Document:

EXHIBIT
10.1

SUBSCRIPTION
AGREEMENT

May 3, 2006

Wave Systems Corp.

480 Pleasant Street

Lee, MA 01238

The undersigned (the “Investor”)
hereby confirms its agreement with you as follows:

1.             This Subscription Agreement (this “Agreement”) is
made as of the date set forth below between Wave Systems Corp., a Delaware
corporation (the “Company”), and the Investor.

2.             The Company has authorized the sale and issuance to
certain investors of up to 6,037,500 shares of Class A Common Stock (the “Total
Shares”), par value $0.01 per share (the “Common Stock”), subject to
adjustment by the Company’s Board of Directors, for a purchase price of $.80
per share (the “Purchase Price”).

3.             The offering and sale of the Total Shares (the “Offering”)
are being made pursuant to the Company’s registration statement including a
base prospectus (the “U.S. Base Prospectus”) on Form S-3
(Registration No. 333-130409) filed with the United States
Securities and Exchange Commission (the “Commission”) (which, together
with all amendments or supplements thereto is referred to herein as the “Registration Statement”) and a
Prospectus Supplement containing certain supplemental information regarding the
Total Shares and terms of the Offering that will be filed with the Commission
(the “Prospectus Supplement”).

4.             The Company and the Investor agree that the Investor
will purchase from the Company and the Company will issue and sell to the
Investor that portion of the Total Shares set forth below (the “Shares”)
for the aggregate purchase price set forth below. The Shares shall be purchased
pursuant to the Terms and Conditions for Purchase of Shares attached hereto as Annex
I and incorporated herein by this reference as if fully set forth herein.

5.             [THE INVESTOR MUST INITIAL EITHER A OR B BELOW]

(A) 
Delivery by electronic book-entry at The Depository Trust Company (“DTC”),
registered in the Investor’s name and address as set forth below, and released
by American Stock Transfer Corporation, the Company’s transfer agent (the “Transfer
Agent”), to the Investor at the Closing.

[_____]

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NO LATER THAN TWO (2) BUSINESS
DAYS AFTER THE EXECUTION OF THIS AGREEMENT BY THE INVESTOR AND THE COMPANY, THE
INVESTOR SHALL EITHER :

(I)            direct the broker-dealer at which
the account or accounts to be credited with the Shares are maintained (THE “BROKER”)
to set up a Deposit/Withdrawal at Custodian (“DWAC”) instructing the
Transfer Agent to credit such account or accounts with the Shares, AND

(II)           IN ACCORDANCE WITH SECTION 3.3
of the terms and conditions attached hereto as annex I, remit by wire transfer
the amount of funds equal to the aggregate purchase price for the shares being
purchased by the Investor to the following account:

Wire info for:        Wave Systems Corp
                                480
Pleasant Street
                                Lee, MA
01238

Account:                    [     
            ]

Bank ABA/Routing  [                ]

US Govt MM Fund: [                  ]

Contact: [                   ]

International
Transactions:  Use Swift #   [          
]

OR (B)

[_____]

Delivery versus payment (“DVP”)
through DTC (i.e., the Company shall deliver Shares registered in the Investor’s
name and address as set forth below and released by the Transfer Agent to the
Investor at the Closing directly to the account(s) at the Broker
identified by the Investor through DTC and simultaneously therewith payment
shall be made from such account(s) by the Broker to the Company).

NO LATER THAN TWO (2) BUSINESS
DAYS AFTER THE EXECUTION OF THIS AGREEMENT BY THE INVESTOR AND THE COMPANY, THE
INVESTOR SHALL EITHER :

(I)            NOTIFY THE COMPANY OF THE ACCOUNT OR
ACCOUNTS AT THE BROKER TO BE CREDITED WITH THE SHARES BEING PURCHASED BY SUCH
INVESTOR,

(II)           CONFIRM FOR THE COMPANY THAT THE
ACCOUNT OR ACCOUNTS AT THE BROKER TO BE CREDITED WITH THE SHARES BEING
PURCHASED BY THE 

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INVESTOR HAVE A MINIMUM
BALANCE EQUAL TO THE AGGREGATE PURCHASE PRICE FOR THE SHARES BEING PURCHASED BY
THE INVESTOR, AND

(III)         AUTHORIZE AND INSTRUCT THE BROKER TO
DEBIT THE ACCOUNT OR ACCOUNTS AT THE BROKER WITH THE AGGREGATE PURCHASE PRICE
OF THE SHARES BEING PURCHASED BY THE INVESTOR AND TO DELIVER SUCH AMOUNT TO THE
COMPANY IN ACCORDANCE WITH THE WIRE TRANSFER INSTRUCTIONS ABOVE.

IT IS THE INVESTOR’S
RESPONSIBILITY TO (A) MAKE THE NECESSARY WIRE TRANSFER OR CONFIRM THE
PROPER ACCOUNT BALANCE IN A TIMELY MANNER AND (B) ARRANGE FOR SETTLEMENT
BY WAY OF DWAC OR DVP IN A TIMELY MANNER (AND IN A MANNER SATISFACTORY TO THE
COMPANY). IF THE INVESTOR DOES NOT DELIVER THE AGGREGATE PURCHASE PRICE FOR THE
SHARES OR DOES NOT MAKE PROPER ARRANGEMENTS FOR SETTLEMENT IN A TIMELY MANNER
(AND IN A MANNER SATISFACTORY TO THE COMPANY), THE SHARES MAY NOT BE
DELIVERED AT CLOSING TO THE INVESTOR OR THE INVESTOR MAY BE EXCLUDED FROM
THE CLOSING ALTOGETHER. IN THE CASE OF A DVP, IF THE SHARES ARE DELIVERED TO
THE INVESTOR BUT THE BROKER FAILS TO IMMEDIATELY DELIVER THE PURCHASE PRICE TO
THE COMPANY, THE INVESTOR SHALL BE REQUIRED TO IMMEDIATELY RETURN SUCH SHARES
TO THE COMPANY IN THE MANNER REQUIRED BY THE COMPANY. THE INVESTOR ACKNOWLEDGES
AND AGREES THAT IN THE EVENT OF A BREACH OF THE OBLIGATIONS SET FORTH IN THE FOREGOING
SENTENCE, THE COMPANY WILL HAVE NO ADEQUATE REMEDY AT LAW, AND ACCORDINGLY WILL
BE ENTITLED TO SPECIFIC PERFORMANCE AND OTHER APPROPRIATE INJUNCTIVE AND
EQUITABLE RELIEF.

