Document:

Exhibit 4.8

 

OVASCIENCE, INC.

 

Issuer

 

AND

 

[   ]  Trustee

 

INDENTURE

 

Dated as of [    ]

 

Subordinated Debt Securities

 

 

CROSS-REFERENCE TABLE (1)

 

	
Section of Trust
   Indenture Act of
   1939, as Amended
    	
 
    	
Section of
   Indenture
    
	
 
    	
 
    	
 
    
	
310(a).
    	
 
    	
7.09
    
	
310(b).
    	
 
    	
7.08
    
	
 
    	
 
    	
7.10
    
	
 
    	
 
    	
 
    
	
310(c).
    	
 
    	
Inapplicable
    
	
311(a).
    	
 
    	
7.13(a)
    
	
311(b).
    	
 
    	
7.13(b)
    
	
311(c).
    	
 
    	
Inapplicable
    
	
312(a).
    	
 
    	
5.02(a)
    
	
312(b).
    	
 
    	
5.02(b)
    
	
312(c).
    	
 
    	
5.02(c)
    
	
313(a).
    	
 
    	
5.04(a)
    
	
313(b).
    	
 
    	
5.04(a)
    
	
313(c).
    	
 
    	
5.04(a)
    
	
 
    	
 
    	
5.04(b)
    
	
313(d).
    	
 
    	
5.04(b)
    
	
314(a).
    	
 
    	
5.03
    
	
314(b).
    	
 
    	
Inapplicable
    
	
314(c).
    	
 
    	
13.06
    
	
314(d).
    	
 
    	
Inapplicable
    
	
314(e).
    	
 
    	
13.06
    
	
314(f).
    	
 
    	
Inapplicable
    
	
315(a).
    	
 
    	
7.01(a)
    
	
 
    	
 
    	
7.02
    
	
315(b).
    	
 
    	
6.07
    
	
315(c).
    	
 
    	
7.01
    
	
315(d).
    	
 
    	
7.01(b)
    
	
 
    	
 
    	
7.01(c)
    
	
315(e).
    	
 
    	
6.07
    
	
316(a).
    	
 
    	
6.06
    
	
 
    	
 
    	
8.04
    
	
316(b).
    	
 
    	
6.04
    
	
316(c).
    	
 
    	
8.01
    
	
317(a).
    	
 
    	
6.02
    
	
317(b).
    	
 
    	
4.03
    
	
318(a)
    	
 
    	
13.08
    

 

(1) This Cross-Reference Table does not constitute part of the Indenture and shall not have any bearing on the interpretation of any of its terms or provisions.

 

i

 

TABLE OF CONTENTS (2)

 

	
 
    	
 
    	
Page
    
	
 
    	
 
    	
 
    
	
ARTICLE I DEFINITIONS
    	
1
    
	
 
    	
 
    
	
SECTION 1.01
    	
Definitions of Terms
    	
1
    
	
 
    	
 
    	
 
    
	
ARTICLE II ISSUE,   DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES
    	
4
    
	
 
    	
 
    
	
SECTION 2.01
    	
Designation and Terms of Securities
    	
4
    
	
SECTION 2.02
    	
Form of Securities and Trustee’s Certificate
    	
6
    
	
SECTION 2.03
    	
Denominations: Provisions for Payment
    	
6
    
	
SECTION 2.04
    	
Execution and Authentications
    	
7
    
	
SECTION 2.05
    	
Registration of Transfer and Exchange
    	
8
    
	
SECTION 2.06
    	
Temporary Securities
    	
8
    
	
SECTION 2.07
    	
Mutilated, Destroyed, Lost or Stolen Securities
    	
9
    
	
SECTION 2.08
    	
Cancellation
    	
9
    
	
SECTION 2.09
    	
Benefits of Indenture
    	
10
    
	
SECTION 2.10
    	
Authenticating Agent
    	
10
    
	
SECTION 2.11
    	
Global Securities
    	
10
    
	
 
    	
 
    	
 
    
	
ARTICLE III REDEMPTION OF   SECURITIES AND SINKING FUND PROVISIONS
    	
11
    
	
 
    	
 
    
	
SECTION 3.01
    	
Redemption
    	
11
    
	
SECTION 3.02
    	
Notice of Redemption
    	
11
    
	
SECTION 3.03
    	
Payment Upon Redemption
    	
12
    
	
SECTION 3.04
    	
Sinking Fund
    	
12
    
	
SECTION 3.05
    	
Satisfaction of Sinking Fund Payments with Securities
    	
13
    
	
SECTION 3.06
    	
Redemption of Securities for Sinking Fund
    	
13
    
	
 
    	
 
    	
 
    
	
ARTICLE IV COVENANTS
    	
13
    
	
 
    	
 
    
	
SECTION 4.01
    	
Payment of Principal, Premium and Interest
    	
13
    
	
SECTION 4.02
    	
Maintenance of Office or Agency
    	
13
    
	
SECTION 4.03
    	
Paying Agents
    	
13
    
	
SECTION 4.04
    	
Appointment to Fill Vacancy in Office of Trustee
    	
14
    
	
SECTION 4.05
    	
Compliance with Consolidation Provisions
    	
14
    
	
 
    	
 
    	
 
    
	
ARTICLE V SECURITYHOLDERS’   LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE
    	
15
    
	
 
    	
 
    
	
SECTION 5.01
    	
Company to Furnish Trustee Names and Addresses of   Securityholders
    	
15
    
	
SECTION 5.02
    	
Preservation of Information; Communications with   Securityholders
    	
15
    
	
SECTION 5.03
    	
Reports by the Company
    	
15
    
	
SECTION 5.04
    	
Reports by the Trustee
    	
16
    
	
 
    	
 
    	
 
    
	
ARTICLE VI REMEDIES OF THE   TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT
    	
16
    
	
 
    	
 
    
	
SECTION 6.01
    	
Events of Default
    	
16
    
	
SECTION 6.02
    	
Collection of Indebtedness and Suits for Enforcement by   Trustee
    	
17
    
	
SECTION 6.03
    	
Application of Moneys Collected
    	
19
    
	
SECTION 6.04
    	
Limitation on Suits
    	
19
    
	
SECTION 6.05
    	
Rights and Remedies Cumulative; Delay or Omission Not   Waiver
    	
19
    
	
SECTION 6.06
    	
Control by Securityholders
    	
20
    
	
SECTION 6.07
    	
Undertaking to Pay Costs
    	
20
    
	
 
    	
 
    	
 
    
	
ARTICLE VII CONCERNING THE   TRUSTEE
    	
21
    
	
 
    	
 
    
	
SECTION 7.01
    	
Certain Duties and Responsibilities of Trustee
    	
21
    
	
SECTION 7.02
    	
Certain Rights of Trustee
    	
22
    

 

ii

 

	
SECTION 7.03
    	
Trustee Not Responsible for Recitals or Issuance of Securities
    	
23
    
	
SECTION 7.04
    	
May Hold Securities
    	
23
    
	
SECTION 7.05
    	
Moneys Held in Trust
    	
23
    
	
SECTION 7.06
    	
Compensation and Reimbursement
    	
23
    
	
SECTION 7.07
    	
Reliance on Officers’ Certificate
    	
23
    
	
SECTION 7.08
    	
Disqualification; Conflicting Interests
    	
24
    
	
SECTION 7.09
    	
Corporate Trustee Required; Eligibility
    	
24
    
	
SECTION 7.10
    	
Resignation and Removal; Appointment of Successor
    	
24
    
	
SECTION 7.11
    	
Acceptance of Appointment By Successor
    	
25
    
	
SECTION 7.12
    	
Merger, Conversion, Consolidation or Succession to Business
    	
26
    
	
SECTION 7.13
    	
Preferential Collection of Claims Against the Company
    	
26
    
	
 
    	
 
    	
 
    
	
ARTICLE VIII CONCERNING THE   SECURITYHOLDERS
    	
26
    
	
 
    	
 
    
	
SECTION 8.01
    	
Evidence of Action by Securityholders
    	
26
    
	
SECTION 8.02
    	
Proof of Execution by Securityholders
    	
27
    
	
SECTION 8.03
    	
Who May be Deemed Owners
    	
27
    
	
SECTION 8.04
    	
Certain Securities Owned by Company Disregarded
    	
27
    
	
SECTION 8.05
    	
Actions Binding on Future Securityholders
    	
28
    
	
SECTION 8.06
    	
Purposes for Which Meetings May Be Called
    	
28
    
	
SECTION 8.07
    	
Call Notice and Place of Meetings
    	
28
    
	
SECTION 8.08
    	
Persons Entitled To Vote at Meetings
    	
28
    
	
SECTION 8.09
    	
Quorum; Action
    	
29
    
	
SECTION 8.10
    	
Determination of Voting Rights; Conduct and Adjournment of   Meetings
    	
29
    
	
SECTION 8.11
    	
Counting Votes and Recording Action of Meetings
    	
30
    
	
 
    	
 
    	
 
    
	
ARTICLE IX SUPPLEMENTAL   INDENTURES
    	
30
    
	
 
    	
 
    
	
SECTION 9.01
    	
Supplemental Indentures Without the Consent of   Securityholders
    	
30
    
	
SECTION 9.02
    	
Supplemental Indentures With Consent of Securityholders
    	
31
    
	
SECTION 9.03
    	
Effect of Supplemental Indentures
    	
31
    
	
SECTION 9.04
    	
Securities Affected by Supplemental Indentures
    	
31
    
	
SECTION 9.05
    	
Execution of Supplemental Indentures
    	
32
    
	
 
    	
 
    	
 
    
	
ARTICLE X SUCCESSOR ENTITY
    	
32
    
	
 
    	
 
    
	
SECTION 10.01
    	
Company May Consolidate, Etc.
    	
32
    
	
SECTION 10.02
    	
Successor Entity Substituted
    	
32
    
	
SECTION 10.03
    	
Evidence of Consolidation, Etc. to Trustee
    	
33
    
	
 
    	
 
    	
 
    
	
ARTICLE XI SATISFACTION AND   DISCHARGE
    	
33
    
	
 
    	
 
    
	
SECTION 11.01
    	
Satisfaction and Discharge of Indenture
    	
33
    
	
SECTION 11.02
    	
Discharge of Obligations
    	
33
    
	
SECTION 11.03
    	
Deposited Moneys to be Held in Trust
    	
34
    
	
SECTION 11.04
    	
Payment of Moneys Held by Paying Agents
    	
34
    
	
SECTION 11.05
    	
Repayment to Company
    	
34
    
	
 
    	
 
    	
 
    
	
ARTICLE XII IMMUNITY OF   INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS
    	
34
    
	
 
    	
 
    
	
SECTION 12.01
    	
No Recourse
    	
34
    
	
 
    	
 
    	
 
    
	
ARTICLE XIII MISCELLANEOUS   PROVISIONS
    	
35
    
	
 
    	
 
    
	
SECTION 13.01
    	
Effect on Successors and Assigns
    	
35
    
	
SECTION 13.02
    	
Actions by Successor
    	
35
    
	
SECTION 13.03
    	
Surrender of Company Powers
    	
35
    
	
SECTION 13.04
    	
Notices
    	
35
    
	
SECTION 13.05
    	
Governing Law
    	
35
    
	
SECTION 13.06
    	
Treatment of Securities as Debt
    	
35
    
	
SECTION 13.07
    	
Compliance Certificates and Opinions
    	
35
    

 

iii

 

	
SECTION 13.08
    	
Payments on Business Days
    	
36
    
	
SECTION 13.09
    	
Conflict with Trust Indenture Act
    	
36
    
	
SECTION 13.10
    	
Counterparts
    	
36
    
	
SECTION 13.11
    	
Separability
    	
36
    
	
SECTION 13.12
    	
Assignment
    	
36
    
	
 
    	
 
    	
 
    
	
ARTICLE XIV SUBORDINATION OF   SECURITIES
    	
37
    
	
 
    	
 
    
	
SECTION 14.01
    	
Subordination Terms
    	
37
    

 

(2) This Table of Contents does not constitute part of the Indenture and shall not have any bearing on the interpretation of any of its terms or provisions.

 

iv

 

INDENTURE, dated as of [   ], by and between OvaScience, Inc., a Delaware corporation (the “Company”), and [   ], as trustee (the “Trustee”):

 

WHEREAS, for its lawful corporate purposes, the Company has duly authorized the execution and delivery of this Indenture to provide for the issuance of subordinated debt securities (hereinafter referred to as the “Securities”), in an unlimited aggregate principal amount to be issued from time to time in one or more series as in this Indenture provided, as registered Securities without coupons, to be authenticated by the certificate of the Trustee;

 

WHEREAS, to provide the terms and conditions upon which the Securities are to be authenticated, issued and delivered, the Company has duly authorized the execution of this Indenture; and

 

WHEREAS, all things necessary to make this Indenture a valid agreement of the Company, in accordance with its terms, have been done.

 

NOW, THEREFORE, in consideration of the premises and the purchase of the Securities by the holders thereof, it is mutually covenanted and agreed as follows for the equal and ratable benefit of the holders of Securities:

 

ARTICLE I

 

DEFINITIONS

 

SECTION 1.01              Definitions of Terms.

 

The terms defined in this Section (except as in this Indenture otherwise expressly provided or unless the context otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section and shall include the plural as well as the singular.  All other terms used in this Indenture that are defined in the Trust Indenture Act of 1939, as amended, or that are by reference in such Act defined in the Securities Act of 1933, as amended (except as herein otherwise expressly provided or unless the context otherwise requires), shall have the meanings assigned to such terms in said Trust Indenture Act and in said Securities Act as in force at the date of the execution of this instrument.

 

“Authenticating Agent” means an authenticating agent with respect to all or any of the series of Securities appointed with respect to all or any series of the Securities by the Trustee pursuant to Section 2.10.

 

“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 or any duly authorized committee of such Board.

 

“Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification.

 

“Business Day” means, with respect to any series of Securities, any day other than a day on which Federal or State banking institutions in the Borough of Manhattan, the City and State of New York, are authorized or obligated by law, executive order or regulation to close.

 

“Certificate” means a certificate signed by the principal executive officer, the principal financial officer or the principal accounting officer of the Company. The Certificate need not comply with the provisions of Section 13.07.

 

“Commission” means the Securities and Exchange Commission.

 

 

“Company” means the corporation named as the “Company” in the first paragraph of this instrument until a successor corporation shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor corporation.

 

“Corporate Trust Office” means the office of the Trustee at which, at any particular time, its corporate trust business shall be principally administered, which office at the date hereof is located at [ ], except that whenever a provision herein refers to an office or agency of the Trustee in the Borough of Manhattan, the City and State of New York, such office is located, at the date hereof, at [ ].

 

“Custodian” means any receiver, trustee, assignee, liquidator, or similar official under any Bankruptcy Law.

 

“Default” means an event which is, or after notice or lapse of time, or both, would constitute an Event of Default.

 

“Depositary” means, with respect to Securities of any series, for which the Company shall determine that such Securities will be issued as a Global Security, The Depository Trust Company, New York, New York, another clearing agency, or any successor registered as a clearing agency under the Exchange Act, or other applicable statute or regulation, which, in each case, shall be designated by the Company pursuant to either Section 2.01 or Section 2.11.

 

“Event of Default” means, with respect to Securities of a particular series, any event specified in Section 6.01, continued for the period of time, if any, therein designated.

 

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

 

“Global Security” means, with respect to any series of Securities, a Security executed by the Company and delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction, all in accordance with this Indenture, which shall be registered in the name of the Depositary or its nominee.

 

“Governmental Obligations” means securities that are (i) direct obligations of the United States of America for the payment of which its full faith and credit is pledged or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America, the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America that, in either case, are non-callable at the option of the issuer thereof, and shall also include a depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act of 1933, as amended) as custodian with respect to any such Governmental Obligation or a specific payment of principal of or interest on any such Governmental Obligation held by such custodian for the account of the holder of such depositary receipt; provided, however, that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the Governmental Obligation or the specific payment of principal of or interest on the Governmental Obligation evidenced by such depositary receipt.

 

“herein,” “hereof” and “hereunder,” and other words of similar import, refer to this Indenture as a whole and not to any particular Article, Section or other subdivision.

 

“Indenture” means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into in accordance with the terms hereof.

