Document:

Flextronics International Ltd. Exhibit 4.05

 

EXHIBIT 4.05

NOTE PURCHASE AGREEMENT

BY AND BETWEEN

FLEXTRONICS INTERNATIONAL LTD.

AND

THE PURCHASERS NAMED HEREIN

March 2, 2003

 

 

     This NOTE PURCHASE AGREEMENT (this “Agreement”) is dated as of this      th
day of March 2, 2003, by and among Flextronics International Ltd., a Singapore
company (the “Company”), acting through its branch office in Hong Kong, and the
purchasers named in Exhibit A attached hereto (each, a “Purchaser” and
collectively, the “Purchasers”).

     WHEREAS, the Company has authorized the issuance of up to U.S.$200 million
aggregate principal amount of its Convertible Junior Subordinated Notes due
2008 in the form attached hereto as Exhibit B (the “Notes”), which Notes shall
be convertible into authorized but unissued ordinary shares, S$0.01 par value
per share, of the Company (the “Ordinary Shares”);

     WHEREAS, the Company desires to issue and sell to the Purchasers pursuant
to this Agreement, and each Purchaser, severally, desires to purchase from the
Company the aggregate principal amount of Notes as is set forth opposite its
name in Exhibit A hereto;

     NOW THEREFORE, in consideration of the mutual agreements, representations,
warranties and covenants herein contained, the parties hereto agree as follows:

     1.     Definitions. As used in this Agreement, the following terms shall have
the following respective meanings:

     “Affiliate” shall mean, with respect to any Person, any other Person
controlling, controlled by or under direct or indirect common control with such
Person. For purposes of this Agreement, Integral Capital Partners VI, L.P.
shall not be considered an Affiliate of Silver Lake, Silver Lake Investors
Cayman, L.P. or Silver Lake Technology Investors Cayman, L.P.

     “Benefit Plan” or “Benefit Plans” shall mean employee benefit plans as
defined in Section 3(3) of ERISA and all other employee benefit practices or
arrangements, including, without limitation, any such practices or arrangements
providing severance pay, sick leave, vacation pay, salary continuation for
disability, retirement benefits, deferred compensation, bonus pay, incentive
pay, stock options or other stock-based compensation, hospitalization
insurance, medical insurance, life insurance, scholarships or tuition
reimbursements, maintained by the Company or any of its Subsidiaries or to
which the Company or any of its Subsidiaries is obligated to contribute for
employees or former employees.

     “Board of Directors” means the Board of Directors of the Company.

     “Claims” has the meaning set forth in Section 8.7(a) hereof.

     “Closing” has the meaning set forth in Section 2.2 hereof.

     “Closing Date” has the meaning set forth in Section 2.2 hereof.

     “Code” means the Internal Revenue Code of 1986, as amended.

     “Confidential Information” has the meaning set forth in Section 10.11
hereof.

     “Control” (including the terms “controlling” “controlled by” and “under
common control with”) means the possession, directly or indirectly, of the
power to direct or cause the direction

 

 

of the management policies of a Person, whether through the ownership of
voting securities, by contract or credit arrangement, as trustee or executor,
or otherwise.

     “ERISA” means the Employee Retirement Income Security Act of 1974, as
amended.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended, and
all of the rules and regulations promulgated thereunder.

     “Financial Statements” has the meaning set forth in Section 3.7(b) hereof.

     “Forced Conversion” means a conversion of Notes into Ordinary Shares at
the Company’s option pursuant to Section 4(c) of the Note.

     “GAAP” has the meaning set forth in Section 3.7(b) hereof.

     “Holder” means each Purchaser and any other holder of Registrable
Securities (including any Permitted Transferees of such Purchaser or its
Affiliates) entitled to the rights, and bound by the obligations, of this
Agreement.

     “HSR Act” means the Hart-Scott-Rodino Antitrust Improvements Act of 1976,
as amended.

     “Indemnified Parties” has the meaning set forth in Section 8.7(a) hereof.

     “Indenture” means, collectively, the indentures relating to the Company’s
8 3/4 % Senior Subordinated Notes due 2007, 9 7/8% Senior Subordinated Notes
due 2010 and its 9 3/4% Senior Subordinated Notes due 2010, as each may be
amended, modified, renewed, restated, refunded, replaced or refinanced from
time to time.

     “Intellectual Property” means: patents (and any renewals and extensions
thereof), patent rights (and any applications therefor), rights of priority and
other rights in inventions; trademarks, service marks, trade names and trade
dress, and all registrations and applications therefor and all legal or
common-law equivalents of any of the foregoing; copyrights and rights in mask
works (and any applications or registrations for the foregoing, and all
renewals and extensions thereof), common-law copyrights and rights of
authorship including all rights to exploit any of the foregoing in any media
and by any manner and means now known or hereafter devised; industrial design
rights, and all registrations and applications therefor; rights in data,
collections of data and databases, and all legal or common-law equivalents
thereof; rights in domain names and domain name reservations; and rights in
trade secrets, proprietary information and know-how.

     “Irreparable Breach” has the meaning set forth in Section 10.6(c).

     “Liens” means pledges, adverse title claims, liens, charges, encumbrances
and security interests of any kind or nature whatsoever.

     “Material Adverse Effect” means, collectively, a material adverse effect
on, or a material adverse change in, or group of such effects (taken in the
aggregate) on or changes in, (i) the

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business or financial condition, assets, liabilities, properties or
results of operations of the Company and its Subsidiaries, taken as a whole or
(ii) the ability of the Company to perform its obligations under this
Agreement.

     “NASD” means the National Association of Securities Dealers, Inc.

     “Permitted Transfer” has the meaning set forth in Section 7.1(a) hereof.

     “Permitted Transferee” has the meaning set forth in Section 7.2 hereof.

     “Person” means an individual, partnership, corporation, limited liability
company, business trust, joint stock company, trust, unincorporated association
or joint venture.

     “Purchaser Adverse Effect” has the meaning set forth in Section 4.3
hereof.

     “Registrable Securities” means any Ordinary Shares issued or issuable upon
conversion of the Notes held by any Holder. As to any particular Registrable
Securities, once issued, such Registrable Securities shall cease to be
Registrable Securities when (a) a registration statement with respect to the
sale by the Holder of such securities shall have become effective under the
Securities Act and such securities shall have been disposed of in accordance
with such registration statement, (b) such securities shall have been
distributed to the public pursuant to Rule 144 (or any successor provision)
under the Securities Act, or (c) such securities shall have ceased to be
outstanding.

     “Registration Expenses” means any and all expenses incident to performance
of or compliance with Section 8 of this Agreement, including (a) all SEC and
securities exchange or NASD registration and filing fees, (b) all fees and
expenses of complying with securities or blue sky laws (including fees and
disbursements of counsel for the underwriters in connection with blue sky
qualifications of the Registrable Securities), (c) all printing, messenger and
delivery expenses, (d) all fees and expenses incurred in connection with the
listing of the Registrable Securities on any securities exchange or NASD
pursuant to Section 8.3(g) and all rating agency fees, (e) the fees and
disbursements of counsel for the Company and of its independent public
accountants, including the expenses of any “cold comfort” letters required by
or incident to such performance and compliance, (f) the reasonable fees and
disbursements of counsel selected pursuant to Section 8.9, and (g) any fees and
disbursements of underwriters customarily paid by the issuers of securities in
similar transactions, but excluding underwriting discounts and commissions and
transfer taxes, if any.

     “Representatives” has the meaning set forth in Section 10.11 hereof.

     “Restricted Period” has the meaning set forth in Section 7.1(a) hereof.

     “SEC” shall mean the Securities and Exchange Commission.

     “SEC Reports” means the Company’s Annual Report on Form 10-K for the
fiscal year ended March 31, 2002, the Company’s Quarterly Reports on Form 10-Q
for the quarters ended June 30, 2002, September 30, 2002 and December 31, 2002,
the Company’s Proxy Statement on Schedule 14A, filed on July 19, 2002, for its
2002 Annual General Meeting of Shareholders, and

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any Current Reports on Form 8-K filed by the Company on or after April 1,
2002, together in each case with any documents incorporated by reference
therein or exhibits thereto.

     “Securities” shall mean the Notes and the Ordinary Shares issuable upon
conversion of the Notes.

     “Securities Act” shall mean the Securities Act of 1933, as amended, and
all of the rules and regulations promulgated thereunder.

     “Silver Lake” shall mean Silver Lake Partners Cayman, L.P.

     “Subsidiary” when used with respect to any party means any corporation or
other organization, whether incorporated or unincorporated, at least a majority
of the securities or other interests of which having by their terms ordinary
voting power to elect a majority of the Board of Directors or others performing
similar functions with respect to such corporation or other organization is
directly or indirectly owned or controlled by such party or by any one or more
of its Subsidiaries, or by such party and one or more of its Subsidiaries.

     “Suspension” has the meaning set forth in Section 8.6 hereof.

     “Suspension Notice” has the meaning set forth in Section 8.6 hereof.

     “Tax Returns” shall mean returns, reports, information statements and
other documentation (including any additional or supporting material) filed or
maintained, or required to be filed or maintained, in connection with the
calculation, determination, assessment or collection of any Tax and shall
include any amended returns required as a result of examination adjustments
made by the Internal Revenue Service or other Tax authority.

     “Taxes” shall mean any and all federal, state, local, foreign and other
taxes, levies, fees, imposts, duties and charges of whatever kind (including
any interest, penalties or additions to the tax imposed in connection therewith
or with respect thereto), whether or not imposed on the Company, including,
without limitation, taxes imposed on, or measured by, income, franchise,
profits or gross receipts, and also ad valorem, value added, sales, use,
service, real or personal property, capital stock, license, payroll,
withholding, employment, social security, workers’ compensation, unemployment
compensation, utility, severance, production, excise, stamp, occupation,
premium, windfall profits, transfer and gains taxes and customs duties.

     “Transfer” has the meaning set forth in Section 7.1(a) hereof.

     2.     Authorization, Purchase and Sale of Notes.

               2.1.      Authorization, Purchase and Sale. The Company has authorized the
issuance of the Notes and the Ordinary Shares issuable upon conversion of the
Notes. Subject to and upon the terms and conditions set forth in this
Agreement, at the Closing, the Company shall issue and sell to each Purchaser,
and each Purchaser, severally, shall purchase from the Company the aggregate
principal amount of Notes set forth opposite the name of such Purchaser under
the heading “Principal Amount of Notes to be Purchased” on Exhibit A hereto, at
a purchase price equal to the principal amount of Notes purchased.

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          2.2.      Closing. Subject to the satisfaction or waiver of the conditions set
forth in Section 6 of this Agreement, the closing of the purchase and sale of
the Notes (the “Closing”) shall take place at the offices of Fenwick & West LLP
on March 19, 2003 or on such other date as is mutually agreed to by the Company
and the Purchasers (the “Closing Date”). At the Closing, the Company shall
deliver to each Purchaser one or more Note(s) in the aggregate principal amount
as set forth opposite such Purchaser’s name on Exhibit A, against payment to
the Company of the purchase price therefor by wire transfer to the Company of
immediately available funds to an account to be designated by the Company not
less than three (3) business days prior to the Closing Date.

     3.     Representations and Warranties of the Company. Except as set forth in
the SEC Reports, the Company hereby represents and warrants to each of the
Purchasers as follows:

          3.1.      Organization and Power; Subsidiaries.

          (a)     The Company and each of its Subsidiaries is a corporation or other
organization duly organized, validly existing and in good standing (where
relevant) under the laws of its jurisdiction of organization, has the requisite
power and authority to own, lease and operate its properties and to carry on
its business as now conducted and is qualified to do business in each
jurisdiction in which the character of its properties or the nature of its
business requires such qualification, except where such failures of such
Subsidiaries to be so organized or existing, or of the Company or its
Subsidiaries to be in good standing or to have such power and authority or to
so qualify would not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect.

          (b)     Exhibit 21.01 to the Company’s Annual Report on Form 10-K included in
the SEC Reports includes all the Subsidiaries of the Company which as of the
date of filing thereof were Significant Subsidiaries (as defined in Rule 1-02
of Regulation S-X of the SEC). All the outstanding shares of capital stock of,
or other equity interests in, each such Significant Subsidiary have been
validly issued and are fully paid and nonassessable and are, except as set
forth in such Exhibit 21.01, owned directly or indirectly by the Company, free
and clear of all Liens and free of any other restriction (including any
restriction on the right to vote, sell or otherwise dispose of such capital
stock or other ownership interests), except for restrictions imposed by
applicable securities laws.

          3.2.      Capitalization.

          (a)     As of the date of this Agreement, the authorized capital shares of the
Company consist of 1,500,000,000 Ordinary Shares. As of February 27, 2003, the
total number of (i) outstanding Ordinary Shares was 519,150,045, (ii) Ordinary
Shares issuable pursuant to options and other rights to acquire Ordinary Shares
was 58,144,381 and (iii) Ordinary Shares maintained for future issuance under
the Company’s Benefit Plans was 13,276,305. All such Ordinary Shares have been
duly authorized, and all such issued and outstanding Ordinary Shares have been
validly issued, are fully paid and nonassessable and free of any preemptive
rights. For the purposes of this Section 3.2(a) and Section 3.4 hereof, the
term “nonassessable” means under Singapore law that holders of such Ordinary
Shares, have fully paid up all amounts due on such Ordinary Shares as to
nominal amount and premium thereon, are under no further personal

5

 

liability to contribute to the assets or liabilities of the Company in
their capacity purely as holders of such Ordinary Shares.

          (b)     Except as set forth in or contemplated by the SEC Reports or this
Agreement, and except for the issuance of options and other rights to purchase
Ordinary Shares pursuant to the Company’s Benefit Plans, there are no existing
options, warrants, calls, preemptive (or similar) rights, subscriptions or
other rights, agreements, arrangements or commitments of any character
obligating the Company to issue, transfer or sell, or cause to be issued,
transferred or sold, any capital shares of the Company or other equity
interests in the Company or any securities convertible into or exchangeable for
such capital shares or other equity interests, and there are no outstanding
contractual obligations of the Company to repurchase, redeem or otherwise
acquire any of its shares or other equity interests.

          (c)     The Company has not made or issued any dividends or other
distributions in cash or capital shares with respect to any of its capital
shares since March 31, 2002.

          (d)     Except as set forth in the SEC Reports or this Agreement, and except
for “shelf registration” rights granted by the Company in connection with the
Company’s acquisition of other entities or businesses, the Company has not
granted to any Person the right to require the Company to register Ordinary
Shares on or after the date of this Agreement. The Company has not granted to
any Person the right to require the Company to register Ordinary Shares on or
after the date of this Agreement that would adversely affect the rights of the
Holders to register Ordinary Shares granted hereunder, or that would give any
such Person the right to participate in a registration of Ordinary Shares by
the Holders pursuant to Section 8.1.

          3.3.      Authorization. The Company has all requisite corporate power to
enter into this Agreement and to carry out and perform its obligations under
the terms of this Agreement and the Notes. All corporate action on the part of
the Company, its officers, directors and shareholders necessary for the
authorization of the Securities, the authorization, execution, delivery and
performance of this Agreement and the Notes and the consummation of the
transactions contemplated herein has been taken. The execution, delivery and
performance of this Agreement and the Notes by the Company, the issuance of the
Ordinary Shares upon conversion of the Notes in accordance with their terms and
the consummation of the other transactions contemplated herein do not require
any approval of the Company’s shareholders (other than such approval as has
already been obtained). This Agreement constitutes the legal, valid and
binding obligation of the Company, enforceable against the Company in
accordance with its terms, except as such enforceability may be limited by
bankruptcy, insolvency, reorganization, moratorium and similar laws relating to
or affecting creditors generally or by general equity principles (regardless of
whether such enforceability is considered in a proceeding in equity or at law).

          3.4.      Valid Issuance. The Notes being purchased by the Purchasers
hereunder will, upon issuance pursuant to the terms hereof and upon payment
therefor, be valid and legally binding obligations of the Company, enforceable
in accordance with their terms. At or prior to the Closing, the Company will
have available for issuance the Ordinary Shares initially issuable upon
conversion of the Notes. The Ordinary Shares to be issued upon conversion of
the Notes have been duly authorized, and upon conversion of the Notes all such
Ordinary Shares will be

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validly issued, fully paid and nonassessable and free of any preemptive
rights. Subject to the accuracy of the representations made by the Purchasers
in Section 4 hereof, the Notes will be issued to the Purchasers in compliance
with applicable exemptions from (i) the registration and prospectus delivery
requirements of the Securities Act and (ii) the registration and qualification
requirements of all applicable securities laws of the states of the United
States and of Singapore. The Company is eligible to file as of the date hereof
a registration statement on Form S-3 under the Securities Act and has filed
with the SEC in a timely manner all reports required to be filed since January
1, 2002.

          3.5.      No Conflict. The execution, delivery and performance of this
Agreement and the Notes by the Company, the issuance of the Ordinary Shares
upon conversion of the Notes in accordance with their terms and the
consummation of the other transactions contemplated hereby will not conflict
with or result in any violation of or default (with or without notice or lapse
of time, or both) under, or give rise to a right of termination, cancellation
or acceleration of any obligation, a change of control right or to a loss of a
benefit under (i) any provision of the Memorandum and New Articles of
Association of the Company or the equivalent governing documents of its
Subsidiaries or (ii) any agreement or instrument, credit facility, permit,
franchise, license, judgment, order, statute, law, ordinance, rule or
regulations, applicable to the Company or its Subsidiaries or their respective
properties or assets, except, in the case of clause (ii), as would not,
individually or in the aggregate, be reasonably expected to have a Material
Adverse Effect.

          3.6.      Consents. All consents, approvals, orders and authorizations
required on the part of the Company or its Subsidiaries in connection with the
execution, delivery or performance of this Agreement and the Notes, the
issuance of the Ordinary Shares upon conversion of the Notes in accordance with
their terms and the consummation of the other transactions contemplated herein
have been obtained or made, other than (i) the expiration or termination of
applicable waiting period under the HSR Act in connection with the issuance of
Ordinary Shares upon conversion of the Notes and (ii) such consents, approvals,
orders and authorizations the failure of which to make or obtain, individually

or in the aggregate, would not reasonably be expected to have a Material
Adverse Effect.

          3.7.      SEC Reports; Financial Statements.

          (a)     The Company has filed all required registration statements,
prospectuses, reports, schedules, forms, statements and other documents
required to be filed by it with the SEC since April 1, 2001. No Subsidiary of
the Company is required to file any form, report, registration statement,
prospectus or other document with the SEC. The information contained or
incorporated by reference in the SEC Reports was true and correct in all
material respects as of the respective dates of the filing thereof with the SEC
(and (or or, in the case of reports under the Securities Act) if amended or
superseded by a filing prior to the date of this Agreement, then on the date of
such filing); and, as of such respective dates, the SEC Reports did not contain
an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein, in
light of the circumstances under which they were made, not misleading. All of
the SEC Reports, as of their respective dates, complied as to form in all
material respects with the applicable requirements of the Securities Act and
the Exchange Act and the rules and regulations promulgated thereunder.

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          (b)     The financial statements of the Company included in the SEC Reports
(collectively, the “Financial Statements”) present fairly the consolidated
financial position of the Company and its Subsidiaries as of the dates
indicated, and the results of its operations and cash flows for the periods
therein specified, all in accordance with United States generally accepted
accounting principles applied on a consistent basis (“GAAP”) throughout the
period therein specified (except as otherwise noted therein, and in the case of
quarterly financial statements except for the absence of footnote disclosure
and subject, in the case of interim periods, to normal year-end adjustments
which, individually, and in the aggregate are not expected to be material).

          (c)     Except as disclosed in the SEC Reports, the Company and its
Subsidiaries have not incurred any liabilities that are of a nature that would
be required to be disclosed on a balance sheet of the Company and its
Subsidiaries or the footnotes thereto prepared in conformity with GAAP, other
than (i) liabilities incurred in the ordinary course of business since December
31, 2002 and (ii) liabilities for Taxes.

          3.8.     Absence of Certain Changes. Since March 31, 2002, the Company and
its Subsidiaries have conducted their business only in the ordinary course of
such business consistent with past practice and there have not been any
changes, circumstances, conditions or events which, individually or in the
aggregate, have had, or would reasonably be expected to have, a Material
Adverse Effect.

          3.9.     Absence of Litigation. There is no action, suit, proceeding,
arbitration, claim, investigation or inquiry pending or, to the Company’s
knowledge, threatened by or before any governmental body against the Company in
which an unfavorable outcome, ruling or finding in any said matter, or for all
such matters taken as a whole, would reasonably be expected to have a Material
Adverse Effect, nor are there any orders, writs, injunctions, judgments or
decrees outstanding of any court or government agency or instrumentality that
would reasonably be expected to have a Material Adverse Effect.

          3.10.     Compliance with Law. Neither the Company nor its Subsidiaries is in
violation of, and the Company and its Subsidiaries have not received any
notices of violations with respect to, any laws, statutes, ordinances, rules or
regulations of any governmental body, court or government agency or
instrumentality, except for violations which, individually or in the aggregate,
would not reasonably be expected to have a Material Adverse Effect.

          3.11.     Intellectual Property. Except as would not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect: (a) the
Company and each of its Subsidiaries owns, or possesses sufficient rights to
use, all Intellectual Property necessary for the conduct of its business as
currently conducted; (b) the use by the Company and its Subsidiaries of any
Intellectual Property used in the conduct of the Company’s and its
Subsidiaries’ business as currently conducted does not infringe on or otherwise
violate the rights of any Person, (c) the use of any licensed Intellectual
Property by the Company or its Subsidiaries is in accordance with applicable
licenses pursuant to which the Company or such Subsidiary acquired the right to
use such Intellectual Property; and (d) to the knowledge of the Company, no
Person is challenging, infringing on or otherwise violating any right of the

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Company or any of its Subsidiaries with respect to any Intellectual
Property owned by and/or licensed to the Company or its Subsidiaries.

          3.12.     Employee Benefits. With respect to each Benefit Plan, no liability
has been incurred and there exists no condition or circumstances in connection
with which the Company or any of its Subsidiaries would reasonably be expected
to be subject to any liability that is reasonably likely, individually or in
the aggregate, to have a Material Adverse Effect, in each case under ERISA, the
Code, or any other applicable law, rule or regulation. The Company and its
Subsidiaries are in compliance with all federal, state, local and foreign
requirements regarding employment, except for any failures to comply that are
not reasonably likely, individually or in the aggregate, to have a Material
Adverse Effect. As of the date hereof, there is no material labor dispute,
strike or work stoppage against the Company or any of its Subsidiaries pending
or, to the knowledge of the Company, threatened which may interfere with the
business activities of the Company or any of its Subsidiaries, except where
such dispute, strike or work stoppage is not reasonably likely, individually or
in the aggregate, to have a Material Adverse Effect. Neither the Company nor
any of its Subsidiaries has any material collective bargaining agreements
relating to its employees. There is no material labor union organizing
activity pending or, to the knowledge of the Company, threatened with respect
to the Company or any of its Subsidiaries.

          3.13.     Taxes. The Company and each of its Subsidiaries have filed all Tax
Returns (as defined below) required to have been filed (or extensions have been
duly obtained) and have paid all Taxes (as defined below) required to have been
paid by it, except where failure to file such Tax Returns or pay such Taxes
would not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect.

          3.14.     Brokers or Finders. The Company has not incurred, and shall not
incur, directly or indirectly, any liability for any brokerage or finders’ fees
or agents’ commissions or any similar charges in connection with this Agreement
or any transaction contemplated hereby.

          3.15.     Nasdaq National Market. The Ordinary Shares are registered pursuant
to Section 12(g) of the Exchange Act and are listed on the Nasdaq National
Market, and, except as contemplated by this Agreement, the Company has taken no
action designed to, or likely to have the effect of, terminating the
registration of the Ordinary Shares under the Exchange Act or delisting the
Ordinary Shares from Nasdaq National Market, nor has the Company received any
notification that the SEC or the NASD is contemplating terminating such
registration or listing.

          3.16.     No Manipulation. The Company has not taken, in violation of
applicable law, any action designed to or that might reasonably be expected to
cause or result in stabilization or manipulation of the price of the Ordinary
Shares to facilitate the transactions contemplated hereby or the sale or resale
of the Ordinary Shares.

          3.17.     Company Not an “Investment Company”. The Company has been advised
of the rules and requirements under the Investment Company Act of 1940, as
amended. The Company is not, and immediately after receipt of payment for the
Notes will not be, an “investment company” or an entity “controlled” by an
“investment company” within the meaning of the Investment Company Act of 1940,
as amended.

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           3.18.     General Solicitation; No Integration. Neither the Company nor any
other person or entity authorized by the Company to act on its behalf has
engaged in a general solicitation or general advertising (within the meaning of
Regulation D of the Securities Act) of investors with respect to offers or
sales of the Notes. The Company has not, directly or indirectly, sold, offered
for sale, solicited offers to buy or otherwise negotiated in respect of, any
security (as defined in the Securities Act) which, to its knowledge, is or will
be integrated with the Notes sold pursuant to this Agreement.

     4.          Representations and Warranties of Each Purchaser. Each Purchaser,
severally for itself and not jointly with the other Purchasers, represents and
warrants to the Company as follows:

          4.1.     Organization. Such Purchaser is duly organized, validly existing and
in good standing under the laws of the jurisdiction of its organization and has
the requisite power and authority to own, lease and operate its properties and
to carry on its business as now conducted.

          4.2.     Authorization. Such Purchaser has all requisite corporate power to
enter into this Agreement and to carry out and perform its obligations under
the terms of this Agreement and the Notes. All partnership action on the part
of such Purchaser or its partners necessary for the authorization, execution,
delivery and performance of this Agreement and the Notes and the consummation
of the other transactions contemplated herein has been taken. This Agreement
constitutes the legal, valid and binding obligation of such Purchaser,
enforceable against such Purchaser in accordance with its terms, except as such
enforceability may be limited by bankruptcy, insolvency, reorganization,
moratorium and similar laws relating to or affecting creditors generally or by
general equity principles (regardless of whether such enforceability is
considered in a proceeding in equity or at law).

          4.3.     No Conflict. The execution, delivery and performance of this
Agreement and the Notes by such Purchaser, the issuance of the Ordinary Shares
upon conversion of the Notes in accordance with their terms and the
consummation of the other transactions contemplated hereby will not conflict
with or result in any violation of or default by such Purchaser (with or
without notice or lapse of time, or both) under, or give rise to a right of
termination, cancellation or acceleration of any obligation, a change of
control right or to a loss of a material benefit under (i) any provision of the
organizational documents of such Purchaser or (ii) any agreement or instrument,
credit facility, permit, franchise, license, judgment, order, statute, law,
ordinance, rule or regulations, applicable to such Purchaser or its respective
properties or assets, except, in the case of clause (ii), as would not,
individually or in the aggregate, be reasonably expected to have a material
adverse effect on the business or financial condition, assets, liabilities,
properties or results of operations of such Purchaser or on the ability of such
Purchaser to perform its obligations under this Agreement (a “Purchaser Adverse
Effect”).

          4.4.     Consents. All consents, approvals, orders and authorizations
required on the part of such Purchaser in connection with the execution,
delivery or performance of this Agreement and the Notes, the issuance of the
Ordinary Shares upon conversion of the Notes in accordance with their terms and
the consummation of the other transactions contemplated herein

10

 

have been obtained or made, other than (i) the expiration or termination
of applicable waiting period under the HSR Act in connection with the issuance
of Ordinary Shares upon conversion of the Notes and (ii) such consents,
approvals, orders and authorizations the failure of which to make or obtain,
individually or in the aggregate, would not reasonably be expected to have a
Purchaser Adverse Effect.

          4.5.     Brokers. Such Purchaser has not retained, utilized or been
represented by any broker or finder in connection with the transactions
contemplated by this Agreement.

          4.6.     Purchase Entirely for Own Account. Such Purchaser is acquiring the
Securities for its own account, and not with a view to, or for sale in
connection with, any distribution of the Securities in violation of the
Securities Act. Except as contemplated by this Agreement, such Purchaser has
no present agreement, undertaking, arrangement, obligation or commitment
providing for the disposition of the Securities. Such Purchaser has not been
organized, reorganized or recapitalized specifically for the purpose of
investing in the Securities.

          4.7.     Investor Status. Such Purchaser certifies and represents to the
Company that at the time such Purchaser acquires any of the Notes, such
Purchaser will be an “accredited investor” as defined in Rule 501 of Regulation
D promulgated under the Securities Act. Such Purchaser’s financial condition
is such that it is able to bear the risk of holding the Notes for an indefinite
period of time and the risk of loss of its entire investment. Such Purchaser
has been afforded the opportunity to ask questions of and receive answers from
the management of the Company concerning this investment and has sufficient
knowledge and experience in investing in companies similar to the Company in
terms of the Company’s stage of development so as to be able to evaluate the
risks and merits of its investment in the Company.

