Document:

exv4w5

 

EXHIBIT 4.5

THIS DEBT SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS DEBT
SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER
OF THIS DEBT SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER
THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN
THE INDENTURE.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO BERKSHIRE HATHAWAY FINANCE CORPORATION OR ITS
AGENT FOR REGISTRATION OR TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

 

BERKSHIRE HATHAWAY FINANCE CORPORATION

...........................................................

Floating Rate Senior Notes due 2008

CUSIP: [____]

	 	 	 	 	 
	No.

	 	 
	 	$                                        
	 	 	(as revised by the Schedule of Increases and Decreases in Global
	

	 	Security attached hereto)	 	 

     BERKSHIRE HATHAWAY FINANCE CORPORATION, a corporation duly organized and existing under the
laws of the State of Delaware (herein called the “Company”, which term includes any successor
Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to
CEDE & CO., the registered Holder hereof, the principal sum of    
($    ) (as revised by the Schedule of Increases and Decreases in Global
Security attached hereto) on January 11, 2008 (the “Stated Maturity Date), and to pay interest
thereon in arrears at a rate per annum equal to 2.66% (the “Initial Interest Rate”) from, and
including, January 11, 2005 to, but excluding, April 11, 2005 and thereafter, except as specified
herein, at a rate per annum equal to LIBOR (as determined on each Interest Determination Date in
accordance with the provisions below under the heading “Determination of LIBOR”) plus 0.05% (the
“Interest Rate”) until the principal hereof is paid or made available for payment; provided that
any principal, and any such installment of interest, which is overdue shall bear interest at the
Interest Rate (as it shall be adjusted on each Interest Payment Date and to the extent that the
payment of such interest shall be legally enforceable), from the dates such amounts are due until
they are paid or made available for payment, and such interest shall be payable on demand. The
Company will make payments of such interest quarterly in arrears on January 11, April 11, July 11
and October 11 of each year (each, an “Interest Payment Date”), commencing on April 11, 2005, and
on the Stated Maturity Date; provided, however, that if an Interest Payment Date
other than the Stated Maturity Date would fall on a day that is not a Business Day (as defined
below), such Interest Payment Date shall be postponed to the next Business Day with the same force
and effect as if made on such Interest Payment Date (and without any interest or other payment in
respect of such delay), except if such next Business Day falls in the next calendar month, in which
case such Interest Payment Date shall be the immediately preceding Business Day; provided,
further, that if the Stated Maturity Date falls on a day that is not a Business Day,
payment of principal, premium, if any, and/or interest to be made on the Stated Maturity Date shall
be made on the next Business Day with the same force and effect as if made on the Stated Maturity
Date (without any interest or other payment in respect of such delay). For purposes of this Note,

“Business Day” means any day, other than a Saturday or Sunday, that is not a day on which banking
institutions in the Borough of Manhattan, City of New York are authorized or required by law,
regulation or executive order to close; and provided, further, the day must also be
a London Business Day. “London Business Day” means any day on which dealings in deposits in U.S.
Dollars are transacted in the London interbank market. The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be
paid to the Person in whose name this Debt Security (or one or more Predecessor Securities) is
registered at the close of business on each respective January 1, April 1, July 1 or October 1
immediately preceding such Interest Payment Date, whether or not a Business Day (each such date
being referred to herein as a “Regular Record Date”). Any such interest not so punctually paid or
duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and
may either be paid to the Person in whose name this Debt Security (or one or more Predecessor
Securities) is registered at the close of business on a Special Record Date for the payment of such

 

 

Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of
Debt Securities of this series not less than 10 days prior to such Special Record Date, or be paid
at any time in any other lawful manner not inconsistent with the requirements of any securities
exchange on which the Debt Securities of this series may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in such Indenture

     Payment of the principal of and interest on this Debt Security will be made at the office or
agency of the Company maintained for that purpose in the City of New York, New York (or, if the
Company does not maintain such office or agency, at the corporate trust office of the Trustee in
the City of New York or if the Trustee does not maintain an office in the City of New York, at the
office of a Paying Agent in the City of New York), in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and private debt; provided,
however, that at the option of the Company payments of principal or interest may be made by check
mailed to the address of the Person entitled thereto as such address shall appear in the Security
Register.

     The interest payable hereon on each Interest Payment Date or the Stated Maturity Date, as the
case may be, will include interest accrued from, and including, the most recent Interest Payment
Date to which interest has been paid or duly provided for, or, if no interest has been paid or duly
provided for, from and including January 11, 2005, as the case may be, to, but excluding, such
Interest Payment Date or the Stated Maturity Date, as the case may be (each, an “Interest Period”).
Accrued interest on this Debt Security will be calculated by multiplying the outstanding principal
amount hereof by an accrued interest factor. Such accrued interest factor will be computed by
adding the interest factors calculated for each day in the Interest Period for which accrued
interest is being paid. The interest factor for each such day is computed by dividing the Interest
Rate applicable to such day by 360. The Interest Rate in effect on any Interest Payment Date will
be the Interest Rate as reset in accordance herewith on that date. The Interest Rate applicable to
any other day is the Interest Rate as reset on the immediately preceding Interest Payment Date, or
if none, the Initial Interest Rate.

     This Note will bear interest at the Interest Rate (i.e. LIBOR plus 0.05%) by reference to
LIBOR determined in accordance with the provisions set forth below. Commencing with April 11, 2005
and thereafter on each succeeding Interest Payment Date specified above, the rate at which interest
on this Note is payable shall be reset as of each such Interest Payment Date; provided, however,
that the Interest Rate in effect for the period from, and including, January 11, 2005 to, but
excluding, April 11, 2005 (i.e. the first Interest Payment Date) will be the Initial Interest Rate.

     Except as set forth in the immediately preceding paragraph, the Interest Rate applicable to an
Interest Period commencing on any Interest Payment Date will be determined by reference to LIBOR
(determined in accordance with the provisions set forth below) as of the particular “Interest
Determination Date” for such period, which will be the second London Business Day preceding the
related Interest Payment Date commencing such Interest Period. Notwithstanding the foregoing, the
Interest Rate hereon shall in no event be higher than the maximum rate permitted by New York law as
the same may be modified by United States law of general application.

     Subject to applicable provisions of law and except as specified herein, the Calculation Agent
will, as of each applicable Interest Determination Date, calculate the Interest Rate payable during
each applicable Interest Period in accordance with the provisions specified below.

     Unless otherwise specified, all percentages resulting from any calculation of the rate of
interest on this Note will be rounded, if necessary, to the nearest one hundred-thousandth of a
percentage point, (with .000005% rounded up to .00001%), and all U.S. dollar amounts used in or
resulting from such calculation on this Note will be rounded to the nearest cent (with one-half
cent rounded upward).

