Document:

Charter Communications, Inc. Exhibit 10.19

 

EXHIBIT 10.19

April 12, 2002

Paul G. Allen

c/o William D. Savoy @ Vulcan Inc.

505 Fifth Avenue South, Suite 900

Seattle, Washington 98104

	          	
	 	     Re: Charter Put

     Reference is hereby made to (i) the Put Agreement (“TCI Bresnan Put
Agreement”), dated as of February 14, 2000, by and between Paul G Allen, an
individual (“Allen”), and TCI Bresnan LLC, a Delaware limited liability company
(“TCI Bresnan”), and (ii) the Put Agreement (“TCID Michigan Put Agreement” and
together with the TCI Bresnan Put Agreement, the “AT&T Put Agreements”), dated
as of February 14, 2000 by and between Allen and TCID of Michigan, Inc., a
Nevada corporation (“TCID Michigan” and together with TCI Bresnan, the “AT&T
Holders”)

     1. Introduction. This letter agreement confirms our understanding with
respect to certain matters relating to the Put Options of the AT&T Holders.
This letter agreement will be binding when signed by Allen and the AT&T
Holders. Capitalized terms used herein and not otherwise defined herein shall
have the meaning assigned thereto in the AT&T Put Agreements.

     2. Notice with respect to the Put Options. In accordance with Section 2 of
each of the AT&T Put Agreements, the AT&T Holders have delivered written notice
of their intent to exercise the Put Options to sell to Allen or his designee,
all of the AT&T Holders’ Put Units.

     3. Closing. The AT&T Holders and Allen hereby agree that the Closing shall
take place on April 14, 2003 (the “Closing Date”) pursuant to Section 3.4 of
the AT&T Put Agreements, unless the parties hereto have entered into a
definitive written agreement setting forth the terms of an Alternative
Settlement (as defined in the next paragraph) prior to such date. Each party
hereto agrees that they will not assert any right of setoff or any defense to
the Closing of the Put Options, including, without limitation, that the other
party or parties hereto did not negotiate in good faith or that the Put Options
were not properly exercised.

     4. Alternative Settlement. After the date hereof and until the Closing,
the parties hereto shall negotiate in good faith possible alternatives to the
Closing (the “Alternative Settlement”).

     5. Miscellaneous. The Miscellaneous provisions of the Put Agreements
(Section 8) shall apply to and be incorporated into this letter agreement.
Allen and the AT&T Holders will consult with each other in issuing any press
release or otherwise making public statements with respect to the transactions
contemplated by this letter agreement; provided, however, Allen, the AT&T
Holders and AT&T Corp. shall be permitted, without advance

-14-

 

consultation, to file such reports and make such disclosures which their
counsel advise are required pursuant to the securities laws.

     If the foregoing reflects our agreement, please sign and return the
duplicate copy of this letter agreement to the undersigned.

	 	 	 
	 	 	
Sincerely,
	 
	 	 	
TCI Bresnan LLC
	 
	 	 	
By:
	 
	 	 	
By: /s/ Michael P. Huseby
	 	 	

	 	 	
Name: Michael P. Huseby

Title: Vice President
	 
	 	 	
TCID of Michigan, Inc.
	 
	 	 	
By: /s/ Michael P. Huseby
	 	 	

	 	 	
Name: Michael P. Huseby

Title: Vice President
	 
	Acknowledge and Agreed to:	 	 
	 
	/s/ Paul G. Allen

Paul G. Allen	 	 

-15-<PAGE>
                                                                EXHIBIT T1A (iv)

                                     BY-LAWS
                                       of

                                  HSBC BANK USA

                                    ARTICLE I

                             STOCKHOLDERS' MEETINGS

        Section 1.1   ANNUAL MEETING.

                      The annual meeting of the stockholders for the election of
directors and the transaction of such other business as may properly come before
the meeting shall be held in April each year at the office of the Bank, One HSBC
Center, City of Buffalo, State of New York.