 

“Interest Payment Date,” when used with respect to any installment of interest on a Security of a particular series, means the date specified in such Security or in a Board Resolution or in an indenture supplemental hereto with respect to such series as the fixed date on which an installment of interest with respect to Securities of that series is due and payable.

 

“Officers’ Certificate” means a certificate signed by the President or a Vice President and by the Chief Financial Officer, Vice President of Finance, the Treasurer or an Assistant Treasurer or the Controller or an

 

2

 

Assistant Controller or the Secretary or an Assistant Secretary of the Company that is delivered to the Trustee in accordance with the terms hereof. Certificate shall include the statements provided for in Section 13.07, if and to the extent required by the provisions thereof.

 

“Opinion of Counsel” means a written opinion of counsel, who may be counsel to the Company (and may include directors or employees of the Company) and which opinion is acceptable to the Trustee which acceptance shall not be unreasonably withheld.

 

“Outstanding”, when used with reference to Securities of any series, means, subject to the provisions of Section 8.04, as of any particular time, all Securities of that series theretofore authenticated and delivered by the Trustee under this Indenture, except (a) Securities theretofore canceled by the Trustee or any paying agent, or delivered to the Trustee or any paying agent for cancellation or that have previously been canceled; (b) Securities or portions thereof for the payment or redemption of which moneys or Governmental Obligations in the necessary amount shall have been deposited in trust with the Trustee or with any paying agent (other than the Company) or shall have been set aside and segregated in trust by the Company (if the Company shall act as its own paying agent); provided, however, that if such Securities or portions of such Securities are to be redeemed prior to the maturity thereof, notice of such redemption shall have been given as in Article III provided, or provision satisfactory to the Trustee shall have been made for giving such notice; and (c) Securities in lieu of or in substitution for which other Securities shall have been authenticated and delivered pursuant to the terms of Section 2.07.

 

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

 

“Predecessor Security” of any particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 2.07 in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Security.

 

“Responsible Officer,” when used with respect to the Trustee, means any officer of the Trustee, including any vice president, assistant vice president, secretary, assistant secretary, the treasurer, any assistant treasurer, the managing director or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject.

 

“Securities” means the debt Securities authenticated and delivered under this Indenture.

 

“Security Register” has the meaning specified in Section 2.05.

 

“Security Registrar” has the meaning specified in Section 2.05.

 

“Securityholder,” “holder of Securities,” “registered holder,” or other similar term, means the Person or Persons in whose name or names a particular Security shall be registered in the Security Register.

 

“Subsidiary” means, with respect to any Person, (i) any corporation at least a majority of whose outstanding Voting Stock shall at the time be owned, directly or indirectly, by such Person or by one or more of its Subsidiaries or by such Person and one or more of its Subsidiaries, (ii) any general partnership, joint venture or similar entity, at least a majority of whose outstanding partnership or similar interests shall at the time be owned by such Person, or by one or more of its Subsidiaries, or by such Person and one or more of its Subsidiaries and (iii) any limited partnership of which such Person or any of its Subsidiaries is a general partner.

 

“Trustee” means the Person named as the “Trustee” in the first paragraph of this instrument until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter

 

3

 

“Trustee” shall mean such successor Trustee. The term “Trustee” as used with respect to a particular series of the Securities shall mean the trustee with respect to that series.

 

“Trust Indenture Act” means the Trust Indenture Act of 1939, as amended, subject to the provisions of Sections 9.01, 9.02, and 10.01, as in effect at the date of execution of this instrument; provided, however, that in the event the Trust Indenture Act is amended after such date, Trust Indenture Act means, to the extent required by such amendment, the Trust Indenture Act of 1939, as so amended, or any successor statute.

 

“Voting Stock,” as applied to any Person, means shares, interests, participations or other equivalents in the equity interest (however designated) in such Person having ordinary voting power for the election of a majority of the directors (or the equivalent) of such Person, other than shares, interests, participations or other equivalents having such power only by reason of the occurrence of a contingency.

 

ARTICLE II

 

ISSUE, DESCRIPTION, TERMS, EXECUTION, 
 REGISTRATION AND EXCHANGE OF SECURITIES

 

SECTION 2.01              Designation and Terms of Securities.

 

(a)                                 The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued in one or more series up to the aggregate principal amount of Securities of that series from time to time authorized by or pursuant to a Board Resolution of the Company or pursuant to one or more indentures supplemental hereto. Prior to the initial issuance of Securities of a given series, there shall be established in or pursuant to a Board Resolution of the Company, and set forth in an Officers’ Certificate of the Company, or established in one or more indentures supplemental hereto:

 

(1)                                 the title of the Security of the series (which shall distinguish the Securities of the series from all other Securities);

 

(2)                                 the aggregate principal amount of the Securities of such series initially to be issued and any limit upon the aggregate principal amount of the Securities of that series that may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of that series);

 

(3)                                 the currency or units based on or relating to currencies in which debt securities of such series are denominated and the currency or units in which principal or interest or both will or may be payable;

 

(4)                                 the date or dates on which the principal of the Securities of the series is payable and the place(s) of payment;

 

(5)                                 the rate or rates at which the Securities of the series shall bear interest or the manner of calculation of such rate or rates, if any;

 

(6)                                 the date or dates from which such interest shall accrue, the Interest Payment Dates on which such interest will be payable or the manner of determination of such Interest Payment Dates, the place(s) of payment, and the record date for the determination of holders to whom interest is payable on any such Interest Payment Dates or the method for determining such dates;

 

(7)                                 the right, if any, to extend the interest payment periods or to defer the payment of interest and the duration of such extension;

 

4

 

(8)                                 the period or periods within which, the price or prices at which and the terms and conditions upon which, Securities of the series may be redeemed, in whole or in part, at the option of the Company;

 

(9)                                 the obligation, if any, of the Company to redeem or purchase Securities of the series pursuant to any sinking fund or analogous provisions (including payments made in cash in satisfaction of future sinking fund obligations) or at the option of a holder thereof and the period or periods within which, the price or prices at which, and the terms and conditions upon which, Securities of the series shall be redeemed or purchased, in whole or in part, pursuant to such obligation;

 

(10)                          whether or not the debt securities will be secured or unsecured, and the terms of any secured debt;

 

(11)                          the form of the Securities of the series including the form of the Certificate of Authentication for such series;

 

(12)                          if other than denominations of one thousand U.S. dollars ($1,000) or any integral multiple thereof, the denominations in which the Securities of the series shall be issuable;

 

(13)                          any and all other terms with respect to such series (which terms shall not be inconsistent with the terms of this Indenture, as amended by any supplemental indenture) including any terms which may be required by or advisable under United States laws or regulations or advisable in connection with the marketing of Securities of that series;

 

(14)                          whether the Securities are issuable as a Global Security and, in such case, the identity of the Depositary for such series;

 

(15)                          whether the Securities will be convertible into shares of common stock or other securities of the Company and, if so, the terms and conditions upon which such Securities will be so convertible, including the conversion price and the conversion period;

 

(16)                          if other than the principal amount thereof, the portion of the principal amount of Securities of the series which shall be payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.01;

 

(17)                          any additional or different Events of Default or restrictive covenants provided for with respect to the Securities of the series; and

 

(18)                          the subordination terms of the Securities of the series.

 

All Securities of any one series shall be substantially identical except as to denomination and except as may otherwise be provided in or pursuant to any such Board Resolution or in any indentures supplemental hereto.

 

If any of the terms of the series are established by action taken pursuant to a Board Resolution of the Company, a copy of an appropriate record of such action shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officers’ Certificate of the Company setting forth the terms of the series.

 

Securities of any particular series may be issued at various times, with different dates on which the principal or any installment of principal is payable, with different rates of interest, if any, or different methods by which rates of interest may be determined, with different dates on which such interest may be payable and with different redemption dates.

 

5

 

SECTION 2.02              Form of Securities and Trustee’s Certificate.

 

The Securities of any series and the Trustee’s certificate of authentication to be borne by such Securities shall be substantially of the tenor and purport as set forth in one or more indentures supplemental hereto or as provided in a Board Resolution of the Company and as set forth in an Officers’ Certificate of the Company and may have such letters, numbers or other marks of identification or designation and such legends or endorsements printed, lithographed or engraved thereon as the Company may deem appropriate and as are not inconsistent with the provisions of this Indenture, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any stock exchange on which Securities of that series may be listed, or to conform to usage.

 

SECTION 2.03              Denominations: Provisions for Payment.

 

The Securities shall be issuable as registered Securities and in the denominations of one thousand U.S. dollars ($1,000) or any integral multiple thereof, subject to Section 2.01(a)(12). The Securities of a particular series shall bear interest payable on the dates and at the rate specified with respect to that series.  The principal of and the interest on the Securities of any series, as well as any premium thereon in case of redemption thereof prior to maturity, shall be payable in the coin or currency of the United States of America that at the time is legal tender for public and private debt, at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, the City and State of New York. Each Security shall be dated the date of its authentication.  Interest on the Securities shall be computed on the basis of a 360-day year composed of twelve 30-day months.

 

The interest installment on any Security that is payable, and is punctually paid or duly provided for, on any Interest Payment Date for Securities of that series shall be paid to the Person in whose name said Security (or one or more Predecessor Securities) is registered at the close of business on the regular record date for such interest installment.  In the event that any Security of a particular series or portion thereof is called for redemption and the redemption date is subsequent to a regular record date with respect to any Interest Payment Date and prior to such Interest Payment Date, interest on such Security will be paid upon presentation and surrender of such Security as provided in Section 3.03.

 

Any interest on any Security that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date for Securities of the same series (herein called “Defaulted Interest”) shall forthwith cease to be payable to the registered holder on the relevant regular record date by virtue of having been such holder; and such Defaulted Interest shall be paid by the Company, at its election, as provided in clause (1) or clause (2) below:

 

(1)                                 The Company may make payment of any Defaulted Interest on Securities to the Persons in whose names such Securities (or their respective Predecessor Securities) are registered at the close of business on a special record date for the payment of such Defaulted Interest, which shall be fixed in the following manner: the Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each such Security and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a special record date for the payment of such Defaulted Interest which shall not be more than 15 nor less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such special record date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the special record date therefor to be mailed, first class postage prepaid, to each Securityholder at his or her address as it appears in the Security Register, not less than 10 days prior to such special record date. Notice of the proposed payment of such Defaulted Interest and the special record date therefor having been mailed as aforesaid, such

 

6

 

Defaulted Interest shall be paid to the Persons in whose names such Securities (or their respective Predecessor Securities) are registered on such special record date.

 

(2)                                 The Company may make payment of any Defaulted Interest on any Securities in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee.

 

Unless otherwise set forth in a Board Resolution of the Company or one or more indentures supplemental hereto establishing the terms of any series of Securities pursuant to Section 2.01 hereof, the term “regular record date” as used in this Section with respect to a series of Securities with respect to any Interest Payment Date for such series shall mean either the fifteenth day of the month immediately preceding the month in which an Interest Payment Date established for such series pursuant to Section 2.01 hereof shall occur, if such Interest Payment Date is the first day of a month, or the last day of the month immediately preceding the month in which an Interest Payment Date established for such series pursuant to Section 2.01 hereof shall occur, if such Interest Payment Date is the fifteenth day of a month, whether or not such date is a Business Day.

 

Subject to the foregoing provisions of this Section, each Security of a series delivered under this Indenture upon transfer of or in exchange for or in lieu of any other Security of such series shall carry the rights to interest accrued and unpaid, and to accrue, that were carried by such other Security.

 

SECTION 2.04              Execution and Authentications.

 

The Securities shall be signed on behalf of the Company by its President, or one of its Vice Presidents, or its Treasurer, or one of its Assistant Treasurers, or its Secretary, or one of its Assistant Secretaries, under its corporate seal attested by its Secretary or one of its Assistant Secretaries. Signatures may be in the form of a manual or facsimile signature. The Company may use the facsimile signature of any Person who shall have been a President or Vice President thereof, or of any Person who shall have been a Treasurer or Assistant Treasurer thereof, or of any Person who shall have been a Secretary or Assistant Secretary thereof, notwithstanding the fact that at the time the Securities shall be authenticated and delivered or disposed of such Person shall have ceased to be the President or a Vice President, the Treasurer or an Assistant Treasurer or the Secretary or an Assistant Secretary, of the Company. The seal of the Company may be in the form of a facsimile of such seal and may be impressed, affixed, imprinted or otherwise reproduced on the Securities. The Securities may contain such notations, legends or endorsements required by law, stock exchange rule or usage. Each Security shall be dated the date of its authentication.

 

A Security shall not be valid or obligatory for any purpose and shall not be entitled to any benefit under this Indenture, in each case, until authenticated with a certificate of authentication manually signed by an authorized signatory of the Trustee, or by an Authenticating Agent. Such certificate shall be conclusive evidence, and the only evidence, that the Security so authenticated has been duly authenticated and delivered hereunder and that the Security is entitled to the benefits of this Indenture. At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee for authentication, together with a written order of the Company for the authentication and delivery of such Securities, signed by its President or any Vice President and its Secretary or any Assistant Secretary, and the Trustee in accordance with such written order shall authenticate and deliver such Securities.

 

In authenticating such Securities and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive, and (subject to Section 7.01) shall be fully protected in relying upon, an Opinion of Counsel stating that the form and terms thereof have been established in conformity with the provisions of this Indenture.

 

7

 

The Trustee shall not be required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner that is not reasonably acceptable to the Trustee.

 

SECTION 2.05              Registration of Transfer and Exchange.

 

(a)                                 Securities of any series may be exchanged upon presentation thereof at the office or agency of the Company designated for such purpose in the Borough of Manhattan, the City and State of New York, for other Securities of such series of authorized denominations, and for a like aggregate principal amount, upon payment of a sum sufficient to cover any tax or other governmental charge in relation thereto, all as provided in this Section. In respect of any Securities so surrendered for exchange, the Company shall execute, the Trustee shall authenticate and such office or agency shall deliver in exchange therefor the Security or Securities of the same series that the Securityholder making the exchange shall be entitled to receive, bearing numbers not contemporaneously outstanding.

 

(b)                                 The Company shall keep, or cause to be kept, at its office or agency designated for such purpose in the Borough of Manhattan, the City and State of New York, or such other location designated by the Company a register or registers (herein referred to as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall register the Securities and the transfers of Securities as in this Article provided and which at all reasonable times shall be open for inspection by the Trustee. The registrar for the purpose of registering Securities and transfer of Securities as herein provided shall be appointed as authorized by Board Resolution (the “Security Registrar”).

 

Upon surrender for transfer of any Security at the office or agency of the Company designated for such purpose, the Company shall execute, the Trustee shall authenticate and such office or agency shall deliver in the name of the transferee or transferees a new Security or Securities of the same series as the Security presented for a like aggregate principal amount.

 

All Securities presented or surrendered for exchange or registration of transfer, as provided in this Section, shall be accompanied (if so required by the Company or the Security Registrar) by a written instrument or instruments of transfer, in form satisfactory to the Company or the Security Registrar, duly executed by the registered holder or by such holder’s duly authorized attorney in writing.

 

(c)                                  No service charge shall be made for any exchange or registration of transfer of Securities, or issue of new Securities in case of partial redemption of any series, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge in relation thereto, other than exchanges pursuant to Section 2.06, Section 3.03(b) and Section 9.04 not involving any transfer.

 

(d)                                 The Company shall not be required (i) to issue, exchange or register the transfer of any Securities during a period beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of less than all the Outstanding Securities of the same series and ending at the close of business on the day of such mailing, nor (ii) to register the transfer of or exchange any Securities of any series or portions thereof called for redemption. The provisions of this Section 2.05 are, with respect to any Global Security, subject to Section 2.11 hereof.

 

SECTION 2.06              Temporary Securities.

 

Pending the preparation of definitive Securities of any series, the Company may execute, and the Trustee shall authenticate and deliver, temporary Securities (printed, lithographed or typewritten) of any authorized denomination. Such temporary Securities shall be substantially in the form of the definitive Securities in lieu of which they are issued, but with such omissions, insertions and variations as may be appropriate for temporary

 

8

 

Securities, all as may be determined by the Company. Every temporary Security of any series shall be executed by the Company and be authenticated by the Trustee upon the same conditions and in substantially the same manner, and with like effect, as the definitive Securities of such series. Without unnecessary delay the Company will execute and will furnish definitive Securities of such series and thereupon any or all temporary Securities of such series may be surrendered in exchange therefor (without charge to the holders), at the office or agency of the Company designated for the purpose in the Borough of Manhattan, the City and State of New York, and the Trustee shall authenticate and such office or agency shall deliver in exchange for such temporary Securities an equal aggregate principal amount of definitive Securities of such series, unless the Company advises the Trustee to the effect that definitive Securities need not be executed and furnished until further notice from the Company. Until so exchanged, the temporary Securities of such series shall be entitled to the same benefits under this Indenture as definitive Securities of such series authenticated and delivered hereunder.

