Document:

Unassociated Document

Exhibit 10.2

 

CONSENT AND AMENDMENT NO. 7 TO CREDIT AGREEMENT

 

This CONSENT AND AMENDMENT NO. 7 TO CREDIT AGREEMENT (this “Amendment”) is dated as of July 25, 2012 by and among INTERNATIONAL TEXTILE GROUP, INC., a Delaware corporation (“ITG”), the other Borrowers and Credit Parties signatory hereto, GENERAL ELECTRIC CAPITAL CORPORATION, a Delaware corporation (“GE Capital”), for itself and as Agent (“Agent”), and the other Lenders signatory hereto.  Unless otherwise specified herein, capitalized terms used in this Amendment shall have the meanings ascribed to them in the Credit Agreement (as hereinafter defined).

 

R E C I T A L S:

 

WHEREAS, Borrowers, the other Credit Parties, the Agent and the Lenders entered into that certain Amended and Restated Credit Agreement dated as of March 30, 2011 (as amended, supplemented, restated or otherwise modified from time to time, the “Credit Agreement”); and

 

WHEREAS, the Lenders have agreed to consent to the Burlington IP Sale (as defined below) and the parties to the Credit Agreement have agreed to an amendment to the Credit Agreement, in each case, as set forth herein.

 

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

 

1           Consents.

 

1.1           Notwithstanding Section 5.2 of the Credit Agreement, each of the Lenders party hereto hereby consents to the consummation of the Burlington IP Sale; provided that (i) the Net Proceeds of the Burlington IP Sale shall not be less than $5,500,000 and (ii) no later than one (1) Business Day following receipt by the Credit Parties of such Net Proceeds, the Borrowers shall apply the entirety of such Net Proceeds to repay outstanding Revolving Loans without a permanent reduction of the Aggregate Revolving Loan Commitment.

 

1.2           Notwithstanding Section 1.8(c) and Section 1.8(e) of the Credit Agreement, each of the Lenders hereby consents to the application of the Net Proceeds of the Burlington IP Sale to repay outstanding Revolving Loans in accordance with Section 1.1 of this Amendment.

 

1.3           In connection with the Burlington IP Sale, each of the Lenders party hereto hereby (i) consents to the execution, delivery and filing of, and (ii) authorizes and directs (x) the Agent to execute and deliver and (y) the Agent, the Company and each of their respective designees, as the case may be, to file, the partial releases substantially in the form attached hereto as Exhibit B on or after the Seventh Amendment Effective Date.

 

  

  

  

 

2           Amendments to Credit Agreement.

 

2.1           Section 1.1(b) of the Credit Agreement is hereby amended by amending and restating the last sentence of subclause (i) thereof in its entirety to read as follows:

 

“The “Maximum Revolving Loan Balance” from time to time will be the lesser of:

 

(A)           the “Borrowing Base” (as calculated pursuant to the Borrowing Base Certificate) in effect from time to time, or

 

(B)            the Aggregate Revolving Loan Commitment then in effect;

 

less, in either case, the sum of (v) the Revolver Block plus (w) the Availability Block plus (x) the aggregate amount of Letter of Credit Obligations plus (y) outstanding Swing Loans plus (z) such Reserves as may be imposed by the Agent in accordance with the terms of this Agreement.”

 

2.2           Section 9.1(c) of the Credit Agreement is hereby amended by amending and restating subclause (v) thereof in its entirety to read as follows:

 

“(v) amend or modify the definitions of Eligible Accounts, Eligible Inventory, Borrowing Base, Revolver Block or Availability Block, including any increase in the percentage advance rates in the definition of Borrowing Base, in a manner which would increase the availability of credit under the Revolving Loan”

 

2.3           Section 11.1 of the Credit Agreement is hereby amended by inserting the following new defined terms in proper alphabetical order thereto:

 

““Burlington IP Sale” means the Disposition contemplated by the Trademark Assignment attached to the Seventh Amendment as Exhibit A.”

 

““Revolver Block” means an amount equal to the Net Proceeds of the Burlington IP Sale, which for the avoidance of doubt shall not be less than $5,500,000.”