6.             The Investor represents that, except as set forth below,
(a) it has had no position, office or other material relationship within
the past three years with the Company or any of its affiliates and (b) it
has no direct or indirect affiliation or association with any NASD member. Exceptions:

(If no exceptions, write “none.”
If left blank, response will be deemed to be “none.”)

7.             The Investor represents that, prior to or in connection
with the receipt of this Agreement, it has received the final U.S. Base
Prospectus, dated January 13, 2006, which is a part of the Company’s
Registration Statement, and has received the Prospectus Supplement. THIS AGREEMENT SHALL NOT CONSTITUTE A BINDING
COMMITMENT ON THE PART OF THE COMPANY UNTIL (A) THE COMPANY HAS
TIMELY RECEIVED AN EXECUTED COPY OF THE COMPLETED SUBSCRIPTION AGREEMENT FROM
THE INVESTOR AND (B) THE COMPANY HAS DELIVERED TO THE INVESTOR AN EXECUTED
COUNTERPART SIGNATURE PAGE HERETO. THE INVESTOR ACKNOWLEDGES THAT, AT ANY
TIME PRIOR TO THE DELIVERY OF ITS EXECUTED COUNTERPART SIGNATURE PAGE, THE
COMPANY MAY ELECT TO NOT ENTER INTO THIS SUBSCRIPTION AGREEMENT FOR ANY
REASON.

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SIGNATURE PAGE

Number of Shares:

Purchase Price Per Share:
$                

Aggregate Purchase Price:
$              

Please confirm that the
foregoing correctly sets forth the agreement between us by signing in the space
provided below for that purpose.

Dated
as of:  May 3, 2006

	
  

  	
  INVESTOR

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Print Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Address:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Agreed and Accepted

  this 3rd day of May, 2006:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  WAVE SYSTEMS CORP.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Print Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Address:

  	
   

  	
   

  

 

 

Exhibit A

WAVE SYSTEMS CORP.

INVESTOR
QUESTIONNAIRE

Pursuant to Section 3
of Annex I to this Agreement, please provide us with the following
information:

	
  1.      The exact name that your Shares
  are to be registered in. You may use a nominee name if appropriate:

  	
   

  
	
   

  	
   

  
	
  2.      The relationship between the
  Investor and the registered holder listed in response to item 1 above:

  	
   

  
	
   

  	
   

  
	
  3.      The mailing address of the
  registered holder listed in response to item 1 above:

  	
   

  
	
   

  	
   

  
	
  4.      The Social Security Number or Tax
  Identification Number of the registered holder listed in response to item 1
  above:

  	
   

  
	
   

  	
   

  
	
  5.      Name of DTC Participant
  (broker-dealer at which the account or accounts to be credited with the
  Shares are maintained)

  	
   

  
	
   

  	
   

  
	
  6.      DTC Participant Number

  	
   

  
	
   

  	
   

  
	
  7.      Name of Account at DTC Participant
  being credited with the Shares

  	
   

  
	
   

  	
   

  
	
  8.      Account Number at DTC Participant
  being credited with the Shares

  	
   

  

 

 

ANNEX I

TERMS AND
CONDITIONS FOR PURCHASE OF SHARES

All capitalized terms not
otherwise defined in this Annex I shall have the meanings ascribed thereto in
the Subscription Agreement to which this Annex I is attached.

1.             Authorization and Sale of the Shares. Subject to the
terms and conditions of this Agreement, the Company has authorized the sale of
the Shares.

2.             Agreement to Sell and Purchase the Shares; Placement
Agents.

2.1.          At the Closing (as defined in Section 3.1),
the Company will sell to the Investor, and the Investor will purchase from the
Company, upon the terms and conditions set forth herein, the number of Shares
set forth on the last page of this Agreement to which these Terms and
Conditions for Purchase of Shares are attached as Annex I (the “Signature
Page”) for the aggregate purchase price therefor set forth on the Signature
Page.

2.2.          The Company proposes to enter into
substantially this same form of Subscription Agreement with certain other
investors (the “Other Investors”) and expects to complete sales of some
or all of the remaining Total Shares to them as part of the Offering. The
Investor and the Other Investors are hereinafter sometimes collectively
referred to as the “Investors”. The Company may complete sales of the
remaining Total Shares in this Offering to certain of the Other Investors
without requiring such Other Investors to enter into a Subscription Agreement;
such sales shall nevertheless be on the same price terms as the price terms for
all of the other sales in the Offering.

2.3.          The Investor acknowledges that the
Company intends to pay Security Research Associates, Inc. (the “Placement
Agent”) a fee (the “Placement Fee”) in respect of the sale of Shares
to the Investor pursuant to a Placement Agency Agreement (the “Placement Agreement”)
with the Placement Agent. A copy of the Placement Agreement is available to the
Investor upon request.

3.             Closings and Delivery of the Shares and Funds.

3.1.          Closing. The completion of the
purchase and sale of the Shares (the “Closing”) will occur on or before May 5,
2006 (the “Closing Date”). At the Closing and in accordance with
paragraph 5 of the Subscription Agreement: (a) the Company will cause the
Transfer Agent to deliver to the Investor the number of Shares set forth on the
Signature Page registered in the name of the Investor or, if so indicated
on the Investor Questionnaire attached to the Subscription Agreement as Exhibit A,
in the name of a nominee designated by the Investor; and (b) the aggregate
purchase price for the Shares being purchased by the Investor will be paid by
or on behalf of the Investor to the Company in the manner set forth in Section 3.3
below.