 

SECTION 2.07              Mutilated, Destroyed, Lost or Stolen Securities.

 

In case any temporary or definitive Security shall become mutilated or be destroyed, lost or stolen, the Company (subject to the next succeeding sentence) shall execute, and upon the Company’s request the Trustee (subject as aforesaid) shall authenticate and deliver, a new Security of the same series, bearing a number not contemporaneously outstanding, in exchange and substitution for the mutilated Security, or in lieu of and in substitution for the Security so destroyed, lost or stolen. In every case the applicant for a substituted Security shall furnish to the Company and the Trustee such security or indemnity as may be required by them to save each of them harmless, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Company and the Trustee evidence to their satisfaction of the destruction, loss or theft of the applicant’s Security and of the ownership thereof. The Trustee may authenticate any such substituted Security and deliver the same upon the written request or authorization of any officer of the Company. Upon the issuance of any substituted Security, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. In case any Security that has matured or is about to mature shall become mutilated or be destroyed, lost or stolen, the Company may, instead of issuing a substitute Security, pay or authorize the payment of the same (without surrender thereof except in the case of a mutilated Security) if the applicant for such payment shall furnish to the Company and the Trustee such security or indemnity as they may require to save them harmless, and, in case of destruction, loss or theft, evidence to the satisfaction of the Company and the Trustee of the destruction, loss or theft of such Security and of the ownership thereof.

 

Every replacement Security issued pursuant to the provisions of this Section shall constitute an additional contractual obligation of the Company whether or not the mutilated, destroyed, lost or stolen Security shall be found at any time, or be enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of the same series duly issued hereunder. All Securities shall be held and owned upon the express condition that the foregoing provisions are exclusive with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities, and shall preclude (to the extent lawful) any and all other rights or remedies, notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the replacement or payment of negotiable instruments or other securities without their surrender.

 

SECTION 2.08              Cancellation.

 

All Securities surrendered for the purpose of payment, redemption, exchange or registration of transfer shall, if surrendered to the Company or any paying agent, be delivered to the Trustee for cancellation, or, if surrendered to the Trustee, shall be cancelled by it, and no Securities shall be issued in lieu thereof except as expressly required or permitted by any of the provisions of this Indenture. On request of the Company at the time of such surrender, the Trustee shall deliver to the Company canceled Securities held by the Trustee. In the absence of such request the Trustee may dispose of canceled Securities in accordance with its standard procedures and deliver a certificate of disposition to the Company. If the Company shall otherwise acquire any of the Securities, however, such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such Securities unless and until the same are delivered to the Trustee for cancellation.

 

9

 

SECTION 2.09              Benefits of Indenture.

 

Nothing in this Indenture or in the Securities, express or implied, shall give or be construed to give to any Person, other than the parties hereto and the holders of the Securities (and, with respect to the provisions of Article XIV, the holders of Senior Indebtedness, as defined in any supplement to this Indenture pursuant to Article XIV) any legal or equitable right, remedy or claim under or in respect of this Indenture, or under any covenant, condition or provision herein contained; all such covenants, conditions and provisions being for the sole benefit of the parties hereto and of the holders of the Securities (and, with respect to the provisions of Article XIV, the holders of Senior Indebtedness).

 

SECTION 2.10              Authenticating Agent.

 

So long as any of the Securities of any series remain Outstanding there may be an Authenticating Agent for any or all such series of Securities which the Trustee shall have the right to appoint. Said Authenticating Agent shall be authorized to act on behalf of the Trustee to authenticate Securities of such series issued upon exchange, transfer or partial redemption thereof, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. All references in this Indenture to the authentication of Securities by the Trustee shall be deemed to include authentication by an Authenticating Agent for such series. Each Authenticating Agent shall be acceptable to the Company and shall be a corporation that has a combined capital and surplus, as most recently reported or determined by it, sufficient under the laws of any jurisdiction under which it is organized or in which it is doing business to conduct a trust business, and that is otherwise authorized under such laws to conduct such business and is subject to supervision or examination by Federal or State authorities. If at any time any Authenticating Agent shall cease to be eligible in accordance with these provisions, it shall resign immediately.

 

Any Authenticating Agent may at any time resign by giving written notice of resignation to the Trustee and to the Company. The Trustee may at any time (and upon request by the Company shall) terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and to the Company. Upon resignation, termination or cessation of eligibility of any Authenticating Agent, the Trustee may appoint an eligible successor Authenticating Agent acceptable to the Company. Any successor Authenticating Agent, upon acceptance of its appointment hereunder, shall become vested with all the rights, powers and duties of its predecessor hereunder as if originally named as an Authenticating Agent pursuant hereto.

 

SECTION 2.11              Global Securities

 

(a)                                 If the Company shall establish pursuant to Section 2.01 that some or all of the Securities of a particular series are to be issued as a Global Security, then the Company shall execute and the Trustee shall, in accordance with Section 2.04, authenticate and deliver, a Global Security that (i) shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, the Outstanding Securities of such series which are to be issued as a Global Security, (ii) shall be registered in the name of the Depositary or its nominee, (iii) shall be delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction and (iv) shall bear a legend substantially to the following effect: “Except as otherwise provided in Section 2.11 of the Indenture, this Security may be transferred, in whole but not in part, only to another nominee of the Depositary or to a successor Depositary or to a nominee of such successor Depositary.”

 

(b)                                 Notwithstanding the provisions of Section 2.05, the Global Security of a series may be transferred, in whole but not in part and in the manner provided in Section 2.05, only to another nominee of the Depositary for such series, or to a successor Depositary for such series selected or approved by the Company or to a nominee of such successor Depositary.

 

(c)                                  If at any time the Depositary for a series of the Securities notifies the Company that it is unwilling or unable to continue as Depositary for such series or if at any time the Depositary for such series shall no longer be registered or in good standing under the Exchange Act, or other applicable statute or regulation, and a successor Depositary for such series is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such condition, as the

 

10

 

case may be, this Section 2.11 shall no longer be applicable to the Securities of such series and the Company will execute, and subject to Section 2.05, the Trustee will authenticate and deliver the Securities of such series in definitive registered form without coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global Security of such series in exchange for such Global Security. In addition, the Company may at any time determine that the Securities of any series shall no longer be represented by a Global Security and that the provisions of this Section 2.11 shall no longer apply to the Securities of such series. In such event the Company will execute and subject to Section 2.05, the Trustee, upon receipt of an Officers’ Certificate evidencing such determination by the Company, will authenticate and deliver the Securities of such series in definitive registered form without coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global Security of such series in exchange for such Global Security. Upon the exchange of the Global Security for such Securities in definitive registered form without coupons, in authorized denominations, the Global Security shall be canceled by the Trustee. Such Securities in definitive registered form issued in exchange for the Global Security pursuant to this Section 2.11(c) shall be registered in such names and in such authorized denominations as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such Securities to the Depositary for delivery to the Persons in whose names such Securities are so registered.

 

ARTICLE III

 

REDEMPTION OF SECURITIES AND 
 SINKING FUND PROVISIONS

 

SECTION 3.01              Redemption.

 

The Company may redeem the Securities of any series issued hereunder on and after the dates and in accordance with the terms established for such series pursuant to Section 2.01 hereof.

 

SECTION 3.02              Notice of Redemption.

 

(a)                                 In case the Company shall desire to exercise such right to redeem all or, as the case may be, a portion of the Securities of any series in accordance with the right reserved so to do, the Company shall, or shall cause the Trustee to, give notice of such redemption to holders of the Securities of such series to be redeemed by mailing, first class postage prepaid, a notice of such redemption not less than 30 days and not more than 90 days before the date fixed for redemption of that series to such holders at their last addresses as they shall appear upon the Security Register unless a shorter period is specified in the Securities to be redeemed. Any notice that is mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the registered holder receives the notice. In any case, failure duly to give such notice to the holder of any Security of any series designated for redemption in whole or in part, or any defect in the notice, shall not affect the validity of the proceedings for the redemption of any other Securities of such series or any other series. In the case of any redemption of Securities prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officers’ Certificate evidencing compliance with any such restriction.

 

Each such notice of redemption shall specify the date fixed for redemption and the redemption price at which Securities of that series are to be redeemed, and shall state that payment of the redemption price of such Securities to be redeemed will be made at the office or agency of the Company in the Borough of Manhattan, the City and State of New York, upon presentation and surrender of such Securities, that interest accrued to the date fixed for redemption will be paid as specified in said notice, that from and after said date interest will cease to accrue and that the redemption is for a sinking fund, if such is the case. If less than all the Securities of a series are to be redeemed, the notice to the holders of Securities of that series to be redeemed in whole or in part shall specify the particular Securities to be so redeemed. In case any Security is to be redeemed in part only, the notice that relates to

 

11

 

such Security shall state the portion of the principal amount thereof to be redeemed, and shall state that on and after the redemption date, upon surrender of such Security, a new Security or Securities of such series in principal amount equal to the unredeemed portion thereof will be issued.

 

(b)                                 If less than all the Securities of a series are to be redeemed, the Company shall give the Trustee at least 30 days’ notice in advance of the date fixed for redemption as to the aggregate principal amount of Securities of the series to be redeemed, and thereupon the Trustee shall select, by lot or in such other manner as it shall deem appropriate and fair in its discretion and that may provide for the selection of a portion or portions (equal to one thousand U.S. dollars ($1,000) or any integral multiple thereof) of the principal amount of such Securities of a denomination larger than $1,000, the Securities to be redeemed and shall thereafter promptly notify the Company in writing of the numbers of the Securities to be redeemed, in whole or in part. The Company may, if and whenever it shall so elect, by delivery of instructions signed on its behalf by its President or any Vice President, instruct the Trustee or any paying agent to call all or any part of the Securities of a particular series for redemption and to give notice of redemption in the manner set forth in this Section, such notice to be in the name of the Company or its own name as the Trustee or such paying agent may deem advisable. In any case in which notice of redemption is to be given by the Trustee or any such paying agent, the Company shall deliver or cause to be delivered to, or permit to remain with, the Trustee or such paying agent, as the case may be, such Security Register, transfer books or other records, or suitable copies or extracts therefrom, sufficient to enable the Trustee or such paying agent to give any notice by mail that may be required under the provisions of this Section.

 

SECTION 3.03              Payment Upon Redemption.

 

(a)                                 If the giving of notice of redemption shall have been completed as above provided, the Securities or portions of Securities of the series to be redeemed specified in such notice shall become due and payable on the date and at the place stated in such notice at the applicable redemption price, together with interest accrued to the date fixed for redemption and interest on such Securities or portions of Securities shall cease to accrue on and after the date fixed for redemption, unless the Company shall default in the payment of such redemption price and accrued interest with respect to any such Security or portion thereof. On presentation and surrender of such Securities on or after the date fixed for redemption at the place of payment specified in the notice, said Securities shall be paid and redeemed at the applicable redemption price for such series, together with interest accrued thereon to the date fixed for redemption (but if the date fixed for redemption is an interest payment date, the interest installment payable on such date shall be payable to the registered holder at the close of business on the applicable record date pursuant to Section 2.03).

 

(b)                                 Upon presentation of any Security of such series that is to be redeemed in part only, the Company shall execute and the Trustee shall authenticate and the office or agency where the Security is presented shall deliver to the holder thereof, at the expense of the Company, a new Security of the same series of authorized denominations in principal amount equal to the unredeemed portion of the Security so presented.

 

SECTION 3.04              Sinking Fund.

 

The provisions of Sections 3.04, 3.05 and 3.06 shall be applicable to any sinking fund for the retirement of Securities of a series, except as otherwise specified as contemplated by Section 2.01 for Securities of such series.

 

The minimum amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of any series is herein referred to as an “optional sinking fund payment.” If provided for by the terms of Securities of any series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 3.05. Each sinking fund payment shall be applied to the redemption of Securities of any series as provided for by the terms of Securities of such series.

 

12

 

SECTION 3.05              Satisfaction of Sinking Fund Payments with Securities.

 

The Company (i) may deliver Outstanding Securities of a series (other than any Securities previously called for redemption) and (ii) may apply as a credit Securities of a series that have been redeemed either at the election of the Company pursuant to the terms of such Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities, in each case in satisfaction of all or any part of any sinking fund payment with respect to the Securities of such series required to be made pursuant to the terms of such Securities as provided for by the terms of such series, provided that such Securities have not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the redemption price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly.

 

SECTION 3.06              Redemption of Securities for Sinking Fund.

 

Not less than 45 days prior to each sinking fund payment date for any series of Securities, the Company will deliver to the Trustee an Officers’ Certificate specifying the amount of the next ensuing sinking fund payment for that series pursuant to the terms of the series, the portion thereof, if any, that is to be satisfied by delivering and crediting Securities of that series pursuant to Section 3.05 and the basis for such credit and will, together with such Officers’ Certificate, deliver to the Trustee any Securities to be so delivered. Not less than 30 days before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 3.02 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 3.02. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Section 3.03.

 

ARTICLE IV

 

COVENANTS

 

SECTION 4.01              Payment of Principal, Premium and Interest.

 

The Company will duly and punctually pay or cause to be paid the principal of (and premium, if any) and interest on the Securities of that series at the time and place and in the manner provided herein and established with respect to such Securities.

 

SECTION 4.02              Maintenance of Office or Agency.

 

So long as any series of the Securities remain Outstanding, the Company agrees to maintain an office or agency in the Borough of Manhattan, the City and State of New York, with respect to each such series and at such other location or locations as may be designated as provided in this Section 4.02, where (i) Securities of that series may be presented or surrendered for payment, (ii) Securities of that series may be presented as herein above authorized for registration of transfer and exchange, and (iii) notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may be given or served, such designation to continue with respect to such office or agency until the Company shall, by written notice signed by its President or a Vice President and delivered to the trustee, designate some other office or agency for such purposes or any of them. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, notices and demands.

 

SECTION 4.03              Paying Agents.

 

(a)                                 If the Company shall appoint one or more paying agents for all or any series of the Securities, other than the Trustee, the Company will cause each such paying agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section:

 

13

 

(1)                                 that it will hold all sums held by it as such agent for the payment of the principal of (and premium, if any) or interest on the Securities of that series (whether such sums have been paid to it by the Company or by any other obligor of such Securities) in trust for the benefit of the Persons entitled thereto;

 

(2)                                 that it will give the Trustee notice of any failure by the Company (or by any other obligor of such Securities) to make any payment of the principal of (and premium, if any) or interest on the Securities of that series when the same shall be due and payable;

 

(3)                                 that it will, at any time during the continuance of any failure referred to in the preceding paragraph (a)(2) above, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such paying agent; and

 

(4)                                 that it will perform all other duties of paying agent as set forth in this Indenture.

 

(b)                                 If the Company shall act as its own paying agent with respect to any series of the Securities, it will on or before each due date of the principal of (and premium, if any) or interest on Securities of that series, set aside, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient with monies held by all other paying agents to pay such principal (and premium, if any) or interest so becoming due on Securities of that series until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of such action, or any failure (by it or any other obligor on such Securities) to take such action. Whenever the Company shall have one or more paying agents for any series of Securities, it will, prior to each due date of the principal of (and premium, if any) or interest on any Securities of that series, deposit with the paying agent a sum sufficient to pay the principal (an premium, if any) or interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal, premium or interest, and (unless such paying agent is the Trustee) the Company will promptly notify the Trustee of this action or failure so to act.

 

(c)                                  Notwithstanding anything in this Section to the contrary, (i) the agreement to hold sums in trust as provided in this Section is subject to the provisions of Section 11.05, and (ii) the Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or direct any paying agent to pay, to the Trustee all sums held in trust by the Company or such paying agent, such sums to be held by the Trustee upon the same terms and conditions as those upon which such sums were held by the Company or such paying agent; and, upon such payment by any paying agent to the Trustee, such paying agent shall be released from all further liability with respect to such money.