          4.8.     Securities Not Registered. Such Purchaser understands that the
Securities have not been registered under the Securities Act, by reason of
their issuance by the Company in a transaction exempt from the registration
requirements of the Securities Act, and that the Securities must continue to be
held by such Purchaser unless a subsequent disposition thereof is registered
under the Securities Act or is exempt from such registration. Such Purchaser
understands that the exemptions from registration afforded by Rule 144 (the
provisions of which are known to it) promulgated under the Securities Act
depend on the satisfaction of various conditions, and that, if applicable, Rule
144 may afford the basis for sales only in limited amounts. The Purchasers
understand that no prospectus in connection with the issue and offering of the
Notes has been registered with the Monetary Authority of Singapore and that the
Notes may not be offered or sold, or made the subject of an invitation for
subscription or purchase, nor may any document or material in connection with
the offer or sale, or invitation for subscription or purchase, of the Notes be
circulated or distributed, whether directly or indirectly, to persons in
Singapore other than under circumstances in which such offer, sale or
invitation does not constitute an offer or sale, or invitation for subscription
or purchase, of the Notes to the public in Singapore.

     5.          Covenants.

          5.1.     Governmental Approvals. As soon as practicable after the execution
of this Agreement, the Company and each Purchaser shall file all applications
and reports and take

11

 

such other action which is reasonably required to be taken or filed with
any governmental authority in connection with the issuance of the Notes, the
conversion of the Notes into Ordinary Shares so long as the Notes remain
outstanding and the consummation of the other transactions contemplated by this
Agreement and the Notes. The Company and each Purchaser shall give all
additional notices to third parties and take other action reasonably required
to be or taken by it under any authorization, lease, note, mortgage, indenture,
agreement or other instrument or any law, rule, regulation, demand or court or
administrative order in connection with with the issuance of the Notes, the
conversion of the Notes into Ordinary Shares so long as the Notes remain
outstanding and the consummation of the other transactions contemplated by this
Agreement and the Notes.

          5.2.     HSR Approval. The Company and the Purchasers acknowledge and agree
that one or more filings under the HSR Act will be necessary in connection with
the issuance of Ordinary Shares upon conversion of the Notes. Promptly upon
the request of the Company or any Holder of the Notes, to the extent a filing
is required under the HSR Act in connection with a proposed conversion of Notes
by such Holder or the Company, the Company and each Purchaser shall file with
the proper authorities all forms and other documents necessary to be filed
pursuant to the HSR Act, and the regulations promulgated thereunder, in
connection with the issuance of Ordinary Shares upon conversion of the Notes
and shall cooperate with the each other in promptly producing such additional
information as those authorities may reasonably require to allow early
termination of the notice period provided by the HSR Act or as otherwise
necessary to comply with statutory requirements of the Federal Trade Commission
or the Department of Justice. The Company shall pay the filing fees associated
with the filing of the HSR Act notifications on behalf of itself and each
Purchaser.

          5.3.     Shares Issuable Upon Conversion. The Company will at all times have
and keep available for issuance such number of Ordinary Shares as shall be
sufficient to permit the conversion of the Notes into Ordinary Shares as
provided for in the Notes, including as may be adjusted for share splits,
combinations or other similar transactions. The Company will cause the
Ordinary Shares issuable upon conversion of the Notes to be listed with The
Nasdaq National Market and any other securities exchange on which the Ordinary
Shares are then listed.

          5.4.     Further Assurances. Each party agrees to cooperate with each other
and their respective officers, employees, attorneys, accountants and other
agents, and, generally, do such other acts and things in good faith as may be
reasonable or appropriate to timely effectuate the intents and purposes of this
Agreement and the conversion of the Notes into Ordinary Shares and the
consummation of the other transactions contemplated hereby, including taking
any action to facilitate the filing any document or the taking of any action to
assist the other parties hereto in complying with the terms of Sections 5.1,
5.2 and 5.3 hereof.

          5.5.     Board Designee.

          (a)     On the Closing Date, the Company shall expand its Board of Directors
by one member and Silver Lake shall have the right to designate one (1) nominee
(the “Board Designee”) to the Board of Directors, who shall be acceptable to
the Company (including the Nominating Committee of the Board of Directors) in
its good faith discretion. The Company shall cause the Board Designee to
become a member of the Board of Directors on the Closing

12

 

Date. The Board Designee shall timely comply will all applicable
regulatory filing and other requirements under Singapore law, in connection
with such appointment. The Board Designee will first be required to stand for
re-election at the Company’s 2003 annual general meeting of shareholders. The
Board Designee will receive all written materials and other information
provided by the Company to the members of the Board of Directors in their
capacity as such. If the Company forms an executive committee (or a committee
having substantially all the general powers normally held by the board of
directors of a company), such committee shall at all times include the Board
Designee. The Company shall nominate the Board Designee for re-election as a
director at the end of each term of such Board Designee (whether upon such
Board Designee being required to retire under the terms of the Company’s
Articles of Association or otherwise) as part of the slate proposed by the
Company that is included in the proxy statement (or consent solicitation or
similar document) of the Company relating to the election of directors, and
shall provide the same level of support for the Board Designee as it provides
to any other person standing for election as a director of the Company as part
of such slate proposed by the Company, so long as Silver Lake and its
Affiliates, collectively, hold not less than fifty percent (50%) of the Notes
(or the Ordinary Shares issuable upon conversion thereof) issued to Silver Lake
and its Affiliates on the Closing Date. Once a person has been determined by
the Company (including the Nominating Committee of the Board of Directors) to
be acceptable as the Board Designee by the Company in its good faith discretion
as provided above, such person shall remain the Board Designee until his
resignation, death or disability. In the event that a vacancy is created on
the Company’s Board of Directors at any time by the resignation, death or
disability of the Board Designee, so long as Silver Lake and its Affiliates,
collectively, hold not less than fifty percent (50%) of the Notes (or the
Ordinary Shares issuable upon conversion thereof) issued to Silver Lake and its
Affiliates on the Closing Date, Silver Lake may select another person as Board
Designee to fill the vacancy created thereby, who shall be acceptable to the
Company (including the Board of Directors and the Nominating Committee of the
Board of Directors) in its good faith discretion, and the Company hereby agrees
to take, at any time and from time to time, all actions necessary to accomplish
the same.

          (b)     The Board designee shall be reimbursed for his or her out-of-pocket
expenses incurred in connection with his or her participation as a member of
the Board of Directors, in a manner consistent with the Company’s policies for
reimbursing such expenses of the members of the Board of Directors. In
addition, the Board Designee, in his capacity as a non-employee member of the
Board of Directors, shall be entitled to the same compensation as to which all
non-employee members of the Board of Directors are entitled, in their capacity
as such, subject to compliance with all applicable law. The Company shall
indemnify the Board Designee to the same extent it indemnifies its other
directors pursuant to its organizational documents and applicable law.

          (c)     To the extent that the Notes become convertible into shares or other
securities of a Person other than the Company pursuant to the provisions of
Section 4(j) of the Note (a “Successor Entity”) in a transaction that does not
constitute a “Change of Control” as such term is defined in the Notes, the
obligations of the Company pursuant to this Section 5.5 will be assumed by such
Successor Entity, and the Board Designee will become a member of the board of
directors of such Successor Entity.

13

 

           (d)     All obligations of the Company pursuant to this Section 5.5 shall
terminate at such time as Silver Lake and its Affiliates, collectively, hold
less than fifty percent (50%) of the Notes (or the Ordinary Shares issuable
upon conversion thereof) issued to Silver Lake and its Affiliates on the
Closing Date.

          5.6.     Financial Statements and Other Information. As long as the Notes
remain outstanding, the Company shall make available (including via the SEC’s
EDGAR database or the Company’s website) to the Purchasers:

          (a)     within forty-five (45) days after the end of each of the first three
(3) quarters of each fiscal year of the Company, consolidated balance sheets of
the Company and its subsidiaries as of the end of such period, and the
consolidated statements of income and cash flows of the Company and its
subsidiaries for the period then ended prepared in conformity with GAAP, except
as otherwise noted therein, and subject to the absence of footnotes and to
year-end adjustments;

          (b)     within ninety (90) days after the end of each fiscal year of the
Company, a consolidated balance sheet of the Company and its subsidiaries as of
the end of such year, and the consolidated statements of income and cash flows
of the Company and its subsidiaries for the year then ended prepared in
conformity with GAAP, except as otherwise noted therein, together with an
auditor’s report thereon of a firm of established national reputation;

          (c)     to the extent the Company is required by law or pursuant to the terms
of any outstanding indebtedness of the Company to file such reports, any
reports pursuant to Section 13 or 15(d) of the Exchange Act , actually filed by
the Company with the SEC; and

          (d)     any other financial statements, reports or notices, copies of such
financial statements, reports or notices as soon as available to the extent the
Company is required by the terms of the Indenture to deliver to the holders of
the debt instruments issued thereunder. While the Notes remain outstanding (or
the Purchasers continue to hold the Ordinary Shares issued upon conversion
thereof), the Purchasers shall also have the right to request and receive such
information regarding the Company’s and its Subsidiaries’ consolidated results
of operations, financial condition, business and operations as the Purchasers
shall reasonably request.

          5.7.     Covenant Pending the Closing.Between the date of this Agreement and
the Closing Date, (i) the Company will promptly advise each Purchaser of any
action or event of which it becomes aware which has the effect of making
incorrect, in any material respect, any of the Company’s representations or
warranties or which has the effect of rendering any of the Company’s covenants
incapable of performance, (ii) the Company will not take any action that if
taken after the Closing would result in an adjustment to the Conversion Price
(as defined in the Notes) and (iii) the Purchasers will promptly advise the
Company of any action or event of which they become aware which has the effect
of making incorrect, in any material respect, any of the Purchasers’
representations or warranties or which has the effect of rendering any of the
Purchasers’ covenants incapable of performance.

          5.8.     Change of Securities. In the event that, following the Closing, the
Notes become convertible or exchangeable into any securities other than
Ordinary Shares pursuant to

14

 

the terms of the Notes (“Other Securities”), for the purposes of Sections
1, 5, 7, 8, and 10 of this Agreement, references to Ordinary Shares shall be
deemed to include such Other Securities from and after such time.

     6.          Conditions Precedent.

          6.1.     Conditions to the Obligation of the Purchasers to Consummate the
Closing. The several obligations of each Purchaser to consummate the
transactions to be consummated at the Closing, and to purchase and pay for the
Notes being purchased by it at the Closing pursuant to this Agreement, are
subject to the satisfaction of the following conditions precedent:

          (a)     The representations and warranties of the Company contained herein
shall be true and correct on and as of the Closing Date with the same force and
effect as though made on and as of the Closing Date (it being understood and
agreed by each Purchaser that for purposes of this Section 6.1(a), in the case
of any representation and warranty of the Company contained herein (i) which is
not hereinabove qualified by application thereto of a materiality standard,
such representation and warranty need be true and correct only in all material
respects or (ii) which is made as of a specific date, such representation and
warranty need be true and correct only as of such specific date).

          (b)     The Company shall have performed in all material respects all
obligations and conditions herein required to be performed or observed by the
Company on or prior to the Closing Date, including without limitation pursuant
to Section 10.8 hereof.

          (c)     Each Purchaser shall have received a certificate, dated the Closing
Date, signed by the Chief Executive Officer or the Chief Financial Officer of
the Company, certifying on behalf of the Company that the conditions specified
in the foregoing Sections 6.1(a) and (b) have been fulfilled.

          (d)     The purchase of and payment for the Notes by each Purchaser shall not
be prohibited or enjoined by any law or governmental or court order or
regulation.

          (e)     Each Purchaser shall have received from the Company’s U.S. counsel,
Fenwick & West LLP, an opinion to the effect set forth in Exhibit C, and from
the Company’s Singapore counsel, Allen & Gledhill, an opinion to the effect set
forth in Exhibit D.

          (f)     The Purchaser identified in Exhibit E shall have received from the
Company an executed letter agreement to the effect set forth in Exhibit E (the
“Rights Letter”);

          (g)     All corporate and other proceedings to be taken by the Company in
connection with the transactions contemplated hereby and all documents incident
thereto shall be reasonably satisfactory in form and substance to the
Purchasers and the Purchasers shall have received all such counterpart
originals or certified or other copies of such documents as they may reasonably
request.

          6.2.     Conditions to the Obligation of the Company to Consummate the
Closing. The obligation of the Company to consummate the transactions to be
consummated at the

15

 

Closing, and to issue and sell to each Purchaser the Notes to be purchased
by it at the Closing pursuant to this Agreement, is subject to the satisfaction
of the following conditions precedent:

          (a)     The representations and warranties contained herein of such Purchaser
shall be true and correct on and as of the Closing Date, with the same force
and effect as though made on and as of the Closing Date (it being understood
and agreed by the Company that, in the case of any representation and warranty
of such Purchaser contained herein which is not hereinabove qualified by
application thereto of a materiality standard, such representation and warranty
need be true and correct only in all material respects).

          (b)     Such Purchaser shall have performed in all material respects all
obligations and conditions herein required to be performed or observed by such
Purchaser on or prior to the Closing Date.

          (c)     The Company shall have received a certificate, dated the Closing Date,
on behalf of each Purchaser, signed by an officer thereof, certifying on behalf
of each Purchaser that the conditions specified in the foregoing Sections
6.2(a) and (b) have been fulfilled.

          (d)     The sale of the Notes by the Company shall not be prohibited or
enjoined by any law or governmental or court order or regulation.

     7.          Transfer of the Securities.

          7.1.     Transfer Restrictions.

          (a)     No Purchaser shall sell, assign, pledge, transfer or otherwise dispose
or encumber (collectively, “Transfer”) any of the Securities during the period
commencing on the Closing Date and ending on one-year anniversary of the
Closing Date (such one-year period, the “Restricted Period”), except for
Transfers (i) to an Affiliate of such Purchaser or any Person who is a limited
partner of such Purchaser (whether or not in its capacity as such), in each
case that delivers a written instrument to the Company in form and substance
reasonably satisfactory to the Company confirming that the transferee is
subject to the obligations of this Agreement (including the obligations
contained in this Section 7), (ii) which have been consented to in writing by
the Company, (iii) pursuant to a tender or exchange offer, (iv) pursuant to a
merger, consolidation or reorganization to which the Company is a party or (v)
after the commencement of any case or similar proceeding by or against the
Company under any bankruptcy law (the Transfers described in clauses (i)
through (v) above are collectively referred to as “Permitted Transfers”). For
the avoidance of doubt, the conversion of the Notes into Ordinary Shares shall
not be considered a Transfer.

          (b)     Following the Restricted Period, no Purchaser may Transfer any of the
Securities except pursuant to (i) a Permitted Transfer, (ii) an effective
registration statement under the Securities Act or (iii) an available exemption
from registration under the Securities Act and applicable state securities laws
and (in the case of (iii) only), if requested by the Company, upon delivery by
such Purchaser of an opinion of counsel reasonably satisfactory to the Company,
at the expense of the Company, to the effect that the proposed transfer is
exempt from registration under the Securities Act and applicable state
securities laws. The Company shall not register any transfer of the Securities
in violation of this Section 7.1. The Company may, and

16

 

may instruct any transfer agent for the Company to, place such stop
transfer orders as may be required on the transfer books of the Company in
order to ensure compliance with the provisions of this Section 7.1.

          (c)     The restrictions on Transfer contained in this Section 7.1 and the
restrictions on Transfer under applicable securities laws are the only
restrictions on Transfer that shall apply to the Purchasers, and the Purchasers
shall not be subject to any further restrictions on Transfer, except that any
Purchaser that is an Affiliate of any member of the Board of Directors of the
Company will be subject to the rules or policies of the Company that relate to
possession of material non-public information that could lead to violations of
securities law and are generally applicable to members of the Board of
Directors. The Purchasers may obtain any pre-approval of Transfers required
under such policies from the Company by sending an email inquiry to each of the
representatives of the Company identified by the Company from time to time by
written notice to the Purchasers (which shall always include no fewer than
three (3) such representatives) prior to 4:00 p.m. Pacific Time on any business
day, and a representative of the Company shall provide a response to such email
inquiry no later than 10:00 a.m. Pacific Time on the next business day, and if
no such response is received by such time then the pre-approval shall be deemed
to have been granted by the Company.

          7.2.     Transfers of Rights and Obligations Hereunder Permitted. Subject to
compliance with the restrictions contained in Section 7.1, the Purchasers may
transfer their rights under this Agreement (other than their rights under
Section 5.5 hereof and their rights pursuant to the Rights Letter) to any
transferee of Securities who agrees in writing to be bound by and subject to
the provisions of this Agreement and who delivers an executed counterpart
signature page to this Agreement (such a transferee, a “Permitted Transferee”).

          7.3.     Legends. Each instrument representing any of the Securities shall be
endorsed with the legend set forth below, and each Purchaser covenants that,
except to the extent such restrictions are waived by the Company, it shall not
transfer the Securities represented by any such instrument without complying
with the restrictions on transfer described in this Agreement and the legends
endorsed on such instrument:

“THE SECURITIES REPRESENTED BY THIS INSTRUMENT AND, IF APPLICABLE, ANY
SECURITIES ISSUABLE UPON ITS CONVERSION HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR SECURITIES LAWS OF ANY STATE
AND MAY NOT BE OFFERED, SOLD, ASSIGNED, PLEDGED TRANSFERRED OR OTHERWISE
DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT
AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN AVAILABLE EXEMPTION FROM
REGISTRATION UNDER THE ACT OR SUCH LAWS AND, IF REQUESTED BY THE COMPANY, UPON
DELIVERY OF AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT
THE PROPOSED TRANSFER IS EXEMPT FROM THE ACT OR SUCH LAWS. THIS NOTE IS ALSO
SUBJECT TO THE TRANSFER RESTRICTIONS CONTAINED IN THE NOTE PURCHASE AGREEMENT,
DATED AS OF          , 2003, AMONG THE COMPANY AND THE PURCHASERS NAMED
THEREIN.”

17

 

     8.          Registration Rights.

          8.1.     Shelf Registration Statement. (a) The Company shall prepare and
file, and shall use its commercially reasonable efforts to cause to be declared
effective by the SEC by no later than the last day of the Restricted Period, a
registration statement (the “Shelf Registration Statement”) under Rule 415 of
the Securities Act covering all the Registrable Securities held by, or issuable
upon conversion of the Notes held by, all Holders who have delivered to the
Company the information requested by the Company pursuant to Section 8.5, and
the Company shall keep such Shelf Registration Statement effective until the
earlier of (i) the date on which no Registrable Securities remain outstanding,
(ii) the date on which all the Registrable Securities have been sold or may be
sold without volume restrictions pursuant to Rule 144(k) of the Securities Act
(or any similar provision then in force) or (iii) the date which is five years
after the date of this Agreement or, if payment of the Note is to be made by
the Company at the Final Maturity Date (as defined in the Note) in Ordinary
Shares, 180 days after such five-year date. The Holders will only offer and
sell Registrable Securities in a transaction that is covered by the plan of
distribution specified in the Shelf Registration Statement or is exempt from
registration under the Securities Act.

          (b)     Each Holder shall, to the extent practicable, endeavor to provide the
Company with reasonable prior written notice to the Company of its intention to
sell Registrable Securities under the Shelf Registration Statement so that the
Company can determine if it needs to deliver a Suspension Notice pursuant to
Section 8.6(a) hereof or supplement the Shelf Registration Statement. Such
notice by the Holder shall in any event be provided not less than one (1)
business day prior to such Holder effecting any such sale. The Holders may
provide such notice by sending an email to each of the representatives of the
Company identified by the Company from time to time by written notice to the
Purchasers (which shall always include no fewer than three (3) such
representatives) no later than 4:00 p.m. Pacific Time on any business day,
which notice may contemplate possible sales by the Holder over a period of time
not to exceed one (1) week and which is not required to specify the number of
Registrable Securities proposed to be sold, the method of distribution or the
proposed purchaser. The delivery of notice to the Company pursuant to this
Section 8.1(b) will not obligate the Holder to make any proposed sales.

          (c)     At the request of the Holders, the Shelf Registration Statement may
involve an underwritten offering or any other plan of distribution desired by
the Holders, provided that the minimum aggregate sales price of the Registrable
Securities proposed to be sold in such underwritten offering shall be equal to
or greater than $100 million. In the event of an underwritten offering pursuant
to this Section 8.1, the investment banker(s), underwriter(s) and manager(s)
for such registration shall be selected by the Holders of a majority of the
Registrable Securities that have been registered pursuant to the Shelf
Registration Statement; provided, however, that such investment banker(s),
underwriter(s) and manager(s) shall be reasonably satisfactory to the Company.

          8.2.     Piggyback Registrations.

          (a)     If the Company shall determine to offer any of its Ordinary Shares
either for its own account or for the account of other shareholders for cash in
an underwritten offering

18

 

and in an manner that would also permit the sale of Registrable Securities
under the Securities Act (but not including any offerings under a shelf
registration under Rule 415 (or any successor rule) to the extent the inclusion
of Registrable Securities in such underwritten offering would require a
post-effective amendment to such registration), the Company will, to the extent
practicable:

		
	 	     (i)     promptly give to each of the Holders of Registrable Securities a
written notice thereof as soon as reasonably practicable;

		
	 	     (ii)     subject to the provisions of Section 8.2(b) hereof, include in
such offering, all the Registrable Securities specified in written or
telephonic notices made by the Holders after receipt of the written
notice from the Company described in the foregoing clause (i) and before
commencement of the underwritten offering. Such written notice may
specify all or part of such Registrable Securities held by such Holder.
Nothing in this Section 8.2 shall operate to limit the right of any
Holder to request the inclusion in the offering of the Ordinary Shares
issuable upon conversion of the Notes held by such Holder notwithstanding
the fact that at the time of request such Holder has not yet converted
such Notes and therefore does not hold such Ordinary Shares.

          (b)     The right of any such Holder to be included in a registration pursuant
to this Section 8.2 shall be conditioned upon such Holder’s participation in
the underwriting and the inclusion of such Holder’s Registrable Securities in
the underwriting to the extent provided herein. All Holders proposing to
distribute their Registrable Securities through such underwriting shall enter
into an underwriting agreement in customary form with the underwriter or
underwriters selected for such underwriting by the Company; provided, however,
that, with respect to the matters covered by Section 8.7(b), such underwriting
agreement may only obligate a Holder to indemnify an underwriter for any
losses, claims, damages, liabilities or expenses incurred in reliance upon and
in conformity with written information furnished by such Holder to such
underwriter, and provided, further, that the maximum liability of any Holder
under such underwriting agreement shall be limited to the total net proceeds
from the sale of securities pursuant to such underwriting agreement that are
received by such Holder. Notwithstanding any other provision of this
Agreement, if the managing underwriter advises the Company in writing that
marketing factors require a limitation of the number of securities to be
underwritten (including Registrable Securities) in an offering subject to this
Section 8.2 because the number of securities to be underwritten is likely to
have an adverse effect on the price, timing or the distribution of securities
to be offered, then the Company shall so advise all Holders of Registrable
Securities which would otherwise be underwritten pursuant hereto, and the
number of shares of such Holders that may be included in the underwriting shall
be reduced, such reduction to be effected for such Holders on a pro rata basis
based on the total number of Registrable Securities held by the Holders. The
Company shall have the right to terminate or withdraw any registration
initiated by it under this Section 8.2 prior to the effectiveness of such
registration whether or not any Holder has elected to include securities in
such registration.

          8.3.     Registration Procedures. The Company shall:

19

 

           (a)     prepare and file the Shelf Registration Statement, and shall use its
reasonable best efforts to cause the Shelf Registration Statement to be
declared effective by no later than the last day of the Restricted Period;

          (b)     prepare and file with the SEC such amendments and supplements to such
registration statement (including Exchange Act documents incorporated by
reference into the registration statement) and the prospectus used in
connection therewith as may be necessary to keep such registration statement
effective for the period set forth in Section 8.1 and to comply with the
provisions of the Securities Act and the Exchange Act with respect to the
disposition of all securities covered by such registration statement during
such period in accordance with the intended methods of disposition by the
seller or sellers thereof set forth in such registration statement; provided,
that before filing a registration statement or prospectus, or any amendments or
supplements thereto in accordance with Sections 8.3(a) or (b), the Company will
furnish to counsel selected pursuant to Section 8.9 hereof copies of all
documents proposed to be filed (except any such Exchange Act documents), which
documents will be subject to the review and comment of such counsel;

          (c)     furnish to each Holder of such Registrable Securities an adequate
number of copies of such registration statement and of each amendment and
supplement thereto (in each case including all exhibits filed therewith,
including any documents incorporated by reference) and the prospectus included
in such registration statement (including each preliminary prospectus and
summary prospectus), in conformity with the requirements of the Securities Act,
and such other customary documents as such seller may reasonably request in
order to facilitate the disposition of the Registrable Securities by such
seller;

          (d)     use its reasonable best efforts to register or qualify such
Registrable Securities covered by such registration in such jurisdictions
within the United States as each Holder shall reasonably request, except that
the Company shall not for any such purpose be required to qualify generally to
do business as a foreign corporation in any jurisdiction where, but for the
requirements of this subsection (d), it would not be obligated to be so
qualified, to subject itself to taxation in any such jurisdiction or to consent
to general service of process in any such jurisdiction;

          (e)     otherwise use its reasonable best efforts to comply with all
applicable rules and regulations of the SEC;

          (f)     use its reasonable best efforts to list such Registrable Securities on
any securities exchange on which the Ordinary Shares are then listed if such
Registrable Securities are not already so listed and if such listing is then
permitted under the rules of such exchange;

          (g)     with respect to underwritten offerings effected pursuant to Section
8.1, enter into such customary agreements (including an underwriting agreement
in customary form), which may include indemnification provisions in favor of
underwriters and other Persons in addition to, or in substitution for the
provisions of Section 8.7 hereof, and take such other customary actions as the
underwriters reasonably request in order to expedite or facilitate the
disposition of such Registrable Securities;

20

 

           (h)     with respect to underwritten offerings effected pursuant to Section
8.1, obtain a “cold comfort” letter or letters from the Company’s current
independent public accountants in customary form and covering matters of the
type customarily covered by “cold comfort” letters given by independent public
accountants to underwriters in an underwritten public offering and reasonably
satisfactory to a majority in interest of the Holders selling Registrable
Securities in such registration;

          (i)     with respect to underwritten offerings effected pursuant to Section
8.1, make available for inspection by any seller of such Registrable Securities
covered by such registration statement, by any underwriter participating in any
disposition to be effected pursuant to such registration statement and by any
attorney, accountant or other agent retained by any such seller or any such
underwriter, all pertinent financial and other records, pertinent corporate
documents and properties of the Company, and cause all of the Company’s
officers, directors and employees to cooperate with the underwriters’ customary
due diligence review, subject in each case to mutually acceptable
confidentiality restrictions;

          (j)     promptly notify counsel (selected pursuant to Section 8.9 hereof) for
the Holders of Registrable Securities included in such registration statement
and any managing underwriter or agent (i) when the registration statement, or
when any post-effective amendment to the registration statement, shall have
become effective, or any supplement to the prospectus or any amendment to the
prospectus shall have been filed, (ii) of the receipt of any comments from the
SEC, (iii) of any request of the SEC to amend the registration statement or
amend or supplement the prospectus or for additional information, and (iv) of
the issuance by the SEC of any stop order suspending the effectiveness of the
registration statement or of any order preventing or suspending the use of any
preliminary prospectus, or of the suspension of the qualification of the
registration statement for offering or sale in any jurisdiction, or of the
institution or threatening of any proceedings for any of such purposes;

          (k)     subject to the provisions of Section 8.6, make reasonable efforts to
prevent the issuance of any stop order suspending the effectiveness of the
registration statement or of any order preventing or suspending the use of any
preliminary prospectus and, if any such order is issued, to obtain the
withdrawal of any such order as soon as practicable;

          (l)     if requested by any managing underwriter or any Holder of Registrable
Securities covered by the registration statement, promptly incorporate in a
prospectus supplement or post-effective amendment such information as the
managing underwriter or such Holder reasonably requests to be included therein,
including, with respect to the number of Registrable Securities being sold by
such Holder to such underwriter, the purchase price being paid therefor by such
underwriter and with respect to any other terms of the underwritten offering of
the Registrable Securities to be sold in such offering; and make all required
filings of such prospectus supplement or post-effective amendment as soon as
practicable after being notified of the matters incorporated in such prospectus
supplement or post-effective amendment;

          (m)     cooperate with the Holders of Registrable Securities covered by the
registration statement and the managing underwriter, if any, to facilitate the
timely preparation and delivery of certificates (not bearing any restrictive
legends) representing securities to be sold under the registration statement,
and enable such securities to be in such denominations and

21

 

registered in such names as the managing underwriter, if any, or such
Holders may reasonably request;

          (n)     with respect to underwritten offerings pursuant to Section 8.1(c), and
registrations effected pursuant to Section 8.2, obtain for delivery to the
Holders of Registrable Securities being registered and to the underwriter an
opinion or opinions from counsel for the Company in customary form and scope;

          (o)     with respect to underwritten offerings pursuant to Section 8.1(c), and
registrations effected pursuant to Section 8.2, cooperate with each seller of
Registrable Securities and each underwriter or agent participating in the
disposition of such Registrable Securities and their respective counsel in
connection with any filings required to be made with the NASD;

          (p)     with respect to registrations effected pursuant to Section 8.1(c),
provide reasonable assistance in marketing activities, upon reasonable notice
thereof, with respect to the distribution of such offering as is appropriate in
the context of the offering to facilitate the successful completion of the
offering at a price as close to the then-current market price as reasonably
practicable, subject to customary discounts for such transactions, and subject
to the availability of the Company personnel and provided that the provision of
such assistance shall not unduly burden the operations of the Company.

