Document:

EXECUTION

COPY

 

RURAL CELLULAR

CORPORATION

 

TO

 

WELLS FARGO BANK

MINNESOTA,

N.A.,

as Trustee

 

INDENTURE

 

Dated as of

January 16, 2002

 

$500,000,000

 

9 3⁄4% Senior

Subordinated Notes due 2010

 

9 3⁄4% Series B

Senior Subordinated Notes due 2010

 

 

 

TABLE OF CONTENTS

	

  ARTICLE

  I

  	

  DEFINITIONS

  AND OTHER PROVISIONS OF GENERAL APPLICATION

  
	

  Section 1.01

  	

  Definitions.

  
	

  Section

  1.02

  	

  Compliance

  Certificates and Opinions.

  
	

  Section

  1.03

  	

  Form

  of Documents Delivered to Trustee.

  
	

  Section 1.04

  	

  Acts of

  Holders; Record Date.

  
	

  Section 1.05

  	

  Notices, Etc., to Trustee and Company.

  
	

  Section 1.06

  	

  Notice to

  Holders; Waiver.

  
	

  Section

  1.07

  	

  Conflict

  with Trust Indenture Act.

  
	

  Section

  1.08

  	

  Effect

  of Headings and Table of Contents.

  
	

  Section 1.09

  	

  Successors and

  Assigns.

  
	

  Section 1.10

  	

  Separability Clause.

  
	

  Section 1.11

  	

  Benefits of

  Indenture.

  
	

  Section 1.12

  	

  Governing Law.

  
	

  Section 1.13

  	

  Legal

  Holidays.

  
	

  Section

  1.14

  	

  No

  Personal Liability of Directors, Officers, Employees, and Shareholders.

  
	

  Section

  1.15

  	

  Counterparts.

  
	

   

  	

   

  
	

  ARTICLE II

  	

  SECURITY FORMS

  
	

  Section 2.01

  	

  Forms Generally.

  
	

  Section 2.02

  	

  Form of Face of

  Security

  
	

  Section

  2.03

  	

  Form

  of Reverse of Security.

  
	

  Section

  2.04

  	

  Form

  of Trustee’s Certificate of Authentication.

  
	

   

  	

   

  
	

  ARTICLE III

  	

  THE SECURITIES

  
	

  Section 3.01

  	

  Title and Terms.

  
	

  Section 3.02

  	

  Denominations.

  
	

  Section 3.03

  	

  Execution, Authentication, Delivery and

  Dating.

  
	

  Section 3.04

  	

  Temporary

  Securities.

  
	

  Section 3.05

  	

  Global Securities.

  
	

  Section

  3.06

  	

  Registration;

  Registration of Transfer and Exchange Generally; Certain Transfers and

  Exchanges; Securities Act Legends.

  
	

  Section 3.07

  	

  Mutilated, Destroyed, Lost and Stolen

  Securities.

  
	

  Section

  3.08

  	

  Payment

  of Interest; Interest Rights Preserved.

  
	

  Section 3.09

  	

  Persons Deemed

  Owners.

  
	

  Section 3.10

  	

  Cancellation.

  
	

  Section 3.11

  	

  Computation of

  Interest.

  
	

   

  	

   

  
	

  ARTICLE IV

  	

  SATISFACTION AND DISCHARGE

  
	

  Section

  4.01

  	

  Satisfaction

  and Discharge of Indenture.

  
	

  Section 4.02

  	

  Application of

  Trust Money.

  
	

   

  	

   

  
	

  ARTICLE V

  	

  REMEDIES

  
	

  Section 5.01

  	

  Events of Default.

  
	

  Section

  5.02

  	

  Acceleration

  of Maturity; Rescission and Annulment.

  
	

  Section

  5.03

  	

  Collection

  of Indebtedness and Suits for Enforcement by Trustee.

  
	

  Section

  5.04

  	

  Trustee

  May File Proofs of Claim.

  
	

  Section

  5.05

  	

  Trustee

  May Enforce Claims Without Possession of Securities.

  
	

  Section

  5.06

  	

  Application

  of Money Collected.

  
	

  Section 5.07

  	

  Limitation on Suits.

  
	

  Section

  5.08

  	

  Unconditional

  Right of Holders to Receive Principal, Premium, Interest and Liquidated

  Damages.

  
	

  Section

  5.09

  	

  Restoration

  of Rights and Remedies.

  
	

  Section

  5.10

  	

  Rights and

  Remedies Cumulative.

  
	

  Section 5.11

  	

  Delay or

  Omission Not Waiver.

  
	

  Section 5.12

  	

  Control by Holders.

  
	

  Section 5.13

  	

  Waiver of Past

  Defaults.

  
	

  Section 5.14

  	

  Undertaking for

  Costs.

  
	

  Section

  5.15

  	

  Waiver

  of Stay or Extension Laws.

  
	

   

  	

   

  
	

  ARTICLE VI

  	

  THE TRUSTEE

  
	

  Section

  6.01

  	

  Certain

  Duties and Responsibilities.

  
	

  Section 6.02

  	

  Notice of Defaults.

  
	

  Section 6.03

  	

  Certain Rights

  of Trustee.

  
	

  Section

  6.04

  	

  Not

  Responsible for Recitals or Issuance of Securities.

  

 

i

 

	

  Section 6.05

  	

  May Hold Securities.

  
	

  Section 6.06

  	

  Money Held in Trust.

  
	

  Section

  6.07

  	

  Compensation

  and Reimbursement.

  
	

  Section

  6.08

  	

  Disqualification;

  Conflicting Interests.

  
	

  Section

  6.09

  	

  Corporate

  Trustee Required; Eligibility.

  
	

  Section

  6.10

  	

  Resignation

  and Removal; Appointment of Successor.

  
	

  Section

  6.11

  	

  Acceptance

  of Appointment by Successor.

  
	

  Section 6.12

  	

  Merger, Conversion, Consolidation or

  Succession to Business.

  
	

  Section

  6.13

  	

  Preferential

  Collection of Claims Against Company.

  
	

  Section

  6.14

  	

  Appointment

  of Authenticating Agent.

  
	

   

  	

   

  
	

  ARTICLE VII

  	

  HOLDERS’

  LISTS AND REPORTS BY TRUSTEE AND COMPANY

  
	

  Section

  7.01

  	

  Company

  to Furnish Trustee Names and Addresses of Holders.

  
	

  Section

  7.02

  	

  Preservation

  of Information; Communications to Holders.

  
	

  Section 7.03

  	

  Reports by Trustee.

  
	

  Section 7.04

  	

  Reports by Company.

  
	

   

  	

   

  
	

  ARTICLE VIII

  	

  CONSOLIDATION, MERGER, CONVEYANCE,

  TRANSFER OR LEASE

  
	

  Section 8.01

  	

  Company May Consolidate, Etc. Only on

  Certain Terms.

  
	

  Section 8.02

  	

  Successor

  Substituted.

  
	

   

  	

   

  
	

  ARTICLE IX

  	

  SUPPLEMENTAL

  INDENTURES

  
	

  Section

  9.01

  	

  Supplemental

  Indentures Without Consent of Holders.

  
	

  Section

  9.02

  	

  Supplemental

  Indentures with Consent of Holders.

  
	

  Section

  9.03

  	

  Execution

  of Supplemental Indentures.

  
	

  Section

  9.04

  	

  Effect

  of Supplemental Indentures.

  
	

  Section

  9.05

  	

  Conformity

  with Trust Indenture Act.

  
	

  Section

  9.06

  	

  Reference

  in Securities to Supplemental Indentures.

  
	

  Section

  9.07

  	

  Notice

  of Supplemental Indenture.

  
	

   

  	

   

  
	

  ARTICLE

  X

  	

  COVENANTS

  
	

  Section 10.01

  	

  Payment of Principal, Premium and

  Interest.

  
	

  Section

  10.02

  	

  Maintenance

  of Office or Agency.

  
	

  Section

  10.03

  	

  Money

  for Security Payments to be Held in Trust.

  
	

  Section 10.04

  	

  Existence.

  
	

  Section 10.05

  	

  Maintenance of

  Properties.

  
	

  Section

  10.06

  	

  Payment

  of Taxes and Other Claims.

  
	

  Section 10.07

  	

  Maintenance of

  Insurance.

  
	

  Section

  10.08

  	

  Limitation

  on Consolidated Indebtedness.

  
	

  Section

  10.09

  	

  Limitation

  on Preferred Stock of Restricted Subsidiaries.

  
	

  Section

  10.10

  	

  Limitation

  on Certain Indebtedness.

  
	

  Section

  10.11

  	

  Limitation

  on Restricted Payments.

  
	

  Section

  10.12

  	

  Limitations

  Concerning Distributions and Transfers By Restricted Subsidiaries.

  
	

  Section 10.13

  	

  Limitations on

  Liens.

  
	

  Section

  10.14

  	

  Limitation

  on Transactions with Affiliates and Related Persons.

  
	

  Section

  10.15

  	

  Limitation

  on Asset Sales and Sales of Subsidiary Stock.

  
	

  Section

  10.16

  	

  Limitation

  on Activities of the Company and its Restricted Subsidiaries.

  
	

  Section 10.17

  	

  Change of Control.

  
	

  Section

  10.18

  	

  Statement

  by Officers to Default; Compliance Certificates.

  
	

  Section

  10.19

  	

  Waiver of

  Certain Covenants.

  
	

  Section 10.20

  	

  Payments for Consent.

  
	

  Section

  10.21

  	

  Covenants

  upon Attainment and Maintenance of an Investment Grade Rating.

  
	

   

  	

   

  
	

  ARTICLE XI

  	

  REDEMPTION OF

  SECURITIES

  
	

  Section 11.01

  	

  Right of Redemption.

  
	

  Section

  11.02

  	

  Applicability

  of Article XI.

  
	

  Section

  11.03

  	

  Election

  to Redeem; Notice to Trustee.

  
	

  Section

  11.04

  	

  Selection

  by Trustee of Securities to Be Redeemed.

  
	

  Section 11.05

  	

  Notice of Redemption.

  
	

  Section

  11.06

  	

  Deposit of

  Redemption Price.

  
	

  Section

  11.07

  	

  Securities

  Payable on Redemption Date.

  
	

  Section

  11.08

  	

  Securities

  Redeemed in Part.

  
	

   

  	

   

  
	

  ARTICLE XII

  	

  SUBORDINATION

  OF SECURITIES

  
	

  Section

  12.01

  	

  Securities

  Subordinate to Senior Indebtedness.

  
	

  Section

  12.02

  	

  Payment

  Over of Proceeds Upon Dissolution, Etc.

  
	

  Section

  12.03

  	

  No

  Payment When Senior Indebtedness in Default.

  

 

ii

 

	

  Section

  12.04

  	

  Payment

  Permitted If No Default.

  
	

  Section

  12.05

  	

  Subrogation

  to Rights of Holders of Senior Indebtedness.

  
	

  Section

  12.06

  	

  Provisions

  Solely to Define Relative Rights.

  
	

  Section

  12.07

  	

  Trustee

  to Effectuate Subordination.

  
	

  Section

  12.08

  	

  No

  Waiver of Subordination Provisions.

  
	

  Section 12.09

  	

  Notice to Trustee.

  
	

  Section

  12.10

  	

  Reliance

  on Judicial Order or Certificate of Liquidating Agent.

  
	

  Section

  12.11

  	

  Trustee

  Not Fiduciary for Holders of Senior Debt.

  
	

  Section

  12.12

  	

  Rights

  of Trustee as Holder of Senior Indebtedness; Preservation of Trustee’s

  Rights.

  
	

  Section

  12.13

  	

  Article

  XII Applicable to Paying Agents.

  
	

  Section

  12.14

  	

  Defeasance

  of this Article XII.

  
	

   

  	

   

  
	

  ARTICLE

  XIII

  	

  DEFEASANCE

  AND COVENANT DEFEASANCE

  
	

  Section

  13.01

  	

  Company’s

  Option to Effect Defeasance or Covenant Defeasance.

  
	

  Section 13.02

  	

  Defeasance and

  Discharge.

  
	

  Section 13.03

  	

  Covenant Defeasance.

  
	

  Section

  13.04

  	

  Conditions

  to Defeasance or Covenant Defeasance.

  
	

  Section

  13.05

  	

  Deposited

  Money and U.S. Government Obligations to be Held in Trust; Other

  Miscellaneous Provisions.

  
	

  Section 13.06

  	

  Reinstatement.

  

 

Schedules:

	

  Schedule10.08

  	

  Existing

  Indebtedness

  
	

  Schedule10.12

  	

  Limitations

  Concerning Distributions and Transfers by Restricted Subsidiaries

  
	

  Schedule10.14

  	

  Limitations

  on Transactions with Affiliates and Related Persons

  

 

iii

 

Exhibit 4.2 (a)

 

INDENTURE, dated as of

January 16, 2002 (this “Indenture”), between Rural Cellular Corporation,

a corporation organized and existing under the laws of the State of Minnesota

(herein called the “Company”), having its principal office at 3905Dakota

Street S.W., Alexandria, MN 56308, and Wells Fargo Bank Minnesota, N.A., as

Trustee (herein called the “Trustee”).

 

RECITALS OF THE

COMPANY

 

The Company has duly

authorized the creation of an issue of its 9 3⁄4% Senior Subordinated Notes due

2010 (the “Original Securities”), and 9 3⁄4% Series B Senior Subordinated

Notes due 2010 (the “Exchange Securities,” and together with the

Original Securities, the “Securities”) of substantially the tenor and

amount hereinafter set forth, and to provide therefore the Company has duly authorized

the execution and delivery of this Indenture.

 

All things necessary to

make the Securities, when executed by the Company and authenticated and

delivered hereunder and duly issued by the Company, the valid obligations of

the Company, and to make this Indenture a valid agreement of the Company, in

accordance with their and its terms, have been done.

 

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 covenanted and agreed, for the equal and proportionate benefit of

all Holders of the Securities, as follows:

 

ARTICLE I

 

DEFINITIONS AND

OTHER PROVISIONS

OF GENERAL

APPLICATION

 

Section 1.01 Definitions.

 

For all purposes of this

Indenture, except as otherwise expressly provided or unless the context

otherwise requires:

 

(1)           the terms defined in this Article

have the meanings assigned to them in this Article and include the plural as

well as the singular;

 

(2)           all other terms used herein which are

defined in the Trust Indenture Act, either directly or by reference therein,

have the meanings assigned to them therein;

 

(3)           all accounting terms not otherwise

defined herein have the meanings assigned to them in accordance with GAAP

(whether or not such is indicated herein);

 

(4)           unless otherwise specifically set

forth herein, all calculations or determinations of a Person shall be performed

or made on a consolidated basis in accordance with GAAP but shall not include

the assets and liabilities of Unrestricted Subsidiaries, except to the extent

of dividends and distributions actually paid to the Company or one of its

Wholly Owned Restricted Subsidiaries; and

 

(5)           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; and

 

(6)           the term “on a pro forma basis” means

on a pro forma basis as calculated in accordance with Regulation S-X, as

amended, under the Securities Act.

 

Certain terms, used

principally in Articles VI and X, are defined as provided in such Articles.

 

“Acquired Indebtedness”

means Indebtedness of a Person (including an Unrestricted Subsidiary)

(1)existing at the time such Person becomes a Restricted Subsidiary or

(2)assumed in connection with the acquisition of assets from such Person, in

the case of both of the preceding Clause (1)and Clause (2), other than

Indebtedness incurred in connection with, or in contemplation of, such Person

becoming a Restricted Subsidiary or such acquisition. Acquired Indebtedness

shall be deemed to be Incurred on the date of the related acquisition of assets

from any Person or the date the acquired Person becomes a Restricted

Subsidiary.

 

 

“Acquired Person”

has the meaning specified in the definition of Permitted Investment.

 

“Act,” when used

with respect to any Holder, has the meaning specified in Section 1.04.

 

“Additional Securities”

has the meaning set forth in Section 3.01.

 

“Additional Senior

Subordinated Exchange Debentures” means the senior subordinated debentures

that may be issued by the Company in accordance with the terms of the Junior

Exchangeable Preferred Stock in effect on the Issue Date.

 

“Adjusted Operating

Cash Flow Ratio” of any Person means the Operating Cash Flow Ratio of such

Person as adjusted to treat all Preferred Stock of such Person as Redeemable

Stock.

 

“Administrative Agent”

means the Person or Persons designated as such under the Credit Facility.

 

“Affiliate” of any

Person means any other Person directly or indirectly controlling or controlled

by or under direct or indirect common control with such Person. For the

purposes of this definition, “control” when used with respect to any Person

means the power to direct the management and policies of such Person, directly

or indirectly, whether through the ownership of voting securities, by contract

or otherwise; and the terms “controlling” and “controlled” have meanings

correlative to the foregoing.

 

“Agent Member”

means any member of, or participant in, the Depositary.

 

“Applicable Procedures”

means, with respect to any transfer or transaction involving a Global Security

or beneficial interest therein, the rules and procedures of the Depositary for

such Security, Euroclear and Clearstream, in each case to the extent applicable

to such transaction and as in effect from time to time.

 

“Asset Sale”

means, in any one transaction or a series of related transactions, the

conveyance, sale, transfer, assignment or other disposition, directly or

indirectly, of any of the Company’s or a Restricted Subsidiary’s property,

business or assets, including any sale or other transfer or issuance of any

Capital Stock of any Restricted Subsidiary of the Company, whether owned on the

Issue Date or thereafter acquired.

 

“Authenticating Agent”

means any Person authorized by the Trustee to act on behalf of the Trustee to

authenticate Securities.

 

“Bankruptcy Law”

has the meaning specified in Section 5.01(h).

 

“Board of Directors”

of a Person which is a corporation, means either the board of directors of that

Person or any duly authorized committee of that board.

 

“Board Resolution”

means a copy of a resolution certified by the Secretary or an Assistant

Secretary of the Company to have been duly adopted by the Board of Directors of

the Company, to be in full force and effect on the date of such certification

and delivered to the Trustee.

 

“Business Day”

means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day

on which banking institutions in New York City or the State of Minnesota are

authorized or obligated by law or executive order to close.

 

“Capital Lease

Obligation” means that portion of any obligation of a Person as lessee

under a lease which is required to be capitalized on the balance sheet of such

lessee in accordance with GAAP.

 

“Capital Stock”

means, with respect to any Person, any and all shares, interests,

participations or other equivalents (however designated, including voting and

non-voting) of equity of such Person.

 

“Cash Equivalents”

means:

 

(1)           securities issued or directly and

fully guaranteed or insured by the United States of America or any agency or

instrumentality thereof (provided that the full faith and credit of the United

States of America is pledged in support thereof), in each case maturing within

one year after the date of acquisition,

 

(2)           time deposits and certificates of

deposit and commercial paper issued by the parent corporation of any domestic

commercial bank of recognized standing having capital and surplus in excess of

$500 million and commercial paper issued by others rated at least A-2 or the

equivalent thereof by S&P or at least P-2 or the equivalent thereof by

Moody’s and in each case maturing within one year after the date of acquisition

and

 

2

 

(3)           investments in money market funds

substantially all of whose assets comprise securities of the types described in

clauses (1) and (2) above.

 

“Change of Control”

means (1) directly or indirectly a merger, sale, transfer or other conveyance

of all or substantially all the assets of the Company, on a consolidated basis,

to any “person” or “group” (as such terms are used for purposes of Sections

13(d) and 14(d) of the Exchange Act, whether or not applicable), excluding

transfers or conveyances to or among the Company’s current or newly-formed

Wholly Owned Restricted Subsidiaries, as an entirety or substantially as an

entirety in one transaction or series of related transactions, in each case

with the effect that any Person or group of Persons beneficially owns more than

50% of the total Voting Power entitled to vote in the election of directors,

managers or trustees of the transferee entity immediately after such

transaction, (2) any “person” or “group” (as such terms are used for purposes

of Sections 13(d) and 14(d) of the Exchange Act, whether or not applicable) is

or becomes the beneficial owner, directly or indirectly, of more than 50% of

the total Voting Power of the Company or (3) during any period of 24

consecutive months, individuals who at the beginning of such period constituted

the Board of Directors of the Company (together with any new directors whose

election by such Board or whose nomination for election by the shareholders of

the Company was approved by a vote of a majority of the directors then still in

office who were either directors at the beginning of such period or whose

election or nomination for election was previously so approved), cease for any

reason to constitute a majority of the Board of Directors of the Company then

in office. For purposes of this definition, the terms “beneficially own,”

“beneficial owner” and “beneficial ownership” shall have the meanings used in

Rules 13d-3 and 13d-5 under the Exchange Act, whether or not applicable, except

that a Person shall be deemed to have “beneficial ownership” of all shares that

any such Person has the right to acquire, whether such right is exercisable

immediately or only after the passage of time.

 

“Clearstream”

means Clearstream Banking, a société anonyme

(or any successor securities clearing agency).

 

“Commission” means

the United States Securities and Exchange Commission as from time to time

constituted, created under the Exchange Act, or, if at any time after the

execution of this instrument such Commission is not existing and performing the

duties now assigned to it under the Trust Indenture Act, then the body

performing such duties at such time.

 

“Common Stock” of

any Person means Capital Stock of such Person that does not rank prior, as to

the payment of dividends or as to the distribution of assets upon any voluntary

or involuntary liquidation, dissolution or winding up of such Person, to shares

of Capital Stock of any other class of such Person.

 

“Company” means

the Person named as the “Company” in the first paragraph of this instrument

until a successor Person shall have become such pursuant to the applicable

provisions of this Indenture and thereafter “Company” shall mean such successor

Person.

 

“Company Request”

or “Company Order” means a written request or order signed in the name

of the Company by its Chief Executive Officer, its President or any Vice

President, and by its Chief Financial Officer, Treasurer, an Assistant

Treasurer, its Secretary or an Assistant Secretary, and delivered to the

Trustee.

 

“Consolidated Indebtedness”

of any Person means at any date the Indebtedness of such Person and its

Restricted Subsidiaries at such date.

 

“Consolidated Interest

Expense” of any Person means for any period the interest expense included

in an income statement (taking into account the effect of any Hedge Agreements

but without deduction of interest income) of such Person and its Restricted

Subsidiaries for such period, including without limitation or duplication (or,

to the extent not so included, with the addition of),

 

(1)           the portion of any rental obligation

in respect of any Capital Lease Obligation allocable to interest expense in

accordance with GAAP;

 

(2)           the amortization of Indebtedness

discounts;

 

(3)           any payments or fees with respect to

letters of credit, bankers’ acceptances or similar facilities;

 

(4)           fees with respect to Hedge

Agreements;

 

(5)           the portion of any rental obligations

in respect of any Sale and Leaseback Transaction allocable to interest expense

(determined as if such were treated as a Capital Lease Obligation); and

 

(6)           Preferred Stock dividends accrued or

payable other than dividends on Qualified Capital Stock of such Person.

 

“Consolidated Net

Income” of any Person means for any period the net income (or loss) of such

Person and its Restricted Subsidiaries for such period determined on a

consolidated basis in accordance with GAAP; provided

that there shall be excluded therefrom (to the extent included and without

duplication):

 

3

 

(1)           the net income (or loss) of any

Person acquired by such Person or a Restricted Subsidiary of such Person after

the Issue Date in a pooling of interests transaction for any period prior to

the date of such transaction,

 

(2)           the net income (or loss) of any

Person that is not a Restricted Subsidiary of such Person except to the extent

of the amount of dividends or other distributions actually paid to such Person

by such other Person during such period,

 

(3)           gains or losses from sales of assets

other than sales of assets acquired and held for resale in the ordinary course

of business,

 

(4)           for purposes of Section 10.11, the

net income, if positive, of any Restricted Subsidiary to the extent that the

declaration or payment of dividends or similar distributions by such Restricted

Subsidiary of such net income is not at that time permitted by the operation of

the terms of its charter or any agreement, instrument, judgment, decree, order,

statute, rule or governmental regulations applicable to such Restricted

Subsidiary, and

 

(5)           all extraordinary gains and

extraordinary losses.

 

“Consolidated Net

Worth” of any Person means the consolidated shareholders’ equity of such

Person, determined on a consolidated basis in accordance with GAAP; provided, that such computation shall

exclude (1) any amounts attributable to Redeemable Stock or any equity security

convertible into or exchangeable for Indebtedness, the cost of treasury stock

and the principal amount of any promissory notes receivable from the sale of

the Capital Stock of the Company or any of its Restricted Subsidiaries and (2)

Unrestricted Subsidiaries.

 

“Cooperative Banks”

means lenders under the Credit Facility which are cooperative banks.

 

“Cooperative Bank

Equity” means non-voting equity interests in Cooperative Banks.

 

“Corporate Trust

Office” means the principal office of the Trustee at Sixth Street and

Marquette Avenue, Minneapolis, Minnesota 55479-0069 at which at any particular

time its corporate trust business shall be administered or such other location

designated by the Trustee in a report pursuant to Section 7.03(a).

 

“Covenant Suspension”

has the meaning specified in Section 10.21(a).

 

“Credit Facility”

means the Third Amended and Restated Loan Agreement, dated as of June 29, 2000,

as amended to the Issue Date, among the Company, Toronto Dominion (Texas),Inc.,

as Administrative Agent, TD Securities (USA)Inc., as Book Runner and Lead

Arranger, and First Union National Bank and PNC Bank, as Co-Syndication Agents,

and the other lenders party to such Agreement, as such agreement may be further

amended, supplemented, restated, refunded, replaced, renewed, extended,

refinanced, increased or otherwise modified, in whole or in part, from time to

time.

 

“Cumulative Interest

Expense” means the total amount of Consolidated Interest Expense of the

Company and its Restricted Subsidiaries for the period beginning on the first

day of the completed fiscal quarter immediately preceding the Issue Date,

through and including the end of the last completed fiscal quarter preceding

the date of any proposed Restricted Payment.

 

“Cumulative Operating

Cash Flow” means Operating Cash Flow of the Company and its Restricted

Subsidiaries for the period beginning on the first day of the completed fiscal

quarter immediately preceding the Issue Date, through and including the end of

the last fiscal quarter preceding the date of any proposed Restricted Payment.

 

“Default” means

any event that is, or with the passage of time or the giving of notice or both

would be, an Event of Default.

 

“Defaulted Interest”

has the meaning specified in Section 3.08.

 

“Depositary” means

a clearing agency registered under the Exchange Act that is designated to act

as Depositary for the Securities until a successor Depositary shall have become

such pursuant to the applicable provisions of this Indenture, and thereafter

“Depositary” shall mean such successor Depositary. The Depositary shall

initially be DTC.

 

“Designated Senior

Indebtedness” means the Indebtedness under the Credit Facility.

 

“Distribution

Compliance Period” means, with respect to the Initial Regulation S

Securities, the “distribution compliance period” required by Rule 903(b)(2) of

Regulation S applicable to such Securities.

 

“DTC” means The

Depository Trust Company, a New York corporation.

 

4

 

“Euroclear” means

the Euroclear Clearance System (or any successor securities clearing agency).

 

“Event of Default”

has the meaning specified in Section 5.01.

 

“Exchange Act”

refers to the Securities Exchange Act of 1934, as amended.

 

“Exchange Indentures”

means the indentures under which the Senior Subordinated Exchange Debentures

and the Additional Senior Subordinated Exchange Debentures may be issued.

 

“Exchange Offer”

means an offer made pursuant to an effective registration statement under the

Securities Act by the Company to exchange all or a portion of the Outstanding

Securities (except for the differences provided for herein) for Exchange

Securities.

 

“Exchange Registration

Statement” means a registration statement of the Company under the

Securities Act registering Exchange Securities for distribution pursuant to an

Exchange Offer.

 

“Exchange Securities”

means the Securities designated as such in the first paragraph of the recitals

of the Company, all of which are to be issued pursuant to an Exchange Offer or

sold pursuant to a Shelf Registration Statement and their Successor Securities.

 

“Exchangeable

Preferred Stock” means the 113¤8% Senior Exchangeable Preferred Stock of

the Company.

 

“Existing Indebtedness”

has the meaning specified in Section 10.08.

 

“Existing Preferred

Stock” has the meaning specified in Section 10.09(a).

 

“Existing Senior

Subordinated Notes” means the 9 5¤8% Senior Subordinated Notes due 2008 of

the Company.

 

“Expiration Date”

has the meaning specified in the definition of “Offer to Purchase.”

 

“Fair Market Value”

means, with respect to any assets or Person, the price which could be

negotiated in an arm’s-length free market transaction, for cash, between a

willing seller and a willing buyer, neither of whom is under undue pressure or

compulsion to complete the transaction. Fair Market Value will be determined

(1) if such Person or assets have a Fair Market Value of up to $2.5 million, by

any executive officer of the Company and evidenced by an Officers’ Certificate,

dated within 30 days of the relevant transaction, (2) if such Person or assets

have a Fair Market Value equal to or in excess of $2.5 million but not in

excess of $10 million, by a majority of the Board of Directors of the Company

and evidenced by a Board Resolution, dated within 30 days of the relevant

transaction or (3) if such Person or assets have a Fair Market Value in excess

of $10 million, by a majority of the Board of Directors of the Company and

evidenced by a Board Resolution, dated within 30 days of the relevant

transaction, based on an appraisal of an independent appraiser of national

reputation.

 

“GAAP” means

generally accepted accounting principles set forth in the opinions and

pronouncements of the Accounting Principles Board of the American Institute of

Certified Public Accountants and statements and pronouncements of the Financial

Accounting Standards Board or in such other statements by such other entity or

entities as have been approved by a significant segment of the accounting

profession in the United States, which are in effect as of the Issue Date.

 

“Global Securities”

has the meaning set forth in Section 2.01.

 

“Hedge Agreements”

means any interest rate or currency exchange rate swap, cap, collar, floor,

caption or swaption agreements, or any similar arrangements arising at any time

between the company or any Restricted Subsidiary, on the one hand, and any

Person, on the other hand, as such agreement or arrangement may be modified,

supplemented and in effect from time to time.

 

“Holder” means a

Person in whose name a Security is registered in the Security Register.

 

“Incur” means,

with respect to any Indebtedness or other obligation of any Person, to create,

issue, incur (by conversion, exchange or otherwise), assume, guarantee or

otherwise become liable in respect of such Indebtedness or other obligation or

the recording, as required pursuant to GAAP or otherwise, of any such Indebtedness

or other obligation on the balance sheet of such Person (and “Incurrence,”

“Incurred,” “Incurrable” and “Incurring” shall have meanings correlative to the

foregoing); provided that

the accrual of interest, the accretion or amortization of original issue

discount, the payment of interest on any Indebtedness in the form of

Indebtedness with the same terms and the payment of dividends on Redeemable

Stock in the form of additional shares of the same class of Redeemable Stock

shall not be deemed to be an Incurrence of Indebtedness (provided, in each such

case, that the amount thereof shall be included in the Consolidated Interest

Expense and Indebtedness of the Company as accrued).

 

5

 

“Indebtedness”

means (without duplication), with respect to any Person, whether recourse is to

all or a portion of the assets of such Person and whether or not contingent,

 

(1)           every obligation of such Person for

money borrowed,

 

(2)           every obligation of such Person

evidenced by bonds, debentures, notes or similar instruments, including

obligations Incurred in connection with the acquisition of property, assets or

businesses,

 

(3)           every reimbursement obligation of

such Person with respect to letters of credit, bankers’ acceptances or similar

facilities issued for the account of such Person,

 

(4)           every obligation of such Person

issued or assumed as the deferred purchase price of property or services (but

excluding trade accounts payable or accrued liabilities arising in the ordinary

course of business),

 

(5)           every Capital Lease Obligation of

such Person,

 

(6)           the maximum fixed redemption or

repurchase price of Redeemable Stock of such Person at the time of

determination,

 

(7)           every obligation to pay rent or other

payment amounts of such Person with respect to any Sale and Leaseback

Transaction to which such Person is a party,

 

(8)           all obligations under Hedge

Agreements,

 

(9)           every obligation of the type referred

to in clauses (1) through (8) above of another Person and all dividends of

another Person the payment of which, in either case, such Person has guaranteed

or is responsible or liable, directly or indirectly, as obligor, guarantor or

otherwise or for which such Person provides any form of credit support, and

 

(10)         the liquidation value of Preferred

Stock of a Subsidiary of such Person issued and outstanding and held by other

than such Person (or one of its Wholly Owned Restricted Subsidiaries);

 

provided, that for all purposes of this Indenture,

 

(A)                              the amount outstanding at any time of any

Indebtedness issued with original issue discount is the face amount of such

Indebtedness less the unamortized portion of the original issue discount of

such Indebtedness at the time of its issuance as determined in conformity with

GAAP, and

 

(B)                               Indebtedness shall not include any

liability for federal, state, local or other taxes.

 

For purposes of this Indenture, the amount of any

Indebtedness under any Hedge Agreement shall be the amount determined in

respect thereof as of the end of the then most recently ended fiscal quarter of

such Person, based on the assumption that such Hedge Agreement had terminated

at the end of such fiscal quarter, and in making such determination, if such

Hedge Agreement or any related agreement provides for the netting of amounts

payable by and to such Person thereunder or if any such agreement provides for

the simultaneous payment of amounts by and to such Person, then in each such

case, the amount of such obligations shall be the net amount so determined,

unless the counterparty under such agreement is in default under such agreement

or defaults in making the corresponding payment to such Person.

 

“Indenture” means

this instrument as originally executed or as it may from time to time be

supplemented or amended by one or more indentures supplemental hereto entered

into pursuant to the applicable provisions hereof.

 

“Initial Purchasers”

means (1) with respect to the Original Securities issued on the Issue Date,

Dresdner Kleinwort Wasserstein —Grantchester, Inc., Credit Suisse First Boston

Corporation, TD Securities (USA) Inc., Banc of America Securities LLC and First

Union Securities, Inc. and (2) with respect to Original Securities issued after

the Issue Date, the initial purchasers of such Securities from the Company in

connection with an exempt offering of Securities to “qualified institutional

buyers” (as such term is defined in Rule 144A) and to other persons.

 

“Initial Regulation S

Securities” means the Securities, if any, issued in reliance on Regulation

S.

 

“Interest Payment Date”

means the Stated Maturity of an installment of interest on the Securities.

 

“Investment” by

any Person in any other Person means (without duplication):

 

6

 

(1)           the acquisition (whether by purchase,

merger, consolidation or otherwise) by such Person (whether for cash, property,

services, securities or otherwise) of capital stock, bonds, notes, debentures,

partnership or other ownership interests or other securities of such other

Person or any agreement to make any such acquisition;

 

(2)           the making by such Person of any

deposit with, or advance, loan or other extension of credit to, such other

Person (including the purchase of property from another Person subject to an

understanding or agreement, contingent or otherwise, to resell such property to

such other Person) or any commitment to make any such advance, loan or

extension;

 

(3)           the entering into by such Person of

any guarantee of, or other contingent obligation with respect to, Indebtedness

or other liability of such other Person;

 

(4)           the making of any capital

contribution by such Person to such other Person; and

 

(5)           the designation by the Board of

Directors of the Company of any Person to be an Unrestricted Subsidiary.

 

For purposes of Section

10.11:

 

(A)          “Investment” shall include and

be valued at the Fair Market Value of such Person’s pro rata interest in the net assets of any Restricted

Subsidiary at the time that such Restricted Subsidiary is designated an

Unrestricted Subsidiary and shall exclude the lesser of (x) the Fair Market

Value of such Person’s pro rata

interest in the net assets of any Unrestricted Subsidiary at the time that such

Unrestricted Subsidiary is designated a Restricted Subsidiary and (y) the Fair

Market Value of the amount of such Person’s Investments (other than Permitted

Investments) made in (net of cash distributions received from) such

Unrestricted Subsidiary since the Issue Date, and

 

(B)           the amount of any Investment shall be

the Fair Market Value of such Investment at the time any such Investment is

made.

 

“Investment Grade”

means a rating of the relevant debt obligation of a Person by both S&P and

Moody’s, any such rating being in one of such agency’s four highest generic

rating categories that signifies investment grade (i.e., currently BBB- (or the

equivalent) or higher by S&P and Baa3 (or the equivalent) or higher by

Moody’s); provided in each

case such ratings are publicly available; provided,

further that in the event

either S&P or Moody’s is no longer in existence for purposes of determining

whether such debt obligations are rated “Investment Grade,” such organization

may be replaced by a nationally recognized statistical rating organization (as

defined in Rule436 under the Securities Act) designated by the Company, written

notice of which shall be given to the Trustee.

 

“Issue Date” means

the time and date of the first issuance of the Original Securities.

 

“Junior Exchangeable

Preferred Stock” means the 121⁄4% Junior Exchangeable Preferred Stock of the

Company.

 

“Lien” means, with

respect to any property or assets, any mortgage or deed of trust, pledge,

hypothecation, assignment, deposit arrangement, security interest, lien,

charge, easement (other than an easement not materially impairing usefulness or

marketability), 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 conditional sale

or other title retention agreement having substantially the same economic

effect as any of the foregoing).

 

“Liquidated Damages”

means the liquidated damages payable under the Registration Rights Agreement.

 

“Maturity” means,

when used with respect to any Security, the date on which the principal of such

Security becomes due and payable, whether at the Stated Maturity or by

declaration of acceleration, call for redemption or otherwise.

 

“Moody’s” means

Moody’s Investors Service, Inc. and its successors.

 

“Net Cash Proceeds”

means the aggregate amount of cash and Cash Equivalents received by the Company

and its Restricted Subsidiaries in respect of an Asset Sale (including upon the

conversion to cash and Cash Equivalents of (a) any note or installment

receivable at any time or (b) any other property as and when any cash and Cash

Equivalents are received in respect of any property received in an Asset Sale

but only to the extent such cash and Cash Equivalents are received within one

year after such Asset Sale), less the sum of (1) all reasonable out-of-pocket

fees, commissions and other expenses incurred in connection with such Asset

Sale, including the amount (estimated in good faith by the Board of Directors

of the Company) of income, franchise, sales and other applicable taxes required

to be paid by the Company or any Restricted Subsidiary of the Company in

connection with such Asset Sale and (2) the aggregate amount of cash so

received which is used to retire any existing Senior Indebtedness or

Indebtedness of the Company that ranks pari

passu in right of payment with the Securities or existing

Indebtedness of such Restricted Subsidiaries, as the case may be, which is

required to be repaid in connection with such Asset Sale or is secured by a

Lien on the property or assets of the Company or any of its Restricted

Subsidiaries, as the case may be; provided that Indebtedness ranking pari passu in right of payment 

 

7

 

with the Securities which is issued pursuant to

documentation providing for the making of an offer to repurchase or repay such

Indebtedness in connection with an Asset Sale shall be treated as provided in

Section 10.15.

 

“Non-Recourse Debt”

means Indebtedness:

 

(1)           as to which neither the Company nor

any of its Restricted Subsidiaries:

 

(a)           provides credit support of any kind

(including any undertaking, agreement or instrument that would constitute

Indebtedness);

 

(b)           is directly or indirectly liable, as

a guarantor or otherwise; or

 

(c)           constitutes the lender, other than

with respect to amounts that are lent by the Company or one of its Restricted

Subsidiaries to an Unrestricted Subsidiary in compliance with Sections 10.11

and 10.14 hereof and are otherwise permitted by this Indenture;

 

(2)           no default with respect to which, including

any rights that the holders of such Indebtedness may have to take enforcement

action against an Unrestricted Subsidiary, would permit (upon notice, lapse of

time or both) any holder of any other Indebtedness of the Company or any of its

Restricted Subsidiaries to declare a default on that other Indebtedness or

cause the payment of that other Indebtedness to be accelerated or payable prior

to its stated maturity; and

 

(3)           as to which the lenders will not have

any recourse to the assets of the Company or the stock or assets of any of its

Restricted Subsidiaries.

 

“Notice of Default”

has the meaning specified in Section 5.01.

 

“Offer” has the

meaning specified in the definition of Offer to Purchase.

 

“Offer to Purchase”

means a written offer (the “Offer”) sent by the Company to each Holder

at his address appearing in the Security Register on the date of the Offer

offering to purchase up to the principal amount of Securities specified in such

Offer at the purchase price specified in such Offer. Unless otherwise required

by applicable law, the Offer shall specify an expiration date (the “Expiration

Date”) of the Offer to Purchase which, subject to any contrary requirements

of applicable law, shall be not less than 30 days nor more than 60 days after

the date of such Offer to Purchase (or, in the case of any Offer to Purchase

made prior to the occurrence of the Change of Control and contingent upon such

occurrence, the later of (x) 60 days after the date of such Offer to Purchase

and (y) the date of occurrence of such Change of Control) and a settlement date

(the “Purchase Date”) for purchase of Securities within five Business

Days after the Expiration Date.