3.2.          (a)           Conditions
to the Company’s Obligations. The Company’s obligation to issue the Shares
to the Investor will be subject to the receipt by the Company of the aggregate
purchase price for the Shares being purchased hereunder as set forth on the
Signature Page, (b) the accuracy of the representations and warranties
made by the Investor in this Agreement, (c) the 

 

fulfillment of those
undertakings of the Investor to be fulfilled prior to the Closing Date, (d) the
Registration Statement remaining in effect and no stop order proceedings with
respect thereto being pending or threatened, and (e) there being no
objections raised by the staff of the NASDAQ Stock Market to the consummation
of the sale without the approval of the Company’s stockholders.

(b)           Conditions to the Investor’s
Obligations. The Investor’s obligation to purchase the Shares will be
subject to the accuracy in all material respects on the Closing Date of the
representations and warranties made by the Company in Section 4.1 below
and the fulfillment of those undertakings of the Company with respect to the
Shares and/or the Investor to be fulfilled prior to the Closing Date
(collectively, the “Company Closing Conditions”). The Investor’s
obligations are expressly not conditioned on the purchase by any or all of the
Other Investors of the remaining Total Shares that they have agreed to purchase
from the Company.

3.3.          Delivery of Funds.

Subject to all of the
provisions set forth in Section 5 of the Subscription Agreement:

(a) Delivery by
Electronic Book-Entry at The Depository Trust Company. No later than two (2) business days after the execution of this
Agreement by the Investor and the Company, the Investor shall remit by
wire transfer the amount of funds equal to the aggregate purchase price for the
Shares being purchased by the Investor to the following account:

Wire info for:        Wave Systems Corp
                                480
Pleasant Street
                                Lee, MA 01238

Account:                       [________]

Bank ABA/Routing #  [________]

US Govt MM Fund:  [__________]

Contact: [_______________]

International
Transactions:  [____________]

(b) Delivery Versus
Payment through The Depository Trust Company. If the Investor elects to settle
the Shares purchased by such Investor by delivery versus payment through DTC, no later than two (2) business days
after the execution of this Agreement by the Investor and the Company,
the Investor shall confirm that the account or accounts at the Broker to be
credited with the Shares being purchased by the Investor have a minimum balance
equal to the aggregate purchase price for the Shares being purchased by the
Investor.

3.4.          Delivery of Shares. Subject to
all of the provisions set forth in Section 5 of the Subscription
Agreement:

 

(a) Delivery by
Electronic Book-Entry at The Depository Trust Company. No later than two (2) business days after the execution of this
Agreement by the Investor and the Company, the Investor shall direct the
broker-dealer at which the account or accounts to be credited with the Shares
being purchased by such Investor are maintained, which broker/dealer shall be a
DTC participant, to set up a Deposit/Withdrawal at Custodian (“DWAC”)
instructing American Stock Transfer Corporation, the Company’s transfer agent,
to credit such account or accounts with the Shares by means of an electronic
book-entry delivery. Promptly following the delivery to the Company of the
purchase price for the Shares as 
described in Section 3.3 above, the Company shall direct its
transfer agent to credit the Investor’s account or accounts with the Shares
pursuant to the information contained in the DWAC.

(b) Delivery Versus
Payment through The Depository Trust Company. If the Investor elects to settle
the Shares purchased by such Investor by delivery versus payment through DTC, no later than two (2) business days
after the execution of this Agreement by the Investor and the Company,
the Investor shall notify the Company of the account or accounts at the Broker
to be credited with the Shares being purchased by such Investor. On the Closing
Date, the Company shall deliver the Shares to the Investor directly to the
account(s) at the Broker identified by Investor through DTC and
simultaneously therewith payment shall be made from such account(s) by the
Broker to the Company.

4.             Representations, Warranties and Covenants.

4.1.          Representations, Warranties and
Covenants of the Investor

(a)           The Investor represents and warrants
to, and covenants with, the Company that: (a) the Investor is
knowledgeable, sophisticated and experienced in making, and is qualified to
make decisions with respect to, investments in shares presenting an investment
decision like that involved in the purchase of the Shares, including
investments in securities issued by the Company and investments in comparable
companies, and has requested, received, reviewed and considered all information
it deemed relevant in making an informed decision to purchase the Shares; (b) the
Investor has answered all questions on the Signature Page for use in the
Prospectus Supplement and the answers thereto are true and correct as of the
date hereof and will be true and correct as of the Closing Date; and (c) the
Investor, in connection with its decision to purchase the number of Shares set
forth on the Signature Page, is  relying
only upon the U.S. Base Prospectus, the Prospectus Supplement and the documents
incorporated by reference therein.

(b)           The Investor acknowledges, represents
and agrees that no action has been or will be taken in any jurisdiction outside
the United States by the Company or the Placement Agent that would permit an
offering of the Shares, or possession or distribution of offering materials in
connection with the issue of the Shares in any jurisdiction outside the United
States where action for that purpose is required. The Investor, if outside the
United States, will comply with all applicable laws and regulations in each
foreign jurisdiction in which it purchases, offers, sells or delivers Shares or
has in its possession or distributes any offering material, in all cases at its
own expense. The Placement Agents are not authorized to make and have not made
any representation or use of any information in connection with the issue, placement,
purchase and 

 

sale of the Shares,
except as set forth or incorporated by reference in the U.S. Base Prospectus or
the Prospectus Supplement.

(c)           The Investor further represents and
warrants to, and covenants with, the Company that: (a) the Investor has
full right, power, authority and capacity to enter into this Agreement and to
consummate the transactions contemplated hereby and has taken all necessary
action to authorize the execution, delivery and performance of this Agreement;
and (b) this Agreement constitutes a valid and binding obligation of the
Investor enforceable against the Investor in accordance with its terms, except
as enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting creditors’ and contracting
parties’ rights generally and except as enforceability may be subject to
general principles of equity (regardless of whether such enforceability is
considered in a proceeding in equity or at law) and except as the indemnification
agreements of the Investor herein may be legally unenforceable.