 

SECTION 4.04              Appointment to Fill Vacancy in Office of Trustee.

 

The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 7.10, a Trustee, so that there shall at all times be a Trustee hereunder.

 

SECTION 4.05              Compliance with Consolidation Provisions.

 

The Company will not, while any of the Securities remain Outstanding, consolidate with or merge into any other Person, in either case where the Company is not the survivor of such transaction, or sell or convey all or substantially all of its property to any other company unless the provisions of Article X hereof are complied with.

 

14

 

ARTICLE V

 

SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE

 

SECTION 5.01              Company to Furnish Trustee Names and Addresses of Securityholders.

 

If the Company is not the Security Register, the Company will furnish or use reasonable efforts to cause to be furnished to the Trustee (a) on each regular record date (as defined in Section 2.03) a list, in such form as the Trustee may reasonably require, of the names and addresses of the holders of each series of Securities as of such regular record date, provided that the Company shall not be obligated to furnish or cause to furnish such list at any time that the list shall not differ in any respect from the most recent list furnished to the Trustee by the Company and (b) at such other times as the Trustee may request in writing within 30 days after the receipt by the Company of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished; provided, however, that, in either case, no such list need be furnished for any series for which the Trustee shall be the Security Registrar.

 

SECTION 5.02              Preservation of Information; Communications with Securityholders.

 

(a)                                 The Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and addresses of the holders of Securities contained in the most recent list furnished to it as provided in Section 5.01 and as to the names and addresses of holders of Securities received by the Trustee in its capacity as Security Registrar (if acting in such capacity) and shall otherwise comply with Section 312(a) of the Trust Indenture Act.

 

(b)                                 The Trustee may destroy any list furnished to it as provided in Section 5.01 upon receipt of a new list so furnished.

 

(c)                                  Securityholders may communicate as provided in Section 312(b) of the Trust Indenture Act with other Securityholders with respect to their rights under this Indenture or under the Securities.

 

SECTION 5.03              Reports by the Company.

 

(a)                                 The Company covenants and agrees to file with the Trustee, within 15 days after the Company is required to file the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) that the Company may be required to file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act; or, if the Company is not required to file information, documents or reports pursuant to either of such sections, then to file with the Trustee and the Commission, in accordance with the rules and regulations prescribed from time to time by the Commission, such of the supplementary and periodic information, documents and reports that may be required pursuant to Section 13 of the Exchange Act, in respect of a security listed and registered on a national securities exchange as may be prescribed from time to time in such rules and regulations; provided, however, the Company shall not be required to deliver to the Trustee any materials for which the Company has sought and received confidential treatment by the Commission. The Company also shall comply with the other provisions of Section 314(a) of the Trust Indenture Act.

 

(b)                                 The Company covenants and agrees to file with the Trustee and the Commission, in accordance with the rules and regulations prescribed from to time by the Commission, such additional information, documents and reports with respect to compliance by the Company with the conditions and covenants provided for in this Indenture as may be required from time to time by such rules and regulations.

 

(c)                                  The Company covenants and agrees to transmit by mail, first class postage prepaid, or reputable over-night delivery service that provides for evidence of receipt, to the Securityholders, as their

 

15

 

names and addresses appear upon the Security Register, within 30 days after the filing thereof with the Trustee, such summaries of any information, documents and reports required to be filed by the Company pursuant to subsections (a) and (b) of this Section as may be required by rules and regulations prescribed from time to time by the Commission.

 

SECTION 5.04              Reports by the Trustee.

 

(a)                                 The Trustee shall transmit to holders as provided in Section 313 of the Trust Indenture Act such reports concerning the Trustee and its actions under this Indenture as may be required by Section 313 of the Trust Indenture Act at the times and in the manner provided by the Trust Indenture Act.

 

(b)                                 A copy of each such report shall, at the time of such transmission to Securityholders, be filed by the Trustee with the Company, with each stock exchange upon which any Securities are listed (if so listed) and, if required by Section 313 of the Trust Indenture Act, also with the Commission. The Company agrees to notify the Trustee when any Securities become listed on any stock exchange.

 

ARTICLE VI

 

REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT

 

SECTION 6.01              Events of Default.

 

(a)                                 Whenever used herein with respect to Securities of a particular series, “Event of Default” means any one or more of the following events that has occurred and is continuing:

 

(1)                                 the Company defaults in the payment of any installment of interest upon any of the Securities of that series, as and when the same shall become due and payable, and continuance of such default for a period of 90 days; provided, however, that a valid extension of an interest payment period by the Company in accordance with the terms of any indenture supplemental hereto shall not constitute a default in the payment of interest for this purpose;

 

(2)                                 the Company defaults in the payment of the principal of (or premium, if any, on) any of the Securities of that series as and when the same shall become due and payable whether at maturity, upon redemption, by declaration or otherwise, or in any payment required by any sinking or analogous fund established with respect to that series; provided, however, that a valid extension of the maturity of such Securities in accordance with the terms of any indenture supplemental hereto shall not constitute a default in the payment of principal or premium, if any;

 

(3)                                 the Company fails to observe or perform any other of its covenants or agreements with respect to that series contained in this Indenture or otherwise established with respect to that series of Securities pursuant to Section 2.01 hereof (other than a covenant or agreement that has been expressly included in this Indenture solely for the benefit of one or more series of Securities other than such series) for a period of 90 days after the date on which written notice of such failure, requiring the same to be remedied and stating that such notice is a “Notice of Default” hereunder, shall have been given to the Company by the Trustee, by registered or certified mail, or to the Company and the Trustee by the holders of not less than a majority in principal amount of the Securities of that series at the time Outstanding;

 

(4)                                 the Company pursuant to or within the meaning of any Bankruptcy Law (i) commences a voluntary case, (ii) consents to the entry of an order for relief against it in an involuntary

 

16

 

case, (iii) consents to the appointment of a Custodian of it or for all or substantially all of its property or (iv) makes a general assignment for the benefit of its creditors; or

 

(5)                                 a court of competent jurisdiction enters an order under any Bankruptcy Law that (i) is for relief against the Company in an involuntary case, (ii) appoints a Custodian of the Company for all or substantially all of its property, or (iii) orders the liquidation of the Company, and the order or decree remains unstayed and in effect for 90 consecutive days.

 

(b)                                 In each and every such case, unless the principal of all the Securities of that series shall have already become due and payable, either the Trustee or the holders of not less than a majority in aggregate principal amount of the Securities of that series then Outstanding hereunder, by notice in writing to the Company (and to the Trustee if given by such Securityholders), may declare the principal (or, if any Securities of that series are discount securities, that portion of the principal amount as may be specified in the terms of that series pursuant to Section 2.01(a)(16)) of (and premium, if any, on) and accrued and unpaid interest, if any, on all the Securities of that series to be due and payable immediately, and upon any such declaration the same shall become and shall be immediately due and payable. Notwithstanding the foregoing, the payment of such principal (or, if any Securities of that series are discount securities, that portion of the principal amount as may be specified in the terms of that series pursuant to Section 2.01(a)(16)) of (and premium, if any, on) and accrued and unpaid interest, if any, on the Securities of such series shall remain subordinated to the extent provided in Article XIV.

 

(c)                                  At any time after the principal of the Securities of that series shall have been so declared due and payable, and before a judgment or decree for the payment of the moneys due shall have been obtained or entered as hereinafter provided, the holders of a majority in aggregate principal amount of the Securities of that series then Outstanding hereunder (or, by action at a meeting of holders of the Securities of such series in accordance with Section 8.09, the holders of a majority in aggregate principal amount of the Securities of such series then Outstanding represented at such meeting), by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if: (i) the Company has paid or deposited with the Trustee a sum sufficient to pay all matured installments of interest upon all the Securities of that series and the principal of (and premium, if any, on) any and all Securities of that series that shall have become due otherwise than by acceleration and (ii) any and all Events of Default under this Indenture with respect to such series, other than the nonpayment of principal of (and premium, if any, on) and accrued and unpaid interest, if any, on Securities of that series that shall have become due solely because of such acceleration, shall have been remedied, cured or waived as provided in Section 6.06.  No such rescission and annulment shall extend to or shall affect any subsequent default or impair any right consequent thereon.

 

(d)                                 In case the Trustee shall have proceeded to enforce any right with respect to Securities of that series under this Indenture and such proceedings shall have been discontinued or abandoned because of such rescission or annulment or for any other reason or shall have been determined adversely to the Trustee, then and in every such case, subject to any determination in such proceedings, the Company, and the Trustee shall be restored respectively to their former positions and rights hereunder, and all rights, remedies and powers of the Company and the Trustee shall continue as though no such proceedings had been taken.

 

SECTION 6.02              Collection of Indebtedness and Suits for Enforcement by Trustee.

 

(a)                                 The Company covenants that (1) in case it shall default in the payment of any installment of interest on any of the Securities of a series, or any payment required by any sinking or analogous fund established with respect to that series as and when the same shall have become due and payable, and such default shall have continued for a period of 90 Business Days, or (2) in case it shall default in the payment of the principal of (or premium, if any, on) any of the Securities of a series when the same shall have become due and payable, whether upon maturity of the Securities

 

17

 

of a series or upon redemption or upon declaration or otherwise, then, upon demand of the Trustee, the Company will pay to the Trustee, for the benefit of the holders of the Securities of that series, the whole amount that then shall have been become due and payable on all such Securities for principal (and premium, if any) or interest, or both, as the case may be, with interest upon the overdue principal (and premium, if any) and (to the extent that payment of such interest is enforceable under applicable law) upon overdue installments of interest at the rate per annum expressed in the Securities of that series; and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, and the amount payable to the Trustee under Section 7.06.

 

(b)                                 If the Company shall fail to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, shall be entitled and empowered to institute any action or proceedings at law or in equity for the collection of the sums so due and unpaid, and may prosecute any such action or proceeding to judgment or final decree, and may enforce any such judgment or final decree against the Company or other obligor upon the Securities of that series and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the Company or other obligor upon the Securities of that series, wherever situated.

 

(c)                                  In case of any receivership, insolvency, liquidation, bankruptcy, reorganization, readjustment, arrangement, composition or judicial proceedings affected the Company, or its creditors or property, the Trustee shall have power to intervene in such proceedings and take any action therein that may be permitted by the court and shall (except as may be otherwise provided by law) be entitled to file such proofs of claim and other papers and documents as may be necessary or advisable in order to have the claims of the Trustee and of the holders of Securities of such series allowed for the entire amount due and payable by the Company under this Indenture at the date of institution of such proceedings and for any additional amount that may become due and payable by the Company after such date, and to collect and receive any moneys or other property payable or deliverable on any such claim, and to distribute the same after the deduction of the amount payable to the Trustee under Section 7.06; and any receiver, assignee or trustee in bankruptcy or reorganization is hereby authorized by each of the holders of Securities of such series to make such payments to the Trustee, and, in the event that the Trustee shall consent to the making of such payments directly to such Securityholders, to pay to the Trustee any amount due it under Section 7.06.

 

(d)                                 All rights of action and of asserting claims under this Indenture, or under any of the terms established with respect to Securities of that series, may be enforced by the Trustee without the possession of any of such Securities, or the production thereof at any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for payment to the Trustee of any amounts due under Section 7.06, be for the ratable benefit of the holders of the Securities of such series.

 

In case of an Event of Default hereunder, the Trustee may in its discretion proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any of such rights, either at law or in equity or in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable right vested in the Trustee by this Indenture or by law.

 

Nothing contained herein shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Securityholder any plan of reorganization, arrangement, adjustment or composition affecting the Securities of that series or the rights of any holder thereof or to authorize the Trustee to vote in respect of the claim of any Securityholder in any such proceeding.

 

18

 

SECTION 6.03              Application of Moneys Collected.

 

Any moneys collected by the Trustee pursuant to this Article with respect to a particular series of Securities shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such moneys on account of principal (or premium, if any) or interest, upon presentation of the Securities of that series, and notation thereon the payment, if only partially paid, and upon surrender thereof if fully paid:

 

FIRST:                                                        To the payment of costs and expenses of collection and of all amounts payable to the Trustee under Section 7.06;

 

SECOND:                                         To the payment of all Senior Indebtedness of the Company if and to the extent required by Article XIV; and

 

THIRD:                                                   To the payment of the amounts then due and unpaid upon Securities of such series for principal (and premium, if any) and interest, in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal (and premium, if any) and interest, respectively.

 

SECTION 6.04              Limitation on Suits.

 

No holder of any Security of any series shall have any right by virtue or by availing of any provision of this Indenture to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Indenture or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless (i) such holder previously shall have given to the Trustee written notice of an Event of Default and of the continuance thereof with respect to the Securities of such series specifying such Event of Default, as hereinbefore provided; (ii) the holders of not less than a majority in aggregate principal amount of the Securities of such series then Outstanding shall have made written request upon the Trustee to institute such action, suit or proceeding in its own name as trustee hereunder; (iii) such holder or holders shall have offered to the Trustee such reasonable indemnity as it may require against the costs, expenses and liabilities to be incurred therein or thereby; and (iv) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity, shall have failed to institute any such action, suit or proceeding and (v) during such 60 day period, the holders of a majority in principal amount of the Securities of that series (or such amount as shall have acted at a meeting of the holders of Securities of such series pursuant to the provisions of this Indenture) do not give the Trustee a direction inconsistent with the request; provided, however, that no one or more of such holders may use this Indenture to prejudice the rights of another holder or to obtain preference or priority over another holder.

 

Notwithstanding anything contained herein to the contrary, any other provisions of this Indenture, the right of any holder of any Security to receive payment of the principal of (and premium, if any) and interest on such Security, as therein provided, on or after the respective due dates expressed in such Security (or in the case of redemption, on the redemption date), or to institute suit for the enforcement of any such payment on or after such respective dates or redemption date, shall not be impaired or affected without the consent of such holder and by accepting a Security hereunder it is expressly understood, intended and covenanted by the taker and holder of every Security of such series with every other such taker and holder and the Trustee, that no one or more holders of Securities of such series shall have any right in any manner whatsoever by virtue or by availing of any provision of this Indenture to affect, disturb or prejudice the rights of the holders of any other of such Securities, or to obtain or seek to obtain priority over or preference to any other such holder, or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all holders of Securities of such series. For the protection and enforcement of the provisions of this Section, each and every Securityholder and the Trustee shall be entitled to such relief as can be given either at law or in equity.

 

SECTION 6.05              Rights and Remedies Cumulative; Delay or Omission Not Waiver.

 

(a)                                 Except as otherwise provided in Section 2.07, all powers and remedies given by this Article to the Trustee or to the Securityholders shall, to the extent permitted by law, be deemed cumulative and

 

19

 

not exclusive of any other powers and remedies available to the Trustee or the holders of the Securities, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants and agreements contained in this Indenture or otherwise established with respect to such Securities.

 

(b)                                 No delay or omission of the Trustee or of any holder of any of the Securities to exercise any right or power accruing upon any Event of Default occurring and continuing as aforesaid shall impair any such right or power, or shall be construed to be a waiver of any such default or on acquiescence therein; and, subject to the provisions of Section 6.04, every power and remedy given by this Article or by law to the Trustee or the Securityholders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Securityholders.

 

SECTION 6.06              Control by Securityholders.

 

The holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding, determined in accordance with Section 8.01, shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee with respect to such series; provided, however, that such direction shall not be in conflict with any rule of law or with this Indenture or be unduly prejudicial to the rights of holders of Securities of any other series at the time Outstanding determined in accordance with Section 8.01. Subject to the provisions of Section 7.01, the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer or Officers of the Trustee, determine that the proceeding so directed would involve the Trustee in personal liability.

 

The holders either (a) through the written consent of not less than a majority in aggregate principal amount of the Securities of any series at the time Outstanding or (b) by action at a meeting of holders of the Securities of such series in accordance with Section 8.09, by the holders of a majority in aggregate principal amount of the Securities of such series then Outstanding represented at such meeting, may on behalf of the holders of all of the Securities of such series waive any past default in the performance of any of the covenants contained herein or established pursuant to Section 2.01 with respect to such series and its consequences, except a default in the payment of the principal of, or premium, if any, or interest on, any of the Securities of that series as and when the same shall become due by the terms of such Securities otherwise than by acceleration (unless such default has been cured and a sum sufficient to pay all matured installments of interest and principal and any premium has been deposited with the Trustee (in accordance with Section 6.01(c)) and except in respect a provision hereof which, under Section 9.02, cannot be modified or amended without the consent of the holders of each Outstanding Security affected; provided however that this Section shall not limit the right of holders of Securities of a series to rescind and annul any acceleration as set forth in Section 6.01. Upon any such waiver, the default covered thereby shall be deemed to be cured for all purposes of this Indenture and the Company, the Trustee and the holders of the Securities of such series shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. The provisions which otherwise would be automatically deemed to be contained in this Indenture pursuant to Section 316(a)(1) of the Trust Indenture Act are hereby expressly excluded from this Indenture, except to the extent such provisions are expressly included herein.