 

The Offer shall also

state:

 

(1)           the Section of this Indenture

pursuant to which the Offer to Purchase is being made;

 

(2)           the Expiration Date and the Purchase

Date;

 

(3)           the aggregate principal amount of the

Outstanding Securities offered to be purchased by the Company pursuant to the

Offer to Purchase (including, if less than 100%, the manner by which such has

been determined pursuant to the Section hereof requiring the Offer to Purchase)

(the “Purchase Amount”);

 

(4)           the purchase price to be paid by the

Company for each $1,000 aggregate principal amount of Securities accepted for

payment (as specified pursuant to this Indenture) (the “Purchase Price”);

 

(5)           that the Holder may tender all or any

portion of the Securities registered in the name of such Holder and that any

portion of a Security tendered must be tendered in an integral multiple of

$1,000 principal amount;

 

(6)           the place or places where Securities

are to be surrendered for tender pursuant to the Offer to Purchase;

 

(7)           that on the Purchase Date the

Purchase Price will become due and payable upon each Security accepted for

payment pursuant to the Offer to Purchase and that interest thereon shall cease

to accrue on and after the Purchase Date;

 

(8)           that each Holder electing to tender a

Security pursuant to the Offer to Purchase will be required to surrender such

Security at the place or places specified in the Offer prior to the close of

business on the Expiration Date (such Security being, if the Company or the

Trustee so requires, duly endorsed by, or accompanied by a written instrument

of transfer in form satisfactory to the Company and the Trustee duly executed

by, the Holder thereof or his attorney duly authorized in writing);

 

8

 

(9)           that Holders will be entitled to

withdraw all or any portion of Securities tendered if the Company (or its

Paying Agent) receives, not later than the close of business on the Expiration

Date, a telegram, telex, facsimile transmission or letter setting forth the

name of the Holder, the principal amount of the Security the Holder tendered,

the certificate number of the Security the Holder tendered and a statement that

such Holder is withdrawing all or a portion of his tender;

 

(10)         that (a) if Securities in an

aggregate principal amount less than or equal to the Purchase Amount are duly

tendered and not withdrawn pursuant to the Offer to Purchase, the Company shall

purchase all such Securities and (b) if Securities in an aggregate

principal amount in excess of the Purchase Amount are tendered and not

withdrawn pursuant to the Offer to Purchase, the Company shall purchase

Securities having an aggregate principal amount equal to the Purchase Amount on

a pro rata basis (with such adjustments as may be deemed appropriate so that

only Securities in denominations of $1,000 or integral multiples thereof shall

be purchased); and

 

(11)         that in the case of any Holder whose

Security is purchased only in part, the Company shall execute, and the Trustee

shall authenticate and deliver to the Holder of such Security without service

charge, a new Security or Securities, of any authorized denomination as

requested by such Holder, in an aggregate principal amount equal to and in

exchange for the unpurchased portion of the Security so tendered.

 

“Offering Memorandum”

means the Offering Memorandum, dated January 11, 2002, with respect to the

offering of the Original Securities to be issued on the Issue Date.

 

“Officers’ Certificate”

means a certificate signed by two officers at least one of whom shall be the

principal executive officer, principal accounting officer or principal

financial officer of the Company and delivered to the Trustee.

 

“Operating Cash Flow”

for any Person for any period means:

 

(1)           the Consolidated Net Income of such

Person for such period, plus

 

(2)           the sum, without duplication (and

only to the extent such amounts are deducted from net revenues in determining

such Consolidated Net Income), of:

 

(a)           the provisions for income taxes for

such period for such Person and its Restricted Subsidiaries,

 

(b)           depreciation, amortization and other

non-cash charges of such Person and its Restricted Subsidiaries and

 

(c)           Consolidated Interest Expense, to the

extent that any such expense was deducted in computing such Consolidated Net

Income, of such Person for such period, determined, in each case, on a

consolidated basis for such Person and its Restricted Subsidiaries in

accordance with GAAP,

 

less

 

(3)           the sum, without duplication (and

only to the extent such amounts are included in such Consolidated Net Income),

of:

 

(a)           all extraordinary gains of such

Person and its Restricted Subsidiaries during such period and

 

(b)           the amount of all cash payments made

during such period by such Person and its Restricted Subsidiaries to the extent

such payments relate to non-cash charges that were added back in determining

Operating Cash Flow for such period or for any prior period;

 

and in the case of a Restricted Subsidiary that is not

a Wholly Owned Restricted Subsidiary, the determination of the percentage of

the Operating Cash Flow of such Restricted Subsidiary that is to be included in

the calculation of the Company’s Operating Cash Flow Ratio shall be made on a

pro forma basis on the assumption that the percentage of the Company’s common

equity interest in such Restricted Subsidiary throughout the applicable

Reference Period was equivalent to its common equity interest on the date of

the determination.

 

“Operating Cash Flow

Ratio” of any Person on any date (the “Transaction Date”) means,

with respect to such Person and its Restricted Subsidiaries, the ratio of

 

(1)           Consolidated Indebtedness of such Person

on the Transaction Date (after giving pro forma effect to the Incurrence of any

Indebtedness on such Transaction Date) divided by

 

9

 

(2)           the aggregate amount of Operating

Cash Flow of such Person for the applicable Reference Period (determined on a

pro forma basis after giving effect to all dispositions of businesses made by

such Person and its Restricted Subsidiaries from the beginning of the Reference

Period through the Transaction Date as if such dispositions had occurred at the

beginning of such Reference Period);

 

provided, that for purposes of such computation,

in calculating Operating Cash Flow and Consolidated Indebtedness:

 

(A)          the transaction giving rise to the

need to calculate the Operating Cash Flow Ratio will be assumed to have

occurred (on a pro forma basis) on the first day of the Reference Period;

 

(B)           the Incurrence of any Indebtedness

during the Reference Period or subsequent thereto and on or prior to the

Transaction Date (and the application of the proceeds therefrom to the extent

used to retire Indebtedness) will be assumed to have occurred (on a pro forma

basis) on the first day of such Reference Period;

 

(C)           Consolidated Interest Expense

attributable to any Indebtedness (whether existing or being incurred) bearing a

floating interest rate shall be computed as if the rate in effect on the

Transaction Date had been the applicable rate for the entire Reference Period;

 

(D)          all members of the consolidated group

of such Person on the Transaction Date that were acquired during the Reference

Period shall be deemed to be members of the consolidated group of such Person

for the entire Reference Period; and

 

(E)           the Indebtedness and Operating Cash

Flow of any Restricted Subsidiary that is not a Wholly Owned Restricted

Subsidiary shall be determined in accordance with the actual percentage of the

Person’s common equity interest in such Restricted Subsidiary on the date of

determination of the Operating Cash Flow Ratio (thus, for example, in the case

of a Restricted Subsidiary in which such Person owns a 51% common equity

interest, 51% of such Subsidiary’s Indebtedness and of such Subsidiary’s

Operating Cash Flow would be included in the calculation of such Person’s

aggregate Indebtedness and Operating Cash Flow, respectively).

 

“Opinion of Counsel”

means a written opinion of counsel, who may be counsel for the Company, and who

shall be reasonably acceptable to the Trustee, delivered to the Trustee.

 

“Original Securities”

means the Securities designated in the first paragraph of the recitals of the

Company.

 

“Outstanding,”

when used with respect to Securities, means, as of the date of determination,

all Securities theretofore authenticated and delivered under this Indenture, except:

 

(i)            Securities theretofore canceled by

the Trustee or delivered to the Trustee for cancellation;

 

(ii)           Securities for whose payment or

redemption money in the necessary amount has been theretofore deposited with

the Trustee or any Paying Agent (other than the Company) in trust or set aside

and segregated in trust by the Company (if the Company shall act as its own

Paying Agent) for the Holders of such Securities; 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; and

 

(iii)          Securities which have been replaced

pursuant to Section 3.07 or in exchange for or in lieu of which other

Securities have been authenticated and delivered pursuant to this Indenture,

other than any such Securities in respect of which there shall have been

presented to the Trustee proof satisfactory to it that such Securities are held

by a bona fide purchaser in whose hands such Securities are valid obligations

of the Company;

 

provided, however,

that in determining whether the Holders of the requisite principal amount of

the Outstanding Securities have given any request, demand, authorization,

direction, notice, consent or waiver hereunder, Securities owned by the Company

or any other obligor upon the Securities or any Affiliate of the Company or of

such other obligor shall be disregarded and deemed not to be Outstanding,

except that, in determining whether the Trustee shall be protected in relying

upon any such request, demand, authorization, direction, notice, consent or

waiver, only Securities which the Trustee knows to be so owned shall be so

disregarded. Securities so owned which have been pledged in good faith may be

regarded as Outstanding if the pledgee establishes to the satisfaction of the

Trustee the pledgee’s right so to act with respect to such Securities and that

the pledgee is not the Company or any other obligor upon the Securities or any

Affiliate of the Company or of such other obligor.

 

“pari passu,” when used with respect to

the ranking of any Indebtedness of any Person in relation to other Indebtedness

of such Person, means that each such Indebtedness (a)either (i)is not

subordinated in right of payment to any other Indebtedness of such Person or (ii)is

subordinate in right of payment to the same Indebtedness of such Person as is

the other and is so

 

10

 

subordinate to the same extent and (b)is not

subordinate in right of payment to the other or to any Indebtedness of such

Person as to which the other is not so subordinate.

 

“Paying Agent”

means any Person authorized by the Company to pay the principal of (and

premium, if any), interest (and Liquidated Damages, if any), on any Securities

on behalf of the Company.

 

“Payment Blockage

Period” has the meaning specified in Section 12.03.

 

“Permitted Investments”

means:

 

(1)           Investments in Cash Equivalents;

 

(2)           Investments in the Company or a

Restricted Subsidiary (other than payments described in Clause (4) of the

second paragraph of Section 10.11;

 

(3)           Investments in a Person substantially

all of whose assets are of a type generally used in a Wireless Communications

Business (an “Acquired Person”) if, as a result of such Investments, (A)

the Acquired Person immediately thereupon becomes a Restricted Subsidiary or

(B) the Acquired Person immediately thereupon either (a) is merged or

consolidated with or into the Company or any Restricted Subsidiary or (b)

transfers or conveys all or substantially all of its assets to, or is

liquidated into, the Company or any of its Restricted Subsidiaries;

 

(4)           Investments in accounts and notes

receivable acquired in the ordinary course of business;

 

(5)           any securities received in connection

with an Asset Sale and any investment with the Net Cash Proceeds from any Asset

Sale in Capital Stock of a Person, all or substantially all of whose assets are

of a type used in a Wireless Communications Business, that complies with

Section 10.15;

 

(6)           advances and prepayments for asset

purchases in the ordinary course of business in a Wireless Communications

Business of the Company or a Restricted Subsidiary;

 

(7)           customary loans or advances made in

the ordinary course of business to officers, directors or employees of the

Company or any of its Restricted Subsidiaries for travel, entertainment, and

moving and other relocation expenses not to exceed $5 million at any one time

outstanding;

 

(8)           the purchase of Cooperative Bank

Equity in Cooperative Banks to the extent required by the charter documents of

such Cooperative Banks in connection with the Incurrence of any Indebtedness

which is provided by such Cooperative Banks under the Credit Facility, provided

that such Incurrence is permitted under the terms of this Indenture; and

 

(9)           Investments in Wireless Alliance not

exceeding $10 million in the aggregate made after the Issue Date;

 

provided, that the Investments referenced in

clauses (3) and (9) above shall not be Permitted Investments thereunder if made

at any time that a Default or Event of Default has occurred and is continuing.

 

“Person” means any

individual, corporation, partnership, limited liability company, joint venture,

trust, unincorporated organization or government or any agency or political

subdivision thereof.

 

“Predecessor Security”

of any particular Security means every previous Security evidencing all or a

portion of the same debt as that evidenced by such particular Security; and,

for the purposes of this definition, any Security authenticated and delivered

under Section 3.07 in exchange for or in lieu of a mutilated, destroyed, lost

or stolen Security shall be deemed to evidence the same debt as the mutilated,

destroyed, lost or stolen Security.

 

“Preferred Stock”

means, with respect to any Person, any and all shares of Capital Stock of such

Person that have preferential rights to any other Capital Stock of such Person

with respect to dividends or redemptions or upon liquidation.

 

“Proceeding” has

the meaning specified in Section 12.02.

 

“Public Equity

Offering” means an underwritten public offering of common stock of the

Company pursuant to an effective registration statement filed with the

Commission in accordance with the Securities Act.

 

“Purchase Agreement”

means (1) with respect to the Original Securities issued on the Issue Date, the

Purchase Agreement, dated as of January 11, 2002, among the Company and the

Initial Purchasers, as such agreement may be amended from time 

 

11

 

to time and (2) with respect to the Original Securities

issued after the Issue Date, the purchase agreement relating to the issuance of

such Securities among the Company and the Initial Purchasers, as such agreement

may be amended from time to time.

 

“Purchase Amount”

has the meaning specified in the definition of Offer to Purchase.

 

“Purchase Date”

has the meaning specified in the definition of Offer to Purchase.

 

“Purchase Price”

has the meaning specified in the definition of Offer to Purchase.

 

“Qualified Capital

Stock” means, with respect to any Person, any and all shares of Capital

Stock other than Redeemable Stock issued by such Person after the date of this

Indenture.

 

“Qualified Capital

Stock Proceeds” means, with respect to any Person,

 

(1)           in the case of any sale of Qualified

Capital Stock, the aggregate net cash proceeds received by such Person, after

payment of expenses, commissions and the like incurred by such Person in

connection therewith, and net of Indebtedness that such Person Incurred,

guaranteed or otherwise became liable for in connection with the issuance or

acquisition of such Capital Stock; and

 

(2)           in the case of any exchange,

exercise, conversion or surrender of any Redeemable Stock or Indebtedness of

such Person issued (other than to any Subsidiary) for cash after the Issue Date

for or into shares of Qualified Capital Stock of such Person, the liquidation

value of the Redeemable Stock or the net book value of such Indebtedness as

adjusted on the books of such Person to the date of such exchange, exercise,

conversion or surrender, plus any additional amount paid by the securityholders

to such Person upon such exchange, exercise, conversion or surrender and less

any and all payments made to the securityholders, and all other expenses,

commissions and the like Incurred by such Person or any Subsidiary in

connection therewith.

 

“Qualifying Event”

means a Public Equity Offering or one or more Strategic Equity Investments

which in either case results in aggregate net proceeds of not less than

$50million.

 

“Redeemable Stock”

of any Person means any equity security of such Person that by its terms or

otherwise is required to be redeemed prior to the final Stated Maturity of the

Securities or is redeemable at the option of the holder thereof at any time

prior to the final Stated Maturity of the Securities; provided that any Capital

Stock that would not constitute Redeemable Stock but for provisions in it

giving holders thereof the right to require such Person to repurchase or redeem

such Capital Stock upon the occurrence of a “change of control” occurring prior

to the final Stated Maturity of the Securities shall not constitute Redeemable

Stock if the “Change of Control” provisions applicable to such Capital Stock

are no more favorable to the holders of such Capital Stock than the provisions Section

10.17 and such Capital Stock specifically provides that such Person will not

repurchase or redeem any such stock pursuant to such provision prior to the

Company’s repurchase of the Securities as required pursuant to Section 10.17.

 

“Redemption Date,”

when used with respect to any Security to be redeemed, means the date fixed for

such redemption by or pursuant to this Indenture.

 

“Redemption Price,”

when used with respect to any Security to be redeemed, means the price at which

it is to be redeemed pursuant to the terms of the Securities or this Indenture.

 

“Reference Period”

with regard to any Person means the last four completed fiscal quarters of such

Person immediately preceding any date upon which any determination is to be

made pursuant to the terms of the Securities or this Indenture.

 

“Registered Securities”

means the Exchange Securities and all other Securities sold or otherwise

disposed of pursuant to an effective registration statement under the

Securities Act, together with their respective Successor Securities.

 

“Registration Rights

Agreement” means (1) with respect to the Original Securities issued on the

Issue Date, the Registration Rights Agreement, dated as of January 16, 2002, by

and among the Company and the Initial Purchasers, as such agreement may be

amended from time to time and (2) with respect to Original Securities issued

after the Issue Date, any Registration Rights Agreement among the Company and

the Initial Purchasers providing for the issuance of Exchange Securities in an

Exchange Offer registered on an Exchange Registration Statement and the

registration of the resale of Securities under a Shelf Registration Statement,

as each such agreement may be amended from time to time.

 

“Regular Record Date”

for the interest payable on any Interest Payment Date means the January 1 or

July 1(whether or not a Business Day), as the case may be, next preceding such

Interest Payment Date.

 

“Regulation S”

means Regulation S under the Securities Act (or any successor provision), as it

may be amended from time to time.

 

“Regulation S Global

Security” has the meaning specified in Section 2.01.

 

12

 

“Related Person”

of any Person means any other Person owning (a)5% or more of the

outstanding Common Stock of such Person or (b)5% or more of the Voting Power of

such Person.

 

“Restricted Global

Security” has the meaning specified in Section 2.01.

 

“Restricted Payment”

means, with respect to any Person:

 

(1)           any declaration or payment of a

dividend or other distribution on any shares of Capital Stock of such Person or

any Subsidiary of such Person (other than a dividend payable solely in shares

of the Capital Stock of such Person or options, warrants or other rights to

acquire the Capital Stock of such Person and other than any declaration or

payment of a dividend or other distribution by a Restricted Subsidiary to the

Company or another Wholly Owned Restricted Subsidiary);

 

(2)           any payment on account of the

purchase, redemption, retirement or acquisition (including by way of issuing

any Indebtedness or Redeemable Stock in exchange for Qualified Capital Stock)

of (A) any shares of Capital Stock of such Person or any Subsidiary of such

Person held by other than such Person or any of its Restricted Subsidiaries or

(B) any option, warrant or other right to acquire shares of Capital Stock of

such Person or any Subsidiary of such Person or any of its Restricted

Subsidiaries, in each case other than pursuant to the cashless exercise of

options to acquire Capital Stock of such Person;

 

(3)           any Investment (other than a

Permitted Investment) made by such Person; and

 

(4)           any redemption, defeasance,

repurchase or other acquisition or retirement for value prior to any scheduled

maturity, repayment or sinking fund payment, of any Subordinated Indebtedness

of such Person.

 

provided, that the term “Restricted Payment” does

not include the payment of a dividend or other distribution by any Restricted

Subsidiary on shares of its Capital Stock that is paid pro rata to all holders

of such Capital Stock.

 

“Restricted Subsidiary”

of any Person means any Subsidiary of such Person other than an Unrestricted

Subsidiary.

 

“Rule 144” means

Rule144 under the Securities Act (or any successor provision) as it may be

amended from time to time.

 

“Rule 144A” means

Rule 144A under the Securities Act (or any successor provision), as it may be

amended from time to time.

 

“Rule 144A Securities”

means the Securities purchased by the Initial Purchasers from the Company

pursuant to the Purchase Agreement, other than the Initial Regulation S

Securities.

 

“S&P” means

Standard & Poor’s Ratings Services and its successors.

 

“Sale and Leaseback

Transaction” of any Person means an arrangement with any lender or investor

or to which such lender or investor is a party providing for the leasing by

such Person of any property or asset of such Person which has been or is being

sold or transferred by such Person more than 270 days after the acquisition

thereof or the completion of construction or commencement of operation thereof

to such lender or investor or to any Person to whom funds have been or are to

be advanced by such lender or investor on the security of such property or

asset. The stated maturity of such arrangement shall be the date of the last

payment of rent or any other amount due under such arrangement prior to the

first date on which such arrangement may be terminated by the lessee without

payment of a penalty.

 

“Securities” means

securities designated in the first paragraph of the recitals of the Company and

includes the Exchange Securities.

 

“Securities Act”

means the Securities Act of 1933, as amended.

 

“Securities Act Legend”

means a legend substantially in the form of the legend required in the form of

Security set forth in Section 2.02 to be placed upon a Rule144A Security or an

Initial Regulation S Security.

 

“Securities Payment”

has the meaning set forth in Section 12.02.

 

“Security Registrar”

and “Security Register” have the respective meanings specified in

Section 3.06.

 

“Senior Indebtedness”

means the principal of (and premium, if any) and interest (including interest

accruing on or after the filing of any petition in bankruptcy or for

reorganization relating to the Company, whether or not a claim for

post-petition interest is allowed in such proceeding) on

 

13

 

(1)           Indebtedness of the Company created

pursuant to the Credit Facility and all other obligations thereunder or under

the notes, security documents, pledge agreements, Hedge Agreements or other

agreements or instruments executed in connection therewith,

 

(2)           Indebtedness of the Company created

pursuant to any vendor financing Incurred for the acquisition, construction or

improvement by the Company or any Restricted Subsidiary of assets in the

Wireless Communications Business,

 

(3)           all other Indebtedness of the Company

for borrowed money referred to in the definition of Indebtedness other than

clauses (4), (6) and (10) thereof (and Clause (9) thereof to the extent

applicable to Indebtedness Incurred under clauses (4) and (6) thereof), whether

Incurred on or prior to the Issue Date, other than the Securities, and

 

(4)           amendments, renewals, extensions,

modifications, refinancings and refundings of any such Indebtedness;

 

provided, however,

the following shall not constitute Senior Indebtedness:

 

(A)          any Indebtedness owed to a Person when

such Person is a Restricted Subsidiary of the Company,

 

(B)           any Indebtedness which by the terms

of the instrument creating or evidencing the same is expressly made equal or

subordinate in right of payment to the Securities,

 

(C)           any Indebtedness Incurred in

violation of this Indenture (but, as to any such Indebtedness, no such

violation shall be deemed to exist for purposes of this Clause (C) if the

holder(s) of such Indebtedness or their representative and the Trustee shall

have received an Officers’ Certificate of the Company to the effect that the

Incurrence of such Indebtedness does not (or in the case of revolving credit

Indebtedness, that the Incurrence of the entire committed amount thereof at the

date on which the initial borrowing thereunder is made would not) violate this

Indenture; provided that the holder(s) of such Indebtedness or their

representative shall not have received prior to the Incurrence of such

Indebtedness a written notice from the Trustee advising them that such

Incurrence violates the terms of this Indenture) or

 

(D)          any Indebtedness which is subordinated

in right of payment to any other Indebtedness of the Company, including without

limitation the Existing Senior Subordinated Notes, the Senior Subordinated

Exchange Debentures, and the Additional Senior Subordinated Exchange

Debentures.

 

“Senior Nonmonetary

Default means the occurrence or existence and continuance of any event of

default, or of any event which, after notice or lapse of time (or both), would

become an event of default, under the terms of any instrument pursuant to which

any Senior Indebtedness is outstanding, permitting (after notice or lapse of

time or both) one or more holders of such Senior Indebtedness (or an

administrative agent on behalf of the holders thereof) to declare such Senior

Indebtedness due and payable prior to the date on which it would otherwise

become due and payable, other than a Senior Payment Default.

 

“Senior Payment

Default” means any default in the payment of principal of (or premium, if

any) or interest on any Senior Indebtedness when due, whether at the stated

maturity of any such payment or by declaration of acceleration, call for

redemption or otherwise.

 

“Senior Subordinated

Exchange Debentures” means the senior subordinated debentures, that may be

issued by the Company in accordance with the terms of the Exchangeable

Preferred Stock in effect on the Issue Date.

 

“Shelf Registration

Statement” means a “shelf” registration statement under which resales of

Securities by the holders thereof are registered under the Securities Act

pursuant to a Registration Rights Agreement.

 

“Significant

Subsidiary” means any Restricted Subsidiary of the Company that is a

“significant subsidiary” as defined in Article1-02(w) of Regulation S-X under

the Securities Act.

 

“Special Record Date”

has the meaning specified in Section 

3.08(a).

 

“Stated Maturity,”

when used with respect to any Security or any installment of interest thereon,

means the date specified in such Security as the date on which the principal of

such Security or such installment of interest is due and payable.

 

“Strategic Equity

Investment” means an investment in Qualified Stock made by a Strategic

Investor in an aggregate amount of not less than $50million.

 

14

 

“Strategic Investor”

means a Person (other than an Affiliate of the Company or a Person who by

virtue of such Investment becomes such an Affiliate) engaged in one or more

Telecommunications Businesses with an equity market capitalization at the time

such Person makes a Strategic Equity Investment in the Company in excess of $1

billion.

 

“Subordinated

Indebtedness” means Indebtedness of the Company that is subordinated in

right of payment to the Securities.

 

“Subsidiary”

means, as applied to any Person, (1) any corporation of which more than fifty

percent (50%) of the outstanding Capital Stock (other than directors’

qualifying shares) having ordinary Voting Power to elect its board of

directors, regardless of the existence at the time of a right of the holders of

any class or classes of securities of such corporation to exercise such Voting

Power by reason of the happening of any contingency, or any entity other than a

corporation of which more than fifty percent (50%) of the outstanding ownership

interests, is at the time owned directly or indirectly by such Person, or by

one or more Subsidiaries of such Person, or by such Person and one or more Subsidiaries

of such Person, or (2) any other entity which is directly or indirectly

controlled or capable of being controlled by such Person, or by one or more

Subsidiaries of such Person, or by such Person and one or more Subsidiaries of

such Person.

 

“Successor Company”

has the meaning specified in Section 8.01(b).

 

“Successor Security”

of any particular Security means every Security issued after, and evidencing

all or a portion of the same debt as that evidenced by, such particular

Security; and, for the purposes of this definition, any Security authenticated

and delivered under Section 3.07 in exchange for or in lieu of a mutilated,

destroyed, lost or stolen Security shall be deemed to evidence the same debt as

the mutilated, destroyed, lost or stolen Security.

 

“Telecommunications

Business” means the business of (1) transmitting, or providing services

relating to the transmission of, voice, video or data through owned or leased

wireline or wireless transmission facilities, (2) creating, developing,

constructing, installing, repairing, maintaining or marketing

communications-related systems, network equipment and facilities, software and

other products, or (3) evaluating, owning, operating, participating in or

pursuing any other business that is primarily related to those identified in

Clauses (1) or (2) above (in the case of this Clause (3), however, in a manner

consistent with the Company’s manner of business on the Issue Date), and shall,

in any event, include all businesses in which the Company or any of its

Subsidiaries is engaged on the Issue Date or has entered into agreements to

engage in or to acquire a company to engage in or contemplate engaging in, as

expressly set forth in the Offering Memorandum; provided that the determination of what constitutes a

Telecommunications Business shall be made in good faith by the Company’s Board

of Directors.

 

“Trust Indenture Act”

means the Trust Indenture Act of 1939 as in force at the date as of which this

instrument was executed, except as provided in Section 9.05; provided, however, that in the event the Trust

Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means,

to the extent required by any such amendment, the Trust Indenture Act of 1939

as so amended.

 

“Trustee” means

the Person named as the “Trustee” in the first paragraph of this instrument

until a successor Trustee shall have become such pursuant to the applicable

provisions of this Indenture, and thereafter “Trustee” shall mean such

successor Trustee.

 

“U.S. Government

Obligations” has the meaning specified in Section 13.04(a).

 

“Unrestricted

Subsidiary” of any Person means (1) any Subsidiary of such Person that at

the time of determination shall be designated an Unrestricted Subsidiary by the

Board of Directors of such Person in the manner provided below and (2) any

Subsidiary of an Unrestricted Subsidiary. Any Subsidiary of the Company may be

designated by the Board of Directors of the Company as an Unrestricted

Subsidiary by a Board Resolution, but only if the Subsidiary:

 

(1)           has no Indebtedness other than

Non-Recourse Debt;

 

(2)           is not party to any agreement,

contract, arrangement or understanding with the Company or any Restricted

Subsidiary of the Company, unless the terms of any such agreement, contract,

arrangement or understanding are no less favorable to the Company or the

Restricted Subsidiary than those that might be obtained at the time from

Persons who are not Affiliates of the Company;

 

(3)           is a Person with respect to which

neither the Company nor any of its Restricted Subsidiaries has any direct or

indirect obligation

 

 

(a)           to subscribe for additional Capital

Stock or

 

(b)           to maintain or preserve that Person’s

financial condition or to cause that Person to achieve any specified levels of

operating results; and

 

(4)           has not guaranteed or otherwise

directly or indirectly provided credit support for any Indebtedness of the

Company that does not constitute Senior Indebtedness.

 

15

 

Any such designation by the Board of Directors of the

Company shall be evidenced to the Trustee by filing with the Trustee a

certified copy of the Board Resolution giving effect to that designation and an

Officers’ Certificate certifying that that designation complied with the

preceding conditions and was permitted by Section 10.11. If, at any time, any

Unrestricted Subsidiary would fail to meet the preceding requirements as an

Unrestricted Subsidiary, it shall, after that time, cease to be an Unrestricted

Subsidiary for purposes of this Indenture, and any Indebtedness of that

Subsidiary shall be deemed to be incurred by a Restricted Subsidiary of the

Company as of that date (and, if that Indebtedness is not permitted to be

incurred as of that date under Section 10.08, the Company shall be in default

of that covenant). The Board of Directors of the Company may at any time

designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that the designation shall be

deemed to be an incurrence of Indebtedness by a Restricted Subsidiary of the Company

of any outstanding Indebtedness of such Unrestricted Subsidiary, and that

designation shall only be permitted if:

 

(A)          the Indebtedness is permitted under

Section 10.08 of this Indenture, calculated on a pro forma basis as if that

designation had occurred at the beginning of the Reference Period, and

 

(B)           no Default or Event of Default would

occur or be in existence following that designation.

 

Wireless Alliance shall be deemed an Unrestricted

Subsidiary as of the Issue Date and shall thereafter remain an Unrestricted

Subsidiary unless and until designated by the Board of Directors as a

Restricted Subsidiary in accordance with the terms of this Indenture.

 

“Voting Power” of

any Person means the aggregate number of votes of all classes of Capital Stock of

such Person which ordinarily have voting power for the election of directors of

such Person.

 

“Wholly Owned

Restricted Subsidiary” of any Person means a Restricted Subsidiary of such

Person all of the outstanding Capital Stock or other ownership interests of

which (other than directors’ qualifying shares) shall at the time be owned by

such Person or by one or more Wholly Owned Restricted Subsidiaries of such

Person or by such Person and one or more Wholly Owned Restricted Subsidiaries

of such Person.

 

“Wireless Alliance”

means Wireless Alliance LLC, a Minnesota limited liability company.

 

“Wireless

Communications Business” means any business substantially related to the

ownership, development, operation or acquisition of wireless communications

services permitted under the Federal Communications Commission’s (the “FCC”)

Commercial Mobile Radio Services rules (and the related provisions of the FCC’s

Public Mobile Services and Personal Communications Services rules), and other

related telecommunications business services.

 

Section 1.02           Compliance Certificates and

Opinions.

 

Upon any application or

request by the Company to the Trustee to take any action under any provision of

this Indenture, the Company shall furnish to the Trustee such certificates and

opinions as may be required under the Trust Indenture Act. Each such

certificate or opinion shall be given in the form of an Officers’ Certificate,

if to be given by an officer of the Company, or an Opinion of Counsel, if to be

given by counsel, and shall comply with the requirements of the Trust Indenture

Act and any other requirement set forth in this Indenture.

 

Every certificate or

opinion with respect to compliance with a condition or covenant provided for in

this Indenture shall include

 

(1)           a statement that each individual

signing such certificate or opinion has read such covenant or condition and the

definitions herein relating thereto;

 

(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

each such individual, he has made such examination or investigation as in its

reasonable judgment is necessary to enable 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 each such individual, such condition or covenant has been

complied with.

 

Section 1.03           Form of Documents Delivered to

Trustee.

 

In any case where several

matters are required to be certified by, or covered by an opinion of, any

specified Person, it is not necessary that all such matters be certified by, or

covered by the opinion of, only one such Person, or that they be so certified

or covered by only one document, but one such Person may certify or give an

opinion with respect to some matters and one or 

 

16

 

more other such Persons as to other matters, and any

such Person may certify or give an opinion as to such matters in one or several

documents.

 

Any certificate or

opinion of an officer of the Company may be based, insofar as it relates to

legal matters, upon a certificate or opinion of, or representations by,

counsel, unless such officer knows that the certificate or opinion or

representations with respect to the matters upon which his certificate or

opinion is based are erroneous. Any certificate or opinion of counsel may be

based, insofar as it relates to factual matters, upon a certificate or opinion

of, or representations by, an officer or officers of the Company stating that

the information with respect to such factual matters is in the possession of

the Company, unless such counsel knows that the certificate or opinion or representations

with respect to such matters are erroneous.

 

Where any Person is

required to make, give or execute two or more applications, requests, consents,

certificates, statements, opinions or other instruments under this Indenture,

they may, but need not, be consolidated and form one instrument.

 

Section 1.04           Acts of Holders; Record Date.

 

(a)           Any request, demand, authorization,

direction, notice, consent, waiver or other action provided by this Indenture

to be given or taken by Holders may be embodied in and evidenced by one or more

instruments of substantially similar tenor signed by such Holders in person or

by agent duly appointed in writing; and, except as herein otherwise expressly

provided, such action shall become effective when such instrument or

instruments are received by the Trustee and, where it is hereby expressly

required, to the Company. Such instrument or instruments (and the action

embodied therein and evidenced thereby) are herein sometimes referred to as the

“Act” of the Holders signing such instrument or instruments. Proof of

execution of any such instrument or of a writing appointing any such agent

shall be sufficient for any purpose of this Indenture and (subject to Section

6.01) conclusive in favor of the Trustee and the Company, if made in the manner

provided in this Section 1.04.

 

(b)           The fact and date of the execution by

any Person of any such instrument or writing may be proved by the affidavit of

a witness of such execution or by a certificate of a notary public or other

officer authorized by law to take acknowledgments of deeds, certifying that the

individual signing such instrument or writing acknowledged to him the execution

thereof. Where such execution is by a signer acting in a capacity other than

his individual capacity, such certificate or affidavit shall also constitute

sufficient proof of his authority. The fact and date of the execution of any

such instrument or writing, or the authority of the Person executing the same,

may also be proved in any other manner which the Trustee reasonably deems

sufficient.

 

(c)           The Company may, in the circumstances

permitted by the Trust Indenture Act, fix any day as the record date for the

purpose of determining the Holders entitled to give or take any request,

demand, authorization, direction, notice, consent, waiver or other action, or

to vote on any action, authorized or permitted to be given or taken by Holders.

If not set by the Company prior to the first solicitation of a Holder made by

any Person in respect of any such action, or, in the case of any such vote,

prior to such vote, the record date for any such action or vote shall be the

30th day (or, if later, the date of the most recent list of Holders required to

be provided pursuant to Section 7.01) prior to such first solicitation or vote,

as the case may be. With regard to any record date, only the Holders on such

date (or their duly designated proxies) shall be entitled to give or take, or

vote on, the relevant action.

 

(d)           The ownership of Securities shall be

proved by the Security Register.

 

(e)           Any request, demand, authorization,

direction, notice, consent, waiver or other Act of the Holder of any Security

shall bind every future Holder of the same Security and the Holder of every

Security issued upon the registration of transfer thereof or in exchange

therefor or in lieu thereof in respect of anything done, omitted or suffered to

be done by the Trustee or the Company in reliance thereon, whether or not

notation of such action is made upon such Security.

 

Section 1.05           Notices,

Etc., to Trustee and Company.

 

Any request, demand,

authorization, direction, notice, consent, waiver or Act of Holders or other

document provided or permitted by this Indenture to be made upon, given or

furnished to, or filed with,

 

(1)           the Trustee by any Holder or by the

Company shall be sufficient for every purpose hereunder if made, given,

furnished or filed in writing to or with the Trustee at its Corporate Trust

Office, Attention: Trust Officer, or

 

(2)           the Company by the Trustee or by any

Holder shall be sufficient for every purpose hereunder (unless otherwise herein

expressly provided) if in writing and mailed, first-class postage prepaid, to

the Company, Attention: Chief Executive Officer, addressed to it at the address

of its principal office specified in the first paragraph of this instrument or

at any other address previously furnished in writing to the Trustee by the

Company.

 

17

 

Section 1.06           Notice to Holders; Waiver.

 

Where this Indenture provides

for communication with or notice to Holders, such notice shall be sufficiently

given (unless otherwise herein expressly provided) if in writing and mailed,

first-class postage prepaid, to each Holder, at his address as it appears in

the Security Register, not later than the latest date (if any), and not earlier

than the earliest date (if any), prescribed for the giving of such notice. In

any case where notice to Holders is given by mail, neither the failure to mail

such notice, nor any defect in any notice so mailed, to any particular Holder

shall affect the sufficiency of such notice with respect to other Holders.

Where this Indenture provides for notice in any manner, such notice may be

waived in writing by the Person entitled to receive such notice, either before

or after the event, and such waiver shall be the equivalent of such notice.

Waivers of notice by Holders shall be filed with the Trustee, but such filing

shall not be a condition precedent to the validity of any action taken in

reliance upon such waiver.

 

In case by reason of the

suspension of regular mail service or by reason of any other cause it shall be

impracticable to give such notice by mail, then such notification as shall be

made with the approval of the Trustee shall constitute a sufficient

notification for every purpose hereunder.

 

Section 1.07           Conflict with Trust Indenture Act.

 

If any provision hereof

limits, qualifies or conflicts with a provision of the Trust Indenture Act that

is required under such Act to be part of and govern this Indenture, the

provisions of the Trust Indenture Act shall control. If any provision of this

Indenture modifies or excludes any provision of the Trust Indenture Act that

may be so modified or excluded, the provision of this Indenture shall be deemed

to apply.

 

Section 1.08           Effect of Headings and Table of

Contents.

 

The Article and Section

headings herein and the Table of Contents are for convenience only and shall

not affect the construction hereof.

 

Section 1.09           Successors and Assigns.

 

All covenants and

agreements in this Indenture by the Company shall bind its successors and

assigns, whether so expressed or not.

 

Section 1.10           Separability Clause.

 

In case any provision in

this Indenture or in the Securities shall be invalid, illegal or unenforceable,

the validity, legality and enforceability of the remaining provisions shall not

in any way be affected or impaired thereby.

 

Section 1.11           Benefits of Indenture.

 

Nothing in this Indenture

or in the Securities, express or implied, shall give to any Person, other than

the parties hereto and their successors hereunder, the holders of Senior

Indebtedness (subject to Article XII and XIII hereof) and the Holders of

Securities, any benefit or any legal or equitable right, remedy or claim under

this Indenture.

 

Section 1.12           Governing Law.

 

THIS

INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE

WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICT

OF LAWS THAT WOULD INDICATE THE APPLICABILITY OF THE LAWS OF ANY OTHER

JURISDICTION.

 

Section 1.13           Legal Holidays.

 

In any case where any

Interest Payment Date, Redemption Date, Purchase Date or Stated Maturity of any

Security is not a Business Day, then (notwithstanding any other provision of

this Indenture or of the Securities) payment of interest, Liquidated Damages,

if any, or principal (and premium, if any) need not be made on such date, but

may be made on the next succeeding Business Day with the same force and effect

as if made on the Interest Payment Date, Redemption Date or Purchase Date, or

at the Stated Maturity, provided that no interest shall accrue for the

period from and after such Interest Payment Date, Redemption Date, Purchase

Date or Stated Maturity, as the case may be if such payment is made on such next

succeeding Business Day.

 

18

 

Section 1.14                                No Personal Liability of Directors, Officers,

Employees, and Shareholders

 

No director, officer,

employee, incorporator, or shareholder of the Company, as such, shall have any

liability for any obligations of the Company under the Securities or this

Indenture or for any claim based on, in respect of, or by reason of, those

obligations or their creation. Each Holder of Securities, by accepting a

Security, waives and releases all such liability. The waiver and release are

part of the consideration for issuance of the Securities.

 

Section 1.15           Counterparts

 

This instrument may be

executed in any number of counterparts, each of which so executed shall be

deemed to be an original, and all of which counterparts shall together

constitute but one and the same instrument.

 

ARTICLE II

 

SECURITY FORMS

 

Section 2.01           Forms Generally.

 

The Securities and the

Trustee’s certificates of authentication shall be in substantially the forms

set forth in this ArticleII, with such appropriate insertions, omissions,

substitutions and other variations as are required or permitted by this

Indenture, and may have such letters, numbers or other marks of identification

and such legends or endorsements placed thereon as may be required to comply

with the rules of any securities exchange or as may, consistently herewith, be

determined by the officers executing such Securities, as evidenced by their

execution of the Securities.

 

The definitive Securities

shall be printed, lithographed or engraved or produced by any combination of

these methods on steel engraved borders or may be produced in any other manner

permitted by the rules of any securities exchange on which the Securities may

be listed, all as determined by the officers executing such Securities, as

evidenced by their execution of such Securities.

 

The Rule 144A Securities

shall initially be represented by one or more Securities in registered, global

form without coupons (collectively, the “Restricted Global Security”).

The Initial Regulation S Securities shall initially be represented by one or

more Securities in registered, global form without interest coupons

(collectively, the “Regulation S Global Security” and, together with the

restricted Global Security, the “Global Securities”). The Global

Securities shall be deposited upon issuance with the Trustee as custodian for

DTC and registered in the name of DTC or its nominee, in each case for credit

to an account of a direct or indirect participant in DTC as described below.