 

““Seventh Amendment” means that certain Consent and Amendment No. 7 to Credit Agreement dated as of July 25, 2012 among the Borrowers, the other Credit Parties party thereto, Agent and the Lenders.”

 

2.4           Section 11.1 of the Credit Agreement is hereby amended by amending and restating the following defined terms in their entirety to read as follows:

 

““Availability” means, as of any date of determination, the amount by which (a) the “Borrowing Base” (as calculated pursuant to the Borrowing Base Certificate but excluding for purposes of the definition of Availability, any amounts included in the calculation of the “Borrowing Base” pursuant to clauses (d) and (e) of the definition thereof) in effect from time to time less the sum of (w) the Revolver Block plus (x) the aggregate amount of Letter of Credit Obligations plus (y) outstanding Swing Loans plus (z) such Reserves as may be imposed by the Agent in accordance with the terms of this Agreement exceeds (b) the aggregate outstanding principal balance of Revolving Loans.”

 

  

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““Excess Availability” means, as of any date of determination, the amount by which (a) the Borrowing Availability then in effect exceeds (b) the sum of (v) aggregate outstanding principal balance of Revolving Loans plus (w) the Revolver Block plus (x) the aggregate amount of Letter of Credit Obligations plus (y) outstanding Swing Loans plus (z) such Reserves as may be imposed by the Agent in accordance with the terms of this Agreement.”

 

3           Representations and Warranties.  In order to induce Agent and the Lenders to enter into this Amendment, each Borrower and each other Credit Party represents and warrants to Agent and each Lender (which representations and warranties shall survive the execution and delivery of this Amendment), that:

 

(a)           the execution, delivery and performance by each Credit Party of this Amendment has been duly authorized by all necessary corporate and partnership action and this Amendment is a legal, valid and binding obligation of such Credit Party enforceable against such Credit Party in accordance with its terms; and

 

(b)           upon the effectiveness of this Amendment, all of the representations and warranties contained in the Credit Agreement and in the other Loan Documents (other than those which speak expressly only as of an earlier date) are true and correct in all material respects on and as of the date of the effectiveness of this Amendment after giving effect to this Amendment and the transactions contemplated hereby.

 

4           Conditions to Effectiveness.  This Amendment shall be effective on the date when each of the following conditions has been satisfied (the “Seventh Amendment Effective Date”):

 

(a)           This Amendment shall have been duly executed and delivered by each Borrower, each other Credit Party party hereto, Agent and the Lenders; and

 

(b)           Agent shall have received, to the extent invoiced, payment of all out-of-pocket expenses (including the legal fees and expenses of Latham & Watkins LLP, counsel to Agent).

 

5           Miscellaneous.

 

5.1           Effect; Ratification.

 

(a)           Except as specifically set forth above, the Credit Agreement and the other Loan Documents shall remain in full force and effect and are hereby ratified and confirmed.  Without limiting the generality of the foregoing, each Credit Party reaffirms its guaranty of the Obligations and the Liens securing those guaranties.

 

(b)           The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of Agent or any Lender under the Credit Agreement or any other Loan Document, nor constitute amendment of any provision of the Credit Agreement or any other Loan Document, except as specifically set forth herein.  Upon the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of similar import shall mean and be a reference to the Credit Agreement as amended hereby.

 

  

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(c)           Each Credit Party acknowledges and agrees that the amendments set forth herein are effective solely for the purposes set forth herein and that the execution and delivery by Agent and the Lenders of this Amendment shall not be deemed (i) except as expressly provided in this Amendment, to be a consent to any amendment, waiver or modification of any term or condition of the Credit Agreement or of any other Loan Document, (ii) to create a course of dealing or otherwise obligate Agent or Lenders to forbear, waive, consent or execute similar amendments under the same or similar circumstances in the future, or (iii) to amend, prejudice, relinquish or impair any right of Agent or Lenders to receive any indemnity or similar payment from any Person or entity as a result of any matter arising from or relating to this Amendment.

 

5.2           Counterparts and Signatures by Fax.  This Amendment may be executed in any number of counterparts, each such counterpart constituting an original but all together one and the same instrument.  Any party delivering an executed counterpart of this Amendment by fax shall also deliver an original executed counterpart, but the failure to do so shall not affect the validity, enforceability or binding effect of this Amendment.