(d)           The Investor understands that nothing
in this Agreement or any other materials presented to the Investor in
connection with the purchase and sale of the Shares constitutes legal, tax or
investment advice. The Investor has consulted such legal, tax and investment
advisors as it, in its sole discretion, has deemed necessary or appropriate in
connection with its purchase of Shares.

(e)           The Investor represents, warrants and
agrees that, since the earlier to occur of (i) the date on which the
Placement Agent first contacted the Investor about the Offering and (ii) the
date that is the tenth (10th) trading day prior to the date of this Agreement, it
has not directly or indirectly (a) engaged in any short selling, (b) established
or increased any “put equivalent position” as defined in Rule 16(a)-1(h) under
the Securities Exchange Act of 1934 or (c) granted any option for the
purchase of or entered into any hedging or similar transaction with the same
economic effect as a short sale, in each case with respect to the Company’s
securities.

5.             Survival of Representations, Warranties and Agreements. Notwithstanding
any investigation made by any party to this Agreement, all covenants,
agreements, representations and warranties made by the Company and the Investor
herein will survive the execution of this Agreement, the delivery to the
Investor of the Shares being purchased and the payment therefor.

6.             Notices. All notices, requests, consents and other communications
hereunder will be in writing, will be mailed (a) if within the domestic
United States by first-class registered or certified airmail, or nationally
recognized overnight express courier, postage prepaid, or by facsimile or (b) if
delivered from outside the United States, by International Federal Express or
facsimile, and will be deemed given (i) if delivered by first-class
registered or certified mail domestic, three business days after so mailed, (ii) if
delivered by nationally recognized overnight carrier, one business day after so
mailed, (iii) if delivered by International Federal Express, two business
days after so mailed, and (iv) if delivered by facsimile, upon electric
confirmation of receipt and will be delivered and addressed as follows:

(a)           if to the Company, to:

                Wave Systems Corp.
                480 Pleasant Street

 

Lee, MA 01238

Fax: (413) 243-0391

ATTN: Gerard Feeney, CFO

with copies to:

Bingham McCutchen LLP

399 Park Avenue

New York, NY 10022

Fax: (212) 752-5378

ATTN: Neil W. Townsend

(b)           if to the Investor, at its address on
the Signature Page hereto, or at such other address or addresses as may
have been furnished to the Company in writing.

7.             Changes. This Agreement shall not be modified or amended
except pursuant to an instrument in writing signed by the Company and the
Investor.

8.             Headings. The headings of the various sections of this
Agreement have been inserted for convenience of reference only and will not be
deemed to be part of this Agreement.

9.             Severability. In case any provision contained in this
Agreement should be invalid, illegal or unenforceable in any respect, the
validity, legality and enforceability of the remaining provisions contained
herein will not in any way be affected or impaired thereby.

10.           Governing Law; Jurisdiction. This
Agreement will be governed by, and construed in accordance with, the internal
laws of the State of New York, without giving effect to the principles of
conflicts of law that would require the application of the laws of any other
jurisdiction. Any legal action, suit or proceeding arising out of or relating
to this Agreement or the transactions contemplated hereby shall only be
instituted, heard and adjudicated (excluding appeals) only in a state or
federal court located in New York, and each party hereto knowingly, voluntarily
and intentionally waives any objection which such party may now or hereafter
have to the laying of the venue of any such action, suit or proceeding, and
irrevocably submits to the exclusive personal jurisdiction of any such court in
any such action, suit or proceeding. Service of process in connection with any
such action, suit or proceeding may be served on each party hereto anywhere in
the world by the same methods as are specified for the giving of notices under
this Agreement.

11.           Counterparts. This Agreement may be
executed in two or more counterparts, each of which will constitute an
original, but all of which, when taken together, will constitute but one
instrument, and will become effective when one or more counterparts have been
signed by each party hereto and delivered to the other parties.

12.           Confirmation of Sale. The
Investor acknowledges and agrees that such Investor’s receipt of the Company’s
counterpart to this Agreement shall constitute written confirmation of the Company’s
sale of Shares to such Investor.

 

13.           Entire Agreement. This Agreement constitutes the
entire agreement between the parties hereto with respect to the subject matter
hereof and supersedes all prior agreements and understandings between such
parties with respect to such subject matter.

14.           No Assignment. This Agreement shall not be assigned by any party
hereto, without the express prior written consent of the Company or the
Investor.EXHIBIT 10.1

 

AMENDED AND RESTATED COMMERCIAL
PAPER DEALER AGREEMENT

 

[4(2) Commercial Paper Program]

 

This
Amended and Restated Commercial Paper Dealer Agreement, dated as of May 3,
2006, confirms the agreement among Banc of America Securities LLC (“BancAmerica”),
Merrill Lynch Money Markets Inc. (“Merrill”) and AllianceBernstein L.P.,
formerly known as Alliance Capital Management L.P. (the “Partnership”), whereby
each of BancAmerica and Merrill, severally and not jointly, will act as a
dealer with respect to the promissory notes to be issued by the Partnership,
which will be issued either in physical bearer form or book-entry form, and
amends and restates the Commercial Paper Dealer Agreement, dated as of December
14, 1999 (the “1999 Dealer Agreement”) among Goldman, Sachs & Co. (“Goldman”),
BancAmerica and the Partnership. Each of BancAmerica and Merrill is also
sometimes referred to herein as a “Dealer” and collectively as the “Dealers.”  Notes in book-entry form will be represented
by master notes registered in the name of a nominee of The Depository Trust
Company (“DTC”) and recorded in the book-entry system maintained by DTC. The
promissory notes shall (a) be issued in denominations of not less than
$250,000; (b) have maturities not exceeding 270 days from the date of
issue; and (c) not contain any condition of redemption or right to prepay.
Such notes, including the master notes, shall hereinafter be referred to as “Commercial
Paper” or “Notes.”  Certain terms used in
this Agreement are defined in paragraph 11 below. Any Exhibits described in
this Agreement are hereby incorporated by reference into this Agreement and
made fully a part hereof.