 

 

     Determination of LIBOR. “LIBOR” as of each Interest Determination Date for
each applicable Interest Period will be: (i) the rate for deposits in U.S. Dollars for a period of
three months, commencing on the related Interest Payment Date commencing the applicable Interest
Period, that appears on Page 3750, or any successor page, on Moneyline Telerate Inc., or any
successor service, at approximately 11:00 a.m., London time, on the applicable Interest
Determination Date or (ii) if no such rate appears, then the calculation agent will request the
principal London offices of each of four major reference banks in the London interbank market, as
selected by the Calculation Agent after consultation with Berkshire Hathaway Inc., to provide the
Calculation Agent with its offered quotation for deposits in U.S. dollars for a period of three
months, commencing on the related Interest Payment Date commencing the applicable Interest Period,
to prime banks in the London interbank market at approximately 11:00 a.m., London time, on that
Interest Determination Date and in a principal amount that is representative of a single
transaction in U.S. dollars in that market at that time (the quotations referred to in this clause
(ii) shall be referred to as “Offered Quotations”). If at least two Offered Quotations are provided
as requested, LIBOR determined by the Calculation Agent on that Interest Determination Date will be
the arithmetic mean of those quotations. If fewer than two Offered Quotations are provided as
requested, LIBOR determined by the Calculation Agent on that Interest Determination Date will be
the arithmetic mean of the rates quoted at approximately 11:00 a.m., New York time, on that
Interest Determination Date, by three major banks in New York City, as selected by the Calculation
Agent after consultation with Berkshire Hathaway Inc. for loans in U.S. dollars to leading European
banks, for a period of three months, commencing on the related Interest Payment Date commencing the
applicable Interest Period, and in a principal amount that is representative of a single
transaction in U.S. dollars in that market at that time. If the banks so selected by the
Calculation Agent are not quoting as set forth above, LIBOR for the Interest Period to which that
Interest Determination Date relates will remain LIBOR for the immediately preceding Interest
Period, or, if there was no preceding Interest Period, the rate of interest payable will be the
Initial Interest Rate.

     J.P. Morgan Trust Company, National Association will be the Calculation Agent.

     Reference is hereby made to the further provisions of this Debt Security set forth on the
reverse hereof, which further provisions shall for all purposes have the same effect as if set
forth at this place.

     Unless the certificate of authentication hereon has been executed by the Trustee
referred to on the reverse hereof by manual signature, this Debt Security shall not be
entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

 

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

	 	 	 
	Dated: [___], 2005

	 	BERKSHIRE HATHAWAY FINANCE
	

	 	CORPORATION
	 
	 	 
	

	 	By:                                                            
	

	 	Name: Marc D. Hamburg
	

	 	Title: President
	 
	 	 
	Attest:

	 	 
	 
	 	 
	Name: Jo Ellen Rieck

Title: Secretary
	 	 

 

 

[REVERSE OF DEBT SECURITY]

     This Debt Security is one of a duly authorized series of notes of the Company
(herein called the “Debt Securities”), issued and to be issued in one or more series under
an Indenture, dated as of December 22, 2003 (herein called the “Base Indenture”, and as
supplemented by (i) the Officers’ Certificate, dated as of December 22, 2003, (ii) the
Officers’ Certificate, dated as of May 7, 2004, (iii) the Officers’ Certificate, dated as of
July 19, 2004, (iv) the Officers’ Certificate, dated as of September 20, 2004, (v) the
Officer’s Certificate, dated as of October 28, 2004, (vi) the Officer’s Certificate, dated
as of January 11, 2005 and (vii) the Officer’s Certificate, dated as of [___], 2005,
together with the Base Indenture, called the “Indenture”), among the Company, as issuer,
Berkshire Hathaway Inc., as guarantor (herein the “Guarantor” which term includes any
successor Guarantor under the Indenture) and J.P. Morgan Trust Company, National
Association, as Trustee (herein called the “Trustee”, which term includes any successor
trustee under the Indenture), and reference is hereby made to the Indenture for a statement
of the respective rights, limitations of rights, duties and immunities thereunder of the
Company, the Guarantor, the Trustee and the Holders of the Debt Securities and of the terms
upon which the Debt Securities are, and are to be, authenticated and delivered. This Debt
Security is one of the series of Debt Securities, which series consists of the (i) Floating
Rate Senior Notes due 2008, (ii) 4.125% Senior Notes due 2010 and (iii) 4.85% Senior Notes
due 2015.

     This Debt Security does not have the benefit of any sinking fund obligation.

     The Indenture contains provisions for defeasance at any time of the entire Indebtedness
of this Debt Security or of certain restrictive covenants and Events of Default with respect
to this Debt Security, in each case upon compliance with certain conditions set forth in the
Indenture.

     If an Event of Default with respect to the Debt Securities of this series shall occur
and be continuing, the principal of the Debt Securities of this series may be declared due
and payable in the manner and with the effect provided in the Indenture.

     The Indenture permits, with certain exceptions as therein provided, the amendment
thereof and the modification of the rights and obligations of the Company and/or the
Guarantor and the rights of the Holders of the Debt Securities and/or the Guarantees of each
series to be affected under the Indenture at any time by the Company, the Guarantor and the
Trustee with the consent of the Holders of a majority in principal amount of the Debt
Securities at the time Outstanding of each series to be affected. The Indenture also
contains provisions permitting the Holders of specified percentages in principal amount of
the Debt Securities of each series at the time Outstanding, on behalf of the Holders of all
Debt Securities of such series, to waive compliance by the Company and/or the Guarantor with
certain provisions of the Indenture and certain past defaults under the Indenture and their
consequences. Any such consent or waiver by the Holder of this Debt Security shall be
conclusive and binding upon such Holder and upon all future Holders of this Debt Security
and of any Debt Security issued upon the registration of transfer hereof or in exchange
herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon
this Debt Security.

     As provided in and subject to the provisions of the Indenture, the Holder of this Debt
Security shall not have the right to institute any proceeding with respect to the Indenture
or for the appointment of a receiver or trustee or for any other remedy thereunder, unless
such Holder

 

 

shall have previously given the Trustee written notice of a continuing Event of Default
with respect to the Debt Securities of this series, the Holders of not less than 25% in
principal amount of the Debt Securities of this series at the time Outstanding shall have
made written request to the Trustee to institute proceedings in respect of such Event of
Default as Trustee and offered the Trustee indemnity or security reasonably satisfactory to
it, and the Trustee shall not have received from the Holders of a majority in principal
amount of Debt Securities of this series at the time Outstanding a direction inconsistent
with such request, and shall have failed to institute any such proceeding, for 60 days after
receipt of such notice, request and offer of indemnity. The foregoing shall not apply to
any suit instituted by the Holder of this Debt Security for the enforcement of any payment
of principal hereof or any premium or interest hereon on or after the respective due dates
expressed herein.

     No reference herein to the Indenture and no provision of this Debt Security or of the
Indenture shall alter or impair the obligation of the Company, which is absolute and
unconditional, to pay the principal of and any interest on this Debt Security at the times,
place and rate, and in the coin or currency, herein prescribed.

     As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Debt Security is registrable in the Security Register, upon surrender of
this Debt Security for registration of transfer at the office or agency of the Company in
any place where the principal of and any premium and interest on this Debt Security are
payable, duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof
or its attorney duly authorized in writing, and thereupon one or more new Debt Securities of
this series and of like tenor, of authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees.