 

5.3           Severability.  In case any provision in or obligation under this Amendment shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.

 

5.4           Loan Document.  This Amendment shall constitute a Loan Document.

 

5.5           GOVERNING LAW.  THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL, IN ALL RESPECTS, INCLUDING MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN THAT STATE AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA.

 

[Signature Pages Follow]

 

  

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IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first above written.

 

BORROWERS:

INTERNATIONAL TEXTILE GROUP, INC.

BURLINGTON INDUSTRIES LLC

CONE JACQUARDS LLC

CONE DENIM LLC

CARLISLE FINISHING LLC

SAFETY COMPONENTS FABRIC

   TECHNOLOGIES, INC.

By:        /s/Craig J. Hart                                   

Name:   Craig J. Hart

Title:     Vice President and Treasurer

NARRICOT INDUSTRIES LLC

By: International Textile Group, Inc., its sole member

By:         /s/Craig J. Hart                                 

Name:    Craig J. Hart

Title:      Vice President and Treasurer

[Signature Page to Consent and Amendment No. 7 to Amended and Restated Credit Agreement]

  

  

  

	 	
OTHER CREDIT PARTIES:

	 	  
	 	
APPAREL FABRICS PROPERTIES, INC.

	 	
BURLINGTON INDUSTRIES V, LLC

	 	
CONE ADMINISTRATIVE AND SALES LLC

	 	
CONE INTERNATIONAL HOLDINGS II, INC.

	 	
INTERNATIONAL TEXTILE GROUP ACQUISITION GROUP LLC

	 	
BURLINGTON WORLDWIDE INC.

	 	
CONE DENIM WHITE OAK LLC

	 	
CONE INTERNATIONAL HOLDINGS, INC.

	 	
CONE ACQUISITION LLC

	 	
WLR CONE MILLS IP, INC.

 

	 	By:       /s/Craig J. Hart                         

Name:  Craig J. Hart

Title:    Vice President and Treasurer

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	
VALENTEC WELLS, LLC

	 	
By: International Textile Group, Inc.,

its sole member

	 	  
	 	By:       /s/Craig J. Hart                           

Name:    Craig J. Hart

Title:      Vice President and Treasurer

 

[Signature Page to Consent and Amendment No. 7 to Amended and Restated Credit Agreement]

  

  

  

 

	 	AGENT AND LENDERS:
	 	

 

 

GENERAL ELECTRIC CAPITAL CORPORATION, as the Agent and a Lender

 

By:           /s/Donald J. Cavanagh          

Name:  Donald J. Cavanagh

Title:  Its Duly Authorized Signatory

 

[Signature Page to Consent and Amendment No. 7 to Amended and Restated Credit Agreement]

  

  

  

 

	 	
TD BANK, N.A., as a Lender

By:          /s/Jang Kim                    

Name: Jang Kim

Title:   Vice President

 

[Signature Page to Consent and Amendment No. 7 to Amended and Restated Credit Agreement]

  

  

  

 

	 	

BANK OF AMERICA, N.A., as a Lender

 

By:       /s/John Yankauskas    

Name:  John Yankauskas

Title:    Sr. Vice President

 

[Signature Page to Consent and Amendment No. 7 to Amended and Restated Credit Agreement]

  

  

  

 

EXHIBIT A

Trademark Assignment

[see attached]

 

Exhibit A

  

  

  

 

EXHIBIT B

Burlington IP Sale Releases

[see attached]

 

 

 

 

Exhibit Bex10-1.htm

 

Exhibit 10.1

 

AMENDMENT NO. 11

TO

LIMITED PARTNERSHIP AGREEMENT

OF

GLIMCHER PROPERTIES LIMITED PARTNERSHIP

 

This Amendment No. 11 is made effective as of August 10, 2012, by the General Partner and the Limited Partners of Glimcher Properties Limited Partnership, a Delaware limited partnership (the “Partnership”).