Prior to the expiration of the Distribution Compliance Period, beneficial

interests in the Regulation S Global Security may only be held through

Euroclear or Clearstream (as indirect participants in DTC), unless exchanged for

interests in the Restricted Global Security in accordance with the transfer and

certification requirements described in this Indenture.

 

Section 2.02           Form of Face of Security

 

Rule 144A Securities and

the Initial Regulation S Securities (including beneficial interests in the

Global Securities and, subject to Section 3.06(c), their Successor Securities)

shall be subject to certain restrictions on transfer and shall bear a legend in

substantially the following form:

 

THE SECURITIES EVIDENCED

HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED

(THE “SECURITIES ACT”), OR ANY STATE OR OTHER SECURITIES LAWS. NEITHER THIS

SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD,

ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED, OR OTHERWISE DISPOSED OF IN THE

ABSENCE OF SUCH REGISTRATION R UNLESS THE TRANSACTION IS EXEMPT FROM, OR NOT

SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH OTHER

APPLICABLE SECURITIES LAWS. THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE

HEREOF (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL

BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”)) OR

(B) IT IS NOT A “U.S. PERSON” AND IS ACQUIRING THIS SECURITY IN AN

“OFFSHORE TRANSACTION” PURSUANT TO RULE 903 OR 904 OF REGULATION S UNDER THE

SECURITIES ACT (“REGULATION S”), (2) AGREES THAT IT WILL NOT OFFER, SELL,

OR OTHERWISE TRANSFER THIS SECURITY EXCEPT (A) TO THE COMPANY,

(B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE

UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE

FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A

“QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS

OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM

NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,

(D) PURSUANT TO OFFERS AND SALES TO PERSONS OTHER THAN “U.S. PERSONS” IN

“OFFSHORE TRANSACTIONS” THAT OCCUR OUTSIDE THE UNITED STATES, WITHIN THE MEANING

OF REGULATION S, PURSUANT TO RULE 904 OF REGULATION S, OR (E) PURSUANT TO

ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE

SECURITIES ACT, AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM

THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS

LEGEND;

 

19

 

PROVIDED THAT THE COMPANY AND THE TRUSTEE SHALL HAVE

THE RIGHT PRIOR TO ANY SUCH OFFER, SALE, OR TRANSFER (1) PURSUANT TO CLAUSE

(E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR

OTHER INFORMATION SATISFACTORY TO EACH OF THEM, AND (2) IN EACH OF THE

FOREGOING CASES, TO REQUIRE THAT A CERTIFICATION OF TRANSFER IN THE FORM

APPEARING ON THE OTHER SIDE OF THIS SECURITY IS COMPLETED AND DELIVERED BY THE

TRANSFEROR TO THE COMPANY AND THE TRUSTEE. AS USED HEREIN, THE TERMS “OFFSHORE

TRANSACTION,” “UNITED STATES,” AND “U.S. PERSON” HAVE THE RESPECTIVE MEANINGS

GIVEN TO THEM BY REGULATION S.

 

[If the Security is a Global Security, then insert

— THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE

HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A

NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A

SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY

BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A

NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE

INDENTURE.]

 

[If the Security is a Global Security and The Depository

Trust Company is to be the Depositary therefor, then insert — UNLESS

THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY

TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS

AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE

ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS

REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO

CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED

REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR

OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER

HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

 

9 3⁄4% [SERIES B](1)

SENIOR SUBORDINATED NOTES DUE 2010

 

	

  No.

  	

   

  	

   

  	

  $

  	

   

  

 

[If Restricted Global Security - CUSIP Number

__________]

[If Regulation S Global Security - CUSIP Number

__________]

[If Non-Global Security - CUSIP Number __________]

 

Rural Cellular

Corporation, a corporation duly organized and existing under the laws of

Minnesota (herein called the “Company,” which term includes any

successor Person under the Indenture hereinafter referred to), for value

received, hereby promises to pay to _______________, or registered assigns, the

principal sum of ___________ Dollars [if the

Security is a Global Security, then insert — , or such other

principal amount (which, when taken together with the principal amounts of all

other Outstanding Securities, shall not exceed $500,000,000 in the aggregate at

any time) as may be set forth in the records of the Trustee hereinafter

referred to in accordance with the Indenture,] on January 15, 2010.

 

The Company shall pay

interest in cash on the principal amount hereof from January 16, 2002 or from

the most recent Interest Payment Date to which interest has been paid or duly

provided for, at the rate of 9 3⁄4% per annum, until the principal amount hereof

is paid or made available for payment. The Company shall pay interest

(including post-petition interest in any proceeding under any Bankruptcy Law)

in cash (to the extent that the payment of such interest shall be legally

enforceable) at a rate of 103⁄4% per annum on any overdue principal and premium,

if any, and on any overdue installment of interest and Liquidated Damages (without

regard to any applicable grace periods), if any, until paid. The Company shall

pay Liquidated Damages, if any, in cash as provided in the Registration Rights

Agreement. The Company shall pay interest and Liquidated Damages, if any,

semi-annually on January 15 and July 15 in each year, commencing July 15, 2002.

 

The interest so payable,

and punctually paid or duly provided for, on any Interest Payment Date shall,

as provided in such Indenture, be paid to the Person in whose name this

Security (or one or more Predecessor Securities) is registered at the close of

business on the Regular Record Date for such interest, which shall be January 1

or July 1 (whether or not a Business Day), as the case may be, next preceding

such Interest Payment Date [if the Security

is an Original Security, then insert —, provided that any accrued and unpaid interest (including

Liquidated Damages, if any) on this Security upon the issuance of an Exchange

Security in exchange for this Security shall cease to be payable to the Holder

hereof and shall be payable on the next Interest Payment Date for such Exchange

Security to the Holder thereof on the related Regular Record Date]. Any such

interest or Liquidated Damages not so punctually paid or duly provided for

shall forthwith cease to be payable to the Holder on such Regular Record Date

and may either be paid to the Person in whose name this Security (or one or

more Predecessor Securities) is registered at the close of business on a

Special Record Date for the payment of such Defaulted Interest to be fixed by

the Trustee, notice of which shall be given to Holders of Securities not less

than 10 days prior to such Special Record Date, or be paid at any time in any

other lawful manner not inconsistent with the requirements of any securities

exchange on which the Securities may be listed, and upon such notice as may be

required by such exchange, all as more fully provided in the Indenture.

 

(1)     Include only for Exchange Securities.

 

20

 

Payment of the principal

of (and premium, if any) and interest (and Liquidated Damages, if any), on this

Security shall be made at the Corporate Trust Office or at the office or agency

of the Company maintained for that purpose in the Borough of Manhattan, New

York City, in such coin or currency of the United States of America as at the

time of payment is legal tender for payment of public and private debts; provided, however, that at the option of the

Company payment of interest or Liquidated Damages, if any, may be made by check

mailed to the address of the Person entitled thereto as such address shall

appear in the Security Register. Notwithstanding the foregoing, if a Holder has

given wire transfer instructions to the Company, the Company shall pay all principal,

interest, premium and Liquidated Damages, if any, on that Holder’s Securities

in accordance with those instructions.

 

Reference is hereby made

to the further provisions of this Security set forth on the reverse hereof,

which further provisions shall for all purposes have the same effect as if set

forth at this place.

 

Unless the certificate of

authentication hereon has been executed by the Trustee referred to on the

reverse hereof by manual signature, this Security shall not be entitled to any

benefit under the Indenture or be valid or obligatory for any purpose.

 

IN WITNESS WHEREOF, the

Company has caused this instrument to be duly executed.

 

Dated:

 

	

   

  	

  RURAL CELLULAR

  CORPORATION

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  
	

   

  	

  Name:

  
	

   

  	

  Title:

  

 

Section 2.03           Form of Reverse of Security.

 

This Security is one of a

duly authorized issue of securities of the Company designated as its 9 3⁄4%

[Series B](2) Senior Subordinated Notes due 2010 (herein called the “Securities”),

limited in aggregate principal amount to $500,000,000, issued and to be issued

under an Indenture, dated as of January 16, 2002 (herein called the “Indenture”),

between the Company and Wells Fargo Bank Minnesota, N.A., as Trustee (herein

called the “Trustee,” which term includes any successor trustee under

the Indenture), to which Indenture and all indentures supplemental thereto

reference is hereby made for a statement of the respective rights, limitations

of rights, duties and immunities thereunder of the Company, the Trustee, the

holders of Senior Indebtedness and the Holders of the Securities and of the

terms upon which the Securities are, and are to be, authenticated and

delivered.

 

On or after January 15,

2006, the Securities may be redeemed at any time at the option of the Company,

in whole or from time to time in part, at the following Redemption Prices

(expressed as percentages of the principal amount thereof), together with

accrued and unpaid interest and Liquidated Damages, if any, to but excluding

the date fixed for redemption, if redeemed during the 12-month period beginning

January 15 of the years indicated,

 

	

  Year

  	

   

  	

  Redemption

  Price

  
	

  2006

  	

   

  	

  104.875%

  
	

  2007

  	

   

  	

  103.250%

  
	

  2008

  	

   

  	

  101.625%

  
	

  2009 and thereafter

  	

   

  	

  100.000%

  

 

together in the case of any such redemption with

accrued interest to but excluding the Redemption Date, but any interest

installment whose Stated Maturity is on or prior to such Redemption Date will

be payable to the Holders of such Securities, or one or more Predecessor

Securities, of record at the close of business on the relevant Record Dates

referred to on the face hereof, all as provided in the Indenture.

 

Notwithstanding the

foregoing, at any time prior to January 15, 2005, the Company may redeem up to

35% of the aggregate principal amount of Securities actually issued under the

Indenture (including Additional Securities but without taking into account

Exchange Securities) from the net cash proceeds of a Qualifying Event at a

Redemption Price equal to 109.750% of the aggregate principal amount thereof,

together with accrued and unpaid interest and Liquidated Damages, if any, to

but excluding the Redemption Date; provided,

that at least 65% in aggregate principal amount of Securities issued under the

Indenture (including Additional Securities but without taking into account

Exchange Securities) remains outstanding immediately following such redemption.

Any such redemption must be made within 30days after the related Qualifying

Event.

 

(2)    Include only for Exchange Securities.

 

21

 

Notice of any optional

redemption of any Securities (or portion thereof) will be given to the Holders

at their addresses appearing in the Security Register not less than 30 nor more

than 60 days prior to the Redemption Date. The notice of redemption shall state

the Redemption Date, the Redemption Price, if less than all the Outstanding

Securities are to be redeemed, principal amounts of the particular Securities

to be redeemed, that on the Redemption Date the Redemption Price will become

due and payable upon each Security to be redeemed and the place or places where

such Securities are to be surrendered for payment of the Redemption Price. If

less than all of the Securities are to be redeemed, the particular Securities

to be redeemed shall be selected not more than 60 days prior to the Redemption

Date by the Trustee by such method as the Trustee deems fair and appropriate.

 

The Securities do not

have the benefit of any sinking fund obligations.

 

In the event of

redemption or purchase pursuant to an Offer to Purchase of this Security in part

only, a new Security or Securities for the unredeemed or unpurchased portion

hereof will be issued in the name of the Holder hereof upon the cancellation

hereof.

 

The Indebtedness

evidenced by this Security is, to the extent provided in the Indenture, subordinate

and subject in right of payment to the prior payment in full of all Senior

Indebtedness, and this Security is issued subject to the provisions of the

Indenture with respect thereto. Each Holder of this Security, by accepting the

same, (a) agrees to and shall be bound by such provisions,

(b) authorizes and directs the Trustee on his behalf to take such action

as may be necessary or appropriate to effectuate the subordination so provided

and (c) appoints the Trustee his attorney-in-fact for any and all such

purposes.

 

If an Event of Default

shall occur and be continuing, the principal of all the Securities may be

declared or automatically become due and payable in the manner and with the

effect provided in the Indenture.

 

The Indenture provides

that, subject to certain conditions, if (i) certain Net Cash Proceeds are

available to the Company as a result of Asset Sales or (ii) a Change of

Control occurs, the Company shall be required to make an Offer to Purchase for

the Securities.

 

The Indenture contains

provisions for defeasance at any time of (i) the entire indebtedness of

this Security or (ii)certain restrictive covenants and Events of Default with

respect to this Security, in each case upon compliance with certain conditions

set forth therein.

 

The Indenture permits,

with certain exceptions as therein provided, the amendment thereof and the

modification of the rights and obligations of the Company and the rights of the

Holders of the Securities under the Indenture at any time by the Company and the

Trustee with the consent of the Holders of a majority in aggregate principal

amount of the Securities at the time Outstanding. The Indenture also contains

provisions permitting the Holders of specified percentages in aggregate

principal amount of the Securities at the time Outstanding, on behalf of the

Holders of all the Securities, to waive compliance by the Company with certain

provisions of the Indenture and certain past defaults under the Indenture and

their consequences. Any such consent or waiver by the Holder of this Security

shall be conclusive and binding upon such Holder and upon all future Holders of

this Security and of any Security issued upon the registration of transfer

hereof or in exchange herefor or in lieu hereof, whether or not notation of

such consent or waiver is made upon this Security.

 

No reference herein to

the Indenture and no provision of this Security or of the Indenture shall alter

or impair the obligation of the Company, which is absolute and unconditional,

to pay the principal of (and premium, if any), interest (and Liquidated

Damages, if any), on this Security at the time, place and rate, and in the coin

or currency, herein prescribed.

 

As provided in the

Indenture and subject to certain limitations therein set forth, the transfer of

this Security is registrable in the Security Register, upon surrender of this

Security for registration of transfer at the Corporate Trust Office or at the

office or agency of the Company in the Borough of Manhattan, New York City,

duly endorsed by, or accompanied by a written instrument of transfer in form

satisfactory to the Company and the Security Registrar duly executed by, the

Holder hereof or his attorney duly authorized in writing, and thereupon one or

more new Securities, of authorized denominations and for the same aggregate

principal amount, will be issued to the designated transferee or transferees.

 

The Securities are

issuable only in registered form without coupons in denominations of $1,000 and

any integral multiple thereof. As provided in the Indenture and subject to

certain limitations therein set forth, the Securities are exchangeable for a

like aggregate principal amount of Securities of a different authorized

denomination, as requested by the Holder surrendering the same.

 

No service charge shall

be made for any such registration of transfer or exchange, but the Company may

require payment of a sum sufficient to cover any tax or other governmental

charge payable in connection therewith.

 

Prior to due presentment

of this Security for registration of transfer, the Company, the Trustee and any

agent of the Company or the Trustee may treat the Person in whose name this

Security is registered as the owner hereof for all purposes, whether or not

this Security be overdue, and neither the Company, the Trustee nor any such

agent shall be affected by notice to the contrary.

 

22

 

Interest on this Security

shall be computed on the basis of a 360-day year of twelve 30-day months [if the Security is an Original Security, then insert—;

provided, however, that any Liquidated Damages

shall be computed on the basis of a 365- or 366- day year, as the case may be,

and the number of days actually elapsed].

 

All terms used in this

Security which are not defined herein but which are defined in the Indenture

shall have the meanings assigned to them in the Indenture. In the event that

any provision in this Security conflicts with any provision in the Indenture,

the provision contained in the Indenture shall control.

 

The Indenture and this

Security shall be governed by and construed in accordance with the laws of the

State of New York, without regard to principles of conflicts of laws that would

indicate the applicability of the laws of any other jurisdiction.

 

23

 

OPTION OF HOLDER

TO ELECT PURCHASE

Choose

one:

 

If you want to elect to

have this Security purchased in its entirety by the Company pursuant to Section

10.15 or 10.17 of the Indenture, check the box: o

 

If you want to elect to

have only a part of this Security purchased by the Company pursuant to Section

10.15 or 10.17 of the Indenture, state the amount: $_______

 

	

  Dated:

  	

  Your Signature:

  	

   

  
	

   

  	

  (Sign exactly as

  name appears on

  the other side of this Security)

  
	

   

  	

   

  
	

  Signature Guarantee:

  	

   

  	

   

  
	

   

  	

  (Signature must be

  guaranteed

  by a member firm of the New York

  Stock Exchange or a commercial

  bank or trust company)

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
							

 

Section 2.04           Form of Trustee’s Certificate of

Authentication.

 

This is one of the

Securities referred to in the within-mentioned Indenture.

 

	

   

  	

  Wells Fargo Bank

  Minnesota, N.A.,

  
	

   

  	

  as Trustee

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  
	

   

  	

  Authorized Officer

  

 

ARTICLE III

 

THE SECURITIES

 

Section 3.01           Title and Terms.

 

The aggregate principal

amount of Securities which may be authenticated and delivered under this

Indenture is limited to $500,000,000, except for Exchange Securities and

Securities authenticated and delivered upon registration of transfer of, or in

exchange for, or in lieu of, other Securities pursuant to Section 3.04, 3.05, 3.06,

3.07, 9.06 or 11.08 or in connection with an Offer to Purchase pursuant to

Section 10.15 or 10.17.

 

Subject to Section 3.03,

the Trustee shall authenticate Original Securities for original issue on the

date of this Indenture in the aggregate principal amount of $300,000,000. With

respect to any securities issued after the date of this Indenture (except for

Securities authenticated and delivered upon registration of transfer of, or in

exchange for, or in lieu of, Original Securities pursuant to this Indenture),

there shall be established in or pursuant to a resolution of the Board of

Directors of the Company, and subject to Section 3.03, set forth, or determined

in the manner provided in an Officers’ Certificate, or established in one or

more indentures supplemental hereto, prior to the issuance of such Securities

(“Additional Securities”):

 

(1) the aggregate

principal amount of such Additional Securities that may be authenticated and

delivered under this Indenture (which shall not be less than $25,000,000);

 

(2) the issue price and

issuance date of such Additional Securities that may be authenticated and

delivered under this Indenture; and

 

(3) that such Additional

Securities shall be issuable in the same form as the then Outstanding

Securities and having the same terms (other than with respect to transfer

restrictions and registration rights) as the then Outstanding Securities and

the same depositaries.

 

24

 

The Original Securities shall be known and designated

as the “9 3⁄4% Senior Subordinated Notes due 2010” and the Exchange Securities

shall be known and designated as the “9 3⁄4% Series B Senior Subordinated Notes

due 2010,” in each case, of the Company. Their Stated Maturity shall be

January 15, 2010 and they shall bear interest at the rate of 9 3⁄4% per

annum, from January 16, 2002 or from the most recent Interest Payment Date

to which interest has been paid in cash or duly provided for, as the case may

be, payable semi-annually on January 15, and July 15 commencing on

July 15, 2002, to the Holders of record on the immediately preceding

January 1, and July 1, until the principal thereof is paid or made available

for payment; provided, however, that the Original Securities

shall be subject to the payment of Liquidated Damages as set forth in the

Registration Rights Agreement. The Liquidated Damages so payable, and

punctually paid or duly provided for in respect of any Security, on any

Interest Payment Date shall, as provided in this Indenture and the Registration

Rights Agreement, be paid to the Person in whose name such Security (or one or

more Predecessor Securities) is registered at the close of business on the

Regular Record Date for such interest, which shall be January 1 or July 1

(whether or not a Business Day), as the case may be, next preceding such

Interest Payment Date. Accrued Liquidated Damages, if any, shall be paid in

cash in arrears semi-annually on January 15 and July 15, in each year and the

amount of accrued Liquidated Damages shall be determined on the basis of the

number of days actually elapsed and computed as provided in Section 3.11.

 

The principal of (and

premium, if any) and interest (and Liquidated Damages, if any), on the

Securities shall be payable at the Corporate Trust Office or at the office or

agency of the Company in the City and State of New York maintained for such

purpose; provided, however, that at the option of the

Company payment of interest and Liquidated Damages, if any, may be made by

check mailed to the address of the Person entitled thereto as such address

shall appear in the Security Register. Notwithstanding the foregoing, if a

Holder has given wire transfer instructions to the Company, the Company shall

pay all principal, interest, premium and Liquidated Damages, if any, on that

Holder’s Securities in accordance with those instructions.

 

The Securities shall be

subject to repurchase by the Company pursuant to an Offer to Purchase as

provided in Sections 10.15 and 10.17.

 

The Securities shall be

redeemable as provided in Article XI.

 

The Securities shall be

subordinated in right of payment to Senior Indebtedness as provided in Article

XII.

 

The Securities shall be

subject to defeasance at the option of the Company as provided in Article XIII.

 

Section 3.02           Denominations.

 

The Securities shall be

issuable only in registered form without coupons and only in denominations of

$1,000 and any integral multiples thereof.

 

Section 3.03            Execution, Authentication, Delivery

and Dating.

 

The Securities shall be

executed on behalf of the Company by its Chief Executive Officer, its President

or one of its Vice Presidents.  The

signature of any of these officers on the Securities may be manual or

facsimile.

 

Securities bearing the

manual or facsimile signatures of individuals who were at any time the proper

Officers of the Company shall bind the Company, notwithstanding that such

individuals or any of them have ceased to hold such offices prior to the

authentication and delivery of such Securities or did not hold such offices at

the date of such Securities.

 

At any time and from time

to time after the execution and delivery of this Indenture, the Company may

deliver Securities executed by the Company to the Trustee for authentication,

together with a Company Order for the authentication and delivery of such

Securities; and the Trustee in accordance with such Company Order shall

authenticate and deliver such Securities as in this Indenture provided and not

otherwise.

 

At any time and from time

to time after the execution and delivery of this Indenture and after the

effectiveness of a registration statement under the Securities Act with respect

thereto, the Company may deliver Exchange Securities executed by the Company to

the Trustee for authentication, together with a Company Order for the authentication

and delivery of such Exchange Securities and a like principal amount of

Original Securities for cancellation in accordance with Section 3.10 of this

Indenture, and the Trustee in accordance with the Company Order shall

authenticate and deliver such Securities. Prior to authenticating such Exchange

Securities, and accepting any additional responsibilities under this Indenture

in relation to such Securities, the Trustee shall be entitled to receive, if

requested, and (subject to Section 6.01) shall be fully protected in relying

upon, an Opinion of Counsel stating in substance

 

(a)           that all conditions hereunder

precedent to the authentication and delivery of such Exchange Securities have

been complied with and that such Exchange Securities, when such Securities have

been duly authenticated and delivered by the Trustee (and subject to any other

conditions specified in such Opinion of Counsel), have been duly issued and

delivered and will constitute valid and legally binding obligations of the

Company enforceable in accordance with their terms, subject to bankruptcy,

insolvency, fraudulent transfer, reorganization, moratorium and similar laws of

general applicability relating to or affecting creditors’ rights and to general

equity principles; and

 

25

 

(b)           that the issuance of the Exchange

Securities in exchange for Original Securities has been effected in compliance

with the Securities Act.

 

Each Security shall be

dated the date of its authentication.

 

No Security shall be

entitled to any benefit under this Indenture or be valid or obligatory for any

purpose unless there appears on such Security a certificate of authentication

substantially in the form provided for herein executed by the Trustee by manual

signature, and such certificate upon any Security shall be conclusive evidence,

and the only evidence, that such Security has been duly authenticated and

delivered hereunder.

 

Section 3.04           Temporary Securities.

 

Pending the preparation

of definitive Securities, the Company may execute, and upon Company Order the

Trustee shall authenticate and deliver, temporary Securities which are printed,

lithographed, typewritten, mimeographed or otherwise produced, in any

authorized denomination, substantially of the tenor of the definitive

Securities in lieu of which they are issued and with such appropriate

insertions, omissions, substitutions and other variations as the officers

executing such Securities may determine, as evidenced by their execution of

such Securities.

 

If temporary Securities

are issued, the Company will cause definitive Securities to be prepared without

unreasonable delay. After the preparation of definitive Securities, the

temporary Securities shall be exchangeable for definitive Securities upon surrender

of the temporary Securities at any office or agency of the Company designated

pursuant to Section 10.02, without charge to the Holder. Upon surrender

for cancellation of any one or more temporary Securities the Company shall

execute and the Trustee shall authenticate and deliver in exchange therefor a

like principal amount of definitive Securities of authorized denominations.

Until so exchanged the temporary Securities shall in all respects be entitled

to the same benefits under this Indenture as definitive Securities.

 

Section 3.05           Global Securities.

 

(a)           Each Global Security authenticated

under this Indenture shall be registered in the name of the Depositary

designated by the Company for such Global Security or a nominee thereof and

delivered to such Depositary or a nominee thereof or custodian therefor, and

each such Global Security shall constitute a single Security for all purposes

of this Indenture.

 

(b)           Notwithstanding any other provision

in this Indenture, no Global Security may be exchanged in whole or in part for

Securities registered, and no transfer of a Global Security in whole or in part

may be registered, in the name of any Person other than the Depositary for such

Global Security or a nominee thereof unless (i) such Depositary (A) has

notified the Company that it is unwilling or unable to continue as Depositary

for such Global Security or (B) has ceased to be a clearing agency

registered as such under the Exchange Act, (ii) there shall have occurred

and be continuing a Default or Event of Default with respect to such Global

Security, (iii) the Company executes and delivers to the Trustee a Company

Order stating that it elects to cause the issuance of the Securities in

certificated form and that all Global Securities shall be exchanged in whole

for Securities that are not Global Securities (in which case such exchange

shall be effected by the Trustee) or (iv) pursuant to the following

sentence. All or any portion of a Global Security may be exchanged for a

Security that has a like aggregate principal amount and is not a Global

Security, upon 20 days’ prior written request made by the Depositary or its

authorized representative to the Trustee.

 

(c)           If any Global Security is to be

exchanged for other Securities or canceled in whole, it shall be surrendered by

or on behalf of the Depositary or its nominee to the Trustee, as Security

Registrar, for exchange or cancellation as provided in this Article III. If any

Global Security is to be exchanged for other Securities or canceled in part, or

if another Security is to be exchanged in whole or in part for a beneficial

interest in any Global Security, then either (i) such Global Security

shall be so surrendered for exchange or cancellation as provided in this

Article III or (ii) the principal amount thereof shall be reduced or

increased by an amount equal to the portion thereof to be so exchanged or

canceled, or equal to the principal amount of such other Security to be

exchanged for a beneficial interest therein, as the case may be, by means of an

appropriate adjustment made on the records of the Trustee, as Security

Registrar, whereupon the Trustee, in accordance with the Applicable Procedures,

shall instruct the Depositary or its authorized representative to make a

corresponding adjustment to its records. Upon any such surrender or adjustment

of a Global Security, the Trustee shall, subject to Section 3.05(b) and as

otherwise provided in this Article III, authenticate and deliver any Securities

issuable in exchange for such Global Security (or any portion thereof) to or

upon the order of, and registered in such names as may be directed by, the

Depositary or its authorized representative. Upon the request of the Trustee in

connection with the occurrence of any of the events specified in the preceding

paragraph, the Company shall promptly make available to the Trustee a

reasonable supply of Securities that are not in the form of Global Securities.

The Trustee shall be entitled to rely upon any order, direction or request of

the Depositary or its authorized representative which is given or made pursuant

to this Article III if such order, direction or request is given or made in

accordance with the Applicable Procedures.

 

(d)           Every Security authenticated and

delivered upon registration of transfer of, or in exchange for or in lieu of, a

Global Security or any portion thereof, whether pursuant to this Article III,

Section 9.06, 10.15, 10.17 or 11.08 or 

 

26

 

otherwise, shall be authenticated and delivered in the

form of, and shall be, a Global Security, unless such Security is registered in

the name of a Person other than the Depositary for such Global Security or a

nominee thereof.

 

(e)           The Depositary or its nominee, as

registered owner of a Global Security, shall be the Holder of such Global

Security for all purposes under the Indenture and the Securities, and owners of

beneficial interests in a Global Security shall hold such interests pursuant to

the Applicable Procedures. Accordingly, any such owner’s beneficial interest in

a Global Security shall be shown only on, and the transfer of such interest

shall be effected only through, records maintained by the Depositary or its

nominee or its Agent Members.

 

Section 3.06           Registration; Registration of

Transfer and

Exchange Generally;

Certain Transfers and 

Exchanges; Securities Act

Legends.

 

(a)           Registration; Registration of

Transfer and Exchange Generally. The Company shall cause to be kept at the

Corporate Trust Office a register (the register maintained in such office and

in any other office or agency designated pursuant to Section 10.02 being herein

sometimes collectively referred to as the “Security Register”) in which,

subject to such reasonable regulations as it may prescribe, the Company shall

provide for the registration of Securities and of transfers and exchanges of

Securities. The Trustee is hereby appointed “Security Registrar” for the

purpose of registering Securities and transfers and exchanges of Securities as

herein provided. Such Security Register shall distinguish between Original

Securities and Exchange Securities.

 

Upon surrender for

registration of transfer of any Security at an office or agency of the Company

designated pursuant to Section 10.02 for such purpose, the Company shall

execute, and the Trustee shall authenticate and deliver, in the name of the

designated transferee or transferees, one or more new Securities of any

authorized denominations, of a like aggregate principal amount and bearing such

restrictive legends as may be required by this Indenture.

 

At the option of the

Holder, Securities may be exchanged for new Securities of any authorized

denominations, of a like aggregate principal amount and bearing such

restrictive legends as may be required by this Indenture, upon surrender of the

Securities to be exchanged at such office or agency. Whenever any Securities

are so surrendered for exchange, the Company shall execute, and the Trustee

shall authenticate and deliver, the Securities which the Holder making the

exchange is entitled to receive.

 

All Securities issued

upon any registration of transfer or exchange of Securities shall be the valid

Obligations of the Company, evidencing the same debt, and (except for the

differences between Original Securities and Exchange Securities provided for

herein) 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 Trustee) be duly endorsed, or be accompanied by

a written instrument of transfer in form satisfactory to the Company and the

Security Registrar duly executed, by the Holder thereof or his attorney duly

authorized in writing.

 

No service charge shall

be made for any registration of transfer or exchange of Securities, but the

Company may require payment of a sum sufficient to cover any tax or other

governmental charge that may be imposed in connection with any registration of

transfer or exchange of Securities, other than exchanges pursuant to Section

3.04, 3.05, 3.06, 9.06, 10.15, 10.17 or 11.08 not involving any transfer.

 

The Company shall not be

required (i) to issue, register the transfer of or exchange any Security during

a period beginning at the opening of business 15 days before the day of the

mailing of a notice of redemption of Securities selected for redemption under

Section 11.04 and ending at the close of business on the day of such

mailing, or (ii) to register the transfer of or exchange any Security so

selected for redemption, in whole or in part, except the unredeemed portion of

any Security being redeemed in part.

 

The provisions of the

“Operating Procedures of the Euroclear System,” the “Terms and Conditions

Governing Use of Euroclear,” the “General Terms and Conditions of Clearstream

Banking” and the “Customer Handbook” of Clearstream shall be applicable to

transfers of beneficial interests in the Regulation S Global Notes that are

held through Euroclear or Clearstream.

 

(b)           Certain Transfers and Exchanges.

Notwithstanding any other provision of this Indenture or the Securities,

transfers and exchanges of Securities and beneficial interests in a Global

Security of the kinds specified in this Section 3.06(b) shall be made only

in accordance with this Section 3.06(b).

 

(i)            Exchanges Between the Restricted

Global Security and the Regulation S Global Security.

 

27

 

(A)          Beneficial

interests in the Restricted Global Security may be exchanged for beneficial

interests in the Regulation S Global Security and vice versa only in connection

with a transfer of such interest. Such transfers are subject to compliance with

the certification requirements described below.

 

(B)           A

beneficial interest in the Restricted Global Security may be transferred to a

Person who takes delivery in the form of an interest in the Regulation S Global

Security, whether before or after the expiration of the Distribution Compliance

Period, only upon receipt by the Trustee of a written certification on behalf

of the transferor to the effect that such transfer is being made in accordance

with Rule904 of Regulation S or (if available) Rule144 under the Securities Act

and that, if such transfer occurs prior to the expiration of the Distribution

Compliance Period, the interest transferred will be held immediately thereafter

through Euroclear or Clearstream.

 

(C)           Prior

to the expiration of the Distribution Compliance Period, a beneficial interest

in the Regulation S Global Security may be transferred to a person who takes

delivery in the form of an interest in the Restricted Global Security only if

such transfer is made pursuant to Rule 144A and the transferor first delivers

to the Trustee a written certification on behalf of the transferor to the

effect that such transfer is being made to a person who the transferor

reasonably believes is a qualified institutional buyer acquiring for its own

account or the account of a qualified institutional buyer in a transaction

complying with Rule144A and any applicable securities laws of the states of the

United States and other jurisdictions. After the expiration of the Distribution

Compliance Period, this certification requirement shall no longer apply to such

transfers.

 

(D)          Any

beneficial interest in one of the Global Securities that is exchanged for an

interest in the other Global Security shall cease to be an interest in such

Global Security and shall become an interest in the other Global Security.

Accordingly, such interest shall thereafter be subject to all transfer

restrictions and other procedures applicable to beneficial interests in such

other Global Security for as long as it remains such an interest.

 

(E)           Any

exchange of a beneficial interest in the Regulation S Global Security for a

beneficial interest in the Restricted Global Security or vice versa will be

effected in DTC by means of an instruction originated by the Trustee through

the DTC Deposit/Withdrawal at Custodian (“DWAC”) system.

 

(ii)           Exchanges of Global Securities for

Certificated Securities. A beneficial interest in a Global Security

may not be exchanged for a Security in certificated form except as provided in

Section 3.05(b). Any certificated Security issued in exchange for an interest

in a Global Security shall bear the legend restricting transfers that is borne

by such Global Security. Any such exchange shall be effected only through the

DWAC System, and an appropriate adjustment shall be made in the records of the

Security Register to reflect a decrease in the principal amount of the relevant

Global Security.

 

(c)           Securities Act Legends.

Rule144A Securities and their respective Successor Securities shall bear a

Securities Act Legend, and Initial Regulation S Securities and their Successor

Securities shall bear a Securities Act Legend, subject to the following:

 

(i)            subject to the following Clauses of

this Section 3.06(c), a Security or any portion thereof which is exchanged,

upon transfer or otherwise, for a Global Security or any portion thereof shall

bear the Securities Act Legend borne by such Global Security while represented

thereby;

 

(ii)           subject to the following Clauses of

this Section 3.06(c), a new Security which is not a Global Security and is

issued in exchange for another Security (including a Global Security) or any

portion thereof, upon transfer or otherwise, shall bear the Securities Act

Legend borne by such other Security;

 

(iii)          Registered Securities shall not bear a

Securities Act Legend;

 

(iv)          in connection with a transfer or

exchange of Securities or beneficial interests therein, (1)a new Security not

bearing a Securities Act Legend may be issued in exchange for or in lieu of a

Security (other than a Global Security) or any portion thereof bearing such a

legend and (2)beneficial interests in a Security bearing a Securities Act

Legend may be exchanged for beneficial interests in a Security not bearing such

a legend, in each case, only if:

 

(A)          such

transfer or exchange is effected pursuant to an Exchange Offer in accordance

with a Registration Rights Agreement, and the recipient of such Securities or

beneficial interests certifies that it is not (1) a broker-dealer, (2) a Person

participating in a distribution of the Exchange Securities or (3) a Person who

is an affiliate (as defined in Rule 144) of the Company;

 

(B)           such

transfer or exchange is effected pursuant to a Shelf Registration Statement in

accordance with a Registration Rights Agreement;

 

28

 

(C)           such

transfer or exchange is effected by a broker-dealer registered under the

Exchange Act pursuant to an Exchange Registration Statement;

 

(D)          in

the case of a transfer of a Security or beneficial interest therein, (1) the

transferor certifies in writing to the Security Registrar that (I) the

restrictions on transfer contained in the Securities Act Legend are not

required to maintain compliance with the Securities Act, (II) such transfer is

being effected pursuant to (x) Rule 144, (y) Rule 903 or 904 of Regulation S or

(z) another exemption from registration under the Securities Act and (III) such

transfer is in compliance with all applicable State securities laws, and (2) if

the Security Registrar so requests (or if required by any Applicable

Procedures), the Security Registrar has received an Opinion of Counsel in form

reasonably acceptable to the Security Registrar that such transfer is in

compliance with the Securities Act, and the restrictions on transfer contained

in the Securities Act Legend are not required to maintain compliance with the

Securities Act; or

 

(E)           in

the case of an exchange by an owner of a Security with a Securities Act Legend

(or beneficial interest therein) for a Security without a Securities Act Legend

(or beneficial interest therein), (1) such owner certifies in writing to the

Security Registrar that (I) the restrictions on transfer contained in the

Securities Act Legend are not required to maintain compliance with the

Securities Act, (II) the Security (or beneficial interest therein) being

received in the exchange by such owner is being acquired for such owner’s own

account without transfer, (III) such exchange is being effected in compliance

with the Securities Act and with all transfer restrictions applicable to the

Security (or beneficial interest therein) contained in the Indenture, and (IV)

such transfer is in compliance with all applicable State securities laws, and

(2) if the Security Registrar so requests (or if required by any Applicable

Procedures), the Security Registrar has received an Opinion of Counsel in form

reasonably acceptable to the Security Registrar that such transfer is in

compliance with the Securities Act, and the restrictions on transfer contained

in the Securities Act Legend are not required to maintain compliance with the

Securities Act; and

 

(v)           notwithstanding the foregoing

provisions of this Section 3.06(c), a Successor Security of a Security that

does not bear a particular form of Securities Act Legend shall bear a

Securities Act Legend if the Company has reasonable cause to believe that such

Successor Security is a “restricted security” within the meaning of Rule144, in

which case the Trustee, at the direction of the Company, shall authenticate and

deliver a new Security bearing a Securities Act Legend in exchange for such

Successor Security as provided in this Article III.

 

Section 3.07            Mutilated, Destroyed, Lost and Stolen

Securities.

 

If any mutilated Security

is surrendered to the Trustee, the Company shall execute and the Trustee shall

authenticate and deliver in exchange therefor a new Security of like tenor and

principal amount and bearing a number not contemporaneously outstanding.

 

If there shall be

delivered to the Company and the Trustee (i) evidence to their

satisfaction of the destruction, loss or theft of any Security and

(ii) such security or indemnity as may be required by them to save each of

them and any agent of either of them harmless, then, in the absence of notice

to the Company or the Trustee that such Security has been acquired by a bona

fide purchaser, the Company shall execute and upon its request the Trustee

shall authenticate and deliver, in lieu of any such destroyed, lost or stolen

Security, a new Security of like tenor and principal amount and bearing a

number not contemporaneously outstanding.

 

In case any such

mutilated, destroyed, lost or stolen Security has become or is about to become

due and payable, the Company in its discretion may, instead of issuing a new

Security, pay such Security.

 

Upon the issuance of any

new Security under this Section, the Company may require the payment of a sum

sufficient to cover any tax or other governmental charge that may be imposed in

relation thereto and any other expenses (including the fees and expenses of the

Trustee) connected therewith.

 

Every new Security issued

pursuant to this Section in lieu of any destroyed, lost or stolen Security

shall constitute an original additional contractual obligation of the Company,

whether or not the destroyed, lost or stolen Security is 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 duly

issued hereunder.

 

The provisions of this

Section are exclusive and shall preclude (to the extent lawful) all other

rights and remedies with respect to the replacement or payment of mutilated,

destroyed, lost or stolen Securities.

 

Section 3.08           Payment of Interest; Interest

Rights Preserved.

 

Interest or Liquidated

Damages on any Security that are payable, and are punctually paid or duly

provided for, on any Interest Payment Date shall be paid to the Person in whose

name that Security (or one or more Predecessor Securities) is registered at the

close of business on the Regular Record Date for such interest or Liquidated

Damages.

 

29

 

Any interest or

Liquidated Damages on any Security that are payable, but are not punctually

paid or duly provided for, on any Interest Payment Date (herein called “Defaulted

Interest”) shall forthwith cease to be payable to the Holder on the

relevant Regular Record Date by virtue of having been held by such Holder, and

such Defaulted Interest may be paid by the Company, at its election in each

case, as provided in Clause (a) or (b) below:

 

(a)           The Company may elect to make payment

of any Defaulted Interest to the Persons in whose names the Securities (or

their respective Predecessor Securities) are registered at the close of

business on a date (a “Special Record Date”) for the payment of such

Defaulted Interest, which shall be fixed in the following manner. The Company

shall notify the Trustee in writing of the amount of Defaulted Interest

proposed to be paid on each Security and the date of the proposed payment, and

at the same time the Company shall deposit with the Trustee an amount of money

equal to the aggregate amount proposed to be paid in respect of such Defaulted

Interest or shall make arrangements satisfactory to the Trustee for such

deposit prior to the date of the proposed payment, such money when deposited to

be held in trust for the benefit of the Persons entitled to such Defaulted

Interest as in this Clause provided. Thereupon the Trustee shall fix a Special

Record Date for the payment of such Defaulted Interest which shall be not more

than 15 days and not less than 10 days prior to the date of the proposed

payment and not less than 10 days after the receipt by the Trustee of the

notice of the proposed payment. The Trustee shall promptly notify the Company

of such Special Record Date and, in the name and at the expense of the Company,

shall cause notice of the proposed payment of such Defaulted Interest and the

Special Record Date therefor to be mailed, first-class postage prepaid, to each

Holder at his address as it appears in the Security Register, not less than 10

days prior to such Special Record Date. Notice of the proposed payment of such

Defaulted Interest and the Special Record Date therefor having been so mailed,

such Defaulted Interest shall be paid to the Persons in whose names the

Securities (or their respective Predecessor Securities) are registered at the

close of business on such Special Record Date and shall no longer be payable

pursuant to the following Clause (b).