        Section 1.2   SPECIAL MEETINGS.

                      Except as otherwise specifically provided by statute,
special meetings of the stockholders may be called for any purpose at any time
by the Board of Directors, the Chairman of the Board, the President, the Chief
Executive Officer or the Secretary at such place and time and on such day as may
be designated in the notice of meeting. Business transacted at all special
meetings of stockholders shall be confined to the purposes stated in the notice
of meeting.

        Section 1.3   QUORUM.

                      The holders of a majority of the stock issued and
outstanding, and entitled to vote thereat present in person or represented by
proxy, shall constitute a quorum at all meetings of stockholders, unless
otherwise provided by law.

        Section 1.4   VOTING.

               N..    At any meeting of the stockholders each stockholder may
                      vote in person or by proxy duly authorized in writing.
                      Each stockholder shall at every meeting of stockholders be
                      entitled to one vote for each share of stock held by such
                      stockholder. A majority of the votes cast shall decide
                      every question or matter submitted to the stockholders at
                      any meeting, unless otherwise provided by law or by the
                      Organization Certificate.

<PAGE>

               N..    Any action required to be taken at an annual or special
                      meeting of stockholders may be taken without a meeting by
                      written consent setting forth the action and signed by the
                      holders of all of outstanding shares entitled to vote
                      thereon.

        Section 1.5   NOTICE OF MEETING.

                      Written notice of each meeting of stockholders stating the
place, date and hour of the meeting and, in the case of a special meeting, the
purpose or purposes for which the meeting is called and the person or persons
calling the meeting, shall be delivered personally or shall be mailed postage
prepaid to each stockholder entitled to vote at such meeting, directed to the
stockholder at his or her address as it appears on the records of the Bank, not
less than ten or more than fifty days before the date of the meeting.

                                   ARTICLE II

                                    DIRECTORS

        Section 2.1   BOARD OF DIRECTORS.

                      The Board of Directors (the "Board") shall have power to
manage and administer the business and affairs of the Bank and, except as
expressly limited by law, all corporate powers of the Bank shall be vested in
and may be exercised by the Board unless such powers are required by statute,
the Organization Certificate or these By-Laws to be exercised by the
stockholders.

        Section 2.2   NUMBER AND TERM.

                      The Board shall consist of not less than seven or more
than thirty directors, the exact number within such minimum and maximum limits
to be fixed and determined from time to time by resolution of a majority of the
entire Board or by resolution of the stockholders at any meeting of
stockholders. Unless sooner removed or disqualified, each director shall hold
office until the next annual meeting of the stockholders and until the
director's successor has been elected and qualified.

        Section 2.3   ORGANIZATION MEETING.

                      At its first meeting after each annual meeting of
stockholders, the Board shall choose a Chairman of the Board, a President and a
Chief Executive Officer from its own members and otherwise organize the new
Board and appoint officers of the Bank for the succeeding year.

<PAGE>

        Section 2.4   CHAIRMAN OF THE BOARD.

                      The Chairman of the Board shall preside at all meetings of
the Board and of stockholders and perform such duties as shall be assigned from
time to time by the Board. In the absence of the Chairman of the Executive
Committee, the Chairman of the Board shall act as Chairman of the Executive
Committee. Except as may be otherwise provided by the By-Laws or the Board, the
Chairman of the Board shall be a member ex officio of all committees authorized
by these By-Laws or the Board. The Chairman of the Board shall be kept informed
by the executive officers about the affairs of the Bank.

        Section 2.5   REGULAR MEETINGS.

                      The regular meetings of the Board shall be held each month
at the time and location designated by the Board. No notice of a regular meeting
shall be required if the meeting is held according to a schedule of regular
meetings approved by the Board.

        Section 2.6   SPECIAL MEETINGS.