     The Indenture and this Debt Security are governed by the laws of the State of New York,
without regard to conflicts of laws provisions thereof.

     The Debt Securities of this series are issuable in registered form without coupons in
minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. As
provided in the Indenture and subject to certain limitations therein set forth, Debt
Securities of this series are exchangeable for a like aggregate principal amount of Debt
Securities of this series and of like tenor of a different authorized denomination, as
requested by the Holder surrendering the same.

     No service charge shall be made for any such registration of transfer or exchange, but
the Company may require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.

     Prior to due presentment of this Debt Security for registration of transfer, the
Company, the Guarantor, the Trustee and any agent thereof may treat the Person in whose name
this Debt Security is registered as the owner hereof for all purposes, whether or not this
Debt Security be overdue, and none of the Company, the Guarantor, the Trustee or any such
agent shall be affected by notice to the contrary.

     All terms used in this Debt Security which are not defined herein and are defined in
the Indenture shall have the meanings assigned to them in the Indenture.

 

 

GUARANTEE OF

BERKSHIRE HATHAWAY INC.

     FOR VALUE RECEIVED, Berkshire Hathaway Inc., a Delaware corporation (the “Guarantor”),
hereby absolutely, unconditionally and irrevocably guarantees to the holders (the “Holders”)
of any security authenticated and delivered (each a “Security”) by J.P. Morgan Trust
Company, National Association, as trustee (the “Trustee”) under that certain Indenture,
dated as of December 22, 2003 (the “Indenture”), among the Trustee, the Guarantor and
Berkshire Hathaway Finance Corporation, a Delaware corporation (“Issuer”), the full and
prompt payment when due (whether at stated maturity, by acceleration or otherwise) of all
present and future payment obligations of the Issuer pursuant to the terms of such Security
and/or the Indenture, whether direct or indirect, absolute or contingent, and whether for
principal, interest, fees, expenses, indemnification or otherwise (collectively, the
“Obligations”). Nothing herein shall be deemed to guarantee any obligation of the Issuer
other than the Obligations. Nothing herein shall be deemed to guarantee any obligation of
any person or entity other than the Issuer.

     The Guarantor’s obligations hereunder shall be unconditional and absolute, and shall
not be released, discharged or otherwise affected by (i) the existence, validity,
enforceability, perfection or extent of any collateral therefor, (ii) any lack of validity
or enforceability of any provision of the Security or the Indenture, (iii) any liquidation,
bankruptcy, insolvency, reorganization or other similar proceeding affecting the Issuer or
its assets, or (iv) any other circumstance relating to the Obligations that might otherwise
constitute a legal or equitable discharge of, or defense to, the Guarantor. The Guarantor
agrees that the Holders and/or the Trustee may resort to the Guarantor, as primary obligor
and not merely as surety, for payment of any of the Obligations whether or not the Holders
or the Trustee shall have proceeded against the Issuer or any other obligor principally or
secondarily obligated with respect to any of the Obligations. Neither the Holders nor the
Trustee shall be obligated to file any claim relating to any of the Obligations in the event
that the Issuer becomes subject to a bankruptcy, reorganization or similar proceeding, and
the failure of the Holders or the Trustee to so file shall not affect the Guarantor’s
obligations hereunder. In the event that any payment to the Holders by the Issuer in
respect of any Obligations is rescinded or must otherwise be returned for any reason
whatsoever, the Guarantor shall remain liable hereunder with respect to such Obligations as
if such payment had not been made.

     The Guarantor agrees that, subject to the Indenture, the Holders and/or the Trustee may
at any time and from time to time, either before or after the maturity thereof, without
notice to or further consent of the Guarantor, extend the time of payment of, exchange or
surrender any collateral for, or renew any of the Obligations, and may also make any
agreement with the Issuer or with any other party to or person liable on any of the
Obligations or interested therein, for the extension, renewal, payment, compromise,
discharge or release thereof, in whole or in part, or for any modification of the terms
thereof or of any agreement between the Holders, the Trustee and the Issuer or any such
other party or person, and that none of the foregoing shall in any way impair or affect this
Guarantee. The Guarantor hereby unconditionally and irrevocably waives, to the fullest
extent permitted by law, (a) notice of the acceptance of this Guarantee and of the
Obligations, presentment, demand for payment, notice of dishonor and protest, (b) any
requirement that any Holder exhaust any right or take any action against the Issuer, and (c)
any right to revoke this Guarantee.

     The Guarantor agrees to pay on demand all fees and out-of-pocket expenses incurred by
the Holders or the Trustee in any way relating to the enforcement or protection of the
rights of the Holders and/or the Trustee hereunder.

 

 

     Upon payment of any of the Obligations, the Guarantor shall be subrogated to the rights
of the Holders and/or the Trustee against the Issuer with respect to such Obligations, and
the Holders and the Trustee agree to take such steps, at the Guarantor’s expense, as the
Guarantor may reasonably request to implement such subrogation; provided, however, that the
Guarantor shall not be entitled to enforce, or to receive any payments arising out of or
based upon, such right of subrogation during any period in which any amount payable by the
Issuer under the Security or the Indenture is overdue or unpaid.

     No failure on the part of the Holders or the Trustee to exercise, and no delay in
exercising, any right, remedy or power hereunder shall operate as a waiver thereof, nor
shall any single or partial exercise by the Holders or the Trustee of any right, remedy or
power hereunder preclude any other or future exercise of any right, remedy or power. Each
and every right, remedy and power hereby granted to the Holders or the Trustee or allowed
any of them by law or other agreement shall be cumulative and not exclusive of any other,
and may be exercised by the Holders or the Trustee at any time or from time to time.

     The Guarantor hereby represents and warrants that:

     (a) the Guarantor is duly organized, validly existing and in good standing as a corporation
under the laws of the State of Delaware and has full corporate power to execute, deliver and
perform this Guarantee;

     (b) the execution, delivery and performance of this Guarantee have been and remain duly
authorized by all necessary corporate action and do not contravene any provision of the
Guarantor’s certificate of incorporation or by-laws, as amended to date, or any law,
regulation, rule, decree, order, judgment or contractual restriction binding on the
Guarantor or its assets;

     (c) all consents, licenses, clearances, authorizations and approvals of, and registrations
and declarations with, any governmental authority or regulatory body necessary for the due
execution, delivery and performance of this Guarantee have been obtained and remain in full
force and effect and all conditions thereof have been duly complied with, and no other
action by, and no notice to or filing with, any governmental authority or regulatory body is
required in connection with the execution, delivery or performance of this Guarantee;

     (d) this Guarantee constitutes a legal, valid and binding obligation of the Guarantor
enforceable against the Guarantor in accordance with its terms, subject to bankruptcy,
insolvency, reorganization, moratorium and other laws of general applicability relating to
or affecting creditors’ rights and to general equity principles; and

     (e) there are no actions, suits or arbitration proceedings pending or, to the knowledge of
the Guarantor, threatened against it, at law or in equity, which, individually or in the
aggregate, if adversely determined, would materially adversely affect the financial
condition of the Guarantor or materially impair its ability to perform its obligations under
this Guarantee.