 

(b)           The Company may make payment of any

Defaulted Interest in any other lawful manner not inconsistent with the

requirements of any securities exchange on which the Securities may be listed,

and upon such notice as may be required by such exchange, if, after notice

given by the Company to the Trustee of the proposed payment pursuant to this

Clause, such manner of payment shall be deemed practicable by the Trustee.

 

Subject to the foregoing

provisions of this Section, each Security delivered under this Indenture upon

registration of transfer of or in exchange for or in lieu of any other Security

shall carry the rights to interest or Liquidated Damages, if any, accrued and

unpaid, and to accrue interest and Liquidated Damages, if any, which were

carried by such other Security.

 

Section 3.09           Persons Deemed Owners.

 

Prior to due presentment

of a Security for registration of transfer, the Company, the Trustee and any

agent of the Company or the Trustee may treat the Person in whose name such

Security is registered as the owner of such security for the purpose of

receiving payment of principal of (and premium, if any) and (subject to Section

3.08) interest (and Liquidated Damages, if any), on such Security and for all

other purposes whatsoever, whether or not such Security be overdue, and neither

the Company, the Trustee nor any agent of the Company or the Trustee shall be

affected by notice to the contrary.

 

None of the Company, the

Trustee, any Paying Agent or the Security Registrar will have any

responsibility or liability for any aspect of the records relating to or

payments made on account of beneficial ownership interests of a Global Security

or for maintaining, supervising or reviewing any records relating to such

beneficial ownership interests.

 

Section 3.10           Cancellation.

 

All Securities

surrendered for payment, redemption, registration of transfer or exchange or

for credit against any Offer to Purchase, pursuant to Section 10.15 or 10.17,

shall, if surrendered to any Person other than the Trustee, be delivered to the

Trustee and shall be promptly canceled by it. 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 all Securities so delivered shall be promptly canceled by the

Trustee. No Securities shall be authenticated in lieu of or in exchange for any

Securities canceled as provided in this Section 3.10, except as expressly

permitted by this Indenture. All canceled Securities held by the Trustee shall

(subject to the record-retention requirements of the Exchange Act) be disposed

of as directed by a Company Order.

 

Section 3.11           Computation of Interest.

 

Interest on the

Securities shall be computed on the basis of a 360-day year of twelve 30-day

months; provided, however, that any Liquidated Damages

on Original Securities shall be computed on the basis of a 365- or 366-day

year, as the case may be, and the number of days actually elapsed.

 

30

 

ARTICLE IV

 

SATISFACTION AND

DISCHARGE

 

Section 4.01           Satisfaction

and Discharge of Indenture.

 

This Indenture shall

cease to be of further effect (except as to any surviving rights of

registration of transfer or exchange of Securities herein expressly provided

for), and the Trustee, on demand of and at the expense of the Company, shall

execute proper instruments acknowledging satisfaction and discharge of this

Indenture (including, but not limited to, Article XII hereof), when

 

(a)           either

 

(i)            all Securities theretofore

authenticated and delivered (other than (A) Securities which have been

destroyed, lost or stolen and which have been replaced or paid as provided in

Section 3.07 and (B) Securities for whose payment money has theretofore been

deposited in trust or segregated and held in trust by the Company and

thereafter repaid to the Company or discharged from such trust, as provided in

Section 10.03) have been delivered to the Trustee for cancellation; or

 

(ii)           all such Securities not theretofore

delivered to the Trustee for cancellation have become due and payable,

 

and the Company, in the case of (i) or (ii) above, has

deposited or caused to be deposited with the Trustee as trust funds in trust

for the purpose an amount sufficient to pay and discharge the entire

indebtedness on such Securities not theretofore delivered to the Trustee for

cancellation, for principal (and premium, if any) and interest (and Liquidated

Damages, if any), to the date of such deposit (in the case of Securities which

have become due and payable) or to the Stated Maturity or Redemption Date, as

the case may be;

 

(b)           the Company has paid or caused to be

paid all other sums payable hereunder by the Company; and

 

(c)           the Company has delivered to the

Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that

all conditions precedent herein provided that relate to the satisfaction and

discharge of this Indenture have been satisfied.

 

Notwithstanding the

satisfaction and discharge of this Indenture pursuant to this Article IV, the

obligations of the Company to the Trustee under Section 6.07, the Obligations

of the Trustee to any Authenticating Agent under Section 6.14 and, if money has

been deposited with the Trustee pursuant to subclause (ii) of Clause (a) of

this Section, the obligations of the Trustee under Section 4.02 and the last

paragraph of Section 10.03 shall survive.

 

Section 4.02           Application of Trust Money.

 

Subject to the provisions

of the last paragraph of Section 10.03, all money deposited with the Trustee

pursuant to Section 4.01 shall be held in trust and applied by it, in

accordance with the provisions of the Securities and this Indenture, to the

payment, either directly or through any Paying Agent (including the Company

acting as its own Paying Agent) as the Trustee may determine, to the Persons

entitled thereto, of the principal (and premium, if any) and interest (and

Liquidated Damages, if any), for whose payment such money has been deposited

with the Trustee.

 

ARTICLE V

 

REMEDIES

 

Section 5.01           Events of Default.

 

“Event of Default,”

wherever used herein, means any one of the following events (whatever the

reason for such Event of Default and whether it shall be occasioned by the

provisions of Article XII or be voluntary or involuntary or be effected by

operation of law or pursuant to any judgment, decree or order of any court or any

order, rule or regulation of any administrative or governmental body):

 

(a)           failure to pay the principal of (or

premium, if any, on) any Security at its Maturity; or

 

31

 

(b)           failure to pay any interest or Liquidated

Damages, if any, upon any Security for a period of 30 days or more after any

such amounts become due and payable; or

 

(c)           failure to make an Offer to Purchase

or, on the applicable Purchase Date, to purchase Securities required to be

purchased by the Company pursuant to Section 10.15 or 10.17; or

 

(d)           failure to perform or comply with, or

breach of, Article VIII; or

 

(e)           failure to perform, or breach of, any

covenant or agreement of the Company in this Indenture (other than a covenant

or agreement a default in whose performance or whose breach is elsewhere in

this Section 5.01 specifically addressed), and continuance of such failure or

breach for a period of 30 days after there has been given, by registered or

certified mail, to the Company by the Trustee or to the Company and the Trustee

by the Holders of at least 25% in aggregate principal amount of the Outstanding

Securities a written notice specifying such failure or breach and requiring it

to be remedied and stating that such notice is a “Notice of Default”

hereunder; or

 

(f)            a default or defaults under any

bond(s), debenture(s), note(s) or other evidence(s) of Indebtedness by the

Company or any Restricted Subsidiary of the Company or under any mortgage(s),

indenture(s) or instrument(s) under which there may be issued or by which there

may be secured or evidenced any Indebtedness of such type by the Company or any

such Restricted Subsidiary with a principal amount then outstanding,

individually or in the aggregate, in excess of $10 million, whether such

Indebtedness now exists or shall hereafter be created, which default or

defaults result in the acceleration of the payment of such Indebtedness or

shall constitute a failure to pay any portion of the principal of such

Indebtedness at maturity after the expiration of any applicable grace period

with respect thereto or shall have resulted in such Indebtedness becoming or

being declared due and payable prior to the date on which it would otherwise

have become due and payable; or

 

(g)           a final judgment or final judgments

for the payment of money are entered against the Company or any Restricted

Subsidiary of the Company in an aggregate amount in excess of $10 million,

which judgments remain undischarged, unstayed or unbonded for a period (during

which execution shall not be effectively stayed) of 60 days after the right to

appeal has expired; or

 

(h)           the entry by a court having

jurisdiction in the premises of (A) a decree or order for relief in respect of

the Company or any Significant Subsidiary of the Company in an involuntary case

or proceeding under any applicable Federal or State bankruptcy, insolvency,

reorganization or other similar law (a “Bankruptcy Law”) or (B) a decree

or order adjudging the Company or any such Significant Subsidiary a bankrupt or

insolvent, or approving as properly filed a petition seeking reorganization,

arrangement, adjustment or composition of or in respect of the Company or any

such Significant Subsidiary under any applicable Federal or State law, or

appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator

or other similar official of the Company or any such Significant Subsidiary or

of any substantial part of the property of the Company or any such Significant

Subsidiary, or ordering the winding up or liquidation of the affairs of the

Company or any such Significant Subsidiary, and the continuance of any such

decree or order for relief or any such other decree or order unstayed and in

effect for a period of 60 consecutive days; or

 

(i)            the commencement by the Company or

any Significant Subsidiary of a voluntary case or proceeding under any

applicable Bankruptcy, Law or of any other case or proceeding to be adjudicated

a bankrupt or insolvent, or the consent by the Company or any such Significant

Subsidiary to the entry of a decree or order for relief in respect of the

Company or any Significant Subsidiary in an involuntary case or proceeding

under any applicable Bankruptcy Law, or to the commencement of any bankruptcy

or insolvency case or proceeding against the Company or any Significant

Subsidiary, or the filing by the Company or any such Significant Subsidiary of

a petition or answer or consent seeking reorganization or relief under any

applicable Federal or State law, or the consent by the Company or any such

Significant Subsidiary to the filing of such petition or to the appointment of

or taking possession by a custodian, receiver, liquidator, assignee, trustee,

sequestrator or similar official of the Company or any Significant Subsidiary

or of any substantial part of the property of the Company or any Significant

Subsidiary, or the making by the Company or any Significant Subsidiary of the

Company of an assignment for the benefit of creditors, or the admission by the

Company or any such Significant Subsidiary in writing of its inability to pay

its debts generally as they become due, or the taking of corporate action by

the Company or any such Significant Subsidiary in furtherance of any such

action.

 

Section 5.02           Acceleration of Maturity;

Rescission and Annulment.

 

If an Event of Default

(other than an Event of Default specified in Section 5.01(h) or (i)) occurs and

is continuing, then and in every such case the Trustee or the Holders of not

less than 25% in aggregate principal amount of the Outstanding Securities may

declare the principal of all the Securities to be due and payable immediately,

by a notice in writing to the Company (and to the Trustee if given by Holders),

and upon any such declaration such principal (and premium, if any), any accrued

interest and Liquidated Damages, if any, shall become immediately due and

payable. If an Event of Default specified in Section 5.01(h) or (i) occurs, the

principal of (and premium, if any), any accrued interest and Liquidated

Damages, if any, on the Securities then Outstanding shall ipso facto become

immediately due and payable without any declaration or other Act on the part of

the Trustee or any Holder.

 

32

 

At any time after such a

declaration of acceleration has been made and before a judgment or decree based

on acceleration for payment of the money due has been obtained by the Trustee

as hereinafter provided in this Article V, the Holders of a majority in

aggregate principal amount of the Outstanding Securities, by written notice to

the Company and the Trustee, may rescind and annul such declaration of

acceleration and its consequences if:

 

(a)           the Company has paid or deposited

with the Trustee a sum sufficient to pay

 

(i)            all Defaulted Interest on all

Securities,

 

(ii)           the principal of (and premium, if

any, on) any Securities which have become due otherwise than by such

declaration of acceleration (including any Securities required to have been

purchased on the Purchase Date pursuant to an Offer to Purchase made by the

Company) and, to the extent that payment of such interest is lawful, interest

thereon at the rate provided by the Securities,

 

(iii)          to the extent that payment of such

interest is lawful, interest upon Defaulted Interest, at the rate provided by the

Securities, and

 

(iv)          all sums paid or advanced by the

Trustee hereunder and the reasonable compensation, expenses, disbursements and

advances of the Trustee, its agents and counsel;

 

and

 

(b)           all Defaults and Events of Default,

other than the non-payment of the principal of Securities which have become due

solely by such declaration of acceleration, have been cured or waived as

provided in Section 5.13.

 

No such rescission shall affect any subsequent default

or impair any right consequent thereon.

 

In the

case of any Event of Default occurring by reason of any willful action or

inaction taken or not taken by or on behalf of the Company with the intention

of avoiding payment of the premium that the Company would have had to pay if it

then had elected to redeem the Securities pursuant to the optional redemption

provisions of this Indenture, an equivalent premium will also become and be

immediately due and payable to the extent permitted by law upon the

acceleration of the Securities. If an Event of Default occurs prior to January

15, 2006 by reason of any willful action or inaction taken or not taken by or

on behalf of the Company with the intention of avoiding the prohibition on

redemption of the Securities prior to January 15, 2006, then, upon acceleration

of the Securities, an additional premium shall also become and be immediately

due and payable at an amount, for each of the years beginning January 15 of

each of the years set forth below, as set forth below (expressed as a

percentage of the principal amount of each Security):

 

 

	

  Year

  	

   

  	

  Percentage

  	

   

  
	

  2002

  	

   

  	

  11.375

  	

  %

  
	

  2003

  	

   

  	

  9.750

  	

  %

  
	

  2004

  	

   

  	

  8.125

  	

  %

  
	

  2005

  	

   

  	

  6.500

  	

  %

  

 

Section 5.03           Collection of Indebtedness and

Suits for Enforcement by Trustee.

 

The Company covenants

that if

 

(a)           default is made in the payment of any

interest or Liquidated Damages, if any, on any Security when such interest or

Liquidated Damages, if any, becomes due and payable and such default continues

for a period of 30 days, or

 

(b)           default is made in the payment of the

principal of (or premium, if any, on) any Security at the Maturity thereof or,

with respect to any Security required to have been purchased pursuant to an

Offer to Purchase made by the Company, at the Purchase Date thereof,

 

the Company shall, upon demand of the Trustee, and

subject to Article XII, pay to it, for the benefit of the Holders of such

Securities, the whole amount then due and payable on such Securities for

principal (and premium, if any) interest and Liquidated Damages, if any, and,

to the extent that payment of such interest shall be legally enforceable,

interest on any overdue principal (and premium, if any), on any Defaulted

Interest at the rate provided by the Securities, and, in addition thereto, such

further amount as shall be sufficient to cover

 

33

 

the costs and expenses of collection, including the

reasonable compensation, expenses, disbursements and advances of the Trustee,

its agents and counsel.

 

If the Company fails to

pay such amounts forthwith upon such demand, the Trustee, in its own name and

as Trustee of an express trust, may institute a judicial proceeding for the

collection of the sums so due and unpaid, may prosecute such proceeding to

judgment or final decree and may enforce the same against the Company or any

other obligor upon the Securities and collect the moneys adjudged or decreed to

be payable in the manner provided by law out of the property of the Company or

any other obligor upon the Securities wherever situated.

 

If an Event of Default

occurs and is continuing, the Trustee may in its discretion proceed to protect

and enforce its rights and the rights of the Holders by such appropriate

judicial proceedings as the Trustee shall deem most effectual to protect and

enforce any such rights, whether for the specific enforcement of any covenant

or agreement in this Indenture or in aid of the exercise of any power granted

herein, or to enforce any other proper remedy.

 

Section 5.04           Trustee May File Proofs of Claim.

 

In case of any judicial

proceeding relative to the Company (or any other obligor upon the Securities),

its property or its creditors, the Trustee shall be entitled and empowered, by

intervention in such proceeding or otherwise, to take any and all actions

authorized under the Trust Indenture Act in order to have claims of the Holders

and the Trustee allowed in any such proceeding. In particular, the Trustee

shall be authorized to collect and receive any moneys or other property payable

or deliverable on any such claims and, subject to Article XII, to distribute

the same; and any custodian, receiver, assignee, trustee, liquidator,

sequestrator or other similar official in any such judicial proceeding is

hereby authorized by each Holder to make such payments to the Trustee and, in

the event that the Trustee shall consent to the making of such payments

directly to the Holders, to pay to the Trustee any amount due 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

6.07.

 

No provision of this

Indenture shall be deemed to authorize the Trustee to authorize or consent to

or accept or adopt on behalf of any Holder any plan of reorganization,

arrangement adjustment or composition affecting the Securities or the rights of

any Holder thereof or to authorize the Trustee to vote in respect of the claim

of any Holder in any such proceeding; provided, however, that the Trustee may,

on behalf of the Holders, vote for the election of a trustee in bankruptcy or

similar official and may be a member of the creditors committee.

 

Section 5.05           Trustee May Enforce Claims Without

Possession of Securities.

 

All rights of action and

claims under this Indenture or the Securities may be prosecuted and enforced by

the Trustee without the possession of any of the Securities or the production

thereof in any proceeding relating thereto, and any such proceeding instituted

by the Trustee shall be brought in its own name as trustee of an express trust,

and any recovery of judgment shall, after provision for the payment of the

reasonable compensation, expenses, disbursements and advances of the Trustee,

its agents and counsel, be for the ratable benefit of the Holders of the

Securities in respect of which such judgment has been recovered.

 

Section 5.06           Application of Money Collected.

 

Subject to Article XII,

any money collected by the Trustee pursuant to this Article shall be applied in

the following order, at the date or dates fixed by the Trustee and, in case of

the distribution of such money on account of principal (or premium, if any) or

interest (or Liquidated Damages, if any), upon presentation of the Securities

and the notation thereon of the payment if only partially paid and upon

surrender thereof if fully paid:

 

FIRST: To the payment of

all amounts due the Trustee under Section 6.07; and

 

SECOND: To the extent

provided in Article XII, to the holders of Senior Indebtedness in accordance

with Article XII;

 

THIRD: To the payment of

the amounts then due and unpaid for principal of (and premium, if any) and

interest (and Liquidated Damages, 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 premium, if any) and interest

(and Liquidated Damages, if any), respectively; and

 

FOURTH: To the Company or

to such party as a court of competent jurisdiction shall direct.

 

34

 

Section 5.07           Limitation on Suits.

 

No Holder of any Security

shall have any right to institute any proceeding, judicial or otherwise, with

respect to this Indenture, or for the appointment of a receiver or trustee, or

for any other remedy hereunder, unless

 

(a)           such Holder has previously given

written notice to the Trustee of an Event of Default;

 

(b)           the Holders of not less than 25% in

aggregate principal amount of the Outstanding Securities shall have made

written request to the Trustee to institute proceedings in respect of such

Event of Default in its own name as Trustee hereunder;

 

(c)           if requested by the Trustee, such

Holder or Holders have offered to the Trustee reasonable indemnity against the

costs, expenses and liabilities to be incurred in compliance with such request;

and

 

(d)           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 Outstanding

Securities;

 

it being understood and intended that no one or more

Holders shall have any right in any manner whatever, by virtue of, or by

availing of, any provision of this Indenture to affect, disturb or prejudice

the rights of any other Holders, or to obtain or to seek to obtain priority or

preference over any other Holders or to enforce any right under this Indenture,

except in the manner herein provided and for the equal and ratable benefit of

all the Holders.

 

Section 5.08                                 Unconditional Right of Holders to Receive Principal,

Premium, Interest and Liquidated Damages.

 

Notwithstanding any other

provision in this Indenture, the Holder of any Security shall have the right,

which is absolute and unconditional, to receive payment of the principal of

(and premium, if any), (subject to Section 3.08) interest and Liquidated

Damages, if any, on such Security on the respective Stated Maturities expressed

in such Security (or, in the case of redemption, on the Redemption Date or, in

the case of an Offer to Purchase made by the Company and required to be

accepted as to such Security, on the Purchase Date) and to institute suit for

the enforcement of any such payment, on or after such respective dates and such

rights shall not be impaired without the consent of such Holder.

 

Section 5.09           Restoration of Rights and

Remedies.

 

If the Trustee or any

Holder has instituted any proceeding to enforce any right or remedy under this

Indenture and such proceeding has been discontinued or abandoned for any

reason, or has been determined adversely to the Trustee or to such Holder, then

and in every such case, subject to any determination in such proceeding, the

Company, the Trustee and the Holders shall be restored severally and

respectively to their former positions hereunder and thereafter all rights and

remedies of the Trustee and the Holders shall continue as though no such

proceeding had been instituted.

 

Section 5.10           Rights and Remedies Cumulative.

 

Except as otherwise

provided with respect to the replacement or payment of mutilated, destroyed,

lost or stolen Securities in the last paragraph of Section 3.07, no right or

remedy herein conferred upon or reserved to the Trustee or to the Holders is

intended to be exclusive of any other right or remedy, and every right and

remedy shall, to the extent permitted by law, be cumulative and in addition to

every other right and remedy given hereunder or now or hereafter existing at

law or in equity or otherwise. The assertion or employment of any right or

remedy hereunder, otherwise, shall not prevent the concurrent assertion or

employment of any other appropriate right or remedy.

 

Section 5.11           Delay or Omission Not Waiver.

 

No delay or omission of

the Trustee or of any Holder of any Security to exercise any right or remedy

accruing upon any Event of Default shall impair any such right or remedy or

constitute a waiver of any such Event of Default or an acquiescence therein.

Every right and remedy given by this Article V or by law to the Trustee or to

the Holders may be exercised from time to time, and as often as may be deemed

expedient, by the Trustee or by the Holders, as the case may be.

 

35

 

Section 5.12           Control by Holders.

 

The Holders of a majority

in aggregate principal amount of the Outstanding Securities shall have the

right to direct the time, method and place of conducting any proceeding for any

remedy available to the Trustee or exercising any trust or power conferred on

the Trustee, provided that

 

(a)           such direction shall not be in

conflict with any rule of law or with this Indenture,

 

(b)           the Trustee may take any other action

deemed proper by the Trustee in furtherance of or consistent with, such

direction, and

 

(c)           subject to the provisions of Section

6.01, the Trustee shall have the right to decline to follow any such direction

if the Trustee, being advised by counsel, determines that the action or

proceeding so directed may not lawfully be taken or if the Trustee in good

faith determines that the action or proceedings so directed might involve the

Trustee in personal liability or if the Trustee in good faith shall so

determine that the actions or forbearances specified in or pursuant to such

direction shall be unduly prejudicial to the interest of holders of the

Securities not joining in the giving of said direction, it being understood

that the Trustee shall have no duty to ascertain whether or not such actions or

forbearances are unduly prejudicial to such holders.

 

Section 5.13           Waiver of Past Defaults.

 

The Holders of not less

than a majority in aggregate principal amount of the Outstanding Securities may

on behalf of the Holders of all the Securities waive any past default hereunder

and its consequences, except a default

 

(a)           in the payment of the principal of

(or premium, if any) or interest (or Liquidated Damages, if any), on any

Security (including any Security which is required to have been purchased

pursuant to an Offer to Purchase which has been made by the Company), or

 

(b)           in respect of a covenant or provision

hereof which under Article IX cannot be modified or amended without the consent

of the Holder of each Outstanding Security affected.

 

Upon any such waiver,

such default shall cease to exist, and any Event of Default arising therefrom

shall be deemed to have been cured, for every purpose of this Indenture; but no

such waiver shall extend to any subsequent or other default or impair any right

consequent thereon.

 

Section 5.14           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, suffered or omitted by it as Trustee, a court

may require any party litigant in such suit to file an undertaking to pay the

costs of such suit, and may assess costs against any such party litigant, in

the manner and to the extent provided in the Trust Indenture Act. This Section

5.14 does not apply to a suit by the Trustee, a suit by a Holder pursuant to

Section 5.08 or a suit by the Holders of more than 10% in aggregate principal

amount of the Securities.

 

Section 5.15           Waiver of Stay or Extension Laws.

 

The Company covenants (to

the extent that it may lawfully do so) that it will not at any time insist

upon, or plead, or in any manner whatsoever claim or take the benefit or

advantage of, any stay or extension law wherever enacted, now or at any time

hereafter in force, which may affect the covenants or the performance of this

Indenture; and the Company (to the extent that it may lawfully do so) hereby

expressly waives all benefit or advantage of any such law and covenants that it

will not hinder, delay or impede the execution of any power herein granted to

the Trustee, but will suffer and permit the execution of every such power as

though no such law had been enacted.

 

ARTICLE VI

 

THE TRUSTEE

 

Section 6.01           Certain Duties and

Responsibilities.

 

(a)           The duties and responsibilities of

the Trustee shall be as provided in this Indenture and by the Trust Indenture

Act. Notwithstanding the foregoing, no provision of this Indenture shall

require the Trustee to expend or risk its own 

 

36

 

funds or otherwise incur any financial liability in

the performance of any of its duties hereunder, or in the exercise of any of

its rights or powers, if it shall have reasonable grounds for believing that

repayment of such funds or adequate indemnity against such risk or liability is

not reasonably assured to it. If a Default or an Event of Default has occurred

and is continuing, the Trustee shall exercise the rights and powers vested in it

by this Indenture and use the same degree of care and skill in their exercise

as a prudent person would exercise or use under the circumstances in the

conduct of such person’s own affairs. Whether or not therein expressly so

provided, every provision of this Indenture relating to the conduct or

affecting the liability of or affording protection to the Trustee shall be

subject to the provisions of this Section 6.01.

 

(b)           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:

 

(i)            this Section 6.01(b)does not limit

the effect of Section 6.03;

 

(ii)           the Trustee shall not be liable for

any error of judgment made in good faith by a Trust Officer unless it is proved

that the Trustee was negligent in ascertaining the pertinent facts; and

 

(iii)          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 Section 5.12.

 

Section 6.02           Notice of Defaults.

 

The Trustee shall give

the Holders notice of any Default hereunder within 90 days after the occurrence

thereof as and to the extent provided by the Trust Indenture Act. Except in the

case of a Default or an Event of Default in payment of principal of (and

premium, if any, on) or interest (or Liquidated Damages, if any), on any

Securities, the Trustee may withhold the notice to the Holders if and so long

as a committee of its trust officers in good faith determines that withholding

such notice is in the interests of the Holders.

 

Section 6.03           Certain Rights of Trustee.

 

Subject to the provisions

of Section 6.01:

 

(a)            except during the continuance of a

Default or an Event of Default the Trustee shall undertake to perform such duties

as are specifically set forth in this Indenture, and no implied covenants or

obligations shall be read into this Indenture against the Trustee;

 

(b)           except during the continuance of a

Default or an Event of Default, in the absence of bad faith in its part, the

Trustee may rely and shall be protected in acting or refraining from acting

upon any resolution, certificate, Officers’ Certificate, statement, instrument,

opinion, report, notice, request, direction, consent, order, bond, debenture,

note, other evidence of Indebtedness or other paper or document believed by it

to be genuine and to have been signed or presented by the proper party or

parties, provided that the

Trustee shall examine all Officers’ Certificates, opinions and other documents

produced pursuant to the requirements of this Indenture to determine whether or

not they conform to the requirements of this Indenture;

 

(c)           any request or direction of the

Company mentioned herein shall be sufficiently evidenced by a Company Request

or Company Order and any resolution of the Board of Directors of the Company

may be sufficiently evidenced by a Board Resolution;

 

(d)           whenever in the administration of

this Indenture the Trustee shall deem it desirable that a matter be proved or

established prior to taking, suffering or omitting any action hereunder, the

Trustee (unless other evidence be herein specifically prescribed) may, in the

absence of bad faith on its part, rely upon an Officers’ Certificate, provided that the Trustee shall examine

such Officer’s Certificate to determine whether or not it conforms to the

requirements of this Indenture;

 

(e)           before the Trustee acts or refrains

from acting, the Trustee may consult with counsel and the written advice of

such counsel or any Opinion of Counsel shall be full and complete authorization

and protection in respect of any action taken, suffered or omitted by it

hereunder in good faith and in reliance thereon;

 

(f)            the Trustee shall be under no

obligation to exercise any of the rights or powers vested in it by this

Indenture at the request or direction of any of the Holders pursuant to this

Indenture, unless such Holders shall have offered to the Trustee reasonable

security or indemnity against the costs, expenses and liabilities which might

be incurred by it in compliance with such request or direction;

 

37

 

(g)           the Trustee shall not be bound to

make any investigation into the facts or matters stated in any resolution,

certificate, statement, instrument, opinion, report, notice, request,

direction, consent, order, bond, debenture, note, other evidence of

indebtedness or other paper or document unless requested to do so by the

Holders of not less than a 10% of the aggregate principal amount of the

Securities then Outstanding, but the Trustee, in its discretion, may make such

further inquiry or investigation into such facts or matters as it may see fit,

and, if the Trustee shall determine to make such further inquiry or

investigation, it shall be entitled to examine the books, records and premises

of the Company;

 

(h)           the Trustee may execute any of the

trusts or powers hereunder or perform any duties hereunder either directly or

by or through agents or attorneys and the Trustee shall not be responsible for

any misconduct or negligence on the part of any agent or attorney appointed

with due care by it hereunder;

 

(i)             the Trustee shall not be required

to give any bond or surety in respect of the performance of its powers and

duties hereunder;

 

(j)            the Trustee shall not be bound to

ascertain or inquire as to the performance or observance of any covenants,

conditions or agreements on the part of the Company, except as otherwise

provided herein, but the Trustee may require of the Company full information

and advice as to the performance of the covenants, conditions and agreements

contained herein and shall be entitled in connection herewith to examine the

books, records and premises of the Company; and

 

(k)           except for (i)a default under

Sections 5.01(a), (b) or (c) hereof, or (ii)any other Default or Event of

Default of which the Trustee has “actual knowledge” the Trustee shall not be

deemed to have notice of any Default or Event of Default unless specifically

notified in writing of such Default or Event of Default. As used herein, the

term “actual knowledge” means the actual fact or statement of knowing, without

any duty to make any investigation with regard thereto.

 

Section 6.04           Not Responsible for Recitals or

Issuance of Securities.

 

The recitals contained

herein and in the Securities, except the Trustee’s certificates of

authentication, shall be taken as the statements of the Company, and the

Trustee assumes no responsibility for their correctness. The Trustee makes no

representations as to the validity or sufficiency of this Indenture or of the

Securities. The Trustee shall not be accountable for the use or application by

the Company of Securities or the proceeds thereof.

 

Section 6.05           May Hold Securities.

 

The Trustee, any

Authenticating Agent, any Paying Agent, any Security Registrar or any other

agent of the Company, in its individual or any other capacity, may become the

owner or pledgee of Securities and, subject to Sections 6.08 and 6.13, may

otherwise deal with the Company with the same rights it would have if it were

not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such

other agent.

 

Section 6.06           Money Held in Trust.

 

Money held by the Trustee

in trust hereunder need not be segregated from other funds except to the extent

required by law. The Trustee shall be under no liability for interest on any

money received by it hereunder except as otherwise agreed with the Company.

 

Section 6.07           Compensation and Reimbursement.

 

The Company agrees

 

(a)           to pay to the Trustee from time to

time, and the Trustee shall be entitled to, reasonable compensation for all

services rendered by it hereunder (which compensation shall not be limited by

any provision of law in regard to the compensation of a trustee of an express

trust);

 

(b)           except as otherwise expressly provided

herein, to reimburse the Trustee upon its request for all reasonable expenses,

disbursements and advances incurred or made by the Trustee in accordance with

any provision of this Indenture, including costs of collection (including the

reasonable compensation and the expenses and disbursements of its agents and

counsel), except any such expense, disbursement or advance as may be

attributable to its negligence or willful misconduct; and

 

(c)           to indemnify the Trustee for, and to

hold it harmless against, any loss, liability or expense incurred without

negligence or willful misconduct on its part, arising out of or in connection

with the acceptance or administration of 

 

38

 

this trust, including the costs and expenses of

defending itself against or investigating any claim or liability in connection

with the exercise or performance of any of its powers or duties hereunder.

 

The obligations of the

Company under this Section 6.07 shall survive the satisfaction and discharge of

this Indenture. As security for the performance of such obligations of the

Company, the Trustee shall have a claim prior to the Securities upon all

property and funds held or collected by the Trustee as such, except funds held

in trust for the payment of principal of (and premium, if any) and interest

(and Liquidated Damages, if any), on particular Securities. When the Trustee

incurs expenses or renders services in connection with an Event of Default

specified in Article V hereof, the expenses (including reasonable fees and

expenses of its counsel) and the compensation for the services in connection

therewith are intended to constitute expense of administration under any

applicable bankruptcy law.

 

Section 6.08           Disqualification; Conflicting

Interests.

 

If the Trustee has or

acquires a “conflicting interest” within the meaning of the Trust Indenture

Act, the Trustee shall either eliminate such conflicting interest or resign, to

the extent and in the manner provided by, and subject to the provisions of, the

Trust Indenture Act and this Indenture. Neither the Company nor any Affiliate

or Related Person of the Company shall serve as the Trustee. The Trustee is

subject to Section 310(b) of the Trust Indenture Act.

 

Section 6.09           Corporate Trustee Required;

Eligibility.

 

There shall at all times

be a Trustee hereunder which shall be a Person that is eligible pursuant to the

Trust Indenture Act (including, without limitation, Sections 310(a)(1), (2) and

(5) thereof) to act as such and has (or in the case of a Person included in a

bank holding company system, the related bank holding company shall have) a

combined capital and surplus of at least $100.0million and its Corporate Trust

Office in New York City or Minneapolis. If such Person publishes reports of

condition at least annually, pursuant to law or to the requirements of said

supervising or examining authority, then for the purposes of this Section 6.09,

the combined capital and surplus of such Person shall be deemed to be its

combined capital and surplus as set forth in its most recent report of

condition so published. If at any time the Trustee ceases to be eligible in

accordance with the provisions of this Section 6.09, it shall resign

immediately in the manner and with the effect hereinafter specified in this

Article VI.

 

Section 6.10           Resignation and Removal;

Appointment of Successor.

 

(a)           No resignation or removal of the

Trustee and no appointment of a successor Trustee pursuant to this Article VI

shall become effective until the acceptance of appointment by the successor

Trustee under Section 6.11.

 

(b)           The Trustee may resign at any time by

giving written notice thereof to the Company. If an instrument of acceptance by

a successor Trustee shall not have been delivered to the Trustee within 30 days

after the giving of such notice of resignation, the resigning Trustee may

petition any court of competent jurisdiction for the appointment of a successor

Trustee.

 

(c)           The Trustee may be removed at any

time by Act of the Holders of a majority in principal amount of the Outstanding

Securities, delivered to the Trustee and to the Company.

 

(d)           If at any time:

 

(i)            the Trustee fails to comply with

Section 6.08 after written request therefor by the Company or by any Holder who

has been a bona fide Holder of a Security for at least 6 months, or

 

(ii)           the Trustee ceases to be eligible

under Section 6.09 and fails to resign after written request therefor by the

Company or by any Holder who has been a bona fide Holder of a Security for at

least six months, or

 

(iii)          the Trustee becomes incapable of

acting or is adjudged a bankrupt or insolvent or a receiver of the Trustee or

of its property is appointed or any public officer takes charge or control of

the Trustee or of its property or affairs for the purpose of rehabilitation,

conservation or liquidation,

 

then, in any such case, (A)the Company by a Board

Resolution may remove the Trustee, or (B)subject to Section 5.14, any Holder

who has been a bona fide Holder of a Security for at least 6 months may, on

behalf of himself and all others similarly situated, petition any court of

competent jurisdiction for the removal of the Trustee and the appointment of a

successor Trustee.

 

(e)           If the Trustee resigns, is removed or

becomes incapable of acting, or if a vacancy occurs in the office of Trustee

for any cause, the Company, by a Board Resolution, shall promptly appoint a

successor Trustee. If, within one year after such resignation, removal or

incapability, or the occurrence of such vacancy, a successor Trustee is appointed

by Act of the Holders

 

39

 

of a majority in principal amount of the Outstanding

Securities delivered to the Company and the retiring Trustee, the successor

Trustee so appointed shall, forthwith upon its acceptance of such appointment,

become the successor Trustee and supersede the successor Trustee appointed by

the Company. If no successor Trustee has been so appointed by the Company or

the Holders and accepted appointment in the manner hereinafter provided, any

Holder who has been a bona fide Holder of a Security for at least 6 months may,

on behalf of himself and all others similarly situated, petition any court of

competent jurisdiction for the appointment of a successor Trustee.

 

(f)            The Company shall give notice of

each resignation and each removal of the Trustee and each appointment of a

successor Trustee to all Holders in the manner provided in Section 1.06. Each

notice shall include the name of the successor Trustee and the address of its

Corporate Trust Office.

 

Section 6.11           Acceptance of Appointment by

Successor.

 

Every successor Trustee

appointed hereunder shall execute, acknowledge and deliver to the Company and

to the retiring Trustee an instrument accepting such appointment, and thereupon

the resignation or removal of the retiring trustee shall become effective and

such successor Trustee, without any further act, deed or conveyance, shall

become vested with all the rights, powers, trusts and duties of the retiring

Trustee; but, on request of the Company or the successor Trustee, such retiring

Trustee shall, upon payment of its charges, execute and deliver an instrument

transferring to such successor Trustee all the rights, powers and trusts of the

retiring Trustee and shall duly assign, transfer and deliver to such successor

Trustee all property and money held by such retiring Trustee hereunder. Upon

request of any such successor Trustee, the Company shall execute any and all

instruments for more fully and certainly vesting in and confirming to such

successor Trustee all such rights, powers and trusts.

 

No successor Trustee

shall accept its appointment unless at the time of such acceptance such

successor Trustee is qualified and eligible under this Article VI.

 

Section 6.12            Merger, Conversion, Consolidation or

Succession to Business.

 

Any corporation into

which the Trustee may be merged or converted or with which it may be

consolidated, or any corporation resulting from any merger, conversion or

consolidation to which the Trustee shall be a party, or any corporation

succeeding to all or substantially all the corporate trust business of the

Trustee, shall be the successor of the Trustee hereunder, provided such

corporation shall be otherwise qualified and eligible under this Article VI,

without the execution or filing of any paper or any further act on the part of

any of the parties hereto. In case any Securities have been authenticated, but

not delivered, by the Trustee then in office, any successor by merger,

conversion or consolidation to such authenticating Trustee may adopt such

authentication and deliver the Securities so authenticated with the same effect

as if such successor Trustee had itself authenticated such Securities.

 

Section 6.13           Preferential Collection of Claims

Against Company.

 

If and when the Trustee

shall be or become a creditor, directly or indirectly, secured or unsecured, of

the Company (or any other obligor upon the Securities), the Trustee shall be

subject to the provisions of the Trust Indenture Act regarding the collection of

claims against the Company (or any such other obligor). The Trustee is subject

to Section 311(a) of the Trust Indenture Act, excluding any creditor

relationship listed in Section 311(b) of the Trust Indenture Act. A Trustee who

has resigned or been replaced shall be subject to Section 311(a) of the Trust

Indenture Act to the extent indicated therein.

 

Section 6.14           Appointment of Authenticating

Agent.

 

The Trustee may appoint

an Authenticating Agent or Agents which shall be authorized to act on behalf of

the Trustee to authenticate Securities issued upon original issue and upon

exchange, registration of transfer or partial redemption or pursuant to Section

3.07, and Securities so authenticated shall be entitled to the benefits of this

Indenture and shall be valid and obligatory for all purposes as if

authenticated by the Trustee hereunder. Wherever reference is made in this

Indenture to the authentication and delivery of Securities by the Trustee or

the Trustee’s certificate of authentication, such reference shall be deemed to

include authentication and delivery on behalf of the Trustee by an

Authenticating Agent and a certificate of authentication executed on behalf of

the Trustee by an Authenticating Agent. Each Authenticating Agent shall be

acceptable to the Company and shall at all times be a corporation organized and

doing business under the laws of the United States of America, any State

thereof or the District of Columbia, authorized under such laws to act as

Authenticating Agent, having (or in the case of a corporation included in a

bank holding company system, the related bank holding company having) a

combined capital and surplus of not less than $100.0million and subject to

supervision or examination by Federal or State authority. If such Authenticating

Agent publishes reports of condition at least annually, pursuant to law or to

the requirements of said supervising or examining authority, then for the

purposes of this Section, the combined capital and surplus of such

Authenticating Agent shall be deemed to be its combined capital and surplus as

set forth in its most recent report of condition so published. If at any time

an Authenticating Agent ceases to be eligible in accordance with the provisions

of this Section, such Authenticating Agent shall resign immediately in the

manner and with the effect specified in this Section 6.14.

 

Any corporation into

which an Authenticating Agent may be merged or converted or with which it may

be consolidated, or any corporation resulting from any merger, conversion or

consolidation to which such Authenticating Agent is a party,

 

40

 

or any corporation succeeding to the Corporate agency

or corporate trust business of an Authenticating Agent, shall continue to be an

Authenticating Agent, provided such corporation shall be otherwise eligible

under this Section, without the execution or filing of any paper or any further

act on the part of the Trustee or the Authenticating Agent.

