

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The Trustee may fix a record date and payment date for any payment to Securityholders pursuant to this Section 6.10.  At least 15 days before such record date, the Trustee shall mail to each Securityholder a notice that states the record date, the payment date and amount to be paid.

 

6.11.                     UNDERTAKING FOR COSTS.

 

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 or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant.  This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.7 or a suit by Holders of more than 10% in principal amount of the Securities of a Series then outstanding.

 

ARTICLE 7

 

TRUSTEE

 

7.1.                            DUTIES OF TRUSTEE.

 

(a)           If 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 same circumstances in the conduct of his own affairs.

 

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

 

(1)           The Trustee need perform only those duties that are specifically set forth in this Indenture, and no covenants or obligations shall be implied in this Indenture against the Trustee.

 

(2)           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 provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture.

 

(c)           The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that:

 

(1)           This paragraph does not limit the effect of paragraph (b) of this Section 7.1.

 

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

 

(3)           The Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Sections 6.2 and 6.5.

 

(d)           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 rights or powers if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity satisfactory to it against such risk or liability is not reasonably assured to it.

 

(e)           Whether or not therein expressly so provided, paragraphs (a), (b), (c) and (d) of this Section 7.1 shall govern every provision of this Indenture that in any way relates to the Trustee.

 

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(f)            The Trustee and Paying Agent shall not be liable for interest on any money received by either of them, except as the Trustee and Paying Agent may agree in writing with the Company.  Money held in trust by the Trustee need not be segregated from other funds except to the extent required by the law.

 

(g)           The Paying Agent, the Registrar and any authenticating agent shall be entitled to the protections, immunities and standard of care set forth in paragraphs (a), (b), (c), (d) and (f) of this Section 7.1 and in Section 7.2 with respect to the Trustee.

 

7.2.                            RIGHTS OF TRUSTEE.

 

(a)           Subject to Section 7.1:

 

(1)           The Trustee may rely on, and shall be protected in acting or refraining from acting upon, any document reasonably believed by it to be genuine and to have been signed or presented by the proper Person.  The Trustee need not investigate any fact or matter stated in the document.

 

(2)           Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel, or both, which shall conform to the provisions of Section 10.5.  The Trustee shall be protected and shall not be liable for any action it takes or omits to take in good faith in reliance on such certificate or opinion.

 

(3)           The Trustee may act through agents and attorneys, and shall not be responsible for the misconduct or negligence of any agent appointed by it with due care.

 

(4)           The Trustee shall not be liable for any action it takes or omits to take in good faith which it reasonably believes to be authorized or within its rights or powers.

 

(5)           The Trustee may consult with counsel reasonably acceptable to the Trustee, which may be counsel to the Company, and the advice or opinion of such counsel as to matters of law shall be full and complete authorization and protection from liability in respect of any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel.

 

(6)           The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order or direction of any of the Holders pursuant to the provisions of this Indenture, unless such Holders shall have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities which may be incurred therein or thereby.

 

(7)           The Trustee shall not be deemed to have knowledge of any fact or matter (including, without limitation, a Default or Event of Default) unless such fact or matter is known to a Responsible Officer of the Trustee.

 

(8)           Unless otherwise expressly provided herein or in the Securities of a Series or the related Board Resolution, supplemental indenture or Officers’ Certificate, the Trustee shall not have any responsibility with respect to reports, notices, certificates or other documents filed with it hereunder, except to make them available for inspection, at reasonable times, by Securityholders, it being understood that delivery of such reports, information and documents to the Trustee is for informational purposes only and 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 (except as set forth in Section 4.4).

 

7.3.                            INDIVIDUAL RIGHTS OF TRUSTEE.

 

The Trustee in its individual or any other capacity may become the owner or pledgee of Securities, and may make loans to, accept deposits from, perform services for or otherwise deal with the Company, or any Affiliate

 

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thereof, with the same rights it would have if it were not Trustee.  Any Agent may do the same with like rights.  The Trustee, however, shall be subject to Sections 7.10 and 7.11.

 

7.4.                            TRUSTEE’S DISCLAIMER.

 

The Trustee makes no representation as to the validity or adequacy of this Indenture or the Securities (except that the Trustee represents that it is duly authorized to execute and deliver this Indenture and authenticate the Securities and perform its obligations hereunder), and the Trustee shall not be accountable for the Company’s use of the proceeds from the sale of Securities or any money paid to the Company pursuant to the terms of this Indenture, and the Trustee shall not be responsible for any statement in the Securities other than its certificates of authentication.