     The Guarantor may not assign its obligations hereunder to any person (except as
permitted by the Indenture) without the prior written consent of the Holders or the Trustee.

     All payments by the Guarantor to the Holders or the Trustee shall be made in accordance
with the provisions of the Indenture and the Security; provided, however, that payment of
any fees or expenses pursuant to the fourth paragraph hereof shall be made by wire transfer
of immediately available funds to an account at a commercial bank in the United States
specified to

 

 

the Guarantor at least ten (10) days in advance of any demand for payment by the Holders or
the Trustee.

     All notices or demands on the Guarantor shall be deemed effective when received, shall
be in writing and shall be delivered by hand or by registered mail, or by facsimile
transmission promptly confirmed by registered mail, addressed to the Guarantor at:

Berkshire Hathaway Inc.

1440 Kiewit Plaza

Omaha, NE 68131

Attention: Chief Financial Officer

Facsimile: (402) 346-3375

or to such other addresses or facsimile numbers as the Guarantor shall have notified the
Holders or the Trustee in a written notice delivered in accordance with the Indenture.

     This Guarantee shall remain in full force and effect and shall be binding on the
Guarantor, its successors and assigns until all of the Obligations have been satisfied in
full.

     This Guarantee shall be governed by, and construed in accordance with, the laws of the
State of New York applicable to contracts made and to be performed solely within such State.

     No amendment or waiver of any provision of this Guarantee shall in any event be
effective unless the same shall be in writing and signed by the Trustee and the Guarantor.

     If for any reason any provision or provisions hereof are determined to be invalid and
contrary to any existing or future law, such invalidity shall not, to the fullest extent
permitted by law, impair the operation of or effect of those portions of this Guarantee that
are valid.

     THE GUARANTOR WAIVES ANY RIGHT IT MAY HAVE TO A JURY TRIAL IN CONNECTION WITH ANY
ACTION, SUIT OR PROCEEDING ARISING OUT OF OR RELATED IN ANY WAY TO THIS GUARANTEE.

 

 

	 	 	 
	Dated: [___], 2005

	 	BERKSHIRE HATHAWAY INC.
	 
	 	 
	

	 	By:                                                            
	

	 	Name: Marc D. Hamburg
	

	 	Title: Chief Financial Officer

 

 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY

The following increases or decreases in this Debt Security have been made:

	 	 	 
	 	 	Amount of decrease in	 	 	Amount of increase in	 	 	Principal amount of this	 	 	Signature of authorized
	 	 	principal amount of	 	 	principal amount of this	 	 	Debt Security following	 	 	signatory of Trustee or
	Date of exchange	 	this Debt Security	 	 	Debt Security	 	 	such decrease or increase	 	 	Security Custodian

 

 

ASSIGNMENT

     FOR VALUE RECEIVED, the undersigned assigns and transfers this Debt Security to:

	 	 	 	 	 
	

	 	 	 	 
	 
	 	 	 	 
	

	 	 	 	 

(Insert assignee’s
social security or tax identification number)

	 	 	 	 	 
	

	 	 	 	 
	 
	 	 	 	 
	

	 	 	 	 
	 
	 	 	 	 
	

	 	 	 	 

(Insert address and zip
code of assignee)

     and irrevocably appoints                                          as agent to transfer this Debt Security on the
Security Register. The agent may substitute another to act for him or her.

	 	 	 	 	 	 	 
	

	 	Dated:
	 	Signature:	 	 
	 
	 	 	 	 	 	 
	

	 	 	Signature Guarantee:	 	 

     (Sign exactly as your name appears on the other side of this Debt Security)

     Signatures must be guaranteed by an “eligible guarantor institution” meeting the
requirements of the Security Registrar, which requirements include membership or
participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other
“signature guarantee program” as may be determined by the Security Registrar in addition to,
or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934,
as amended.exv4w6

 

EXHIBIT 4.6

     
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE
ATTENTION. If you are in any doubt as to the action to be taken,
you should immediately consult your broker, bank manager,
lawyer, accountant, investment advisor or other
professional.

     
This document relates to an exchange offer (the
“Exchange Offer”) made by Berkshire Hathaway
Finance Corporation (“BHFC”). The Exchange
Offer is described in the Prospectus, dated
[                    ],
2005 (the “Prospectus”), and in this Letter of
Transmittal (this “Letter of Transmittal”). All
terms and conditions contained or otherwise referred to in the
Prospectus are deemed to be incorporated in and form a part of
this Letter of Transmittal. Therefore, you are urged to read the
Prospectus and the items referred to therein carefully. The
terms and conditions contained in the Prospectus, together with
the terms and conditions governing this Letter of Transmittal
and the instructions herein, are collectively referred to below
as the “terms and conditions.”

LETTER OF TRANSMITTAL

Relating to

the Offer by Berkshire Hathaway Finance Corporation

to Exchange 4.125% Senior Notes Due 2010,

unconditionally guaranteed by Berkshire Hathaway Inc.

(“Registered Notes”)

For

4.125% Senior Notes Due 2010,

unconditionally guaranteed by Berkshire Hathaway Inc.

(“Outstanding Notes”)

The Exchange Offer for the Outstanding Notes will expire at
5:00 p.m., New York City time, on
[                        ],
2005, unless extended by BHFC (the “Expiration
Date”).

 

      
Each holder of Outstanding Notes wishing to accept the Exchange
Offer, except holders of Outstanding Notes executing their
tenders through the Automated Tender Offer Program
(“ATOP”) procedures of The Depository Trust
Company (“DTC”), should complete, sign and
submit this Letter of Transmittal to the exchange agent,
J.P. Morgan Trust Company, National Association (the
“Exchange Agent”), on or prior to the
Expiration Date.

J.P. Morgan Trust Company, National Association

Institutional Trust Services

Attn: Frank Ivins

2001 Bryan Street

9th
Floor

Dallas, TX 75201

     
Delivery of this Letter of Transmittal to an address, or
transmission of instructions via a facsimile number, other than
as set forth above or in accordance with the instructions
herein, will not constitute valid delivery. The instructions
accompanying this Letter of Transmittal should be read carefully
before this Letter of Transmittal is completed.

     
Questions regarding the Exchange Offer or the completion of this
Letter of Transmittal should be directed to the Exchange Agent,
at: 1-800-275-2048.

     
This Letter of Transmittal may be used to accept the Exchange
Offer if Outstanding Notes are to be tendered by effecting a
book-entry transfer into the Exchange Agent’s account at
DTC and instructions are not being transmitted through
DTC’s ATOP procedures. Unless you intend to tender
Outstanding Notes through ATOP, you should complete, execute and
deliver this Letter of Transmittal, along with the physical
certificates for the Outstanding Notes specified herein, to
indicate the action you desire to take with respect to the
Exchange Offer.