 

Recitals

 

1.           The Partnership was organized pursuant to a Limited Partnership Agreement dated as of November 30, 1993, as previously amended (the “Partnership Agreement”). In contemplation of a public offering of a new series of preferred shares of beneficial interest designated 7.5% Series H Cumulative Redeemable Preferred Shares of Beneficial Interest, par value $0.01 per share (the “Series H Preferred Shares”), by Glimcher Realty Trust, a Maryland real estate investment trust (the “Trust”), the Partnership and the Trust have entered into an Underwriting Agreement dated as of August 1, 2012 (the “Underwriting Agreement”) by and among the Trust and the Partnership, on the one hand, and Wells Fargo Securities, LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as representatives of the several Underwriters named in Schedule I thereto, on the other hand (the “Underwriters”). Capitalized terms not otherwise defined herein or in the Partnership Agreement shall have the meanings ascribed to them in the Underwriting Agreement.

 

2.           Pursuant to the Underwriting Agreement, the Underwriter has agreed to purchase the Series H Preferred Shares, having an aggregate initial Liquidation Preference not to exceed $100,000,000 for the purposes and upon the terms and conditions set forth therein, with the proceeds from such series to be contributed by the Trust to the Partnership in exchange for a series of Preferred Interests in the Partnership.

 

3.           Pursuant to Section 6.3(b) of the Partnership Agreement, upon contribution to the Partnership by the Trust of the proceeds from the issuance of shares of beneficial interest in the Trust, the Partnership shall issue to the Trust an interest in the Partnership having designations, preferences and rights such that the economic interests thereof are substantially similar to the Series H Preferred Shares.

 

4.           Pursuant to Section 18.2(iii) of the Partnership Agreement, the General Partner has the power, without the consent of the limited partners of the Partnership, to amend the Partnership Agreement with respect to the issuance of additional interests in the Partnership such as those contemplated herein.

 

5.           Pursuant to Section 16 of the Partnership Agreement, the General Partner has been appointed as attorney-in-fact by each of the limited partners of the Partnership for purposes, inter alia, of effecting amendments to the Partnership Agreement adopted in accordance with Section 18.

 

  

  

  

Amendment

 

NOW, THEREFORE, the Partnership Agreement is hereby amended as set forth in this Amendment No. 11.

 

1.           Creation and Issuance of Series H Preferred Interests.

 

(a)           Upon the issuance by the Trust pursuant to the Underwriting Agreement of the Series H Preferred Shares, the Partnership is authorized, through the sole action of the General Partner on its behalf, to create, designate and issue units (“Units”) of non-voting preferred limited partner interest (a “Series H Preferred Interest”) having the same rate of return and other terms as designated in the applicable Articles Supplementary of the Series H Preferred Shares; provided, that the aggregate Preferred Contribution (as defined below) for all Series H Preferred Interests issued pursuant to this Amendment No. 11 shall not exceed $100,000,000. Units of Series H Preferred Interest shall be evidenced by a Certificate of Series H Preferred Limited Partner Interest in the form attached as Exhibit A.

 

(b)           There is hereby created and designated a series of non-voting preferred limited partner interests known as the Series H Preferred Interest consisting of 4,000,000 Units which shall correspond to 4,000,000 Series H Preferred Shares. On the date hereof, 4,000,000 Units of Series H Preferred Interest are hereby issued to the Trust contemporaneously with the 4,000,000 Series H Preferred Shares being issued pursuant to the Underwriting Agreement.

 

2.           Preferred Contribution; Preferred Return.

 

(a)           Simultaneously with each sale of Series H Preferred Shares under the Underwriting Agreement, the Trust shall contribute all of the proceeds of such sale received by the Trust to the Partnership in consideration of the issuance of the related equal number of Units of Series H Preferred Interest. Notwithstanding the foregoing, for purposes of this Agreement, the amount of such contribution shall be deemed to be an amount equal to the gross proceeds of such sale (the “Preferred Contribution”).

 

(b)           The Trust shall be entitled to receive, and the Partnership shall pay, a distribution (the “Series H Preferred Return”) on each Unit of a Series H Preferred Interest equal to the return applicable to each share of the related Series H Preferred Shares under the Articles Supplementary. To the extent that any Series H Preferred Return is not paid when due, such amount shall accrue on the same terms and conditions as distributions on the applicable Series H Preferred Shares under the Articles Supplementary. The Series H Preferred Return shall be due in the same amounts and on the same dates as distributions on the applicable Series H Preferred Shares are due under the Articles Supplementary. For purposes hereof, no effect shall be given to (i) the fact that the Series H Preferred Shares may have been cancelled or (ii) any amendment or modification of the Articles Supplementary.