 

An Authenticating Agent

may resign at any time by giving written notice thereof to the Trustee and to

the Company. The Trustee may at any time terminate the agency of an

Authenticating Agent by giving written notice thereof to such Authenticating

Agent and to the Company. Upon receiving such a notice of resignation or upon

such a termination, or in case at any time such Authenticating Agent ceases to

be eligible in accordance with the provisions of this Section 6.14, the Trustee

may appoint a successor Authenticating Agent which shall be acceptable to the

Company and shall mail written notice of such appointment by first-class mail,

postage prepaid, to all Holders as their names and addresses appear in the

Security Register. Any successor Authenticating Agent upon acceptance of its

appointment hereunder shall become vested with all the rights, powers and

duties of its predecessor hereunder, with like effect as if originally named as

an Authenticating Agent. No successor Authenticating Agent shall be appointed

unless it is eligible under the provisions of this Section 6.14.

 

The Trustee agrees to pay

to each Authenticating Agent from time to time reasonable compensation for its

services under this Section 6.14, and the Trustee shall be entitled to be

reimbursed for such payments, subject to the provisions of Section 6.07.

 

If an appointment is made

pursuant to this Section 6.14, the Securities may have endorsed thereon, in

addition to the Trustee’s certificate of authentication, an alternative

certificate of authentication in the following form:

 

This is one of the

Securities described in the within-mentioned Indenture.

 

	

   

  	

  Wells Fargo Bank

  Minnesota, N.A.,

  
	

   

  	

  As Trustee

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  
	

   

  	

  As Authenticating Agent

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  
	

   

  	

  Authorized Officer

  

 

ARTICLE VII

 

HOLDERS’ LISTS AND

REPORTS 

BY TRUSTEE AND

COMPANY

 

Section 7.01           Company to Furnish Trustee

Names and Addresses of

Holders.

 

The Company shall furnish

or cause to be furnished to the Trustee

 

(a)           semi-annually, not more than 15 days

after each Regular Record Date, a list, in such form as the Trustee may reasonably

require, of the names and addresses of the Holders as of such Regular Record

Date, and

 

(b)           at such other times as the Trustee

may request in writing, within 30 days after the receipt by the Company of any

such request, a list of similar form and content as of a date not more than 15

days prior to the time such list is furnished;

 

excluding from any such list names and addresses

received by the Trustee in its capacity as Security Registrar.

 

Section 7.02           Preservation of Information;

Communications to Holders.

 

(a)           The Trustee shall preserve, in as

current a form as is reasonably practicable, the names and addresses of Holders

contained in the most recent list furnished to the Trustee as provided in

Section 7.01 and the names and addresses of Holders received by the Trustee in

its capacity as Security Registrar. The Trustee may destroy any list furnished

to it as provided in Section 7.01 upon receipt of a new list so furnished.

 

41

 

(b)           The rights of Holders to communicate

with other Holders with respect to their rights under this Indenture or under

the Securities and the corresponding rights and duties of the Trustee, shall be

as provided by the Trust Indenture Act.

 

(c)           Every Holder of Securities, by receiving

and holding the same, agrees with the Company and the Trustee that neither the

Company nor the Trustee nor any agent of either of them shall be held

accountable by reason of any disclosure of information as to the names and

addresses of Holders made pursuant to the Trust Indenture Act.

 

Section 7.03           Reports by Trustee.

 

(a)           The Trustee shall transmit to the

Holders such reports required pursuant to the Trust Indenture Act as promptly

as practicable after each 

March 15 and beginning on March 15, 2002, or at such

other time as may be provided in the Trust Indenture Act, in the manner

provided in the Trust Indenture Act.

 

(b)           A copy of each such report shall, at

the time of such transmission to Holders, be filed by the Trustee with each

stock exchange upon which the Securities are listed, with the Commission and

with the Company. The Company will notify the Trustee when the Securities are

listed on any stock exchange.

 

Section 7.04           Reports by Company.

 

(a)           The Company shall file with the

Commission, and provide to the Trustee and the Holders, annual reports and such

other information, documents and other reports, and such summaries thereof, as

may be required pursuant to the Trust Indenture Act at the times and in the

manner provided pursuant to the Trust Indenture Act.

 

(b)           Whether or not required by the rules

and regulations of the Exchange Act or the Commission, so long as any of the

Securities remain outstanding, the Company shall:

 

(i)            furnish to the Holders and the

Trustee

 

(A)          all

quarterly and annual financial information that would be required to be

contained in a filing with the Commission on Form 10-Q and Form 10-K if the

Company were required to file such reports, including a “Management’s

Discussion and Analysis of Financial Condition and Results of Operations” and,

with respect to the annual information only, a report on the annual financial

statements by the Company’s certified independent accountants; and

 

(B)           all

current reports that would be required to be filed with the Commission on Form

8-K of the Exchange Act if the Company were required to file such reports; and

 

(ii)           file a copy of all such information

and reports with the Commission for public availability within the time periods

specified in the Commission’s rules and regulations, unless the Commission does

not accept such filings, and make such information and reports available to

securities analysts and prospective investors upon request.

 

(c)           If the Company at any time is not

subject to the reporting requirements of Section 13 or Section 15(d) of the

Exchange Act (or any successor provisions) at any time while any Security

constitutes a “restricted security” within the meaning of Rule 144, the Company

shall take all actions necessary to permit resales of the Original Securities

(or any Successor Securities) to be made pursuant to Rule 144A, including

furnishing to any holder of such a Security (or a beneficial interest therein),

or to any prospective purchaser designated by such holder, upon the request of

such holder, such financial and other information as may be required to be

delivered under paragraph (d)(4) of Rule 144A to permit such resales and such

information that would be required if the Company were subject to the

informational requirements of Sections 13 or 15(d) of the Exchange Act.

 

42

 

ARTICLE VIII

 

CONSOLIDATION,

MERGER,

CONVEYANCE,

TRANSFER OR LEASE

 

Section 8.01            Company May Consolidate, Etc. Only on

Certain Terms.

 

The Company shall not

consolidate with or merge into any other Person, shall not permit any other

Person to consolidate with or merge into the Company, and shall not, directly

or indirectly, transfer, convey, sell, lease or otherwise dispose of all or

substantially all of its properties and assets to any Person (in one

transaction or a series of related transactions); unless:

 

(a)           immediately after giving effect to

such transaction and treating any Indebtedness Incurred by the Company or a

Restricted Subsidiary as a result of such transaction as having been Incurred

by the Company or such Restricted Subsidiary at the time of such transaction,

no Default or Event of Default shall have occurred and be continuing;

 

(b)           (i) the Company is the surviving

entity or (ii) the Person formed by such consolidation or into which the

Company is merged or the Person which acquires by transfer, conveyance, sale,

lease or other disposition all or substantially all of the properties and

assets of the Company as an entirety (a “Successor Company”) is a

corporation that is organized and validly existing under the laws of the United

States of America, any State thereof or the District of Columbia and, by an

indenture supplemental hereto executed and delivered to the Trustee, in form

satisfactory to the Trustee, expressly assumes the due and punctual payment of

the principal of (and premium, if any) and interest on all the Securities and

the performance of every covenant of this Indenture on the part of the Company

to be performed or observed;

 

(c)           immediately after giving effect to

such transaction, the Consolidated Net Worth of the Company or, if applicable,

the Successor Company shall be equal to or greater than the Consolidated Net

Worth of the Company immediately prior to such transaction;

 

(d)           immediately after giving effect to

such transaction, and treating any Indebtedness Incurred by the Company or any

Restricted Subsidiary as a result of such transaction as having been Incurred

at the time of such transaction, the Company or the Successor Company would be

permitted to Incur at least $1.00 of additional Indebtedness pursuant to the

first paragraph of Section 10.08; and

 

(e)           the Company has delivered to the

Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that

such consolidation, merger, conveyance, transfer, lease or disposition and, if

a supplemental indenture is required in connection with such transaction, such

supplemental indenture, complies with this Article VIII and that all conditions

precedent herein provided for relating to such transaction have been complied

with, and, with respect to such Officers’ Certificate, setting forth the manner

of determination of the Company’s (or the Successor Company’s, as the case may

be) Consolidated Net Worth in accordance with Clause (c) of this Section 8.01

and ability to Incur Indebtedness in accordance with Clause (d) of this Section

8.01, except as provided below.

 

The Company may merge

with a Wholly Owned Restricted Subsidiary incorporated for the sole purpose of

reincorporating the Company in another jurisdiction and/or for the sole purpose

of forming a holding company whose only substantial asset is the Capital Stock

of the Company without complying with Clause (d) above.

 

Section 8.02           Successor Substituted.

 

Upon any consolidation of

the Company with, or merger of the Company into, any other Person or any

transfer, conveyance, sale, lease or other disposition of all or substantially

all of the properties and assets of the Company as an entirety in accordance

with Section 8.01, the successor Company shall succeed to, and be substituted

for, and may exercise every right and power of, the Company under this

Indenture with the same effect as if such successor Person had been named as

the Company herein, and thereafter, except in the case of a lease, the

predecessor Person shall be relieved of all obligations and covenants under

this Indenture and the Securities.

 

43

 

ARTICLE IX

 

SUPPLEMENTAL

INDENTURES

 

Section 9.01           Supplemental Indentures Without

Consent of Holders.

 

Without the consent of

any Holders, the Company, when authorized by a Board Resolution, and the

Trustee, at any time and from time to time, may enter into one or more

indentures supplemental hereto, in form satisfactory to the Trustee, for any of

the following purposes:

 

(a)           to evidence the succession of another

Person to the Company and the assumption by any such successor of the covenants

of the Company herein and in the Securities; or

 

(b)           to add to the covenants for the

benefit of the Holders, to add guarantors of the Company’s obligations under

the Securities and this Indenture or to surrender any right or power herein

conferred upon the Company; or

 

(c)           to secure the Securities pursuant to

the requirements of Section 10.13 or otherwise; or

 

(d)           to

comply with any requirements of the Commission in order to effect and maintain

the qualification of this Indenture under the Trust Indenture Act; or

 

(e)           to cure any ambiguity, to correct or

supplement any provision herein which may be inconsistent with any other

provision herein or to make any other provisions with respect to matters or

questions arising under this Indenture which shall not be inconsistent with the

provisions of this Indenture, provided

that any such action pursuant to this Clause (e) shall not adversely affect the

interests of the Holders.

 

Section 9.02           Supplemental Indentures with

Consent of Holders.

 

With the consent of the

Holders of not less than a majority in principal amount of the Outstanding

Securities, by Act of said Holders delivered to the Company and the Trustee,

the Company, when authorized by a Board Resolution, and the Trustee may enter

into an indenture or indentures supplemental hereto for the purpose of adding

any provisions to or changing in any manner or eliminating any of the

provisions of this Indenture or of modifying in any manner the rights of the

Holders under this Indenture; provided,

however, that no such

supplemental indenture shall, without the consent of the Holder of each

Outstanding Security affected thereby,

 

(a)           change the Stated Maturity of the

principal of, or any installment of interest or Liquidated Damages, if any, on,

any Security,

 

(b)           reduce the principal amount of, or

premium, if any, or interest or Liquidated Damages, if any, on any Security,

 

(c)           change the place or currency of

payment of principal of, or premium, if any, or interest or Liquidated Damages,

if any, on any Security,

 

(d)           impair the right to institute suit

for the enforcement of any payment on or with respect to any Security,

 

(e)           reduce the percentage in aggregate

principal amount of the Outstanding Securities, the consent of whose Holders is

required to amend this Indenture or for any such supplemental indenture, or the

consent of whose Holders is required for any waiver provided for in this

Indenture,

 

(f)            modify any of the provisions of this

Section 9.02, Section 5.13 or Section 10.19, except to increase any percentage

specified in any such provision or to provide that additional provisions of

this Indenture cannot be modified or waived without the consent of the Holder

of each Outstanding Security affected thereby, or

 

(g)           modify the provisions in this

Indenture relating to the subordination of the Securities in a manner adverse

to the Holders of the Securities,

 

44

 

(h)           following the mailing of an Offer

with respect to an Offer to Purchase Securities pursuant to Sections 10.15 or

10.17, modify the provisions of this Indenture with respect to such Offer to

Purchase in a manner adverse to such Holder or waive a redemption payment with

respect to any Security thereunder, or

 

(i)            modify any of the provisions of

Section 10.10.

 

For the avoidance of

doubt, the modification of a definition in this Indenture, to the extent such

modification affects the interpretation of any provision whose modification is

restricted as provided in clauses (a) through (i) above, shall be deemed to be

a modification of such provision.

 

It shall not be necessary

for any Act of Holders under this Section 9.02 to approve the particular form

of any proposed supplemental indenture, but it shall be sufficient if such Act

shall approve the substance thereof.

 

Section 9.03           Execution of Supplemental

Indentures.

 

In executing, or

accepting the additional trusts created by, any supplemental indenture

permitted by this Article IX or the modifications thereby of the trusts created

by this Indenture, the Trustee shall be entitled to receive, and (subject to

Section 6.01) shall be fully protected in relying upon, an Opinion of Counsel stating

that the execution of such supplemental indenture is authorized pursuant to, is

permitted by, and that all conditions precedent have been met under, this

Indenture. The Trustee may, but shall not be obligated to, enter into any such

supplemental indenture which affects the Trustee’s own rights, duties or

immunities under this Indenture or otherwise.

 

Section 9.04           Effect of Supplemental Indentures.

 

Upon the execution of any

supplemental indenture under this Article IX, this Indenture shall be modified

in accordance therewith, and such supplemental indenture shall form a part of

this Indenture for all purposes and every Holder of Securities theretofore or

thereafter authenticated and delivered hereunder shall be bound thereby. No

such supplemental indenture shall directly or indirectly modify the provisions

of Article XII in any manner which might terminate or impair the rights of the

Senior Indebtedness pursuant to such subordination provisions without prior

written consent of all of the holders of Senior Indebtedness.

 

Section 9.05           Conformity with Trust Indenture

Act.

 

Every supplemental

indenture executed pursuant to this Article IX shall conform to the

requirements of the Trust Indenture Act.

 

Section 9.06           Reference in Securities to

Supplemental Indentures.

 

Securities authenticated

and delivered after the execution of any supplemental indenture pursuant to

this Article IX may bear a notation in form approved by the Trustee as to any

matter provided for in such supplemental indenture. If the Company shall so

determine, new Securities so modified as to conform, in the opinion of the

Trustee and the Company, to any such supplemental indenture may be prepared and

executed by the Company and authenticated and delivered by the Trustee in

exchange for Outstanding Securities.

 

Section 9.07           Notice of Supplemental Indenture.

 

Promptly after the

execution by the Company and the Trustee of any supplemental indenture pursuant

to Section 9.02, the Company shall transmit to the Holders a notice setting

forth the substance of such supplemental indenture.

 

ARTICLE X

 

COVENANTS

 

Section 10.01          Payment of Principal, Premium and

Interest.

 

The Company shall duly

and punctually pay the principal of (and premium, if any), and interest (and

Liquidated Damages, if any) on the Securities in accordance with the terms of

the Securities, this Indenture and the Registration Rights Agreement.

 

The Company shall pay

interest (including post-petition interest in any proceeding under any

Bankruptcy Law) on overdue principal at the rate equal to 1% per annum in

excess of the then applicable interest rate on the Securities, to the extent

lawful. 

 

45

 

The Company shall pay interest (including

post-petition interest in any proceeding under any Bankruptcy Law) on Defaulted

Interest (without regard to any applicable grace period) at the same rate, to

the extent lawful.

 

Section 10.02         Maintenance of Office or Agency.

 

The Company shall

maintain in the Borough of Manhattan, New York City, an office or agency where

Securities may be presented or surrendered for payment, where Securities may be

surrendered for registration of transfer or exchange and where notices and

demands to or upon the Company in respect of the Securities and this Indenture

may be served. The Company shall give prompt written notice to the Trustee of

the location, and any change in the location, of such office or agency. If at

any time the Company fails to maintain any such required office or agency or

fails to furnish the Trustee with the address thereof, such presentations,

surrenders, notices and demands may be made or served at the Corporate Trust

Office of the Trustee, and the Company hereby appoints the Trustee as its agent

to receive all such presentations, surrenders, notices and demands.

 

The Company may also from

time to time designate one or more other offices or agencies (in or outside the

Borough of Manhattan, New York City) 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 the Borough of Manhattan, New York City, for

such purposes. The Company shall give prompt written notice to the Trustee of

any such designation or rescission and of any change in the location of any

such other office or agency.

 

Section 10.03         Money for Security Payments to be

Held in Trust.

 

If the Company at any

time acts as its own Paying Agent, it shall, on or before each due date of the

principal of (or premium, if any) or interest (or Liquidated Damages, if any)

on any of the Securities segregate and hold in trust for the benefit of the

Persons entitled thereto a sum sufficient to pay such amounts so becoming due

until such sums shall be paid to such Persons or otherwise disposed of as

herein provided and shall promptly notify the Trustee of its action or failure

so to act. The Company hereby appoints the Trustee as the Paying Agent as of

the Issue Date.

 

Whenever the Company has

one or more Paying Agents, other than the Company, it shall, prior to each due

date of the principal of (and premium, if any), or interest (and Liquidated

Damages, if any) on any Securities, deposit to such Paying Agent a sum

sufficient to pay such amounts so becoming due, such sum to be held in trust

for the benefit of the Persons entitled to such principal, premium, interest or

Liquidated Damages, and (unless such Paying Agent is the Trustee) the Company

shall promptly notify the Trustee of its action or failure so to act.

 

The Company shall cause

each Paying Agent other than the Trustee to execute and deliver to the Trustee

an instrument in which such Paying Agent agrees with the Trustee, subject to

the provisions of this Section 10.03, that such Paying Agent shall:

 

(a)           hold all sums held by it for the

payment of the principal of (or premium, if any) or interest (or Liquidated

Damages, if any) on Securities in trust for the benefit of the Persons entitled

thereto until such sums are paid to such Persons or otherwise disposed of as

herein provided;

 

(b)           give the Trustee prompt written

notice of any default by the Company (or any other obligor upon the Securities)

in the making of any payment of principal, if any, Liquidated Damages, if any,

or interest; and

 

(c)           at any time during the continuance of

any such default, upon the written request of the Trustee, forthwith pay to the

Trustee all sums so held in trust by such Paying Agent.

 

The Company may at any

time, for the purpose of obtaining the satisfaction and discharge of this

Indenture or for any other purpose, pay, or by Company Order direct any Paying

Agent to pay, to the Trustee all sums held in trust by the Company or such

Paying Agent, such sums to be held by the Trustee upon the same trusts as those

upon which such sums were held by the Company or such Paying Agent; and, upon

such payment by any Paying Agent to the Trustee, such Paying Agent shall be

released from all further liability with respect to such sums.

 

Any money deposited with

the Trustee or any Paying Agent, or then held by the Company, in trust for the

payment of the principal of (and premium, if any), Liquidated Damages, if any,

or interest on any Security and remaining unclaimed for two years after such

principal (and premium, if any), Liquidated Damages, if any, or interest has

become due and payable shall be paid to the Company on Company Request, or (if

then held by the Company) shall be discharged from such trust; and the Holder

of such Security shall thereafter, as an unsecured general creditor, look only

to the Company for payment thereof, and all liability of the Trustee or such

Paying Agent with respect to such trust money, and all liability of the Company

as trustee thereof, shall thereupon cease; provided,

however, that the Trustee

or such Paying Agent, before being required to make any such repayment, may at

the expense of the Company cause to be publicly disseminated, notice that such

money remains unclaimed and that, after a date specified therein, which 

 

46

 

shall not be less than 30 days from the date of such

publication, any unclaimed balance of such money then remaining shall be repaid

to the Company.

 

Section 10.04         Existence.

 

Subject to Article VIII,

the Company shall do or cause to be done all things necessary to preserve and

keep in full force and effect its existence, rights (charter and statutory) and

franchises; provided, however, that the Company shall not be

required to preserve any such right or franchise if the Board of Directors of

the Company in good faith determines that the preservation thereof is no longer

desirable in the conduct of the business of the Company and that the loss

thereof is not disadvantageous in any material respect to the Holders.

 

Section 10.05         Maintenance of Properties.

 

The Company shall cause

all properties used or useful in the conduct of its business or the business of

any Restricted Subsidiary of the Company to be maintained and kept in good

condition, repair and working order and supplied with all necessary equipment

and shall cause to be made all necessary repairs, renewals, replacements,

betterments and improvements thereof, all as in the judgment of the Company may

be necessary so that the business carried on in connection therewith may be

properly and advantageously conducted at all times; provided, however, that nothing in this Section

shall prevent the Company from discontinuing the operation or maintenance of

any of such properties if such discontinuance is, as determined by the Board of

Directors of the Company in good faith, desirable in the conduct of its

business or the business of any such Restricted Subsidiary and not

disadvantageous in any material respect to the Holders.

 

Section 10.06         Payment of Taxes and Other Claims.

 

The Company shall pay or

discharge or cause to be paid or discharged, before the same shall become

delinquent, (l)all taxes, assessments and governmental charges levied or

imposed upon the Company or any of its Restricted Subsidiaries or upon the

income, profits or property of the Company or any of its Restricted

Subsidiaries, and (2)all lawful claims for labor, materials and supplies which,

if unpaid, might by law become a lien upon the property of the Company or any

of its Restricted Subsidiaries; provided,

however, that the Company

shall not be required to pay or discharge or cause to be paid or discharged any

such tax, assessment, charge or claim whose amount, applicability or validity

is being contested in good faith by appropriate proceedings.

 

Section 10.07         Maintenance of Insurance.

 

The Company shall, and

shall cause its Restricted Subsidiaries to, keep at all times all of their

properties which are of an insurable nature insured against loss or damage with

insurers believed by the Company to be responsible to the extent that property

of similar character is usually so insured by corporations similarly situated

and owning like properties in accordance with good business practice.

 

Section 10.08         Limitation on Consolidated

Indebtedness.

 

The Company shall not,

and shall not permit its Restricted Subsidiaries to, Incur any Indebtedness,

except that the Company may Incur Indebtedness if (a)there exists no Default or

Event of Default immediately prior and subsequent thereto, and (b)after giving

effect thereto, the Company’s Operating Cash Flow Ratio on a pro forma basis

(calculated on the assumption that such Indebtedness had been Incurred on the

first day of the applicable Reference Period), would have been less than 7.5 to

1.0. Notwithstanding the above, the Company and its Restricted Subsidiaries may

Incur the following Indebtedness if there exists no Default or Event of Default

immediately prior and subsequent to such Incurrence (other than the Indebtedness

evidenced by the Senior Subordinated Exchange Debentures and the Additional

Senior Subordinated Exchange Debentures), without regard to the above

limitations:

 

(1)           Indebtedness evidenced by the

Securities on the Issue Date and any Exchange Securities issued in exchange for

those Securities;

 

(2)           Indebtedness Incurred by the Company

under the Credit Facility in an aggregate principal amount not to exceed $325

million at any time outstanding, reduced by (x) the amount of repayments and

permanent reductions of Indebtedness Incurred under this Clause (2) due to the

application of Net Cash Proceeds and (y) the amount of any Indebtedness

Incurred under this Clause (2) that is assumed, in each case, as set forth in

Section 10.15;

 

(3)           Indebtedness of the Company or any of

its Restricted Subsidiaries owing to the Company or any of its Wholly Owned

Restricted Subsidiaries (“Intercompany Indebtedness”); provided that (A) in the case of any

such Indebtedness of the Company, such obligations will be unsecured and

subordinated in all respects to the Holders’ rights pursuant to the Securities

to the same extent as the Securities are subordinated to Senior Indebtedness

and (B) if any event occurs that causes a Restricted Subsidiary to no longer be

a Restricted Subsidiary, then this Clause (3) will no longer be applicable to

such Indebtedness of that Restricted Subsidiary;

 

47

 

(4)           Indebtedness of the Company or any

Restricted Subsidiary to renew, extend, refinance or refund any Indebtedness of

the Company or such Restricted Subsidiary outstanding or committed on the date

of renewal, extension, refinancing or refunding Incurred pursuant to clauses

(1), (4), (6), (8) or (12) of this Section 10.08 or pursuant to the first

paragraph of this Section 10.08; provided,

however, that such Indebtedness does not exceed the principal amount

(or in the case of Preferred Stock that constitutes Indebtedness, the aggregate

liquidation value) of outstanding or committed Indebtedness so renewed,

extended, refinanced or refunded plus financing fees and other expenses

associated therewith; and provided

further, however, that (a) such renewing,

extending, refinancing or refunding Indebtedness shall not have a final

maturity and shall not have any other mandatory repayments or redemptions prior

to or in amounts greater than those of the Indebtedness being renewed,

extended, refinanced or refunded, (b) in the case of any refinancing or

refunding of Indebtedness that ranks pari

passu in right of payment with the Securities, the refinancing or

refunding Indebtedness ranks in right of payment pari passu with or subordinated to, the Securities and, in

the case of any refinancing or refunding of Indebtedness subordinated to the

Securities (or Preferred Stock that constitutes Indebtedness), the refinancing

or refunding Indebtedness ranks subordinate in right of payment to the

Securities to substantially the same extent as, or to a greater extent than,

the Indebtedness refinanced or refunded and (c) no Restricted Subsidiary of the

Company shall be permitted to refinance any Indebtedness of the Company (for

the avoidance of doubt, it is understood that a refinancing or refunding of

Indebtedness under the Credit Facility incurred under the first paragraph of

this Section 10.08, or Clause (4), (6), or (12) of this Section 10.08, shall

include additional borrowings under the same Credit Facility to refinance or

refund such Indebtedness so long as the conditions set forth in this Clause (4)

are met);

 

(5)           Indebtedness Incurred by the Company

or any of its Restricted Subsidiaries under Hedge Agreements to protect the

Company or any of its Restricted Subsidiaries from interest or foreign currency

risk on Indebtedness permitted to be Incurred by this Indenture, provided, that the notional principal

amount of any such Hedge Agreements does not exceed the principal amount of

Indebtedness to which such Hedge Agreements relate, and such Hedge Agreements

are not for speculative purposes;

 

(6)           Indebtedness of the Company and its

Restricted Subsidiaries existing on the Issue Date and listed on Schedule 10.08

to this Indenture (other than Indebtedness Incurred under Clause (3) of this

Section 10.08), until such Indebtedness or any Indebtedness Incurred under

Clause (4) of this Section 10.08 to refinance such Indebtedness is repaid (“Existing

Indebtedness”);

 

(7)           any guarantee by any Restricted

Subsidiary of any Indebtedness Incurred under the Credit Facility in compliance

with this covenant;

 

(8)           Acquired Indebtedness, provided that on a pro forma basis

after giving effect to the Incurrence of such Indebtedness, the Company shall

be able to Incur $1.00 of additional Indebtedness pursuant to the provisions

described under the first paragraph of this Section 10.08;

 

(9)           Indebtedness in respect of

performance, surety or appeal bonds provided in the ordinary course of

business;

 

(10)         Indebtedness arising from agreements

providing for indemnification, adjustment of purchase price or similar

obligations, or from guarantees or letters of credit, surety bonds or

performance bonds securing any obligations of the Company or any of its

Restricted Subsidiaries pursuant to such agreements, in any case Incurred in

connection with the disposition of any business, assets or Restricted Subsidiary

of the Company (other than guarantees of, or similar obligations under,

Indebtedness Incurred by any Person acquiring all or any portion of such

business, assets or Restricted Subsidiary of the Company for the purpose of

financing such acquisition), in an amount not to exceed the gross proceeds

actually received by the Company or any Restricted Subsidiary in connection

with such disposition;

 

(11)         Indebtedness of any Restricted

Subsidiary of the Company which does not exceed $50 million in the aggregate

for all such Restricted Subsidiaries at any time outstanding under this Clause

(11) (excluding any Intercompany Indebtedness or Acquired Indebtedness that is

otherwise permitted to be Incurred under this Indenture); provided that a Restricted Subsidiary

may not Incur any Indebtedness under this Clause (11) unless, on a pro forma

basis, the Company’s Operating Cash Flow Ratio is less than 7.0 to 1.0 and the

Adjusted Operating Cash Flow Ratio of such Restricted Subsidiary is less than

5.0 to 1.0; and

 

(12)         Indebtedness of the Company or any

Restricted Subsidiary, other than Indebtedness permitted pursuant to clauses

(1) through (11) of this Section 10.08, which does not exceed $25 million at

any time outstanding or committed (including any Indebtedness Incurred under

Clause (4) to refinance such Indebtedness).

 

For the avoidance of

doubt, all Indebtedness outstanding under the revolving portion of the Credit

Facility on the Issue Date shall be deemed to have been Incurred under Clause

(2) above, and all Indebtedness outstanding under the term loans of the Credit

Facility on the Issue Date shall be deemed to have been Incurred under Clause

(6) of this Section 10.8.

 

Section 10.09         Limitation on Preferred Stock of

Restricted Subsidiaries.

 

The Company shall not permit

any Restricted Subsidiary of the Company to create or issue any Preferred Stock

except:

 

48

 

(a)           Preferred Stock outstanding on the

Issue Date (“Existing Preferred Stock”);

 

(b)           Preferred Stock issued to and held by

the Company or any Wholly Owned Restricted Subsidiary of the Company;

 

(c)           Preferred Stock issued by a Person

prior to the time such Person became a direct or indirect Restricted Subsidiary

of the Company; and

 

(d)           Preferred Stock issued by a

Restricted Subsidiary the proceeds of which are used to refinance outstanding

Preferred Stock of a Restricted Subsidiary, provided

that (i)the liquidation value of the refinancing Preferred Stock does not

exceed the liquidation value so refinanced plus financing fees and other

expenses associated with such refinancing and (ii)such refinancing Preferred

Stock has no mandatory redemptions prior to (and in no greater amounts than)

the Preferred Stock being refinanced.

 

Section 10.10         Limitation on Certain Indebtedness.

 

The Company shall not

Incur any Indebtedness that is subordinate in right of payment to any other

Indebtedness of the Company unless the Indebtedness so Incurred is either pari passu with or subordinate in right of

payment to, the Securities.

 

Section 10.11         Limitation on Restricted Payments.

 

The Company shall not,

and shall not permit any Restricted Subsidiary of the Company to make, directly

or indirectly, any Restricted Payment, unless after giving effect to the

Restricted Payment:

 

(a)           no Default or Event of Default has

occurred and is continuing;

 

(b)           the Company would be permitted to

Incur an additional $1.00 of Indebtedness pursuant to the first paragraph of

Section 10.08; and

 

(c)           the total of all Restricted Payments

made on or after the Issue Date does not exceed the sum of

 

(i)            Cumulative Operating Cash Flow less

1.60 times Cumulative Interest Expense,

 

(ii)           100% of the aggregate Qualified

Capital Stock Proceeds of the Company after the Issue Date, and

 

(iii)          100% of the cash proceeds received

from an Unrestricted Subsidiary to the extent of Investments (other than

Permitted Investments) made in such Unrestricted Subsidiary since the Issue

Date.

 

The foregoing provision

shall not be violated, so long as no Default or Event of Default has occurred

and is continuing (other than in the case of Clause (2)), by reason of:

 

(1)           the payment of any dividend within 60

days after declaration thereof if at the declaration date such payment would

have complied with the preceding provision,

 

(2)           any refinancing of any Indebtedness

otherwise permitted under Clause (2) or (4) of Section 10.08 hereof,

 

(3)           (a) the issuance of the Senior

Subordinated Exchange Debentures in exchange for the Exchangeable Preferred

Stock in accordance with the terms of the Exchangeable Preferred Stock in

effect on the Issue Date, provided,

that after giving effect thereto, the Company’s Operating Cash Flow Ratio on a

pro forma basis (calculated on the assumption that such Indebtedness had been

Incurred on the first day of the applicable Reference Period), would have been

less than 6.5 to 1.0, or (b) the issuance of Additional Senior Subordinated

Exchange Debentures in exchange for the Junior Exchangeable Preferred Stock in

accordance with the terms of the Junior Exchangeable Preferred Stock in effect

on the Issue Date, provided

that after giving effect thereto, the Company’s Operating Cash Flow Ratio on a

pro forma basis (calculated on the assumption that such Indebtedness had been

Incurred on the first day of the applicable Reference Period), would have been

less than 6.5 to 1.0.

 

49

 

(4)           the purchase, redemption or other

acquisition or retirement for value of shares of Capital Stock of any

Restricted Subsidiary held by Persons other than the Company or any of its

Restricted Subsidiaries,

 

(5)           the redemption, defeasance,

repurchase or other acquisition or retirement of any Capital Stock of the

Company or any Subordinated Indebtedness prior to its scheduled maturity or the

payment of dividends on any Capital Stock of the Company either in exchange for

or out of the net cash proceeds of the substantially concurrent sale (other

than to a Subsidiary of the Company) of Qualified Capital Stock of the Company,

 

(6)           the repurchase, redemption or other

retirement for value of any Qualified Capital Stock of the Company held by any

former member of the Company’s management pursuant to any management equity

subscription agreement or stock option agreement in effect as of the Issue

Date, provided that the

aggregate price paid for all such repurchased, redeemed, acquired or retired

Qualified Capital Stock shall not exceed $1.0 million in any 12-month period

and shall not exceed $5.0 million in the aggregate since the Issue Date,

 

(7)           the payment of dividends on either

the Senior Exchangeable Preferred Stock after May 15, 2003 or on the Junior

Exchangeable Preferred Stock after February 15, 2005, which dividends do not

exceed $30.0 million in the aggregate since the Issue Date, provided that in no event may any such

payment be made unless the Operating Cash Flow Ratio of the Company, calculated

on the basis that the Preferred Stock on which such dividends are proposed to

be paid constitutes Indebtedness, is less than 7.0 to 1.0, or

 

(8)           Restricted Payments, in addition to

Restricted Payments permitted pursuant to Clauses (1) through (7) of this

paragraph, not in excess of $25 million in the aggregate after the Issue Date.

 

The payments described in Clauses (1), (3), (4), (5) (provided the proceeds of the sale of

the Qualified Capital Stock referred to in such Clause constitute Qualified

Capital Stock Proceeds), (6), (7), and (8) of this paragraph shall constitute

Restricted Payments for the calculation under the first paragraph of this

Section 10.11.

 

Section 10.12                          Limitations Concerning Distributions

and Transfers By Restricted Subsidiaries.

 

The Company shall not,

and shall not permit any Restricted Subsidiary of the Company to, create or

otherwise cause or suffer to exist or become effective any consensual

restriction or prohibition on the ability of any Restricted Subsidiary of the

Company to:

 

(a)           pay dividends on, or make other

distributions in respect of, its Capital Stock, or any other ownership interest

or participation in, or measured by, its profits, to the Company or any

Restricted Subsidiary or pay any Indebtedness or other obligation owed to the

Company or any Restricted Subsidiary,

 

(b)           make any loans or advances to the

Company or any Restricted Subsidiary or

 

(c)           transfer any of its property or

assets to the Company or any Restricted Subsidiary.

 

Notwithstanding the foregoing, the Company may, and

may permit any Restricted Subsidiary to, suffer to exist any such restriction

or prohibition:

 

(1)           pursuant to this Indenture, the

Credit Facility, any other agreement in effect on the Issue Date and listed on

Schedule 10.12 to this Indenture or, if executed and delivered, the Exchange

Indentures, provided that

any such restriction or prohibition in the Exchange Indentures is no more

restrictive than that contained in this Indenture,

 

(2)           pursuant to an agreement relating to

any Indebtedness of such Restricted Subsidiary which was outstanding or

committed prior to the date on which such Restricted Subsidiary became a

Restricted Subsidiary of the Company other than restrictions or prohibitions

adopted in anticipation of becoming a Restricted Subsidiary; provided, that such restriction or

prohibition shall not apply to any property or assets of the Company or any

Restricted Subsidiary other than the property or assets of such Restricted

Subsidiary and its Subsidiaries,

 

(3)           pursuant to an agreement effecting a

renewal, extension, refinancing or refunding of any agreement described in

Clauses (1) and (2) above, provided,

however, that the

provisions contained in such renewal, extension, refinancing or refunding

agreement relating to such restriction or prohibition are no more restrictive

in any material respect than the provisions contained in the agreement which is

the subject thereof,

 

(4)           existing under or by reason of

applicable law,

 

50

 

(5)           customary provisions restricting

subletting or assignment of any lease governing any leasehold interest of any

Restricted Subsidiary,

 

(6)           purchase money obligations for

property acquired in the ordinary course of business that impose restrictions

of the type referred to in Clause (c) of this Section 10.12,

 

(7)           restrictions of the type referred to

in Clause (c) of this Section 10.12 contained in security agreements securing

Indebtedness of a Restricted Subsidiary to the extent that such Liens were

otherwise Incurred in accordance with Section 10.13, and restrict the transfer

of property subject to such agreements, or

 

(8)           customary provisions in joint venture

agreements and other similar agreements entered into in the ordinary course of

business.

 

Section 10.13         Limitations on Liens.

 

The Company shall not,

and shall not permit any Restricted Subsidiary of the Company to, Incur or

suffer to exist any Lien on or with respect to any property or assets now owned

or hereafter acquired to secure any Indebtedness that ranks in right of payment

pari passu with or subordinate to

the Securities without making, or causing such Restricted Subsidiary to make,

effective provision for securing the Securities

 

(a)           equally and ratably with such

Indebtedness as to such property for so long as such Indebtedness will be so

secured or

 

(b)           in the event such Indebtedness is

Indebtedness of the Company or a Restricted Subsidiary which is subordinate in

right of payment to the Securities prior to such Indebtedness as to such

property for so long as such Indebtedness will be so secured.

 

The foregoing

restrictions shall not apply to:

 

(1)           Liens existing on the Issue Date in

respect of any Indebtedness that exists on the Issue Date (“Existing Liens”);

 

(2)           Liens in favor of the Company or

Liens in favor of a Wholly Owned Restricted Subsidiary of the Company on the

assets or Capital Stock of another Wholly Owned Restricted Subsidiary of the

Company;

 

(3)           Liens to secure Indebtedness

outstanding or committed for the purpose of financing all or any part of the

purchase price or the cost of construction or improvement of the equipment or

other property subject to such Liens; provided,

however, that (a)the principal amount of any Indebtedness secured by

such a Lien does not exceed 100% of such purchase price or cost, (b)such Lien

does not extend to or cover any property other than such item of property or

any improvements on such item and (c)the Incurrence of such Indebtedness is

otherwise permitted by this Indenture;

 

(4)           (a)Liens on property existing

immediately prior to the time of acquisition thereof (and not Incurred in

anticipation of the financing of such acquisition) and (b)Liens in respect of

Acquired Indebtedness existing at the time of the acquisition of the related

assets by the Company or any of its Restricted Subsidiaries (provided that such Liens do not extend

to any assets of the Company or any of its Restricted Subsidiaries other than

the assets being acquired (and as long as such Liens were not Incurred in

anticipation of the financing of such asset acquisition));

 

(5)           Liens to secure Indebtedness to

extend, renew, refinance or refund (or successive extensions, renewals,

refinancings or refundings), in whole or in part, Indebtedness secured by any

Lien referred to in the foregoing Clauses(1), (3) and (4) so long as such Lien

does not extend to any other property and the principal amount of Indebtedness

so secured is not increased except as otherwise permitted under Clause(2) or

(4) of Section 10.08;

 

(6)           Liens on any Permitted Investment in

Cooperative Bank Equity in favor of any Cooperative Banks; or

 

(7)           any other Liens in respect of any

Indebtedness, which Indebtedness does not exceed $500,000 in the aggregate.

 

Section 10.14         Limitation on Transactions with

Affiliates and Related Persons.

 

The Company shall not,

and shall not permit any Restricted Subsidiary to make any payment to, or sell,

lease, transfer or otherwise dispose of any of its properties or assets to, or

purchase any property or assets from, or enter into or make or amend 

 

51

 

any transaction, contract, agreement, understanding,

loan, advance or guarantee with, or for the benefit of, any Affiliate or

Related Person of the Company, other than a Restricted Subsidiary (each of the

foregoing transactions, an “Affiliate Transaction”), unless:

 

(1)           such Affiliate Transaction is on

terms that are no less favorable to the Company or the relevant Restricted

Subsidiary than those that would have been obtained in a comparable transaction

by the Company or such Restricted Subsidiary with an unrelated Person; and

 

(2)           the Company delivers to the Trustee:

 

(a)           with respect to any Affiliate Transaction

or series of related Affiliate Transactions involving aggregate consideration

in excess of $5.0 million, a determination by the Board of Directors of the

Company set forth in a Board Resolution and an Officers’ Certificate certifying

that each such Affiliate Transaction complies with Clause (1) above and that

each such Affiliate Transaction has been approved by a majority of the

disinterested members of the Board of Directors of the Company; and

 

(b)           with respect to any Affiliate

Transaction or series of related Affiliate Transactions involving aggregate

consideration in excess of $10.0 million, an opinion as to the fairness to the

Company of the financial terms of such Affiliate Transaction or series or

related Affiliate Transactions from a financial point of view issued by an

accounting, appraisal or investment banking firm of national standing.