 

7.5.                            NOTICE OF DEFAULT.

 

If a Default or an Event of Default occurs and is continuing with respect to the Securities of any Series, and if it is known to the Trustee, the Trustee shall mail to each Securityholder of the Securities of that Series notice of the Default or the Event of Default, as the case may be, within 90 days after it occurs or, if later, after a Responsible Officer of the Trustee has knowledge of such Default or Event of Default (except if such Default or Event of Default has been validly cured or waived before the giving of such notice).  Except in the case of a Default or an Event of Default in payment of the principal of, or interest or premium, if any, on, any Security of any Series, the Trustee may withhold the notice if and so long as the Board of Directors of the Trustee, the executive committee or any trust committee of such board and/or its Responsible Officers in good faith determine(s) that withholding the notice is in the interests of the Securityholders of that Series.

 

7.6.                            REPORTS BY TRUSTEE TO HOLDERS.

 

If and to the extent required by the TIA, within 60 days after April 1 of each year, commencing the April 1 following the date of this Indenture, the Trustee shall mail to each Securityholder a brief report dated as of such April 1 that complies with TIA Section 313(a).  The Trustee also shall comply with TIA Sections 313(b) and 313(c).

 

A copy of each report at the time of its mailing to Securityholders shall be filed with the SEC and any stock exchange on which the Securities of that Series are listed.  The Company shall promptly notify the Trustee when the Securities of any Series are listed on any stock exchange or any delisting thereof, and the Trustee shall comply with TIA Section 313(d).

 

7.7.                            COMPENSATION AND INDEMNITY.

 

The Company shall pay to the Trustee from time to time reasonable compensation for its services.  The Trustee’s compensation shall not be limited by any provision of law on compensation of a trustee of an express trust.  The Company shall reimburse the Trustee within 45 days after receipt of request for all reasonable out-of-pocket disbursements and expenses incurred or made by it in connection with its duties under this Indenture, including the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel.

 

The Company shall indemnify the Trustee for, and hold it harmless against, any and all loss or liability incurred by it in connection with the acceptance or performance of its duties under this Indenture including the reasonable costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder.  The Trustee shall notify the Company promptly of any claim asserted against the Trustee for which it may seek indemnity.

 

The failure by the Trustee to so notify the Company shall not however relieve the Company of its obligations.  Notwithstanding the foregoing, the Company need not reimburse the Trustee for any expense or indemnify it against any loss or liability incurred by the Trustee through its negligence or bad faith.  To secure the payment obligations of the Company in this Section 7.7, the Trustee shall have a lien prior to the Securities of any Series on all money or property held or collected by the Trustee except such money or property held in trust to pay the principal of, interest and premium, if any, on particular Securities of that Series.

 

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When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.1(4) or (5) occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law.

 

For purposes of this Section 7.7, the term “Trustee” shall include any trustee appointed pursuant to this Article 7.

 

7.8.                            REPLACEMENT OF TRUSTEE.

 

The Trustee may resign with respect to the Securities of one or more Series by so notifying the Company in writing at least 90 days in advance of such resignation.

 

The Holders of a majority in principal amount of the outstanding Securities of any Series may remove the Trustee with respect to that Series by notifying the removed Trustee in writing and may appoint a successor Trustee with respect to that Series with the consent of the Company, which consent shall not be unreasonably withheld.  The Company may remove the Trustee with respect to that Series at its election if:

 

(1)           the Trustee fails to comply with, or ceases to be eligible under, Section 7.10;

 

(2)           the Trustee is adjudged a bankrupt or an insolvent, or an order for relief is entered with respect to the Trustee, under any Bankruptcy Law;

 

(3)           a Custodian or other public officer takes charge of the Trustee or its property; or

 

(4)           the Trustee otherwise becomes incapable of acting.

 

(5)           If the Trustee resigns or is removed, or if a vacancy exists in the office of Trustee, with respect to any Series of Securities for any reason, the Company shall promptly appoint, by Board Resolution, a successor Trustee.

 

If a successor Trustee with respect to the Securities of one or more Series does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of at least 10% in principal amount of the outstanding Securities of the applicable Series may petition any court of competent jurisdiction for the appointment of a successor Trustee.

 

If the Trustee with respect to the Securities of one or more Series fails to comply with Section 7.10, any Securityholder of the applicable Series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.

 

A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company.  Immediately following such delivery, (i) the retiring Trustee with respect to one or more Series shall, subject to its rights under Section 7.7, transfer all property held by it as Trustee with respect to such Series to the successor Trustee, (ii) the resignation or removal of the retiring Trustee shall become effective and (iii) the successor Trustee with respect to such Series shall have all the rights, powers and duties of the Trustee under this Indenture.  A successor Trustee with respect to the Securities of one or more Series shall mail notice of its succession to each Securityholder of such Series.