          8.4.     Holders and Permitted Transferees to be Included in Registration
Statement. The Company agrees, in the case of (i) a Holder that had not
provided the information requested by the Company pursuant to Section 8.5 prior
to the effectiveness of the Shelf Registration Statement or (ii) a Permitted
Transferee in accordance with the provisions of Section 7.2, to promptly file
one or more post-effective amendments to the Shelf Registration Statement or a
supplement to the related prospectus, naming such Holder or Permitted
Transferee as a selling shareholder in accordance with the provisions of the
Securities Act; provided, that such Holder or Permitted Transferee shall have
supplied to the Company the information set forth in Section 8.5.

          8.5.     Information Supplied. It shall be a condition precedent to the
obligations of the Company to take any action to register the Registrable
Securities held by any particular Holder pursuant to this Section 8 that such
Holder shall furnish to the Company such information regarding such Holder, the
number of Registrable Securities held by it, the intended method of disposition
of such Registrable Securities and such other information relating to the
Holder as is pertinent to the disclosure requirements relating to the Shelf
Registration Statement as the Company may from time to time reasonably request.

          8.6.     Restrictions on Disposition; Suspension Notice. (a) Subject to
Section 8.6(b) below, in the event (i) of the issuance by the SEC or any other
federal or state governmental authority of any stop order suspending the
effectiveness of the Shelf Registration Statement or the initiation of any
proceedings for that purpose; (ii) of the receipt by the Company of any
notification with respect to the suspension of the qualification or exemption
from qualification of any of the Registrable Securities for sale in any
jurisdiction or the initiation or threatening of any proceeding for such
purpose; (iii) of any event or circumstance which, upon the advice of the
Company’s counsel, necessitates the making of any changes to the Shelf

22

 

Registration Statement or the prospectus which forms a part thereof, or
any document incorporated or deemed to be incorporated therein by reference, so
that such Shelf Registration Statement, will not contain any untrue statement
of a material fact or any omission to state a material fact required to be
stated therein or necessary to make the statements therein not misleading, and
such prospectus, will not contain any untrue statement of a material fact or
any omission to state a material fact required to be stated therein or
necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading; or (iv) the Company shall determine
that there is a material development or transaction affecting the Company that
has not yet been publicly disclosed, the disclosure of which would, in the good
faith judgment of the Board of Directors, materially and adversely affect the
Company, then the Company shall deliver a certificate in writing to each Holder
(the “Suspension Notice”) to the effect of the foregoing and, upon receipt of
such Suspension Notice, such Holder will refrain from selling any Registrable
Securities pursuant to the Shelf Registration Statement (a “Suspension”) until
such Holder’s receipt of copies of a supplemented or amended prospectus
prepared and filed by the Company, or until it is advised in writing by the
Company that the current prospectus may be used, and has received copies of any
additional or supplemental filings that are incorporated or deemed incorporated
by reference in any such prospectus. In the event of any Suspension, the
Company will use its commercially reasonable efforts to cause the use of the
prospectus so suspended to be resumed as soon as reasonably practicable after
the delivery of a Suspension Notice to each Holder. In addition to and without
limiting any other remedies (including, without limitation, at law or at
equity) available to such Holder, such Holder shall be entitled to specific
performance in the event that the Company fails to comply with the provisions
of this Section 8.6(a).

          (b)     Notwithstanding the provisions of Section 8.6(a), no Holder shall be
prohibited in any twelve (12) month period from selling Registrable Securities
under the Registration Statement as a result of Suspensions (x) on more than
three occasions during such period nor (y) for more than an aggregate of sixty
(60) days during such period.

          8.7.     Indemnification. (a) In the event of any registration of any
securities of the Company under the Securities Act pursuant to this Section 8,
the Company shall indemnify and hold harmless each Holder of any Registrable
Securities covered by such registration statement, each Affiliate of such
seller and their respective directors, officers, members, employees or general
and limited partners (and any director, officer, and controlling Person of any
of the foregoing), each Person who participates as an underwriter in the
offering or sale of such securities and each other Person, if any, who controls
such Holder or any such underwriter within the meaning of the Securities Act
(collectively, the “Holder Indemnified Parties”), against any and all losses,
claims, damages or liabilities, joint or several, actions or proceedings
(whether commenced or threatened) in respect thereof (“Claims”) and expenses
(including reasonable attorney’s fees and reasonable expenses of investigation)
to which such Holder Indemnified Party may become subject under the Securities
Act, common law or otherwise, insofar as such Claims or expenses arise out of,
relate to or are based upon (i) any untrue statement or alleged untrue
statement of any material fact contained in any registration statement under
which such securities were registered under the Securities Act, any
preliminary, final or summary prospectus contained therein, or any amendment or
supplement thereto, or (ii) any omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements
therein (in the case of a prospectus, in light of the circumstances under which
they

23

 

were made) not misleading; provided, further, that the Company shall not
be liable to any Holder Indemnified Party in any such case to the extent (and
only to the extent) that any such Claim or expense arises out of, relates to or
is based upon any untrue statement or alleged untrue statement or omission or
alleged omission made in such registration statement or amendment or supplement
thereto or in any such preliminary, final or summary prospectus in reliance
upon and in conformity with written information furnished to the Company by or
behalf of such Holder specifically stating that it is for use in the
preparation thereof. Such indemnity shall remain in full force and effect
regardless of any investigation made by or on behalf of any Holder Indemnified
Party and shall survive the transfer of securities by any Holder.

          (b)     In the event of any registration of any Registrable Securities
pursuant to this Section 8, each Holder shall severally indemnify and hold
harmless the Company, each of its directors and officers, each Person who
participates as an underwriter in the offering or sale of such securities and
each other Person, if any, who controls the Company or any such underwriter
within the meaning of the Securities Act (the “Company Indemnified Parties”),
against any Claims and expenses (including reasonable attorney’s fees and
reasonable expenses of investigation) to which such Company Indemnified Party
may become subject under the Securities Act, common law or otherwise, insofar
as such Claims or expenses arise out of, relate to or are based upon (i) any
untrue statement or alleged untrue statement of any material fact contained in
any registration statement under which such securities were registered under
the Securities Act, any preliminary, final or summary prospectus contained
therein, or any amendment or supplement thereto, or (ii) any omission or
alleged omission to state therein a material fact required to be stated therein
or necessary to make the statements therein (in the case of a prospectus, in
light of the circumstances under which they were made) not misleading, in each
case to the extent, but only to the extent, that such untrue statement or
alleged untrue statement or omission or alleged omission was made in the
registration statement, any preliminary, final or summary prospectus contained
therein, or any amendment or supplement thereto in reliance upon and in
conformity with written information furnished to the Company by or on behalf of
such Holder expressly for use in connection with such registration. The
foregoing indemnity shall remain in full force and effect regardless of any
investigation made by or on behalf of the Company or any of the prospective
sellers, or any of their respective Affiliates, directors, officers or
controlling Persons and shall survive the transfer of securities by any Holder.
In no event shall the liability of any selling Holder of Registrable
Securities hereunder be greater in amount than the net dollar amount of the
proceeds received by such Holder upon the sale of the Registrable Securities
giving rise to such indemnification obligation.

          (c)     Promptly after receipt by an indemnified party hereunder of written
notice of the commencement of any action or proceeding with respect to which a
claim for indemnification may be made pursuant to this Section 8.7, such
indemnified party will, if a claim in respect thereof is to be made against an
indemnifying party, give written notice to such indemnified party of the
commencement of such action or proceedings; provided, that the failure of the
indemnified party to give notice as provided herein shall not relieve the
indemnifying party of its obligations under this Section 8.7, except to the
extent that the indemnifying party is materially prejudiced by such failure to
give notice. In case any such action or proceeding is brought against an
indemnified party, unless in such indemnified party’s reasonable judgment a
conflict of interest between such indemnified and indemnifying parties may
exist in respect of such action or proceeding (in which case the indemnified
party shall have the right to assume or

24

 

continue its own defense and the indemnifying party shall be liable for
any reasonable expenses therefor, but in no event will bear the expenses for
more than one firm of counsel for all indemnified parties in each jurisdiction
who shall be approved by the majority of the participating Holders in the
registration in respect of which such indemnification is sought), the
indemnifying party will be entitled to participate in and, subject to the prior
written acknowledgement by such indemnifying party of its obligation to
indemnify the indemnified party with respect to the claims that are the subject
of such action or proceeding, to assume the defense thereof (at its expense),
jointly with any other indemnifying party similarly notified to the extent that
it may wish, with counsel reasonably satisfactory to such indemnified party,
and after notice from the indemnifying party to such indemnified party of its
election so to assume the defense thereof, the indemnifying party will not be
liable to such indemnified party for any legal or other expenses subsequently
incurred by the latter in connection with the defense thereof other than
reasonable costs of investigation and shall have no liability for any
settlement made by the indemnified party without the consent of the
indemnifying party, such consent not to be unreasonably withheld or delayed.
No indemnifying party will settle any action or proceeding or consent to the
entry of any judgment without the prior written consent of the indemnified
party unless such settlement or judgment (i) includes as an unconditional term
thereof the giving by the claimant or plaintiff of a release to such
indemnified party from all liability in respect of such action or proceeding
and (ii) does not involve the imposition of equitable remedies or the
imposition of any obligations on such indemnified party and does not otherwise
adversely affect such indemnified party, other than as a result of the
imposition of financial obligations for which such indemnified party will be
indemnified hereunder.

          (d)     (i)     If the indemnification provided for in this Section 8.7 from the
indemnifying party is unavailable to an indemnified party hereunder in respect
of any Claim or expenses referred to herein, then the indemnifying party, in
lieu of indemnifying such indemnified party, shall contribute to the amount
paid or payable by such indemnified party as a result of such Claim or expenses
in such proportion as is appropriate to reflect the relative fault of the
indemnifying party and indemnified party in connection with the actions which
resulted in such Claim or expenses, as well as any other relevant equitable
considerations. The relative fault of such indemnifying party and indemnified
party shall be determined by reference to, among other things, whether any
action in question, including any untrue or alleged untrue statement of a
material fact or omission or alleged omission to state a material fact, has
been made by, or relates to information supplied by, such indemnifying party or
indemnified party, and the parties’ relative intent, knowledge, access to
information and opportunity to correct or prevent such action. The amount paid
or payable by a party under this Section 8.7(d) as a result of the Claim and
expenses referred to above shall be deemed to include any legal or other fees
or expenses reasonably incurred by such party in connection with any action or
proceeding.

		
	 	     (ii)     The parties hereto agree that it would not be just and equitable
if contribution pursuant to this Section 8.7(d) were determined by pro
rata allocation or by any other method of allocation which does not take
account of the equitable considerations referred to in Section 8.7(d)(i).
No Person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) shall be entitled to contribution
from any Person who was not guilty of such fraudulent misrepresentation.

25

 

          (e)     Indemnification similar to that specified in this Section 8.7 (with
appropriate modifications) shall be given by the Company and each seller of
Registrable Securities with respect to any disclosure contained in any required
registration or other qualification of securities under any law or with any
governmental authority other than as required by the Securities Act.

          (f)     The obligations of the parties under this Section 8.7 shall be in
addition to any liability which any party may otherwise have to any other
party.

          8.8.     Required Reports. The Company covenants that it will file the
reports required to be filed by it under the Securities Act and the Exchange
Act (or, if the Company is not required to file such reports, it will, upon the
request of any Holder, make publicly available such information), and it will
take such further action as any Holder may reasonably request, all to the
extent required from time to time to enable such Holder to sell Registrable
Securities and Notes without registration under the Securities Act within the
limitation of the exemptions provided by (a) Rule 144 under the Securities Act,
as such Rule may be amended from time to time or (b) any similar rule or
regulation hereafter adopted by the SEC. Upon the request of any Holder in
connection with any offering or sale, the Company will deliver to such Holder a
written statement as to whether it has complied with such requirements.

          8.9.     Selection of Counsel. In connection with any registration of
Registrable Securities pursuant to Section 8 hereof, the Holders of a majority
of the Registrable Securities covered by any such registration may select one
counsel to represent all Holders of Registrable Securities covered by such
registration.

          8.10.     Expenses. The Company will pay all Registration Expenses in
connection with registrations of all Registrable Securities pursuant to Section
8.1 (including, without limitation, any amendments or supplements filed
pursuant to Section 8.4) or Section 8.2 hereof.

          8.11.     No Inconsistent Agreements. The Company represents and warrants that
it is not a party to, and agrees that it will not enter into, or cause or
permit any of its Subsidiaries to enter into, any agreement which conflicts
with or limits or prohibits the exercise of the rights granted to the Holders
of Registrable Securities in this Section 8. The Company represents and
warrants that it is not a party to, and agrees that will not enter into, or
cause or permit any of its Subsidiaries to enter into, any agreement which
provides a holder of its Ordinary Shares with the right to register Ordinary
Shares on terms more favorable to such holder than those contained in this
Section 8.

     9.     Termination.

          9.1.     Conditions of Termination.
Notwithstanding anything to the contrary contained herein, this Agreement
may be terminated at any time before the Closing (a) by mutual consent of the
Company and the Purchasers, or (b) by either party hereto if the Closing shall
not have occurred on or prior to March 31, 2003.

          9.2.     Effect of Termination. In the event of any termination pursuant to
Section 9.1 hereof, this Agreement shall become null and void and have no
effect, with no liability on the part of the Company or the Purchasers, or
their directors, officers, agents or shareholders, with

26

 

respect to this Agreement, except for liability for any willful breach of
this Agreement and pursuant to the last sentence of Section 10.8 hereof.

     10.     Miscellaneous Provisions.

          10.1.     Public Statements or Releases. Neither the Company nor any Purchaser
shall make any public announcement with respect to the existence or terms of
this Agreement or the transactions provided for herein without the prior
approval of the other parties, which shall not be unreasonably withheld or
delayed. Notwithstanding the foregoing, nothing in this Section 10.1 shall
prevent any party from making any public announcement it considers necessary in
order to satisfy its obligations under the law or the rules of any national
securities exchange or Nasdaq, provided such party, to the extent practicable,
provides the other parties with an opportunity to review and comment on any
proposed public announcement before it is made, and provided further that any
public announcement by the Company with respect to Silver Lake and its
Affiliates shall be subject to the prior approval of Silver Lake, except to the
extent such public announcement is required by law.

          10.2.     Rights Cumulative. Each and all of the various rights, powers and
remedies of the parties shall be considered to be cumulative with and in
addition to any other rights, powers and remedies which such parties may have
at law or in equity in the event of the breach of any of the terms of this
Agreement. The exercise or partial exercise of any right, power or remedy
shall neither constitute the exclusive election thereof nor the waiver of any
other right, power or remedy available to such party.

          10.3.     Interpretation. The words “hereof,” “herein” and “hereunder” and
words of similar import when used in this Agreement will refer to this
Agreement as a whole and not to any particular provision of this Agreement, and
section and subsection references are to this Agreement unless otherwise
specified. The headings in this Agreement are included for convenience of
reference only and will not limit or otherwise affect the meaning or
interpretation of this Agreement. Whenever the words “include,” “includes” or
“including” are used in this Agreement, they will be deemed to be followed by
the words “without limitation.” The phrases “the date of this Agreement,” “the
date hereof” and terms of similar import, unless the context otherwise
requires,
will be deemed to refer to the date set forth in the first paragraph of
this Agreement. The meanings given to terms defined herein will be equally
applicable to both the singular and plural forms of such terms. All matters to
be agreed to by any party hereto must be agreed to in writing by such party
unless otherwise indicated herein.

          10.4.     Notices. Any notices or other communications required or permitted
to be given hereunder shall be in writing and shall be deemed to be given when
delivered in person or by private courier with receipt, when telefaxed upon
confirmation of receipt, or three (3) days after being deposited in the United
States mail, first-class, registered or certified, return receipt requested,
with postage paid and,

27

 

	 	 	 
	 	 	
if to the Company, addressed as follows:
	 	 	 
	 	 	
c/o Flextronics International USA, Inc.
	 	 	
2090 Fortune Drive
	 	 	
San Jose, CA 95131
	 	 	
Attention: Chief Financial Officer
	 	 	
Facsimile: 408-428-0859
	 	 	 
	 	 	
with a copy to:
	 	 	
Fenwick & West LLP
	 	 	
275 Battery Street
	 	 	
San Francisco, CA 94111
	 	 	
Attention: David K. Michaels, Esq.
	 	 	
Facsimile: 415-281-1350

          if to any Purchaser, addressed as set forth in EXHIBIT A for such
Purchaser.

Any Person may change the address to which notices and communications to it are
to be addressed by notification as provided for herein.

          10.5.     Severability. If any part or provision of this Agreement is held
unenforceable or in conflict with the applicable laws or regulations of any
jurisdiction, the invalid or unenforceable part or provisions shall be replaced
with a provision which accomplishes, to the extent possible, the original
business purpose of such part or provision in a valid and enforceable manner,
and the remainder of this Agreement shall remain binding upon the parties
hereto.

          10.6.     Governing Law; Injunctive Relief.

          (a)     This Agreement shall be governed by, and construed in accordance with,
the laws of the State of New York.

          (b)     The Company and each of the Purchasers hereby irrevocably and
unconditionally:

		
	 	    (i)     submits for itself and its property in any legal action or
proceeding relating solely to this Agreement or the transactions
contemplated hereby, to the general jurisdiction of the Courts of the
State of New York in New York City, of the State of California in San
Jose, the Courts of the United States of America for the Southern
District of New York in New York City and the Northern District of
California in San Jose, and appellate courts from any thereof;
	 	 
	 	    (ii)     consents that any such action or proceeding may be brought in
such courts, and waives any objection that it may now or hereafter have
to the venue of any such action or proceeding in any such court or that
such action or proceeding was brought in an inconvenient court and agrees
not to plead or claim the same to the extent permitted by applicable law;

28

 

		
	 	     (iii)     agrees that service of process in any such action or
proceeding may be effected by mailing a copy thereof by registered or
certified mail (or any substantially similar form of mail), postage
prepaid, to the party, as the case may be, at its address set forth in
Section 10.4 or at such other address of which the other party shall have
been notified pursuant thereto;

		
	 	     (iv)     agrees that nothing herein shall affect the right to effect
service of process in any other manner permitted by law or shall limit
the right to sue in any other jurisdiction for recognition and
enforcement of any judgment or if jurisdiction in the courts referenced
in the foregoing clause (i) is not available despite the intentions of
the parties hereto;

		
	 	     (v)     agrees that final judgment in any such suit, action or
proceeding brought in such a court may be enforced in the courts of any
jurisdiction to which such party is subject by a suit upon such judgment,
provided that service of process is effected upon such party in the
manner specified herein or as otherwise permitted by law; and

		
	 	     (vi)     agrees that to the extent that such party has or hereafter may
acquire any immunity from jurisdiction of any court or from any legal
process with respect to itself or its property, such party hereby
irrevocably waives such immunity in respect of its obligations under this
Agreement, to the extent permitted by law.

          (c)     Each of the parties hereto acknowledges and agrees that damages will
not be an adequate remedy for any material breach or violation of this
Agreement if such material breach or violation would cause immediate and
irreparable harm (an “Irreparable Breach”). Accordingly, in the event of a
threatened or ongoing Irreparable Breach, each party hereto shall be entitled
to seek, in any state or federal court in the State of New York, equitable
relief of a kind appropriate in light of the nature of the ongoing or
threatened Irreparable Breach, which relief may include, without limitation,
specific performance or injunctive relief; provided, however, that if the party
bringing such action is unsuccessful in obtaining the relief sought, the moving
party shall pay the non-moving party’s reasonable costs, including attorney’s
fees, incurred in connection with defending such action. Such remedies shall
not be the parties’ exclusive remedies, but shall be in addition to all other
remedies provided in this Agreement.

          10.7.     Waiver. No waiver of any term, provision or condition of this
Agreement, whether by conduct or otherwise, in any one or more instances, shall
be deemed to be, or be construed as, a further or continuing waiver of any such
term, provision or condition or as a waiver of any other term, provision or
condition of this Agreement.

          10.8.     Expenses. The Company shall pay the reasonable out-of-pocket fees
and expenses incurred by the Purchasers in connection with the proposed
investment by Silver Lake and its Affiliates in the Company. On the Closing
Date, the Company shall pay such fees and expenses upon receipt from Silver
Lake of written notice detailing such fees and expenses, together with
appropriate supporting documentation evidencing the calculation of the amount
of such fees and expenses. In the event this Agreement is terminated pursuant
to Section 9.1 hereof prior to the Closing due to failure by the Company to
satisfy one or more conditions set forth in

29

 

Section 6.1, upon such termination the Company shall pay such of the
foregoing fees and expenses as have been incurred prior to the date of such
termination.

          10.9.     Assignment. Except as otherwise provided herein, the rights and
obligations of the parties hereto shall inure to the benefit of and shall be
binding upon the authorized successors and permitted assigns of each party.
None of the parties may assign its rights or obligations under this Agreement
or designate another person (i) to perform all or part of its obligations under
this Agreement or (ii) to have all or part of its rights and benefits under
this Agreement, in each case without the prior written consent of the other
parties, provided, however, that, subject to compliance with the restrictions
contained in Section 7 (including Section 7.2 hereof), each Purchaser shall
have the right to assign and transfer all or a portion of its rights and
obligations under this Agreement to one or more of its Affiliates or any Person
who is a limited partner of such Purchaser (whether or not in its capacity as
such). In the event of any assignment in accordance with the terms of this
Agreement, the assignee shall specifically assume and be bound by the
provisions of the Agreement by executing a writing agreeing to be bound by and
subject to the provisions of this Agreement and shall deliver an executed
counterpart signature page to this Agreement.

          10.10.     Taxes.

          (a)     All sums payable by the Company under this Agreement shall be paid
free of any restriction or condition; free and clear of and without any
deduction or withholding on account of any tax, levy or any other charges
whatsoever; and without deduction or withholding on account of any other
amount, whether by way of set-off, counterclaim or otherwise. If the Company
or any other person on behalf of the Company is required to make any payment,
deduction or withholding on account of any such tax, levy, charges or other
amount from any sum paid or payable by the Company to, or any sum received or
receivable by, the Purchasers, the Company shall pay such additional amounts as
is necessary to ensure that, after the making of that deduction, withholding or
payment, the Purchasers receives on the due date and retains a
net sum after any such deduction, withholding or payment equal to the
respective amounts that the Purchasers would have received and so retained had
no such deduction, withholding or payment been required or made. If the
Company or any other person on behalf of the Company is required to pay any tax
or other amount on, or calculated by reference to, any sum received or
receivable by the Purchasers, the Company shall pay or procure the payment of
that tax or other amount before any interest or penalty becomes payable or, if
that tax or other amount is payable and paid by the Purchasers on behalf of the
Company, shall reimburse the Purchasers on demand for the amount paid by it.
Within fourteen (14) days after paying any sum from which it is required by law
to make any deduction or withholding, and within fourteen (14) days after the
due date of payment of any tax, levy, charges or the amount which it is
required to pay, the Company shall deliver to the Purchasers evidence
reasonably satisfactory to the Purchasers of such deduction, withholding or
payment and of the remittance thereof to the relevant taxing or other
authority.

          (b)     If additional amounts become payable by the Company pursuant to
Section 10.10(a) hereof, the Company and the Purchasers shall use reasonable
efforts to amend this Agreement if such amendment (i) would not subject any
Purchaser to any unreimbursed cost or expense, (ii) in the reasonable judgment
of the Company, would eliminate or reduce amounts

30

 

payable pursuant to Section 10.10(a) hereof in the future and (iii) in the
reasonable judgment of such Purchaser, would not otherwise be disadvantageous
to such Purchaser. The Company agrees to pay all costs and expenses incurred
by any Purchaser in connection with any such amendment.

          10.11.     Confidential Information. The Purchasers acknowledge that as a
result of their contractual rights under this Agreement (including Sections
5.5, 5.6 and the Rights Agreement), Purchasers may be given access to
non-public, proprietary information with respect to the Company (“Confidential
Information”). For purposes hereof, for any Purchaser, Confidential
Information does not include, however, information which (a) is or becomes
generally available to the public in accordance with law other than as a result
of a disclosure by the Purchaser or its directors, managing members, officers,
employees, agents, legal counsel, financial advisors, accounting
representatives or potential funding sources (“Representatives”) or its
Affiliates, subsidiaries or franchisees in violation of this Section 10.11 or
any other confidentiality agreement between the Company and such Person, (b)
was provided to the Purchaser on a nonconfidential basis and in accordance with
law prior to its disclosure by the Company, (c) is provided to the Purchaser on
a nonconfidential basis and in accordance with law by a person other than the
Company who, to Purchaser’s knowledge, is not otherwise bound by a
confidentiality agreement with the Company, or is not otherwise prohibited from
transmitting the information to the Purchaser, or (d) was independently
developed by the Purchaser. Each Purchaser agrees (i) except as required by law
or legal process, to keep all Confidential Information confidential and not to
disclose or reveal any such Confidential Information to any person other than
those of its Representatives who need to know the Confidential Information for
the purpose of evaluating, monitoring or taking any other action with respect
to the investment by the Purchaser in the Notes (or the Ordinary Shares into
which the Notes are convertible) and to cause those Representatives to observe
the terms of this Section 10.11 and (ii) not to use Proprietary Information for
any purpose other than in connection with evaluating, monitoring or taking any
other action with
respect to the investment by the Purchaser in the Notes (or the Ordinary
Shares into which the Notes are convertible).

          10.12.     Third Parties. This Agreement does not create any rights, claims or
benefits inuring to any person that is not a party hereto nor create or
establish any third party beneficiary hereto. The Company acknowledges that
its obligations hereunder are full recourse to the Company and are in no manner
limited to any extent to any branch thereof and shall in no manner impair the
Purchaser’s ability to collect any obligation hereunder from the Company.

          10.13.     Counterparts. This Agreement may be signed in any number of
counterparts, each of which shall be an original, but all of which together
shall constitute one instrument.

          10.14.     Entire Agreement; Amendments. This Agreement and the Nondisclosure
Agreement dated July 17, 2002 constitutes the entire agreement between the
parties hereto respecting the subject matter hereof and supersedes all prior
agreements, negotiations, understandings, representations and statements
respecting the subject matter hereof, whether written or oral, including the
Summary of Key Terms for Convertible Subordinated Notes. No modification,
alteration, waiver or change in any of the terms of this Agreement shall be
valid or binding upon the parties hereto unless made in writing and duly
executed by the Company and

31

 

Purchasers beneficially holding in the aggregate at least a majority of
the principal amount of Notes issued pursuant to this Agreement; provided,
that, notwithstanding the foregoing, this Agreement may be amended from time to
time without the consent of any other party to include any Permitted Transferee
of a Purchaser and a party and a signatory hereto pursuant to Section 7.2 of
this Agreement.

32

 

          IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the day and year first above written.

	 	 	 	 	 
	 	 	COMPANY:
	 	 	 	 	 
	 	 	FLEXTRONICS INTERNATIONAL LTD.
	 	 	 	 	 
	 	 	
By:	 	

	 	 	 	 	Name:
	 	 	 	 	Title:

[Signature Page to Note Purchase Agreement]

 

	 	 	 	 	 
	 	 	PURCHASERS:
	 	 	 	 	 
	 	 	SILVER LAKE PARTNERS CAYMAN, L.P.
	 	 	 	 	 
	 	 	By Silver Lake Technology Associates Cayman,
L.P., its General Partner
	 	 	 	 	 
	 	 	By Silver Lake (Offshore) AIV GP Ltd., its
General Partner
	 	 	 	 	 
	 	 	
By:
	 	

Name:
	 	 	 	 	Title:
	 	 	 	 	 
	 	 	SILVER LAKE INVESTORS CAYMAN, L.P.
	 	 	 	 	 