     
Holders of Outstanding Notes tendering by book-entry transfer to
the Exchange Agent’s account at DTC may execute the tender
through ATOP, for which the Exchange Offer is eligible.
Financial institutions that are DTC participants may execute
tenders through ATOP by transmitting acceptance of the Exchange
Offer to DTC on or prior to the Expiration Date. DTC will verify
acceptance of the Exchange Offer, execute a book-entry transfer
of the tendered Outstanding Notes into the account of the
Exchange Agent at DTC and send to the Exchange Agent a
“book-entry confirmation,” which shall include an
agent’s message. An “agent’s message” is a
message, transmitted by DTC to, and received by, the Exchange
Agent and forming part of a book-entry confirmation, which
states that DTC has received an express acknowledgement from a
DTC participant tendering Outstanding Notes that the participant
has received and agrees to be bound by the terms of the Letter
of Transmittal as an undersigned thereof and BHFC may enforce
such agreement against the participant. Delivery of the
agent’s message by DTC will satisfy the terms of the
Exchange Offer as to execution and delivery of a Letter of
Transmittal by the DTC participant identified in the
agent’s message. Accordingly, holders who tender their
Outstanding Notes through DTC’s ATOP procedures shall be
bound by, but need not complete, this Letter of Transmittal.

     
Subject to the terms and conditions and applicable law, BHFC
will issue: for each $1,000 principal amount of Outstanding
Notes, $1,000 principal amount of Registered Notes.

     
Outstanding Notes may be exchanged in minimum denominations of
$1,000 and integral multiples of $1,000 in excess thereof.
Registered Notes will be issued in minimum denominations of
$1,000 and integral multiples of $1,000 in excess thereof.

     
Holders that anticipate tendering other than through DTC are
urged to promptly contact a bank, broker or other intermediary
(that has the capability to hold cash and securities custodially
through DTC) to arrange for receipt of any Registered Notes to
be delivered pursuant to the Exchange Offer and to obtain the
information necessary to provide the required DTC participant
and account information in this Letter of Transmittal.

     
Registered Notes will be issued in exchange for Outstanding
Notes in the Exchange Offer, if consummated, as soon as
practicable after the Expiration Date of the Exchange Offer (the
“Settlement Date”).

2

 

TENDER OF OUTSTANDING NOTES

     
To effect a valid tender of Outstanding Notes through the
completion, execution and delivery of this Letter of
Transmittal, the undersigned must complete the table below
entitled “Description of Outstanding
Notes Tendered” and sign the Letter of Transmittal
where indicated.

     
Registered Notes will be delivered in book-entry form to holders
through DTC and only to the DTC account of the undersigned or
the undersigned’s custodian, as specified below, on the
Settlement Date, or as soon as practicable thereafter.

     
Failure to provide the information necessary to effect delivery
of Registered Notes will render such holder’s tender
defective, and BHFC will have the right, which it may waive, to
reject such tender without notice.

	 	 	 	 	 
	 
	DESCRIPTION OF OUTSTANDING NOTES TENDERED
	(See Instructions 2 and 3)
	NOTE: SIGNATURES MUST BE PROVIDED BELOW.
	PLEASE READ THE ACCOMPANYING INSTRUCTIONS CAREFULLY.
	 
	 	 	Name of DTC Participant and Participant’s	 	 
	 	 	Account Number in Which Outstanding Notes	 	Aggregate Principal
	Outstanding Notes	 	are Held and/or the Corresponding Registered	 	Amount of
	Being Tendered	 	Notes are to be Delivered.	 	Outstanding Notes*
	 
	 
	
    4.125% Senior Notes Due 2010	 	
     

	 	 	 
	 
	 	 	
     
	 
	
    (CUSIP: 084664AQ4)	 	 	 	 
	
    (CUSIP: U23797AJ9)	 	 	 	 
	 
	
    * The principal amount of Outstanding Notes tendered
    hereby must be in denominations of U.S.$1,000 and integral
    multiples of U.S.$1,000 in excess thereof with a minimum tender
    requirement of U.S.$1,000. See Instruction 3.
	 

3

 

     
If the aggregate principal amount of the Outstanding Notes
specified was held as of the date of tender by more than one
beneficial owner, you may specify below the break-down of this
aggregate principal amount by beneficial owner, and, in doing
so, hereby instruct the Exchange Agent to treat each such
beneficial owner as a separate holder. If the space below is
inadequate, attach a separate signed schedule using the same
format.

	 	 	 
	 
	Beneficial Owner Name or Account Number	 	Principal Amount of Outstanding Notes
	 
	 
	 
	 
	 
	 
	 
	 
	 
	
    
    Total:

    	 	 
	 

	 	 	 	 	 
	 
	SPECIAL RETURN INSTRUCTIONS
	To be completed ONLY if Outstanding Notes not accepted for exchange are tobe sent to someone other
	than the person or persons whose signature(s) appear(s) within this Letter of Transmittal.
	(See Instruction 5)
	 
	 	 	Name of DTC Participant and Participant’s	 	 
	 	 	Account Number to Which Outstanding Notes	 	 
	 	 	Not Accepted for Exchange are to be Delivered.	 	 
	 
	 
	 

4

 

Note: Signatures must be provided below.

Please read the accompanying Instructions carefully.

Ladies and Gentlemen:

     
The undersigned hereby tenders to BHFC the aggregate principal
amount of Outstanding Notes indicated in the table above
entitled “Description of Outstanding
Notes Tendered.”

     
The undersigned understands that validly tendered Outstanding
Notes (or defectively tendered Outstanding Notes with respect to
which BHFC has, or has caused to be, waived such defect) will be
deemed to have been accepted by BHFC if, as and when BHFC gives
oral or written notice thereof to the Exchange Agent. The
undersigned understands that subject to the terms and
conditions, Outstanding Notes properly tendered and accepted
(and not validly withdrawn) in accordance with the terms and
conditions will be exchanged for Registered Notes. The
undersigned understands that Outstanding Notes delivered hereby
may be withdrawn at any time on or prior to the Expiration Date.
The undersigned understands that Outstanding Notes delivered
hereby may not be withdrawn at any time after the Expiration
Date unless the Exchange Offer is extended with changes in the
terms of the Exchange Offer that are, in the reasonable judgment
of BHFC, materially adverse to the tendering holder. The
undersigned understands that, under certain circumstances, BHFC
may not be required to accept any of the Outstanding Notes
tendered (including any Outstanding Notes tendered after the
Expiration Date). If any Outstanding Notes are not accepted for
exchange for any reason (or if Outstanding Notes are validly
withdrawn), such unexchanged (or validly withdrawn) Outstanding
Notes will be returned without expense to the undersigned’s
account at DTC or such other account as designated herein
pursuant to the book-entry transfer procedures described in the
Prospectus, as promptly as practicable after the expiration or
termination of the Exchange Offer.