 

7.9.                            SUCCESSOR TRUSTEE BY CONSOLIDATION, MERGER OR CONVERSION.

 

If the Trustee, or any Agent, consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust assets to, another corporation, subject to Section 7.10, the successor corporation without any further act shall be the successor Trustee or Agent, as the case may be.

 

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7.10.                     ELIGIBILITY; DISQUALIFICATION.

 

This Indenture shall always have a Trustee who satisfies the requirements of TIA Sections 310(a)(1), (2) and (5) in every respect.  The Trustee (or in the case of a Trustee that is a Person included in a bank holding company system, the related bank holding company) shall have a combined capital and surplus of at least $100,000,000 as set forth in its most recent published annual report of condition.  The Trustee shall comply with TIA Section 310(b), including the provision in Section 310(b)(1).  In addition, if the Trustee is a Person included in a bank holding company system, the Trustee, independently of such bank holding company, shall meet the capital requirements of TIA Section 310(a)(2).  If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 7.10, it shall resign immediately in the manner and with the effect specified in this Article 7.

 

7.11.                     PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY.

 

The Trustee shall comply with TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b).  A Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated therein.

 

7.12.                     PAYING AGENTS.

 

The Company shall cause each Paying Agent other than the Trustee to execute and deliver to it and the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section 7.12:

 

(1)           that it will hold all sums held by it as agent for the payment of the principal of, or interest or premium, if any, on, the Securities (whether such sums have been paid to it by the Company or by any obligor on the Securities) in trust for the benefit of Holders of the Securities or the Trustee;

 

(2)           that it will at any time during the continuance of any Event of Default, upon written request from the Trustee, deliver to the Trustee all sums so held in trust by it together with a full accounting thereof; and

 

(3)           that it will give the Trustee written notice within three Business Days after any failure of the Company (or by any obligor on the Securities) in the payment of any installment of the principal of, or interest or premium, if any, on, the Securities when the same shall be due and payable.

 

ARTICLE 8

 

AMENDMENTS, SUPPLEMENTS AND WAIVERS

 

8.1.                            WITHOUT CONSENT OF HOLDERS.

 

Unless otherwise indicated for a particular Series by Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, the Company, when authorized by a Board Resolution, and the Trustee may amend or supplement this Indenture or the Securities of one or more Series without notice to or consent of any Securityholder:

 

(1)           to comply with Section 5.1;

 

(2)           to provide for certificated Securities in addition to uncertificated Securities;

 

(3)           to comply with any requirements of the SEC under the TIA;

 

(4)           to cure any ambiguity, defect or inconsistency, or to make any other change herein or in the Securities that does not materially and adversely affect the rights of any Securityholder;

 

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(5)           to provide for the issuance of, and establish the form and terms and conditions of, Securities of any Series (including additional Securities of such Series), in each case, as permitted by this Indenture;

 

(6)           to evidence and provide for the acceptance of appointment hereunder by a 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; or

 

(7)           to add a guarantor or to release a guarantor or release collateral in each case in accordance with this Indenture, or to add additional assets as collateral.

 

The Trustee is hereby authorized to join with the Company in the execution of any supplemental indenture authorized or permitted by the terms of this Indenture, and to make any further appropriate agreements and stipulations which may be therein contained, but the Trustee shall not be obligated to enter into any such supplemental indenture which adversely affects its own rights, duties or immunities under this Indenture.

 

8.2.                            WITH CONSENT OF HOLDERS.

 

(a)           The Company, when authorized by a Board Resolution, and the Trustee may amend or supplement this Indenture or the Securities of one or more Series with the written consent of the Holders of not less than a majority in aggregate principal amount of the outstanding Securities of such Series affected by such amendment or supplement without notice to any Securityholder.  The Holders of not less than a majority in aggregate principal amount of the outstanding Securities of each such Series affected by such amendment or supplement may waive compliance by the Company in a particular instance with any provision of this Indenture or the Securities of such Series without notice to any Securityholder.  Unless otherwise indicated for a particular Series by Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, subject to Section 8.4, without the consent of each Securityholder affected, however, an amendment, supplement or waiver may not:

 

(1)           reduce the amount of Securities whose Holders must consent to an amendment, supplement or waiver to this Indenture or the Securities;

 

(2)           reduce the rate of, or change the time for payment of, interest on any Security;

 

(3)           reduce the principal, or change the Stated Maturity, of any Security, or reduce the amount of, or postpone the date fixed for, the payment of any sinking fund or analogous obligation;

 

(4)           make any Security payable in money other than that stated in the Security;

 

(5)           change the amount or time of any payment required by the Securities, or reduce the premium payable upon any redemption of the Securities, or change the time before which no such redemption may be made;

 

(6)           waive a Default or Event of Default in the payment of the principal of, or interest or premium, if any, on, any Security (except a rescission of acceleration of the Securities of any Series by the Holders of at least a majority in principal amount of the outstanding Securities of such Series and a waiver of the payment default that resulted from such acceleration);

 

(7)           waive a redemption payment with respect to any Security, or change any of the provisions with respect to the redemption of any Securities;

 

(8)           make any changes in Section 6.6 or this Section 8.2, except to increase any percentage of Securities the Holders of which must consent to any matter; or

 

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(9)           take any other action otherwise prohibited by this Indenture to be taken without the consent of each Holder affected thereby.