 

3.           Capital Account; Allocations.  A separate Capital Account shall be established and maintained with respect to the Series H Preferred Interest, with adjustments thereto and other allocations of Partnership items made consistent with the Regulations and the advice of the Partnership’s independent accountants.

 

  

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4.           Distributions.

 

(a)           In the event of liquidation and dissolution of the Partnership, the holder of any Series H Preferred Interest then outstanding shall be entitled to receive, prior to distributions to Partners pursuant to Section 15.2 of the Partnership Agreement, an amount equal to the Liquidation Preference plus accrued and unpaid dividends which would be payable under the applicable Articles Supplementary to the holder of an equal amount of the Series H Preferred Shares if on the date of dissolution of the Partnership the Trust were to dissolve and liquidate.

 

(b)           Except as expressly provided herein, the holders of any Series H Preferred Interests shall not be entitled to participate in any other distributions made by the Partnership pursuant to Section 8, Section 15 or otherwise under the Partnership Agreement.

 

5.           Redemption and Other Terms.

 

(a)           In the event of any redemption by the Trust of all or any portion of the Series H Preferred Shares pursuant to the Articles Supplementary, an equal portion of the Series H Preferred Interest shall be redeemed on the same basis as such Series H Preferred Shares and permanently retired and cancelled for all purposes.

 

(b)           Upon any other return to the Trust or other holder of a Series H Preferred Interest of the Preferred Contribution with respect to all or any portion of such Series H Preferred Interest (whether in cash or Series H Preferred Shares), together with payment of any accrued and unpaid Preferred Return applicable thereto, such Series H Preferred Interest shall to such extent be permanently retired and cancelled for all purposes.

 

6.           Ranking.  With regard to rights to receive distributions and amounts payable upon liquidation and dissolution of the Partnership, the Series H Preferred Interests rank on a parity with the Series F Preferred Interests and the Series G Preferred Interests.

 

7.           Investment Representations, Transfer Restrictions.

 

(a)           The Trust represents and warrants to the Partnership that (i) it is acquiring the Series H Preferred Interest for its own account for investment and not with a view towards the resale, transfer or distribution thereof, nor with any present intention of distributing the Series H Preferred Interest, (ii) it is an “accredited investor” as defined in Rule 501(a) of Regulation D under the Securities Act, and (iii) it understands that the issuance of the Series H Preferred Interest is intended to be exempt from registration under the Securities Act by virtue of Section 4(2) thereof and Rule 506 thereunder, and that the Series H Preferred Interests will be “restricted securities” as defined in Rule 144 under the Securities Act.

 

(b)           The Trust covenants that it will not sell or otherwise transfer the Series H Preferred Interest (or any interest therein) except pursuant to an effective registration under the Securities Act or in a transaction which, in the opinion of counsel in such form and by such counsel satisfactory to the Partnership, qualifies as an exempt transaction under the Securities Act and the rules and regulations promulgated thereunder.

 

  

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(c)           The certificates evidencing Units of Series H Preferred Interest shall bear an appropriate legend reflecting the foregoing restrictions on transfer of the Series H Preferred Interest.

 

8.           Additional Documents and Actions. The General Partner is expressly authorized on behalf of the Partnership to (i) execute and deliver all such other instruments, assignments, affidavits, notices, agreements, consents, certificates and other documents, and (ii) take all such further and other actions as the General Partner shall deem necessary, advisable or appropriate to carry out the transactions contemplated in this Amendment No. 11.

 

9.           Construction; Limited Partnership Agreement. Consistent with Section 6.3(b) of the Partnership Agreement, it is intended that the economic interests of the Series H Preferred Interest shall be substantially similar to the Series H Preferred Shares, and this Amendment No. 11 shall be construed as reasonably required with respect to the preferences and rights of the Series H Preferred Interest to give effect to such intent. Except as expressly provided herein or as so reasonably required to give effect to the provisions hereof, the terms of the Partnership Agreement shall remain in full force and effect and are hereby ratified and confirmed.