                      Special meetings of the Board may be called by the
Chairman of the Board, the President, the Chief Executive Officer or the
Secretary or at the written request of any three or more directors. Each member
of the Board shall be given notice stating the time and place of each such
special meeting by telegram, telephone or similar electronic means or in person
at least one day prior to such meeting, or by mail at least three days prior.

        Section 2.7   QUORUM.

                      One third of the entire Board shall constitute a quorum at
any meeting, except when otherwise provided by law. If a quorum is not present
at any meeting, a majority of the directors present may adjourn the meeting, and
the meeting may be held, as adjourned, without further notice provided that a
quorum is then present. The act of a majority of the directors present at any
meeting at which there is a quorum shall be the act of the Board, unless
otherwise specifically provided by statute, the Organization Certificate or
these By-Laws.

        Section 2.8   VACANCIES.

                      When any vacancy occurs among the directors, the remaining
members of the Board may appoint a director to fill each such vacancy at any
regular meeting of the Board or at a special meeting called for that purpose.
Any director so appointed shall hold office until the next annual meeting of the
stockholders and until the director's successor has been elected and qualified,
unless sooner displaced.

<PAGE>

        Section 2.9   REMOVAL OF DIRECTORS.

                      Any director may be removed either with or without cause,
at any time, by a vote of the holders of a majority of the shares of the Bank at
any meeting of stockholders called for that purpose. A director may be removed
for cause by vote of a majority of the entire Board.

        Section 2.10  COMPENSATION OF DIRECTORS.

                      The Board shall fix the amounts to be paid directors for
their services as directors and for their attendance at the meetings of the
Board or of committees or otherwise. No director who receives a salary from the
Bank shall receive any fee for attending meetings of the Board or of any of its
committees.

        Section 2.11  ACTION BY THE BOARD.

                      Except as otherwise provided by law, corporate action to
be taken by the Board shall mean such action at a meeting of the Board or the
Executive Committee of the Board. Any one or more members of the Board of any
committee may participate in a meeting of the Board or committee by means of a
conference telephone or similar communications equipment allowing all persons
participating in the meeting to hear each other at the same time. Participation
by such means shall constitute presence in person at a meeting.

        Section 2.12  WAIVER OF NOTICE.

                      Notice of a meeting need not be given to any director who
submits a signed waiver of notice before or after the meeting or who attends the
meeting without protesting the lack of such notice prior to or at the
commencement of the meeting.

        Section 2.13  ADVISORY AND REGIONAL BOARDS.

                      The Board, the Chairman of the Board, the President, the
Chief Executive Officer or any Regional President may establish Advisory Boards
or Regional Boards and committees thereof for any one or more of the Bank's
regions, offices, or departments and make or authorize appointments to be made
thereto. Appointees to such boards and committees need not be stockholders,
directors or officers of the Bank, and they shall have and perform only such
functions as may be assigned to them by, shall serve at the pleasure of, and
shall be compensated by fees fixed by the Board, the Chairman of the Board, the
President, the Chief Executive Officer or the Regional President making the
appointment.

<PAGE>

                                   ARTICLE III

                             COMMITTEES OF THE BOARD

        Section 3.1   EXECUTIVE COMMITTEE.

               N..    There shall be an Executive Committee which shall be
                      composed of at least five members elected by the Board
                      from among its members at its first meeting following the
                      annual meeting of stockholders to serve for the ensuing
                      year and shall include the Chairman of the Board, the
                      President, the Chief Executive Officer and the Chairman of
                      the Executive Committee, all of which offices may be held
                      by one person. The Chairman of the Board may appoint one
                      or more directors as alternate members to serve in place
                      of any absent members of the Executive Committee. Any
                      vacancy in the Executive Committee shall be filled by the
                      Board, but until its next regular Board meeting may be
                      filled temporarily by the Chairman of the Board.

               N..    The Executive Committee shall possess and exercise all of
                      the powers of the Board except (I) when the latter is in
                      session and (ii) as provided otherwise in the New York
                      Banking Law.

        Section 3.2   CHAIRMAN OF THE EXECUTIVE COMMITTEE.