 

(b)           Upon the request of the Company, accompanied by a Board Resolution authorizing the execution of any such supplemental indenture, and upon the receipt by the Trustee of evidence reasonably satisfactory to the Trustee of the consent of the Securityholders as aforesaid and of the documents described in Section 8.6, the Trustee shall join with the Company in the execution of such supplemental indenture, unless such supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such supplemental indenture.

 

(c)           It shall not be necessary for the consent of the Holders under this section to approve the particular form of any proposed amendment, supplement or waiver, but it shall be sufficient if such consent approves the substance thereof.

 

After an amendment or supplement under this Section becomes effective, the Company shall mail to Securityholders a notice briefly describing the amendment or supplement.  Any failure of the Company to mail any such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any supplemental indenture.

 

8.3.                            COMPLIANCE WITH TRUST INDENTURE ACT.

 

Every amendment to, or supplement of, this Indenture or the Securities shall comply with the TIA as then in effect.

 

8.4.                            REVOCATION AND EFFECT OF CONSENTS.

 

Until an amendment, supplement, waiver or other action becomes effective, a consent to it by a Holder of a Security is a continuing consent conclusive and binding upon such Holder and every subsequent Holder of the same Security or portion thereof, and of any Security issued upon the transfer thereof or in exchange therefor or in place thereof, even if notation of the consent is not made on any such Security.  Any such Holder or subsequent Holder, however, may revoke the consent as to his Security or portion of a Security, if the Trustee receives the notice of revocation before the date the amendment, supplement, waiver or other action becomes effective.

 

The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to consent to any amendment, supplement or waiver, which record date shall be at least 15 days prior to the first solicitation of such consent.  If a record date is fixed, then, notwithstanding the preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only such Persons, shall be entitled to consent to such amendment, supplement or waiver, or to revoke any consent previously given, whether or not such Persons continue to be Holders after such record date.

 

After an amendment, supplement, waiver or other action becomes effective, it shall bind every Securityholder, unless it makes a change described in any of clauses (1) through (9) of Section 8.2.  In that case, the amendment, supplement, waiver or other action shall bind each Holder of a Security who has consented to it and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security; PROVIDED, that any such waiver shall not impair or affect the right of any Holder to receive payment of the principal of, and interest and premium, if any, on, a Security, on or after the respective due dates expressed in such Security, or to bring suit for the enforcement of any such payment on or after such respective dates without the consent of such Holder.

 

8.5.                            NOTATION ON OR EXCHANGE OF SECURITIES.

 

If an amendment, supplement or waiver changes the terms of a Security of any Series, the Trustee may request the Holder of such Security to deliver it to the Trustee.  In such case, the Trustee shall place an appropriate notation on such Security about the changed terms and return it to the Holder.  Alternatively, the Company, in exchange for such Security, may issue, and the Trustee shall authenticate, a new security that reflects the changed

 

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terms.  Failure to make the appropriate notation or issue a new Security shall not affect the validity and effect of such amendment, supplement or waiver.

 

8.6.                            TRUSTEE TO SIGN AMENDMENTS, ETC.

 

The Trustee shall sign any amendment, supplement or waiver authorized pursuant to this Article 8 if the amendment, supplement or waiver does not adversely affect the rights, duties, liabilities or immunities of the Trustee.  If it does, the Trustee may, but need not, sign it.  In signing or refusing to sign such amendment, supplement or waiver the Trustee shall be entitled to receive and, subject to Section 7.1, shall be fully protected in relying upon an Officers’ Certificate and an Opinion of Counsel stating that such amendment, supplement or waiver is authorized or permitted by this Indenture.  The Company may not sign an amendment or supplement until the Board of Directors of the Company approves it.