 

1.        (a)        The Partnership
represents and warrants to the Dealers that: 
(i) the Partnership has been duly organized and is validly existing
as a limited partnership in good standing under the laws of the State of
Delaware; (ii) this Agreement and the amended and restated issuing and
paying agency agreement dated as of May 3, 2006 with Deutsche Bank National
Trust Company (the “Issuing and Paying Agent”, which term shall include any
successor issuing and paying agent under such agreement), a copy of which has
been provided to each of the Dealers (as such agreement may be amended or
supplemented from time to time, the “Issuing Agreement”), have been duly
authorized, executed and delivered by the Partnership and each constitutes the
valid and legally binding obligation of the Partnership enforceable in
accordance with its respective terms subject to any applicable law relating to
or affecting indemnification for liability under the securities laws, and
except to the extent such enforceability may be limited by bankruptcy,
insolvency or other

 

 

similar laws affecting creditors’ rights
generally and the applicability of equitable principles thereto whether in a
proceeding of law or in equity; (iii) the Notes have been duly authorized
and, when issued and duly delivered in accordance with the Issuing Agreement,
will constitute the valid and legally binding obligations of the Partnership,
enforceable in accordance with their terms, except to the extent such
enforceability may be limited by bankruptcy, insolvency or other similar laws
affecting creditors’ rights generally and the applicability of equitable
principles thereto whether in a proceeding of law or in equity; (iv) the
private placement memorandum approved by the Partnership for distribution
pursuant to Section 7 hereof (the “Private Placement Memorandum”) and the
Annual Report on Form 10-K of the Partnership, for the fiscal year ended
December 31, 2005 and other documents subsequently filed with the
Securities and Exchange Commission (“SEC”) pursuant to Section 13 of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), by the
Partnership (together, the “Offering Materials”), taken as a whole, except
insofar as any information therein relates to BancAmerica or Merrill (or their
respective affiliates), each in its respective capacity as dealer hereunder, do
not include any untrue statement of a material fact or omit to state a material
fact necessary in order to make the statements made therein, in the light of
the circumstances under which they were made, not misleading; (v) the
offer and sale of the Notes in the manner contemplated by this Agreement will
be exempt from the registration requirements of the Securities Act of 1933, as
amended (the “Securities Act”), pursuant to Section 4(2) thereof, and no
indenture in respect of the Notes is required to be qualified under the Trust
Indenture Act of 1939, as amended; (vi) the Partnership is not an “investment
company” or a company “controlled” by an “investment company”, within the
meaning of the Investment Company Act of 1940, as amended; (vii) the Notes will
rank at least pari passu with all other unsecured and unsubordinated indebtedness
of the Partnership; (viii) no consent or action of, or filing or registration
with, any governmental or public regulatory body or authority, including the SEC,
is required for the Partnership to authorize, or is otherwise required in
connection with the execution, delivery or performance by the Partnership of,
this Agreement, the Notes or the Issuing Agreement, except as may be required
by the securities or Blue Sky laws of the various states in connection with the
offer and sale of the Notes; (ix) neither the execution and delivery of this
Agreement and the Issuing Agreement, nor the issuance of the Notes in
accordance with the Issuing Agreement, nor the fulfillment of or compliance
with the terms and provisions hereof or thereof by the Partnership, will (A) result
in the creation or imposition of any mortgage, lien, charge or encumbrance of
any nature whatsoever upon any of the properties or assets of the Partnership,
which mortgage, lien, charge or encumbrance would have a material adverse
effect on the financial condition or operations of the Partnership and its
subsidiaries considered as one enterprise, or (B) violate or result in a breach
or a default under any of the terms of the Partnership’s limited partnership
certificate or agreement, any contract or instrument to which the Partnership
is a party or by which it or its property is bound, or any law or regulation,
or any order, writ, injunction or decree of any court or government
instrumentality, to which the Partnership is subject or by which it or its
property is bound, which violation, breach or default would have a material
adverse effect on the financial condition or operations of the Partnership and
its subsidiaries considered as one enterprise or the ability of the Partnership
to perform its obligations under this Agreement, the Notes or the Issuing
Agreement; and (x) except as may be disclosed in the Offering Materials, there
is no litigation or governmental proceeding pending, or to the knowledge of the
Partnership threatened, against or affecting the Partnership or any of its
subsidiaries which would have a material adverse effect on the financial
condition or operations of the Partnership and its subsidiaries considered as
one enterprise or the ability of the Partnership to perform its obligations
under this Agreement, the Notes or the Issuing Agreement.

 

2

 

(b)           Each sale of a
Note by the Partnership under this Agreement shall constitute an affirmation
that the foregoing representations and warranties remain true and correct at
the time of sale, and will remain true and correct at the time of delivery, of
such Note, and since the date of the most recent Private Placement Memorandum,
there has been no material adverse change in the financial condition or
operations of the Partnership and its subsidiaries considered as one enterprise
which has not been disclosed to the Dealers in writing.

 

2.             Each of the
Dealers may, from time to time, but shall not be obligated to, purchase
Commercial Paper from the Partnership.

 

3.             Prior to the
initial issuance of Commercial Paper, the Partnership shall have delivered to
each of the Dealers an incumbency certificate identifying persons authorized to
sign Commercial Paper on the Partnership’s behalf and containing the true
signatures of each of such persons.

 

4.             Prior to the
initial issuance of Commercial Paper, the Partnership shall have supplied each
of the Dealers with an opinion or opinions of counsel addressing the matters
set forth in paragraph 1(a)(i)-(iii), (v) – (vi) and (viii) above and such
other matters as the Dealers shall reasonably request, such opinion or opinions
to be in form and substance satisfactory to the Dealers.