 

SECTION 6.07              Undertaking to Pay Costs.

 

All parties to this Indenture agree, and each holder of any Securities by such holder’s acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Trustee, to any suit instituted by any Securityholder, or group of Securityholders, holding more than 10% in aggregate principal amount of the Outstanding Securities of any series, or to any suit instituted by any Securityholder for the enforcement of the

 

20

 

payment of the principal of (or premium, if any) or interest on any Security of such series, on or after the respective due dates expressed in such Security or established pursuant to this Indenture.

 

ARTICLE VII

 

CONCERNING THE TRUSTEE

 

SECTION 7.01              Certain Duties and Responsibilities of Trustee.

 

(a)                                 The Trustee, prior to the occurrence of an Event of Default with respect to the Securities of a series and after the curing of all Events of Default with respect to the Securities of that series that may have occurred, shall undertake to perform with respect to the Securities of such series such duties and only such duties as are specifically set forth in this Indenture, and no implied covenants shall be read into this Indenture against the Trustee. In case an Event of Default with respect to the Securities of a series has occurred (that has not been cured or waived), the Trustee shall exercise with respect to Securities of that series such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs.

 

(b)                                 No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that:

 

(1)                                 prior to the occurrence of an Event of Default with respect to the Securities of a series and after the curing or waiving of all such Events of Default with respect to that series that may have occurred:

 

(i)                                     the duties and obligations of the Trustee shall with respect to the Securities of such series be determined solely by the express provisions of this Indenture, and the Trustee shall not be liable with respect to the Securities of such series except for the performance of such duties and obligations as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and

 

(ii)                                  in the absence of bad faith on the part of the Trustee, the Trustee may with respect to the Securities of such series conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions that by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirement of this Indenture;

 

(2)                                 the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or Responsible Officers of the Trustee, unless it shall be proved that the Trustee, was negligent in ascertaining the pertinent facts;

 

(3)                                 the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the holders of not less than a majority in principal amount of the Securities of any series at the time Outstanding relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee under this Indenture with respect to the Securities of that series; and

 

(4)                                 None of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal financial liability in the performance of any

 

21

 

of its duties or in the exercise of any of its rights or powers, if there is reasonable ground for believing that the repayment of such funds or liability is not reasonably assured to it under the terms of this Indenture or adequate indemnity against such risk is not reasonably assured to it.

 

SECTION 7.02              Certain Rights of Trustee.

 

Except as otherwise provided in Section 7.01:

 

(a)                                 The Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond, security or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties;

 

(b)                                 Any request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by a Board Resolution or an instrument signed in the name of the Company, by the President or any Vice President and by the Secretary or an Assistant Secretary or the Treasurer or an Assistant Treasurer thereof (unless other evidence in respect thereof is specifically prescribed herein);

 

(c)                                  The Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted hereunder in good faith and in reliance thereon;

 

(d)                                 The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order or direction of any of the Securityholders, pursuant to the provisions of this Indenture, unless such Securityholders shall have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities that may be incurred therein or thereby; nothing contained herein shall, however, relieve the Trustee of the obligation, upon the occurrence of an Event of Default with respect to a series of the Securities (that has not been cured or waived) to exercise with respect to Securities of that series such of the rights and powers vested in it by this Indenture, and to use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs;

 

(e)                                  The Trustee shall not be liable for any action taken or omitted to be taken by it in good faith and believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture;

 

(f)                                   The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond, security, or other papers or documents, unless requested in writing so to do by the holders of not less than a majority in principal amount of the Outstanding Securities of the particular series affected thereby (determined as provided in Section 8.04); provided, however, that if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture, the Trustee may require reasonable indemnity against such costs, expenses or liabilities as a condition to so proceeding. The reasonable expense of every such examination shall be paid by the Company or, if paid by the Trustee, shall be repaid by the Company upon demand; and

 

(g)                                  The Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder.

 

22

 

SECTION 7.03              Trustee Not Responsible for Recitals or Issuance of Securities.

 

(a)                                 The recitals contained herein and in the Securities shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness of the same.

 

(b)                                 The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities.

 

(c)                                  The Trustee shall not be accountable for the use or application by the Company of any of the Securities or of the proceeds of such Securities, or for the use or application of any moneys paid over by the Trustee in accordance with any provision of this Indenture or established pursuant to Section 2.01, or for the use or application of any moneys received by any paying agent other than the Trustee.

 

SECTION 7.04              May Hold Securities.

 

The Trustee or any paying agent or Security Registrar, in its individual or any other capacity, may become the owner or pledgee of Securities with the same rights it would have if it were not Trustee, paying agent or Security Registrar.

 

SECTION 7.05              Moneys Held in Trust.

 

Subject to the provisions of Section 11.05, all moneys received by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any moneys received by it hereunder except such as it may agree with the Company to pay thereon.

 

SECTION 7.06              Compensation and Reimbursement.

 

(a)                                 The Company covenants and agrees to pay to the Trustee, and the Trustee shall be entitled to, such reasonable compensation (which shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust), as the Company, and the Trustee may from time to time agree in writing, for all services rendered by it in the execution of the trusts hereby created and in the exercise and performance of any of the powers and duties hereunder of the Trustee, and, except as otherwise expressly provided herein, the Company will pay or reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with any of the provisions of this Indenture (including the reasonable compensation and the expenses and disbursements of its counsel and of all Persons not regularly in its employ) except any such expense, disbursement or advance as may arise from its negligence or bad faith. The Company also covenants to indemnify the Trustee (and its officers, agents, directors and employees) for, and to hold it harmless against, any loss, liability or expense incurred without negligence or bad faith on the part of the Trustee and arising out of or in connection with the acceptance or administration of this trust, including the costs and expenses of defending itself against any claim of liability in the premises.

 

(b)                                 The obligations of the Company under this Section to compensate and indemnify the Trustee and to pay or reimburse the Trustee for expenses, disbursements and advances shall constitute additional indebtedness hereunder. Such additional indebtedness shall be secured by a lien prior to that of the Securities upon all property and funds held or collected by the Trustee as such, except funds held in trust for the benefit of the holders of particular Securities.

 

SECTION 7.07              Reliance on Officers’ Certificate.

 

Except as otherwise provided in Section 7.01, whenever in the administration of the provisions of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or

 

23

 

suffering or omitting to take any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of negligence or bad faith on the part of the Trustee, be deemed to be conclusively proved and established by an Officers’ Certificate delivered to the Trustee and such certificate, in the absence of negligence or bad faith on the part of the Trustee, shall be full warrant to the Trustee for any action taken, suffered or omitted to be taken by it under the provisions of this Indenture upon the faith thereof.

 

SECTION 7.08              Disqualification; Conflicting Interests.

 

If the Trustee has or shall acquire any “conflicting interest” within the meaning of Section 310(b) of the Trust Indenture Act, the Trustee and the Company shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act.

 

SECTION 7.09              Corporate Trustee Required; Eligibility.

 

There shall at all times be a Trustee with respect to the Securities issued hereunder which shall at all times be a corporation organized and doing business under the laws of the United States of America or any State or Territory thereof or of the District of Columbia, or a corporation or other Person permitted to act as trustee by the Commission, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least 50 million U.S. dollars ($50,000,000), and subject to supervision or examination by Federal, State, Territorial, or District of Columbia authority. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.  The Company may not, nor may any Person directly or indirectly controlling, controlled by, or under common control with the Company, serve as Trustee.  In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 7.10.

 

SECTION 7.10              Resignation and Removal; Appointment of Successor.

 

(a)                                 The Trustee or any successor hereafter appointed, may at any time resign with respect to the Securities of one or more series by giving written notice thereof to the Company and by transmitting notice of resignation by mail, first class postage prepaid, to the Securityholders of such series, as their names and addresses appear upon the Security Register.  Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee with respect to Securities of such series by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee.  If no successor trustee shall have been so appointed and have accepted appointment within 30 days after the mailing of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee with respect to Securities of such series, or any Securityholder of that series who has been a bona fide holder of a Security or Securities for at least six months may on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor trustee.  Such court may thereupon after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee.

 

(b)                                 In case at any time any one of the following shall occur:

 

(1)                                 the Trustee shall fail to comply with the provisions of Section 7.08 after written request therefor by the Company or by any Securityholder who has been a bona fide holder of a Security or Securities for at least six months; or

 

(2)                                 the Trustee shall cease to be eligible in accordance with the provisions of Section 7.09 and shall fail to resign after written request therefor by the Company or by any such Securityholder; or

 

24

 

(3)                                 the Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or commence a voluntary bankruptcy proceeding, or a receiver of the Trustee or of its property shall be appointed or consented to, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, the Company may remove the Trustee with respect to all Securities and appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or, unless the Trustee’s duty to resign is stayed as provided herein, any Securityholder who has been a bona fide holder of a Security or Securities for at least six months may, on behalf of that holder and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee. Such court may thereupon after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee.

 

(c)                                  The holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding may at any time remove the Trustee with respect to such series by so notifying the Trustee and the Company and may appoint a successor Trustee for such series with the consent of the Company.

 

(d)                                 Any resignation or removal of the Trustee and appointment of a successor trustee with respect to the Securities of a series pursuant to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor trustee as provided in Section 7.11.

 

(e)                                  Any successor trustee appointed pursuant to this Section may be appointed with respect to the Securities of one or more series or all of such series, and at any time there shall be only one Trustee with respect to the Securities of any particular series.

 

SECTION 7.11              Acceptance of Appointment By Successor.

 

(a)                                 In case of the appointment hereunder of a successor trustee with respect to all Securities, every such successor trustee so appointed shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the successor trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor trustee all the rights, powers, and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor trustee all property and money held by such retiring Trustee hereunder.

 

(b)                                 In case of the appointment hereunder of a successor trustee with respect to the Securities of one or more (but not all) series, the Company, the retiring Trustee and each successor trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto wherein each successor trustee shall accept such appointment and which (1) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor trustee relates, (2) shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (3) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust, that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such

 

25

 

Trustee and that no Trustee shall be responsible for any act or failure to act on the part of any other Trustee hereunder; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein, such retiring Trustee shall with respect to the Securities of that or those series to which the appointment of such successor trustee relates have no further responsibility for the exercise of rights and powers or for the performance of the duties and obligations vested in the Trustee under this Indenture, and each such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor trustee relates; but, on request of the Company or any successor trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor trustee, to the extent contemplated by such supplemental indenture, the property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor trustee relates.

 

(c)                                  Upon request of any such successor trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of this Section, as the case may be.

 

(d)                                 No successor trustee shall accept its appointment unless at the time of such acceptance such successor trustee shall be qualified and eligible under this Article.

 

(e)                                  Upon acceptance of appointment by a successor trustee as provided in this Section, the Company shall transmit notice of the succession of such trustee hereunder by mail, first class postage prepaid, to the Securityholders, as their names and addresses appear upon the Security Register. If the Company fails to transmit such notice within ten days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be transmitted at the expense of the Company.

 

SECTION 7.12              Merger, Conversion, Consolidation or Succession to Business.

 

Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided that such corporation shall be qualified under the provisions of Section 7.08 and eligible under the provisions of Section 7.09, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities.

 

SECTION 7.13              Preferential Collection of Claims Against the Company.

 

The Trustee shall comply with Section 311(a) of the Trust Indenture Act, excluding any creditor relationship described in Section 311(b) of the Trust Indenture Act. A Trustee who has resigned or been removed shall be subject to Section 311(a) of the Trust Indenture Act to the extent included therein.

 

ARTICLE VIII

 

CONCERNING THE SECURITYHOLDERS

 

SECTION 8.01              Evidence of Action by Securityholders.

 

Whenever in this Indenture it is provided that the holders of a majority or specified percentage in aggregate principal amount of the Securities of a particular series may take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking of any other action), the fact that at the time of

 

26

 

taking any such action the holders of such majority or specified percentage of that series have joined therein may be evidenced by any instrument or any number of instruments of similar tenor executed by such holders of Securities of that series in Person or by agent or proxy appointed in writing.

 

If the Company shall solicit from the Securityholders of any series any request, demand, authorization, direction, notice, consent, waiver or other action, the Company may, at its option, as evidenced by an Officers’ Certificate, fix in advance a record date for such series for the determination of Securityholders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other action, but the Company shall have no obligation to do so. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other action may be given before or after the record date, but only the Securityholders of record at the close of business on the record date shall be deemed to be Securityholders for the purposes of determining whether Securityholders of the requisite proportion of Outstanding Securities of that series have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other action, and for that purpose the Outstanding Securities of that series shall be computed as of the record date; provided, however, that no such authorization, agreement or consent by such Securityholders on the record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than six months after the record date.

 

SECTION 8.02              Proof of Execution by Securityholders.

 

Subject to the provisions of Section 7.01, proof of the execution of any instrument by a Securityholder (such proof will not require notarization) or his agent or proxy and proof of the holding by any Person of any of the Securities shall be sufficient if made in the following manner:

 

(a)                                 The fact and date of the execution by any such Person of any instrument may be proved in any reasonable manner acceptable to the Trustee.

 

(b)                                 The ownership of Securities shall be proved by the Security Register of such Securities or by a certificate of the Security Registrar thereof.

 

(c)                                  The Trustee may require such additional proof of any matter referred to in this Section as it shall deem necessary.

 

SECTION 8.03              Who May be Deemed Owners.

 

Prior to the due presentment for registration of transfer of any Security, the Company, the Trustee, any paying agent and any Security Registrar may deem and treat the Person in whose name such Security shall be registered upon the books of the Company as the absolute owner of such Security (whether or not such Security shall be overdue and notwithstanding any notice of ownership or writing thereon made by anyone other than the Security Registrar) for the purpose of receiving payment of or on account of the principal of, premium, if any, and (subject to Section 2.03) interest on such Security and for all other purposes; and neither the Company nor the Trustee nor any paying agent nor any Security Registrar shall be affected by any notice to the contrary.

 

SECTION 8.04              Certain Securities Owned by Company Disregarded.

 

In determining whether the holders of the requisite aggregate principal amount of Securities of a particular series have concurred in any direction, consent of waiver under this Indenture, the Securities of that series that are owned by the Company or any other obligor on the Securities of that series or by any Person directly or indirectly controlling or controlled by or under common control with the Company or any other obligor on the Securities of that series shall be disregarded and deemed not to be Outstanding for the purpose of any such determination, except that for the purpose of determining whether the Trustee shall be protected in relying on any such direction, consent or waiver, only Securities of such series that the Trustee actually knows are so owned shall be so disregarded. The Securities so owned that have been pledged in good faith may be regarded as Outstanding for the purposes of this Section, if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not a Person directly or indirectly controlling or controlled by or under direct

 

27

 

or indirect common control with the Company or any such other obligor. In case of a dispute as to such right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee.

 

SECTION 8.05              Actions Binding on Future Securityholders.

 

At any time prior to (but not after) the evidencing to the Trustee, as provided in Section 8.01, of the taking of any action by the holders of the majority or percentage in aggregate principal amount of the Securities of a particular series specified in this Indenture in connection with such action, any holder of a Security of that series that is shown by the evidence to be included in the Securities the holders of which have consented to such action may, by filing written notice with the Trustee, and upon proof of holding as provided in Section 8.02, revoke such action so far as concerns such Security. Except as aforesaid any such action taken by the holder of any Security shall be conclusive and binding upon such holder and upon all future holders and owners of such Security, and of any Security issued in exchange therefor, on registration of transfer thereof or in place thereof, irrespective of whether or not any notation in regard thereto is made upon such Security. Any action taken by the holders of the majority or percentage in aggregate principal amount of the Securities of a particular series specified in this Indenture in connection with such action shall be conclusively binding upon the Company, the Trustee and the holders of all the Securities of that series.