	 	 	By Silver Lake (Offshore) AIV GP Ltd., its
General Partner
	 	 	 	 	 
	 	 	
By:
	 	

Name:
	 	 	 	 	Title:
	 	 	 	 	 
	 	 	SILVER LAKE TECHNOLOGY INVESTORS CAYMAN, L.P.
	 	 	 	 	 
	 	 	By Silver Lake (Offshore) AIV GP Ltd., its
General Partner
	 	 	 	 	 
	 	 	
By:
	 	

Name:
	 	 	 	 	Title:

[Signature Page to Note Purchase Agreement]

 

 

	 	 	 	 	 
	 	 	INTEGRAL CAPITAL PARTNERS VI, L.P.
	 	 	 	 	 
	 	 	
By
	 	Integral Capital Management VI, LLC

its General Partner
	 	 	 	 	 
	 	 	
By
	 	

Pamela K. Hagenah

a Manager

[Signature Page to Note Purchase Agreement]

 

 

EXHIBIT A

PURCHASERS

	 	 	 	 	 	 	 
	Purchaser Name and Address	 	Principal Amount of Notes to be Purchased
	
	 	

	Silver Lake Partners Cayman, L.P.
	 	$	189,137,627.08	 
	 
	 	 	 	 
	Address:
	 	 	 	 
	 	320
Park Avenue, 33rd Floor
	 	 	 	 
	 	New York, NY 10022
	 	 	 	 
	 	Attention: Yolande Jun
	 	 	 	 
	 	Facsimile: (650) 233-2501
	 	 	 	 
	 
	 	 	 	 
	 	with a copy to:
	 	 	 	 
	 	Simpson Thacher & Bartlett
	 	 	 	 
	 	3330 Hillview Avenue
	 	 	 	 
	 	Palo Alto, CA 94304
	 	 	 	 
	 	Attention: Richard Capelouto
	 	 	 	 
	 	 	          Kirsten Jensen
	 	 	 	 
	 	Facsimile: (650) 251-5002
	 	 	 	 
	 
	 	 	 	 
	Silver Lake Investors Cayman, L.P.
	 	$	5,321,551.54	 
	 
	 	 	 	 
	Address:
	 	 	 	 
	 	Same as Silver Lake Partners
Cayman, L.P.
	 	 	 	 
	Silver Lake Technology Investors Cayman, L.P.
	 	$	540,821.38	 
	 
	 	 	 	 
	Address:
	 	 	 	 
	 	Same as Silver Lake Partners
Cayman, L.P.
	 	 	 	 
	Integral Capital Partners VI, L.P.
	 	$	5,000,000.00	 
	 
	 	 	
	 
	 
	 	 	 	 
	Address:
	 	 	 	 
	 	2750 Sand Hill Road
	 	 	 	 
	 	Menlo Park, CA 94025
	 	 	 	 
	 	Facsimile: (650) 233-0366
	 	 	 	 
	 
	 	 	 	 
	 	TOTAL
	 	$	200,000,000.00	 
	 
	 	 	
	 

 

 

EXHIBIT B

Form of Convertible Junior Subordinated Note

 

 

CONVERTIBLE JUNIOR SUBORDINATED NOTE

	 	 	 
	U.S.$	 	
March   , 2003

	 
	THE SECURITIES REPRESENTED BY THIS NOTE AND THE
SECURITIES ISSUABLE UPON ITS CONVERSION HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “ACT”), OR SECURITIES LAWS OF ANY STATE
AND MAY NOT BE OFFERED, SOLD, ASSIGNED, PLEDGED
TRANSFERRED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF
AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT AND
APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN
AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE ACT OR
SUCH LAWS AND, IF REQUESTED BY THE COMPANY, UPON
DELIVERY OF AN OPINION OF COUNSEL REASONABLY
SATISFACTORY TO THE COMPANY THAT THE PROPOSED TRANSFER
IS EXEMPT FROM THE ACT OR SUCH LAWS. THIS NOTE IS
ALSO SUBJECT TO THE TRANSFER RESTRICTIONS CONTAINED IN
THE NOTE PURCHASE AGREEMENT, DATED AS OF MARCH 2,
2003, AMONG THE COMPANY AND THE PURCHASERS NAMED
THEREIN.”

     FOR VALUE RECEIVED, the undersigned, Flextronics International Ltd., a
Singapore company (the “Company”), acting through its branch office in Hong
Kong, promises to pay to        (the “Investor”), in lawful money of
the United States and in immediately available funds (or in Ordinary Shares as
provided in Section 2(b)), the principal amount of U.S.$      (the “Face
Amount”), all in accordance with the provisions of this Note. The “Issue Date”
of this Note is March    , 2003.

     This Note was issued pursuant to the Note Purchase Agreement, dated as of
March 2, 2003 (as amended from time to time, the “Agreement”), among the
Company and the other parties thereto. Unless the context otherwise requires,
as used herein, “Note” means any of the Convertible Subordinated Notes issued
pursuant to the Agreement and any other similar convertible subordinated notes
issued by the Company in exchange for, or to effect a transfer of, any Note and
“Notes” means all such Notes in the aggregate.

     1. Definitions. For purposes of this Note, the following definitions
shall be applicable:

     “Affiliate” of any specified person means any other person directly or
indirectly controlling or controlled by or under direct or indirect common
control with such specified person; for purposes of this definition, “control”
(including, with correlative meanings, the terms “controlling,” “controlled by”
and ‘under common control with”), as used with respect to any person, shall
mean the possession, directly or indirectly, of the power to direct or cause
the direction of the management or policies of such person, whether through the
ownership of voting

 

 

 securities, by agreement or otherwise. For purposes of this Note,
Integral Capital Partners VI, L.P. shall not be considered an Affiliate of
Silver Lake, Silver Lake Investors Cayman, L.P. or Silver Lake Technology
Investors Cayman, L.P.

     “Articles of Association” means the Memorandum and Articles of Association
of the Company, as the same may be amended from time to time.

     “Average Closing Price”, for any period, shall mean the arithmetic mean
average of the Closing Prices for each Trading Day in such period, calculated
by dividing the sum of the Closing Prices for each Trading Day in the period by
the number of Trading Days in the period.

     “Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state
law for the relief of debtors.

     “Board of Directors” means the board of directors of the Company.

     “Capital Lease Obligation” means, at the time any determination thereof is
to be made, the amount of the liability in respect of a capital lease that
would at such time be required to be capitalized on a balance sheet in
accordance with GAAP.

     “Cash Equivalents” means (i) United States dollars, (ii) securities issued
or directly and fully guaranteed or insured by the United States government or
any agency or instrumentality thereof having maturities of not more than six
months from the date of acquisition, (iii) certificates of deposit and
eurodollar time deposits with maturities of six months or less from the date of
acquisition, bankers’ acceptances with maturities not exceeding six months and
overnight bank deposits, in each case with any lender party to the Credit
Facility or with any domestic commercial bank having capital and surplus in
excess of $500 million and a Keefe Bank Watch Rating of “B” or better, (iv)
repurchase obligations with a term of not more than seven days for underlying
securities of the types described in clauses (ii) and (iii) above entered into
with any financial institution meeting the qualifications specified in clause
(iii) above and (v) commercial paper having the highest rating obtainable from
Moody’s Investors Service, Inc. or Standard & Poor’s Corporation and in each
case maturing within six months after the date of acquisition.

     “Change of Control” shall mean the occurrence of any of the following: (i)
the consolidation of the Company with, or the merger of the Company with or
into, another “person” (as such term is used in Rule 13d-3 and Rule 13d-5 of
the Exchange Act), or the sale, lease, transfer, conveyance or other
disposition, in one or a series of related transactions, of all or
substantially all of the assets of the Company and its subsidiaries taken as a
whole, or the consolidation of another “person” with, or the merger of another
“person” into, the Company, other than in each case pursuant to a transaction
in which the “persons” that “beneficially owned” (as such term is defined in
Rule 13d-3 and Rule 13d-5 under the Exchange Act), directly or indirectly, the
Voting Shares of the Company immediately prior to the transaction “beneficially
own”, directly or indirectly, Voting Shares representing at least a majority of
the total voting power of all outstanding classes of voting stock of the
surviving or transferee person; (ii) the adoption by the Company of a plan
relating to the liquidation or dissolution of the Company; (iii) the
consummation of any transaction (including, without limitation, any merger or
consolidation) the result of which is that any “person” becomes the “beneficial
owner”

2

 

 directly or indirectly, of more than 50% of the Voting Shares of the
Company (measured by voting power rather than number of shares); or (iv) the
first day on which a majority of the members of the Board of Directors does not
consist of Continuing Directors.

     “Closing Price” of the Ordinary Shares on any day means the last reported
sale price regular way on such day or, in the case no such sale takes place on
such day, the average of the reported closing bid and asked prices regular way
of the Ordinary Shares, in each case as quoted on the NASDAQ National Market or
such other principal securities exchange or inter-dealer quotation system on
which the Ordinary Shares are then traded.

     “Continuing Director” shall mean, as of any date of determination, any
member of the Board of Directors who (i) was a member of the Board of Directors
on the Issue Date or was appointed pursuant to the Note Purchase Agreement or
(ii) was nominated for election or elected to the Board of Directors with the
approval of a majority of the Continuing Directors who were members of the
Board of Directors at the time of such nomination or election and who voted
with respect to such nomination or election; provided that a majority of the
members of the Board of Directors voting with respect thereto shall at the time
have been Continuing Directors.

     “Credit Facility” means the Credit Agreement dated as of March 8, 2002, by
and among the Company, certain agents and certain lending institutions party
thereto, as amended, modified, renewed, restated, refunded, replaced or
refinanced from time to time.

     “Debt” shall mean, with respect to any person, any indebtedness of such
person, whether or not contingent, in respect of borrowed money or evidenced by
bonds, notes, debentures or similar instruments or letters of credit (or
reimbursement agreements in respect thereof) or banker’s acceptances or
representing Capital Lease Obligations or the balance deferred and unpaid of
the purchase price of any property or representing any Hedging Obligations,
except any such balance that constitutes an accrued expense or trade payable,
if and to the extent any of the foregoing indebtedness (other than letters of
credit and Hedging Obligations) would appear as a liability upon a balance
sheet of such Person prepared in accordance with GAAP, as well as all Debt of
others secured by a Lien on any asset of such Person (whether or not such Debt
is assumed by such Person) and Lease Debt and, to the extent not otherwise
included, the Guarantee by such Person of any Debt of any other Person. The
amount of any Debt outstanding as of any date shall be (i) the accreted value
thereof, in the case of any Debt that does not require current payments of
interest or (ii) the principal amount thereof, together with any interest
thereon that is more than 30 days past due, in the case of any other Debt.

     “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.

     “Designated Senior Debt” means (i) any Debt under the Credit Facility (and
any guarantees thereof) and (ii) any other Senior Debt otherwise designated by
the Company (which designation shall have been approved in writing by the
Representative under the Credit Facility), and such approval shall have been
delivered to the Holders, so long as (A) the Credit Facility is in effect and
(B) the Company shall not then be a party to a credit facility or similar
arrangement (other than the Credit Facility) that provides for loans in an
aggregate principal amount that is greater than the aggregate principal amount
of loans to the Company that may be made under the

3

 

 Credit Facility and that are not entered into in violation of the Credit
Facility), and the Representative thereunder, as “Designated Senior Debt” and,
in the case of the designation by the Company, certified in an Officers’
Certificate delivered to the Holders; provided that not less than $5.0 million
aggregate principal amount is outstanding under Designated Senior Debt at the
date of the designation and at the date of determination; provided, further,
that Designated Senior Debt shall never consist of Lease Debt.

     “Equity Interests” means capital shares of the Company and all warrants,
options or other rights to acquire capital shares (but excluding any debt
security that is convertible into, or exchangeable for, such capital shares).

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

     “Freely Tradeable Shares” means, with respect to Ordinary Shares issuable
upon conversion of the Notes or pursuant to Section 2, Ordinary Shares for
which each of the following conditions are met at the time of issuance of such
Ordinary Shares to a Holder hereunder (i) (A) a registration statement covering
all Registrable Securities (as defined in the Agreement) shall have become
effective and shall remain effective, as the case may be, on the Final Maturity
Date (in the case of Section 2(b)), the redemption date (in the case of Section
3) or the Conversion Date (in the case of Section 4(c)), as applicable (such
date, the “Applicable Date”), in accordance with Section 8.1 of the Agreement
and (B) a Suspension Notice shall not be in effect on the Applicable Date and
the Company shall have agreed in writing not to deliver to the Holders a
Suspension Notice (as defined in the Agreement) for at least 25 Trading Days
following the Applicable Date, (iii) the resale of such Ordinary Shares shall
not be restricted for at least 25 Trading Days following the Applicable Date by
reason of the Company’s restrictions on trading to which the Holder are subject
pursuant to the Agreement (including pursuant to Sections 7.1(c) thereof) or
pursuant to the policies of the Company applicable to the members of its Board
of Directors, and (iv) when issued, the Ordinary Shares shall be listed on the
Nasdaq National Market (or such other principal national securities exchange or
inter-dealer quotation system on which such shares are then traded).

     “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 as have been approved by a significant segment of the accounting
profession in the United States, which are in effect.

     “Guarantee” means a guarantee (other than by endorsement of negotiable
instruments for collection in the ordinary course of business), direct or
indirect, in any manner (including, without limitation, letters of credit and
reimbursement agreements in respect thereof), of all or any part of any Debt.

     “Hedging Obligations” means, with respect to any person, the obligations
of such person under (i) currency exchange or interest rate swap agreements,
interest rate cap agreements and interest rate collar agreements and (ii) other
agreements or arrangements designed to protect such person against fluctuations
in interest rates or currency exchange rates.

4

 

     “Holder” means the Person in whose name this Note is registered in the
Company’s Note Register and “Holders” means, collectively, the Persons in whose
names all the Notes are registered in the Company’s Note Register.

     “Indenture” shall mean, collectively, the indentures relating to the
Company’s 8 3/4 % Senior Subordinated Notes due 2007, 9 7/8% Senior
Subordinated Notes due 2010 and its 9 3/4% Senior Subordinated Notes due
2010, as in effect on the date hereof, as each may be amended, modified,
renewed, restated, refunded, replaced or refinanced from time to time.

     “Lease Debt” means, with respect to any Person, (i) the amount of any
accrued and unpaid obligations of such Person arising under any lease or
related document (including a purchase agreement, conditional sale or other
title retention agreement) in connection with the lease of real property or
improvement thereon (or any personal property included as part of any such

lease) which provides that such Person is contractually obligated to purchase
or cause a third party to purchase the leased property or pay an agreed upon
residual value of the leased property to the lessor (whether or not such lease
transaction is characterized as an operating lease or a capitalized lease in
accordance with GAAP) and (ii) the guarantee, direct or indirect, in any manner
(including, without limitation, letters of credit and reimbursement agreements
in respect thereof), of any of the amounts set forth in (i) above.

     “Lien” means, with respect to any asset, any mortgage, lien, pledge,
charge, security interest or encumbrance of any kind in respect of such asset,
whether or not filed, recorded or otherwise perfected under applicable law
(including any conditional sale or other title retention agreement, any lease
in the nature thereof, any option or other agreement to sell or give a security
interest in and any filing of or agreement to give any financing statement
under the Uniform Commercial Code (or equivalent statutes) of any
jurisdiction).

     “Obligations” means any principal, interest, penalties, fees,
indemnifications, reimbursements, damages and other liabilities payable under
the documentation governing any Debt.

     “Officer” means the Chief Executive Officer, any president, the Chief
Financial Officer and any vice president of the Company.

     “Officers’ Certificate” means a certificate signed by two Officers.

     “Permitted Junior Securities” means Equity Interests in the Company or
debt securities that are subordinated to all Senior Debt (and any debt
securities issued in exchange for Senior Debt) to substantially the same extent
as, or to a greater extent than, the Notes are subordinated to Senior Debt
pursuant to this Note.

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

     “Restricted Subsidiaries” shall have the meaning contained in the
Indenture.

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

5

 

     “Senior Debt” means (i) all Debt of the Company outstanding under Credit
Facilities and all Hedging Obligations with respect thereto, (ii) all Debt of
the Company outstanding under the Indentures, including the Company’s 8 3/4 %
Senior Subordinated Notes due 2007, its
9 7/8% Senior Subordinated Notes due
2010 and its 9 3/4% Senior Subordinated Notes due 2010, (iii) any other Debt
incurred by the Company, unless the instrument under which such Debt is
incurred expressly provides that it is on a parity with or subordinated in
right of payment to the Notes, (iv) all Obligations with respect to the
foregoing and (v) Lease Debt; notwithstanding anything to the contrary in the
foregoing, Senior Debt will not include (w) any liability for federal, state,
local or other taxes owed or owing by the Company, (x) any Debt of the Company
to any of its Restricted Subsidiaries or other Affiliates or (y) any trade
payables.

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

     “Subject Country” shall mean any jurisdiction other than the country of
Singapore and the United States of America, or any state thereof or the
District of Columbia.

     “Trading Day” means, with respect to the Ordinary Shares, each Monday,
Tuesday, Wednesday, Thursday and Friday, other than any day on which securities
are not generally traded on the NASDAQ National Market or such other principal
securities exchange or inter-dealer quotation system on which the Ordinary
Shares is then traded.

     “Voting Shares” of any person means capital shares or capital stock of
such Person which ordinarily has voting power for the election of directors (or
persons performing similar functions) of such person, whether at all times or
only so long as no senior class of securities has such voting power by reason
of any contingency.

     2. Payment of Principal of Note.

          (a) No Interest. No interest shall accrue or shall be payable on this
Note at any time.

          (b) Scheduled Payment of Principal.

		
	 	     (i)     The Company shall pay the Face Amount to the Holder of this Note
on March  , 2008 (the “Final Maturity Date”). The Company shall, at
its option, on the Final Maturity Date, deliver to the Holder of this
Note either (A) cash in the amount of the Face Amount or (B) ordinary
shares, par value S$0.01 per share, of the Company (the “Ordinary
Shares”) having a value (as determined pursuant to the provisions of
Section 2(b)(iii) below) equal to the Face Amount.

		
	 	     (ii)     No earlier than sixty (60) days and no later than thirty (30)
days prior to the Final Maturity Date (provided that if any Holder then
requiring HSR Approval (as defined below) prior to converting its Notes
into Ordinary Shares shall not have obtained the HSR Approval, then such
notice shall not be given any later than forty-five (45) days prior to
the Final Maturity Date), the Company shall provide a notice to each
Holder, which notice shall state whether the Company shall deliver cash
or Ordinary

6

 

		
	 	Shares on the Final Maturity Date (the “Company’s Election”).
Except as set forth below under Section 2(b)(iv), the Company’s Election
shall be irrevocable.

		
	 	     (iii)     The Ordinary Shares, if any, to be delivered by the Company on
the Final Maturity Date pursuant to this Section 2(b), shall be valued at
95% of the Average Closing Price of the Ordinary Shares for the period
consisting of the twenty (20) consecutive Trading Days immediately
preceding the fifth Trading Day prior to the Final Maturity Date;
provided, that if the Closing Price on the fifth Trading Day prior to the
Final Maturity Date is less than 90% of such Average Closing Price, then
the Ordinary Shares shall be valued at the Closing Price on such fifth
Trading Day (the value of the Ordinary Shares as determined pursuant to
this Section 2(b)(iii) is herein referred to as the “Maturity Shares
Value”).

		
	 	     (iv)     If the Maturity Shares Value is less than 90% of the Closing
Price of the Ordinary Shares on the date of the Company’s delivery of the
Company’s Election, then, at its option, the Company shall have the right
to deliver to the Holder of this Note payment in cash (rather than
Ordinary Shares) on the Final Maturity Date; provided, that the Company
must provide each Holder of such election no later than the third Trading
Day prior to the Final Maturity Date.

          Notwithstanding anything to the contrary in this Section 2(b), the Company
shall not be permitted to deliver Ordinary Shares to any Holder on the Final
Maturity Date unless such Ordinary Shares, when issued to the Holder, will be
Freely Tradeable Shares.

          (c) Pro Rata Payment. The Company agrees that any payments to the Holders
of the Notes (including, without limitation, upon acceleration pursuant to
Section 6) shall be made pro rata among all such Holders based upon the
aggregate unpaid principal amount of the Notes held by each such Holder. If
any Holder of a Note obtains any payment (whether voluntary, involuntary, by
application of offset or otherwise) on such Note in excess of such Holder’s pro
rata share of payments obtained by all Holders of the Notes, such Holder shall
make payments to the other Holders of the Notes based on such participation in
the Notes held by them as is necessary to cause such Holders to share the
excess payment ratably among each of them as provided in this Section 2(c).

          (d) Payment of Additional Amounts.

		
	 	     (i)     All sums payable by the Company to the Holders of the Notes
(whether pursuant to this Section 2, Section 3, Section 4(b), Section 5
or otherwise) shall be paid free of any restriction or condition; free
and clear of and without any deduction or withholding on account of any
tax, levy or any other charges whatsoever; and without deduction or
withholding on account of any other amount, whether by way of set-off,
counterclaim or otherwise.

		
	 	     (ii)     If the Company or any other person on behalf of the Company is
required to make any payment, deduction or withholding on account of any
such tax, levy, charges or other amount from any sum paid or payable by
the Company to, or any sum received or receivable by, the Holders of the
Notes, the Company shall pay such

7

 

		
	 	additional amounts as is necessary to ensure that, after the making
of that deduction, withholding or payment, the Holders of the Notes
receives on the due date and retains a net sum after any such deduction,
withholding or payment equal to the respective amounts that the Holders
of the Notes would have received and so retained had no such deduction,
withholding or payment been required or made.

		
	 	     (iii)     If the Company or any other person on behalf of the Company is
required to pay any tax or other amount on, or calculated by reference
to, any sum received or receivable by the Holders of the Notes, the
Company shall pay or procure the payment of that tax or other amount
before any interest or penalty becomes payable or, if that tax or other
amount is payable and paid by the Holders of the Notes, shall reimburse
the Holders of the Notes on demand for the amount paid by it.

		
	 	     (iv) Within fourteen (14) days after paying any sum from which it is
required by law to make any deduction or withholding, and within fourteen
(14) days after the due date of payment of any tax, levy, charges or the
amount which it is required to pay, the Company shall deliver to the
Holders of the Notes evidence reasonably satisfactory to the Holders of
the Notes of such deduction, withholding or payment and of the remittance
thereof to the relevant taxing or other authority.

		
	 	     (v) If additional amounts become payable under Sections 2(d)(ii) or
2(d)(iii), the Company and the Holder of the Note shall use reasonable
efforts to amend the Note if such amendment would (i) not subject such
Holder to any unreimbursed cost or expense, (ii) in the reasonable
judgment of the Company, would eliminate or reduce amounts payable
pursuant to Sections 2(d)(ii) or 2(d)(iii), as the case may be, in the
future and (iii) in the reasonable judgment of the Holder, would not
otherwise be disadvantageous to such Holder. The Company agrees to pay
all costs and expenses incurred by any Holder of the Note in connection
with any such amendment.

      3. Optional Redemption.

          (a) Optional Redemption. From and after the three year anniversary of the
Issue Date, the Company, at its option, may upon written notice redeem the
Notes, in whole but not in part and from all but not less than all the Holders
of the Notes, to the extent it has funds legally available therefor, at the
redemption price of 100% of the Face Amount thereof; provided that (i) the
Company is then permitted (without the necessity of any further approvals or
action) to issue the Ordinary Shares upon conversion of the Notes, (ii) the
Company shall have complied with its obligations to convert Notes pursuant to
the terms of Section 4 hereof during the period of the Redemption Record Date
(as defined below) through the Trading Day prior to the redemption date,
inclusive, and (iii) the Ordinary Shares then issuable upon conversion of the
Notes will be Freely Tradeable Shares. Subject to compliance with the
provisions of Section 4, nothing in this Section 3 shall prevent the Holder
from converting its Notes at any time prior to the close of business on the
Trading Day preceding the redemption of this Note as provided in Section 4(b).

          (b) Payment of Redemption Price.

8

 

		
	 	     (i)     The amount of the redemption price on the Notes redeemed, on any
redemption set forth herein, shall be paid to the Holders of the Notes in
cash.

		
	 	     (ii)     The Company’s written notice shall specify the time and place
of the redemption of all but not less than all the Notes, calling upon
each Holder of record to surrender to the Company on the redemption date
at the place designated in the notice all the Notes still owned of record
by such Holder on the redemption date. The date such written notice is
received by a Holder is the “Redemption Record Date.” The redemption
date shall be not fewer than fifteen (15) nor more than sixty (60)
Trading Days after the Redemption Record Date; provided that, to the
extent that any Holder then requiring HSR Approval prior to converting
its Notes into Ordinary Shares shall not have obtained the HSR Approval,
such 15 day to 60 day notice period shall commence on the date that such
Holder shall have received such HSR Approval, but in no event shall such
period commence later than the later of (A) thirty-five (35) days after
the receipt by the Holder of the notice of redemption and (B) thirty (30)
days after the Company makes all required HSR filings. On or after the
redemption date, each Holder of Notes to be redeemed shall present and
surrender such Holder’s Notes to the Company at the place designated in
the redemption notice and thereupon the redemption price of the Notes
shall be paid in cash to or on the order of the person whose name appears
in the Note Register (as herein defined) as the owner thereof, and each
surrendered Note shall be canceled immediately by the Company. Any
notice of redemption by the Company shall be irrevocable.

		
	 	     (iii)     If a notice of redemption has been given pursuant to this
Section 3 and any Holder of Notes shall, prior to the close of business
on the business day immediately preceding the redemption date, give
written notice to the Company pursuant to Section 4 below of the
conversion of any or all of the Notes held by the Holder and to be
redeemed, then such redemption shall not become effective as to such
Notes to be converted and such conversion shall become effective as
provided in Section 4 below. Any Note called for redemption may not be
converted after the close of business on the Trading Day immediately
preceding the redemption date, unless the Company shall default in paying
the redemption price for such Note on such redemption date.

      4. Conversion Rights; Adjustments. The Holders of the Notes shall have
conversion rights as follows (the “Conversion Rights”):

          (a) Holder’s Right to Convert. i) At any time after the date hereof and
provided that all filings by the Holder of this Note, if any, to be made under
the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, as
required with respect to such Holder by Section 5.2 of the Agreement have been
made and all related waiting periods applicable to the holder of this Note have
expired or have been terminated early (collectively, the “HSR Approval”), the
Holder shall have the right to convert the Face Amount of this Note, in whole
or in part, at the option of the Holder thereof, at any time and from time to
time into a number of fully paid and nonassessable authorized but unissued
Ordinary Shares determined by dividing (x) the Face Amount proposed to be
converted at such date by (y) the then effective Conversion Price on the
Conversion Date (as defined below) (each such conversion, a “Holder’s Optional
Conversion”).

9

 

		
	 	     (i)     The “Conversion Price” at which Ordinary Shares shall be
deliverable upon conversion of the Notes (the “Conversion Price”) shall
initially be $10.50. Such initial Conversion Price shall be subject to
adjustment as provided below.

          (b) Company’s Cash-Out Feature. Upon the delivery by the Holder of this
Note of notice to the Company of its intent to effect a Holder’s Optional
Conversion pursuant to Section 4(a), the Company may, at its option, instead of
delivering Ordinary Shares to such Holder in accordance with the Company’s
obligations under this Section 4, deliver to such Holder a notice of the
Company’s election to deliver cash to the Holder upon conversion (the “Cash-Out
Notice”), at the Holder’s address on the Note Register, within one (1) Trading
Day of the receipt of the Holder’s conversion notice provided pursuant to
Section 4(d)(i); provided, that the Company shall not be permitted to deliver a
Cash-Out Notice (and shall not be permitted to deliver cash in lieu of Ordinary
Shares pursuant to this Section 4(b)) (A) if the Company has previously
delivered a notice of redemption pursuant to Section 3 in respect of the Note
being converted or (B) if the Conversion Date is within 30 days of the Final
Maturity Date. Following its delivery of the Cash-Out Notice, the Company
shall, within three (3) days of the Conversion Date, deliver to the Holder cash
in an amount equal to the greater of (i) the product of (w) the number of
Ordinary Shares deliverable to such Holder upon such conversion in accordance
with the provisions of this Section 4 and (x) the Average Closing Price of the
Ordinary Shares for the period consisting of the twenty (20) consecutive
Trading Days immediately preceding the third Trading Day prior to the
Conversion Date and (ii) the product of (y) the number of Ordinary Shares
deliverable to such Holder upon such conversion in accordance with the
provisions of this Section 4 and (z) the Closing Price of the Ordinary Shares
on the third Trading Day prior to the Conversion Date. The Cash-Out Notice,
once delivered by the Company, shall be irrevocable.