 

5.             All
transactions in Commercial Paper between each of the Dealers and the
Partnership shall be in accordance with the custom and practice in the
commercial paper market. In accordance with such custom and practice, the
purchase of Commercial Paper by the applicable Dealer shall be negotiated
verbally between the applicable Dealer’s personnel and the authorized
representative of the Partnership. Such negotiation shall determine the
principal amount of Commercial Paper to be sold, the discount rate or interest
rate applicable thereto, and the maturity thereof. The applicable Dealer’s fee
for such sales shall be included in the discount rate with respect to
Commercial Paper issued at a discount, or stated separately as a fee, in the
case of Commercial Paper bearing interest. The applicable Dealer shall confirm
each transaction made with the Partnership in writing in such Dealer’s
customary form. Delivery and payment of Commercial Paper shall be effected in
accordance with the Issuing Agreement.

 

6.             The applicable
Dealer shall pay for the Notes purchased by such Dealer in immediately
available funds on the business day such Notes, executed in a manner
satisfactory to such Dealer, are delivered to such Dealer in the case of
physical bearer Notes, or in the case of book-entry Notes, on the business day
such Notes are credited to such Dealer’s Participant Account at DTC. Payment
shall be made in any manner permitted in the Issuing Agreement. The amount
payable by the applicable Dealer to the Partnership shall be (i) in the
case of discount Notes, the face value thereof less the original issue discount
and less the compensation payable to such Dealer and (ii) in the case of
interest to follow Notes, the face value thereof less the compensation payable
to such Dealer.

 

7.             From and after
the date of this Agreement, the Partnership will supply to each of the Dealers
on a continuing basis three copies of all annual and quarterly and other
reports filed by the Partnership pursuant to Section 13 of the Exchange
Act, and reports mailed by the Partnership to its unitholders (in their
capacity as unitholders), plus such other information as the

 

3

 

Dealers may reasonably
request; provided, however, that so long as such reports or other information
is available on the Partnership’s website, delivery to each of the Dealers
shall be deemed to have occurred when such information first becomes available
on the Partnership’s website. The Partnership understands, however, that the
Dealers shall distribute or otherwise use any informational documents
concerning the Partnership, including the Private Placement Memorandum, only
with the prior review and approval of the Partnership. The Partnership further
undertakes to supply copies of such reports when requested by any Commercial
Paper customer of the Dealers, as set forth in the Private Placement Memorandum.
The Partnership further agrees to notify the Dealers promptly upon the
occurrence of any event or other development, the result of which causes the
informational documents and the Partnership’s annual or quarterly and other
reports filed pursuant to Section 13 of the Exchange Act, taken as a
whole, to include an untrue statement of a material fact or omit to state a
material fact necessary in order to make the statements contained therein, in
the light of the circumstances under which they were made, not misleading. The
Partnership agrees promptly to supplement or amend the Private Placement
Memorandum so that the Private Placement Memorandum, as amended or
supplemented, shall not contain an untrue statement of a material fact or omit
to state a material fact necessary in order to make the statements therein, in
the light of the circumstances under which they were made, not misleading, and
the Partnership shall make such supplement or amendment available to the Dealers.

 

8.             (a)  Partnership agrees to indemnify and hold
harmless each Dealer and each person, if any, who controls such Dealer within
the meaning of either Section 15 of the Act or Section 20 of the
Exchange Act (collectively, the “Indemnitee”), against any and all losses,
claims, damages, liabilities or expenses, joint or several, to which any
Indemnitee may become subject, under the Act, the Exchange Act, or otherwise,
insofar as such losses, claims, damages, liabilities or expenses (or actions in
respect thereof) arise out of or are based upon (i) any untrue statement or
alleged untrue statement of material fact contained in the Offering Materials,
taken as a whole, or the omission or alleged omission to state therein a
material fact necessary to make the statements therein, in the light of the
circumstances in which they are made, not misleading, and (ii) the breach by
the Partnership of any agreement, covenant or representation made in or
pursuant to this Agreement, and the Partnership further agrees to reimburse
each Indemnitee for any legal or other expenses reasonably incurred by it in
connection with investigating or defending any such loss, claim, damage,
liability, expense or action; provided, however, that the Partnership will not
be liable in any such case to the extent that any such loss, claim, damage,
liability or expense arises out of or is based upon such untrue statement or
omission contained in the Offering Materials which relates to a Dealer (or its affiliates)
in its capacity as dealer hereunder provided by such Dealer in writing
expressly for inclusion in the Private Placement Memorandum. At the date
hereof, the only such material is such Dealer’s contact information included in
the Private Placement Memorandum.

 

(b)  In order to provide for just and equitable
contribution in circumstances in which the indemnification provided for in
paragraph 8(a) is for any reason held unavailable (otherwise than in accordance
with the provision stated therein), the Partnership shall contribute to the
aggregate costs of satisfying any loss, damage, liability or expense sought to
be charged against or incurred by any Indemnitee in such proportion as is
appropriate to reflect the relative benefits received by the

 

4

 

Partnership on the one hand and the Dealers
on the other from the offering of the Notes. For purposes of this
paragraph 8(b), the “relative benefits” received by the Partnership shall
be equal to the aggregate net proceeds received by the Partnership from Notes
sold pursuant to this Agreement and the “relative benefits” received by each
Dealer shall be equal to the aggregate commissions and fees earned by such
Dealer hereunder.

 

9.             The Dealers and
the Partnership hereby establish and agree to observe the following procedures
in connection with offers, sales and subsequent resales or other transfers of
the Notes:

 

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

 

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

 

(c)  No
“general solicitation or general advertising” within the meaning of Regulation
D shall be used in connection with the offering of the Notes. Without limiting
the generality of the foregoing, without the prior written approval of the
other parties hereto, no party hereto shall issue any press release or place or
publish any “tombstone” or other advertisement relating to the Notes.