 

This Section 10.14 shall not limit, or be applicable

to any agreement in effect on the Issue Date, listed on Schedule 10.14 to this

Indenture, and any amendments, extensions or renewals of any such agreement, so

long as any such amendment, extension or renewal, taken as a whole, is not more

disadvantageous to the Company or to any Restricted Subsidiary as the original

agreement in effect on the Issue Date.

 

Section 10.15         Limitation on Asset Sales and Sales

of Subsidiary Stock.

 

Following the Issue Date,

the Company shall not, and shall not permit any Restricted Subsidiary of the

Company to engage in an Asset Sale unless (a) such Asset Sale is for Fair

Market Value, (b) at least 75% of the value of the consideration for such Asset

Sale consists of (1) cash, (2) the assumption by the transferee (and release of

the Company or the relevant Restricted Subsidiary, as the case may be) of

Senior Indebtedness or Indebtedness of the Company that ranks pari passu in right of payment with the

Securities or Indebtedness of such Restricted Subsidiary, or (3) notes,

obligations or other marketable securities (collectively “Marketable

Securities”) that are immediately converted into cash and (c) the Net Cash

Proceeds therefrom are applied on or prior to the date that is 360 days after

the date of such Asset Sale (1) to the repayment of Indebtedness under the

Credit Facility (which payment permanently reduces the commitment thereunder);

(2) to the repurchase of the Securities and such other Indebtedness that ranks

equally with the Securities containing provisions with respect to the

repurchase of such Indebtedness with the net proceeds of asset sales, pursuant

to an Offer to Purchase (an “Asset Sale Offer”) described below; (3) to

the making of capital expenditures or other acquisitions at Fair Market Value

of long-term assets (other than Capital Stock) that are used or useful in a

Wireless Communications Business that is owned wholly by the Company or any of

its Restricted Subsidiaries; or (4) to the acquisition of all or substantially

all of the assets of, or Capital Stock representing a majority of the Voting

Power of, an entity engaged primarily in a Wireless Communications Business.

 

Notwithstanding the

foregoing paragraph:

 

(1)           any Restricted Subsidiary of the

Company may convey, sell, lease, transfer or otherwise dispose of any or all of

its assets (upon voluntary liquidation or otherwise) to the Company or a Wholly

Owned Restricted Subsidiary of the Company;

 

(2)           the Company and its Restricted

Subsidiaries may, in the ordinary course of business, (A) convey, sell, lease,

transfer, assign or otherwise dispose of assets in the ordinary course of

business provided that the consideration received reflects the Fair Market

Value of such assets and (B) exchange assets for either assets or equity

interests in Wireless Communications Businesses, provided that (i) the assets

or equity interests received have a Fair Market Value substantially equal to

the assets exchanged, (ii) the assets received by the Company are controlled by

the Company with respect to voting rights and day-to-day operations, or the

equity interests received by the Company represent a controlling interest in

the total Voting Power and day-to-day operations of a Person that is the issuer

of such equity interests, (iii) there exists no Event of Default immediately

prior and subsequent thereto, and (iv) immediately after giving effect to such

transaction, the Company would be permitted to incur at least $1.00 of

additional Indebtedness pursuant to the first paragraph of Section 10.08;

 

(3)           the Company and its Restricted

Subsidiaries may make an exchange of assets where the Company and/or its

Restricted Subsidiaries receive consideration for such assets at least 75% of

which consists of (A) cash, (B) long-term assets (other than Capital Stock) at

Fair Market Value that are used or useful in a Wireless Communications Business

or (C) any combination thereof (it being understood that any net cash proceeds

shall be treated as Net Cash Proceeds under Clause (c) of the the first

paragraph of this Section 10.15);

 

52

 

(4)           the Company and its Restricted

Subsidiaries may convey, sell, lease, transfer, assign or otherwise dispose of

assets pursuant to and in accordance with Article VIII;

 

(5)           the Company and its Restricted

Subsidiaries may (A) sell damaged, worn out or other obsolete property in the

ordinary course of business or other property no longer necessary for the

proper conduct of the business of the Company or any of its Restricted

Subsidiaries or (B) abandon such property if it cannot, through reasonable

efforts, be sold; and

 

(6)           in addition to the Asset Sales

permitted by the foregoing Clauses (1) through (5) above, the Company and its

Restricted Subsidiaries may consummate Asset Sales (other than in the case of

Capital Stock of any Restricted Subsidiary of the Company) with respect to

property, business or assets the Fair Market Value of which does not exceed $10

million in the aggregate after the Issue Date.

 

The Company may defer an Asset Sale Offer until the

accumulated Net Cash Proceeds not applied to the uses set forth in Subsections

(c)(1), (c)(3) or (c)(4) in the first paragraph of this Section 10.15, exceed

$10 million. Pending the final application of any such Net Cash Proceeds, the

Company may temporarily reduce revolving credit borrowings or otherwise invest

such Net Cash Proceeds in any manner that is not prohibited by this Indenture.

 

An Asset Sale Offer shall

remain open for a period of 20 Business Days following its commencement and no

longer, except to the extent that a longer period is required by applicable law

(the “Asset Sale Offer Period”). To the extent that any Senior

Indebtedness of the Company or any Indebtedness of any of its Subsidiaries

requires the Company or that Subsidiary to make an offer similar to an Asset

Sale Offer, the Company and each such Subsidiary may make simultaneous offers,

with the Asset Sale Offer being limited to proceeds not used to repurchase the

Indebtedness of the Company or such Subsidiaries. In addition, the Company

shall not make an asset sale offer for the Existing Senior Subordinated Notes,

the Senior Subordinated Exchange Debentures, and the Additional Senior

Subordinated Exchange Debentures, unless it also makes an Asset Sale Offer for

the Securities. No later than five Business Days after the termination of the

Asset Sale Offer Period (the “Asset Sale Purchase Date”), the Company

shall purchase the principal amount of Securities required to be purchased

pursuant to this Section 10.15 (the “Asset Sale Offer Amount”) at a

purchase price equal to 100% of the principal amount of the Securities plus

accrued and unpaid interest and Liquidated Damages, if any, to but excluding

the date of the purchase or, if less than the Asset Sale Offer Amount has been

tendered, all Securities tendered in response to the Asset Sale Offer.

 

If the Asset Sale

Purchase Date is on or after a Regular Record Date and on or before the related

Interest Payment Date, any accrued and unpaid interest will be paid to the

Person in whose name a Security is registered at the close of business on such

Regular Record Date, and no additional interest will be payable to Holders who

tender Securities pursuant to the Asset Sale Offer.

 

On or before the Asset

Sale Purchase Date, the Company shall, to the extent lawful, accept for

payment, on a pro rata basis to the extent necessary, the Asset Sale Offer

Amount of Securities or portions thereof tendered pursuant to the Asset Sale

Offer, or if less than the Asset Sale Offer Amount has been tendered, all

Securities tendered, and shall deliver to the Trustee an Officers’ Certificate

stating that such Securities or portions thereof were accepted for payment by

the Company in accordance with the terms of this covenant. The Company, the

Depositary or the Paying Agent, as the case may be, will promptly (but in any

case not later than five days after the Asset Sale Purchase Date) mail or

deliver to each tendering Holder an amount equal to the purchase price of the

Securities tendered by such Holder and accepted by the Company for purchase,

and the Company shall promptly issue new Securities, and the Trustee, upon

written request from the Company, shall authenticate and mail or deliver such

new Securities to such Holder, in a principal amount equal to any unpurchased

portion of the Securities surrendered. Any Securities not so accepted shall be

promptly mailed or delivered by the Company to the Holder thereof. The Company

shall publicly announce the results of the Asset Sale Offer on the Asset Sale

Purchase Date. Upon completion of each Asset Sale Offer, the amount of

accumulated Net Cash Proceeds not applied to the uses set forth in subsections

(c)(1), (c)(3) or (c)(4) in the first paragraph of this Section 10.15 shall be

reset to zero.

 

The Company shall comply,

to the extent applicable, with the requirements of Section 14(e) of the

Exchange Act and any other securities laws or regulations applicable to any

Asset Sale Offer.

 

Section 10.16         Limitation on Activities of the

Company and its Restricted Subsidiaries.

 

The Company shall not,

and shall not permit any Restricted Subsidiary to, engage in any business other

than the Telecommunications Business, except to the extent such business is not

material to the Company and its Restricted Subsidiaries, taken as a whole.

 

Section 10.17         Change of Control.

 

(a)           Upon the occurrence of a Change in

Control, each Holder of a Security shall have the right to request to have such

Security repurchased by the Company on the terms and conditions set forth in

this Section 10.17 and this Indenture. The Company shall, within 30 days

following the date of the consummation of a transaction resulting in a Change

of Control, mail to each Holder an Offer to Purchase all Outstanding Securities

at a purchase price equal to 101% of the aggregate principal amount thereof

plus accrued and unpaid interest and Liquidated Damages, if any, to but

excluding the Purchase Date (a “Change of Control Offer”).

 

53

 

The Company or a third

party on its behalf may, but shall not be required to, satisfy the Company’s

obligations under this Section 10.17 by mailing such an Offer to Purchase prior

to, and contingent upon, the anticipated consummation of a transaction

resulting in a Change of Control;

provided that the Company and any such third party shall comply

with all applicable laws and regulations, including Rule 14e-1 under the Exchange

Act, and the Offer to Purchase shall not close unless the transaction resulting

in a Change of Control also occurs. A Change of Control Offer shall remain open

for a period of 20 Business Days following its commencement and no longer,

except to the extent that a longer period is required by applicable law (the “Change

of Control Offer Period”). No later than five Business Days after the

termination of the Change of Control Offer Period (the “Change of Control

Purchase Date”), the Company shall purchase all Securities tendered in

response to the Change of Control Offer. Payment for any Securities so

purchased shall be made in the same manner as interest payments are made.

 

If the Change of Control

Purchase Date is on or after a Regular Record Date and on or before the related

Interest Payment Date, any accrued and unpaid interest, and Liquidated Damages,

if any, shall be paid to the Person in whose name a Security is registered at

the close of business on such Regular Record Date, and no additional interest

or Liquidated Damages will be payable to Holders who tender Securities pursuant

to the Change of Control Offer.

 

On or before the Change

of Control Purchase Date, the Company shall, to the extent lawful, accept for

payment all Securities or portions thereof tendered, and shall deliver to the

Trustee an Officers’ Certificate stating that such Securities or portions

thereof were accepted for payment by the Company in accordance with the terms

of this Section 10.17. The Company, the Depositary or the Paying Agent, as the

case may be, shall promptly (but in any case not later than five days after the

Change of Control Purchase Date) mail or deliver to each tendering Holder an

amount equal to the purchase price of the Securities tendered by such Holder and

accepted by the Company for purchase, and the Company shall promptly issue new

Securities, and the Trustee, upon written request from the Company shall

authenticate and mail or deliver such new Securities to such Holder, in a

principal amount equal to any unpurchased portion of the Securities

surrendered. Any Securities not so accepted will be promptly mailed or

delivered by the Company to the Holder thereof. The Company shall publicly

announce the results of the Change of Control Offer on the Change of Control

Purchase Date

 

(b)           The Company shall comply with any

tender offer rules under the Exchange Act which may then be applicable,

including Rule14e-l thereunder, in connection with any Offer to Purchase

(whether pursuant to Section 10.15 or this Section 10.17).

 

Section 10.18         Statement by Officers as to Default;

Compliance Certificates.

 

(a)           The Company shall deliver to the

Trustee, within 90 days after the end of each fiscal year, an Officers’

Certificate stating that a review of the activities of the Company and its

Subsidiaries during the preceding 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 is not in default in the performance or observance of any of the

terms, provisions and conditions of this Indenture (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, premium (if any) or

Liquidated Damages (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)           So long such practice is not contrary

to the then current recommendations of the American Institute of Certified

Public Accountants, the year-end financial statements delivered pursuant to

Section 10.4(a) above shall be accompanied by a written statement of the

Company’s independent public accountants (who shall be a firm of established

national reputation) that in making the examination necessary for certification

of such financial statements, nothing has come to their attention that would

lead them to believe that the Company has violated any provisions of Article

VIII or Article X hereof or, if any such violation has occurred, specifying the

nature and period of existence thereof, it being understood that such

accountants shall not be liable directly or indirectly to any Person for any

failure to obtain knowledge of any such violation.

 

(c)           The Company shall, so long as any of

the Securities are outstanding, upon any officer of the Company becoming aware

of any Default or Event of Default, deliver to the Trustee, no later than 10

days after such officer becomes aware of such Default or Event of Default, an

Officers’ Certificate specifying such Default or Event of Default and what

action the Company is taking or proposes to take with respect thereto.

 

Section 10.19         Waiver of Certain Covenants.

 

The Company may omit in

any particular instance to comply with any covenant or condition set forth in

Sections 8.01, 10.15 and 10.17, if before the time for such compliance the

Holders of at least a majority in aggregate principal amount of the Outstanding

Securities, by Act of such Holders, either waive such compliance in such

instance or generally waive compliance with such covenant or condition, but no

such waiver shall extend to or affect such covenant or condition except to the

extent expressly waived, and, until such waiver becomes effective, the

obligations of the Company and the duties of the Trustee in respect of any such

covenant

 

54

 

or condition shall remain in full force and effect; provided, however, with respect to an Offer to

Purchase as to which an Offer has been mailed, no such waiver may be made or

shall be effective against any Holders tendering Securities pursuant to such

Offer, and the Company may not omit to comply with the terms of such Offer as

to such Holder.

 

Section 10.20         Payments for Consent.

 

The Company shall not,

and shall not permit any of its Affiliates to, directly or indirectly, pay or

cause to be paid any consideration to or for the benefit of any Holder of

Securities for or as an inducement to, any consent, waiver or amendment of any

of the terms or provisions of this Indenture unless such consideration is

offered to be paid and is paid to all Holders of the Securities that consent,

waive or agree to amend in the time frame set forth in the solicitation

documents relating to such consent, waiver or agreement.

 

Section 10.21                          Covenants upon Attainment and 

Maintenance of an Investment Grade Rating.

 

(a)           The provisions of Sections 10.08,

10.09, 10.11, 10.12, 10.13, 10.14 and 10.15 (including, to the extent

applicable, those portions of such other sections in this Indenture which make

reference to provisions contained in Sections 10.08, 10.09, 10.11, 10.12,

10.13, 10.14 and 10.15) shall not be applicable in the event, and only for so

long as, the Securities are rated Investment Grade and no Default or Event of

Default has occurred and is continuing (a “Covenant Suspension”).

 

(b)           In the event the Company’s

obligations under this Indenture have been assumed or fully and unconditionally

guaranteed on a senior subordinated basis by a Person whose senior and

unsecured Indebtedness is rated Investment Grade, Section 7.04(b) shall not be

applicable.

 

In addition to the

foregoing and notwithstanding any other provision of this Indenture, in the

event of a Covenant Suspension, whose duration is not less than six consecutive

months, shall have occurred but terminates because the Securities cease to be

rated Investment Grade then:

 

(1)           All Indebtedness Incurred by the

Company and its Restricted Subsidiaries during the Covenant Suspension that

would not have been permitted to be Incurred pursuant to Section 10.08, had

Section 10.08 been applicable during the Covenant Suspension, shall be deemed

to be “Existing Indebtedness.”

 

(2)           All Liens incurred by the Company and

its Restricted Subsidiaries during the Covenant Suspension that would not have

been permitted to be incurred pursuant to Section 10.13, had Section 10.13 been

applicable during the Covenant Suspension, shall be deemed to be “Existing

Liens.”

 

(3)           All Preferred Stock issued by the

Company’s Restricted Subsidiaries during the Covenant Suspension that would not

have been permitted to be issued pursuant to Section 10.09, had such section

been applicable during the Covenant Suspension, shall be deemed to be “Existing

Preferred Stock.”

 

(4)           All Restricted Payments made by the

Company or any of its Restricted Subsidiaries during the Covenant Suspension

that would not have been permitted to be Incurred pursuant to Section 10.11,

had such section been applicable during the Covenant Suspension (other than any

Restricted Payment or series of Restricted Payments that causes, or caused, the

Securities to cease to be rated Investment Grade), shall not be deemed to cause

a Default or Event of Default pursuant to Section 10.11; provided, however, that all Restricted Payments

made during the Covenant Suspension shall count as Restricted Payments for the

calculation made under the first paragraph of Section 10.11.

 

ARTICLE XI

 

REDEMPTION OF

SECURITIES

 

Section 11.01         Right of Redemption.

 

Subject to Article XII,

the Securities may be redeemed at the election of the Company, as a whole or

from time to time in part, at the Redemption Prices specified in the form of

Security set forth in Article II together with accrued and unpaid interest, and

Liquidated Damages, if any, to but excluding the Redemption Date.

 

Section 11.02         Applicability of Article XI.

 

Redemption of Securities

at the election of the Company, as permitted by any provision of this

Indenture, shall be made in accordance with such provision and this Article XI.

 

55

 

Section 11.03         Election to Redeem; Notice to

Trustee.

 

The election of the

Company to redeem any Securities pursuant to Section 11.01 shall be evidenced

by a Board Resolution. In case of any redemption at the election of the Company

of less than all the Securities, the Company shall, at least 60 days prior to

the Redemption Date fixed by the Company (unless a shorter notice shall be

satisfactory to the Trustee), notify the Trustee of such Redemption Date and of

the aggregate principal amount of Securities to be redeemed.

 

Section 11.04         Selection by Trustee of Securities

to Be Redeemed.

 

If less than all the

Securities are to be redeemed, the particular Securities to be redeemed shall

be selected not more than 60 days prior to the Redemption Date by the Trustee,

from the Outstanding Securities not previously called for redemption, by

prorating, as nearly as may be practicable, the principal amount of Securities

to be redeemed. In any proration pursuant to this Section 11.04, the Trustee

shall make such adjustments, reallocations and eliminations as it shall deem

proper (and in compliance with the requirements of the principal national

securities exchange, if any, on which the Securities are listed) to the end

that the principal amount of Securities so prorated shall be $1,000 or a

multiple thereof, by increasing or decreasing or eliminating the amount which

would be allocable to any Holder on the basis of exact proportion by an amount not

exceeding $1,000.

 

The Trustee shall

promptly notify the Company and each Security Registrar in writing of the

Securities selected for redemption and, in the case of any Securities selected

for partial redemption, the principal amount thereof to be redeemed.

 

For all purposes of this

Indenture, unless the context otherwise requires, all provisions relating to

the redemption of Securities shall relate, in the case of any Securities

redeemed or to be redeemed only in part, to the portion of the principal amount

of such Securities which has been or is to be redeemed.

 

Section 11.05         Notice of Redemption.

 

Notice of redemption

shall be given by first-class mail, postage prepaid, mailed not less than 30

nor more than 60 days prior to the Redemption Date, to each Holder of

securities to be redeemed, at his address appearing in the Security Register.

 

All notices of redemption

shall state:

 

(1)           the Redemption Date,

 

(2)           the Redemption Price,

 

(3)           if less than all the Outstanding

Securities are to be redeemed, the identification (and, in the case of partial

redemption, the principal amounts) of the particular Securities to be redeemed,

 

(4)           that on the Redemption Date the

Redemption Price will become due and payable upon each such Security to be

redeemed and that interest, and Liquidated Damages, if any, thereon will cease

to accrue on and after said date and

 

(5)           the place or places where such

Securities are to be surrendered for payment of the Redemption Price.

 

Notice of redemption of

Securities to be redeemed at the election of the Company shall be given by the

Company or, at the Company’s request, by the Trustee in the name and at the

expense of the Company.

 

Section 11.06         Deposit of Redemption Price.

 

Prior to any Redemption

Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if

the Company is acting as its own Paying Agent, segregate and hold in trust as

provided in Section 10.03) an amount of money sufficient to pay the Redemption

Price of, and (except if the Redemption Date is an Interest Payment Date)

accrued and unpaid interest, and Liquidated Damages, if any, on, all the

Securities which are to be redeemed on that date.

 

Section 11.07         Securities Payable on Redemption

Date.

 

If a notice of redemption

has been given as aforesaid, the Securities to be redeemed shall, on the

Redemption Date, become due and payable at the Redemption Price therein

specified, and from and after such date (unless the Company defaults in the

payment of the Redemption Price, accrued interest, and Liquidated Damages) such

Securities shall cease to bear interest or Liquidated Damages. Upon surrender

of any such Security for redemption in accordance with said notice, such

Security shall be paid by the Company at the Redemption Price, together with

accrued interest, and Liquidated Damages, if any, to, but excluding the

Redemption Date; provided,

however, that installments

of interest or Liquidated Damages, whose Stated Maturity is on or prior to the

Redemption 

 

56

 

Date shall be payable to the Holders of such

Securities, or one or more Predecessor Securities, registered as such at the

close of business on the relevant Record Dates according to their terms and the

provisions of Section 3.08.

 

If any Security called

for redemption is not so paid upon surrender thereof for redemption, the

principal (and premium, if any) shall, until paid, bear interest and Liquidated

Damages, if any, from the Redemption Date at the rate provided by the Security.

 

Section 11.08         Securities Redeemed in Part.

 

Any Security which is to

be redeemed only in part shall be surrendered at any office or agency of the

Company designated for that purpose pursuant to Section 10.02 (with, if the

Company or the Trustee so requires, due endorsement by, or a written instrument

of transfer in form satisfactory to the Company and the Trustee duly executed

by, the Holder thereof or his attorney duly authorized in writing), and the

Company shall execute, and the Trustee shall authenticate and deliver to the Holder

of such Security without service charge, a new Security or Securities, of any

authorized denomination as requested by such Holder, in aggregate principal

amount equal to and in exchange for the unredeemed portion of the principal of

the Security so surrendered.

 

ARTICLE XII

 

SUBORDINATION OF

SECURITIES

 

Section 12.01         Securities Subordinate to Senior

Indebtedness.

 

The Company covenants and

agrees, and each Holder of a Security, by his acceptance thereof, likewise

covenants and agrees, that, to the extent and in the manner hereinafter set

forth in this Article XII (subject to the provisions of Article IV and Article

XIII), the payment of the principal of (and premium, if any) and interest (and

Liquidated Damages, if any), on each and all of the Securities are hereby

expressly made subordinate and subject in right of payment to the prior payment

in full of all Senior Indebtedness.

 

Section 12.02         Payment Over of Proceeds Upon

Dissolution, Etc.

 

In the event of (a) any

insolvency or bankruptcy case or proceeding, or any receivership, liquidation,

reorganization or other similar case or proceeding in connection therewith,

relative to the Company or to its creditors, as such, or to its assets, or

(b) any liquidation, dissolution or other winding-up of the Company,

whether voluntary or involuntary and whether or not involving insolvency or

bankruptcy, or (c) any assignment for the benefit of creditors or any

other marshaling of assets and liabilities of the Company, then and in any such

event specified in (a), (b) or (c) above (each such event, if any, herein

sometimes referred to as a “Proceeding”) the holders of Senior

Indebtedness shall be entitled to receive payment in full of all amounts due or

to become due on or in respect of all Senior Indebtedness, or provision shall

be made for such payment in cash or Cash Equivalents or otherwise in a manner

satisfactory to the holders of Senior Indebtedness, before the holders of the

Securities are entitled to receive any payment or distribution of any kind or

character, whether in cash, property or securities, on account of principal of

(or premium, if any) or interest (or Liquidated Damages, if any) on, or other

obligations in respect of, the Securities or other Indebtedness of the Company

that is pari passu or subordinate

in right of payment to the Securities or on account of any purchase or other

acquisition of Securities or such other Indebtedness by the Company or any

Subsidiary of the Company (all such payments, distributions, purchases and

acquisition herein referred to, individually and collectively, as a “Securities

Payment”), and to that end the holders of Senior Indebtedness shall be

entitled to receive, for application to the payment thereof, any Securities

Payment which may be payable or deliverable in respect of the Securities in any

such Proceeding.

 

In the event that,

notwithstanding the foregoing provisions of this Section 12.02, the Trustee or

the Holder of any Security shall have received any Securities Payment before

all Senior Indebtedness is paid in full or payment thereof has been provided

for in cash or Cash Equivalents or otherwise in a manner satisfactory to the

holders of Senior Indebtedness, and if such fact shall, at or prior to the time

of such Securities Payment, have been made known to the Trustee by delivery to

the Trustee of any notice set forth in Section 12.09 or, as the case may be,

such Holder, then and in such event such Securities Payment shall be paid over

or delivered forthwith by the Trustee (if any notice set forth in Section 12.09

has been delivered to the Trustee) or by the Holder to the trustee in

bankruptcy, receiver, liquidating trustee, custodian, assignee, agent or other

Person making payment or distribution of assets of the Company (which may be

the Administrative Agent) for application to the payment of all Senior

Indebtedness remaining unpaid, to the extent necessary to pay all Senior

Indebtedness in full, after giving effect to any concurrent payment or

distribution to or for the holders of Senior Indebtedness.

 

For purposes of this

Article XII only, the words “any payment or distribution of any kind or

character, whether in cash, property or securities” shall not be deemed to

include a payment or distribution of stock or securities of the Company

provided for by a plan of reorganization or readjustment authorized by an order

or decree of a court of competent jurisdiction in a reorganization proceeding

under any applicable bankruptcy law or of any other corporation provided for by

such plan of reorganization or readjustment which stock or securities are

subordinated in right of payment to all then outstanding Senior Indebtedness to

substantially the same extent as the Securities are so subordinated as provided

in this Article XII. The consolidation of the Company with, or the merger of

the Company into, another Person or the liquidation or dissolution of the

Company following the conveyance or transfer of all or substantially all of its

properties and assets as an entirety to another Person upon the terms and

conditions set forth in Article VIII shall

 

57

 

not be deemed a Proceeding for the purposes of this

Section 12.02 if the Person formed by such consolidation or into which the

Company is merged or the Person which acquires by conveyance or transfer such

properties and assets as an entirety, as the case may be, shall, as a part of

such consolidation, merger, conveyance or transfer, comply with the conditions

set forth in Article VIII.

 

Section 12.03         No Payment When Senior Indebtedness

in Default.

 

(a)           In the event that any Senior Payment

Default shall have occurred and be continuing, or the maturity of any Senior

Indebtedness shall have been accelerated, then no Securities Payment shall be

made unless and until such Senior Payment Default shall have been cured or

waived or shall have ceased to exist and any acceleration of Senior

Indebtedness shall have been rescinded or annulled.

 

(b)           In the event that any Senior

Nonmonetary Default shall have occurred and be continuing, then, upon the

receipt by the Company and the Trustee of written notice of such Senior

Nonmonetary Default from an Administrative Agent or, if there is no outstanding

Designated Senior Indebtedness, any representative of a holder of Senior

Indebtedness, no Securities Payment shall be made during the period (the “Payment

Blockage Period”) commencing on the date of such receipt of such written

notice and ending on the earlier of (i) the date on which such Senior

Nonmonetary Default is cured or waived or has ceased to exist and any

acceleration of Senior Indebtedness is rescinded or annulled or the Senior

Indebtedness to which such Senior Nonmonetary Default relates is discharged or

(ii) the 179th day after the date of such receipt of such written notice.

No more than one Payment Blockage Period may be commenced with respect to the

Securities during any 360-day period, and there shall be a period of at least

181consecutive days in each 360-day period when no Payment Blockage Period is

in effect. For all purposes of this Section 12.03, no Senior Nonmonetary

Default that was known to the holders of Senior Indebtedness to exist or be

continuing on the date of commencement of any Payment Blockage Period shall be,

or be made, the basis for the commencement of a subsequent Payment Blockage

Period by a representative for the Designated Senior Indebtedness unless such

Senior Nonmonetary Default shall have been cured for a period of not less than

90 consecutive days.

 

Section 12.04         Payment Permitted If No Default.

 

Nothing contained in this

Article XII or elsewhere in this Indenture or in any of the Securities shall

prevent (a) the Company, at any time except during the pendency of any

Proceeding referred to in Section 12.02 or under the conditions described in

Section 12.03, from making Securities Payments, or (b) the application by

the Trustee of any money deposited with it hereunder to Securities Payments or

the retention of such Securities Payment by the Holders, if, at the time of

such application by the Trustee, it had not received any notice set forth in

Section 12.09.

 

Section 12.05         Subrogation to Rights of Holders of

Senior Indebtedness.

 

Subject to the payment in

full of all amounts due or to become due on or in respect of Senior

Indebtedness, or the provision for such payment in cash or Cash Equivalents or

otherwise in a manner satisfactory to the holders of Senior Indebtedness, the

Holders of the Securities shall be subrogated to the rights of the holders of

such Senior Indebtedness to receive payments and distributions of cash,

property and securities applicable to the Senior Indebtedness until the

principal of (and premium, if any) and interest (and Liquidated Damages, if

any), on the Securities is paid in full. For purposes of such subrogation, no

payments or distributions to the holders of the Senior Indebtedness of any

cash, property or securities to which the Holders of the Securities or the

Trustee would be entitled except for the provisions of this Article XII, and no

payments pursuant to the provisions of this Article XII to the holders of

Senior Indebtedness by Holders of the Securities or the Trustee, shall, as

among the Company, its creditors other than holders of Senior Indebtedness and

the Holders of the Securities, be deemed to be a payment or distribution by the

Company to or on account of the Securities.

 

Section 12.06         Provisions Solely to Define Relative

Rights.

 

The provisions of this

Article XII are and are intended solely for the purpose of defining the

relative rights of the Holders on the one hand and the holders of Senior

Indebtedness on the other hand. Nothing contained in this Article XII or

elsewhere in this Indenture or in the Securities is intended to or shall

(a) impair, as among the Company, its creditors other than holders of

Senior Indebtedness and the Holders of the Securities, the obligation of the

Company, which is absolute and unconditional (and which, subject to the rights

under this Article XII of the holders of Senior Indebtedness, is intended to

rank equally with all other general obligations of the Company), to pay to the

Holders of the Securities the principal of (and premium, if any), and interest

and Liquidated Damages, if any, on the Securities as and when the same become

due and payable in accordance with their terms; or (b) affect the relative

rights against the Company of the Holders of the Securities and creditors of

the Company other than the holders of Senior Indebtedness; or (c) prevent

the Trustee or the Holder of any Security from exercising all remedies

otherwise permitted by applicable law upon default under this Indenture,

subject to the rights, if any, under this Article XII of the holders of Senior

Indebtedness to receive cash, property and securities otherwise payable or

deliverable to the Trustee or such Holder.

 

58

 

Section 12.07         Trustee

to Effectuate Subordination.

 

Each Holder of a Security

by his acceptance thereof authorizes and directs the Trustee on his behalf to

take such action as may be necessary or appropriate to effectuate the

subordination provided in this Article XII and appoints the Trustee his

attorney-in-fact for any and all such purposes.

 

Section 12.08         No Waiver of Subordination

Provisions.

 

No right of any present

or future holder of any Senior Indebtedness to enforce subordination as herein

provided shall at any time in any way be prejudiced or impaired by any act or

failure to act on the part of the Company or by any act or failure to act, in

good faith, by any such holder, or by any noncompliance by the Company with the

terms, provisions and covenants of this Indenture, regardless of any knowledge

thereof any such holder may have or be otherwise charged with.

 

Without in any way

limiting the generality of the foregoing paragraph, the holders of Senior Indebtedness

may, at any time and from time to time, without the consent of or notice to the

Trustee or the Holders of the Securities, without incurring responsibility to

the Holders of the Securities and without impairing or releasing the

subordination provided in this Article XII or the obligations hereunder of the

Holders of the Securities to the holders of Senior Indebtedness, do any one or

more of the following: (i) change the manner, place or terms of payment or

extend the time of payment of, or renew or alter, Senior Indebtedness, or

otherwise amend or supplement in any manner Senior Indebtedness or any

instrument evidencing the same or any agreement under which Senior Indebtedness

is outstanding; (ii) sell, exchange, release or otherwise deal with any property

pledged, mortgaged or otherwise securing Senior Indebtedness;

(iii) release any Person liable in any manner for the collection of Senior

Indebtedness; and (iv) exercise or refrain from exercising any rights

against the Company and any other Person.

 

Section 12.09         Notice to Trustee.

 

The Company shall give

prompt written notice to the Trustee of any fact known to the Company which

would prohibit the making of any payment to or by the Trustee in respect of the

Securities. Notwithstanding the provisions of this Article XII or any other

provision of this Indenture, the Trustee shall not be charged with knowledge of

the existence of any facts which would prohibit the making of any payment to or

by the Trustee in respect of the Securities, unless and until the Trustee shall

have received written notice thereof from the Company or a holder of Senior

Indebtedness or from any trustee, representative or Administrative Agent

therefor; and, prior to the receipt of any such written notice, the Trustee,

subject to the provisions of Section 6.01, shall be entitled in all respects to

assume that no such facts exist; provided,

however, that if the

Trustee has not received the notice provided for in this Section 12.09 at least

five Business Days prior to the date upon which by the terms hereof any money

may become payable for any purpose (including, without limitation, the payment

of the principal of or premium, interest or Liquidated Damages on, any

Security), then, anything herein contained to the contrary notwithstanding, the

Trustee shall have full power and authority to receive such money and to apply

the same to the purpose for which such money was received and shall not be

affected by any notice to the contrary which may be received by it within five

Business Days prior to such date.

 

Subject to the provisions

of Section 6.01, the Trustee shall be entitled to rely on the delivery to it of

a written notice by a Person representing himself to be a holder of Senior

Indebtedness (or a trustee or Administrative Agent therefor) to establish that

such notice has been given by a holder of Senior Indebtedness (or a trustee or

Administrative Agent therefor). In the event that the Trustee determines in

good faith that further evidence is required with respect to the right of any

Person as a holder of Senior Indebtedness to participate in any payment or

distribution pursuant to this Article XII, the Trustee may request such Person

to furnish evidence to the reasonable satisfaction of the Trustee as to the

amount of Senior Indebtedness held by such Person, the extent to which such

Person is entitled to participate in such payment or distribution and any other

facts pertinent to the rights of such Person under this Article XII, and if

such evidence is not furnished, the Trustee may defer any payment to such

Person pending judicial determination as to the right of such Person to receive

such payment.

 

Section 12.10         Reliance on Judicial Order or

Certificate of Liquidating Agent.

 

Upon any payment or

distribution of assets of the Company referred to in this Article XII, the

Trustee, subject to the provisions of Section 6.01, and the Holders of the

Securities shall be entitled to rely upon any order or decree entered by any

court of competent jurisdiction in which a Proceeding is pending, or a

certificate of the trustee in bankruptcy, receiver, liquidating trustee,

custodian, assignee for the benefit of creditors, agent or other Person making

such payment or distribution, delivered to the Trustee or to the Holders of

Securities, for the purpose of ascertaining the Persons entitled to participate

in such payment or distribution, the holders of the Senior Indebtedness and

other indebtedness of the Company, the amount thereof or payable thereon, the

amount or amounts paid or distributed thereon, the amount or amounts paid or

distributed thereon and all other facts pertinent thereto or to this Article

XII.

 

Section 12.11         Trustee Not Fiduciary for Holders of

Senior Indebtedness.

 

The Trustee shall not be

deemed to owe any fiduciary duty to the holders of Senior Indebtedness, and it

undertakes to perform and observe only such of its covenants and obligations

with respect to the Senior Indebtedness as are specifically set forth in this

Indenture. No implied covenants or obligations with respect to the Senior

Indebtedness shall be read into this Indenture against the Trustee and the

Trustee shall not be liable to any such holders if it shall in good faith

mistakenly pay over or distribute to

 

59

 

Holders of Securities or to the Company or to any

other Person cash, property or securities to which any holders of Senior

Indebtedness shall be entitled by virtue of this Article XII or otherwise.

 

Section 12.12                          Rights of Trustee as Holder of Senior 

Indebtedness; Preservation of Trustee’s Rights.

 

The Trustee in its

individual capacity shall be entitled to all the rights set forth in this

Article XII with respect to any Senior Indebtedness which may at any time be

held by it, to the same extent as any other holder of Senior Indebtedness, and

nothing in this Indenture shall deprive the Trustee of any of its rights as

such holder.

 

Nothing in this Article

XII shall apply to claims of, or payments to, the Trustee under or pursuant to

Section 6.07.

 

Section 12.13         Article XII Applicable to Paying

Agents.

 

In case at any time any

Paying Agent other than the Trustee shall have been appointed by the Company

and be then acting hereunder, the term “Trustee” as used in this Article XII

shall in such case (unless the context otherwise requires) be construed as

extending to and including such Paying Agent within its meaning as fully for

all intents and purposes as if such Paying Agent were named in this Article XII

in addition to or in place of the Trustee; provided,

however, that Section

12.12 shall not apply to the Company or any Affiliate of the Company if it or

such Affiliate acts as Paying Agent.

 

Section 12.14         Defeasance of this Article XII.

 

The subordination of the

Securities provided by this Article XII is expressly made subject to the

provisions for defeasance or covenant defeasance in Article XIII hereof and,

anything herein to the contrary notwithstanding, upon the effectiveness of any

such defeasance or covenant defeasance, the Securities then Outstanding shall

thereupon cease to be subordinated pursuant to this Article XII.

 

ARTICLE XIII

 

DEFEASANCE AND

COVENANT DEFEASANCE

 

Section 13.01                          Company’s Option to Effect 

Defeasance or Covenant Defeasance.

 

The Company may at its

option by Board Resolution, at any time, elect to have either Section 13.02 or

Section 13.03 applied to the Outstanding Securities upon compliance with the

conditions set forth below in this Article XIII.

 

Section 13.02         Defeasance and Discharge.

 

Upon the Company’s

exercise of the option provided in Section 13.01 applicable to this Section

13.02, the Company shall be deemed to have been discharged from its obligations

with respect to the Outstanding Securities, and the provisions of Article XII

hereof shall cease to be effective, on the date the conditions set forth below

are satisfied (hereinafter, “defeasance”). For this purpose, such

defeasance means that the Company shall be deemed to have paid and discharged

the entire indebtedness represented by the Outstanding Securities, which shall

thereafter be deemed to be “Outstanding” only for the purposes of Section 13.05

and the other Sections of this Indenture referred to in Clauses (A) and (B)

below, 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 execute proper instruments acknowledging

the same), except for the following which shall survive until otherwise

terminated or discharged hereunder: (A) the rights of Holders of such

Securities to receive, solely from the trust fund described in Section 13.04

and as more fully set forth in such Section, payments in respect of the

principal of (and premium, if any) Liquidated Damages, if any, and interest on

such Securities when such payments are due, (B) the Company’s obligations

with respect to such Securities under Sections 3.04, 3.05, 3.06, 3.07, 10.02

and 10.03, (C) the rights, powers, trusts, duties and immunities of the

Trustee hereunder and (D) this Article XIII. Subject to compliance with

this Article XII, the Company may exercise its option under this Section 13.02

notwithstanding the prior exercise of its option under Section 13.03.

 

Section 13.03         Covenant Defeasance.

 

Upon the Company’s

exercise of the option provided in Section 13.01 applicable to this Section,

(i) the Company shall be released from its obligations under Sections

10.05 through 10.17, inclusive, and Clauses (c), (d) and (e) of Section 8.01,

(ii) the occurrence of an event specified in Sections 5.01(c), 5.01(d)

(with respect to Clauses (a), (c), (d) or (e) of Section 8.01), 5.01(e) (with

respect to any of Sections 10.05 through 10.17, inclusive), 5.01(f) and 5.01(g)

shall not be deemed to be an Event of Default and (iii) the provisions of

Article XII hereof shall cease to be effective on and after the date all

conditions set forth below are satisfied (hereinafter, “covenant defeasance”).

For this purpose, such covenant defeasance means that the Company may omit to

comply with and shall have 

 

60

 

no liability in respect of any term, condition or

limitation set forth in any such Section, Clause or Article or by reason of any

reference in any such Section, Clause or Article to any other provision herein

or in any other document, but the remainder of this Indenture and such

Securities shall be unaffected thereby.

 

Section 13.04         Conditions to Defeasance or Covenant

Defeasance.