          (c) Company’s Right to Force Conversion. At any time or from time to
time on or after the first anniversary of the Issue Date and subject to the
provisions of this Section 4(c), the Company shall have the right to cause the
conversion of all or any part of the Face Amount of this Note into a number of
fully paid and nonassessable Ordinary Shares determined by dividing (x) the
Face Amount proposed to be converted at such date by (y) the then effective
Conversion Price (each such conversion, a “Company’s Forced Conversion”);
provided that, in order to effect a Company’s Forced Conversion:

		
	 	     (i)     if the Company delivers a Force Notice on or after the first
anniversary of the Issue Date and prior to the second anniversary of the
Issue Date, the Closing Price of the Ordinary Shares for each of the
fifteen (15) consecutive Trading Days ending on the date of the Company’s
delivery of the Force Notice (as defined in Section 4(d)(ii)) shall equal
or exceed 150% of the then-effective Conversion Price; and

		
	 	     (ii)     if the Company delivers a Force Notice on or after the second
anniversary of the Issue Date, the Closing Price of the Ordinary Shares
for each of the fifteen (15) consecutive Trading Days ending on the date
of the Company’s delivery of the Force Notice shall equal or exceed 170%
of the then-effective Conversion Price.

          Notwithstanding the foregoing, the Company shall not be permitted to
effect a Company’s Forced Conversion unless the Ordinary Shares then issuable
upon conversion of the Notes will be Freely Tradeable Shares.

10

 

     (d)  Mechanics of Conversion.

		
	 	     (i)     In order to exercise its rights pursuant to a Holder’s Optional
Conversion, the Holder shall deliver written notice in the form of
Exhibit 1 to the Company stating that such Holder elects to convert all
or part of the Face Amount represented by this Note. Such notice shall
state the Face Amount of Notes which the Holder seeks to convert and
shall be accompanied within one (1) Trading Day by the Note or Notes
subject to conversion. Subject to the Company’s delivery of a Cash-Out
Notice, the date contained in the notice (which date shall be no earlier
than the Trading Day immediately following the date of the notice) shall
be the date of conversion of the Note (such date of conversion, the
“Conversion Date”) and the Holder shall be deemed for U.S law purposes to
be the beneficial owner of the underlying Ordinary Shares as of such
date.

		
	 	     (ii)     In order to exercise its rights pursuant to a Company’s Forced
Conversion, the Company shall deliver written notice to the Holder of
this Note (a “Force Notice”) immediately following the close of business
on the Trading Day prior to the Conversion Date, stating that the Company
elects to convert all or part of the Face Amount represented by this
Note. Such Force Notice shall state (A) the Face Amount of Notes which
the Company seeks to convert, (B) the Conversion Date (which date shall
be the Trading Day immediately following the date of delivery of the
Force Notice), (C) the number of Ordinary Shares to be issued in exchange
for the Face Amount of Notes to be converted and (D) the place or places
where certificates for such Notes are to be surrendered for issuance of
certificates representing Ordinary Shares. Notwithstanding the
foregoing, to the extent that any Holder then requiring HSR Approval
prior to converting its Notes into Ordinary Shares shall not have
obtained the HSR Approval, the effectiveness of any Company’s Forced
Conversion shall be suspended until the date that such Holder shall have
received such HSR Approval, but in no event by more than the later of (A)
thirty-five (35) days after the receipt by the Holder of the Force Notice
and (B) thirty (30) days after the Company makes all required HSR
filings.

		
	 	     (iii)     The Holder of this Note shall be deemed for U.S. law purposes
to beneficially own the Ordinary Shares underlying this Note as of the
applicable Conversion Date. Not later than two Trading Days following
the Conversion Date, the Company shall promptly issue and deliver to each
Holder a certificate or certificates for the number of Ordinary Shares to
which such Holder is entitled and, in the case where only part of a Note
is converted, the Company shall execute and deliver (at its own expense)
a new Note of any authorized denomination as requested by a Holder in an
aggregate principal amount equal to and in exchange for the unconverted
portion of the principal amount of the Note so surrendered. In lieu of
delivering physical certificates representing the Ordinary Shares
issuable upon conversion of Notes, provided the Company’s transfer agent
is participating in the Depository Trust Company (“DTC”) Fast Automated
Securities Transfer program, upon request of the Holder, the Company may,
at its election (and shall, upon the reasonable request of any Holder),
cause its transfer agent to electronically transmit the Ordinary Shares
issuable upon conversion of this Note to the Holder, by crediting the
account of Holder’s prime broker with DTC through its Deposit Withdrawal
Agent Commission (“DWAC”) system, if such DWAC system is

11

 

		
	 	available for the issuance of such Ordinary Shares under the terms
of this Note and the Note Purchase Agreement. The time periods for
delivery described above shall apply to the electronic transmittals
through the DWAC system. The parties agree to coordinate with DTC to
accomplish this objective. The conversions pursuant to Sections 4 shall
be deemed to have been made immediately prior to the opening of business
on the applicable Conversion Date. The person or persons entitled to
receive the Ordinary Shares issuable upon such conversion shall be
treated for U.S law purposes as the beneficial owner of such Ordinary
Shares at the opening of business on the applicable Conversion Date.
	 
	 	     (iv) The Company shall at all times during which the Notes shall be
outstanding, have and keep available out of its authorized but unissued
shares, for the purpose of effecting the conversion of the Notes, such
number of its duly authorized Ordinary Shares as shall from time to time
be sufficient to effect the conversion of all outstanding Notes. In no
event shall the Conversion Price be reduced to an amount less than the
then par value of the Ordinary Shares.
	 
	 	     (v) No fractional Ordinary Shares shall be issued upon any
conversion of the Notes pursuant to this Section 4. In lieu of
fractional shares, the Company shall pay cash equal to such fraction
multiplied by the Closing Price per Ordinary Share on the Trading Day
immediately preceding the related Conversion Date.
	 
	 	     (vi) All Notes (or the portions thereof) which shall have been
surrendered for conversion as herein provided shall no longer be deemed
to be outstanding and all rights with respect to such Notes, except only
the right of the Holders thereof to receive Ordinary Shares or cash, as
the case may be, in exchange therefor, and, if applicable, cash for any
fractional Ordinary Shares. Any Notes, to the extent so converted, shall
be retired and canceled.
	 
	 	     (vii) If any conversion pursuant to this Section 4 is in connection
with an underwritten offering of securities registered pursuant to the
Securities Act of 1933, as amended, the conversion may, at the option of
any Holder tendering Notes for conversion, be conditioned upon the
closing with the underwriter of the sale of Ordinary Shares pursuant to
such offering, in which event the Holders entitled to receive the
Ordinary Shares issuable upon such conversion of the Notes shall not be
deemed to have converted such Notes until immediately prior to the
closing of the sale of securities.

          (e) Adjustment for Share Splits and Combinations. If the Company shall at
any time or from time to time after the Issue Date effect a subdivision of the
outstanding Ordinary Shares, the Conversion Price then in effect immediately
before that subdivision shall be proportionately decreased. If the Company
shall at any time or from time to time after the Issue Date combine the
outstanding Ordinary Shares, the Conversion Price then in effect immediately
before the combination shall be proportionately increased. Any adjustment
under this paragraph shall become effective at the close of business on the
date the subdivision or combination becomes effective.

12

 

          (f) Adjustment for Certain Dividends and Distributions. In the event the
Company at any time or from time to time after the Issue Date shall make or
issue a dividend or other distribution payable in additional Ordinary Shares,
then and in each such event the Conversion Price shall be decreased as of the
time of such issuance, by multiplying such Conversion Price by a fraction, the
numerator of which shall be the total number of Ordinary Shares outstanding
immediately prior to such issuance and the denominator of which shall be the
total number of Ordinary Shares outstanding immediately prior to such issuance
plus the number of such additional Ordinary Shares issuable in payment of such
dividend or distribution.

          (g) Adjustment for Other Dividends and Distributions.

		
	 	     (i) In the event the Company at any time, or from time to time after
the Issue Date, shall declare or otherwise make or issue a dividend or
other distribution payable in securities (including, without limitation,
debt securities) of the Company (other than Ordinary Shares) or other
assets, rights, warrants or properties (including, without limitation,
cash dividends and distributions), then, in each such event, immediately
prior to the opening of business on the Trading Day following the record
date for the determination of stockholders entitled to receive such
dividend or other distribution (the “Record Date”), the Conversion Price
shall be reduced so that the Conversion Price shall thereafter equal the
price determined by multiplying the Conversion Price in effect
immediately prior to the close of business on the Record Date by a
fraction, the numerator of which shall be the Average Closing Price for
the Ordinary Shares for the period consisting of the ten (10) Trading
Days immediately preceding (but not including) the Record Date (such
price, the “Current Market Price”) less the amount of cash and the fair
market value (which value shall be determined in good faith by the Board
of Directors, subject to 4(g)(iii) below) on the Record Date of any such
securities, assets, rights, warrants or properties so distributed
applicable to one Ordinary Share (determined on the basis of the number
of Ordinary Shares outstanding on the Record Date) and the denominator of
which shall be the Current Market Price. In the event that such dividend
or distribution is cancelled without having been so paid or made, the
Conversion Price shall again be adjusted to be the Conversion Price which
would then be in effect if such dividend or distribution had not been
declared.
	 
	 	     (ii) In the event the cash value or the fair market value of the
non-cash portion attributable to one Ordinary Share of any securities,
assets, rights, warrants or properties so distributed in (i) above is
equal to or greater than the Current Market Price, then, in lieu of the
foregoing adjustment to the Conversion Price, adequate provision shall be
made so that each Holder of Notes shall have the right to receive upon
conversion the amount of such securities, assets, rights, warrants or
properties (including any additional distributions thereon between the
Record Date and the Conversion Date) so distributed that such Holder
would have received had such Holder converted its Notes on the Record
Date. In lieu of distributing such securities, assets, rights, warrants
or properties, the Company may distribute to such Holder an amount of
cash equal to the fair market value (which value shall be determined in
good faith by the Board of Directors, subject to 4(g)(iii) below) as of
the distribution date of such securities, assets, rights, warrants or
properties.

13

 

		
	 	     (iii) If the Board of Directors determines the fair market value of
any dividend or distribution for purposes of this Section 4(g) by
reference to the actual or when issued trading market for any securities,
it must in doing so consider the prices in such market over the same
period used in computing the Current Market Price of the Ordinary Shares.
	 
	 	     (iv) Rights or warrants distributed by the Company to all holders of
Ordinary Shares entitling the holders thereof to subscribe for or
purchase shares of the Company’s capital stock (either initially or under
certain circumstances), which rights or warrants, until the occurrence of
a specified event or events (the “Trigger Event”): (i) are deemed to be
transferred with such Ordinary Shares; (ii) are not exercisable; and
(iii) are also issued in respect of future issuances of Ordinary Shares,
shall be deemed not to have been distributed for purposes of this Section
4(g) (and no adjustment to the Conversion Price under this Section 4(g)
will be required) until the occurrence of the earliest Trigger Event,
whereupon such rights and warrants shall be deemed to have been
distributed and an appropriate adjustment (if any is required) to the
Conversion Price shall be made under this Section 4(g). If any such
right or warrants are subject to events, upon the occurrence of which
such rights or warrants become exercisable to purchase different
securities, evidences of indebtedness or other assets, then the date of
the occurrence of any and each such event shall be deemed to be the date
of distribution with respect to new rights or warrants with such rights
(and a termination or expiration of the existing rights or warrants
without exercise by any of the holders thereof). In addition, in the
event of any distribution (or deemed distribution) of rights or warrants,
or any Trigger Event or other event (of the type described in the
preceding sentence) with respect thereto that was counted for purposes of
calculating a distribution amount for which an adjustment to the
Conversion Price under this Section 4(g) was made, (1) in the case of any
such rights or warrants which shall all have been redeemed or repurchased
without exercise by any holders thereof, the Conversion Price shall be
readjusted upon such final redemption or repurchase to give effect to
such distribution or Trigger Event, as the case may be, as though it were
a cash distribution, equal to the per share redemption or repurchase
price received by a holder or holders of Ordinary Shares with respect to
such rights or warrants (assuming such holder had retained such rights or
warrants), made to all holders of Ordinary Shares as of the date of such
redemption or repurchase, and (2) in the case of such rights or warrants
which shall have expired or been terminated without exercise by any
holders thereof, the Conversion Price shall be readjusted as if such
rights and warrants had not been issued.
	 
	 	     (v) Upon any conversion of Notes pursuant to this Section 4, the
Holders shall be entitled to receive the cash value (or, if such
dividends or other distributions do not consist of cash, the fair market
value of such dividends or distributions, as determined in good faith by
the Board of Directors) of any dividends or other distributions payable
after the Conversion Date if the record date for such dividend or
distribution was before the Conversion Date. Further, the Company shall
ensure that the provisions of this Section 4(g) shall be applied, as
nearly as may practicably be, to any securities into which the Notes may
become convertible pursuant to the terms of Section 4(i) or 4(j).

14

 

          (h) Adjustments for Certain Tender Offers. In case any tender offer made
by the Company or any of its subsidiaries for Ordinary Shares shall expire,
then, immediately prior to the opening of business on the day after the
expiration of the tender offer (the “Expiration Date”), the Conversion Price
shall be reduced so that the Conversion Price shall thereafter equal the price
determined by multiplying the Conversion Price in effect immediately prior to
the close of business on the Expiration Date by a fraction, the numerator of
which shall be the product of the number of Ordinary Shares outstanding
(including Ordinary Shares tendered in the tender offer) on the Expiration Date
multiplied by the Closing Price on the Trading Day next succeeding the
Expiration Date and the denominator shall be the sum of (i) the aggregate
consideration (determined as the sum of the aggregate amount of cash
consideration and the aggregate fair market value of any other consideration,
which value shall be determined in good faith by the Board of Directors)
payable to the holders of Ordinary Shares based on the acceptance of all shares
validly tendered and not withdrawn as of the close of business on the
Expiration Date (such shares, the “Purchased Shares”) and (ii) the product of
(A) the number of Ordinary Shares outstanding (less any Purchased Shares) at
the close of business on the Expiration Date and (B) the Closing Price on the
Trading Day next succeeding the Expiration Date. Such adjustment shall become
effective immediately prior to the opening of business on the Trading Day
immediately following the Expiration Date. If the application of this Section
4(h) to any tender offer would result in an increase in the Conversion Price,
then no adjustment shall be made pursuant to this Section 4(h).

          (i) Adjustment for Reclassification, Exchange or Substitution. If the
Ordinary Shares issuable upon the conversion of the Notes shall be changed into
the same or a different number of shares of any class or classes of shares,
whether by capital reorganization, reclassification, or otherwise (other than a
subdivision or combination of shares, share dividend or reorganization,
reclassification, merger, consolidation or asset sale provided for elsewhere in
this Section 4), then and in each such event the Holder of each Note (whether
then outstanding or thereafter issued) shall have the right thereafter to
convert such Note into the kind and amount of shares and other securities and
property receivable upon such reorganization, reclassification, or other
change, by holders of the number of Ordinary Shares into which all such Notes
might have been converted immediately prior to such reorganization,
reclassification, or change, all subject to further adjustment as provided
herein or with respect to such other securities or property by the terms
thereof.

          (j) Reorganizations, Mergers, Consolidations or Asset Sales. If at any
time after the Issue Date there is a tender offer, exchange offer, merger,
consolidation, recapitalization, sale of all or substantially all of the
Company’s assets or reorganization involving the Ordinary Shares (collectively,
a “Capital Reorganization”) (other than a merger, consolidation, sale of
assets, recapitalization, subdivision, combination, reclassification, exchange
or substitution of shares provided for elsewhere in this Section 4), as part of
such Capital Reorganization, provision shall be made so that the Holders of
Notes will thereafter be entitled to receive upon conversion of the Notes the
number of shares or other securities or property of the Company to which a
holder of the number of Ordinary Shares deliverable upon conversion immediately
prior to such Capital Reorganization would have been entitled on such Capital
Reorganization, subject to adjustment in respect to such shares or securities
by the terms thereof. In any such case, appropriate adjustment will be made in
the application of the provisions of this Section 4 with respect to the rights
of the Holders of Notes after the Capital

15

 

Reorganization to the end that the provisions of this Section 4 (including
adjustment of the Conversion Price then in effect and the number of shares
issuable upon conversion of the Notes) and the provisions of the Agreement
(including without limitation Section 8 of the Agreement) will be applicable
after that event and be as nearly equivalent as practicable. In the event that
the Company is not the surviving entity of any such Capital Reorganization,
each Note shall become Notes of such surviving entity, with the same powers,
rights and preferences as provided herein.

          (k) No Impairment. The Company will not, by amendment of its Articles of
Association or through any reorganization, transfer of assets, consolidation,
merger, dissolution, issue or sale of securities or any other voluntary action,
avoid or seek to avoid the observance or performance of any of the terms to be
observed or performed hereunder by the Company, but will at all times in good
faith assist in the carrying out of all the provisions of this Section 4 and in
the taking of all such action as may be necessary or appropriate in order to
protect the conversion rights of the Holders of the Notes against impairment to
the extent required hereunder.

          (l) Certificate as to Adjustments or Distributions. Upon the occurrence
of each adjustment of the Conversion Price or distribution to holders pursuant
to this Section 4, the Company at its expense shall promptly compute such
adjustment or distribution in accordance with the terms hereof and furnish to
each Holder, if any, of Notes outstanding a certificate setting forth the terms
of such adjustment or distribution and showing in detail the facts upon which
such adjustment or distribution are based and shall file a copy of such
certificate with its corporate records.

          (m) Notice of Record Date. In the event:

		
	 	     (i) that the Company declares a dividend (or any other distribution)
on its Ordinary Shares payable in Ordinary Shares, securities, or other
assets, rights or properties;
	 
	 	     (ii) that the Company subdivides or combines its outstanding
Ordinary Shares;
	 
	 	     (iii) of any reclassification of the Ordinary Shares of the Company
(other than a subdivision or combination of its outstanding Ordinary
Shares or a share dividend or share distribution thereon);
	 
	 	     (iv) of any Capital Reorganization; or
	 
	 	     (v) of the involuntary or voluntary dissolution, liquidation or
winding up of the Company;

     then the Company shall cause to be filed at its principal office, and
shall cause to be mailed to the Holders of the Notes at their last addresses as
shown on the records of the Company, at least ten (10) days prior to the record
date specified in (A) below or twenty (20) days prior to the date specified in
(B) below, a notice stating

16

 

		
	 	     (A) the record date of such dividend, distribution,
subdivision or combination, or, if a record is not to be taken, the
date as of which the holders of Ordinary Shares of record to be
entitled to such dividend, distribution, subdivision or combination
are to be determined, or
	 
	 	     (B) the date on which such reclassification, Capital
Reorganization, dissolution, liquidation or winding up is expected
to become effective, and the date as of which it is expected that
holders of Ordinary Shares of record shall be entitled to exchange
their Ordinary Shares for securities or other property deliverable
upon such reclassification, Capital Reorganization, dissolution or
winding up.

     5.     Repurchase Right Upon a Change of Control.

          (a) Upon the occurrence of a Change of Control, each Holder of Notes will
have the right to require the Company to repurchase all or any part of its
Notes pursuant to an offer as provided in this Section 5 (the “Change of
Control Offer”) at an offer price in cash equal to 101% of the Face Amount of
its Notes (the “Change of Control Payment”).

          (b) On or before the 30th day after a Change of Control, the Company shall
give to all Holders of Notes notice (the “Change of Control Notice”) of the
occurrence of the Change of Control and of the Holder’s right to receive the
Change of Control Payment arising as a result thereof. Each notice of the
Holder’s right to participate in the Change of Control Offer (the “Change of
Control Repurchase Right”) shall be mailed to the Holders of the Notes at their
last address as shown in the Note Register and shall state:

		
	 	     (i) the date on which the Notes shall be repurchased (the “Change of
Control Payment Date”), which date shall be no earlier than 30 days and
no later than 60 days from the date of the Company’s delivery of the
Change of Control Notice;
	 
	 	     (ii) the date by which the Change of Control Repurchase Right must
exercised, which date shall be no earlier than the close of business on
the Trading Day immediately prior to the Change of Control Payment Date;
	 
	 	     (iii) the amount of the Change of Control Payment;
	 
	 	     (iv) a description of the procedure which a Holder must follow to
exercise the Change of Control Repurchase Right, and the place or places
where the Notes are to be surrendered for payment of the Change of
Control Payment; and
	 
	 	     (v) the Conversion Price then in effect, the date on which the right
to convert the principal amount of the Notes to be repurchased will
terminate (which date shall be no earlier than the close of business on
the Trading Day immediately prior to the Change of Control Payment Date)
and the place where such Notes may be surrendered for conversion.

17

 

     No failure by the Company to give the Change of Control Notice and no
defect in any Change of Control Notice shall limit any Holder’s right to
exercise its Change of Control Repurchase Right or affect the validity of the
proceedings for the repurchase of Notes.

     If any of the foregoing provisions or other provisions of this Section 5
are inconsistent with applicable law, such law shall govern.

          (c) To exercise the Change of Control Repurchase Right, a Holder shall
deliver to the Company, on or before the Trading Day immediately prior to the
Change of Control Repurchase Date, (i) written notice of the Holder’s exercise
of such right, which notice shall set forth the name of the Holder, the Face
Amount of Notes held by such Holder to be repurchased, and a statement that an
election to exercise the Change of Control Repurchase Right is being made
thereby, and (ii) the Notes with respect to which the Change of Control
Repurchase Right is being exercised. Such written notice shall be irrevocable,
except that the right of the Holder to convert the Notes with respect to which
the Change of Control Repurchase Right is being exercised shall continue until
midnight (Eastern Time) on the Trading Day immediately preceding the Change of
Control Repurchase Date.

          (d) On the Change of Control Payment Date, the Company will, to the extent
lawful, (i) accept for payment all Notes or portions thereof properly tendered
pursuant to the Change of Control Offer and (ii) deliver cash in the amount of
the Change of Control Payment to each Holder in respect of all Notes or
portions thereof so tendered. All Notes repurchased by the Company shall be
canceled immediately by the Company

          (e) Prior to complying with the provisions of this Section 5, but in any
event within ninety (90) days following a Change of Control, the Company will
either repay in full in cash all outstanding Senior Debt or obtain the
requisite consents, if any, under all agreements governing outstanding Senior
Debt to permit the repurchase of Notes required by this Section 5. The Company
shall publicly announce the results of the Change of Control Offer on or as
soon as practicable after the Change of Control Payment Date.

          (f) The Company will comply with the requirements of Rule 14e-1 under the
Exchange Act and any other securities laws and regulations thereunder to the
extent such laws and regulations are applicable in connection with the
repurchase of the Notes as a result of a Change of Control.

          (g) Any Note which is to be repurchased only in part shall be surrendered
to the Company and the Company shall execute and make available for delivery to
the Holder of such Note without service charge, a new Note or Notes, containing
identical terms and conditions, each in an authorized denomination in aggregate
principal amount equal to and in exchange for the unrepurchased portion of the
principal of the Note so surrendered. Any Notes surrendered to the Company
pursuant to the provisions of this Section 5 shall be retired and canceled.

          (h) The Company will not be required to make a Change of Control Offer
upon a Change of Control if a third party makes the Change of Control Offer in
the manner, at the times and otherwise in compliance with the requirements set
forth in this Section 5 applicable to a

18

 

Change of Control Offer made by the Company and purchases all Notes
validly tendered and not withdrawn under such Change of Control Offer.

     6.     Events of Default.

          (a) Definitions. For purposes of this Note, the following events shall
constitute an “Event of Default”:

		
	 	     (i) default in payment when due (whether at the Final Maturity Date
or upon an earlier redemption or repurchase) of the principal of, or
premium, if any, on this Note (whether or not prohibited by the
subordination provisions of this Note);
	 
	 	     (ii) failure by the Company for 30 days after notice from the
Holders of at least 50% in principal amount of the then outstanding Notes
to comply with the provisions of Section 5 or Section 7 of this Note;
	 
	 	     (iii) failure by the Company for 60 days after notice from the
Holders of at least 50% in principal amount of the then outstanding Notes
to comply with any of its other agreements in this Note or the Agreement;
	 
	 	     (iv) default under any mortgage, indenture or instrument under
which there may be issued or by which there may be secured or evidenced
any Debt for money borrowed by the Company or any of its Restricted
Subsidiaries (or the payment of which is guaranteed by the Company or any
of its Restricted Subsidiaries) whether such Debt or guarantee now
exists, or is created after the date of the Issue Date, which default (a)
is caused by a failure to pay principal of or premium, if any, or
interest on such Debt prior to the expiration of the grace period
provided in such Debt on the date of such default (a “Payment Default”)
or (b) results in the acceleration of such Debt prior to its express
maturity and, in each case in clause (a) or (b), the principal amount of
any such Debt, together with the principal amount of any other such Debt
that has not been paid when due, or the maturity of which has been so
accelerated, aggregates $40.0 million or more;
	 
	 	     (v) failure by the Company or any of its Restricted Subsidiaries to
pay final judgments aggregating in excess of $40.0 million, which
judgments are not paid, discharged or stayed for a period of 60 days;
	 
	 	     (vi) the Company or any of its Significant Subsidiaries:

		
	 	     (A) commences a voluntary case under any Bankruptcy Law,
	 
	 	     (B) consents to the entry of an order for relief against it in
an involuntary case under any Bankruptcy Law,
	 
	 	     (C) consents to the appointment of a custodian of it or for
all or substantially all of its property,
	 
	 	     (D) makes a general assignment for the benefit of its
creditors, or

19

 

		
	 	     (E) is unable to pay its debts as they become due; or

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

		
	 	     (A) is for relief against the Company or any of its
Significant Subsidiaries,
	 
	 	     (B) appoints a custodian of the Company or any of its
Significant Subsidiaries or for all or substantially all of the
property of the Company or any of its Significant Subsidiaries, or
	 
	 	     (C) orders the liquidation of the Company or any of its
Significant Subsidiaries; and the order or decree remains unstayed
and in effect for 60 consecutive days.

          (b) Notice of Compliance. The Company shall be required to deliver to the
Holders annually a statement regarding compliance with this Note, and the
Company shall be required within 30 days of becoming aware of any Default or
Event of Default to deliver to the Holders a statement specifying such Default
or Event of Default.

          (c) Acceleration. If any Event of Default occurs and is continuing, the
Holders of at least 50% in principal amount of the then outstanding Notes may
declare all the Notes to be due and payable immediately. Notwithstanding the
foregoing, in the case of an Event of Default arising from certain events of
bankruptcy or insolvency, with respect to the Company, any Restricted
Subsidiary, any Significant Subsidiary or any group of Restricted Subsidiaries
that, taken together, would constitute a Significant Subsidiary, all
outstanding Notes will become due and payable without further action or notice.
The Holders of a majority in aggregate principal amount of the then outstanding
Notes may on behalf of all of the Holders rescind an acceleration and its
consequences if the rescission would not conflict with any judgment or decree
and if all existing Events of Default (except nonpayment of principal that has
become due solely because of the acceleration) have been cured or waived.

          (d) Waiver of Past Defaults. The Holders of a majority in aggregate
principal amount of the Notes then outstanding may, on behalf of the Holders of
all of the Notes, waive any existing Default or Event of Default and its
consequences under this Note except a continuing Default or Event of Default in
the payment of the principal of, or premium on, the Notes. 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 Note,
but no such waiver shall extend to any subsequent or other default or impair
any right consequent thereon.

          (e) Control by Majority. Holders of a majority in aggregate principal
amount of the then outstanding Notes may direct the time, method and place of
conducting any proceeding for exercising any remedy available upon an Event of
Default.

          (f) Rights of Holders of Notes to Receive Payment. Notwithstanding any
other provision of this Note, the right of the Holder of this Note to receive
payment of the principal of, and premium on, this Note, on or after the
respective due dates expressed in the

20

 

Note (including in connection with a redemption or an offer to purchase),
or to bring suit for the enforcement of any such payment on or after such
respective dates, shall not be impaired or affected without the consent of such
Holder.

     7.     Successors.

          (a) Merger, Consolidation or Sale of Assets. The Company shall not
consolidate or merge with or into (whether or not the Company is the surviving
corporation), or sell, assign, transfer, lease, convey or otherwise dispose of
all or substantially all of its properties or assets in one or more related
transactions, to another corporation, Person or entity unless:

		
	 	     (i) the Company is the surviving corporation or the entity or the
Person formed by or surviving any such consolidation or merger (if other
than the Company) or to which such sale, assignment, transfer, conveyance
or other disposition shall have been made is a corporation organized or
existing under the laws of either (A) the United States, any state
thereof, the District of Columbia or Singapore or (B) a Subject Country,
in which case the Company will have satisfied its obligations set forth
in Section 7(c);
	 
	 	     (ii) the entity or Person formed by or surviving any such
consolidation or merger (if other than the Company) or the entity or
Person to which such sale, assignment, transfer, lease, conveyance or
other disposition shall have been made assumes all the obligations of the
Company under the Notes and the Agreement pursuant to a written document
in a form reasonably satisfactory to the holders of a majority in
aggregate principal amount of the Notes; and
	 
	 	     (iii) immediately after such transaction no Default or Event of
Default exists.