                      The Board shall appoint one of its members to be Chairman
of the Executive Committee. The Chairman of the Board, the President or the
Chief Executive Officer may at the same time be appointed Chairman of the
Executive Committee. The Chairman of the Executive Committee shall preside at
all meetings of the Executive Committee, and the Chairman of the Executive
Committee shall, in the absence of the Chairman of the Board, the President and
the Chief Executive Officer, preside at all meetings of stockholders and the
Board. The Chairman of the Executive Committee shall also perform such other
duties and be vested with such other powers as may from time to time be
conferred upon him or her by these By-Laws or as shall be assigned to him or her
from time to time by the Board or the Chief Executive Officer.

        Section 3.3.  MEETINGS OF THE EXECUTIVE COMMITTEE.

                      Meetings of the Executive Committee may be called by the
Chairman of the Board, the Chairman of the Executive Committee, the President,
the Chief Executive Officer or the Secretary and may be held at any place and at
any time designated in the notice thereof. Each member of the Executive
Committee shall be given notice stating the time and place of each such meeting,
by telegram, telephone or similar electronic means or in person at least one day
prior to such meeting, or by mail at least three days prior.

<PAGE>

        Section 3.4   EXAMINING COMMITTEE.

                      The Board shall designate an Examining Committee, which
shall hold office until the next annual meeting of the Board following the
annual meeting of stockholders, consisting of not less than three of its
members, other than officers of the Bank, and whose duty it shall be to make an
examination at least once during each calendar year and within 15 months of the
last such examination into the affairs of the Bank including the administration
of fiduciary powers, or cause suitable examinations to be made by auditors
responsible only to the Board and to report the result of such examination in
writing to the Board. Such report shall state whether the Bank is in a sound
condition, whether adequate internal controls and procedures are being
maintained and shall recommend to the Board such changes in the manner of
conducting the affairs of the Bank as shall be deemed advisable. The committee
shall at such time ascertain whether the Bank's fiduciary responsibilities have
been administered in accordance with law and sound fiduciary principles.

        Section 3.5   OTHER COMMITTEES.

                      The Board may appoint, from time to time, from its own
members, committees of the Board of three or more persons, for such purposes and
with such powers as the Board may determine.

                                   ARTICLE IV

                                    OFFICERS

        Section 4.1   APPOINTMENT OF OFFICERS.

                      At its annual meeting following the annual meeting of
stockholders, the Board shall appoint from among its members a Chairman of the
Board, one or more Vice Chairmen, a President, a Chief Executive Officer and a
Secretary. The Chairman of the Board or the President may also be appointed as
the Chief Executive Officer. At such meeting, the Board shall also appoint one
or more Vice Presidents, and may at such meeting or at other meetings of the
Board appoint such other officers as it may determine from time to time. The
Board may also authorize a committee of the Board to appoint such officers as
are not required to be appointed by the Board at a meeting.

        Section 4.2   DUTIES OF PRESIDENT.

                      In the absence of the Chairman of the Board, the President
shall preside at all meetings of the Board and of stockholders and in the
absence of the Chairman of the Executive Committee and the Chairman of the Board
shall preside at all

<PAGE>

meetings of the Executive Committee. Except as may be otherwise provided by the
By-Laws or the Board, the President shall be a member ex officio of all
committees authorized by these By-Laws of the Board. The President shall have
general executive powers, shall participate actively in all major policy
decisions and shall have and may exercise any and all other powers and duties
pertaining by law, regulation or practice to the Office of President or imposed
by these By-Laws. The President shall also have and may exercise such further
powers and duties as from time to time may be conferred or assigned by the Board
or the Chief Executive Officer.

        Section 4.3   DUTIES OF CHIEF EXECUTIVE OFFICER.