 

The following shall be

the conditions to application of either Section 13.02 or Section 13.03 to the

then Outstanding Securities:

 

(a)           The Company shall irrevocably have

deposited or caused to be deposited with the Trustee (or another trustee

satisfying the requirements of Section 6.09 who shall agree to comply with the

provisions of this Article XIII applicable to it) as trust funds in trust for

the purpose of making the following payments, specifically pledged as security

for, and dedicated solely to, the benefit of the Holders of such Securities,

(A) money in an amount, or (B) U.S. Government Obligations which

through the scheduled payment of principal and interest in respect thereof in

accordance with their terms, without the need for reinvestment, will provide,

not later than one day before the due date of any payment, money in an amount,

or (C) a combination thereof, sufficient, in the opinion of a nationally

recognized firm of independent public accountants expressed in a written

certification thereof delivered to the Trustee, to pay and discharge, and which

shall be applied by the Trustee (or other qualifying trustee) to pay and

discharge, the principal of (and premium, if any,) and each installment of

interest, if any, on the Outstanding Securities on the Stated Maturity of such

principal or installment of interest in accordance with the terms of this

Indenture and of such Securities. For this purpose, “U.S. Government

Obligations” means securities that are (x) direct obligations of the

United States of America for the payment of which its full faith and credit is

pledged or (y) obligations of a Person controlled or supervised by and

acting as an agency or instrumentality of the United States of America the

payment of which is unconditionally guaranteed as a full faith and credit

obligation by the United States of America, which, in either case, are not

callable or redeemable at the option of the issuer thereof, and shall also

include a depository receipt issued by a bank (as defined in Section 3(a)(2) of

the Securities Act) as custodian with respect to any such U.S. Government

Obligation or a specific payment of principal of or interest on any such U.S.

Government Obligation held by such custodian for the account of the holder of

such depository receipt, provided

that (except as required by law) such custodian is not authorized to make any

deduction from the amount payable to the holder of such depository receipt from

any amount received by the custodian in respect of the U.S. Government

Obligation or the specific payment of principal of or interest on the U.S.

Government Obligation evidenced by such depository receipt.

 

(b)           In the case of an election under

Section 13.02, the Company shall have delivered to the Trustee an Opinion of

Counsel stating that (x) the Company has received from, or there has been

published by, the Internal Revenue Service a ruling, or (y) since the date

of this Indenture there has been a change in the applicable federal income tax

law, in either case to the effect that, and based thereon such opinion shall

confirm that, the Holders of the Outstanding Securities will not recognize gain

or loss for federal income tax purposes as a result of such deposit, defeasance

and discharge and will be subject to federal income tax on the same amount, in

the same manner and at the same times as would have been the case if such deposit,

defeasance and discharge had not occurred.

 

(c)           In the case of an election under

Section 13.03, the Company shall have delivered to the Trustee an Opinion of

Counsel to the effect that the Holders of the Outstanding Securities will not

recognize gain or loss for federal income tax purposes as a result of such

deposit and covenant defeasance and will be subject to federal income tax on

the same amount, in the same manner and at the same times as would have been

the case if such deposit covenant defeasance and discharge had not occurred.

 

(d)           The Company shall have delivered to

the Trustee an Officers’ Certificate to the effect that the Securities, if then

listed on any securities exchange, will not be delisted as a result of such

deposit.

 

(e)           Such defeasance or covenant

defeasance shall not cause the Trustee to have a conflicting interest as

defined in Section 6.08 and for purposes of the Trust Indenture Act with

respect to any securities of the Company.

 

(f)            No Default or Event of Default shall

have occurred and be continuing on the date of such deposit or, insofar as

Section 5.01(h) is concerned, at any time during the period ending on the 121st

day after the date of such deposit (it being understood that this condition

shall not be deemed satisfied until the expiration of such period).

 

(g)           Such defeasance or covenant

defeasance shall not result in a breach or violation of, or constitute a

default under, any other agreement or instrument to which the Company is a

party or by which it is bound.

 

(h)           The Company shall have delivered to

the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating

that all conditions precedent relating to either the defeasance under Section

13.02 or the covenant defeasance under Section 13.03 (as the case may be) have

been satisfied.

 

61

 

(i)            Such defeasance or covenant

defeasance shall not result in the trust arising from such deposit constituting

an investment company as defined in the Investment Company Act of 1940, as

amended, or such trust shall be qualified under such act or exempt from

regulation thereunder.

 

Section 13.05                          Deposited Money and U.S. Government Obligations

to be Held in Trust; Other Miscellaneous Provisions.

 

Subject to the provisions

of the last paragraph of Section 10.03, all money and U.S. Government

Obligations (including the proceeds thereof) deposited with the Trustee (or

other qualifying trustee — collectively, for purposes of this Section 13.05,

the “Trustee”) pursuant to Section 13.04 in respect of the 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 (including the Company acting as its own

Paying Agent) as the Trustee may determine, to the Holders of such Securities,

of all sums due and to become due thereon in respect of principal (and premium,

if any) or Liquidated Damages, if any, and interest, but such money need not be

segregated from other funds except to the extent required by law. Money so held

in trust shall not be subject to the provisions of Article XII.

 

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 deposited pursuant to Section

13.04 or the principal and interest 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

XIII to the contrary notwithstanding, the Trustee shall deliver or pay to the

Company from time to time upon Company Request any money or U.S. Government

Obligations held by it as provided in Section 13.04 which, in the opinion of a

nationally recognized firm of independent public accountants expressed in a

written certification thereof delivered to the Trustee, are in excess of the

amount thereof which would then be required to be deposited to effect an

equivalent defeasance or covenant defeasance.

 

Section 13.06         Reinstatement.

 

If the Trustee or the

Paying Agent is unable to apply any money in accordance with Section 13.02 or

13.03 by reason of any order or judgment of any court or governmental authority

enjoining, restraining or otherwise prohibiting such application, then the

Company’s obligations under this Indenture and the Securities shall be revived

and reinstated as though no deposit had occurred pursuant to this Article XIII

until such time as the Trustee or Paying Agent is permitted to apply all such

money in accordance with Section 13.02 or 13.03; provided, however,

that if the Company makes any payment of principal of (and premium, if any) or

Liquidated Damages, if any, or interest on any Security following the

reinstatement of its obligations, the Company shall be subrogated to the rights

of the Holders of such Securities to receive such payment from the money held

by the Trustee or the Paying Agent.

 

62

 

IN WITNESS WHEREOF, the

parties hereto have caused this Indenture to be duly executed, all as of the

day and year first above written.

 

	

   

  	

  RURAL CELLULAR

  CORPORATION

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

   

  
	

   

  	

  Name:

  	

  Wesley E. Schultz

  
	

   

  	

  Title:

  	

  Executive Vice

  President & Chief

  Financial Officer

  
	

   

  	

   

  	

   

  
	

   

  	

  WELLS FARGO BANK

  MINNESOTA,N.A.

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

   

  
	

   

  	

  Name:

  	

   

  
	

   

  	

  Title:

  	

  Corporate Trust Officer

  
	

   

  	

   

  	

  (Authorized Officer)

  
						

 

63

 

Schedule 10.08

 

Existing

Indebtedness

 

	

  1.

  	

  $41,260.74 under a

  capital lease for equipment with Avaya/CIT dated November 7, 2000.

  
	

   

  	

   

  
	

  2.

  	

  $274,232.39 under a

  capital lease for equipment with Avaya/CIT dated November 7, 2000.

  
	

   

  	

   

  
	

  3.

  	

  $349,500.00 under a

  capital lease for equipment with Avaya dated January 29, 2001.

  
	

   

  	

   

  
	

  4.

  	

  $40,398.45 under a

  capital lease for equipment with Ford dated January 31, 2001.

  
	

   

  	

   

  
	

  5.

  	

  $801,810,684 in

  principal amount of term loans of the Credit Facility.

  
	

   

  	

   

  
	

  6.

  	

  $125,000,000 in

  principal amount of 9-5/8% Senior Subordinated Notes due 2008.

  
	

   

  	

   

  
	

  Note:

  	

  The Company is party to

  a purchase option agreement whereby it may acquire certain cell sites in the

  future for $6.5 million. The option expires February 28, 2003. Since the

  Company expects to exercise the option, the unpaid portion of the total cost

  is included as long-term debt on the Company’s books. The Company assumed an

  agreement to utilize the assets covered by the option for the period prior to

  exercising the option. The ongoing payments pursuant to this agreement have

  been reflected as interest expense by the Company.

  

 

 

Schedule

10.12

 

Limitations

Concerning Distributions and

Transfers

By Restricted Subsidiaries

 

None

 

 

Schedule 10.08

Schedule

10.14

 

Limitation

on Transactions with Affiliates and Related Persons

 

Revolving Credit Agreement dated as of August 29,

1997, as amended, between Wireless Alliance, LLC (Borrower) and Rural Cellular

Corporation (Lender)

 

 

Reconciliation and

tie between Trust Indenture Act of 1939 

and Indenture, dated as of January 16, 2002.

 

	

  Trust

  Indenture

  Act Section

  	

   

  	

   

  	

  Indenture

  Section

  
	

  §310(a)(1)

  	

   

  	

  6.09

  
	

  (a)(2)

  	

   

  	

  6.09

  
	

  (a)(3)

  	

   

  	

  Not applicable

  
	

  (a)(4)

  	

   

  	

  Not applicable

  
	

  (a)(5)

  	

   

  	

  6.08

  
	

  (b)

  	

   

  	

  6.08

  
	

   

  	

   

  	

  6.10

  
	

  (c)

  	

   

  	

  Not applicable

  
	

  §311(a)

  	

   

  	

  6.13

  
	

  (b)

  	

   

  	

  6.13

  
	

  (c)

  	

   

  	

  Not applicable

  
	

  §312(a)

  	

   

  	

  7.01

  
	

   

  	

   

  	

  7.02(a)

  
	

  (b)

  	

   

  	

  7.02(b)

  
	

  (c)

  	

   

  	

  7.02(c)

  
	

  §313(a)

  	

   

  	

  7.03(a)

  
	

  (b)(1)

  	

   

  	

  Not applicable

  
	

  (b)(2)

  	

   

  	

  7.03(a)

  
	

  (c)

  	

   

  	

  7.03(a)

  
	

   

  	

   

  	

  1.06

  
	

  (d)

  	

   

  	

  7.03(b)

  
	

  §314(a)

  	

   

  	

  7.04, 10.18

  
	

  (b)

  	

   

  	

  Not applicable

  
	

  (c)(1)

  	

   

  	

  1.02

  
	

  (c)(2)

  	

   

  	

  1.02

  
	

  (c)(3)

  	

   

  	

  Not applicable

  
	

  (d)

  	

   

  	

  Not applicable

  
	

  (e)

  	

   

  	

  1.02

  
	

  §315(a)

  	

   

  	

  6.01

  
	

   

  	

   

  	

  6.03

  
	

  (b)

  	

   

  	

  6.02

  
	

   

  	

   

  	

  1.06

  
	

  (c)

  	

   

  	

  6.01(a)

  
	

  (d)

  	

   

  	

  6.01(b)

  
	

  (e)

  	

   

  	

  5.14

  
	

  §316(a)(last sentence)

  	

   

  	

  1.01

  
	

  (a)(1)(A)

  	

   

  	

  5.12

  
	

  (a)(1)(B)

  	

   

  	

  5.13

  
	

  (a)(2)

  	

   

  	

  Not applicable

  
	

  (b)

  	

   

  	

  5.08

  
	

  §317(a)(1)

  	

   

  	

  5.03

  
	

  (a)(2)

  	

   

  	

  5.04

  
	

  (b)

  	

   

  	

  10.03

  
	

  §318(a)

  	

   

  	

  1.07

  

 

This

Reconciliation and tie shall not, for any purpose, be deemed to be a part of

the Indenture.

 

A-1EXECUTION COPY

 

Exhibit

10.1 (e)

 

CONSENT

AND THIRD AMENDMENT TO THIRD AMENDED AND RESTATED

LOAN

AGREEMENT

 

THIS CONSENT AND THIRD AMENDMENT TO

THIRD AMENDED AND RESTATED LOAN AGREEMENT (this “Amendment”), dated as of the 10th day

of January, 2002 (the “Effective Date”), by and among RURAL CELLULAR

CORPORATION, a Minnesota corporation (the “Borrower”); the financial

institutions signatory hereto (the “Lenders”); and TORONTO DOMINION

(TEXAS), INC., as administrative agent (the “Administrative Agent”) for

the Lenders;

 

W I T N E S S E T H:

 

WHEREAS, the Borrower, the Administrative Agent

and the Lenders are parties to that certain Third Amended and Restated Loan

Agreement, dated as of June 29, 2000, as amended by that certain First

Amendment thereto dated as of December 14, 2000, and that certain Second

Amendment thereto dated as of March 31, 2001 and that certain Consent Letter

dated as of June 5, 2001 (as heretofore and hereafter amended, modified,

supplemented and restated from time to time, the “Loan Agreement”); and

 

WHEREAS, the Borrower has requested that the

Lenders consent to the issuance of subordinated indebtedness in an aggregate

amount not to exceed $400,000,000; and

 

WHEREAS, the Borrower has requested that the

Administrative Agent and the Lenders amend certain provisions in the Loan

Agreement as more specifically set forth below; and

 

WHEREAS, the Administrative Agent and the

Lenders are willing to agree to such amendments and to consent to up to

$400,000,000 of Subordinated Indebtedness on the terms and conditions set forth

herein;

 

NOW, THEREFORE, in consideration of the premises set

forth above, the covenants and agreements hereinafter set forth, and other good

and valuable consideration, the receipt and sufficiency of which are hereby

acknowledged, the parties hereto agree that all capitalized terms used herein

shall have the meanings ascribed to such terms in the Loan Agreement, and

further agree as follows:

 

 

1.             Consent. 

Subject to the terms and conditions hereof, the Lenders hereby consent

to the issuance of Subordinated Indebtedness in an amount not to exceed

$400,000,000 (the “New Subordinated Indebtedness”) on substantially the

terms and conditions set forth on Exhibit A attached hereto; provided

that the Borrower shall make a repayment of the Loans (excluding the Swing Line

Loans) from the proceeds thereof (a) if the amount of such proceeds is less

than or equal to $300,000,000, in an amount not less than $150,000,000, which

shall be applied pro rata to the Term Loan A Loans, the Term Loan B Loans, the

Term Loan C Loans and the Term Loan D Loans in accordance with Section 2.7(a)

of the Loan Agreement, (b) if the amount of such proceeds is greater than

$300,000,000, all of such proceeds shall be applied to the Loans (excluding the

Swing Line Loans), provided that no more than $160,000,000 of such proceeds may

be applied as a repayment of the Revolving Loans, and (c) if the amount of such

proceeds is greater than $350,000,000, the Borrower shall provide to the

Administrative Agent financial projections (reflecting such New Subordinated

Indebtedness) in form and substance reasonably satisfactory to the

Administrative Agent which projections shall show compliance with all of the

terms and conditions of the Loan Agreement (including, without limitation, Sections

7.8, 7.9, 7.10 and 7.11) through the Maturity Date.  The New Subordinated Indebtedness shall be “Subordinated

Indebtedness” for all purposes under the Loan Agreement.

 

2.             Amendment to Article 1.  Article 1 of the Loan Agreement, Definitions, is hereby amended

by inserting the following new definition of “Third Amendment Effective Date”:

 

“‘Third Amendment

Effective Date’ shall mean the Effective Date (as defined in that certain

Consent and Third Amendment to this Agreement).”

 

3.             Amendments to Article 7.

 

(a)           Amendment

to Section 7.1.  Section 7.1(d) of

the Loan Agreement, Indebtedness of the Borrower and its Subsidiaries,

is hereby amended by deleting Section 7.1(d) in its entirety and substituting

in lieu thereof the following:

 

“(d)         obligations under Interest Hedge

Agreements with respect to the Loans and with respect to Subordinated

Indebtedness to the extent such Subordinated Indebtedness is otherwise

permitted under this Agreement; provided, however, that

notwithstanding any provisions to the contrary, for purposes of this Agreement,

only Interest Hedge Agreements with respect to the Loans shall qualify as Loan

Documents hereunder;”

 

(b)           Amendment

to Section 7.4.  Section 7.4(a) of

the Loan Agreement, Liquidation, Merger, or Disposition of Assets, is hereby

amended by deleting Section 7.4(a) in its entirety and substituting in lieu

thereof the following:

 

“Section 7.4           Liquidation,

Merger, or Disposition of Assets.

 

(a)           Disposition of Assets.  The Borrower shall not, and shall not permit

any of its Subsidiaries to, at any time sell, lease, abandon, or otherwise

dispose of any assets (other than assets disposed of in the ordinary course of

business) without the prior written consent of the Lenders; provided, however,

that the prior written consent of the Lenders shall not be required for (i) the

transfer of assets (including, without limitation, cash or cash equivalents)

among the Borrower and its Subsidiaries (excluding Wireless Alliance) or for

the transfer of assets (including, without limitation, cash or cash

equivalents, but excluding the Licenses) between or among Subsidiaries

(excluding Wireless Alliance) of the Borrower, (ii) dispositions of assets the

proceeds of which are applied pursuant to Section 2.5(c) or 2.7(b)(vi) hereof (provided,

however, that, with respect to such sales under Section 2.5(c) or

2.7(b)(vi), the Borrower provides to the Administrative Agent and the Lenders

on the date of such sale a certificate reflecting compliance with the terms and

provisions of Sections 7.8, 7.9, 7.10, 7.11 and 7.12 hereof both before and

after giving effect to such sale or transfer) or (iii) a sale/leaseback

transaction with respect to all or a substantial portion of the Borrower’s

cellular towers, the documentation for which shall be subject to approval as to

form by the Administrative Agent (such approval not to be unreasonably

withheld).”

 

2

 

(c)           Amendment

to Section 7.7.  Section 7.7 of the

Loan Agreement, Restricted Payments and Purchases, is hereby amended by

deleting Section 7.7 in its entirety and substituting in lieu thereof the

following:

 

“Section 7.7           Restricted Payments and Purchases.  The Borrower shall not, and shall not permit

any of its Subsidiaries to, directly or indirectly, declare or make any

Restricted Payment or Restricted Purchase; provided, however,

that so long as no Default hereunder then exists or would be caused thereby,

(a) and so long as a Subsidiary of the Borrower is not obligated on any

Indebtedness to the Borrower or any of its Subsidiaries, such Subsidiary may

make distributions to (i) any partner or shareholder of such Subsidiary

holding a minority position with respect to such Subsidiary, so long as such

Subsidiary makes a contemporaneous pro rata distribution to the Borrower or any

of its Subsidiaries, and such partner or shareholder is not an Affiliate of the

Borrower, (ii) the Borrower or any of its Subsidiaries, (b) the

Borrower may make scheduled interest payments, when such payments are due and

payable, on any Subordinated Indebtedness to the extent such Subordinated

Indebtedness has scheduled payments permitted hereunder in accordance with any

subordination provisions thereunder, (c) the Borrower may make scheduled

dividend payments, when such payments are due and payable on any Preferred

Stock to the extent such Preferred Stock has scheduled dividend payments

permitted hereunder in accordance with any subordination provisions thereunder

and (d) the Borrower may repay in whole or in part the Previous Senior Preferred

Stock, the 2000 Senior Preferred Stock and the Junior Preferred Stock with

shares of the common stock of the Borrower.”

 

(d)           Amendment

to Section 7.8.  Section 7.8 of the

Loan Agreement, Total Leverage Ratio, is hereby amended by deleting

Section 7.8 in its entirety and substituting in lieu thereof the following:

 

“Section 7.8           Total Leverage Ratio.  (a) As of the end of any calendar

quarter, and (b) at the time of any Advance hereunder (after giving effect to

such Advance), the Borrower shall not permit its Total Leverage Ratio to exceed

the ratios set forth below during the periods indicated:

 

	

  Period

  	

   

  	

   

  	

  Total

  Leverage Ratio

  	

   

  
	

  July

  1, 2001 through

  	

   

  	

  7.00:1.00

  	

   

  
	

  December

  31, 2001

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

  January

  1, 2002 through

  	

   

  	

  7.25:1.00

  	

   

  
	

  June

  30, 2002

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

  July

  1, 2002 through

  	

   

  	

  6.50:1.00

  	

   

  
	

  September

  30, 2002

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

  October

  1, 2002 through

  	

   

  	

  6.00:1.00

  	

   

  
	

  December

  31, 2002

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

  January

  1, 2003 through

  	

   

  	

  6.50:1.00

  	

   

  
	

  June

  30, 2003

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

  July

  1, 2003 through

  	

   

  	

  5.75:1.00

  	

   

  
	

  September

  30, 2003

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

  October

  1, 2003 and thereafter

  	

   

  	

  5.00:1.00

  	

  "

  

 

(e)           Amendment to Section 7.9.  Section 7.9 of the Loan Agreement, Senior

Leverage Ratio, is hereby amended by deleting Section 7.9 in its entirety

and substituting in lieu thereof the following:

 

“Section 7.9           Senior Leverage Ratio.  (a) As of the end of any calendar

quarter, and (b) at the time of any Advance hereunder (after giving effect

to such Advance), the Borrower shall not permit the

 

3

 

ratio of (i) the principal amount of the Loans

outstanding on such date to (ii) its Annualized Operating Cash Flow (as of the

calendar quarter end being tested, or as of the most recently completed

calendar quarter for which financial statements are required to have been delivered

pursuant to Section 6.1 or 6.2 hereof, as the case may be) to exceed the ratios

set forth below during the periods indicated:

 

	

  Period

  	

   

  	

   

  	

  Senior

  Leverage Ratio

  	

   

  
	

  July

  1, 2001 through the

  	

   

  	

  6.50:1.00

  	

   

  
	

  Third

  Amendment Effective Date

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

  From

  the Third Amendment

  	

   

  	

  5.00:1.00

  	

   

  
	

  Effective

  Date through June 30, 2002

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

  July

  1, 2002 through

  	

   

  	

  4.50:1.00

  	

   

  
	

  September

  30, 2002

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

  October

  1, 2002 through

  	

   

  	

  4.00:1.00

  	

   

  
	

  December

  31, 2002

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

  January

  1, 2003 through

  	

   

  	

  4.25:1.00

  	

   

  
	

  September

  30, 2003

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

  October

  1, 2003 and thereafter

  	

   

  	

  4.00:1.00

  	

  "

  

 

(f)            Amendment to Section 7.10.  Section 7.10 of the Loan Agreement, Annualized

Operating Cash Flow to Pro Forma Debt Service, is hereby amended by

deleting Section 7.10 in its entirety and substituting in lieu thereof the

following:

 

“Section 7.10         Annualized Operating Cash Flow to

Pro Forma Debt Service.  For all

periods ending on or prior to December 31, 2006, (a) As of the end of any

calendar quarter, and (b) at the time of any Advance hereunder (after giving

effect to such Advance), the Borrower shall not permit the ratio of (i) its

Annualized Operating Cash Flow (as of the calendar quarter end being tested, or

as of the most recently completed calendar quarter for which financial statements

are required to have been delivered pursuant to Section 6.1 or 6.2 hereof, as

the case may be) to (ii) the sum of (A) its Pro Forma Debt Service for the four

calendar quarters immediately following the calculation date and (B) Interest

Expense for the four calendar quarters immediately preceding the calculation

date to be less than the ratios set forth below during the periods indicated:

 

	

  Period

  	

   

  	

   

  	

  Annualized

  Operating Cash 

  Flow to Pro Forma Debt Service

  	

   

  
	

  January

  1, 2001 through

  	

   

  	

  1.20:1.00

  	

   

  
	

  December

  31, 2002

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

  January

  1, 2003 through

  	

   

  	

  1.05:1.00

  	

   

  
	

  December

  31, 2003

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

  January

  1, 2004 through

  	

   

  	

  1.20:1.00

  	

  ”

  
	

  December

  31, 2006

  	

   

  	

   

  	

   

  

 

(g)           Amendment to Section 7.11.  Section 7.11 of the Loan Agreement, Annualized

Operating Cash Flow to Interest Expense, is hereby amended by deleting

Section 7.11 in its entirety and substituting in lieu thereof the

following

 

4

 

“Section 7.11         Annualized Operating Cash Flow to

Interest Expense.  (a) As of

the end of any calendar quarter, and (b) at the time of any Advance hereunder

(after giving effect to such Advance), the Borrower shall not permit the ratio

of (i) its Annualized Operating Cash Flow (as of the calendar quarter end being

tested, or as of the most recently completed calendar quarter for which

financial statements are required to have been delivered pursuant to Section

6.1 or 6.2 hereof, as the case may be) to (ii) its Interest Expense for the

twelve (12) calendar months immediately preceding the calculation date to be

less than the ratios set forth below for the periods indicated:

 

	

  Period 

  	

   

  	

   

  	

  Annualized

  Operating Cash 

  Flow to Interest Expense

  	

   

  
	

  July

  1, 2001 through

  	

   

  	

  1.50:1.00

  	

   

  
	

  December

  31, 2001

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

  January

  1, 2002 through

  	

   

  	

  1.40:1.00

  	

   

  
	

  March

  31, 2002

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

  April

  1, 2002 through

  	

   

  	

  1.50:1.00

  	

   

  
	

  December

  31, 2004

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

  January

  1, 2005 and

  	

   

  	

  2.00:1.00

  	

   

  
	

  thereafter”

  	

   

  	

   

  	

   

  

 

4.             Amendment

to Section 8.1.  Section 8.1(n) of

the Loan Agreement, Events of Default, is hereby amended by deleting

Section 8.1(n) in its entirety and substituting in lieu thereof the following:

 

“(n)         (i) 

Any “person” or “group” (within the meaning of Sections 13(d)(3) and

14(d)(2) of the Exchange Act or any successor provision to either of the

foregoing, including any group acting for the purpose of acquiring, holding or

disposing of securities within the meaning of Rule 13d-5(b)(1) under the

Exchange Act) is or becomes the “beneficial owner” (as defined in Rule 13d-3

under the Exchange Act), directly or indirectly, of fifty percent (50%) or more

of the voting or economic Capital Stock of the Borrower or (ii) during any

period of 24 consecutive months, individuals who at the beginning of such

period constituted the Board of Directors of the Borrower (together with any

new directors whose election by such Board or whose nomination for election by

the shareholders of the Borrower was approved by a vote of a majority of the

directors then still in office who were either directors at the beginning of

such period or whose election or nomination for election was previously so

approved), cease for any reason to constitute a majority of the Board of

Directors of the Borrower then in office;”

 

5.             Amendment Fee. 

The Borrower shall pay to the Administrative Agent, contemporaneously

with the receipt by the Borrower of the proceeds from the New Subordinated

Indebtedness pursuant to Section 8(d) hereof, on behalf of the Lenders

executing and delivering this Amendment on or prior to 5 p.m. (EST) January 10,

2002, an amendment fee in the amount of 0.25% of the sum of (a) the aggregate

outstanding Loans (other than the outstanding Revolving Loans and Swing Line

Loans) of such Lenders and (b) the Revolving Loan Commitments of such Lenders

(such sum, the “Amendment Fee”) which Amendment Fee shall be calculated

after giving effect to the repayments of the Loans required by Section 1 hereof

and any voluntary reductions of the Revolving Loan Commitments in connection

therewith.  The Administrative Agent

shall distribute pro rata to each Lender executing this Amendment a portion of

the Amendment Fee based on such Lender’s portion of the outstanding Loans

(other than the outstanding Revolving Loans and Swing Line Loans) and such

Lender’s Revolving Loan Commitment.  The

Amendment Fee shall be fully earned when due and non-refundable when paid.

 

6.             Amendment to Loan Documents.  All of the Loan Documents are hereby amended

to the extent necessary to give full force and effect to the amendment

contained in this Amendment.

 

5

 

7.             Representations and Warranties.  The Borrower hereby represents and warrants

to and in favor of the Administrative Agent and the Lenders as follows:

 

(a)           each representation and warranty set

forth in Article 4 of the Loan Agreement is hereby restated and affirmed as

true and correct in all material respects as of the date hereof, except to the

extent previously fulfilled in accordance with the terms of the Loan Agreement

or to the extent relating specifically to the Agreement Date (or date prior

thereto) or otherwise inapplicable;

 

(b)           the Borrower has the corporate power

and authority (i) to enter into this Amendment and (ii) to do all

acts and things as are required or contemplated hereunder to be done, observed

and performed by it;

 

(c)           this Amendment has been duly

authorized, validly executed and delivered by one or more Authorized

Signatories of the Borrower, and this Amendment and the Loan Agreement

constitute the legal, valid and binding obligations of the Borrower, enforceable

against the Borrower in accordance with its respective terms, subject, as to

enforcement of remedies, to the following qualifications:  (i) an order of specific performance

and an injunction are discretionary remedies and, in particular, may not be

available where damages are considered an adequate remedy at law and

(ii) enforcement may be limited by bankruptcy, insolvency, liquidation,

reorganization, reconstruction and other similar laws affecting enforcement of

creditors’ rights generally (insofar as any such law relates to the bankruptcy,

insolvency or similar event of the Borrower); and

 

(d)           the execution and delivery of this

Amendment and performance by the Borrower under the Loan Agreement does not and

will not require the consent or approval of any regulatory authority or

governmental authority or agency having jurisdiction over the Borrower which

has not already been obtained, nor be in contravention of or in conflict with

the Certificate of Incorporation of the Borrower, or any provision of any statute,

judgment, order, indenture, instrument, agreement, or undertaking, to which the

Borrower is party or by which the Borrower’s assets or properties are bound.

 

8.             Conditions Precedent to Effectiveness of Amendment.  The effectiveness of this Amendment is

subject to the fulfillment on or prior to January 31, 2002 of the following

conditions precedent:

 

(a)           receipt by the Administrative Agent

of duly executed counterpart signature pages of the Borrower and the Required

Lenders to this Amendment;

 

(b)           all of the representations and

warranties of the Borrower under Section 7 hereof being true and correct

in all material respects;

 

(c)           receipt by the Administrative Agent

of the Amendment Fee;

 

(d)           receipt by the Administrative Agent

of not less than $150,000,000 of the proceeds from the New Subordinated

Indebtedness to be applied to the Term Loans pursuant to Section 1 hereof; and

 

(e)           receipt of any other documents or

instruments that the Administrative Agent, the Lenders signatory hereto or any

of them, may reasonably request, certified by an officer of the Borrower if so

requested.

 

9.             No Other Amendment or Waiver.  Except for the amendment set forth above,

the text of the Loan Agreement and all other Loan Documents shall remain

unchanged and in full force and effect. 

No waiver by the Administrative Agent or the Lenders under the Loan

Agreement or any other Loan Document is granted or intended except as expressly

set forth herein, and the Administrative Agent and the Lenders expressly

reserve the right to require strict compliance in all other respects (whether

or not in connection with any Requests for Advance).  Except as set forth herein, the amendment agreed to herein shall

not constitute a modification of the Loan Agreement or any

 

6

 

of the other Loan

Documents, or a course of dealing with the Administrative Agent and the Lenders

at variance with the Loan Agreement or any of the other Loan Documents, such as

to require further notice by the Administrative Agent and the Lenders, or the

Required Lenders to require strict compliance with the terms of the Loan

Agreement and the other Loan Documents in the future.

 

10.           Loan Documents.  This document shall be deemed to be a Loan

Document for all purposes under the Loan Agreement and the other Loan

Documents.

 

11.           Counterparts.  This Amendment may be executed in any number

of counterparts, each of which shall be deemed to be an original, but all such

separate counterparts shall together constitute but one and the same

instrument.

 

12.           Governing Law.  This Amendment shall be construed in

accordance with and governed by the laws of the State of New York.

 

13.           Severability.  Any provision of this Amendment which is

prohibited or unenforceable shall be ineffective to the extent of such

prohibition or unenforceability without invalidating the remaining provisions

hereof in that jurisdiction or affecting the validity or enforceability of such

provision in any other jurisdiction.

 

7

 

IN WITNESS WHEREOF, the

parties hereto have executed this Amendment or caused it to be executed by

their duly authorized officers, all as of the day and year first above written.

 

	

  BORROWER:

  	

  RURAL CELLULAR

  CORPORATION, a Minnesota corporation

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Wesley

  E. Schultz

  
	

   

  	

   

  	

  Name:

  	

  Wesley E.

  Schultz

  
	

   

  	

   

  	

  Title:

  	

  Executive Vice

  President and

  
	

   

  	

   

  	

   

  	

  Chief Financial Officer

  

 

	

  ADMINISTRATIVE AGENT

  	

   

  	

   

  	

   

  
	

  AND LENDERS:

  	

  TORONTO DOMINION

  (TEXAS), INC., as Administrative Agent and as a Lender

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Neva

  Nesbitt

  
	

   

  	

   

  	

  Name:

  	

  Neva

  Nesbitt

  
	

   

  	

   

  	

  Its:

  	

  Vice President

  
						

 

	

   

  	

  ABN AMRO BANK N.V., as

  a Lender

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  
	

   

  	

   

  	

  Name:

  	

   

  
	

   

  	

   

  	

  Its:

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  
	

   

  	

   

  	

  Name:

  	

   

  
	

   

  	

   

  	

  Its:

  	

   

  

 

 

 

	

   

  	

  ADDISON CDO, LIMITED

  (Acct 1279), as a Lender

  
	

   

  	

  By:

  	

  Pacific Investment

  Management Company LLC,

  
	

   

  	

   

  	

  as its Investment

  Advisor

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  
	

   

  	

   

  	

  Name:

  	

   

  
	

   

  	

   

  	

  Its:

  	

   

  

 

	

   

  	

  ATHENA CDO, LIMITED

  (Acct 1277), as a Lender

  
	

   

  	

  By:

  	

  Pacific Investment

  Management Company LLC,

  
	

   

  	

   

  	

  as its Investment

  Advisor

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  
	

   

  	

   

  	

  Name:

  	

   

  
	

   

  	

   

  	

  Its:

  	

   

  

 

	

   

  	

  BEDFORD CDO, LIMITED

  
	

   

  	

  By:

  	

  Pacific Investment

  Management Company LLC,

  
	

   

  	

   

  	

  as its Investment

  Advisor

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  
	

   

  	

   

  	

  Name:

  	

   

  
	

   

  	

   

  	

  Its:

  	

   

  

 

	

   

  	

  CAPTIVA III FINANCE

  LTD. (Acct. 275), as a Lender

  
	

   

  	

  as advised by Pacific

  Investment Management Company, LLC

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  
	

   

  	

   

  	

  Name:

  	

   

  
	

   

  	

   

  	

  Its:

  	

   

  

 

 

 

	

   

  	

  CAPTIVA IV FINANCE LTD.

  (Acct. 1275), as a Lender

  
	

   

  	

  as advised by Pacific

  Investment Management Company, LLC

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  
	

   

  	

   

  	

  Name:

  	

   

  
	

   

  	

   

  	

  Its:

  	

   

  

 

	

   

  	

  CATALINA CDO LTD., as a

  Lender

  
	

   

  	

  By:

  	

  Pacific Investment

  Management Company, LLC,

  
	

   

  	

   

  	

  as its Investment Advisor

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  
	

   

  	

   

  	

  Name:

  	

   

  
	

   

  	

   

  	

  Its:

  	

   

  

 

	

   

  	

  DELANO COMPANY, as a

  Lender

  
	

   

  	

  By:

  	

  Pacific Investment

  Management Company, LLC,

  
	

   

  	

   

  	

  as its Investment

  Advisor

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  
	

   

  	

   

  	

  Name:

  	

   

  
	

   

  	

   

  	

  Its:

  	

   

  

 

	

   

  	

  JISSEKIKUN FUNDING,

  LTD., as a Lender

  
	

   

  	

  By:

  	

  Pacific Investment

  Management Company, LLC,

  
	

   

  	

   

  	

  as its Investment

  Advisor

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  
	

   

  	

   

  	

  Name:

  	

   

  
	

   

  	

   

  	

  Its:

  	

   

  

 

 

 

 

	

   

  	

  PIMCO HIGH YIELD FUND

  (ACCOUNT 705), as a Lender

  
	

   

  	

  By:

  	

  Pacific Investment

  Management Company, LLC,

  
	

   

  	

   

  	

  as its Investment

  Advisor, acting through Investors

  
	

   

  	

   

  	

  Fiduciary Trust Company

  in the Nominee Name of IFTCO

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  
	

   

  	

   

  	

  Name:

  	

   

  
	

   

  	

   

  	

  Its:

  	

   

  

 

	

   

  	

  ROYALTON COMPANY, as a

  Lender

  
	

   

  	

  By:

  	

  Pacific Investment

  Management Company, LLC,

  
	

   

  	

   

  	

  as its Investment

  Advisor

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  
	

   

  	

   

  	

  Name:

  	

   

  
	

   

  	

   

  	

  Its:

  	

   

  

 

	

   

  	

  SAN JOAQUIN CDO I

  LIMITED, as a Lender

  
	

   

  	

  By:

  	

  Pacific Investment

  Management Company, LLC,

  
	

   

  	

   

  	

  as its Investment

  Advisor

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  
	

   

  	

   

  	

  Name:

  	

   

  
	

   

  	

   

  	

  Its:

  	

   

  

 

	

   

  	

  SEQUILS-MAGNUM, INC.,

  as a Lender

  
	

   

  	

  By:

  	

  Pacific Investment

  Management Company,LLC,

  
	

   

  	

   

  	

  as its Investment

  Advisor

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  
	

   

  	

   

  	

  Name:

  	

   

  
	

   

  	

   

  	

  Its:

  	

   

  

 

 

 

	

   

  	

  ALLFIRST BANK, as a

  Lender

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

  /s/Wendy M.

  Andrus

  
	

   

  	

   

  	

  Name:

  	

  Wendy

  M. Andrus

  
	

   

  	

   

  	

  Its:

  	

  Vice

  President

  

 

	

   

  	

  AMARA 2 FINANCE, LTD.,

  as a Lender

  
	

   

  	

  By:

  	

  INVESCO Senior Secured

  Management, Inc., as Subadvisor

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Thomas

  H.B. Ewald

  
	

   

  	

   

  	

  Name:

  	

  Thomas H.B. Ewald

  
	

   

  	

   

  	

  Its:

  	

  Authorized Signatory

  

 

	

   

  	

  AMARA-I FINANCE, LTD.,

  as a Lender

  
	

   

  	

  By:

  	

  INVESCO Senior Secured

  Management, Inc., as Subadvisor

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Thomas

  H.B. Ewald

  
	

   

  	

   

  	

  Name:

  	

  Thomas H.B. Ewald

  
	

   

  	

   

  	

  Its:

  	

  Authorized Signatory

  
					

 

	

   

  	

  AVALON CAPITAL LTD., as

  a Lender

  
	

   

  	

  By:

  	

  INVESCO Senior Secured

  Management, Inc., as Portfolio 

  
	

   

  	

   

  	

  Manager

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Thomas

  H.B. Ewald

  
	

   

  	

   

  	

  Name:

  	

  Thomas H.B. Ewald

  
	

   

  	

   

  	

  Its:

  	

  Authorized Signatory

  

 

	

   

  	

  AVALON CAPITAL LTD. 2,

  as a Lender

  
	

   

  	

  By:

  	

  INVESCO Senior Secured

  Management, Inc., as Portfolio 

  
	

   

  	

   

  	

  Manager

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Thomas

  H.B. Ewald

  
	

   

  	

   

  	

  Name:

  	

  Thomas H.B. Ewald

  
	

   

  	

   

  	

  Its:

  	

  Authorized Signatory

  

 

 

 

 

	

   

  	

  SEQUILS-LIBERTY, LTD.,

  as a Lender

  
	

   

  	

  By:

  	

  INVESCO Senior Secured

  Management, Inc., as Collateral 

  
	

   

  	

   

  	

  Manager

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Thomas

  H.B. Ewald

  
	

   

  	

   

  	

  Name:

  	

  Thomas H.B. Ewald

  
	

   

  	

   

  	

  Its:

  	

  Authorized Signatory

  
					

 

	

   

  	

  AMMC CDO II, LIMITED

  
	

   

  	

  By:

  	

  American Money

  Management Corp.,

  
	

   

  	

   

  	

  as Collateral Manager

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

   /s/David P. Meyer

  
	

   

  	

   

  	

  Name:

  	

  David P. Meyer

  
	

   

  	

   

  	

  Its:

  	

  Vice President

  
					

 

	

   

  	

  ARCHIMEDES FUNDING II,

  LTD., as a Lender

  
	

   

  	

  By:

  	

  ING Capital Advisors

  LLC, as Collateral Manager

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Gordon

  Cook

  
	

   

  	

   

  	

  Name:

  	

  Gordon Cook

  
	

   

  	

   

  	

  Its:

  	

  Senior Vice President

  & Portfolio Manager

  
					

 

	

   

  	

  ARCHIMEDES FUNDING III,

  LTD., as a Lender

  
	

   

  	

  By:

  	

  ING Capital Advisors

  LLC, as Collateral Manager

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Gordon

  Cook

  
	

   

  	

   

  	

  Name:

  	

  Gordon Cook

  
	

   

  	

   

  	

  Its:

  	

  Senior Vice President

  & Portfolio Manager

  
					

 

 

 

	

   

  	

  BALANCED HIGH YIELD

  FUND II, LTD., as a Lender

  
	

   

  	

  By:

  	

  ING Capital Advisors

  LLC,  as Asset Manager

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Gordon

  Cook

  
	

   

  	

   

  	

  Name:

  	

  Gordon Cook

  
	

   

  	

   

  	

  Its:

  	

  Senior Vice President

  & Portfolio Manager

  
					

 

	

   

  	

  NEMEAN CLO, LTD., as a

  Lender

  
	

   

  	

  By:

  	

  ING Capital Advisors

  LLC,  as Asset Manager

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Gordon

  Cook

  
	

   

  	

   

  	

  Name:

  	

  Gordon Cook

  
	

   

  	

   

  	

  Its:

  	

  Senior Vice President

  & Portfolio Manager

  
					

 

	

   

  	

  THE ING CAPITAL SENIOR

  SECURED HIGH INCOME FUND, L.P., as a Lender

  
	

   

  	

  By:

  	

  ING Capital Advisors

  LLC,  as Investment Manager

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Gordon

  Cook

  
	

   

  	

   

  	

  Name:

  	

  Gordon Cook

  
	

   

  	

   

  	

  Its:

  	

  Senior Vice President

  & Portfolio Manager

  
					

 

	

   

  	

  SEQUILS-ING I (HBDGM),

  LTD., as a Lender

  
	

   

  	

  By:

  	

  ING Capital Advisors

  LLC,  as Collateral Manager

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Gordon

  Cook

  
	

   

  	

   

  	

  Name:

  	

  Gordon Cook

  
	

   

  	

   

  	

  Its:

  	

  Senior Vice President

  & Portfolio Manager

  
					

 

 

 

	

   

  	

  AXP BOND FUND, INC., as

  a Lender

  
	

   

  	

  By:

  	

  American Express

  Financial Advisors

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Timothy

  J. Masek

  
	

   

  	

   

  	

  Name:

  	

  Timothy J. Masek

  
	

   

  	

   

  	

  Its:

  	

  Assistant Vice

  President 

  
					

 

	

   

  	

  AXP VARIABLE PORTFOLIO

  - BOND FUND, A SERIES OF AXP 

  
	

   

  	

  VARIABLE PORTFOLIO

  INCOME SERIES, INC., as a Lender

  
	

   

  	

  By:

  	

  American Express

  Financial Advisors

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

   /s/Timothy J. Masek

  
	

   

  	

   

  	

  Name:

  	

  Timothy J. Masek

  
	

   

  	

   

  	

  Its:

  	

  Assistant Vice

  President, AXP Variable

  
	

   

  	

   

  	

   

  	

  Portfolio Income

  Series, Inc.