 

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

 

(e)  Offers
and sales of the Notes by the Partnership through a Dealer acting as agent for
the Partnership shall be made in accordance with Rule 506 under the
Securities Act, and shall be subject to the restrictions described in the
legend appearing on Exhibit A hereto. A legend substantially to the effect
of such Exhibit A shall appear as part of the Private Placement Memorandum
used in connection with offers and sales of Notes hereunder, as well as on each
individual certificate representing a Note and each master note representing
book-entry Notes offered and sold pursuant to this Agreement.

 

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

 

(g)  The
Partnership agrees, for the benefit of the Dealers and each of the holders and
prospective purchasers from time to time of the Notes that, if at any time the

 

5

 

Partnership shall not be subject to
Section 13 or 15(d) of the Exchange Act, the Partnership will furnish,
upon request and at its expense, to the Dealers and to holders and prospective
purchasers of Notes information required by Rule 144A(d)(4)(i) in
compliance with Rule 144A(d).

 

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

 

(i)  The
Partnership will give the Dealers prompt notice (but in any event prior to any
subsequent issuance of Notes hereunder) of any amendment to, modification of or
waiver with respect to, the Notes or the Issuing Agreement, including a
complete copy of any such amendment, modification or waiver.

 

(j)  The
Partnership shall, whenever there shall occur any adverse change in the financial
condition or operations of the Partnership and its subsidiaries considered as
one enterprise or any other adverse development or occurrence in relation to
the Partnership that, in either case, would be material to holders of the Notes
or potential holders of the Notes (including any downgrading or receipt of any
notice of intended or potential downgrading or any review for potential change
in the rating accorded any of the Partnership’s securities by any nationally
recognized statistical rating organization which has published a rating of the
Notes), promptly, and in any event prior to any subsequent issuance of Notes
hereunder, notify the Dealers (by telephone, confirmed in writing) of such
change, development or occurrence.

 

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

 

10.           The Partnership
hereby represents and warrants to each Dealer, in connection with offers, sales
and resales of Notes, as follows:

 

(a)  The Partnership hereby confirms to each
Dealer that within the preceding six months neither the Partnership nor any
person other than the Dealers acting on behalf of the Partnership has offered
or sold any Notes, or any substantially similar security of the Partnership to,
or solicited offers to buy any such security from, any person other than the
Dealers; provided, that the parties hereto acknowledge that, within the
preceding six months, BancAmerica and Goldman have offered and sold commercial
paper notes and extendible commercial notes on behalf of the Partnership as
pursuant to the 1999 Dealer Agreement and extendible commercial notes dealer
agreement, respectively, each dated as of December 14, 1999, among BancAmerica,
Goldman and the Partnership. The Partnership also agrees that as long as the
Notes are being

 

6

 

offered for sale by the Dealers as
contemplated hereby and until at least six months after the offer of Notes
hereunder has been terminated, neither the Partnership nor any person other
than the Dealers will offer the Notes or any substantially similar security of
the Partnership for sale to, or solicit offers to buy any such security from,
any person other than the Dealers if, as a result of the doctrine of “integration”
referred to in Rule 502 under the Securities Act, such offer or sale would
render invalid the exemption from the registration requirements of the Security
Act provided by Section 4(2) thereof for the offer and sale of the Notes,
it being understood that such agreement is made with a view to bringing the
offer and sale of the Notes within the exemption provided by Section 4(2)
of the Securities Act and shall survive any termination of this Agreement. The
Partnership hereby represents and warrants that it has not taken or omitted to
take, and will not take or omit to take, any action that would cause the
offering and sale of Notes hereunder to be integrated with any other offering
of securities, whether such offering is made by the Partnership or some other
party or parties.

 

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

 

11.           The following
are definitions for certain terms used in this Agreement:

 

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

 

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

 

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

 

7

 

(d)  “Regulation D” shall mean
Regulation D (Rules 501 et seq.) under the Securities Act.

 

(e)  “Rule 144A” shall mean Rule 144A
under the Securities Act.

 

12.           This Agreement
may be terminated by the Partnership or either Dealer, with respect to such
Dealer, upon thirty days’ written notice to the Dealers or the Partnership, as
the case may be. Any such termination, however, shall not affect the
obligations of the Partnership under Sections 8 and Section 14 hereof. This
Agreement shall be governed by and construed in accordance with the laws of the
State of New York.

 

13.           This Agreement
shall inure to the benefit of and be binding upon the undersigned parties and
their respective successors and assigns, but no other person, partnership,
association, company or corporation.

 

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

 

15.           This Agreement
is not assignable by the Partnership without the written consent of the Dealers
or by a Dealer without the consent of the Partnership; provided, however, that,
upon prior written notice, a Dealer may assign its rights and obligations under
this Agreement to any affiliate of such Dealer.

 

16.           The Partnership acknowledges and agrees that (i) the purchase and sale of
the Notes pursuant to this Agreement, including the determination of the
offering price of the Notes and any related discounts and commissions, is an
arm’s-length commercial transaction between the Partnership, on the one hand,
and the applicable Dealer, on the other hand, (ii) in connection with the
offering contemplated hereby and the process leading to such transaction each
Dealer is and has been acting solely as a dealer and is not the fiduciary, or,
except to the extent expressly set forth herein, the agent, of the Partnership
or its unitholders, creditors, employees or any other party, (iii) each Dealer
has not assumed nor will it assume an advisory or fiduciary responsibility in
favor of the Partnership with respect to the offering contemplated hereby or
the process leading thereto (irrespective of whether such Dealer has advised or
is currently advising the Partnership on other matters) and the Dealers have no
obligation to the Partnership with respect to the offering contemplated hereby
except the obligations expressly set forth in this Agreement, (iv) each Dealer
and its affiliates may be engaged in a broad range of transactions that involve
interests that differ from those of the Partnership, and (v) the Dealers have
not provided any legal, accounting, regulatory or tax advice with respect to
the offering contemplated hereby and the Partnership has consulted its own
legal, accounting, regulatory and tax advisors to the extent it deemed
appropriate.