 

SECTION 8.06              Purposes for Which Meetings May Be Called.

 

A meeting of holders of any series of Securities may be called at any time and from time to time pursuant to this Article to make, give or take any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be made, given or taken by holders of such series of Securities.

 

Notwithstanding anything contained in this Article VIII, the Trustee may, during the pendency of a Default or an Event of Default, call a meeting of holders of any series of Securities in accordance with its standard practices.

 

SECTION 8.07              Call Notice and Place of Meetings.

 

(a)                                 The Trustee may at any time call a meeting of holders of any series of Securities for any purpose specified in Section 8.06 hereof, to be held at such time and at such place in The City of New York or Boston, Massachusetts. Notice of every meeting of holders of any series of Securities, setting forth the time and the place of such meeting, in general terms the action proposed to be taken at such meeting and the percentage of the principal amount of the Outstanding Securities of such series which shall constitute a quorum at such meeting, shall be given, in the manner provided in Section 13.04 hereof, not less than 21 nor more than 180 days prior to the date fixed for the meeting to holders of Outstanding Securities of such series.

 

(b)                                 In case at any time the Company, pursuant to a Board Resolution, or the holders of at least 10% in principal amount of the Outstanding Securities of any series shall have requested the Trustee to call a meeting of the holders of Securities of such series for any purpose specified in Section 8.06 hereof, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have made the first publication of the notice of such meeting within 21 days after receipt of such request or shall not thereafter proceed to cause the meeting to be held as provided herein, then the Company or the holders of Securities of such series in the amount specified, as the case may be, may determine the time and the place in The City of New York or Boston, Massachusetts for such meeting and may call such meeting for such purposes by giving notice thereof as provided in paragraph (a) of this Section.

 

SECTION 8.08              Persons Entitled To Vote at Meetings.

 

To be entitled to vote at any meeting of holders of Securities of a given series, a Person shall be (a) a holder of one or more Outstanding Securities of such series or (b) a Person appointed by an instrument in writing as proxy for a holder or holders of one or more Outstanding Securities of such series by such holder or holders. The only Persons who shall be entitled to be present or to speak at any meeting of holders shall be the Persons entitled to vote

 

28

 

at such meeting and their counsel, any representatives of the Trustee and its counsel and any representatives of the Company and its counsel.

 

SECTION 8.09              Quorum; Action.

 

The Persons entitled to vote a majority in aggregate principal amount of the Outstanding Securities of a given series shall constitute a quorum with respect to a meeting of holders of Outstanding Securities of such series. In the absence of a quorum within 30 minutes of the time appointed for any such meeting, the meeting shall, if convened at the request of holders of Securities of such series, be dissolved. In any other case, the meeting may be adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such meeting. In the absence of a quorum at any such adjourned meeting, such adjourned meeting may be further adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such adjourned meeting. Notice of the reconvening of any adjourned meeting shall be given as provided in Section 8.07(a) hereof, except that such notice need be given only once and not less than five days prior to the date on which the meeting is scheduled to be reconvened.

 

At a meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid, any resolution and all matters (except as limited by the proviso to the first paragraph of Section 9.02 hereof) shall be effectively passed and decided if passed or decided by the Persons entitled to vote not less than a majority in aggregate principal amount of Outstanding Securities of a series represented and voting at such meeting with respect to a meeting of holders of Outstanding Securities of such series.

 

Any resolution passed or decisions taken at any meeting of holders of Securities duly held in accordance with this Section shall be binding on all the holders of Securities of such series, whether or not present or represented at the meeting.

 

SECTION 8.10              Determination of Voting Rights; Conduct and Adjournment of Meetings.

 

(a)                                 Notwithstanding any other provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting of holders of Securities in regard to proof of the holding of Securities and of the appointment of proxies and in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate.

 

(b)                                 The Trustee shall, by an instrument in writing, appoint a temporary chairman (which may be the Trustee) of the meeting, unless the meeting shall have been called by the Company or by holders of Securities of a given series as provided in Section 8.07(b) hereof, in which case the Company or the holders of Securities of such series calling the meeting, as the case may be, shall in like manner appoint a temporary chairman.  A permanent chairman and a permanent secretary of the meeting shall be elected by vote of the Persons entitled to vote a majority in principal amount of the Outstanding Securities of such series represented at the meeting.

 

(c)                                  At any meeting, each holder of a Security of the series in respect of which such meeting is being held or proxy shall be entitled to one vote for each $1,000 principal amount of Securities of such series held or represented by him; provided, however, that no vote shall be cast or counted at any meeting in respect of any Security of such series challenged as not Outstanding and ruled by the chairman of the meeting to be not Outstanding.  The chairman of the meeting shall have no right to vote, except as a holder of a Security of such series or proxy.

 

(d)                                 Any meeting of holders of Securities duly called pursuant to Section 8.07 hereof at which a quorum is present may be adjourned from time to time by Persons entitled to vote a majority in principal amount of the Outstanding Securities of the series in respect of which such meeting is being held represented at the meeting, and the meeting may be held as so adjourned without further notice.

 

29

 

SECTION 8.11              Counting Votes and Recording Action of Meetings.

 

The vote upon any resolution submitted to any meeting of holders of Securities of a given series shall be by written ballots on which shall be subscribed the signatures of the holders of Securities of such series or of their representatives by proxy and the principal amounts and serial numbers of the Outstanding Securities of such series held or represented by them.  The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified written reports in duplicate of all votes cast at the meeting.  A record, at least in duplicate, of the proceedings of each meeting of holders of Securities of such series shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more Persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was given as provided in Section 8.07 hereof and, if applicable, Section 8.09 hereof. Each copy shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one such copy shall be delivered to the Company and another to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting.  Any record so signed and verified shall be conclusive evidence of the matters therein stated.

 

ARTICLE IX

 

SUPPLEMENTAL INDENTURES

 

SECTION 9.01              Supplemental Indentures Without the Consent of Securityholders.

 

In addition to any supplemental indenture otherwise authorized by this Indenture, the Company and the Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as then in effect), without the consent of the Securityholders, for one or more of the following purposes:

 

(a)                                 cure any ambiguity, correct or supplement any provision herein which may be inconsistent with any other provision herein or which is otherwise defective, or make any other provisions with respect to matters or questions arising under this Indenture which the Company and the Trustee may deem necessary or desirable and which shall not be inconsistent with the provisions of this Indenture;

 

(b)                                 to comply with Article X;

 

(c)                                  to provide for uncertificated Securities in addition to or in place of certificated Securities;

 

(d)                                 to add to the covenants of the Company for the benefit of the holders of all or any Series of Securities (and if such covenants are to be for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely for the benefit of such series) or to surrender any right or power herein conferred upon the Company;

 

(e)                                  to add to, delete from, or revise the conditions, limitations, and restrictions on the authorized amount, terms, or purposes of issue, authentication, and delivery of Securities, as herein set forth;

 

(f)                                   to make any change that does not adversely affect the rights of any Securityholder in any material respect;

 

(g)                                  to provide for the issuance of and establish the form and terms and conditions of the Securities of any series as provided in Section 2.01, to establish the form of any certifications required to be furnished pursuant to the terms of this Indenture or any series of Securities, or to add to the rights of the holders of any series of Securities; or

 

30

 

(h)                                 comply with the requirements of the Commission in order to effect or maintain the qualification of this Indenture under the Trust Indenture Act.

 

The Trustee is hereby authorized to join with the Company in the execution of any such supplemental indenture, and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into any such supplemental indenture that affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

 

Any supplemental indenture authorized by the provisions of this Section may be executed by the Company and the Trustee without the consent of the holders of any of the Securities at the time Outstanding, notwithstanding any of the provisions of Section 9.02.

 

SECTION 9.02              Supplemental Indentures With Consent of Securityholders.

 

With the written consent of the holders of at least a majority in aggregate principal amount of the Outstanding Securities of any series or by action at a meeting of holders of the Securities of such series in accordance with Section 8.09, by the holders of a majority in aggregate principal amount of the Securities of such series then Outstanding represented at such meeting, the Company, when authorized by Board Resolutions, and the Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as then in effect) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner not covered by Section 9.01 the rights of the holders of the Securities of such series under this Indenture; provided, however, that no such supplemental indenture shall, without the consent of the holders of each Security then Outstanding and affected thereby, (i) extend the fixed maturity of any Securities of any series, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest thereon, or reduce any premium payable upon the redemption thereof, (ii) reduce the aforesaid percentage of Securities, the holders of which are required to consent to any such supplemental indenture, or any consent or waiver, (iii) reduce the principal amount of discount securities payable upon acceleration of the maturity of any Securities of any series or (iv) make the principal of or premium or interest on any Security of a series payable in currency or currency units other than that stated in the Securities of such series.

 

It shall not be necessary for the consent of the Securityholders of any series affected thereby under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof.

 

SECTION 9.03              Effect of Supplemental Indentures.

 

Upon the execution of any supplemental indenture pursuant to the provisions of this Article or of Section 10.01, this Indenture shall, with respect to such series, be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties and immunities under this Indenture of the Trustee, the Company and the holders of Securities of the series affected thereby shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes.

 

SECTION 9.04              Securities Affected by Supplemental Indentures.

 

Securities of any series affected by a supplemental indenture, authenticated and delivered after the execution of such supplemental indenture pursuant to the provisions of this Article or of Section 10.01, may bear a notation in form approved by the Company, provided such form meets the requirements of any exchange upon which such series may be listed, as to any matter provided for in such supplemental indenture.  If the Company shall so determine, new Securities of that series so modified as to conform, in the opinion of the Board of Directors of the Company, to any modification of this Indenture contained in any such supplemental indenture may be prepared by the Company, authenticated by the Trustee and delivered in exchange for the Securities of that series then Outstanding.

 

31

 

SECTION 9.05              Execution of Supplemental Indentures.

 

Upon the request of the Company, accompanied by its Board Resolutions authorizing the execution of any such supplemental indenture, and upon the filing with the Trustee of evidence of the consent of Securityholders required to consent thereto as aforesaid, the Trustee shall join with the Company in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion but shall not be obligated to enter into such supplemental indenture.  The Trustee, subject to the provisions of Section 7.01, may receive an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant to this Article is authorized or permitted by, and conforms to, the terms of this Article and that it is proper for the Trustee under the provisions of this Article to join in the execution thereof; provided, however, that such Opinion of Counsel need not be provided in connection with the execution of a supplemental indenture that establishes the terms of a series of Securities pursuant to Section 2.01 hereof.

 

Promptly after the execution by the Company and the Trustee of any supplemental indenture pursuant to the provisions of this Section, the Trustee shall transmit by mail, first class postage prepaid, a notice, setting forth in general terms the substance of such supplemental indenture, to the Securityholders of all series affected thereby as their names and addresses appear upon the Security Register. Any failure of the Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture.

 

ARTICLE X

 

SUCCESSOR ENTITY

 

SECTION 10.01       Company May Consolidate, Etc.

 

Nothing contained in this Indenture or in any of the Securities shall prevent any consolidation or merger of the Company with or into any other Person (whether or not affiliated with the Company) or successive consolidations or mergers in which the Company or its successor or successors shall be a party or parties, or shall prevent any sale, conveyance, transfer or other disposition of the property of the Company or its successor or successors as an entirety, or substantially as an entirety, to any other corporation (whether or not affiliated with the Company or its successor or successors) authorized to acquire and operate the same; provided, however, the Company hereby covenants and agrees that, upon any such consolidation or merger (in each case, if the Company is not the survivor of such transaction), sale, conveyance, transfer or other disposition, the due and punctual payment of the principal of (premium, if any) and interest on all of the Securities of all series in accordance with the terms of each series, according to their tenor and the due and punctual performance and observance of all the covenants and conditions of this Indenture with respect to each series or established with respect to such series pursuant to Section 2.01 to be kept or performed by the Company shall be expressly assumed, by supplemental indenture (which shall conform to the provisions of the Trust Indenture Act, as then in effect) satisfactory in form to the Trustee executed and delivered to the Trustee by the entity formed by such consolidation, or into which the Company shall have been merged, or by the entity which shall have acquired such property.

 

SECTION 10.02       Successor Entity Substituted.

 

(a)                                 In case of any such consolidation, merger, sale, conveyance, transfer or other disposition and upon the assumption by the successor entity by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the due and punctual payment of the principal of, premium, if any, and interest on all of the Securities of all series Outstanding and the due and punctual performance of all of the covenants and conditions of this Indenture or established with respect to each series of the Securities pursuant to Section 2.01 to be performed by the Company with respect to each series, such successor entity shall succeed to and be substituted for the Company with the same effect as if it had been named as the Company herein, and thereupon the predecessor corporation shall be relieved of all obligations and covenants under this Indenture and the Securities.

 

32

 

(b)                                 In case of any such consolidation, merger, sale, conveyance, transfer or other disposition such changes in phraseology and form (but not in substance) may be made in the Securities thereafter to be issued as may be appropriate.

 

(c)                                  Nothing contained in this Article shall require any action by the Company in the case of a consolidation or merger of any Person into the Company where the Company is the survivor of such transaction, or the acquisition by the Company, by purchase or otherwise, of all or any part of the property of any other Person (whether or not affiliated with the Company).

 

SECTION 10.03       Evidence of Consolidation, Etc. to Trustee.

 

The Trustee, subject to the provisions of Section 7.01, may receive an Opinion of Counsel as conclusive evidence that any such consolidation, merger, sale, conveyance, transfer or other disposition, and any such assumption, comply with the provisions of this Article.

 

ARTICLE XI

 

SATISFACTION AND DISCHARGE

 

SECTION 11.01       Satisfaction and Discharge of Indenture.

 

If at any time:  (a) the Company shall have delivered to the Trustee for cancellation all Securities of a series theretofore authenticated (other than any Securities that shall have been destroyed, lost or stolen and that shall have been replaced or paid as provided in Section 2.07) and Securities for whose payment money or Governmental Obligations have theretofore been deposited in trust or segregated and held in trust by the Company (and thereupon repaid to the Company or discharged from such trust, as provided in Section 11.05); or (b) all such Securities of a particular series not theretofore delivered to the Trustee for cancellation shall have become due and payable, or are by their terms to become due and payable within one year or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption, and the Company shall deposit or cause to be deposited with the Trustee as trust funds the entire amount in moneys or Governmental Obligations sufficient or a combination thereof, sufficient (assuming that no tax liability will be imposed on the Trustee) in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay at maturity or upon redemption all Securities of that series not theretofore delivered to the Trustee for cancellation, including principal (and premium, if any) and interest due or to become due to such date of maturity or date fixed for redemption, as the case may be, and if the Company shall also pay or cause to be paid all other sums payable hereunder with respect to such series by the Company then this Indenture shall thereupon cease to be of further effect with respect to such series except for the provisions of Sections 2.03, 2.05, 2.07, 4.01, 4.02, 4.03 and 7.10, that shall survive until the date of maturity or redemption date, as the case may be, and Sections 7.06 and 11.05, that shall survive to such date and thereafter, and the Trustee, on demand of the Company and at the cost and expense of the Company shall execute proper instruments acknowledging satisfaction of and discharging this Indenture with respect to such series.

 

SECTION 11.02       Discharge of Obligations.

 

If at any time all such Securities of a particular series not heretofore delivered to the Trustee for cancellation or that have not become due and payable as described in Section 11.01 shall have been paid by the Company by depositing irrevocably with the Trustee as trust funds moneys or an amount of Governmental Obligations sufficient to pay at maturity or upon redemption all such Securities of that series not theretofore delivered to the Trustee for cancellation, including principal (and premium, if any) and interest due or to become due to such date of maturity or date fixed for redemption, as the case may be, and if the Company shall also pay or cause to be paid all other sums payable hereunder by the Company with respect to such series, then after the date such moneys or Governmental Obligations, as the case may be, are deposited with the Trustee the obligations of the Company under this Indenture with respect to such series shall cease to be of further effect except for the provisions of Sections 2.03, 2.05, 2.07, 4,01, 4.02, 4.03, 7.06, 7.10 and 11.05 hereof that shall survive until such Securities shall mature and be paid. Thereafter, Sections 7.06 and 11.05 shall survive.

 

33

 

SECTION 11.03       Deposited Moneys to be Held in Trust.