  
					

 

	

   

  	

  AXP VARIABLE PORTFOLIO

  — EXTRA INCOME FUND, A 

  
	

   

  	

  SERIES OF AXP VARIABLE

  PORTFOLIO INCOME SERIES, INC., as a Lender

  
	

   

  	

  By:

  	

  American Express

  Financial Advisors

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Timothy

  J. Masek

  
	

   

  	

   

  	

  Name:

  	

  Timothy J. Masek

  
	

   

  	

   

  	

  Its:

  	

  Assistant Vice

  President, AXP Variable

  
	

   

  	

   

  	

   

  	

  Portfolio Income

  Series, Inc.

  
					

 

	

   

  	

  HIGH YIELD PORTFOLIO, A

  SERIES OF INCOME TRUST, as a Lender

  
	

   

  	

  By:

  	

  American Express

  Financial Advisors

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Timothy

  J. Masek

  
	

   

  	

   

  	

  Name:

  	

  Timothy J. Masek

  
	

   

  	

   

  	

  Its:

  	

  Assistant Vice

  President, Income Trust

  
					

 

 

 

	

   

  	

  BANK OF AMERICA, N.A.,

  as a Lender and as a Swing Line Lender

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Richard

  M. Peck

  
	

   

  	

   

  	

  Name:

  	

  Richard M. Peck

  
	

   

  	

   

  	

  Its:

  	

  Vice President

  
					

 

	

   

  	

  THE BANK OF NOVA

  SCOTIA, NEW YORK AGENCY as a Lender

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Stephen

  C. Levi

  
	

   

  	

   

  	

  Name:

  	

  Stephen C. Levi

  
	

   

  	

   

  	

  Its:

  	

  Authorized Signatory

  
					

 

	

   

  	

  BLUE SQUARE FUNDING

  LIMITED SERIES 3, as a Lender

  
	

   

  	

  Blue Square Funding Series

  3

  
	

   

  	

  By:

  	

  Bankers Trust Company,

  as Trustee

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Susan

  Anderson

  
	

   

  	

   

  	

  Name:

  	

  Susan Anderson

  
	

   

  	

   

  	

  Its:

  	

  Assistant Vice

  President

  
					

 

	

   

  	

  BNP PARIBAS, as a

  Lender

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Gregg

  Bonardi

  
	

   

  	

   

  	

  Name:

  	

  Gregg Bonardi

  
	

   

  	

   

  	

  Its:

  	

  Director Media &

  Telecom Finance

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Serge

  Desrayaud

  
	

   

  	

   

  	

  Name:

  	

  Serge Desrayaud

  
	

   

  	

   

  	

  Its:

  	

  Head of Asset

  Management Media & Telecom Finance

  
					

 

 

 

	

   

  	

  CAPTIVA II FINANCE

  LTD., as a Lender

  
	

   

  	

  By:

  	

  TCW Advisors, Inc., as

  its Collateral Manager

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

   

  
	

   

  	

   

  	

  Name:

  	

   

  
	

   

  	

   

  	

  Its:

  	

   

  
					

 

	

   

  	

  SEQUILS IV, LTD., as a

  Lender

  
	

   

  	

  By:

  	

  TCW

  Advisors, Inc., as its Collateral Manager

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Mark

  L. Gold

  
	

   

  	

   

  	

  Name:

  	

  Mark L. Gold

  
	

   

  	

   

  	

  Its:

  	

  Managing Director

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/William

  Brennan

  
	

   

  	

   

  	

  Name:

  	

  William Brennan

  
	

   

  	

   

  	

  Its:

  	

  Vice President

  
					

 

	

   

  	

  CENTURION CDO II, LTD.,

  as a Lender

  
	

   

  	

  By:

  	

  American Express Asset

  Management Group, Inc.,

  
	

   

  	

   

  	

  As Collateral Manager

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Michael

  M. Leyland

  
	

   

  	

   

  	

  Name:

  	

  Michael M. Leyland

  
	

   

  	

   

  	

  Its:

  	

  Managing Director

  
					

 

	

   

  	

  CENTURION CDO III,

  LTD., as a Lender

  
	

   

  	

  By:

  	

  American Express Asset

  Management Group, Inc.,

  
	

   

  	

   

  	

  As Collateral Manager

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

  /s/Michael

  M. Leyland

  
	

   

  	

   

  	

  Name:

  	

  Michael M. Leyland

  
	

   

  	

   

  	

  Its:

  	

  Managing Director

  
					

 

	

   

  	

  SEQUILS-CENTURION V,

  LTD., as a Lender

  
	

   

  	

  By:

  	

  American Express Asset

  Management Group, Inc.,

  
	

   

  	

   

  	

  As Collateral Manager

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

  /s/Michael

  M. Leyland

  
	

   

  	

   

  	

  Name:

  	

  Michael M. Leyland

  
	

   

  	

   

  	

  Its:

  	

  Managing Director

  
					

 

 

 

	

   

  	

  THE CIT GROUP /

  EQUIPMENT FINANCING, INC., as a Lender

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

  /s/Steven

  Reedy

  
	

   

  	

   

  	

  Name:

  	

  Steven Reedy

  
	

   

  	

   

  	

  Its:

  	

  Vice President

  
					

 

	

   

  	

  CITIZENS BANK OF

  MASSACHUSETTS, as a Lender

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

  /s/Hamilton

  H. Wood, Jr.

  
	

   

  	

   

  	

  Name:

  	

  Hamilton H. Wood, Jr.

  
	

   

  	

   

  	

  Its:

  	

  Senior Vice President

  
					

 

	

   

  	

  CITY NATIONAL BANK, as

  a Lender

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

  /s/Aaron

  Cohen

  
	

   

  	

   

  	

  Name:

  	

  Aaron Cohen

  
	

   

  	

   

  	

  Its:

  	

  Vice President

  
					

 

	

   

  	

  COBANK, ACB, as a

  Lender

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

  /s/Teresa

  L. Fountain

  
	

   

  	

   

  	

  Name:

  	

  Teresa L. Fountain

  
	

   

  	

   

  	

  Its:

  	

  Assistant Corporate

  Secretary

  
					

 

 

 

	

   

  	

  COLUMBUS LOAN FUNDING

  LTD., as a Lender

  
	

   

  	

  By:

  	

  Travelers Asset

  Management International Company LLC

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/William

  M. Gardner

  
	

   

  	

   

  	

  Name:

  	

  William M. Gardner

  
	

   

  	

   

  	

  Its:

  	

  Assistant Investment

  Officer

  
					

 

	

   

  	

  THE TRAVELERS INSURANCE

  COMPANY, as a Lender

  
	

   

  	

  By:

  	

  Travelers Asset

  Management International Company LLC

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/William

  M. Gardner

  
	

   

  	

   

  	

  Name:

  	

  William M. Gardner

  
	

   

  	

   

  	

  Its:

  	

  Assistant Investment

  Officer

  
					

 

	

   

  	

  TRAVELERS CORPORATE

  LOAN FUND INC., as a Lender

  
	

   

  	

  By:

  	

  Travelers Asset

  Management International Company LLC

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/William

  M. Gardner

  
	

   

  	

   

  	

  Name:

  	

  William M. Gardner

  
	

   

  	

   

  	

  Its:

  	

  Assistant Investment

  Officer

  
					

 

	

   

  	

  COOPERATIEVE CENTRALE

  RAIFFEISEN-BOERENLEENBANK  B.A.,

  “RABOBANK NEDERLAND”, NEW YORK BRANCH, as a Lender

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Michael

  R. Phelan

  
	

   

  	

   

  	

  Name:

  	

  Michael R. Phelan

  
	

   

  	

   

  	

  Its:

  	

  Executive Director

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/James

  S. Cunningham

  
	

   

  	

   

  	

  Name:

  	

  James S. Cunningham

  
	

   

  	

   

  	

  Its:

  	

  Managing Director

  
	

   

  	

   

  	

   

  	

  Chief Risk Officer

  
					

 

 

 

	

   

  	

  CREDIT AGRICOLE

  INDOSUEZ, as a Lender

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/John

  McCloskey

  
	

   

  	

   

  	

  Name:

  	

  John McCloskey

  
	

   

  	

   

  	

  Its:

  	

  FVP

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Gary

  Geller

  
	

   

  	

   

  	

  Name:

  	

  Gary Geller

  
	

   

  	

   

  	

  Its:

  	

  FVP

  
					

 

	

   

  	

  CYPRESSTREE INVESTMENT

  PARTNERS I, LTD., as a Lender

  
	

   

  	

  By:

  	

  Travelers Asset

  Management International Company LLC

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Jonathan

  D. Sharkey

  
	

   

  	

   

  	

  Name:

  	

  Jonathan D. Sharkey

  
	

   

  	

   

  	

  Its:

  	

  Principal

  
					

 

	

   

  	

  NORTH AMERICAN SENIOR

  FLOATING RATE FUND, as a Lender

  
	

   

  	

  By:

  	

  CypressTree

  Investment Management Company, Inc.

  
	

   

  	

   

  	

  as

  Portfolio Manager

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Christopher

  A. Bondy

  
	

   

  	

   

  	

  Name:

  	

  Christopher A. Bondy

  
	

   

  	

   

  	

  Its:

  	

  Partner

  
					

 

	

   

  	

  THE DAI-ICHI

  KANGYO BANK, LTD., NEW YORK BRANCH, as a Lender

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Yudesh

  Sohan

  
	

   

  	

   

  	

  Name:

  	

  Yudesh Sohan

  
	

   

  	

   

  	

  Its:

  	

  Credit Officer

  
					

 

 

 

	

   

  	

  DEBT STRATEGIES FUND, INC., as a Lender

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Joseph

  Matteo

  
	

   

  	

   

  	

  Name:

  	

  Joseph Matteo

  
	

   

  	

   

  	

  Its:

  	

  Authorized Signatory

  
					

 

	

   

  	

  MASTER SENIOR

  FLOATING RATE TRUST, as a Lender

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Joseph

  Matteo

  
	

   

  	

   

  	

  Name:

  	

  Joseph Matteo

  
	

   

  	

   

  	

  Its:

  	

  Authorized Signatory

  
					

 

	

   

  	

  MERRILL LYNCH

  SENIOR FLOATING RATE FUND, INC., as a Lender

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Joseph

  Matteo

  
	

   

  	

   

  	

  Name:

  	

  Joseph Matteo

  
	

   

  	

   

  	

  Its:

  	

  Authorized Signatory

  
					

 

	

   

  	

  DEXIA CREDIT

  LOCAL DE FRANCE – NEW YORK AGENCY, as a Lender

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

   

  
	

   

  	

   

  	

  Name:

  	

   

  
	

   

  	

   

  	

  Its:

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

   

  
	

   

  	

   

  	

  Name:

  	

   

  
	

   

  	

   

  	

  Its:

  	

   

  
					

 

 

 

	

   

  	

  EATON VANCE CDO III,

  LTD., as a Lender

  
	

   

  	

  By:

  	

  Eaton Vance Management,

  
	

   

  	

   

  	

  as Investment Advisor

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Payson

  F. Swaffield

  
	

   

  	

   

  	

  Name:

  	

  Payson F. Swaffield

  
	

   

  	

   

  	

  Its:

  	

  Vice President

  
					

 

	

   

  	

  EATON VANCE

  INSTITUTIONAL SENIOR LOAN FUND, as a Lender

  
	

   

  	

  By:

  	

  Eaton Vance Management,

  
	

   

  	

   

  	

  as Investment Advisor

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Payson

  F. Swaffield

  
	

   

  	

   

  	

  Name:

  	

  Payson F. Swaffield

  
	

   

  	

   

  	

  Its:

  	

  Vice President

  
					

 

	

   

  	

  EATON VANCE SENIOR

  INCOME TRUST, as a Lender

  
	

   

  	

  By:

  	

  Eaton Vance Management,

  
	

   

  	

   

  	

  as Investment Advisor

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Payson

  F. Swaffield

  
	

   

  	

   

  	

  Name:

  	

  Payson F. Swaffield

  
	

   

  	

   

  	

  Its:

  	

  Vice President

  
	

   

  
	

   

  	

  GRAYSON & CO, as a

  Lender

  
	

   

  	

  By:

  	

  Boston Management and

  Research,

  
	

   

  	

   

  	

  as Investment Advisor

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Payson

  F. Swaffield

  
	

   

  	

   

  	

  Name:

  	

  Payson F. Swaffield

  
	

   

  	

   

  	

  Its:

  	

  Vice President

  
					

 

 

 

	

   

  	

  OXFORD STRATEGIC INCOME

  FUND, as a Lender

  
	

   

  	

  By:

  	

  Eaton Vance Management,

  
	

   

  	

   

  	

  as Investment Advisor

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Payson

  F. Swaffield

  
	

   

  	

   

  	

  Name:

  	

  Payson F. Swaffield

  
	

   

  	

   

  	

  Its:

  	

  Vice President

  

 

	

   

  	

   

  
	

   

  	

  By:

  	

  SENIOR DEBT PORTFOLIO,

  as a Lender

  
	

   

  	

   

  	

  as Investment Advisor

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Payson

  F. Swaffield

  
	

   

  	

   

  	

  Name:

  	

  Payson F. Swaffield

  
	

   

  	

   

  	

  Its:

  	

  Vice President

  
					

 

	

   

  	

  ELF FUNDING TRUST I, as

  a Lender

  
	

   

  	

  By:

  	

  Highland Capital

  Management, L.P.

  
	

   

  	

   

  	

  as Collateral Manager

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Louis

  Loven

  
	

   

  	

   

  	

  Name:

  	

  Louis Loven

  
	

   

  	

   

  	

  Its:

  	

  Executive Vice

  President - CFO

  
	

   

  	

   

  	

   

  	

  Highland Capital

  Management, L.P.

  
					

 

	

   

  	

  HIGHLAND LEGACY

  LIMITED, as a Lender

  
	

   

  	

  By:

  	

  Highland Capital

  Management, L.P.

  
	

   

  	

   

  	

  as Collateral Manager

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Louis

  Loven

  
	

   

  	

   

  	

  Name:

  	

  Louis Loven

  
	

   

  	

   

  	

  Its:

  	

  Executive Vice

  President - CFO

  
	

   

  	

   

  	

   

  	

  Highland Capital

  Management, L.P.

  
					

 

	

   

  	

  HIGHLAND LOAN FUNDING

  V, LTD., as a Lender

  
	

   

  	

  By:

  	

  Highland Capital

  Management, L.P.

  
	

   

  	

   

  	

  as Collateral Manager

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Louis

  Loven

  
	

   

  	

   

  	

  Name:

  	

  Louis Loven

  
	

   

  	

   

  	

  Its:

  	

  Executive Vice

  President - CFO

  
	

   

  	

   

  	

   

  	

  Highland Capital

  Management, L.P.

  
					

 

	

   

  	

  SL LOANS I LIMITED, as

  a Lender

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Louis

  Loven

  
	

   

  	

   

  	

  Name:

  	

  Louis Loven

  
	

   

  	

   

  	

  Its:

  	

  Executive Vice

  President - CFO

  
	

   

  	

   

  	

   

  	

  Highland Capital

  Management, L.P.

  
					

 

 

 

	

   

  	

  EMERALD ORCHARD

  LIMITED, as a Lender

  
	

   

  	

   

  	

   

  	

   

  	 

	

   

  	

   

  	

   

  	

   

  	 

	

   

  	

  By:

  	

   

  	

  /s/Susan

  K. Strong

  	 

	

   

  	

   

  	

  Name:

  	

  Susan K. Strong

  	 

	

   

  	

   

  	

  Its:

  	

  Attorney in Fact

  

 

	

   

  	

  FIRST UNION NATIONAL

  BANK, as a Lender

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Mark

  L. Cook

  
	

   

  	

   

  	

  Name:

  	

  Mark L. Cook

  
	

   

  	

   

  	

  Its:

  	

  Senior Vice President

  
					

 

	

   

  	

  FLEET NATIONAL BANK, as

  a Lender

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Ellery

  Willard

  
	

   

  	

   

  	

  Name:

  	

  Ellery (Tim)

  Willard

  
	

   

  	

   

  	

  Its:

  	

  Director

  
					

 

	

   

  	

  FLEET NATIONAL BANK

  
	

   

  	

  As Trust Administrator

  for Long Lane Master Trust IV, as a Lender

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Darcey F. Bartel

  
	

   

  	

   

  	

  Name:

  	

  Darcey F. Bartel

  
	

   

  	

   

  	

  Its:

  	

  VP

  
					

 

 

 

	

   

  	

  FRANKLIN FLOATING RATE

  TRUST, as a Lender

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Chauncey Lufkin

  
	

   

  	

   

  	

  Name:

  	

  Chauncey Lufkin

  
	

   

  	

   

  	

  Its:

  	

  Vice President

  
					

 

	

   

  	

  FRANKLIN CLO II, LTD.,

  as a Lender

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Chauncey Lufkin

  
	

   

  	

   

  	

  Name:

  	

  Chauncey Lufkin

  
	

   

  	

   

  	

  Its:

  	

  Vice President

  
					

 

	

   

  	

  GALAXY CLO 1999-1,

  LTD., as a Lender

  
	

   

  	

  By:

  	

  SAI Investment Adviser,

  Inc.

  
	

   

  	

   

  	

  its Collateral Manager

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

   /s/Thomas G. Brandt

  
	

   

  	

   

  	

  Name:

  	

  Thomas G. Brandt

  
	

   

  	

   

  	

  Its:

  	

  Vice President

  
					

 

	

   

  	

  GENERAL ELECTRIC

  CAPITAL CORPORATION, as a Lender

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Molly

  S. Fergusson

  
	

   

  	

   

  	

  Name:

  	

  Molly S. Fergusson

  
	

   

  	

   

  	

  Its:

  	

  Manager, Operations

  
					

 

 

 

	

   

  	

  THE GOVERNOR AND

  COMPANY OF THE BANK OF SCOTLAND, as a Lender

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Andrew

  Browning

  
	

   

  	

   

  	

  Name:

  	

  Andrew Browning

  
	

   

  	

   

  	

  Its:

  	

  Associate Director

  
					

 

	

   

  	

  Sankaty Advisors, LLC

  as Collateral Manager for

  
	

   

  	

  GREAT POINT CLO 1999-1

  LTD., as Term Lender

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Diane

  J. Exter

  
	

   

  	

   

  	

  Name:

  	

  Diane J. Exter

  
	

   

  	

   

  	

  Its:

  	

  Managing Director

  
	

   

  	

   

  	

   

  	

  Portfolio Manager

  
					

 

	

   

  	

  Sankaty Advisors, LLC

  as Collateral Manager for

  
	

   

  	

  RACE POINT CLO,

  LIMITED, as Term Lender

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Diane

  J. Exter

  
	

   

  	

   

  	

  Name:

  	

  Diane J. Exter

  
	

   

  	

   

  	

  Its:

  	

  Managing Director

  
	

   

  	

   

  	

   

  	

  Portfolio Manager

  
					

 

	

   

  	

  SANKATY HIGH YIELD

  PARTNERS II, L.P., as a Lender

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Diane

  J. Exter

  
	

   

  	

   

  	

  Name:

  	

  Diane J. Exter

  
	

   

  	

   

  	

  Its:

  	

  Managing Director

  
	

   

  	

   

  	

   

  	

  Portfolio Manager

  
					

 

 

 

	

   

  	

  HAMILTON CDO, LTD., as

  a Lender

  
	

   

  	

  By:

  	

  Stanfield Capital

  Partners, LLC

  
	

   

  	

  As its Collateral

  Manager

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Christopher

  A. Bondy

  
	

   

  	

   

  	

  Name:

  	

  Christopher A. Bondy

  
	

   

  	

   

  	

  Its:

  	

  Partner

  
					

 

	

   

  	

  KZH CRESCENT LLC, as a

  Lender

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Susan

  Lee

  
	

   

  	

   

  	

  Name:

  	

  Susan Lee

  
	

   

  	

   

  	

  Its:

  	

  Authorized Agent

  
					

 

	

   

  	

  KZH CRESCENT-2 LLC, as

  a Lender

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Susan

  Lee

  
	

   

  	

   

  	

  Name:

  	

  Susan Lee

  
	

   

  	

   

  	

  Its:

  	

  Authorized Agent

  
					

 

	

   

  	

  KZH CRESCENT-1LLC, as a

  Lender

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Susan

  Lee

  
	

   

  	

   

  	

  Name:

  	

  Susan Lee

  
	

   

  	

   

  	

  Its:

  	

  Authorized Agent

  
					

 

	

   

  	

  KZH HIGHLAND-2 LLC, as

  a Lender

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Susan

  Lee

  
	

   

  	

   

  	

  Name:

  	

  Susan Lee

  
	

   

  	

   

  	

  Its:

  	

  Authorized Agent

  
					

 

 

 

	

   

  	

  KZH ING-1 LLC, as a

  Lender

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Susan

  Lee

  
	

   

  	

   

  	

  Name:

  	

  Susan Lee

  
	

   

  	

   

  	

  Its:

  	

  Authorized Agent

  
					

 

	

   

  	

  KZH ING-2 LLC, as a

  Lender

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Susan

  Lee

  
	

   

  	

   

  	

  Name:

  	

  Susan Lee

  
	

   

  	

   

  	

  Its:

  	

  Authorized Agent

  
					

 

	

   

  	

  KZH ING-3 LLC, as a

  Lender

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Susan

  Lee

  
	

   

  	

   

  	

  Name:

  	

  Susan Lee

  
	

   

  	

   

  	

  Its:

  	

  Authorized Agent

  
					

 

	

   

  	

  KZH PAMCO LLC, as a

  Lender

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Susan

  Lee

  
	

   

  	

   

  	

  Name:

  	

  Susan Lee

  
	

   

  	

   

  	

  Its:

  	

  Authorized Agent

  
					

 

	

   

  	

  KZH RIVERSIDE LLC, as a

  Lender

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Susan

  Lee

  
	

   

  	

   

  	

  Name:

  	

  Susan Lee

  
	

   

  	

   

  	

  Its:

  	

  Authorized Agent

  
					

 

 

 

	

   

  	

  KZH SOLEIL LLC, as a

  Lender

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Susan

  Lee

  
	

   

  	

   

  	

  Name:

  	

  Susan Lee

  
	

   

  	

   

  	

  Its:

  	

  Authorized Agent

  
					

 

	

   

  	

  KZH SOLEIL-2 LLC, as a

  Lender

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Susan

  Lee

  
	

   

  	

   

  	

  Name:

  	

  Susan Lee

  
	

   

  	

   

  	

  Its:

  	

  Authorized Agent

  
					

 

	

   

  	

  KZH STERLING LLC, as a

  Lender

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Susan

  Lee

  
	

   

  	

   

  	

  Name:

  	

  Susan Lee

  
	

   

  	

   

  	

  Its:

  	

  Authorized Agent

  
					

 

	

   

  	

  HARBOUR TOWN FUNDING

  TRUST, as a Lender

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Diana

  L. Mushill

  
	

   

  	

   

  	

  Name:

  	

  Diana L. Mushill

  
	

   

  	

   

  	

  Its:

  	

  Authorized Agent

  
					

 

 

 

	

   

  	

  MUIRFIELD TRADING LLC,

  as a Lender

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Diana

  L. Mushill

  
	

   

  	

   

  	

  Name:

  	

  Diana L. Mushill

  
	

   

  	

   

  	

  Its:

  	

  Asst. Vice President

  
					

 

	

   

  	

  OLYMPIC FUNDING TRUST,

  SERIES, 1999-1, as a Lender

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Diana

  L. Mushill

  
	

   

  	

   

  	

  Name:

  	

  Diana L. Mushill

  
	

   

  	

   

  	

  Its:

  	

  Authorized Agent

  
					

 

	

   

  	

  PPM SPYGLASS FUNDING

  TRUST, as a Lender

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Diana

  L. Mushill

  
	

   

  	

   

  	

  Name:

  	

  Diana L. Mushill

  
	

   

  	

   

  	

  Its:

  	

  Authorized Agent

  
					

 

	

   

  	

  SRF TRADING, INC., as a

  Lender

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Diana

  L. Mushill

  
	

   

  	

   

  	

  Name:

  	

  Diana L. Mushill

  
	

   

  	

   

  	

  Its:

  	

  Asst. Vice President

  
					

 

 

 

	

   

  	

  BANKNORTH, N.A., as a

  Lender

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Nicolas

  Caussade

  
	

   

  	

   

  	

  Name:

  	

  Nicolas Caussade

  
	

   

  	

   

  	

  Its:

  	

  A.C.

  
					

 

	

   

  	

  IBM CREDIT CORPORATION,

  as a Lender

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Thomas

  S. Curcio

  
	

   

  	

   

  	

  Name:

  	

  Thomas S. Curcio

  
	

   

  	

   

  	

  Its:

  	

  Manager of Credit

  
					

 

	

   

  	

  INNER HARBOR CBO 2001-1

  LTD., as a Lender

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

   

  
	

   

  	

   

  	

  Name:

  	

   

  
	

   

  	

   

  	

  Its:

  	

   

  
					

 

	

   

  	

  KEMPER FLOATING RATE

  FUND, as a Lender

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Kenneth

  Weber

  
	

   

  	

   

  	

  Name:

  	

  Kenneth

  Weber

  
	

   

  	

   

  	

  Its:

  	

  Sr.

  Vice President

  
					

 

 

 

	

   

  	

  KEY CORPORATE CAPITAL,

  INC., as a Lender

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

   /s/Chris Swindell

  
	

   

  	

   

  	

  Name:

  	

  Chris Swindell

  
	

   

  	

   

  	

  Its:

  	

  SVP

  
					

 

	

   

  	

  LANDMARK CDO LIMITED,

  as a Lender

  
	

   

  	

  By:

  	

  Aladdin Asset Management

  LLC, As Advisor

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

   

  
	

   

  	

   

  	

  Name:

  	

   

  
	

   

  	

   

  	

  Its:

  	

   

  
					

 

	

   

   

  	

  LIBERTY-STEIN ROE

  ADVISOR FLOATING RATE ADVANTAGE FUND, as a Lender

  
	

   

  	

  By:

  	

  Stein Roe & Farnham

  Incorporated, As Advisor

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/James R. Fellows

  
	

   

  	

   

  	

  Name:

  	

  James R. Fellows

  
	

   

  	

   

  	

  Its:

  	

  Sr. Vice

  President & Portfolio Manager

  
					

 

	

   

  	

  STEIN ROE & FARNHAM

  INCORPORATED, as a Lender

  
	

   

  	

  as agent for Keyport

  Life Insurance Company

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/James

  R. Fellows

  
	

   

  	

   

  	

  Name:

  	

  James R. Fellows

  
	

   

  	

   

  	

  Its:

  	

  Sr. Vice

  President & Portfolio Manager

  
					

 

 

 

	

   

  	

  STEIN ROE FLOATING RATE

  LIMITED LIABILITY COMPANY, as a Lender

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

  /s/James

  R. Fellows

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

  Name:

  	

  James R. Fellows

  
	

   

  	

   

  	

  Its:

  	

  Sr. Vice

  President & Portfolio Manager

  
	

   

  	

   

  	

  Stein Roe &

  Farnham Incorporated, as Advisor

  
	

   

  	

   

  	

  to the Stein Roe

  Floating Rate Limited Liability Company

  
					

 

	

   

  	

  MERITA BANK PLC, NEW

  YORK BRANCH, as a Lender

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Gerald

  E. Chelius, Jr.

  
	

   

  	

   

  	

  Name:

  	

  Gerald E.

  Chelius, Jr.

  
	

   

  	

   

  	

  Its:

  	

  Senior Vice

  President - Credit

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/Joseph

  A. Ciccolini

  
	

   

  	

   

  	

  Name:

  	

  Joseph A.

  Ciccolini

  
	

   

  	

   

  	

  Its:

  	

  Vice President

  –- Structured Finance

  
	

   

  	

   

  	

   

  	

   

  
					

 

	

   

  	

  MERRILL LYNCH, PIERCE,

  FENNER & SMITH INCORPORATED, as a Lender

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/John

  Servin

  
	

   

  	

   

  	

  Name:

  	

  John Servin

  
	

   

  	

   

  	

  Its:

  	

  Vice President

  
					

 

	

   

  	

  METROPOLITAN LIFE

  INSURANCE COMPANY, as a Lender

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/James

  R. Dingler

  
	

   

  	

   

  	

  Name:

  	

  James R. Dingler

  
	

   

  	

   

  	

  Its:

  	

  Director

  
					

 

 

 

	

   

  	

  ML CLO XV PILGRIM

  AMERICA (CAYMAN) LTD.

  
	

   

  	

  By:

  	

  ING Pilgrim

  Investments, LLC as its investment manager

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

   

  
	

   

  	

   

  	

  Name:

  	

   

  
	

   

  	

   

  	

  Its:

  	

   

  
					

 

	

   

  	

  PILGRIM CLO 1999-1 LTD.

  
	

   

  	

  By:

  	

  ING Pilgrim

  Investments, LLC as its investment manager

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

   

  
	

   

  	

   

  	

  Name:

  	

   

  
	

   

  	

   

  	

  Its:

  	

   

  
					

 

	

   

  	

  PILGRIM PRIME RATE

  TRUST

  
	

   

  	

  By:

  	

  ING Pilgrim

  Investments, LLC as its investment manager

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

   

  
	

   

  	

   

  	

  Name:

  	

   

  
	

   

  	

   

  	

  Its:

  	

   

  
					

 

	

   

  	

  MORGAN STANLEY DEAN

  WITTER PRIME INCOME TRUST, as a Lender

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/Sheila A. Finnerty

  
	

   

  	

   

  	

  Name:

  	

  Sheila A. Finnerty

  
	

   

  	

   

  	

  Its:

  	

  Executive Director

  
					

 

 

 

	

   

  	

  NATIONAL CITY BANK, as

  a Lender

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/Jon W. Peterson

  
	

   

  	

   

  	

  Name:

  	

  Jon W. Peterson

  
	

   

  	

   

  	

  Its:

  	

  Senior Vice President

  
					

 

	

   

  	

  OCTAGON INVESTMENT

  PARTNERS II, LLC, as a Lender

  
	

   

  	

  By:

  	

  Octagon Credit

  Investors, LLC as sub-investment manager

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/Andrew D. Gordon

  
	

   

  	

   

  	

  Name:

  	

  Andrew D. Gordon

  
	

   

  	

   

  	

  Its:

  	

  Portfolio Manager

  
					

 

	

   

  	

  PNC BANK, NATIONAL

  ASSOCIATION, as a Lender

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/Steven J. McGehrin

  
	

   

  	

   

  	

  Name:

  	

  Steven J. McGehrin

  
	

   

  	

   

  	

  Its:

  	

  Vice President

  
					

 

	

   

  	

  PUTNAM DIVERSIFIED

  INCOME TRUST, as a Lender

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/John R. Verani

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

  Name:

  	

  John R. Verani

  
	

   

  	

   

  	

  Its:

  	

  V.P.

  
					

 

 

 

	

   

  	

  PUTNAM FUNDS TRUST -

  PUTMAN HIGH YIELD TRUST II, as a Lender

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/John R. Verani

  
	

   

  	

   

  	

  Name:

  	

  John R. Verani

  
	

   

  	

   

  	

  Its:

  	

  V.P.

  
					

 

	

   

  	

  PUTNAM HIGH YIELD

  ADVANTAGE FUND, as a Lender

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/John R. Verani

  
	

   

  	

   

  	

  Name:

  	

  John R. Verani

  
	

   

  	

   

  	

  Its:

  	

  V.P.

  
					

 

	

   

  	

  PUTNAM HIGH YIELD

  TRUST, as a Lender

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/John R. Verani

  
	

   

  	

   

  	

  Name:

  	

  John R. Verani

  
	

   

  	

   

  	

  Its:

  	

  V.P.

  
					

 

	

   

  	

  PUTNAM MASTER INCOME

  TRUST, as a Lender

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/John R. Verani

  
	

   

  	

   

  	

  Name:

  	

  John R. Verani

  
	

   

  	

   

  	

  Its:

  	

  V.P.

  
					

 

 

 

	

   

  	

  PUTNAM MASTER

  INTERMEDIATE INCOME TRUST, as a Lender

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/John R. Verani

  
	

   

  	

   

  	

  Name:

  	

  John R. Verani

  
	

   

  	

   

  	

  Its:

  	

  V.P.

  
					

 

	

   

  	

  PUTNAM PREMIER INCOME

  TRUST, as a Lender

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/John R. Verani

  
	

   

  	

   

  	

  Name:

  	

  John R. Verani

  
	

   

  	

   

  	

  Its:

  	

  V.P.

  
					

 

	

   

  	

  PUTNAM STRATEGIC INCOME

  FUND, as a Lender

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/John R. Verani

  
	

   

  	

   

  	

  Name:

  	

  John R. Verani

  
	

   

  	

   

  	

  Its:

  	

  V.P.

  
					

 

	

   

  	

  PUTNAM VARIABLE TRUST –

  PVT DIVERSIFIED INCOME FUND, as a Lender

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/John R. Verani

  
	

   

  	

   

  	

  Name:

  	

  John R. Verani

  
	

   

  	

   

  	

  Its:

  	

  V.P.

  
					

 

 

	

   

  	

  TRAVELERS SERIES FUND,

  INC. — PUTNAM DIVERSIFIED INCOME PORTFOLIO, as a Lender

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/John R. Verani

  
	

   

  	

   

  	

  Name:

  	

  John R. Verani

  
	

   

  	

   

  	

  Its:

  	

  V.P.

  
					

 

 

 

	

   

  	

  ROSEMONT CLO, LTD., as

  a Lender

  
	

   

  	

  By:

  	

  Deerfield Capital

  Management, L.L.C.

  
	

   

  	

   

  	

  as its Collateral

  Manager

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/Mark E. Wittnebel

  
	

   

  	

   

  	

  Name:

  	

  Mark E. Wittnebel

  
	

   

  	

   

  	

  Its:

  	

  Sr. Vice President

  
					

 

	

   

  	

  SEQUILS-CUMBERLAND I,

  LTD., as a Lender

  
	

   

  	

  By:

  	

  Deerfield Capital

  Management, L.L.C.

  
	

   

  	

   

  	

  as its Collateral

  Manager

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

   /s/Mark E.

  Wittnebel

  
	

   

  	

   

  	

  Name:

  	

  Mark E. Wittnebel

  
	

   

  	

   

  	

  Its:

  	

  Sr. Vice President

  
					

 

	

   

  	

  STANFIELD ARBITRAGE

  CDO, LTD., as a Lender

  
	

   

  	

  By:

  	

  Stanfield Capital

  Partners LLC

  
	

   

  	

   

  	

  as its Collateral

  Manager

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/Christopher A. Bondy

  
	

   

  	

   

  	

  Name:

  	

  Christopher A. Bondy

  
	

   

  	

   

  	

  Its:

  	

  Partner

  
					

 

	

   

  	

  STANFIELD CLO, LTD., as

  a Lender

  
	

   

  	

  By:

  	

  Stanfield Capital

  Partners LLC

  
	

   

  	

   

  	

  as its Collateral

  Manager

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/Christopher A. Bondy

  
	

   

  	

   

  	

  Name:

  	

  Christopher A. Bondy

  
	

   

  	

   

  	

  Its:

  	

  Partner

  
					

 

	

   

  	

  STANFIELD / RMF

  TRANSATLANTIC CDO, LTD., as a Lender

  
	

   

  	

  By:

  	

  Stanfield Capital

  Partners LLC

  
	

   

  	

   

  	

  as its Collateral

  Manager

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/Christopher A. Bondy

  
	

   

  	

   

  	

  Name:

  	

  Christopher A. Bondy

  
	

   

  	

   

  	

  Its:

  	

  Partner

  
					

 

	

   

  	

  WINDSOR LOAN FUNDING,

  LIMITED, as a Lender

  
	

   

  	

  By:

  	

  Stanfield Capital

  Partners LLC

  
	

   

  	

   

  	

  as its Collateral

  Manager

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/Christopher A. Bondy

  
	

   

  	

   

  	

  Name:

  	

  Christopher A. Bondy

  
	

   

  	

   

  	

  Its:

  	

  Partner

  
					

 

 

 

	

   

  	

  SUNTRUST BANK, as a

  Lender

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/Thomas C. King, Jr.

  
	

   

  	

   

  	

  Name:

  	

  Thomas C. King, Jr.

  
	

   

  	

   

  	

  Its:

  	

  Vice President

  
					

 

	

   

  	

  TRYON CLO LTD. 2000-1,

  as a Lender

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/Adrienne Musgnug

  
	

   

  	

   

  	

  Name:

  	

  Adrienne

  Musgnug

  
	

   

  	

   

  	

  Its:

  	

  Director

  
					

 

	

   

  	

  UNION BANK OF

  CALIFORNIA, N.A., as a Lender

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/Stender E. Sweeney

  
	

   

  	

   

  	

  Name:

  	

  Stender E. Sweeney II

  
	

   

  	

   

  	

  Its:

  	

  Vice President

  
					

 

	

   

  	

  VAN KAMPEN PRIME RATE

  INCOME TRUST, as a Lender

  
	

   

  	

  By:

  	

  Van Kampen Investment

  Advisory Corp.

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/Darvin D. Pierce

  
	

   

  	

   

  	

  Name:

  	

  Darvin D. Pierce

  
	

   

  	

   

  	

  Its:

  	

  Executive Director

  
					

 

 

 

	

   

  	

  WEBSTER BANK, as a Lender

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

   /s/Elisabeth

  V. Piker

  
	

   

  	

   

  	

  Name:

  	

  Elisabeth V. Piker

  
	

   

  	

   

  	

  Its:

  	

  Vice President

  
					

 

	

   

  	

  WELLS FARGO BANK, N.A.,

  as a Lender

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/Tracy L. Moosbrugger

  
	

   

  	

   

  	

  Name:

  	

  Tracy L. Moosbrugger

  
	

   

  	

   

  	

  Its:

  	

  Vice President

  
					

 

	

   

  	

  PIMCO PRIVATE HIGH

  YIELD PORTFOLIO (ACCOUNT 706), as a Lender

  
	

   

  	

  By:

  	

   Pacific Investment Management Company, LLC,

  
	

   

  	

   

  	

  as its Investment

  Advisor, acting through Investors

  
	

   

  	

   

  	

  Fiduciary Trust Company

  in the Nominee Name of IFTCO

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

   

  
	

   

  	

   

  	

  Name:

  	

   

  
	

   

  	

   

  	

  Its:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00035-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00035-of-00352.parquet"}]]