                      The Chief Executive Officer shall exercise general
supervision over the policies and business affairs of the Bank and the carrying
out of the policies adopted or approved by the Board. Except as otherwise
provided by these By-Laws, the Chief Executive Officer shall have the power to
determine the duties of the officers of the Bank and to employ and discharge
officers and employees. Except as otherwise provided by the By-Laws or the
Board, the Chief Executive Officer shall be a member ex officio of all
committees authorized by these By-Laws or created by the Board. In the absence
of the Chairman of the Board and the President, the Chief Executive Officer
shall preside at all meetings of the Board and of stockholders.

        Section 4.4   DUTIES OF VICE PRESIDENTS.

                      Each Vice President shall have such titles, seniority,
powers and duties as may be assigned by the Board, a committee of the Board, the
President or the Chief Executive Officer.

        Section 4.5   SECRETARY.

                      The Secretary shall be Secretary of the Board and of the
Bank and shall keep accurate minutes of all meetings of stockholders and of the
Board. The Secretary shall attend to the giving of all notices required to be
given by these By-Laws; shall be custodian of the corporate seal, records,
documents and papers of the Bank; shall provide for the keeping of proper
records of all transactions of the Bank; shall have and may exercise any and all
other powers and duties pertaining by law, regulation or practice to the office
of Secretary or imposed by these By-Laws; and shall also perform such other
duties as may be assigned from time to time by the Board, the President or the
Chief Executive Officer.

        Section 4.6   OTHER OFFICERS.

                      The President or the Chief Executive Officer or his or her
designee may appoint all officers whose appointment does not require approval by
the Board or a committee of the Board and assign to them such titles as from
time to time may appear to

<PAGE>

be required or desirable to transact the business of the Bank. Each such officer
shall have such powers and duties as may be assigned by the Board, the President
or the Chief Executive Officer.

        Section 4.7   TENURE OF OFFICE.

                      The Chairman of the Board, the President, the Chief
Executive Officer, the Chairman of the Executive Committee, the Secretary and
the Vice Presidents shall hold office for the current year for which the Board
was elected and until their successors have been appointed and qualified, unless
they shall resign, become disqualified or be removed. All other officers shall
hold office until their successors have been appointed and qualify, unless they
shall resign, become disqualified or be removed. All other officers shall hold
office until their successors have been appointed and qualify, unless they shall
resign, become disqualified or be removed. The Board shall have the power to
remove the Chairman of the Board, the President, the Chief Executive Officer,
the Chairman of the Executive Committee and the Secretary. The Board or the
Chief Executive Officer or his or her designee shall have the power to remove
all other officers and employees. Any vacancy occurring in the offices of
Chairman of the Board, President or Chief Executive Officer shall be filled
promptly by the Board.

        Section 4.8   COMPENSATION.

                      The Board shall by resolution determine from time to time
the officers whose compensation will require approval by the Board or a
committee of the Board. The Chief Executive Officer shall fix the compensation
of all officers and employees whose compensation does not require approval by
the Board or a committee of the Board.

        Section 4.9   AUDITOR.

                      The Board or the Chief Executive Officer shall appoint an
officer to fill the position of Auditor for the Bank and assign to such officer
such title as is deemed appropriate. The Auditor shall perform all duties
incident to the audit of all departments and offices and of all affairs of the
Bank. The Auditor shall be responsible to the Chief Executive Officer. The
Auditor may at any time report to the Board any matter concerning the affairs of
the Bank that, in the Auditor's judgment, should be brought to its attention.

        Section 4.10  REGIONAL PRESIDENTS.

                      The Board may appoint one or more Regional Presidents.
Each Regional President shall have such powers and duties as may be assigned by
the Board or the Chief Executive Officer.

<PAGE>

                                    ARTICLE V

                                FIDUCIARY POWERS

        Section 5.1   FIDUCIARY RESPONSIBILITY.