     
Following the later of the Expiration Date or the date upon
which Outstanding Notes are tendered hereby, and subject to and
effective upon BHFC’s acceptance for exchange of the
principal amount of the Outstanding Notes tendered hereby, upon
the terms and conditions, the undersigned hereby:

			
	 	(1) 	
    irrevocably sells, assigns and transfers to or upon the order of
    BHFC or its nominees, all right, title and interest in and to,
    and any and all claims in respect of or arising or having arisen
    as a result of the undersigned’s status as a holder of, all
    Outstanding Notes tendered hereby, such that thereafter it shall
    have no contractual or other rights or claims in law or equity
    against BHFC or any fiduciary, trustee, fiscal agent or other
    person connected with the Outstanding Notes arising under, from
    or in connection with such Outstanding Notes;
	 
	 	(2) 	
    waives any and all rights with respect to the Outstanding Notes
    tendered hereby (including, without limitation, any existing or
    past defaults and their consequences in respect of such
    Outstanding Notes); and
	 
	 	(3) 	
    releases and discharges BHFC and J.P. Morgan Trust Company,
    National Association, as trustee (the
    “Trustee”) from any and all claims the undersigned
    may have, now or in the future, arising out of or related to the
    Outstanding Notes tendered hereby, including, without
    limitation, any and all claims that the undersigned is entitled
    to receive additional principal or interest payments with
    respect to the Outstanding Notes tendered hereby (other than
    accrued and unpaid interest on the Outstanding Notes) or to
    participate in any redemption or defeasance of the Outstanding
    Notes tendered hereby.

     
The undersigned understands that tenders of Outstanding Notes
pursuant to any of the procedures described in the Prospectus
and in the instructions in this Letter of Transmittal and
acceptance of such Outstanding Notes by BHFC will, following
such acceptance, constitute a binding agreement between the
undersigned and BHFC upon the terms and conditions.

     
All authority conferred or agreed to be conferred by this Letter
of Transmittal shall not be affected by, and shall survive, the
death or incapacity of the undersigned, and any obligation of
the undersigned hereunder shall be binding upon the heirs,
executors, administrators, trustees in bankruptcy, personal and
legal representatives, successors and assigns of the undersigned.

     
The undersigned hereby represents, warrants and agrees that:

			
	 	  (1) 	
    it has received and reviewed the Prospectus;

5

 

			
	 	  (2) 	
    it is the beneficial owner (as defined below) of, or a duly
    authorized representative of one or more such beneficial owners
    of, the Outstanding Notes tendered hereby and it has full power
    and authority to execute this Letter of Transmittal;
	 
	 	  (3) 	
    the Outstanding Notes being tendered hereby were owned as of the
    date of tender, free and clear of any liens, charges, claims,
    encumbrances, interests and restrictions of any kind, and BHFC
    will acquire good, indefeasible and unencumbered title to such
    Outstanding Notes, free and clear of all liens, charges, claims,
    encumbrances, interests and restrictions of any kind, when the
    same are accepted by BHFC;
	 
	 	  (4) 	
    it will not sell, pledge, hypothecate or otherwise encumber or
    transfer any Outstanding Notes tendered hereby from the date of
    this Letter of Transmittal and agrees that any purported sale,
    pledge, hypothecation or other encumbrance or transfer will be
    void and of no effect;
	 
	 	  (5) 	
    in evaluating the Exchange Offer and in making its decision
    whether to participate therein by submitting this Letter of
    Transmittal and tendering its Outstanding Notes, the undersigned
    has made its own independent appraisal of the matters referred
    to in the Prospectus and in any related communications and is
    not relying on any statement, representation or warranty,
    express or implied, made to such holder by BHFC or the Exchange
    Agent other than those contained in the Prospectus (as amended
    or supplemented to the Expiration Date);
	 
	 	  (6) 	
    the execution and delivery of this Letter of Transmittal shall
    constitute an undertaking to execute any further documents and
    give any further assurances that may be required in connection
    with any of the foregoing, in each case on and subject to the
    terms and conditions;
	 
	 	  (7) 	
    the submission of this Letter of Transmittal to the Exchange
    Agent shall, subject to a holder’s ability to withdraw its
    tender prior to the Expiration Date, and subject to terms and
    conditions of the Exchange Offer generally, constitute the
    irrevocable appointment of the Exchange Agent as its attorney
    and agent, and an irrevocable instruction to such attorney and
    agent to complete and execute all or any form(s) of transfer and
    other document(s) at the discretion of such attorney and agent
    in relation to the Outstanding Notes tendered hereby in favor of
    BHFC or such other person or persons as they may direct and to
    deliver such form(s) of transfer and other document(s) in the
    attorney’s and/or agent’s discretion and the
    certificate(s) and other document(s) of title relating to such
    Outstanding Notes’ registration and to execute all such
    other documents and to do all such other acts and things as may
    be in the opinion of such attorney or agent necessary or
    expedient for the purpose of, or in connection with, the
    acceptance of the Exchange Offer, and to vest in BHFC or its
    nominees such Outstanding Notes; and
	 
	 	  (8) 	
    it is acquiring the Registered Notes in its ordinary course of
    business and has no arrangement or understanding with any person
    to participate in the distribution of the Registered Securities
    to be received in the Exchange Offer;
	 
	 	  (9) 	
    if it is a broker-dealer holding Outstanding Notes acquired for
    its own account as a result of market-making or other trading
    activities, it will deliver a prospectus meeting the
    requirements of the Securities Act of 1933 in connection with
    any resale of the Registered Notes received pursuant to the
    Exchange Offer (provided, that, by so agreeing and by delivering
    a prospectus, any such broker-dealer will not be deemed to admit
    that it is an “underwriter” within the meaning of the
    Securities Act of 1933); and

			
	 	(10) 	
    the terms and conditions shall be deemed to be incorporated in,
    and form a part of, this Letter of Transmittal, and the terms
    and conditions shall be read and construed accordingly.

     
BHFC hereby informs any holder of Outstanding Notes using the
Exchange Offer to participate in a distribution of the
Registered Notes to be acquired in the Exchange Offer that any
such holder (1) can not rely on the position of the
SEC’s staff enunciated in Exxon Capital Holdings
Corporation (pub. avail. May 13, 1988) or similar
letters and (2) must comply with the registration and
prospectus delivery requirements of the Securities Act in
connection with a secondary resale transaction of the Exchange
Notes.

     
The representations and warranties and agreements of a holder
tendering Outstanding Notes shall be deemed to be repeated and
reconfirmed on and as of the Expiration Date and the Settlement
Date. For purposes of this Letter of Transmittal, the
“beneficial owner” of any Outstanding Notes
shall mean any holder that exercises sole investment discretion
with respect to such Outstanding Notes.

6

 

     
The undersigned understands that tenders may not be withdrawn at
any time after the Expiration Date except as set forth in the
Prospectus, unless the Exchange Offer is extended with changes
to the terms and conditions that are, in the reasonable
judgement of BHFC, materially adverse to the undersigned, in
which case tenders may be withdrawn under the conditions
described in the extension.

     
If the Exchange Offer is amended in a manner determined by BHFC
to be materially adverse to tendering holders, BHFC will extend
the Exchange Offer for a period of two to ten business days,
depending on the significance of the amendment and the manner of
disclosure to such holders, if the Exchange Offer would
otherwise have expired during such two- to ten-business day
period. Any change in the consideration offered to holders of
Outstanding Notes in the Exchange Offer shall be paid to all
holders of Outstanding Notes whose securities have previously
been tendered and not withdrawn pursuant to the Exchange Offer.

     
If the “Special Return Instructions” box (found above)
is completed, please credit the indicated DTC account for any
book-entry transfers of Outstanding Notes not accepted for
exchange.