 

ARTICLE 9

 

DISCHARGE OF INDENTURE; DEFEASANCE

 

9.1.                            DISCHARGE OF INDENTURE.

 

The Company may discharge its obligations under the Securities of any Series and this Indenture with respect to such Series, except the obligations referred to in the last paragraph of this Section 9.1, if:

 

(a)           Either (1) there shall have been canceled by the Trustee, or delivered to the Trustee for cancellation, all Securities of such Series theretofore authenticated and delivered (other than any Securities of such Series that are asserted to have been destroyed, lost or stolen and that shall have been replaced as provided in Section 2.8) or (2) all such Securities not theretofore delivered to the Trustee for cancellation (A) have become due and payable or (B) will become due and payable within one year or are to be called for redemption within one year under irrevocable arrangements for the giving of notice of redemption by the Trustee;

 

(b)           the Company has irrevocably deposited or caused to be deposited with the Trustee funds in an amount sufficient to pay and discharge the entire indebtedness on the Securities not theretofore delivered to the Trustee for cancellation, for principal, premium, if any, and interest to the Maturity or date of redemption;

 

(c)           the Company has paid all other sums payable by it hereunder or deposited all other required sums with the Trustee; and

 

(d)           the deposit will not result in a breach or violation of, or constitute a default under, any other instrument or agreement to which the Company is a party or to which it is bound.

 

After such delivery the Trustee upon request shall acknowledge in a writing prepared by or on behalf of the Company the discharge of the Company’s obligations under the Securities of such Series and this Indenture, except for those surviving obligations specified below.  Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company in Sections 7.7, 9.5 and 9.6 shall survive.

 

9.2.                            LEGAL DEFEASANCE.

 

The Company may at its option, by Board Resolution, be discharged from its obligations with respect to the Securities of any Series on the date upon which the conditions set forth in Section 9.4 below are satisfied (hereinafter, “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 Securities of such Series and to have satisfied all 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, subject to Section 9.6, execute proper instruments acknowledging the same, as are delivered to it by the Company), except for the following, which shall survive until otherwise terminated or discharged hereunder: (A) the rights of Holders of outstanding Securities of such Series to receive solely from the trust funds described in Section 9.4 and as more fully set forth in such section, payments in

 

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respect of the principal of, and interest and premium, if any, on, the Securities of such Series when such payments are due, (B) the Company’s obligations with respect to the Securities of such Series under Sections 2.4, 2.5, 2.6, 2.7, 2.8 and 2.9, (C) the rights, powers, trusts, duties and immunities of the Trustee hereunder (including claims of, or payments to, the Trustee under or pursuant to Section 7.7) and (D) this Article 9.  Subject to compliance with this Article 9, the Company may exercise its option under this Section 9.2 with respect to the Securities of any Series notwithstanding the prior exercise of its option under Section 9.3 below with respect to the Securities of such Series.

 

9.3.                            COVENANT DEFEASANCE.

 

At the option of the Company, pursuant to a Board Resolution, the Company shall be released from its obligations with respect to the outstanding Securities of any Series under Sections 4.2 through 4.5, inclusive, and Section 5.1, with respect to the outstanding Securities of such Series, on and after the date the conditions set forth in Section 9.4 are satisfied (hereinafter, “Covenant Defeasance”).  For this purpose, such Covenant Defeasance means that the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such specified section or portion thereof, whether directly or indirectly by reason of any reference elsewhere herein to any such specified Section or portion thereof or by reason of any reference in any such specified section or portion thereof to any other provision herein or in any other document, but the remainder of this Indenture and the Securities of any Series shall be unaffected thereby.

 

9.4.                            CONDITIONS TO LEGAL DEFEASANCE OR COVENANT DEFEASANCE.

 

The following shall be the conditions to application of Section 9.2 or Section 9.3 to the outstanding Securities of a Series:

 

(1)           the Company shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee satisfying the requirements of Section 7.10 who shall agree to comply with the provisions of this Article 9 applicable to it) as 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 the Securities, (A) money in an amount, or (B) U.S. Government Obligations or Foreign Government Obligations which through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, not later than the due date of any payment, money in an amount, or (C) a combination thereof, sufficient to pay and discharge, and which shall be applied by the Trustee (or other qualifying trustee) to pay and discharge, the principal of, and accrued interest and premium, if any, on, the outstanding Securities of such Series at the Stated Maturity of such principal, interest or premium, if any, or on dates for payment and redemption of such principal, interest and premium, if any, selected in accordance with the terms of this Indenture and of the Securities of such Series;

 

(2)           no Event of Default or Default with respect to the Securities of such Series shall have occurred and be continuing on the date of such deposit, or shall have occurred and be continuing at the time of such deposit after giving effect thereto;

 

(3)           such Legal Defeasance or Covenant Defeasance shall not cause the Trustee to have a conflicting interest for purposes of the TIA with respect to any securities of the Company;

 

(4)           such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute default under, any other agreement or instrument to which the Company is a party or by which it is bound;

 