          (b) Successor Corporation Substituted. Upon any consolidation or merger
or any transfer of all or substantially all of the assets of the Company in
accordance with Section 7(a) hereof, the successor Person formed by such
consolidation or into which the Company is merged or to which such transfer is
made shall succeed to and (except in the case of a lease) be substituted for
(so that from and after the date of such consolidation, merger or transfer, the
provisions of this Note and the Agreement referring to the “Company” shall
refer instead to the successor Person and not to the Company), and may exercise
every right and power of, the Company under this Note and the Agreement with
the same effect as if such successor Person had been named herein as the
company, and (except in the case of a lease) the Company shall be released from
the obligations under the Notes and the Agreement except with respect to any
obligations that arise from, or are related to, such transaction.

          (c) Restrictions upon Reincorporating, Merging or Consolidating into a
Subject Country. The Company may not consolidate or merge with or into
(whether or not the Company is the surviving corporation), or sell, assign,
transfer, lease, convey or otherwise dispose of all or substantially all of its
properties or assets in one or more related transactions (a “Subject
Transaction”) to, another corporation, Person or entity unless it satisfies
certain conditions. If the surviving or resulting transferee, lessee or
successor Person (the “Successor

21

 

Corporation”) in a Subject Transaction is incorporated in a Subject
Country, then the Company must satisfy the conditions specified in paragraphs
(i), (ii) and (iii) below as promptly as practicable but no later than 60 days
following the date of such Subject Transaction:

		
	 	     (i) the Company shall have delivered to the Holders a written
opinion, in form and substance satisfactory to the Holders of a majority
of the aggregate principal amount of the Notes then outstanding, of
independent legal counsel of recognized standing, as to the continued
validity, binding effect and enforceability of the Notes and the
Agreement;
	 
	 	     (ii) the Company shall have delivered to the Holders a certificate,
in form and substance satisfactory to holders of a majority in aggregate
principal amount of the Notes then outstanding, signed by two executive
officers of the Successor Corporation, as to the continued validity,
binding effect and enforceability of the Notes and the Agreement; and
	 
	 	     (iii) the Successor Corporation shall, promptly but no later than 60
days following the date of such Subject Transaction, consent to the
jurisdiction of the Courts of the State of New York.

          In the event of any Subject Transaction in which the Successor Corporation
is organized and existing under the laws of a Subject Country, the Company will
indemnify and hold harmless the Holder of each Note from and against any and
all present and future taxes, levies, imposts, charges and withholdings
(including, without limitation, estate, inheritance, capital gains and other
similar taxes), and any and all present and future registration, stamp, issue,
documentary or other similar taxes, duties, fees or charges, imposed, assessed,
levied or collected by or for the account of any jurisdiction or political
subdivision or taxing or other governmental agency or authority thereof or
therein on or in respect of the Notes or any amount paid or payable under any
the Notes which, in any such case, would not have been imposed had such Subject
Transaction not occurred.

     8. Amendment and Waiver. Except as otherwise expressly provided herein,
the provisions of this Note may be amended and the Company may take any action
herein prohibited, or omit to perform any act herein required to be performed
by it, only if the Company has obtained the written consent of the Holders of
at least a majority of the aggregate principal amount then outstanding of the
Notes; provided that no such action shall change (i) the amount of Notes whose
Holders must consent to an amendment, (ii) reduce the amount of or any
provision relating to the scheduled payment of principal of, or premium on, the
Notes, (iii) change the time at which any Note may be redeemed or repurchased
or amend the conversion rights as set forth under Sections 4 or 5, (iv) alter
or adversely affect the rights of any Holder under Section 3, (v) modify the
provisions of Section 12 in a manner adverse to the Holders of any Notes, (vi)
make any Note payable in any money or at any place other than as stated in the
Note, (vii) impair the right of any Holder to receive payments of principal of,
or premium on, such Holder’s Notes on or after the due dates therefore or to
institute suit for the enforcement of any payment on or with respect to such
Holder’s Notes, or (viii) make any change in the amendment provisions which
require each Holder’s consent or in the waiver provisions, in each such case
without the consent of the applicable Holder if such change is adverse to such
Holder.

22

 

     9.     Place of Payment. Payments of principal and premium, if any, and all
notices and other communications to the Investor hereunder or with respect
hereto are to be delivered to the Investor at the address identified on Exhibit
A to the Agreement or to such other address or to the attention of such other
person as specified by prior written notice to the Company, including any
transferee of this Note.

     10.     Costs of Collection. In the event that the Company fails to pay when
due (including, without limitation upon acceleration in connection with an
Event of Default) the full amount of principal and/or premium hereunder, the
Company shall indemnify and hold harmless the Holder of any portion of this
Note from and against all reasonable costs and expenses incurred in connection
with the enforcement of this provision or collection of such principal and
premium, including, without limitation, reasonable attorneys’ fees and
expenses.

     11.     Waivers. The Company hereby waives presentment, demand, notice,
protest and all other demands and notices in connection with the delivery,
acceptance, performance, default or enforcement of this Note.

     12.     Subordination of Notes.

          (a) Notes Subordinated to Senior Debt.

               The Company covenants and agrees, and each Holder of the Notes, by its
acceptance thereof, likewise covenants and agrees, that all Notes shall be
issued subject to the provisions of this Section 12; and each person holding
any Note, whether upon original issue or upon transfer, assignment or exchange
thereof, accepts and agrees that the payment of all Obligations on the Notes by
the Company shall, to the extent and in the manner herein set forth, be
subordinated and junior in right of payment to the prior payment in full in
cash or Cash Equivalents (or such payment shall be duly provided for to the
satisfaction of the holders of the Senior Debt) of all Obligations on the
Senior Debt; that the subordination is for the benefit of, and shall be
enforceable directly by, the holders of Senior Debt, and that each holder of
Senior Debt, whether now outstanding or hereafter created, incurred, assumed or
guaranteed, shall be deemed to have acquired Senior Debt in reliance upon the
covenants and provisions contained in this Note.

          (b) No Payments on Notes in Certain Circumstances.

		
	 	     (i) If (A) a default in the payment of the principal of, premium, if
any, or interest on Designated Senior Debt occurs and is continuing
beyond any applicable period of grace or (B) any other default occurs and
is continuing with respect to Designated Senior Debt that permits holders
of the Designated Senior Debt to which such default relates to accelerate
its maturity and, in the case of clause (B), the Company receives a
notice of such default (a “Payment Blockage Notice”) from the holders of
any Designated Senior Debt then, the Company may not make any payment
upon or in respect of the Notes (except payments in the form of Permitted
Junior Securities) (the period during which such payments may not be
made, the “Payment Blockage Period”). Payments on the Notes may and shall
be resumed (x) in the case of a payment default, upon the date on which
such default is cured or waived and (y) in case of a nonpayment

23

 

		
	 	default, the earlier of (1) the date on which such nonpayment
default is cured or waived, (2) 179 days after the date on which the
applicable Payment Blockage Notice is received, (3) the date such
Designated Senior Debt shall have been discharged or paid in full in cash
or (4) the date such Payment Blockage Period shall have been terminated
by written notice to the Company from the holders of Designated Senior
Debt initiating such Payment Blockage Period, after which, in the case of
clauses (1), (2), (3) and (4), the Company shall resume making any and
all required payments in respect of the Notes, including any payments not
made to the Holders of the Notes during the Payment Blockage Period due
to the foregoing prohibitions, unless the provisions described in clause
(A) are then applicable. No new period of payment blockage may be
commenced unless and until 360 days have elapsed since the effectiveness
of the immediately prior Payment Blockage Notice. No nonpayment default
that existed or was continuing on the date of delivery of any Payment
Blockage Notice to the Company shall be, or be made, the basis for a
subsequent Payment Blockage Notice unless such default shall have been
cured or waived for a period of not less than 90 days.
	 
	 	          (ii) The Company must provide the holders of Designated Senior Debt
at least 10 days’ prior written notice of any acceleration of the
maturity of the Notes.
	 
	 	          (iii) As a result of the subordination provisions described above,
in the event of a liquidation or insolvency, Holders of the Notes may
recover less ratably than creditors of the Company who are holders of
Senior Debt.
	 
	 	          (iv) In the event that, notwithstanding the foregoing, any payment
shall be received by any Holder when such payment is prohibited by
Section 12(b)(i), such payment shall be held in trust for the benefit of,
and shall be paid over or delivered to, the holders of Senior Debt (pro
rata to such holders on the basis of the respective amount of Senior Debt
held by such holders) as their respective interests may appear. The
Company shall be entitled to conclusively rely on information regarding
amounts then due and owing on the Senior Debt, if any, received from the
holders of Senior Debt (or their representatives), and only amounts
included in the information provided to the Company shall be paid to the
holders of Senior Debt.
	 
	 	          (v) Nothing contained in this Section 12 shall limit or compromise
the right of the Holders to take any action to accelerate the maturity of
the Notes pursuant to Section 6 or to pursue any rights or remedies
hereunder or otherwise; provided, however, that all Senior Debt
thereafter due or declared to be due shall first be paid in full in cash
or Cash Equivalents before the Holders are entitled to receive any
payment of any kind or character with respect to Obligations on the
Notes.

          (c) Payment Over of Proceeds upon Dissolution, Etc.

		
	 	          (i) Upon any distribution to creditors of the Company in a total or
partial liquidation, winding-up, reorganization or dissolution of the
Company or in a voluntary or involuntary bankruptcy, reorganization,
insolvency, receivership or similar proceeding relating to the Company or
its property, an assignment for the benefit of creditors or any
marshalling of the Company’s assets and liabilities, the holders of
Senior

24

 

		
	 	Debt will be entitled to receive payment in full in cash of all
Obligations due in respect of such Senior Debt (including interest after
the commencement of any such proceeding at the rate specified in the
applicable Senior Debt) before the Holders of the Notes will be entitled
to receive any payment with respect to the Notes, and until all
Obligations with respect to Senior Debt are paid in full in cash, any
distribution to which the Holders of the Notes would be entitled shall be
made to the holders of Senior Debt (except that Holders of the Notes may
receive Permitted Junior Securities).
	 
	 	          (ii) To the extent any payment of Senior Debt (whether by or on
behalf of the Company, as proceeds of security or enforcement of any
right of setoff or otherwise) is declared to be fraudulent or
preferential, set aside or required to be paid to any receiver, trustee
in bankruptcy, liquidating trustee, agent or other similar person under
any bankruptcy, insolvency, receivership, fraudulent conveyance or
similar law, then, if such payment is recovered by, or paid over to, such
receiver, trustee in bankruptcy, liquidating trustee, agent or other
similar person, the Senior Debt or part thereof originally intended to be
satisfied shall be deemed to be reinstated and outstanding as if such
payment had not occurred.
	 
	 	          (iii) In the event that, notwithstanding the foregoing, any payment
or distribution of assets of the Company of any kind or character,
whether in cash, property or securities, shall be received by any Holder
when such payment or distribution is prohibited by this Section 12(c),
such payment or distribution shall be held in trust for the benefit of,
and shall be paid over or delivered to, the holders of Senior Debt (pro
rata to such holders on the basis of the respective amount of Senior Debt
held by such holders) or their representatives, or to the trustee or
trustees under any indenture pursuant to which any of such Senior Debt
may have been issued, as their respective interests may appear, for
application to the payment of Senior Debt remaining unpaid until all such
Senior Debt has been paid in full in cash or Cash Equivalents, after
giving effect to any concurrent payment, distribution or provision
therefor to or for the holders of such Senior Debt.
	 
	 	          (iv) The consolidation of the Company with, or the merger of the
Company with or into, another corporation or the liquidation or
dissolution of the Company following the conveyance or transfer of all or
substantially all of its assets, to another corporation shall not be
deemed a dissolution, winding-up, liquidation or reorganization for the
purposes of this Section 12(c) if, in the event the Company is not the
surviving corporation, such other corporation shall, as a part of such
consolidation, merger, conveyance or transfer, assume the Company’s
obligations under the Notes.

          (d) Payments May be Made Prior to Dissolution. Nothing contained in this
Section 12 or elsewhere in this Note shall prevent the Company, except under
the conditions described in Sections 12(b) and 12(c), from making payments at
any time for the purpose of making payments of principal of and premium, if
any, on the Notes.

          (e) Subrogation. Subject to the payment in full in cash or Cash
Equivalents of all Senior Debt, the Holders shall be subrogated to the rights
of the holders of Senior Debt to receive payments or distributions of cash,
property or securities of the Company applicable to the Senior Debt until the
Notes shall be paid in full; and, for the purposes of such
subrogation, no

25

 

such payments or distributions to the holders of the Senior Debt or by or
on behalf of the Company or by or on behalf of the Holders by virtue of this
Section 12 which otherwise would have been made to the Holders shall, as
between the Company and the Holders, be deemed to be a payment by the Company
to or on account of the Senior Debt, it being understood that the provisions of
this Section 12 are and are intended solely for the purpose of defining the
relative rights of the Holders, on the one hand, and the holders of the Senior
Debt, on the other hand.

          (f) Obligations of the Company Unconditional. Nothing contained in this
Section 12 or elsewhere in this Note is intended to or shall impair, as among
the Company, creditors other than the holders of Senior Debt, and the Holders
of the Notes, the obligation of the Company, which is absolute and
unconditional, to pay to the Holders the principal of and any premium on the
Notes as and when the same shall become due and payable in accordance with
their terms, or is intended to or shall affect the relative rights of the
Holders and creditors of the Company other than the holders of any Senior Debt,
nor shall anything herein or therein prevent the Holders from exercising all
remedies otherwise permitted by applicable law upon default under this Note,
subject to the rights, if any, under this Section 12 of the holders of Senior
Debt in respect of cash, property or securities of the Company received upon
the exercise of any such remedy.

          (g) Reliance on Judicial Order or Certificate of Liquidating Agent. Upon
any payment or distribution of assets of the Company referred to in this
Section 12, the Holders shall be entitled to rely upon any order or decree made
by any court of competent jurisdiction in which bankruptcy, dissolution,
winding-up, liquidation or reorganization proceedings are pending, or upon a
certificate of the receiver, trustee in bankruptcy, liquidating trustee, agent
or other person making such payment or distribution, delivered to the Holders,
for the purpose of ascertaining the persons entitled to participate in such
distribution, the holders of the Senior Debt and other Debt of the Company, the
amount thereof or payable thereon, the amount or amounts paid or distributed
thereon and all other facts pertinent thereto or to this Section 12.

          (h) Subordination Rights Not Impaired by Acts or Omissions of the Company
or a Guarantor or Holders of Senior Debt.

		
	 	          (i) No right of any present or future holders of any Senior Debt to
enforce subordination as provided herein 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 of this
Note, regardless of any knowledge thereof which any such Holder may have
or otherwise be charged with.
	 
	 	          (ii) Without in any way limiting the generality of the foregoing
paragraph, the holders of Senior Debt may, at any time and from time to
time, without incurring responsibility to the Holders and without
impairing or releasing the subordination provided in this Section 12 or
the obligations hereunder of the Holders of the Notes to the holders of
the Senior Debt, do any one or more of the following: (A) change the
manner, place or terms of payment or extend the time of payment of, or
renew or alter, Senior Debt, or otherwise amend or supplement in any
manner Senior Debt, or any instrument evidencing or securing the same or
any agreement under which Senior

26

 

		
	 	Debt is outstanding; (B) sell, exchange, release or otherwise deal
with any property pledged, mortgaged or otherwise securing Senior Debt;
(C) release any person liable in any manner for the payment or collection
of Senior Debt; and (D) exercise or refrain from exercising any rights
against the Company or any other person.

          (i) Holders’ Agreement to Effectuate Subordination of Securities. Each
Holder by its acceptance of the Notes agrees to take such action as may be
necessary or appropriate to effectuate, as between the holders of Senior Debt
and the Holders, the subordination provided in this Section 12.

          (j) This Section 12 Not to Prevent Events of Default. The failure to
make a payment on account of principal of or premium on the Notes by reason of
any provision of this Section 12 will not be construed as preventing the
occurrence of an Event of Default.

     13.     Benefits of the Agreement. The Investor and all transferees (to the
extent permitted in the Agreement) shall be entitled to the rights and benefits
granted to them in the Agreement.

     14.     Registration of Transfer and Exchange Generally.

          (a) Registration, Registration of Transfer and Exchange Generally. The
Company shall keep at its principal executive offices a register (the register
maintained in such being herein sometimes collectively referred to as the “Note
Register”) in which the Company shall provide for the registration of Notes and
of transfers and exchanges of Notes.

     Subject to the provisions of the Agreement regarding restrictions on
transfer and provided the transferee agrees to be bound by the terms of the
Agreement, upon surrender for registration of transfer of any Note at its
principal executive office, the Company shall execute and deliver, in the name
of the designated transferee or transferees, one or more new Notes in
denominations requested by the transferee (which denominations shall not be
less than $1,000,000 per Note), of a like aggregate principal amount and
bearing such restrictive legends as may be required by law.

     At the option of a Holder, Notes may be exchanged for other Notes of any
authorized denominations, of a like aggregate principal amount and bearing such
restrictive legends as may be required by law upon surrender of the Notes to be
exchanged at the Company’s principal executive offices. Whenever any Notes are
so surrendered for exchange, the Company shall execute and make available for
delivery the Notes that the Holder making the exchange is entitled to receive.

     All Notes issued upon any registration of transfer or exchange of Notes
shall be the valid obligations of the Company, evidencing the same debt, and
entitled to the same benefits as the Notes surrendered upon such registration
of transfer or exchange.

     Every Note presented or surrendered for registration of transfer or for
exchange shall (if so required by the Company) be duly endorsed, or be
accompanied by a written instrument of transfer in form satisfactory to the
Company, 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 Notes.

27

 

          (b) Mutilated, Destroyed, Lost and Stolen Notes. If any mutilated Note is
surrendered to the Company, the Company shall execute and make available for
delivery in exchange therefor a new Note of like tenor and principal amount and
bearing a number not contemporaneously outstanding.

     If there shall be delivered to the Company (i) evidence to its reasonable
satisfaction of the destruction, loss or theft of any Note and (ii) such
security or indemnity as may be required by the Company to save itself
harmless, then, in the absence of notice to the Company that such Note has been
acquired by a protected purchaser, the Company shall execute and make available
for delivery, in lieu of any such destroyed, lost or stolen Note, a new Note of
like tenor and principal amount and bearing a number not contemporaneously
outstanding.

     Every new Note issued pursuant to this Section 14 in lieu of any
mutilated, destroyed, lost or stolen Note shall constitute an original
additional contractual obligation of the Company, whether or not the destroyed,
lost or stolen Note shall be at any time enforceable by anyone.

     The provisions of this Section 14 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 Notes.

     15.     Governing Law. THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

     16.     Consent to Jurisdiction and Service. (a) The Company hereby
irrevocably and unconditionally:

		
	 	          (i) submits for itself and its property in any legal action or
proceeding relating to this Note or the transactions contemplated hereby,
to the general non-exclusive jurisdiction of the Courts of (A) the State
of California in San Jose, California and (B) the State of New York in
New York City, the Courts of the United States of America for (C) the
Northern District of California in San Jose, California and (D) the
Southern District of New York in New York City, and appellate courts from
any thereof;
	 
	 	          (ii) consents that any such action or proceeding may be brought in
such courts, and waives any objection that it may now or hereafter have
to the venue of any such action or proceeding in any such court or that
such action or proceeding was brought in an inconvenient court and agrees
not to plead or claim the same to the extent permitted by applicable law;
	 
	 	          (iii) agrees that service of process in any such action or
proceeding may be effected by mailing a copy thereof by registered or
certified mail (or any substantially similar form of mail), postage
prepaid, to the party, as the case may be, at the Company’s address set
forth in Section 10.4 of the Agreement or at such other address of which
the Holder of this Note shall have been notified pursuant the terms of
the Agreement; and
	 
	 	          (iv) agrees that nothing herein shall affect the right to effect
service of process in any other manner permitted by law or shall limit
the right to sue in any other jurisdiction for recognition and
enforcement of any judgment or if jurisdiction in the

28

 

		
	 	courts referenced in the foregoing clause (i) is not available
despite the intentions of the parties hereto.

          (b) The Company agrees that a final judgment in any suit, action or
proceeding brought in a court described in Section 16(a)(i) may be enforced in
the courts of any jurisdiction to which the Company is subject by a suit upon
such judgment, provided that service of process is effected upon the Company in
the manner specified herein or as otherwise permitted by law. To the extent
that the Company has or hereafter may acquire any immunity from jurisdiction of
any court or from any legal process with respect to itself or its property, the
Company hereby irrevocably waives such immunity in respect of its obligations
under this Note, to the extent permitted by law.

     17.     Hong Kong Branch; Full Recourse Obligations. Notwithstanding anything
to the contrary contained herein, all payments of principal and premium, if
any, by the Company with respect to the Notes will be made by the Company
through its Hong Kong branch office; provided, however, that notwithstanding
the foregoing, the Company acknowledges that its Obligations hereunder are full
recourse to the Company and are in no manner limited to any extent to any
branch thereof and shall in no manner impair the Holder’s ability to collect
any Obligation from the Company.

     18.     Notices. Any notices or other communications required or permitted to
be given under this Note shall be in writing and shall be deemed to be given
when delivered in person or by private courier with receipt, when telefaxed
upon confirmation of receipt, or three (3) days after being deposited in the
United States mail, first-class, registered or certified, return receipt
requested, with postage paid and,

	 	 	if to the Company, addressed as follows:
	 
	 	 	c/o Flextronics International USA, Inc.

2090 Fortune Drive

San Jose, CA 95131

Attention: Chief Financial Officer

Facsimile: 408-428-0859
	 
	 	 	with a copy to:
	 
	 	 	Fenwick & West LLP

275 Battery Street

San Francisco, CA 94111

Attention: David K. Michaels, Esq.

Facsimile: 415-281-1350
	 
	 	 	if to the Holder, addressed as follows:
	 
	 	 	[Silver Lake Entity]

29

 

	 	 	with a copy to:
	 
	 	 	Simpson Thacher & Bartlett

3330 Hillview Avenue

Palo Alto, CA 94304

Attention: Richard Capelouto

                    Kirsten Jensen

Facsimile: (650) 251-5002

          Any Person may change the address to which notices and communications to
it are to be addressed by notification as provided for herein.

30

 

     IN WITNESS WHEREOF, the Company has executed and delivered this Note on
March      , 2003.

	 	 	 	 	 
	 	 	FLEXTRONICS INTERNATIONAL LTD.
	 	 	 	 	 
	 	 	
By:	 	 
	 	 	 	

	 	 	 	Name:
	 	 	 	Title:

 

 

EXHIBIT 1

(To be Executed by Registered Holder

in order to Convert Note)

CONVERSION NOTICE

FOR

CONVERTIBLE JUNIOR SUBORDINATED NOTE DUE 2008

     The undersigned, as Holder of the Convertible Junior Subordinated Note due
2008 of FLEXTRONICS INTERNATIONAL LTD., (the “Company”), in the outstanding
principal amount of U.S. $     (the “Note”), hereby elects to convert
that portion of the outstanding principal amount of the Note shown on the next
page into ordinary shares, S$0.01 par value per share (the “Ordinary Shares”),
of the Company according to the conditions of the Note, as of the date written
below. The undersigned hereby requests that share certificates for the
Ordinary Shares to be issued to the undersigned pursuant to this Conversion
Notice be issued in the name of, and delivered to, the undersigned or its
designee as indicated below. If shares are to be issued in the name of a
person other than the undersigned, the undersigned will pay all transfer taxes
payable with respect thereto. No fee will be charged to the Holder for any
conversion, except for transfer taxes, if any.

	 	 	 	 	 
	Conversion Information:	 	NAME OF HOLDER:
	 	 	 	 	 
	 	 	
By:	 	 
	 	 	 	

	 	 	 	Print Name:
	 	 	 	Print Title:
	 	 	 	 	 
	 	 	Print Address of Holder:
	 	 	 	 	 
	 	 	

	 	 	 	 	 
	 	 	

	 	 	 	 
	 	Issue Ordinary Shares:  	 
	 	 	 	

	 	at:	 	 
	 	 	

	 	 	 	 	 	 	 	 	 
	 	 	Electronically transit and credit Ordinary
	 	 	
Shares to:
	 	 	 	at:	 	 
	 	 	 	 	

	 	 	 	

	 	 	

	 	 	Date of Conversion
	 	 	 	 	 	 	 	 	 
	 	 	

	 	 	Applicable Conversion Price

THE COMPUTATION OF THE NUMBER OF ORDINARY SHARES TO

BE RECEIVED IS SET FORTH ON THE ATTACHED PAGE

 

 

	 	 	 	 
	Page 2 to Conversion Notice for:	 	 	 
	 	 	

	 
	 	 	
(Name of Holder)	 

COMPUTATION OF NUMBER OF COMMON SHARES TO BE RECEIVED

	 	 	 	 	 	 	 
	Face Amount converted:	 	 	
$	 	 	 
	 	 	 	 	

	 
	 	 	 	 	

	Conversion Price	 	 	
$	 	 	 
	 	 	 	 	

	 	 	 	 	 	 	 	 	 	 	 
	Number of Ordinary
Shares  =	
 Total dollar amount converted
	  =	 	 	 	$	 	 	 
	 	

	 	 	 	 	 	

	 	
Conversion Price	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	Number of Ordinary
Shares  =	 	 	 	 	 	 	 	 	 	 
	 	

	 	 	 	 	 	 	 	 

If the conversion is not being settled by DTC, please issue and deliver
     certificate(s) for Ordinary Shares in the following amount(s):

Please issue and deliver      new Note(s) in the following amounts:

 

 

EXHIBIT C

Matters to be Covered by Opinion of Fenwick & West LLP

	1.	 	The Notes constitute valid and legally binding obligations of the Company
enforceable against the Company in accordance with their terms.
	 
	2.	 	The Note Purchase Agreement constitutes a valid and legally binding
obligation of the Company enforceable against the Company in accordance
with its terms.
	 
	3.	 	No consent, approval, authorization, order, registration or qualification
of or with any United States federal or California State governmental
agency or body is required under United States federal or California State
law for the issue and sale of the Notes by the Company and the performance
by the Company of all of its obligations under the Note Purchase Agreement
and the Notes, except for (i) the filing after the Closing by the Company
of a shelf registration statement under Rule 415 of the Securities Act
covering the Ordinary Shares issuable upon conversion of the Notes, (ii)
the filing of such reports and information with the Securities and
Exchange Commission under the Securities Exchange Act of 1934, as amended,
and the rules and regulations promulgated by the SEC thereunder, as may be
required in connection with the issue and sale of the Notes and the other
transactions provided for under the Note Purchase Agreement, and (iii)
such consents and approvals as have been obtained.
	 
	4.	 	The issue and sale of the Notes by the Company and the performance by the
Company of all of its obligations under the Note Purchase Agreement and
the Notes will not result in a breach or default under, or require the
consent of any other party to, any Material Agreement, nor will such
action violate any United States federal or California State law, rule or
regulation or any order known to us issued pursuant to any United States
federal or California State statute or law by any United States federal or
California State court or governmental agency or body to which the Company
or any of its subsidiaries is a party.
	 
	5.	 	To the knowledge of such counsel, there are no pending or threatened
legal or governmental proceedings that question the validity of the Note
Purchase Agreement, the Notes or any action taken or to be taken by the
Company pursuant thereto.
	 
	6.	 	The Company is not, and after giving effect to the issue and sale of the
Notes and the application of the net proceeds thereof, will not be an
“investment company” within the meaning of, and subject to regulation
under, the Investment Company Act of 1940, as amended.
	 
	7.	 	The offer and sale of the Notes to the Purchasers in accordance with the
Note Purchase Agreement is exempt from the registration and prospectus
delivery requirements of Section 5 of the Securities Act and the
qualification requirements of the California Corporate Securities Law of
1968, as amended.

 

 

EXHIBIT D

Matters to be Covered by Opinion of Singapore Counsel to the Company

	1.	 	The Company is a company duly incorporated and is validly existing under
the laws of Singapore and has due power and authority to enter into the
Note Purchase Agreement and to issue the Notes convertible into Ordinary
Shares of the Company pursuant to the Note Purchase Agreement.
	 
	2.	 	The Company has taken all necessary corporate action required under the
laws of Singapore and under its Memorandum and Articles of Association to
authorise the entry into, execution and delivery of, and the performance
of its obligations under, the Note Purchase Agreement.
	 