     
The undersigned recognizes that BHFC has no obligation under the
“Special Return Instructions” provision of this Letter
of Transmittal to effect the transfer of any Outstanding Notes
from the holder(s) of such Outstanding Notes if BHFC does not
accept for exchange any of the principal amount of the
Outstanding Notes tendered pursuant to this Letter of
Transmittal.

7

 

SIGN HERE

     
By completing, executing and delivering this Letter of
Transmittal, the undersigned hereby tenders to BHFC the
principal amount of the Outstanding Notes listed in the table
set forth above labeled “Description of Outstanding
Notes Tendered.”

	 	 	 
	 
	 	 	
     
	 	 	 
	
    Signature of Registered Holder(s) or Authorized Signatory

    (see guarantee requirement below)	 	
    Date
	 
	 	 	
     
	 	 	 
	
    Signature of Registered Holder(s) or Authorized Signatory

    (see guarantee requirement below)	 	
    Date
	 
	 	 	
     
	 	 	 
	
    Signature of Registered Holder(s) or Authorized Signatory

    (see guarantee requirement below)	 	
    Date

Area Code and Telephone Number: 

 

     
If a holder of Outstanding Notes is tendering any Outstanding
Notes, this Letter of Transmittal must be signed by the
Registered Holder(s) exactly as the name(s) appear(s) on a
securities position listing of DTC or by any person(s)
authorized to become the Registered Holder(s) by endorsements
and documents transmitted herewith. If the signature is by a
trustee, executor, administrator, guardian, attorney-in-fact,
officer or other person, acting in a fiduciary or representative
capacity, please set forth at the line entitled “Capacity
(full title)” and submit evidence satisfactory to the
Exchange Agent and BHFC of such person’s authority to so
act. See Instruction 4.

Name(s): 

 

 

(Please Type or Print)

Capacity (full title): 

 

Address: 

 

(Including Zip Code)

MEDALLION SIGNATURE GUARANTEE

(If required — See Instruction 4)

Signature(s) Guaranteed by

an Eligible Institution: 

 

(Authorized Signature)

 

(Title)

 

(Name of Firm)

 

(Address)

Dated: ________________________, 2005

8

 

INSTRUCTIONS FORMING PART OF THE TERMS AND

CONDITIONS OF THE EXCHANGE OFFER

     
1. Delivery of Letter of Transmittal. This Letter of
Transmittal is to be completed by tendering holders of
Outstanding Notes if tender of such Outstanding Notes is to be
made by book-entry transfer to the Exchange Agent’s account
at DTC and instructions are not being transmitted through ATOP.
Holders who tender their Outstanding Notes through DTC’s
ATOP procedures shall be bound by, but need not complete, this
Letter of Transmittal; thus, a Letter of Transmittal need not
accompany tenders effected through ATOP.

     
A confirmation of a book-entry transfer into the Exchange
Agent’s account at DTC of all Outstanding Notes delivered
electronically, as well as a properly completed and duly
executed Letter of Transmittal (or a manually signed facsimile
thereof) or properly transmitted agent’s message, and any
other documents required by this Letter of Transmittal, must be
received by the Exchange Agent at its address set forth herein
on or prior to the Expiration Date.

     
Any financial institution that is a participant in DTC may
electronically transmit its acceptance of the Exchange Offer by
causing DTC to transfer Outstanding Notes to the Exchange Agent
in accordance with DTC’s ATOP procedures for such transfer
on or prior to the Expiration Date. The Exchange Agent will make
available its general participant account at DTC for the
Outstanding Notes for purposes of the Exchange Offer.

     
Delivery of a Letter of Transmittal to DTC will not
constitute valid delivery to the Exchange Agent. No Letter
of Transmittal should be sent to BHFC or DTC.

     
The method of delivery of this Letter of Transmittal and all
other required documents, including delivery through DTC and any
acceptance or agent’s message delivered through ATOP, is at
the option and risk of the tendering holder. If delivery is by
mail, registered mail, with return receipt requested and
properly insured, is recommended. Instead of delivery by mail,
it is recommended that the holder use an overnight or
hand-delivery service. In all cases, sufficient time should be
allowed to ensure timely delivery.

     
Neither BHFC nor the Exchange Agent is under any obligation to
notify any tendering holder of Outstanding Notes of BHFC’s
acceptance of tendered Outstanding Notes prior to the Expiration
Date.

     
2. Delivery of the Registered Notes. Registered
Notes to be issued according to the terms of the Exchange Offer,
if consummated, will be delivered in book-entry form to holders
of Outstanding Notes tendered in the Exchange Offer. In order to
permit such delivery, the appropriate DTC participant name and
number (along with any other required account information) must
be provided in the table entitled “Description of the
Outstanding Notes.” Failure to do so will render a tender
of the Outstanding Notes defective, and BHFC will have the
right, which it may waive, to reject such delivery. Holders that
anticipate participating in the Exchange Offer other than
through DTC are urged to promptly contact a bank, broker or
other intermediary (that has the capability to hold securities
custodially through DTC) to arrange for receipt of any
Registered Notes delivered pursuant to the Exchange Offer and to
obtain the information necessary to complete the table.

     
3. Amount of Tenders. Tenders of Outstanding Notes
will be accepted in denominations of U.S. $1,000 and
integral multiples of U.S.$1,000 in excess thereof with a
minimum tender requirement of $1,000. Book-entry transfers to
the Exchange Agent should be made in the exact principal amount
of Outstanding Notes tendered.

     
4. Signatures on Letter of Transmittal; Instruments of
Transfer; Guarantee of Signatures. For purposes of this
Letter of Transmittal, the term “Registered
Holder” means an owner of record as well as any DTC
participant that has Outstanding Notes credited to its DTC
account. Except as otherwise provided below, all signatures on
this Letter of Transmittal must be guaranteed by a recognized
participant in the Securities Transfer Agents Medallion Program,
the NYSE Medallion Signature Program or the Stock Exchange
Medallion Program (each, a “Medallion Signature
Co-Obligor”). Signatures on the Letter of Transmittal
need not be guaranteed if:

			
	 	• 	
    the Letter of Transmittal is signed by a participant in DTC
    whose name appears on a security position listing as the owner
    of the Outstanding Notes and the holder(s) has not completed the
    box entitled “Special Return Instructions” on the
    Letter of Transmittal; or
	 
	 	• 	
    the Outstanding Notes are tendered for the account of an
    “eligible institution.”

9

 

     
An “eligible institution” is one of the following
firms or other entities identified in Rule l7Ad-15 under
the Securities Exchange Act of 1934 (as the terms are used in
Rule 17Ad-15):

			
	 	(a) 	
    a bank;
	 
	 	(b) 	
    a broker, dealer, municipal securities dealer, municipal
    securities broker, government securities dealer or government
    securities broker;
	 
	 	(c) 	
    a credit union;
	 
	 	(d) 	
    a national securities exchange, registered securities
    association or clearing agency; or
	 
	 	(e) 	
    a savings institution that is a participant in a Securities
    Transfer Association recognized program.