(5)           in the case of an election under Section 9.2, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling to the effect that or (ii) there has been a change in any applicable Federal income tax law with the effect that, and such opinion shall confirm that, the Holders of the outstanding Securities of such Series or Persons in their positions will not recognize income, gain or loss for Federal income tax purposes solely as a result of such Legal Defeasance and will be subject to Federal income tax on the same amounts, in the same manner, including as a result of prepayment, and at the same times as would have been the case if such Legal Defeasance had not occurred;

 

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(6)           in the case of an election under Section 9.3, 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 will not recognize income, gain or loss for Federal income tax purposes as a result of such Covenant Defeasance, 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 Covenant Defeasance had not occurred;

 

(7)           the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for in this Article 9 relating to either the Legal Defeasance under Section 9.2 or the Covenant Defeasance under Section 9.3 (as the case may be) have been complied with;

 

(8)           the Company shall have delivered to the Trustee an Officers’ Certificate stating that the deposit under clause (1) was not made by the Company with the intent of defeating, hindering, delaying or defrauding any creditors of the Company or others; and

 

(9)           the Company shall have paid, or duly provided for payment under terms mutually satisfactory to the Company and the Trustee, all amounts then due to the Trustee pursuant to Section 7.7.

 

9.5.                            DEPOSITED MONEY AND U.S. AND FOREIGN GOVERNMENT OBLIGATIONS TO BE HELD IN TRUST; OTHER MISCELLANEOUS PROVISIONS.

 

All money, U.S. Government Obligations and Foreign Government Obligations (including the proceeds thereof) deposited with the Trustee pursuant to Section 9.4 in respect of the outstanding Securities shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment, either directly or through any 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, accrued interest and premium, if any, but such money need not be segregated from other funds except to the extent required by law.

 

The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations and Foreign Government Obligations deposited pursuant to Section 9.4 or the principal, interest and premium, if any, received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Securities.

 

Anything in this Article 9 to the contrary notwithstanding, but subject to payment of any of its outstanding fees and expenses, the Trustee shall deliver or pay to the Company from time to time upon Company Request any money, U.S. Government Obligations or Foreign Government Obligations held by the Trustee as provided in Section 9.4 which are in excess of the amount thereof which would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

 

9.6.                            REINSTATEMENT.

 

If the Trustee or Paying Agent is unable to apply any money, U.S. Government Obligations or Foreign Government Obligations in accordance with Section 9.1, 9.2, 9.3 or 9.4 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s obligations under this Indenture and the Securities shall be revived and reinstated as though no deposit had occurred pursuant to this Article 9 until such time as the Trustee or Paying Agent is permitted to apply all such money, U.S. Government Obligations or Foreign Government Obligations, as the case may be, in accordance with Section 9.1, 9.2, 9.3 or 9.4; PROVIDED, HOWEVER, that if the Company has made any payment of principal of, or accrued interest or premium, if any, on, any Securities because of 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, U.S. Government Obligations or Foreign Government Obligations held by the Trustee or Paying Agent.

 

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9.7.                            MONEYS HELD BY PAYING AGENT.

 

In connection with the satisfaction and discharge of this Indenture, all moneys then held by any Paying Agent under the provisions of this Indenture shall, upon demand of the Company, be paid to the Trustee, or, if sufficient moneys have been deposited pursuant to Section 9.1, to the Company, and thereupon such Paying Agent shall be released from all further liability with respect to such moneys.

 

9.8.                            MONEYS HELD BY TRUSTEE.

 

Any moneys deposited with the Trustee or any Paying Agent or then held by the Company in trust for the payment of the principal of, or interest or premium, if any, on, any Security that are not applied but remain unclaimed by the Holder of such Security for two years after the date upon which the principal of, or interest or premium, if any, on, such Security shall have respectively become due and payable shall be repaid to the Company upon Company Request, or if such moneys are then held by the Company in trust, such moneys shall be released from such trust; and the Holder of such Security entitled to receive such payment shall thereafter, as an unsecured general creditor, look only to the Company for the payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money shall thereupon cease; PROVIDED, HOWEVER, that the Trustee or any such Paying Agent, before being required to make any such repayment, may, at the expense of the Company, either mail to each Securityholder affected, at the address shown in the register of the Securities maintained by the Registrar, or cause to be published once a week for two successive weeks, in a newspaper published in the English language, customarily published each Business Day and of general circulation in the City of New York, New York, a notice 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 or publication, any unclaimed balance of such moneys then remaining will be repaid to the Company.  After payment to the Company or the release of any money held in trust by the Company, Securityholders entitled to the money must look only to the Company for payment as general creditors, unless applicable abandoned property law designates another Person.