 

Subject to Section 11.05, all moneys or Governmental Obligations deposited with the Trustee pursuant to Sections 11.01 or 11.02 shall be held in trust and shall be available for payment as due, either directly or through any paying agent (including the Company acting as its own paying agent), to the holders of the particular series of Securities for the payment or redemption of which such moneys or Governmental Obligations have been deposited with the Trustee.

 

SECTION 11.04       Payment of Moneys Held by Paying Agents.

 

In connection with the satisfaction and discharge of this Indenture all moneys or Governmental Obligations then held by any paying agent under the provisions of this Indenture shall, upon demand of the Company, be paid to the Trustee and thereupon such paying agent shall be released from all further liability with respect to such moneys or Governmental Obligations.

 

SECTION 11.05       Repayment to Company.

 

Any moneys or Governmental Obligations deposited with any paying agent or the Trustee, or then held by the Company, in trust for payment of principal of or premium or interest on the Securities of a particular series that are not applied but remain unclaimed by the holders of such Securities for two years after the date upon which the principal of (and premium, if any) or interest on such Securities shall have respectively become due and payable, shall be repaid to the Company or (if then held by the Company) shall be discharged from such trust in each case, promptly after the end of any such two-year period or, at the request of the Company, on a later date specified by the Company; and thereupon the paying agent and the Trustee shall be released from all further liability with respect to such moneys or Governmental Obligations, and the holder of any of the Securities entitled to receive such payment shall thereafter, as an unsecured general creditor, look only to the Company for the payment thereof.

 

ARTICLE XII

 

IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS

 

SECTION 12.01       No Recourse.

 

No recourse under or upon any obligation, covenant or agreement of this Indenture, or of any Security, or for any claim based thereon or otherwise in respect thereof, shall be had against any incorporator, stockholder, officer or director, past, present or future as such, of the Company or of any predecessor or successor corporation, either directly or through the Company or any such predecessor or successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that this Indenture and the obligations issued hereunder are solely corporate obligations, and that no such personal liability whatever shall attach to, or is or shall be incurred by, the incorporators, stockholders, officers or directors as such, of the Company or of any predecessor or successor corporation, or any of them, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom; and that any and all such personal liability of every name and nature, either at common law or in equity or by constitution or statute, of, and any and all such rights and claims against, every such incorporator, stockholder, officer or director as such, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom, are hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issuance of such Securities.

 

34

 

ARTICLE XIII

 

MISCELLANEOUS PROVISIONS

 

SECTION 13.01       Effect on Successors and Assigns.

 

All the covenants, stipulations, promises and agreements in this Indenture contained by or on behalf of the Company shall bind its successors and assigns, whether so expressed or not.

 

SECTION 13.02       Actions by Successor.

 

Any act or proceeding by any provision of this Indenture authorized or required to be done or performed by any board, committee or officer of the Company shall and may be done and performed with like force and effect by the corresponding board, committee or officer of any corporation that shall at the time be the lawful successor of the Company.

 

SECTION 13.03       Surrender of Company Powers.

 

The Company by instrument in writing executed by authority of its Board of Directors and delivered to the Trustee may surrender any of the powers reserved to the Company, and thereupon such power so surrendered shall terminate both as to the Company and as to any successor corporation.

 

SECTION 13.04       Notices.

 

Except as otherwise expressly provided herein any notice or demand that by any provision of this Indenture is required or permitted to be given or served by the Trustee or by the holders of Securities to or on the Company may be given or served by being deposited first class postage prepaid in a post-office letterbox addressed (until another address is filed in writing by the Company with the Trustee), as follows:  OvaScience, Inc., Attn: [   ], 215 First Street, Suite 240, Cambridge, Massachusetts 02142.  Any notice, election, request or demand by the Company or any Securityholder to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or made in writing at the Corporate Trust Office of the Trustee.  Any notice or communication to a holder shall be mailed by first-class mail to his address shown on the Security Register kept by the Security Registrar.  Failure to mail a notice or communication to a holder or any defect in such notice or communication shall not affect its sufficiency with respect to other holders.  If a notice or communication is mailed or sent in the manner provided above within the time prescribed, it is duly given as of the date it is mailed, whether or not the addressee receives it, except that notice to the Trustee or the Company shall only be effective upon receipt thereof by the Trustee or the Company, respectively. If the Company mails a notice or communication to holders of Securities, it shall mail a copy to the Trustee at the same time.

 

SECTION 13.05       Governing Law.

 

This Indenture and each Security shall be deemed to be a contract made under the internal laws of the State of New York, and for all purposes shall be construed in accordance with the laws of said State.

 

SECTION 13.06       Treatment of Securities as Debt.

 

It is intended that the Securities will be treated as indebtedness and not as equity for federal income tax purposes.  The provisions of this Indenture shall be interpreted to further this intention.

 

SECTION 13.07       Compliance Certificates and Opinions.

 

(a)                                 Upon any application or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture, the Company, shall furnish to the Trustee an Officers’ Certificate stating that all conditions precedent provided for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that in the opinion of such counsel all

 

35

 

such conditions precedent have been complied with, except that in the case of any such application or demand as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application or demand, no additional certificate or opinion need be furnished.

 

(b)                                 Each certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition or covenant in this Indenture shall include (1) a statement that the Person making such certificate or opinion has read such covenant or condition; (2) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; (3) a statement that, in the opinion of such Person, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and (4) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with.

 

SECTION 13.08       Payments on Business Days.

 

Except as provided pursuant to Section 2.01 pursuant to a Board Resolution, and as set forth in an Officers’ Certificate, or established in one or more indentures supplemental to this Indenture, in any case where the date of maturity of interest or principal of any Security or the date of redemption of any Security shall not be a Business Day, then payment of interest or principal (and premium, if any) may be made on the next succeeding Business Day with the same force and effect as if made on the nominal date of maturity or redemption, and no interest shall accrue for the period after such nominal date.

 

SECTION 13.09       Conflict with Trust Indenture Act.

 

If and to the extent that any provision of this Indenture limits, qualifies or conflicts with the duties imposed by Sections 310 to 317, inclusive, of the Trust Indenture Act, such imposed duties shall control.

 

SECTION 13.10       Counterparts.

 

This Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument.

 

SECTION 13.11       Separability.

 

In case any one or more of the provisions contained in this Indenture or in the Securities of any series shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Indenture or of such Securities, but this Indenture and such Securities shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein.

 

SECTION 13.12       Assignment.

 

The Company will have the right at all times to assign any of its rights or obligations under this Indenture to a direct or indirect wholly-owned Subsidiary of the Company, provided that, in the event of any such assignment, the Company, will remain liable for all such obligations. Subject to the foregoing, this Indenture is binding upon and inures to the benefit of the parties thereto and their respective successors and assigns. This Indenture may not otherwise be assigned by the parties thereto.

 

36

 

ARTICLE XIV

 

SUBORDINATION OF SECURITIES

 

SECTION 14.01       Subordination Terms.

 

The payment by the Company of the principal of, premium, if any, and interest on any series of Securities issued hereunder shall be subordinated to the extent set forth in an indenture supplemental hereto relating to the Securities of such series.

 

37

 

IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed all as of the day and year first above written.

 

	
 
    	
OVASCIENCE, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
[                                                ],
    
	
 
    	
As   Trustee
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

38EX-10.1

 Exhibit 10.1 

Execution Copy 
  

 
 JOINT BUYERS AGREEMENT 

by and between 
 EPR
PROPERTIES 
 and 

SKI RESORT HOLDINGS LLC 

November 2, 2016 
  

 

 Exhibit 10.1 

TABLE OF CONTENTS 
  

							
	 	    	 	  	Page	 
	 ARTICLE 1 —DEFINITIONS
	  	 	4	  
		
	 ARTICLE 2 —MATTERS RELATING TO PURCHASE PRICE
	  	 	7	  
	     2.1
	    	 Purchase Price Adjustments.
	  	 	7	  
		
	 ARTICLE 3 —REPRESENTATIONS AND WARRANTIES OF THE SKI PURCHASER
	  	 	7	  
	     3.1
	    	 Organization
	  	 	7	  
	     3.2
	    	 Authority
	  	 	7	  
	     3.3
	    	 No Conflict; Required Filings and Consents
	  	 	8	  
	     3.4
	    	 Guaranty
	  	 	9	  
	     3.5
	    	 Purchase Agreement Representations
	  	 	9	  
		
	 ARTICLE 4 —REPRESENTATIONS AND WARRANTIES OF THE ATTRACTIONS
PURCHASER
	  	 	9	  
	     4.1
	    	 Organization
	  	 	9	  
	     4.2
	    	 Authority
	  	 	9	  
	     4.3
	    	 No Conflict; Required Filings and Consents
	  	 	10	  
	     4.4
	    	 Purchase Agreement Representations
	  	 	11	  
		
	 ARTICLE 5 —COVENANTS RELATING TO PRE-CLOSING PERIOD AND CLOSING
DELIVERABLES
	  	 	11	  
	     5.1
	    	 Reasonable Best Efforts; Cooperation
	  	 	11	  
	     5.2
	    	 Access to Information
	  	 	12	  
	     5.3
	    	 Amendments, Waivers and Consents; Deemed Consent
	  	 	12	  
	     5.4
	    	 CNL Acquisition Proposals
	  	 	13	  
	     5.5
	    	 Amendment and Restatement of the Note
	  	 	13	  
	     5.6
	    	 Closing Deliverables under the Financing Documents
	  	 	14	  
	     5.7
	    	 Obligations of Canadian Purchaser and Lender
	  	 	15	  
	     5.8
	    	 Notice Cooperation
	  	 	15	  
	     5.9
	    	 Offer of Future Cooperation
	  	 	15	  
		
	 ARTICLE 6 —COVENANTS WITH RESPECT TO POST-CLOSING MATTERS
	  	 	15	  
	     6.1
	    	 Tax Matters
	  	 	15	  
	     6.2
	    	 Further Action
	  	 	15	  
		
	 ARTICLE 7 —SHARING OF LIABILITIES
	  	 	15	  
	     7.1
	    	 Transaction Expenses
	  	 	15	  
		
	 ARTICLE 8 —CLOSING CONDITIONS; TERMINATION OF PURCHASE AGREEMENT
	  	 	17	  
	     8.1
	    	 Closing Mechanics
	  	 	17	  
	     8.2
	    	 Termination of the Purchase Agreement
	  	 	17	  
		
	 ARTICLE 9 —INDEMNIFICATION; LIMITATION OF LIABILITY
	  	 	20	  
	     9.1
	    	 Reciprocal Indemnification
	  	 	20	  
	     9.2
	    	 Effect of Terminations; Limitation of Liability
	  	 	21	  
		
	 ARTICLE 10 —MISCELLANEOUS
	  	 	22	  
	     10.1
	    	 Due Diligence Review; Non-Reliance
	  	 	22	  
	     10.2
	    	 Termination
	  	 	23	  
	     10.3
	    	 Notices
	  	 	24	  

							
	     10.4
	    	 Entire Agreement
	  	 	25	  
	     10.5
	    	 Amendments and Waivers
	  	 	25	  
	     10.6
	    	 Governing Law
	  	 	25	  
	     10.7
	    	 Consent to Jurisdiction
	  	 	25	  
	     10.8
	    	 Prevailing Party
	  	 	26	  
	     10.9
	    	 Waiver of Jury Trial
	  	 	26	  
	     10.10
	    	 Binding Effect
	  	 	27	  
	     10.11
	    	 Severability
	  	 	27	  
	     10.12
	    	 Counterparts
	  	 	27	  
	     10.13
	    	 Third Parties
	  	 	27	  
	     10.14
	    	 Assignment
	  	 	27	  
	     10.15
	    	 Interpretation; Certain Definitions
	  	 	27	  

  
 2 

 JOINT BUYERS AGREEMENT 

JOINT BUYERS AGREEMENT (the “Agreement”), dated November 2, 2016, by and between EPR Properties, a Maryland real estate
investment trust (the “Attractions Purchaser”), and Ski Resort Holdings LLC, a Delaware limited liability company (the “Ski Purchaser”). The Attractions Purchaser and the Ski Purchaser are each sometimes
referred to herein as a “Party” and together as the “Parties.” 
 RECITALS 

WHEREAS, the Attractions Purchaser and the Ski Purchaser have entered into that certain Purchase and Sale Agreement, dated as of even date
herewith (the “Purchase Agreement”), with CNL Lifestyle Properties, Inc., a Maryland corporation (“CNL”), CLP Partners, LP, a Delaware limited partnership (the “CNL Operating Partnership”), and the
other sellers named therein (each, a “Seller,” and collectively, the “Sellers” and, together with CNL and CNL Operating Partnership, the “Seller Parties”), pursuant to which the Attractions
Purchaser and the Ski Purchaser have agreed to acquire, or to cause one or more of its Affiliates or permitted assigns to acquire, the Equity Interests and the Purchased Assets from the Seller Parties, on the terms and subject to the conditions set
forth in the Purchase Agreement; 
 WHEREAS, CNL and the Parties intend that the consideration for the acquisition of the U.S. Ski Purchased
Assets from the Seller Parties by the Ski Purchaser shall consist of cash and the Ski Purchaser’s (and/or its Affiliates’) delivery of a promissory note in the aggregate principal amount of $243,425,000 (the “Note”)
secured by the U.S. Ski Purchased Assets pursuant to mortgages (the “Mortgages”); 
 WHEREAS, the Ski Purchaser agrees that
it (and/or its Affiliates) shall amend and restate, or cause to be amended and restated, the Note and the Mortgages immediately after the Seller Parties assign the Note and the Mortgages to EPT Ski Properties, Inc., a Delaware corporation and a
subsidiary of the Attractions Purchaser (the “Lender”), to reflect the assignment by CNL to the Lender of the Note and the Mortgages and concurrently therewith, the Ski Purchaser and its Affiliates shall enter into the Financing
Documents (as defined herein) with the Lender, which Financing Documents shall be in the forms previously agreed to by the Ski Purchaser and the Attractions Purchaser; 

WHEREAS, concurrently with the execution and delivery of this Agreement, the Ski Purchaser has delivered to the Attractions Purchaser the
guaranty of Och-Ziff Real Estate Fund III, L.P., Och-Ziff Real Estate Parallel Fund III A, L.P., Och-Ziff Real Estate Parallel Fund III B, L.P., Och-Ziff Real Estate Parallel Fund III D, L.P., Och-Ziff Real Estate Parallel Fund III E, L.P. and OZNJ
Real Estate Opportunities, L.P. (each, a “Guarantor” and collectively, the “Guarantors”), dated as of the date hereof, in favor of the Attractions Purchaser with respect to the obligations of the Ski Purchaser and
its Affiliates under this Agreement (the “Guaranty”); 
 WHEREAS, the Board of Trustees of the Attractions Purchaser (the
“Attractions Purchaser Board”) has (a) duly and validly authorized the execution and delivery of this Agreement, the Purchase Agreement and the Financing Documents and (b) approved the Attractions Purchaser Interest Sale,
the Attractions Purchaser Asset Sale, the assignment to the 

  
 3 

 
Lender of the Note and the Mortgages by CNL and the amendment and restatement of the Note and the Mortgages contemplated herein, and the other transactions contemplated by the Purchase Agreement
and this Agreement, on the terms and subject to the conditions set forth in the Purchase Agreement and this Agreement; 
 WHEREAS, the
manager of the Ski Purchaser (the “Ski Purchaser Manager”) has (a) duly and validly authorized the execution and delivery of this Agreement, the Purchase Agreement and the Financing Letter and (b) approved the Ski
Purchaser Interest Sale, the Ski Purchaser Asset Sale and the other transactions contemplated by the Purchase Agreement and this Agreement, on the terms and subject to the conditions set forth in the Purchase Agreement and this Agreement; and the
Guarantors have taken all actions necessary to authorize and approve the execution, delivery and performance of the Guaranty; 
 WHEREAS,
the Parties agree that the purpose of this Agreement is to set forth the rights and obligations of the Ski Purchaser and the Attractions Purchaser with respect to each other as a result of the Parties having entered into the Purchase Agreement; 

WHEREAS, the Parties acknowledge that, subject to the terms set forth in this Agreement, each of the Parties is relying on the other to
consummate the Contemplated Transactions and to cooperate on certain matters and decisions related thereto; and 
 WHEREAS, the Parties
desire to make certain representations, warranties, covenants and agreements in connection with the Contemplated Transactions. 
 NOW,
THEREFORE, in consideration of the foregoing and the respective representations, warranties, covenants and agreements set forth herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
Parties, intending to be legally bound, agree as follows: 
 ARTICLE 1—DEFINITIONS. 