                      The Board shall appoint an officer or officers or a
committee or committees of this Bank whose duties shall be to manage, supervise
and direct the fiduciary activities of the Bank as assigned by the Board. Such
officer or committee shall do or cause to be done all things necessary or proper
in carrying on the assigned activities in accordance with provisions of law and
applicable regulations and shall act pursuant to opinion of counsel where such
opinion is deemed necessary. Opinions of counsel shall be retained on file in
connection with all important matters pertaining to fiduciary activities. The
officer or committee shall be responsible for all assets and documents held by
the Bank in connection with fiduciary matters assigned by the Board.

        Section 5.2   FIDUCIARY FILES.

                      Files shall be maintained containing all fiduciary records
necessary to assure that fiduciary responsibilities have been properly
undertaken and discharged.

        Section 5.3   FIDUCIARY INVESTMENTS.

                      Funds held in a fiduciary capacity shall be invested in
accordance with the instrument establishing the fiduciary relationship and
applicable law. Where such instrument does not specify the character and class
of investments to be made and does not vest in the Bank a discretion in the
matter, funds held pursuant to such instrument shall be invested in investments
in which corporate fiduciaries may invest under applicable law.

                                   ARTICLE VI

                          STOCK AND STOCK CERTIFICATES

        Section 6.1   TRANSFERS.

                      Shares of the stock of the Bank shall be transferable on
the books of the Bank, only by the person named in the certificate or by an
attorney, lawfully constituted in writing, and upon surrender of the certificate
therefor. Every person becoming a stockholder by such transfer shall, in
proportion to his or her shares, succeed to all rights of the prior holder of
such shares.

<PAGE>

        Section 6.2   STOCK CERTIFICATES.

                      The certificates of stock of the Bank shall be numbered
and shall be entered in the books of the Bank as they are issued. They shall
exhibit the holder's name and number of shares and shall be signed by the
Chairman of the Board, the President, the Chief Executive Officer or any Vice
President and by the Secretary or an Assistant Secretary.

                                   ARTICLE VII

                                 CORPORATE SEAL

        Section 7.1   CORPORATE SEAL.

                      The Chairman of the Board, the President, the Chief
Executive Officer, the Secretary or any Assistant Secretary, a Vice President or
Assistant Vice President or other officer designated by the Board or the Chief
Executive Officer or his or her designee shall have authority to affix the
corporate seal to any document requiring such seal and to attest the same. Such
seal shall be substantially in the following form:

                                                            (impression of seal)

                                  ARTICLE VIII

                            MISCELLANEOUS PROVISIONS

        Section 8.1   FISCAL YEAR.

                      The fiscal year of the Bank shall be the calendar year.

        Section 8.2   EXECUTION OF INSTRUMENTS.

               N..    All agreements, indentures, mortgages, deeds, conveyances,
                      transfers, certificates, declarations, receipts,
                      discharges, releases, satisfactions, settlements,
                      petitions, schedules, accounts, affidavits, bonds,
                      undertakings, proxies and other instruments or documents
                      may be signed, executed, acknowledged, verified, delivered
                      or accepted in behalf of the Bank or in connection with
                      the exercise of the fiduciary powers of the Bank, by the
                      Chairman of the Board, the President, the Chief Executive
                      Officer, the Secretary or any other officer, employee
                      (other than the Auditor) or agent designated by the Board
                      of the Chief Executive Officer or his or her designee. Any
                      such instruments may also be executed, acknowledged,
                      verified, delivered or accepted in behalf of the Bank in
                      such other manner and by such other officers as the Board
                      may from time to time direct. The provisions of this
                      Section 8.2 are supplementary to any other provision of

<PAGE>

                      these By-Laws.

               N..    When required, the Secretary or any officer or agent
                      designated by the Board or the Chief Executive Officer or
                      his designee shall countersign and certify all bonds or
                      certificates issued by the Bank as trustee, transfer
                      agent, registrar or depository. The Chief Executive
                      Officer or any officer designated by the Board or the
                      Chief Executive Officer or his or her designee shall have
                      the power to accept in behalf of the Bank any
                      guardianship, receivership, executorship or other special
                      or general trust permitted by law. Each of the foregoing
                      authorizations shall be at the pleasure of the Board, and
                      each such authorization by the Chief Executive Officer or
                      his or her designee also shall be at the pleasure of the
                      Chief Executive Officer.