 

ARTICLE 10

 

MISCELLANEOUS

 

10.1.                     TRUST INDENTURE ACT CONTROLS.

 

If any provision of this Indenture limits, qualifies or conflicts with another provision which is required to be included in this Indenture by the TIA, the required provision shall control.  If any provision of this Indenture modifies or excludes any provision of the TIA which may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as so modified or to be excluded, as the case may be.

 

10.2.                     NOTICES.

 

Any notice or communication shall be given in writing and delivered in Person, sent by facsimile (and receipt confirmed by telephone or electronic transmission report), delivered by commercial courier service or mailed by first-class mail, postage prepaid, addressed as follows:

 

If to the Company:

 

Amicus Therapeutics, Inc.
 1 Cedar Brook Drive
 Cranbury, New Jersey 08512
 Fax: (609) 662-2001
 Attention: Chief Financial Officer

 

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Copy to:

 

Pepper Hamilton LLP
 400 Berwyn Park
 899 Cassatt Road
 Berwyn, PA 19312-1183
 Fax: 215-827-5746
 Attention: Scott R. Jones, Esq.

 

If to the Trustee:

 

 

The Company or the Trustee by written notice to the other may designate additional or different addresses for subsequent notices or communications.  Any notice or communication to the Company or the Trustee shall be deemed to have been given or made as of the date so delivered if personally delivered; when receipt is confirmed by telephone or electronic transmission report, if sent by facsimile; and three Business Days after mailing if sent by registered or certified mail, postage prepaid (except that a notice of change of address shall not be deemed to have been given until actually received by the addressee).

 

Any notice or communication mailed to a Securityholder shall be mailed to such Securityholder by first-class mail, postage prepaid, at such Securityholder’s address shown on the register kept by the Registrar.

 

Failure to mail, or any defect in, a notice or communication to a Securityholder shall not affect its sufficiency with respect to other Securityholders.  If a notice or communication to a Securityholder is mailed in the manner provided above, it shall be deemed duly given, three Business Days after such mailing, whether or not the addressee receives it.

 

In case by reason of the suspension of regular mail service, or by reason of any other cause, it shall be impossible to mail any notice as required by this Indenture, then such method of notification as shall be made with the approval of the Trustee shall constitute a sufficient mailing of such notice.

 

In the case of Global Securities, notices or communications to be given to Securityholders shall be given to the Depository, in accordance with its applicable policies as in effect from time to time.

 

In addition to the manner provided for in the foregoing provisions, notices or communications to Securityholders shall be given by the Company by release made to Reuters Economic Services and Bloomberg Business News.

 

10.3.                     COMMUNICATIONS BY HOLDERS WITH OTHER HOLDERS.

 

Securityholders of any Series may communicate pursuant to TIA Section 312(b) with other Securityholders of that Series or any other Series with respect to their rights under this Indenture or the Securities of that Series or any other Series.  The Company, the Trustee, the Registrar and any other Person shall have the protection of TIA Section 312(c).

 

10.4.                     CERTIFICATE AND OPINION AS TO CONDITIONS PRECEDENT.

 

Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee:

 

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(1)           an Officers’ Certificate (which shall include the statements set forth in Section 10.5 below) stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and

 

(2)           an Opinion of Counsel (which shall include the statements set forth in Section 10.5 below) stating that, in the opinion of such counsel, all such conditions precedent have been complied with.

 

10.5.                     STATEMENT REQUIRED IN CERTIFICATE AND OPINION.

 

Each certificate and opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than pursuant to Section 4.4) shall include:

 

(1)           a statement that the Person making such certificate or opinion has read such covenant or condition;

 

(2)           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;

 

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

 

(4)           a statement as to whether or not, in the opinion of such Person, such covenant or condition has been complied with.

 

10.6.                     RULES BY TRUSTEE AND AGENTS.

 

The Trustee may make reasonable rules for action by or at meetings of Securityholders.  The Registrar and Paying Agent may make reasonable rules for their functions.

 

10.7.                     BUSINESS DAYS; LEGAL HOLIDAYS; PLACE OF PAYMENT.

 

A “Business Day” is a day that is not a Legal Holiday.  A “Legal Holiday” is a Saturday, a Sunday, a federally-recognized holiday or a day on which banking institutions are not authorized or required by law, regulation or executive order to be open in the State of New York.

 

If a payment date is a Legal Holiday at a Place of Payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period.  “Place of Payment” means the place or places where the principal of, and interest and premium, if any, on, the Securities of a Series are payable as specified as contemplated by Section 2.2.  If the regular record date is a Legal Holiday, the record date shall not be affected.

 

10.8.                     GOVERNING LAW.

 

THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW.

 

10.9.                     NO ADVERSE INTERPRETATION OF OTHER AGREEMENTS.

 

This Indenture may not be used to interpret another indenture, loan, security or debt agreement of the Company or any Subsidiary thereof.  No such indenture, loan, security or debt agreement may be used to interpret this Indenture.