	3.	 	(a) The authorised share
capital of the Company as at [  ] 2003 is
S$[15,000,000] divided into [1,500,000,000] Ordinary Shares and (b) out of
the authorised share capital of [1,500,000,000] Ordinary Shares, [  ]
Ordinary Shares have been issued as at [  ] 2003 based on the Transfer
Agent’s Certificate furnished to us by the Transfer Agent, and based on
the Company’s Resolutions and assuming that such shares and the
certificates relating thereto were issued by the Transfer Agent on behalf
of the Company in accordance with the Company’s Resolutions and the
Memorandum and Articles of Association of the Company, all of the issued
Ordinary Shares have been duly and validly authorised and issued and were
not issued in violation of or subject to any pre-emptive rights or other
rights to subscribe for or purchase any securities of the Company
contained in the Memorandum and Articles of Association of the Company or
provided by the laws of Singapore.
	 
	4.	 	The Notes have been duly authorised by the Company and, when issued and
delivered in the manner and against payment of the purchase price
therefor, as provided for in the Note Purchase Agreement, will constitute
valid and binding obligations of the Company, enforceable against the
Company in accordance with their terms, and the issuance of such Notes
will not be subject to any pre-emptive or similar rights under (a) the
laws of Singapore or (b) the Memorandum and Articles of Association of the
Company; and, except as set out in paragraph 5 above, there are no
restrictions on the transfer of the Notes under the laws of Singapore.
	 
	5.	 	The Ordinary Shares issuable upon conversion of the Notes have been duly
authorised by the Company and such Ordinary Shares, when issued upon such
conversion in accordance with the terms of the Notes, will be validly
issued and will be fully paid and non-assessable, and the issuance of such
Ordinary Shares upon such conversion will not be subject to any
pre-emptive or similar rights under (a) the laws of Singapore or (b) the
Memorandum and Articles of Association of the Company. For the purposes
of this opinion we have assumed that the term “non-assessable” in relation
to the Ordinary Shares means under Singapore law that holders of such
Ordinary Shares, having fully paid up all amounts due on such Ordinary
Shares as to nominal amount and premium

 

 

	 	 	thereon, are under no further personal liability to contribute to the
assets or liabilities of the Company in their capacities purely as
holders of such Ordinary Shares.
	 
	6.	 	As at the date hereof:

	 	(a)	 	we are not representing the Company in any legal or
governmental proceedings, pending or threatened, to which the
Company is a party or to which any of the properties of the Company
is subject which could reasonably be expected to have a material
adverse effect on the performance of the Note Purchase Agreement or
the consummation of any of the transactions contemplated under the
Note Purchase Agreement; and
	 
	 	(b)	 	we are not aware of the existence of any legal or
governmental proceedings in Singapore to which the Company is a
party or to which any of the properties of the Company is subject.

	7.	 	No consent, approval, authorisation or order of or qualification with any
governmental body or agency or securities exchange authority in Singapore
was or is required for the consummation of the transactions contemplated
in the Note Purchase Agreement and the issue and delivery of the Notes.
	 
	8.	 	The consummation of any of the transactions contemplated in the Note
Purchase Agreement and the issue and delivery of the Notes (a) have been
duly authorised by the Company and (b) do not contravene (1) any provision
of the laws of Singapore, (2) the Memorandum and Articles of Association
of the Company or (3) as far as we are aware, any judgment, order or
decree of any governmental body, agency or court of Singapore having
jurisdiction over the Company or any of its assets.

 

 

EXHIBIT E

Form of Management Rights Letter

Silver Lake Partners Cayman, L.P.

320 Park Avenue, 33rd Floor

New York, NY 10022

               Re: Management Rights

          To Whom It May Concern:

     In consideration of the acquisition of Convertible Subordinated Notes (the
“Notes”) issued by Flextronics International Ltd. (the “Company”) as of the
date hereof, the Company hereby agrees that Silver Lake Partners Cayman, L.P.
(the “Investor”) shall have the following rights as long as it owns any Notes
issued by the Company (or Ordinary Shares issuable upon conversion thereof):

		
	 	     1.     If the Investor is not represented by a designee on the Company’s
Board of Directors, the Investor will be entitled to receive the same
information as is provided to members of the Board of Directors of the
Company.
	 
	 	     2.     Upon the reasonable request of the Investor from time to time, a
representative of the Investor will be entitled to meet and consult with
the senior executive management team of the Company to discuss the
Company’s quarterly and annual business plans and to review the Company’s
progress in achieving its plans. The Company will notify the Investor of
any significant business issues or initiatives affecting the Company,
such as: changes in the Company’s capital structure; incurrence of any
significant indebtedness; significant business acquisitions, dispositions
or similar transactions; developments or proposals entailing a
potentially significant liability; nomination of directors; appointment
or election of senior management personnel; and adoption of contracts,
plans or other compensation arrangements covering senior management
personnel. Whenever reasonably possible, such notice will be provided to
the Investor in a manner that affords the Investor an opportunity to
consult with the Company prior to the Company taking any significant
action on such issues or initiatives.
	 
	 	     3.     Upon the reasonable request of the Investor, a representative of
the Investor will be entitled to inspect the books and records of the
Company and the facilities of the Company, and to request and receive
reasonable information regarding the Company’s financial condition and
operations. Without limiting the foregoing, the Company shall deliver to
the Investor:

		
	 	     (i) as soon as available and in any event within forty-five
(45) days after the end of each of the first three (3) quarters of
each fiscal year of the Company, consolidated balance sheets of the
Company and its subsidiaries as of the end of

 

 

		
	 	such period, and the consolidated statements of income and
cash flows of the Company and its subsidiaries for the period then
ended prepared in conformity with generally accepted accounting
principles applied on a consistent basis, except as otherwise noted
therein, and subject to the absence of footnotes and to year-end
adjustments;
	 
	 	     (ii) as soon as available and in any event within 120 days
after the end of each fiscal year of the Company, a consolidated
balance sheet of the Company and its subsidiaries as of the end of
such year, and the consolidated statements of income and cash flows
of the Company and its subsidiaries for the year then ended
prepared in conformity with generally accepted accounting
principles applied on a consistent basis, except as otherwise noted
therein, together with an auditor’s report thereon of a firm of
established national reputation; and
	 
	 	     (iii) to the extent the Company is required by law or pursuant
to the terms of any outstanding indebtedness of the Company to
prepare such reports, any annual reports, quarterly reports and
other periodic reports pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934, as amended, actually prepared by
the Company as soon as available.

          The Company agrees to consider, in good faith, the recommendations of the
Investor or its designated representative in connection with the matters on
which it is consulted as described above, recognizing that the ultimate
discretion with respect to all such matters shall be retained by the Company.

          The above-mentioned rights are intended to satisfy the requirement of
management rights for purposes of qualifying the Investor’s interest in the
Notes (or Ordinary Shares issuable upon conversion thereof) as a venture
capital investment for purposes of the Department of Labor “plan asset”
regulation, 29 C.F.R. § 2510.3-101, and in the event such rights are not
satisfactory for such purpose, the Company and the Investor shall reasonably
cooperate in good faith to agree upon mutually satisfactory management rights
which satisfy such regulation. Notwithstanding the foregoing, in the event
that the Investor’s interests in the Company are exchanged, converted or
transferred in any manner for or into interests in any other corporation,
organization, or similar entity pursuant to any recapitalization of the
Company, including, without limitation, any merger of the Company with and into
any of its subsidiaries, the Company shall use its reasonable best efforts to
provide that a Management Rights Letter in form and substance similar to this
letter be executed and delivered to the Investor by such successor company.

	 	 	 	 	 
	 	 	COMPANY:
	 	 	 	 	 
	 	 	FLEXTRONICS INTERNATIONAL LTD.
	 	 	 	 	 
	 	 	
By:  	 	 
	 	 	 	

	 	 	
Name:

	 	 	
Title:Flextronics International Ltd. Exhibit 4.08

 

EXHIBIT 4.08

EXECUTION VERSION

FIRST AMENDMENT TO CREDIT AGREEMENT

     THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of
March 7, 2003, is entered into by and among:

		
	 	     (1)     FLEXTRONICS INTERNATIONAL LTD., a Singapore corporation
(“Borrower”);
	 
	 	     (2)     Each of the financial institutions listed in Part A of Schedule
I to the Credit Agreement under the heading “Facility B Commitment”
referred to in Recital A below as amended by this Amendment (such
financial institutions to be referred to herein collectively as the
“Facility B Lenders”); and
	 
	 	     (3)     ABN AMRO BANK N.V. (“ABN AMRO”), as agent for the Lenders (in
such capacity, “Agent”).

RECITALS

     A.     Borrower, the financial institutions currently listed in Part A of
Schedule I to the Credit Agreement, including the financial institutions
currently listed in Part A of Schedule I to the Credit Agreement under the
heading “Facility B Commitment” referred to in this Recital A (such financial
institutions listed under the heading “Facility B Commitment” to be referred to
herein collectively as the “Existing Facility B Lenders”) and Agent are parties
to that certain Credit Agreement, dated as of March 8, 2002 (the “Credit
Agreement”). Pursuant to the Credit Agreement, the Existing Facility B Lenders
have agreed to provide to Borrower a 364 day revolving credit facility with a
total commitment of $133,333,333.33 (the “Total Facility B Commitment”), of
which $0 is outstanding in the form of Facility B Loans as of March 7, 2003
(such outstanding Facility B Loans, collectively, the “Outstanding Facility B
Loans”). Pursuant to the Credit Agreement, the Total Facility B Commitment is
currently set to expire on March 7, 2003 (such date as defined in the Credit
Agreement, the “Facility B Maturity Date”).

     B.     In order to facilitate the extension of the Facility B Maturity Date to
March 5, 2004 and an increase of the Total Facility B Commitment to
$173,333,333.33, Borrower has requested that (i) the Existing Facility B
Lenders amend the Credit Agreement to extend the Facility B Maturity Date,
increase the Total Facility B Commitment and to make certain other changes, and
(ii) each of Erste Bank der oesterreichischen Sparkassen AG, Key Corporate
Capital, Inc. and Royal Bank of Canada become parties to the Credit Agreement
as amended by this Amendment as Facility B Lenders (collectively, the “New
Facility B Lenders”) with Facility B Commitments in the amounts described in
this Amendment.

     C.     (i) The Existing Facility B Lenders are willing to amend the Credit
Agreement to extend the Facility B Maturity Date, increase the Total Facility B
Commitment and to make such other changes to the Credit Agreement as are set
forth herein, and (ii) the New Facility B Lenders are willing to become parties
to the Credit Agreement as amended by this Amendment

 

 

as Facility B Lenders with Facility B Commitments in the amounts described
in this Amendment, each upon the terms and subject to the conditions set forth
herein.

AGREEMENT

     NOW, THEREFORE, in consideration of the above recitals and for other good
and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, Borrower, the Facility B Lenders and Agent hereby agree as
follows:

     1.     Definitions, Interpretation. All capitalized terms defined above and
elsewhere in this Amendment shall be used herein as so defined. Unless
otherwise defined herein, all other capitalized terms used herein shall have
the respective meanings given to those terms in the Credit Agreement, as
amended by this Amendment. The rules of construction set forth in Section I of
the Credit Agreement shall, to the extent not inconsistent with the terms of
this Amendment, apply to this Amendment and are hereby incorporated by
reference.

     2.     Sale and Assignment of Outstanding Facility B Loans. Subject to the
satisfaction of the conditions set forth in paragraph 5 below, on the Effective
Date Agent shall calculate the Proportionate Share of each Facility B Lender in
each Outstanding Facility B Loan. Based upon such calculation, the Facility B
Lenders shall sell and assign or purchase and assume (as applicable) from each
other such shares in the Outstanding Facility B Loans as Agent determines is
necessary to cause each Facility B Lender to hold Outstanding Facility B Loans
in an amount equal to such Facility B Lender’s Proportionate Share of such
Outstanding Facility B Loan Borrowings. On and after the Effective Date, each
Facility B Lender shall have a Facility B Commitment in an amount set forth
opposite its name on Part A of Schedule I of the Credit Agreement (as amended
pursuant to this Amendment) under the heading “Facility B Commitments”, with
the rights, duties and obligations of such a Facility B Lender under the Credit
Agreement and the other Credit Documents.

     3.     Amendments to Credit Agreement. Subject to the satisfaction of the
conditions set forth in paragraph 5 below, the Credit Agreement is hereby
amended as follows:

		
	 	     (a)     Paragraph 1.01 is hereby amended by changing the definition of
the term “Facility B Maturity Date” set forth therein to read in its
entirety as follows:

		
	 	     “Facility B Maturity Date” shall mean March 5, 2004.

		
	 	     (b)     Paragraph 1.01 is hereby further amended by changing the
definition of the term “Total Facility B Commitment” set forth therein to
read in its entirety as follows:

		
	 	     “Total Facility B Commitment” shall mean, at any time, the sum
at such time of Facility B Lenders’ Facility B Commitments. The
Total Facility B Commitment on the date of this Agreement is
$133,333,333.33, and the Total Facility B Commitment on March 7,
2003 is $173,333,333.33.

 

 

		
	 	     (c)     The first and third columns of Part A of Schedule I which sets
forth the name of each Facility B Lender and the Facility B Commitment of
each Facility B Lender is hereby amended to read in its entirety as set
forth on Attachment A hereto (and to the extent such Facility B Lender
does not also hold a Facility A Commitment, Part A of Schedule I will
also be amended to reflect as such).
	 
	 	     (d)     Part B of Schedule I which sets for the address for notices for
all of the Lenders (including the Facility B Lenders) is hereby amended
by the deleting certain notice information as applicable, and by adding
the notice information with respect to the New Facility B Lenders to read
in its entirety as set forth on Attachment B hereto.
	 
	 	     (e)     The portion of the Pricing Grid with the heading “Facility B”
set forth on Schedule II is hereby amended to read in its entirety as set
forth on Attachment C hereto.

     4.     Representations and Warranties. Borrower hereby represents and
warrants to Agent and the Facility B Lenders that the following are true and
correct on the date of this Amendment and that, after giving effect to the
amendments set forth in paragraph 3 above, the following will be true and
correct on the Effective Date:

		
	 	     (a)     The representations and warranties of Borrower and its
Subsidiaries set forth in Paragraph 4.01 of the Credit Agreement and in
the other Credit Documents are true and correct in all material respects
(except for representations and warranties expressly made as of a
specified date, which are true and correct in all material respects as of
such date);
	 
	 	     (b)     No Default has occurred and is continuing; and
	 
	 	     (c)     Each of the Credit Documents is in full force and effect.

(Without limiting the scope of the term “Credit Documents,” Borrower expressly
acknowledges in making the representations and warranties set forth in this
paragraph 4 that, on and after the date hereof, such term includes this
Amendment.)

     5.     Effective Date. The sale, assignment, purchase and assumption (as
applicable) of the Outstanding Facility B Loans referenced in paragraph 2 above
and the amendments effected by paragraph 3 above shall become effective on
March 7, 2003 (the “Effective Date”), subject to receipt by the Facility B
Lenders and Agent, as applicable, on or prior to the Effective Date of the
following, each in form and substance satisfactory to the Lenders, Agent and
their respective counsel, as applicable:

		
	 	     (a)     This Amendment duly executed by Borrower, each Facility B Lender
and Agent;
	 
	 	     (b)     Such Notes as the Facility B Lenders shall request reflecting
such Facility B Lender’s Commitment, each duly executed by Borrower;
	 
	 	     (c)     A letter in the form of Attachment D hereto appropriately
completed and duly executed by each Guarantor;

 

 

		
	 	     (d)     A Certificate of the Secretary of Borrower, dated the Effective
Date, certifying that (i) the Memorandum and Articles of Association of
Borrower, in the form delivered to Agent on the Closing Date, are in full
force and effect and have not been amended, supplemented, revoked or
repealed since such date and (ii) that attached thereto are true and
correct copies of resolutions duly adopted by the Board of Directors of
Borrower and continuing in effect, which authorize the execution,
delivery and performance by Borrower of this Amendment and the
consummation of the transactions contemplated hereby, including without
limitation, the extension of the Facility B Maturity Date and the
increase of the Total Facility B Commitment;
	 
	 	     (e)     Evidence satisfactory to Agent that the First Amendment to the
FIUI Credit Agreement to be dated as of the date hereof shall have been
duly executed by the parties thereto and that such amendment shall also
become effective on the Effective Date;
	 
	 	     (f)     A favorable written opinion from Fenwick & West, California
counsel for Borrower, dated the Effective Date, addressed to Agent for
the benefit of Agent and the Facility B Lenders, covering such legal
matters as Agent may reasonably request and otherwise in form and
substance satisfactory to Agent;
	 
	 	     (g)     A favorable written opinion from Allen & Gledhill, Singapore
counsel for Borrower, dated the Effective Date, addressed to Agent for
the benefit of Agent and the Facility B Lenders, covering such legal
matters as Agent may reasonably request and otherwise in form and
substance satisfactory to Agent;
	 
	 	     (h)     Receipt by Agent on behalf of the Facility B Lenders from
Borrower of a non-refundable amendment fee in the amount of $433,333.33,
to be shared among the Facility B Lenders pro rata based upon each such
Facility B Lender’s Proportionate Share of the Total Facility B
Commitment;
	 
	 	     (i)     Receipt by Agent for its own account from Borrower of the
arrangement fee referenced in the certain letter agreement dated as of
January 16, 2003, between Agent and Borrower; and
	 
	 	     (j)     Such other evidence as Agent or any Lender may reasonably
request to establish the accuracy and completeness of the representations
and warranties and the compliance with the terms and conditions contained
in this Amendment and the other Credit Documents.

     6.     Effect of this Amendment. On and after the Effective Date, each
reference in the Credit Agreement and the other Credit Documents to the Credit
Agreement shall mean the Credit Agreement as amended hereby. Except as
specifically amended above, (a) the Credit Agreement and the other Credit
Documents shall remain in full force and effect and are hereby ratified and
confirmed and (b) the execution, delivery and effectiveness of this Amendment
shall not, except as expressly provided herein, operate as a waiver of any
right, power, or remedy of the Lenders or Agent, nor constitute a waiver of any
provision of the Credit Agreement or any other Credit Document.

 

 

	7.	 	Miscellaneous.

	
	         (a)     Counterparts. This Amendment may be executed in any number of
identical counterparts, any set of which signed by all the parties hereto
shall be deemed to constitute a complete, executed original for all
purposes.

	
	         (b)     Headings. Headings in this Amendment are for convenience of
reference only and are not part of the substance hereof.

	
	         (c)     Governing Law. This Amendment shall be governed by and
construed in accordance with the laws of the State of California without
reference to conflicts of law rules.

[The Signature Pages Follow]

 

 

     IN WITNESS WHEREOF, Borrower, Agent and the Facility B Lenders have caused
this Amendment to be executed as of the day and year first above written.

	 	 	 	 	 
	BORROWER:	 	FLEXTRONICS INTERNATIONAL LTD.
	 	 	 	 	 
	 	 	
By:	 	 
	 	 	 	 	

	 	 	 	 	Name:
	 	 	 	 	Title:
	 	 	 	 	 
	AGENT:	 	ABN AMRO BANK N.V.,
	 	 	As Agent
	 	 	 	 	 
	 	 	
By:	 	 
	 	 	 	 	

	 	 	 	 	Name:
	 	 	 	 	Title:
	 	 	 	 	 
	 	 	
By:	 	 
	 	 	 	 	

	 	 	 	 	Name:
	 	 	 	 	Title:

	 	 	 	 	 
	FACILITY B LENDERS:	 	ABN AMRO BANK N.V.
	 	 	 	 	 
	 	 	
By:	 	 
	 	 	 	 	

	 	 	 	 	Name:
	 	 	 	 	Title:
	 	 	 	 	 
	 	 	
By:	 	 
	 	 	 	 	

	 	 	 	 	Name:
	 	 	 	 	Title:

 

 

	 	 	 	 	 
	 	 	AIB INTERNATIONAL FINANCE
	 	 	 	 	 
	 	 	
By:	 	 
	 	 	 	 	

	 	 	 	 	Name:
	 	 	 	 	Title:
	 	 	 	 	 
	 	 	
By:	 	 
	 	 	 	 	

	 	 	 	 	Name:
	 	 	 	 	Title:
	 	 	 	 	 
	 	 	DEUTSCHE BANK TRUST COMPANY AMERICAS
	 	 	(formerly Bankers Trust Company)
	 	 	 	 	 
	 	 	
By:	 	 
	 	 	 	 	

	 	 	 	 	Name:
	 	 	 	 	Title:
	 	 	 	 	 
	 	 	
By:	 	 
	 	 	 	 	

	 	 	 	 	Name:
	 	 	 	 	Title:
	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A.
	 	 	 	 	 
	 	 	
By:	 	 
	 	 	 	 	

	 	 	 	 	Name:
	 	 	 	 	Title:
	 	 	 	 	 
	 	 	
By:	 	 
	 	 	 	 	

	 	 	 	 	Name:
	 	 	 	 	Title:

 

 

	 	 	 	 	 
	 	 	BEAR STEARNS CORPORATE LENDING INC.
	 	 	 	 	 
	 	 	
By:	 	 
	 	 	 	 	

	 	 	 	 	Name:
	 	 	 	 	Title:
	 	 	 	 	 
	 	 	
By:	 	 
	 	 	 	 	

	 	 	 	 	Name:
	 	 	 	 	Title:
	 	 	 	 	 
	 	 	BNP PARIBAS
	 	 	 	 	 
	 	 	
By:	 	 
	 	 	 	 	

	 	 	 	 	Name:
	 	 	 	 	Title:
	 	 	 	 	 
	 	 	
By:	 	 
	 	 	 	 	

	 	 	 	 	Name:
	 	 	 	 	Title:
	 	 	 	 	 
	 	 	CITICORP USA, INC.
	 	 	 	 	 
	 	 	
By:	 	 
	 	 	 	 	

	 	 	 	 	Name:
	 	 	 	 	Title:
	 	 	 	 	 
	 	 	
By:	 	 
	 	 	 	 	

	 	 	 	 	Name:
	 	 	 	 	Title:

 

 

	 	 	 	 	 
	 	 	COMERICA BANK
	 	 	 	 	 
	 	 	
By:	 	 
	 	 	 	 	

	 	 	 	 	Name:
	 	 	 	 	Title:
	 	 	 	 	 
	 	 	
By:	 	 
	 	 	 	 	

	 	 	 	 	Name:
	 	 	 	 	Title:
	 	 	 	 	 
	 	 	CREDIT SUISSE FIRST BOSTON
	 	 	 	 	 
	 	 	
By:	 	 
	 	 	 	 	

	 	 	 	 	Name:
	 	 	 	 	Title:
	 	 	 	 	 
	 	 	
By:	 	 
	 	 	 	 	

	 	 	 	 	Name:
	 	 	 	 	Title:
	 	 	 	 	 
	 	 	DANSKE BANK A/S
	 	 	 	 	 
	 	 	
By:	 	 
	 	 	 	 	

	 	 	 	 	Name:
	 	 	 	 	Title:
	 	 	 	 	 
	 	 	
By:	 	 
	 	 	 	 	

	 	 	 	 	Name:
	 	 	 	 	Title:

 

 

	 	 	 	 	 
	 	 	ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN AG
	 	 	 	 	 
	 	 	
By:	 	 
	 	 	 	 	

	 	 	 	 	Name:
	 	 	 	 	Title:
	 	 	 	 	 
	 	 	
By:	 	 
	 	 	 	 	

	 	 	 	 	Name:
	 	 	 	 	Title:
	 	 	 	 	 
	 	 	FLEET NATIONAL BANK
	 	 	 	 	 
	 	 	
By:	 	 
	 	 	 	 	

	 	 	 	 	Name:
	 	 	 	 	Title:
	 	 	 	 	 
	 	 	
By:	 	 
	 	 	 	 	

	 	 	 	 	Name:
	 	 	 	 	Title:
	 	 	 	 	 
	 	 	MIZUHO CORPORATE BANK, LIMITED
	 	 	 	 	 
	 	 	
By:	 	 
	 	 	 	 	

	 	 	 	 	Name:
	 	 	 	 	Title:
	 	 	 	 	 
	 	 	
By:	 	 
	 	 	 	 	

	 	 	 	 	Name:
	 	 	 	 	Title:

 

 

	 	 	 	 	 
	 	 	KEY CORPORATE CAPITAL, INC.
	 	 	 	 	 
	 	 	
By:	 	 
	 	 	 	 	

	 	 	 	 	Name:
	 	 	 	 	Title:
	 	 	 	 	 
	 	 	
By:	 	 
	 	 	 	 	

	 	 	 	 	Name:
	 	 	 	 	Title:
	 	 	 	 	 
	 	 	LEHMAN COMMERCIAL PAPER INC.
	 	 	 	 	 
	 	 	
By:	 	 
	 	 	 	 	

	 	 	 	 	Name:
	 	 	 	 	Title:
	 	 	 	 	 
	 	 	
By:	 	 
	 	 	 	 	

	 	 	 	 	Name:
	 	 	 	 	Title:
	 	 	 	 	 
	 	 	ROYAL BANK OF CANADA
	 	 	 	 	 
	 	 	
By:	 	 
	 	 	 	 	

	 	 	 	 	Name:
	 	 	 	 	Title:
	 	 	 	 	 
	 	 	
By:	 	 
	 	 	 	 	

	 	 	 	 	Name:
	 	 	 	 	Title:

 

 

	 	 	 	 	 
	 	 	SKANDINAVISKA ENSKILDA BANKEN AB (publ)
	 	 	 	 	 
	 	 	
By:	 	 
	 	 	 	 	

	 	 	 	 	Name:
	 	 	 	 	Title:
	 	 	 	 	 
	 	 	
By:	 	 
	 	 	 	 	

	 	 	 	 	Name:
	 	 	 	 	Title:
	 	 	 	 	 
	 	 	THE BANK OF NOVA SCOTIA
	 	 	 	 	 
	 	 	
By:	 	 
	 	 	 	 	

	 	 	 	 	Name:
	 	 	 	 	Title:
	 	 	 	 	 
	 	 	
By:	 	 
	 	 	 	 	

	 	 	 	 	Name:
	 	 	 	 	Title:
	 	 	 	 	 
	 	 	UNION BANK OF CALIFORNIA, N.A.
	 	 	 	 	 
	 	 	
By:	 	 
	 	 	 	 	

	 	 	 	 	Name:
	 	 	 	 	Title:
	 	 	 	 	 
	 	 	
By:	 	 
	 	 	 	 	

	 	 	 	 	Name:
	 	 	 	 	Title:

 

 

	 	 	 	 	 
	 	 	U.S. BANK NATIONAL ASSOCIATION
	 	 	 	 	 
	 	 	
By:	 	 
	 	 	 	 	

	 	 	 	 	Name:
	 	 	 	 	Title:
	 	 	 	 	 
	 	 	
By:	 	 
	 	 	 	 	

	 	 	 	 	Name:
	 	 	 	 	Title:

 

 

ATTACHMENT A

SCHEDULE I

FACILITY B LENDER’S COMMITMENTS

	 	 	 	 	 
	 	 	FACILITY B
	LENDER	 	COMMITMENT
	
	 	

	ABN AMRO Bank N.V
	 	$	15,208,333.33	 
	AIB International Finance
	 	$	2,500,000.00	 
	Deutsche Bank Trust Company Americas
	 	$	14,000,000.00	 
	Bank of America, N.A
	 	$	14,000,000.00	 
	Bear Stearns Corporate Lending Inc.
	 	$	4,166,666.67	 
	BNP Paribas
	 	$	6,750,000.00	 
	Citicorp USA, Inc.
	 	$	14,000,000.00	 
	Comerica Bank
	 	$	1,666,666.67	 
	Credit Suisse First Boston
	 	$	8,333,333.33	 
	Danske Bank A/S
	 	$	4,166,666.67	 
	Fleet National Bank
	 	$	15,208,333.33	 
	Mizuho Corporate Bank, Limited
	 	$	4,166,666.67	 
	U.S. Bank National Association
	 	$	4,166,666.67	 

 

 

	 	 	 	 	 
	 	 	FACILITY B
	LENDER	 	COMMITMENT
	
	 	

	Lehman Commercial Paper Inc.
	 	$	4,166,666.67	 
	Skandinaviska Enskilda Banken AB (publ)
	 	$	4,166,666.67	 
	The Bank of Nova Scotia
	 	$	12,500,000.00	 
	Union Bank of California, N.A
	 	$	4,166,666.67	 
	Erste Bank der oesterreichischen
Sparkassen AG
	 	$	12,500,000.00	 
	Key Corporate Capital, Inc.
	 	$	13,500,000.00	 
	Royal Bank of Canada
	 	$	14,000,000.00	 

 

 

ATTACHMENT B

PART B - ADDRESSES FOR NOTICES, ETC.

ABN AMRO BANK N.V.

Domestic Lending Office:

	 	 	ABN AMRO Bank N.V.

208 South LaSalle Street Suite 1500

Chicago, IL 60604

Eurodollar Lending Office:

	 	 	ABN AMRO Bank N.V.