        Section 8.3   RECORDS.

                      The By-Laws and the proceedings of all meetings of the
stockholders, the Board and standing committees of the Board shall be recorded
in appropriate minute books provided for the purpose. The minutes of each
meeting shall be signed by the Secretary or other officer appointed to act as
secretary of the meeting.

        Section 8.4   EMERGENCY OPERATIONS.

                      In the event of war or warlike damage or disaster of
sufficient severity to prevent the conduct and management of the affairs,
business and property of the Bank by its directors and officers as contemplated
by these By-Laws, any two or more available members of the then-incumbent
Executive Committee shall constitute a quorum of that committee for the full
conduct and management of the affairs, business and property of the Bank. In the
event of the unavailability at such time of a minimum of two members of the
then-incumbent Executive Committee, any three available directors shall
constitute the Executive Committee for the full conduct and management of the
affairs, business and property of the Bank. This by-law shall be subject to
implementation by resolutions of the Board passed from time to time for that
purpose, and any provisions of these By-Laws (other than this section) and any
resolutions which are contrary to the provisions of this section or to the
provisions of any such implementary resolutions shall be suspended until it
shall be determined by any interim Executive Committee acting under this section
that it shall be to the advantage of the Bank to resume the conduct and
management of its affairs, business and property under all of the other
provisions of these By-Laws.

<PAGE>

        Section 8.5   INDEMNIFICATION.

               N..    The Bank shall indemnify each person made or threatened to
                      be made a party to any action or proceeding, whether civil
                      or criminal, by reason of the fact that such person or
                      such person's testator or intestate is or was a director
                      or officer of the Bank, or, while a director or officer,
                      serves or served, at the request of the Bank, any other
                      corporation, partnership, joint venture, trust, employee
                      benefit plan or other enterprise in any capacity, against
                      judgments, fines, penalties, amounts paid in settlement
                      and reasonable expenses, including attorneys' fees,
                      incurred in connection with such action or proceeding, or
                      any appeal therein, provided that no such indemnification
                      shall be made if a judgment or other final adjudication
                      adverse to such director or officer establishes that his
                      or her acts were committed in bad faith or were the result
                      of active and deliberate dishonesty and were material to
                      the cause of action so adjudicated, or that he or she
                      personally gained in fact a financial profit or other
                      advantage to which he or she was not legally entitled, and
                      provided further that no such indemnification shall be
                      required with respect to any settlement or other
                      nonjudicated disposition of any threatened or pending
                      action or proceeding unless the Bank has given its prior
                      consent to such settlement or other disposition.

               N..    The Bank shall advance or promptly reimburse upon request
                      any director or officer seeking indemnification hereunder
                      for all expenses, including attorneys' fees, reasonably
                      incurred in defending any action or proceeding in advance
                      or the final disposition thereof upon receipt of an
                      undertaking by or on behalf of such person to repay such
                      amount if such person is ultimately found not to be
                      entitled to indemnification or, where indemnification is
                      granted, to the extent the expenses so advanced or
                      reimbursed exceed the amount to which such person is
                      entitled.

               N..    This Section 8.5 shall be given retroactive effect, and
                      the full benefits hereof shall be available in respect of
                      any alleged or actual occurrences, acts or failures to act
                      prior to the date of the adoption of this Section 8.5. The
                      right to indemnification of advancement of expenses under
                      this Section 8.5 shall be a contract right.

        Section 8.6   AMENDMENTS.

                      These By-Laws may be added to, amended, altered or
repealed at any regular meeting of the Board by a vote of a majority of the
total number of the directors, or at any meeting of stockholders, duly called
and held, by a majority of the stock represented at such meeting.

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