 

33

 

A director, officer, employee, stockholder or incorporator, as such, of the Company shall not have any liability for any obligations of the Company under the Securities or the Indenture.  Each Securityholder by accepting a Security waives and releases all such liability.  Such waiver and release are part of the consideration for the issuance of the Securities.

 

10.10.              SUCCESSORS.

 

All covenants and agreements of the Company in this Indenture and the Securities shall bind the Company’s successors and assigns, whether so expressed or not.  All agreements of the Trustee, any additional trustee and any Paying Agents in this Indenture shall bind their respective successors and assigns.

 

10.11.              MULTIPLE COUNTERPARTS.

 

The parties may sign multiple counterparts of this Indenture.  Each signed counterpart shall be deemed an original, but all of them together represent one and the same agreement.

 

10.12.              TABLE OF CONTENTS, HEADINGS, ETC.

 

The table of contents, cross-reference sheet and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.

 

10.13.              SEVERABILITY.

 

Each provision of this Indenture shall be considered separable, and if for any reason any provision which is not essential to the effectuation of the basic purpose of this Indenture or 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, and a Holder shall have no claim therefor against any party hereto.

 

10.14.              SECURITIES IN A FOREIGN CURRENCY OR IN EUROS.

 

Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate delivered pursuant to Section 2.2 with respect to a particular Series of Securities, whenever for purposes of this Indenture any action may be taken by the Holders of a specified percentage in aggregate principal amount of Securities of all Series or all Series affected by a particular action at the time outstanding and, at such time, there are outstanding Securities of any Series which are denominated in a coin or currency other than Dollars (including Euros), then the principal amount of Securities of such Series which shall be deemed to be outstanding for the purpose of taking such action shall be that amount of Dollars that could be obtained for such amount at the Market Exchange Rate at such time.  For purposes of this Section 10.15, “Market Exchange Rate” shall mean the noon Dollar buying rate in New York City for cable transfers of that currency as published by the Federal Reserve Bank of New York; PROVIDED, HOWEVER, in the case of Euros, Market Exchange Rate shall mean the rate of exchange determined by the Commission of the European Union (or any successor thereto) as published in the Official Journal of the European Union (such publication or any successor publication, the “Journal”).  If such Market Exchange Rate is not available for any reason with respect to such currency, the Trustee shall use, in its sole discretion and without liability on its part, such quotation of the Federal Reserve Bank of New York or, in the case of Euros, the rate of exchange as published in the Journal, as of the most recent available date, or quotations or, in the case of Euros, rates of exchange from one or more major banks in New York City or in the country of issue of the currency in question or, in the case of Euros, in Luxembourg or such other quotations or, in the case of Euros, rates of exchange as the Trustee, upon consultation with the Company, shall deem appropriate.  The provisions of this paragraph shall apply in determining the equivalent principal amount in respect of Securities of a Series denominated in currency other than Dollars in connection with any action taken by Holders of Securities pursuant to the terms of this Indenture.

 

All decisions and determinations of the Trustee regarding the Market Exchange Rate or any alternative determination provided for in the preceding paragraph shall be in the Trustee’s sole discretion, and shall, in the

 

34

 

absence of manifest error, be conclusive to the extent permitted by law for all purposes and irrevocably binding upon the Company and all Holders.

 

10.15.              JUDGMENT CURRENCY.

 

The Company agrees, to the fullest extent that it may effectively do so under applicable law, that (a) if for the purpose of obtaining judgment in any court it is necessary to convert the sum due in respect of the principal of, or interest or premium, if any, or other amount on, the Securities of any Series (the “Required Currency”) into a currency in which a judgment will be rendered (the “Judgment Currency”), the rate of exchange used shall be the rate at which, in accordance with normal banking procedures, the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the day on which final unappealable judgment is entered, unless such day is not a Business Day, in which instance, the rate of exchange used shall be the rate at which, in accordance with normal banking procedures, the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the Business Day preceding the day on which final unappealable judgment is entered and (b) its obligations under this Indenture to make payments in the Required Currency (i) shall not be discharged or satisfied by any tender or any recovery pursuant to any judgment (whether or not entered in accordance with subsection (a)) in any currency other than the Required Currency, except to the extent that such tender or recovery shall result in the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of action for the purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable and (iii) shall not be affected by judgment being obtained for any other sum due under this Indenture.

 

IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed, and their respective corporate seals to be hereunto affixed and attested, all as of the day and year first above written.

 

	
 
    	
AMICUS THERAPEUTICS, INC.
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    
	
 
    	
[Name of Trustee]
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    

 

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