 

IN WITNESS WHEREOF, the General Partners and the Limited Partners have executed this Amendment No. 11 effective as of the date first set forth above.

 

	
GENERAL PARTNER:

 

Glimcher Properties Corporation

	 	
LIMITED PARTNERS:

 

Glimcher Realty Trust

 

 

	 
	
/s/ George A. Schmidt

	 	By:	
/s/ George A. Schmidt

	 
	

Name: George A. Schmidt

	 	 	
Name: George A. Schmidt

	 
	

Title:   Executive Vice President of 

            Development, General Counsel

            And Secretary

	 	 	
Title:   Executive Vice President of 

            Development, General Counsel

            And Secretary

	 
	 	 	 	 	 
	 	 	All Other Limited Partners	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	By:	Glimcher Properties Corporation, pursuant to power of attorney set forth in Section 16 of the Partnership Agreement	 
	 	 	 	 	 
	 	 	By:	/s/ George A. Schmidt	 
	 	 	 	
Name: George A. Schmidt

	 
	 	 	 	
Title:   Executive Vice President of 

            Development, General Counsel

            And Secretary

	 

 

 

  

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Exhibit A

 

CERTIFICATE

OF

UNITS OF SERIES H PREFERRED

LIMITED PARTNER INTEREST

IN

GLIMCHER PROPERTIES LIMITED PARTNERSHIP

 

	Certificate No.: _______________ 	No. of Units: 4,000,000

 

Glimcher Properties Corporation, as General Partner of Glimcher Properties Limited Partnership, a Delaware limited partnership (the “Company”), hereby certifies that Glimcher Realty Trust is the registered owner of Four Million (4,000,000) Units of Series H Preferred Limited Partner Interest in the Company. The rights, preferences and limitations of the Units are set forth in (i) the Company's Limited Partnership Agreement dated November 30, 1993, (ii) Amendment No. 2 to Limited Partnership Agreement dated as of November 26, 1996, (iii) Amendment No. 3 to Limited Partnership Agreement dated as of November 12, 1997, (iv) Amendment No. 4 to the Limited Partnership Agreement dated as of December 4, 1997, (v) Amendment No. 5 to the Limited Partnership Agreement dated as of March 9, 1998; (vi) Amendment No. 6 to the Limited Partnership Agreement dated as of April 24, 2000; (vii) Amendment No. 7 to the Limited Partnership Agreement dated as of August 7, 2003; (viii) Amendment No. 8 to the Limited Partnership Agreement dated as of January , 2004; (ix) Amendment No. 9 to the Limited Partnership Agreement dated as of May 9, 2008; (x) Amendment No. 10 to the Limited Partnership Agreement dated as of April 28, 2010; and (xi) Amendment No. 11 to the Limited Partnership Agreement dated as of August 10, 2012 (collectively, the “Agreement”), copies of which are on file at the Company's principal office at 180 East Broad Street, Columbus, Ohio 43215.

 

This Certificate and the Units evidenced hereby are not transferable except in accordance with the terms of the Agreement and applicable federal and state securities laws.

 

	 	
Glimcher Properties Corporation,

General Partner

 

	 
	 	 	 	 
	

Dated:  August 10, 2012

	
By: 

	 	 
	 	Name:	
Mark E. Yale

	 
	 	Title:	
Executive Vice President, Chief Financial Officer and Treasurer

	 

 

  

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THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 AND, ACCORDINGLY, MAY NOT BE OFFERED FOR SALE, SOLD, ASSIGNED, OR OTHERWISE TRANSFERRED EXCEPT (i) UPON EFFECTIVE REGISTRATION OF THE SECURITIES REPRESENTED HEREBY UNDER THE SECURITIES ACT OF 1933 AND APPLICABLE STATE SECURITIES LAWS, OR (ii) UPON ACCEPTANCE BY THE ISSUER OF AN OPINION OF COUNSEL IN SUCH FORM AND BY SUCH COUNSEL OR OF OTHER DOCUMENTATION SATISFACTORY TO THE ISSUER THAT REGISTRATION IS NOT REQUIRED.

 

 

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