     
If any of the Outstanding Notes tendered are held by two or more
Registered Holders, all of the Registered Holders must sign the
Letter of Transmittal.

     
BHFC will not accept any alternative, conditional, irregular or
contingent tenders. By executing the Letter of Transmittal (or
facsimile thereof) or directing DTC to transmit an agent’s
message, you waive any right to receive any notice of the
acceptance of your Outstanding Notes for exchange.

     
If this Letter of Transmittal or instruments of transfer are
signed by trustees, executors, administrators, guardians or
attorneys-in-fact, officers of corporations or others acting in
a fiduciary or representative capacity, such persons should so
indicate when signing and, unless waived by BHFC, evidence
satisfactory to BHFC of their authority to so act must be
submitted with this Letter of Transmittal.

     
Beneficial owners whose tendered Outstanding Notes are
registered in the name of a broker, dealer, commercial bank,
trust company or other nominee must contact such broker, dealer,
commercial bank, trust company or other nominee if they desire
to tender such Outstanding Notes.

     
5. Special Return Instructions. All Outstanding
Notes tendered hereby and not accepted for exchange will be
returned to the undersigned according to the information
provided in the table entitled “Description of the
Outstanding Notes Tendered” or, if completed,
according to the “Special Return Instructions” box in
this Letter of Transmittal.

     
6. Transfer Taxes. Except as set forth in this
Instruction 6, BHFC will pay or cause to be paid any
transfer taxes with respect to the transfer and sale of
Outstanding Notes to it, or to its order, pursuant to the
Exchange Offer. If payment is to be made to, or if Outstanding
Notes not tendered or purchased are to be registered in the name
of any persons other than the Registered Holder, or if tendered
Outstanding Notes are registered in the name of any persons
other than the persons signing this Letter of Transmittal, the
amount of any transfer taxes (whether imposed on the Registered
Holder or such other person) payable on account of the transfer
to such other person will be deducted from the payment unless
satisfactory evidence of the payment of such taxes or exemption
therefrom is submitted.

     
7. Validity of Tenders. All questions concerning the
validity, form, eligibility (including time of receipt),
acceptance and withdrawal of tendered Outstanding Notes will be
determined by BHFC in its sole discretion, which determination
will be final and binding. BHFC reserves the absolute right to
reject any and all tenders of Outstanding Notes not in proper
form or any Outstanding Notes the acceptance for exchange of
which may, in the opinion of its counsel, be unlawful. BHFC also
reserves the absolute right to waive any defect or irregularity
in tenders of Outstanding Notes, whether or not similar defects
or irregularities are waived in the case of other tendered
securities. The interpretation of the terms and conditions by
BHFC shall be final and binding on all parties. Unless waived,
any defects or irregularities in connection with tenders of
Outstanding Notes must be cured within such time as BHFC shall
determine. None of BHFC, the Exchange Agent or any other person
will be under any duty to give notification of defects or
irregularities with respect to tenders of Outstanding Notes, nor
shall any of them incur any liability for failure to give such
notification.

     
Tenders of Outstanding Notes will not be deemed to have been
made until such defects or irregularities have been cured or
waived. Any Outstanding Notes received by the Exchange Agent
that are not validly tendered and as to which the defects or
irregularities have not been cured or waived will be returned by
the Exchange Agent to the holders of Outstanding Notes, unless
otherwise provided in this Letter of Transmittal, as soon as
practicable following the Expiration Date or the withdrawal or
termination of the Exchange Offer.

10

 

     
8. Waiver of Conditions. BHFC reserves the absolute
right to amend or waive any of the conditions in the Exchange
Offer concerning any Outstanding Notes at any time.

     
9. Withdrawal. Tenders may be withdrawn only
pursuant to the procedures and subject to the terms set forth in
the Prospectus under the caption “The Exchange
Offer — Withdrawal of Tenders.”

     
10. Requests for Assistance or Additional Copies.
Questions and requests for assistance and requests for
additional copies of the Prospectus and this Letter of
Transmittal may be directed to the Exchange Agent at the address
and telephone number indicated herein.

     
11. Tax Identification Number. Federal income tax
law requires that a U.S. Holder (defined below) whose
Outstanding Notes are accepted for exchange must provide the
Exchange Agent with his, her or its correct Taxpayer
Identification Number (“TIN”), which, in the
case of an exchanging U.S. Holder who is an individual, is
his or her social security number. If the Exchange Agent is not
provided with the correct TIN or an adequate basis for
exemption, such holder may be subject to a $50 penalty imposed
by the Internal Revenue Service (the “IRS”),
and payments made with respect to the Registered Notes or the
Exchange Offer may be subject to backup withholding at a rate of
30% (subject to periodic reductions through 2010, at which time
the rate is currently scheduled to be increased to 31%). If
withholding results in an overpayment of taxes, a refund may be
obtained.

     
To prevent backup withholding, each exchanging U.S. Holder
must provide his, her or its correct TIN by completing an IRS
Form W-9, certifying that the TIN provided is correct (or
that such U.S. Holder is awaiting a TIN) and that the
U.S. Holder is exempt from backup withholding because
(i) the holder has been notified by the IRS that he, she or
it is subject to backup withholding as a result of a failure to
report all interests or dividends, or (ii) the IRS has
notified the U.S. Holder that he, she or it is no longer
subject to backup withholding. If you do not provide your TIN to
the Exchange Agent within 60 days, backup withholding may
begin and continue until you furnish your TIN.

     
Exempt holders (including, among others, all corporations and
certain foreign individuals) are not subject to these
withholding and reporting requirements. In order to satisfy BHFC
that a foreign individual qualifies as an exempt recipient, such
holder must submit a properly completed IRS Form W-8BEN (or
other applicable form) certifying, under penalty of perjury, to
such holder’s foreign status in order establish an
exemption from backup withholding.

     
For the purposes of these instructions, a
“U.S. Holder” is (i) a citizen or
resident of the United States, (ii) a corporation, or other
entity taxable as a corporation for U.S. federal income tax
purposes, created or organized in or under the laws of the
United States or of any political subdivision thereof, or
(iii) an estate or trust the income of which is subject to
United States federal income taxation regardless of its source.

     
12. The exchange of Outstanding Notes for Registered
Notes will not be a taxable event for U.S. federal income
tax purposes. See “Material United States Federal Income
Tax Consequences” in the Prospectus.

     
In order to tender, a holder of Outstanding Notes should send or
deliver a properly completed and signed Letter of Transmittal
and any other required documents to the Exchange Agent at its
address set forth below or tender pursuant to DTC’s
Automated Tender Offer Program.

The Exchange Agent for the Exchange Offer is:

J.P. Morgan Trust Company, National Association

Institutional Trust Services

Attn: Frank Ivins

2001 Bryan Street

9th
Floor

Dallas, TX 75201

     
Any questions or requests for assistance or for additional
copies of the Prospectus, this Letter of Transmittal, or related
documents may be directed to the Exchange Agent at
1-800-275-2048. A holder of Outstanding Notes may also contact
such holder’s custodian bank, depositary, broker, trust
company or other nominee for assistance concerning the Exchange
Offer.

11

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