 

8

 

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

 

	
  For the Partnership:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Address:

  	
   

  	
  1345 Avenue of the
  Americas

  New York, New York 10105

  
	
   

  	
   

  	
   

  
	
  Attention:

  	
   

  	
  Treasury

  
	
  Telephone number:

  	
   

  	
  212-823-3232

  
	
  Fax number:

  	
   

  	
  212-823-3250

  
	
   

  	
   

  	
   

  
	
  For Banc of America
  Securities LLC:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Address:

  	
   

  	
  600 Montgomery Street

  
	
   

  	
   

  	
  CA5-801-15-31

  
	
   

  	
   

  	
  San Francisco,
  California 94111

  
	
   

  	
   

  	
   

  
	
  Attention:

  	
   

  	
  Short-Term Fixed Income

  
	
  Telephone number:

  	
   

  	
  415-913-3689

  
	
  Fax number:

  	
   

  	
  415-913-6288

  
	
   

  	
   

  	
   

  
	
  For Merrill Lynch Money
  Markets Inc.:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Address:

  	
   

  	
  World Financial Center,
  11th Floor 

  New York, New York 10080

  
	
   

  	
   

  	
   

  
	
  Attention:

  	
   

  	
  Money Markets
  Origination

  
	
  Telephone number:

  	
   

  	
  212-449-3264

  
	
  Fax number:

  	
   

  	
  212-449-8939

  

 

9

 

If the foregoing accurately
reflects our agreement, please sign the enclosed copy in the space provided below
and return it to the undersigned.

 

The parties hereto have
caused the execution of this Agreement on the date first provided above.

 

	
   

  	
  AllianceBernstein L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John J. Onofrio, Jr.

  	
   

  
	
   

  	
   

  	
  Name:

  	
  John J. Onofrio, Jr.

  
	
   

  	
   

  	
  Title:

  	
  Vice President and Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
  Banc of America Securities LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert J. Porter

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Robert J. Porter

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
  Merrill Lynch Money Markets Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert J. Little

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Robert J. Little

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  
					

 

 

EXHIBIT A

 

FORM OF LEGEND FOR

PRIVATE PLACEMENT MEMORANDUM AND NOTES

 

THE
NOTES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “ACT”), OR ANY OTHER APPLICABLE SECURITIES LAW, AND OFFERS AND SALES
THEREOF MAY BE MADE ONLY IN COMPLIANCE WITH AN APPLICABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS. BY
ITS ACCEPTANCE OF A NOTE, THE PURCHASER WILL BE DEEMED TO REPRESENT THAT IT HAS
BEEN AFFORDED AN OPPORTUNITY TO INVESTIGATE MATTERS RELATING TO THE ISSUER AND
THE NOTES, THAT IT IS NOT ACQUIRING SUCH NOTE WITH A VIEW TO ANY DISTRIBUTION
THEREOF AND THAT IT IS (A) AN INSTITUTIONAL INVESTOR THAT IS AN ACCREDITED
INVESTOR WITHIN THE MEANING OF RULE 501(a) UNDER THE ACT (AN “INSTITUTIONAL
ACCREDITED INVESTOR”) AND THAT EITHER IS PURCHASING NOTES FOR ITS OWN ACCOUNT,
IS A U.S. BANK (AS DEFINED IN SECTION 3(a)(2) OF THE ACT) OR A SAVINGS AND
LOAN ASSOCIATION OR OTHER INSTITUTION (AS DEFINED IN SECTION 3(a)(5)(A) OF
THE ACT) ACTING IN ITS INDIVIDUAL OR FIDUCIARY CAPACITY OR IS A FIDUCIARY OR
AGENT (OTHER THAN A U.S. BANK OR SAVINGS AND LOAN ASSOCIATION) PURCHASING NOTES
FOR ONE OR MORE ACCOUNTS EACH OF WHICH IS SUCH AN INSTITUTIONAL ACCREDITED
INVESTOR OR (B) A QUALIFIED INSTITUTIONAL BUYER (“QIB”) WITHIN THE MEANING
OF RULE 144A UNDER THE ACT THAT IS ACQUIRING NOTES FOR ITS OWN ACCOUNT OR
FOR ONE OR MORE OTHER ACCOUNTS, EACH OF WHICH IS A QIB AND WITH RESPECT TO EACH
OF WHICH THE PURCHASER HAS SOLE INVESTMENT DISCRETION; AND THE PURCHASER
ACKNOWLEDGES THAT IT IS AWARE THAT THE SELLER MAY RELY UPON THE EXEMPTION FROM
THE REGISTRATION PROVISIONS OF SECTION 5 OF THE ACT PROVIDED BY
RULE 144A. BY ITS ACCEPTANCE OF A NOTE, THE PURCHASER THEREOF SHALL ALSO
BE DEEMED TO AGREE THAT ANY RESALE OR OTHER TRANSFER THEREOF WILL BE MADE ONLY
(A) IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE ACT, EITHER
(1) TO THE ISSUER OR TO BANC OF AMERICA SECURITIES LLC, MERRILL LYNCH
MONEY MARKETS INC. OR ANOTHER PERSON DESIGNATED BY THE ISSUER AS A PLACEMENT

 

 

AGENT
FOR THE NOTES (COLLECTIVELY, THE “PLACEMENT AGENTS”), NONE OF WHICH SHALL HAVE
ANY OBLIGATION TO ACQUIRE SUCH NOTE, (2) THROUGH A PLACEMENT AGENT TO AN
INSTITUTIONAL ACCREDITED INVESTOR OR A QIB, OR (3) TO A QIB IN A
TRANSACTION THAT MEETS THE REQUIREMENTS OF RULE 144A AND (B) IN
MINIMUM AMOUNTS OF $250,000.

 

A-2

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