208 South LaSalle Street Suite 1500

Chicago, IL 60604

Address for Notices:

	 	 	ABN AMRO Bank N.V.

101 California Street, 43rd Floor

San Francisco, CA 94111

Attn: Peter Hsu

Tel. No: (415) 984-3734

Fax No: (415) 362-3524
	 
	 	 	ABN AMRO Bank N.V.

Agency Services

208 South LaSalle Street, Suite 1500

Chicago, IL 60604-1003

Attn: Joycelyn G. Gay

Tel. No: (312) 992-5094

Fax. No: (312) 601-3610
	 
	 	 	With a copy of all documentation to:
	 
	 	 	ABN AMRO Bank N.V.

208 South LaSalle Street, Suite 1500

Chicago, IL 60604-1003

Attn: Tom Thiakos

Tel. No: (312) 992-5119

Fax. No: (312) 992-5111

 

 

Wiring Instructions:

	 	 	ABN AMRO Bank N.V.

New York, New York

ABA: 026009580

F/O ABN AMRO Bank , N.V., Chicago Branch CPU

Account No.: 650001178941

Reference: Agency Services 00433489 Flextronics Intl. USA Inc.

 

 

AIB INTERNATIONAL FINANCE

Domestic and Eurodollar Lending Office:

	 	 	AIB International Finance

International Corporate Banking

AIB Bankcentre

Ballsbridge, Dublin 4

Address for Notices of Borrowing and Notices of Interest Period Selection:

	 	 	AIB International Finance

Business Support, AIB Bankcentre

Ballsbridge, Dublin 4

Attn: Ian Finnegan

Tel. No.: (353) 1-6412297

Fax No.: (353) 1-6603529

Address for all other notices: (Credit Matters)

	 	 	AIB International Finance

AIB International Centre

IFSC, Dublin 1

Attn: Eimear Creaven/Patrick Lynam

Tel. No.: (353) 1-6412279

Fax No.: (353) 1-6603529

Wiring Instructions:

	 	 	Chase Manhattan Bank, New York

ABA No.: 021000021

Swift: CHASUS33

Account No.: 001-1-907599

Account Name: AIB Dublin

Reference: Flextronics International USA, Inc.

Attn: Ian Finnegan

 

 

DEUTSCHE BANK TRUST COMPANY AMERICAS

Domestic and Eurodollar Lending Office:

	 	 	Deutsche Bank Trust Company Americas

31 W. 52nd Street

New York, NY 10019

Address for Notices of Borrowing and Notices of Interest Period Selection:

	 	 	Deutsche Bank Trust Company Americas

90 Hudson Street, 5th Floor

Jersey City, NJ 07302

Attn: Bilal Aman

Tel. No.: (201) 593-2173

Fax No.: (201) 593-2310

Address for all other notices: (Credit Matters)

	 	 	Deutsche Bank Trust Company Americas

31 W. 52nd Street

New York, NY 10019

Attn: Alex Bici

Tel. No.: (646) 324-2199

Fax No.: (646) 324-7456

Wiring Instructions:

	 	 	Deutsche Bank Trust Company Americas

New York, NY

RT/ABA No.: 021001033

For further credit to: Deutsche Bank, AG New York

Account No.: 99401268

Reference: Flextronics International USA, Inc.

Attn: Bilal Aman

 

 

BANK OF AMERICA, N.A.

Domestic and Eurodollar Lending Office:

	 	 	Bank of America, N.A.

1850 Gateway Blvd.

Concord, CA 94520

Address for Notices of Borrowing, Notices of Interest Period Selection and
Notices of Term Loan Conversion:

	 	 	Bank of America, N.A.

Mail Code CA4-706-05-11

1850 Gateway Blvd.

Concord, CA 94520

Attn: Noreen Lee

Tel. No.: (925) 675-8247

Fax No.: (888) 969-9160

Address for all other notices: (Credit Matters)

	 	 	Bank of America, N.A.

Portfolio Management – Technology 3697

555 California Street, 12th Floor

Mail Code CA5-705-12-08

San Francisco, CA 94104

Attn: James P. Johnson, Managing Director

Tel. No.: (415) 622-6177

Fax No.: (415) 622-4057

Wiring Instructions:

	 	 	Bank of America, N.A., Concord, CA

ABA No.: 111000012

For further credit to Account No.: 3750836479

Reference: Flextronics

Attn: SBW004 Credit Services

 

 

BEAR STEARNS CORPORATE LENDING INC

Domestic and Eurodollar Lending Office:

	 	 	Bear Stearns & Co. Inc.

245 Park Avenue, 4th Floor

New York, NY 10167

Address for Notices of Borrowing and Notices of Interest Period Selection:

	 	 	Bear Stearns & Co. Inc.

245 Park Avenue, 4th Floor

New York, NY 10167

Attn: Ms. Gloria Dombrowski

Tel. No.: (212) 272-6043

Fax No.: (212) 272-4844

Address for all other notices: (Credit Matters)

	 	 	Bear Stearns & Co. Inc.

245 Park Avenue, 4th Floor

New York, NY 10167

Attn: Victor F. Bulzacchelli

Tel. No.: (212) 272-3042

Fax No.: (212) 272-9184

Copy of documents to:

	 	 	Bear Stearns & Co. Inc.

245 Park Avenue, 4th Floor

New York, NY 10167

Attn: Kevin Cullen

Tel. No.: (212) 272-5742

Fax No.: (212) 272-9184

Wiring Instructions:

	 	 	Citibank, N.A.

ABA No.: 0210-00089

Account No.: 0925-3186

Favor of: Bear Stearns Securities, Corp.

Further Credit to Account No.: 096-00220-28

Reference: Flextronics International USA, Inc.

Attn: Steve Resnick

 

 

BNP PARIBAS

Domestic and Eurodollar Lending Office:

	 	 	BNP Paribas

180 Montgomery Street

San Francisco, CA 94104

Address for Notices of Borrowing, Notices of Interest Period Selection and
Notices of Term Loan Conversion:

	 	 	BNP Paribas

180 Montgomery Street

San Francisco, CA 94104

Attn: Don Hart, Vice President - Treasury

Tel. No.: (415) 956-2511

Fax No.: (415) 989-9041

Swift: BNPAUS6S

Address for all other notices:

	 	 	BNP Paribas, Los Angeles Branch

725 South Figueroa Street, Suite 2090

Los Angeles, CA 90017

Attn: Robert Mimaki, Vice President – Corporate Banking High Technology Group

Tel. No.: (213) 688-6419

Fax No.: (213) 488-9602

With a copy to:

	 	 	BNP Paribas

180 Montgomery Street

San Francisco, CA 94104

Attn: Nancy Mak, Vice President – Loan Operations

Tel. No.: (415) 956-0707

Fax No.: (415) 956-4230

Telex: 278900 BNPS UR

Wiring Instructions:

	 	 	The Federal Reserve Bank of New York

ABA No.: 026007689 BNP Paribas

/BNF/ BNP PARIBAS SAN FRANCISCO

/ACA/ 14334000176

For further credit to BNP Paribas Los Angeles

/RFB/ Principal Payment (or Commitment Fee, Interest Payment, etc.)

 

 

	 	 	/OBI/ By order: Flextronics International USA. Inc.

Attn: Jenny Seow

 

 

CITICORP USA, INC.

Domestic and Eurodollar Lending Office:

	 	 	Citicorp USA, Inc.

One Sansome Street, 25th Floor

San Francisco, CA 94104

Address for Notices of Borrowing, Notices of Interest Period Selection and
Notices of Term Loan Conversion:

	 	 	Citicorp USA, Inc.

2 Penn’s Way, Suite 200

New Castle, Delaware 19720

Attn: Karen Riley

Tel. No.: (302) 894-6084

Fax No.: (302) 894-6120

Address for all other notices (Credit Matters):

	 	 	Citicorp USA, Inc.

One Sansome Street, 25th Floor

San Francisco, CA 94104

Attn: Avram Spiegel

Tel. No.: (415) 627-6358

Fax No.: (415) 632-0307

Wiring Instructions:

	 	 	Citibank N.A.

New York, New York

ABA No.: 021-000-089

For further credit to: Technology

Account No.: 40580062

Reference: Flextronics International USA, Inc.

Attn: Karen Riley

 

 

COMERICA BANK

Domestic and Eurodollar Lending Office:

	 	 	Comerica Bank

One Detroit Center

Detroit, Michigan

Address for Notices of Borrowing, Notices of Interest Period Selection and
Notices of Term Loan Conversion:

	 	 	Comerica Bank

International Finance Department

333 W. Santa Clara Street

San Jose, CA 95113

Attn: Christina Hwang

Tel. No.: (408) 556-5221

Fax No.: (408) 556-5232

Address for all other notices:

	 	 	Comerica Bank

International Finance Department

333 W. Santa Clara Street

San Jose, CA 95113

Attn: Devin Scattini

Tel. No.: (408) 556-5120

Fax No.: (408) 556-5232

Wiring Instructions:

	 	 	Comerica Bank

One Detroit Center

500 Woodward Avenue

Detroit, Michigan

RT/ABA No.: 072000096

Account number: 02-21585-90010

Reference: Flextronics International USA, Inc.

Attn: Ms. Nicole Maguire

 

 

CREDIT SUISSE FIRST BOSTON

Domestic and Eurodollar Lending Office:

	 	 	Credit Suisse First Boston, Cayman Islands Branch

Eleven Madison Avenue

New York, NY 10010

Address for Notices of Borrowing and Notices of Interest Period Selection:

	 	 	Credit Suisse First Boston

Eleven Madison Avenue

New York, NY 10010

Attn: Ed Markowski / Nirmala Durgana

Tel. No.: (212) 538-3380 / 3525

Fax No.: (212) 538-3477 / 561-8926

Address for all other notices: (Credit Matters)

	 	 	Credit Suisse First Boston

Eleven Madison Avenue

New York, NY 10010

Attn: Robert Hetu / Mark Heron

Tel. No.: (212) 325-4542 / 9933

Fax No.: (212) 325-8309 / 8319

Wiring Instructions:

	 	 	The Bank of New York, New York, NY

ABA No.: 021000018

Account No.: 890-0329-262

Account Name: CSFB NY Loan Clearing

Reference: Flextronics International USA, Inc.

 

 

DANSKE BANK A/S

Domestic and Eurodollar Lending Office:

	 	 	Danske Bank A/S, Cayman Islands Branch

299 Park Avenue, 14th Floor

New York, NY 10171-1499

Address for Notices of Borrowing, Notices of Interest Period Selection and
Notices of Term Loan Conversion:

	 	 	Danske Bank A/S

299 Park Avenue, 14th Floor

New York, NY 10171-1499

Attn: Loan Administration

Tel. No.: (212) 984-8462

Fax No.: (212) 984-9570

Address for all business/credit matters:

	 	 	Danske Bank A/S

299 Park Avenue, 14th Floor

New York, NY 10171-1499

Attn: Michael K. Crawford – Vice President

Tel. No.: (212) 984-8455

Fax No.: (212) 984-9567

Address for documentation matters:

	 	 	Danske Bank A/S

299 Park Avenue, 14th Floor

New York, NY 10171-1499

Attn: George B. Wendell – Vice President

Tel. No.: (212) 984-8431

Fax No.: (212) 984-9566

Wiring Instructions:

	 	 	Danske Bank A/S

New York, NY 10171

ABA No.: 026003719 (Danske Bank, New York Branch)

For: Loan Administration

Reference: Flextronics International USA, Inc.

 

 

FLEET NATIONAL BANK

Domestic and Eurodollar Lending Office:

	 	 	Fleet National Bank

100 Federal Street

Boston, MA 02110

Address for Notices of Borrowing, Notices of Interest Period Selection and
Notices of Term Loan Conversion:

	 	 	Fleet National Bank

100 Federal Street, 9th Floor

Boston, MA 02110

Attn: Angela Moore, Loan Administrator

Tel. No.: (617) 434-5059

Fax No.: (617) 434-1709

Address for all other notices:

	 	 	Fleet National Bank

435 Tasso Street, Suite 250

Palo Alto, CA 94301

Attn: Lee A. Merkle-Raymond or Gregory Roux

Tel. No.: (650) 470-4130/4180

Fax No.: (650) 853-1425

Wiring Instructions:

	 	 	Fleet National Bank

Boston, MA

ABA No.: 011-000-138

For further credit to: Credit Services

Account No.: 1510351-66156

Reference: Flextronics International USA, Inc.

 

 

MIZUHO CORPORATE BANK, LIMITED

Domestic and Eurodollar Lending Office:

	 	 	Mizuho Corporate Bank, Limited

350 South Grand Avenue, Suite 1500

Los Angeles, CA 90071

Address for Notices of Borrowing and Notices of Interest Period Selection:

	 	 	Mizuho Corporate Bank, Limited

95 Christopher Columbus Drive, 16th Floor

Jersey City, NJ 07302

Attn: Teri Smith

Tel. No.: (201) 432-1980

Fax No.: (201) 432-6805

Address for all other notices: (Credit Matters)

	 	 	Mizuho Corporate Bank, Limited

350 South Grand Avenue, Suite 1500

Los Angeles, CA 90071

Attn: Mano Mylvaganam, Vice President

Tel. No.: (213) 253-4130

Fax No.: (213) 253-4175

Wiring Instructions:

	 	 	Mizuho Corporate Bank, Limited, New York, NY

ABA No.: 026009700

For further credit to: Loan Admin Dept - LA

Account No.: 5204-001-515066

Reference: Flextronics International USA, Inc.

Attn: Teri Smith

 

 

U.S. BANK NATIONAL ASSOCIATION

Domestic Lending Office:

	 	 	U.S. Bank National Association

555 S. W. Oak Street, Suite 400

Mail Code: PD-OR-P4CB

Portland, OR 97204

Eurodollar Lending Office:

	 	 	U.S. Bank National Association

555 S. W. Oak Street, Suite 400

Mail Code: PD-OR-P4CB

Portland, OR 97204

Address for Notices:

	 	 	U.S. Bank National Association

555 S. W. Oak Street, Suite 400

Mail Code: PD-OR-P4CB

Portland, OR 97204

Attn: Janet E. Jordan

Tel. No: (503) 275-5871

Fax No: (503) 275-5428
	 
	 	 	With a copy of all documentation to:
	 
	 	 	U.S. Bank National Association

555 S. W. Oak Street, Suite 400

Mail Code: PD-OR-P7LN

Portland, OR 97204

Attn: Lennie Regalado

Tel. No: (503) 275-4560

Fax. No: (503) 275-4600

Wiring Instructions:

	 	 	U.S. Bank National Association

Portland, Oregon, USA

ABA No.: 123000220

Account No.: 00340012160600

Account Name: Commercial Loan Servicing West

Attn: Lennie Regalado

Reference: Flextronics

 

 

LEHMAN COMMERCIAL PAPER INC.

Domestic and Eurodollar Lending Office:

	 	 	Lehman Commercial Paper Inc.

745 7th Street, 16th Floor

New York, NY 10019

Address for Notices of Borrowing and Notices of Interest Period Selection:

	 	 	Lehman Commercial Paper Inc.

745 7th Street, 16th Floor

New York, NY 10019

Attn: Rich Bloom

Tel. No.: (212) 526-6560

Fax No.: (212) 526-6653

Address for all other notices: (Credit Matters)

	 	 	Lehman Commercial Paper Inc.

745 7th Street, 19th Floor

New York, NY 10019

Attn: G. Robert Berzins

Tel. No.: (212) 526-3712

Fax No.: (212) 758-1906

Wiring Instructions:

	 	 	Citibank, N.A., New York, NY

ABA No.: 021000089

Account No.: 30434133

Account Name: LCPI Bank Loans

Reference: Flextronics International USA, Inc.

 

 

SKANDINAVISKA ENSKILDA BANKEN AB (publ)

Domestic and Eurodollar Lending Office:

	 	 	Skandinaviska Enskilda Banken AB (publ)

Kungsträdgårdsgatan 8

106 40 Stockholm, Sweden

Address for Notices of Borrowing and Notices of Interest Period Selection:

	 	 	Skandinaviska Enskilda Banken AB (publ)

Karlavägen 108

106 40 Stockholm, Sweden

Attn: Christine Pearson / Peter Bergengren

Tel. No.: 46 8 7638642 / 46 8 7638586

Fax No.: 46 8 6110384

Address for all other notices: (Credit Matters)

	 	 	Skandinaviska Enskilda Banken AB (publ)

2 Cannon Street

London EC4M 6XX, United Kingdom

Attn: Johan Sonander, Debt Capital Markets

Tel. No.: 44 20 7246 4177

Fax No.: 44 20 7236 4178
	 
	 	 	With a copy to:
	 
	 	 	Skandinaviska Enskilda Banken AB (publ)

Östergatan 39

205 20 Malmö, Sweden

Attn: Max Lundberg, SEB Client Relationship Management

Tel. No.: (46) 40-6676088

Fax No.: (46) 40-305-480

Wiring Instructions:

	 	 	Bank of New York, New York, NY

ABA No.: 021000018

Account No.: 890 0443871

Swift Code: IRVTUS3N

Reference: Flextronics International Ltd.

 

 

THE BANK OF NOVA SCOTIA

Domestic and Eurodollar Lending Office:

	 	 	The Bank of Nova Scotia

Atlanta Agency

600 Peachtree Street, N.E., Suite 2700

Atlanta, GA 30308

Address for Notices of Borrowing, Notices of Interest Period Selection and
Notices of Term Loan Conversion:

	 	 	The Bank of Nova Scotia

Atlanta Agency

600 Peachtree Street, N.E., Suite 2700

Atlanta, GA 30308

Attn: Lily Hsie

Tel. No.: (404) 877-1523

Fax No.: (404) 888-8998

Address for all other notices:

	 	 	The Bank of Nova Scotia

San Francisco Agency

580 California Street, Suite 2100

San Francisco, CA 94104

Attn: Christopher Osborn

Tel. No.: (415) 986-1100

Fax No.: (415) 397-0791

Wiring Instructions:

	 	 	The Federal Reserve Bank of New York

New York, New York

ABA No.: 026-002-532

Account Name: The Bank of Nova Scotia, 1 Liberty Plaza, New York, New
York 10006

For further account of: BNS San Francisco Agency Loan Servicing Account

Account No.: 0610135

Reference: Flextronics International USA, Inc.

 

 

UNION BANK OF CALIFORNIA, N.A.

Domestic and Eurodollar Lending Office:

	 	 	Union Bank of California, N.A.

99 Almaden Boulevard, Suite 200

San Jose, CA 95113

Address for Notices of Borrowing and Notices of Interest Period Selection:

	 	 	Union Bank of California, N.A.

601 Potrero Grande Drive

Monterey Park, CA 91754

Attn: Shirley Davis, Commercial Loan Service Officer

Tel. No.: (323) 7202870

Fax No.: (323) 724-6198

Address for all other notices: (Credit Matters)

	 	 	Union Bank of California, N.A.

99 Almaden Boulevard, Suite 200

San Jose, CA 95113

Attn: Sarabelle Hitchner, Vice President

Tel. No.: (408) 279-7208

Fax No.: (408) 280-7163

Wiring Instructions:

	 	 	Union Bank of California, N.A.

ABA No.: 122000496

Account No.: Wire Clearing Account 77070196431

Reference: Flextronics International USA, Inc.

Attn: Commercial Loan Operations

 

 

ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN AG

Domestic Lending Office:

	 	 	Erste Bank der oesterreichischen Sparkassen AG

Graben 21

1010 Wein, Austria

Eurodollar Lending Office:

	 	 	Erste Bank der oesterreichischen Sparkassen AG

Graben 21

1010 Wein, Austria

Address for Notices:

	 	 	Credit Issues:
	 
	 	 	Erste Bank der oesterreichischen Sparkassen AG

Graben 21

1010 Wein, Austria

Attn: Stefan Lichtanecker

Tel. No: 43-5-0100-12516

Fax No: 43-5-0100-912516
	 
	 	 	Operations Issues:
	 
	 	 	Erste Bank der oesterreichischen Sparkassen AG

Graben 21

1010 Wein, Austria

Attn: Andreas Bardon

Tel. No: 43-5-0100-13946

Fax No: 43-5-0100-913946

Wiring Instructions:

	 	 	J.P. Morgan Chase Bank

Box 2041, New York, NY 10081

For Further Credit To: Erste Bank der oesterreichischen Sparkassen AG

Account No.: 40341805675

Account Name: J.P. Morgan Chase Bank

Attn: Andreas Bardon

Reference: Flextronics 364-Day R/C Facility

 

 

KEY CORPORATE CAPITAL, INC.

Domestic Lending Office:

	 	 	Key Corporate Capital, Inc.

3 Embarcadero Center, Suite 2900

San Francisco, CA 94111

Eurodollar Lending Office:

	 	 	Key Corporate Capital, Inc.

3 Embarcadero Center, Suite 2900

San Francisco, CA 94111

Address for Notices:

	 	 	Key Corporate Capital, Inc.

601 108th Avenue N.E., 5th Floor

Bellevue, WA 98004

Attn: Robert W. Boswell

Tel. No: (425) 709-4580

Fax No: (415) 709-4565
	 
	 	 	With a copy of all documentation to:
	 
	 	 	Key Corporate Capital, Inc.

531 E. Parkcenter Blvd.

Boise, ID 83705

Attn: Specialty Services Team

Tel. No: (800) 297-5518

Fax. No: (800) 297-5495

Wiring Instructions:

	 	 	Key Corporate Capital, Inc.

Seattle, WA

ABA No.: 125000574

Account No.: 3072

Account Name: Western Loan Ops

Attn: Specialty Services Team

Reference: Flextronics

 

 

ROYAL BANK OF CANADA

Domestic Lending Office:

	 	 	Royal Bank of Canada

New York Branch

One Liberty Plaza

New York, New York 10006-1404

Eurodollar Lending Office:

	 	 	Royal Bank of Canada

New York Branch

One Liberty Plaza

New York, New York 10006-1404

Address for Notices:

	 	 	Royal Bank of Canada

New York Branch

One Liberty Plaza, 3rd Floor

New York, New York 10006-1404

Attn: Manager, Loans Administration

Tel. No.: (212) 428-6322

Fax No.: (212) 428-2372
	 
	 	 	with a copy to:
	 
	 	 	Royal Bank of Canada

One Liberty Plaza, 3rd Floor

New York, New York 10006-1404

Attn: S. Babich/ S. Kaicher

Tel. No.: (212) 428-6319/ (212) 428-6324

Fax No.: (212) 428-6460/ (212) 428-2319

Wiring Instructions:

	 	 	Royal Bank of Canada

New York Branch

Attention: Loans Administration

JPMorgan Chase Bank, New York

ABA # 021000021

Account of Royal Bank of Canada, New York

Account No.: 920-1-033363 for further credit to account no. 218-599-9

Ref: Flextronics

 

 

ATTACHMENT B

SCHEDULE II

PRICING GRID

FACILITY B

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	APPLICABLE	 	APPLICABLE	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	MARGIN	 	MARGIN	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	FOR	 	FOR	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	LIBOR RATE	 	LIBOR RATE	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	BORROWINGS	 	BORROWINGS	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	WHEN	 	WHEN	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	APPLICABLE	 	COMBINED	 	COMBINED	 	 	 	 
	FIL’S	 	 	 	 	 	MARGIN	 	TOTAL	 	TOTAL	 	 	 	 
	SENIOR	 	 	 	 	 	FOR	 	COMMITMENT	 	COMMITMENT	 	COMMITMENT
	DEBT	 	PRICING	 	BASE RATE	 	USAGE	 	USAGE	 	FEE
	RATING	 	LEVEL	 	BORROWINGS	 	IS £ 33%	 	IS > 33%	 	PERCENTAGE
	
	 	
	 	
	 	
	 	
	 	

	3 BBB / Baa2
	 	 	1	 	 	 	0	%	 	 	1.125	%	 	 	1.250	%	 	 	0.150	%
	BBB- / Baa3
	 	 	2	 	 	 	0	%	 	 	1.375	%	 	 	1.500	%	 	 	0.200	%
	BB+ / Ba1
	 	 	3	 	 	 	0	%	 	 	1.500	%	 	 	1.750	%	 	 	0.250	%
	BB / Ba2
	 	 	4	 	 	 	0	%	 	 	1.750	%	 	 	2.000	%	 	 	0.350	%
	£ BB- / Ba3
	 	 	5	 	 	 	0	%	 	 	2.000	%	 	 	2.500	%	 	 	0.500	%

 

 

GUARANTOR CONSENT LETTER

March 7, 2003

TO:    ABN AMRO BANK, N.V.,

          As Agent for the Lenders under the Credit Agreement referred to below

          1.     Reference is made to the following:

		
	 	            (a)     The Credit Agreement dated as of March 8, 2002 (the “Credit
Agreement”) among Flextronics International Ltd. (“Borrower”), the
financial institutions which are from time to time parties thereto (the
“Lenders”), and ABN AMRO Bank, as agent for the Lenders (“Agent”);

		
	 	            (b)     The Guaranty dated as of March 8, 2002 (the “Guaranty”) executed
by each of the undersigned (each a “Guarantor,” and collectively, the
“Guarantors”) in favor of the Lenders and Agent; and

		
	 	            (c)     The First Amendment to Credit Agreement dated as of March 7,
2003 (the “First Amendment”) among Borrower, the Facility B Lenders and
Agent.

          2.     Each Guarantor hereby consents to the First Amendment including without
limitation the extension of the Facility B Maturity Date from March 7, 2003 to
March 5, 2004. Each Guarantor expressly agrees that such amendment shall in no
way affect or alter the rights, duties, or obligations of Guarantor, the
Lenders or Agent under the Guaranty.

          3.     From and after the date hereof, the term “Credit Agreement” as used in
the Guaranty shall mean the Credit Agreement, as amended by the First
Amendment.

          4.     The Guarantors’ consent to the First Amendment shall not be construed
(i) to have been required by the terms of the Guaranty or any other document,
instrument or agreement relating thereto or (ii) to require the consent of the
Guarantors in connection with any future amendment of the Credit Agreement or
any other Credit Document.

          5.     Each Guarantor represents and warrants to Agent that (i) the corporate
documents and resolutions (such items, the “Guarantor Deliverables”) of such
Guarantor are in the form delivered to Agent on the Closing Date and (ii) such
Guarantor’s Guarantor Deliverables are in full force and effect and have not
been amended, supplemented, revoked or repealed since such
date.

 

 

          IN WITNESS WHEREOF, each Guarantor has executed this Guarantor Consent
Letter as of the day and year first written above.

	 	 	 
	 	
FLEXTRONICS INTERNATIONAL USA,

INC.
	 
	 	By:	
 

Name:
	 	 	
Title:
	 

	 
	 	
FLEXTRONICS HOLDING USA, INC.
	 
	 	By:	
 

Name:
	 	 	
Title:
	 
	 	
FLEXTRONICS INTERNATIONAL LATIN

AMERICA (L) LTD.
	 
	 	By:	
 

Name:
	 	 	
Title:
	 
	 	
FLEX INTERNATIONAL MARKETING (L)

LTD.
	 
	 	By:	
 

Name:
	 	 	
Title:
	 
	 	
FLEXTRONICS MANUFACTURING

MEXICO, S.A. DE C.V.
	 
	 	By:	
 

Name:
	 	 	
Title:

 

 

	 	 	 
	 
	 	
FLEXTRONICS INTERNATIONAL

SINGAPORE PTE LTD.
	 
	 	By:	
 

Name:
	 	 	
Title:
	 
	 	
FLEXTRONICS HOLDINGS (UK) LIMITED
	 
	 	By:	
 

Name:
	 	 	
Title:
	 
	 	
MULTILAYER TECHNOLOGY, INC.
	 
	 	By:	
 

Name:
	 	 	
Title:
	 
	 	
FLEXTRONICS USA, INC.
	 
	 	By:	
 

Name:
	 	 	
Title:
	 
	 	
FLEXTRONICS ENCLOSURES, INC.
	 
	 	By:	
 

Name:
	 	 	
Title:

 

 

	 	 	 
	 
	 	
FLEXTRONICS DISTRIBUTION, INC.
	 
	 	By:	
 

Name:
	 	 	
Title:
	 
	 	
FLEXTRONICS TECHNOLOGY (SHAH

ALAM) SDN BDH
	 
	 	By:	
 

Name:
	 	 	
Title:
	 
	 	
FLEXTRONICS MANUFACTURING

FRANCE SNC
	 
	 	By:	
 

Name:
	 	 	
Title:
	 
	 	
FLX CYPRUS LIMITED
	 
	 	By:	
 

Name:
	 	 	
Title:
	 
	 	
IEC HOLDINGS LTD.
	 
	 	By:	
 

Name:
	 	 	
Title:

 

 

	 	 	 
	 
	 	
FLEXTRONICS (MAYALSIA) SDN BDH
	 
	 	By:	
 

Name:
	 	 	
Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00052-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00052-of-00352.parquet"}]]