Capitalized terms used herein and not otherwise defined have the meanings ascribed to them in the Purchase Agreement. In addition, for
purposes of this Agreement: 
 “Agreement” shall have the meaning set forth in the introductory paragraph. 

“Attractions Assets Effect” has the meaning set forth in Section 5.3(i) hereto. 

“Attractions Purchaser” has the meaning set forth in the introductory paragraph. 

“CNL” shall have the meaning set forth in the Recitals. 

“CNL Operating Partnership” shall have the meaning set forth in the Recitals. 

“Confirming Notice” shall have the meaning set forth in Section 8.2(f) hereto. 

“Continuing Party” shall have the meaning set forth in Section 5.9 hereto. 

  
 4 

 “Contemplated Transactions” shall mean all transactions contemplated by the
Purchase Agreement, including the Attractions Purchaser Interest Sale, the Attractions Purchaser Asset Sale, the Ski Purchaser Interest Sale, the Ski Purchaser Asset Sale, the Canadian Asset Sale and the assignment of the Note and the Mortgages to
the Lender by CNL. 
 “Credit Agreement” shall mean the Credit Agreement, to be dated as of the Closing Date, by and among
the Lender and the borrowers listed on Schedule 1 thereto, in the form attached to the Financing Letter. 
 “Damaged Party”
has the meaning set forth in Section 9.2(c) hereto. 
 “Direct PSA Damages” has the meaning set forth in Section
9.2(c)(i) hereto. 
 “Effective Date” shall mean the date of this Agreement. 

“Financing Documents” shall mean: 

(a) The Credit Agreement, the Indemnity Agreement, the Security Agreements, the ROFO Agreement, the Guaranty Agreement, the Pledge Agreement
(each as defined in the Credit Agreement), the Assignment of Licenses, Permits and Contracts, the amended and restated Note and the related Mortgages, each in substantially the form attached to the Financing Letter (subject to modification to
address local law issues); and 
 (b) All other documents entered into by the Lender in connection with the assignment to the Lender by CNL
of the Note and the Mortgages at Closing, each of the foregoing in the form agreed to by the Attractions Purchaser and the Ski Purchaser and each as from time to time may be amended or supplemented. 

“Financing Letter” shall mean a separate letter agreement executed by the Ski Purchaser and agreed to and accepted by the
Attractions Purchaser as of the date hereof, to which the forms of the Financing Documents and Porcupine Letter are attached. 

“Guaranty” shall have the meaning set forth in the Recitals. 

“Guarantor” or “Guarantors” shall have the meaning set forth in the Recitals. 

“Indirect PSA Damages” has the meaning set forth in Section 9.2(c)(ii) hereto. 

“Initiating Party” shall have the meaning set forth in Section 8.2(f) hereto. 

“JBA Willful Breach” shall mean a material breach of this Agreement that is the consequence of an act or failure to act
undertaken by the breaching party in bad faith with the actual knowledge and intention of such party that such act or failure to act will constitute a breach of this Agreement. 

“Lender” shall have the meaning set forth in the Recitals. 

“Maryland Court” shall have the meaning set forth in Section 10.7 hereto. 

  
 5 

 “Mortgages” shall have the meaning set forth in the Recitals. 

“Non-Consummation Notice” shall mean a written notice delivered by one party to the other parties in accordance with
Section 10.2 of the Purchase Agreement by which that party notifies the recipients that it does not intend to consummate the Closing, specifying the applicable provision or provisions under the Purchase Agreement pursuant to which such
termination is made and describing the basis therefor in reasonable detail. 
 “Note” shall have the meaning set forth in
the Recitals. 
 “Obligation Termination Event” means the occurrence of any of (a) a Purchase Agreement Termination,
(b) a Party delivering a Non-Consummation Notice, or (c) the Outside Date if the Contemplated Transactions shall not have been consummated on or prior to such date. 

“Obligor” has the meaning set forth in Section 9.2(c) hereto. 

“Other Damages” has the meaning set forth in Section 9.2(c)(iii) hereto. 

“Parties” or “Party” shall have the meaning set forth in the introductory paragraph. 

“Porcupine Letter” means that certain letter agreement concerning the Sierra-at-Tahoe property, substantially in the form
attached to the Financing Letter. 
 “Proportionate Share” shall mean (a) with respect to the Ski Purchaser, 45.1% and
(b) with respect to the Attractions Purchaser, 54.9%.
 “PSA Willful Breach” means a Willful Breach, as such term is
defined in the Purchase Agreement. 
 “Purchase Agreement” has the meaning set forth in the Recitals. 

“Purchase Agreement Termination” shall mean (x) a termination or purported termination of the Purchase Agreement by the
Parties, or (y) a valid termination of the Purchase Agreement by CNL. 
 “Purchaser Expense Reimbursement” shall have
the meaning set forth in Section 8.2(d) hereto. 
 “Responding Party” shall have the meaning set forth in Section
8.2(f) hereto. 
 “Seller” and “Sellers” shall have the meaning set forth in the Recitals. 

“Seller Parties” shall have the meaning set forth in the Recitals. 

“Ski Purchaser” has the meaning set forth in the introductory paragraph. 

“Ski Purchaser Manager” shall have the meaning set forth in the Recitals. 

“Sole Responsible Party” shall have the meaning set forth in Section 8.2(e) hereto. 

  
 6 

 “Third Party” shall mean any Person or group of Persons other than the
Attractions Purchaser, the Ski Purchaser, CNL and their respective Affiliates. 
 ARTICLE 2—MATTERS RELATING TO PURCHASE PRICE

 2.1 Purchase Price Adjustments. The Parties agree to cooperate in good faith in connection with determining and
proposing, and reviewing any CNL proposals for, any purchase price adjustments in connection with Article III of the Purchase Agreement on a timely basis. 

ARTICLE 3—REPRESENTATIONS AND WARRANTIES OF THE SKI PURCHASER 

The Ski Purchaser, on behalf of itself and the Canadian Purchaser, hereby represents and warrants to the Attractions Purchaser as follows:

 3.1 Organization. 

(a) The Ski Purchaser is a limited liability company duly organized, validly existing and in good standing under the Laws of the State of
Delaware and has the requisite organizational power and authority and any necessary governmental authorization to own, lease and, to the extent applicable, operate its properties and to carry on its business as it is contemplated by this Agreement
and the Purchase Agreement. The Ski Purchaser is duly qualified or licensed to do business, and is in good standing, in each jurisdiction where the character of the properties owned, operated or leased by it or the nature of its business makes such
qualification, licensing or good standing necessary, except for such failures to be so qualified, licensed or in good standing that, individually or in the aggregate, have not had and would not reasonably be expected to have a material adverse
effect on the performance of this Agreement or the Purchase Agreement, or the consummation of the transactions contemplated hereby or thereby. 

(b) As of the Closing Date, the Canadian Purchaser shall be validly existing and in good standing under the Laws of its jurisdiction of
organization and shall have the requisite organizational power and authority and any necessary governmental authorization to own, lease and, to the extent applicable, operate its properties and to carry on its business as it is contemplated under
this Agreement and the Purchase Agreement. As of the Closing Date, the Canadian Purchaser will be duly qualified or licensed to do business, and will be in good standing, in each jurisdiction where the character of the properties owned, operated or
leased by it or the nature of its business makes such qualification, licensing or good standing necessary, except for such failures to be so qualified, licensed or in good standing that, individually or in the aggregate, have not had and would not
reasonably be expected to have a material adverse effect on the performance of this Agreement or the Purchase Agreement, or the consummation of the transactions contemplated hereby or thereby. 

3.2 Authority. 
 (a) The
Ski Purchaser has the requisite organizational power and authority to execute and deliver this Agreement and the Financing Letter and to perform its obligations hereunder and thereunder. The execution and delivery of this Agreement and the Financing

  
 7 

 
Letter by the Ski Purchaser, and the consummation by the Ski Purchaser of the transactions contemplated hereby and thereby, have been duly and validly authorized by all necessary action, and no
other proceedings on the part of the Ski Purchaser are necessary to authorize this Agreement, the Financing Letter, the Ski Purchaser Interest Sale, the Ski Purchaser Asset Sale or to consummate the other transactions contemplated hereby. The Ski
Purchaser Manager has duly and validly authorized the execution and delivery of this Agreement and the Financing Letter and declared advisable the consummation of the Ski Purchaser Interest Sale, the Ski Purchaser Asset Sale and the other
transactions contemplated hereby. As of the Closing Date, the manager, board of directors, trustee or general partner of the Canadian Purchaser will have duly and validly authorized and declared advisable the consummation of the Canadian Asset Sale
and the other transactions contemplated to be consummated by the Canadian Purchaser. 
 (b) Each of this Agreement and the Financing Letter
has been duly executed and delivered by the Ski Purchaser and, assuming due authorization, execution and delivery by the Attractions Purchaser, constitutes a legally valid and binding obligation of the Ski Purchaser, enforceable against the Ski
Purchaser in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar Laws affecting creditors’ rights generally and by general principles of
equity (regardless of whether enforceability is considered in a proceeding in equity or at Law). 
 3.3 No Conflict; Required Filings and
Consents. 
 (a) The execution and delivery of this Agreement and the Financing Letter by the Ski Purchaser does not, and the
performance of its obligations under this Agreement and the Financing Letter and the consummation of the Ski Purchaser Interest Sale, the Ski Purchaser Asset Sale, the Canadian Asset Sale and the other transactions contemplated hereunder by the Ski
Purchaser and the Canadian Purchaser, as the case may be, will not, (i) conflict with or violate any provision of (A) the Ski Purchaser’s or, as of the Closing Date, the Canadian Purchaser’s Organizational Documents, (B) any
Organizational Documents of any Subsidiary of the Ski Purchaser or, as of the Closing Date, the Canadian Purchaser, or (ii) assuming that all consents, approvals, authorizations and permits described in Section 3.3(b) hereto have been
obtained, all filings and notifications described in Section 3.3(b) hereto have been made and any waiting periods thereunder have terminated or expired, conflict with or violate any Law applicable to the Ski Purchaser or any of its Affiliates
or by which any property or asset of the Ski Purchaser or any of its Affiliates or, as of the Closing Date, the Canadian Purchaser or any of its Affiliates, is bound, except, as to clause (i)(B) and (ii), respectively, for any such
conflicts or violations which, individually or in the aggregate, have not had and would not reasonably be expected to have a material adverse effect on the performance of this Agreement or the Purchase Agreement, or the consummation of the
transactions contemplated hereby or thereby. 
 (b) The execution and delivery of this Agreement and the Financing Letter by the Ski
Purchaser does not, and the performance of its obligations under this Agreement and the Financing Letter will not, require any consent, approval, authorization or permit of, or filing with or notification to, any Governmental Authority, except (i)
such consents, approvals, authorizations, permits, filings or notifications that will be obtained or completed on or prior to 

  
 8 

 
the Closing Date, (ii) such filings as may be required in connection with state and local transfer Taxes, (iii) such consents, approvals, authorizations, permits, filings and/or notifications
required under the HSR Act and/or the Investment Canada Act (Canada), (iv) the New Forest Service Permits and any other consents, approvals, authorizations, permits, filings and/or notifications required under any Ground Lease to which a
Governmental Authority is a party, and (v) where the failure to obtain such consents, approvals, authorizations or permits, or to make such filings or notifications, individually or in the aggregate, has not had and would not reasonably be expected
to have a material adverse effect on the performance of this Agreement or the Purchase Agreement, or the consummation of the transactions contemplated hereby or thereby. 

3.4 Guaranty. Concurrently with the execution of this Agreement, the Ski Purchaser has delivered to the Attractions Purchaser the
Guaranty duly executed by the Guarantors. The Guaranty is in full force and effect and constitutes a legally valid and binding obligation of the Guarantors, enforceable against the Guarantors in accordance with its terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar Laws affecting creditors’ rights generally and by general principles of equity (regardless of whether enforceability is considered
in a proceeding in equity or at Law). No event has occurred, which, with or without notice, lapse of time or both, would constitute a default on the part of the Guarantors under such Guaranty. 

3.5 Purchase Agreement Representations. The representations and warranties of the Ski Purchaser and the Canadian Purchaser in the
Purchase Agreement are true and correct as of the date hereof. 
 ARTICLE 4—REPRESENTATIONS AND WARRANTIES OF THE ATTRACTIONS
PURCHASER
 The Attractions Purchaser hereby represents and warrants to the Ski Purchaser as follows: 

4.1 Organization. The Attractions Purchaser is a real estate investment trust, duly organized, validly existing and in good standing
under the Laws of the State of Maryland and has the requisite organizational power and authority and any necessary governmental authorization to own, lease and, to the extent applicable, operate its properties and to carry on its business as it is
now being conducted. The Attractions Purchaser is duly qualified or licensed to do business, and is in good standing, in each jurisdiction where the character of the properties owned, operated or leased by it or the nature of its business makes such
qualification, licensing or good standing necessary, except for such failures to be so qualified, licensed or in good standing that, individually or in the aggregate, have not had and would not reasonably be expected to have a material adverse
effect on the performance of this Agreement or the Purchase Agreement or the consummation of the transactions contemplated hereby or thereby. 

4.2 Authority. 
 (a) The
Attractions Purchaser has the requisite organizational power and authority to execute and deliver this Agreement and the Financing Letter and to perform its obligations hereunder and thereunder. The execution and delivery of this Agreement and the

  
 9 

 
Financing Letter by the Attractions Purchaser, and the consummation by the Attractions Purchaser of the transactions contemplated hereby and thereby, have been duly and validly authorized by all
necessary corporate action, and no other corporate proceedings on the part of the Attractions Purchaser are necessary to authorize this Agreement and the Financing Letter or to consummate the transactions contemplated hereby or thereby. The
Attractions Purchaser Board, at a duly held meeting, has, by unanimous vote of the entire board, duly and validly authorized the execution and delivery of this Agreement and the Financing Documents and declared advisable the Attractions Purchaser
Interest Sale, the Attractions Purchaser Asset Sale and the consummation of the other transactions contemplated hereby and thereby. 
 (b)
This Agreement has been duly executed and delivered by the Attractions Purchaser and, assuming due authorization, execution and delivery by the Ski Purchaser, constitutes a legally valid and binding obligation of the Attractions Purchaser,
enforceable against the Attractions Purchaser in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar Laws affecting creditors’ rights
generally and by general principles of equity (regardless of whether enforceability is considered in a proceeding in equity or at Law). The Financing Letter has been executed and delivered by the Attractions Purchaser. 

4.3 No Conflict; Required Filings and Consents. 

(a) The execution and delivery of this Agreement by the Attractions Purchaser do not (or will not), and the performance of the Attractions
Purchaser’s obligations under this Agreement and the consummation of the transactions contemplated hereby by the Attractions Purchaser will not, (i) conflict with or violate any provision of (A) the Attractions Purchaser’s
charter or bylaws, or (B) any equivalent organizational or governing documents of any other Subsidiary of the Attractions Purchaser, or (ii) assuming that all consents, approvals, authorizations and permits described in Section
4.3(b) hereto have been obtained, all filings and notifications described in Section 4.3(b) hereto have been made and any waiting periods thereunder have terminated or expired, conflict with or violate any Law applicable to the
Attractions Purchaser or any of its Subsidiaries or by which any property or asset of the Attractions Purchaser or any of its Subsidiaries is bound, except, as to clauses (i)(B) and (ii), respectively, for any such conflicts or violations which,
individually or in the aggregate, have not had and would not reasonably be expected to have a material adverse effect on the performance of this Agreement or the Purchase Agreement or the consummation of the transactions contemplated hereby or
thereby. 
 (b) The execution and delivery of this Agreement by the Attractions Purchaser do not, and the performance of the Attractions
Purchaser’s obligations under this Agreement by the Attractions Purchaser will not, require any consent, approval, authorization or permit of, or filing with or notification to, any Governmental Authority, except (i) the filing with
the SEC of the Form S-4 and such reports under, and other compliance with, the Exchange Act and the Securities Act as may be required in connection with this Agreement, the Attractions Purchaser Interest
Sale, the Attractions Purchaser Asset Sale and the other Contemplated Transactions, (ii) as may be required under the rules and regulations of the NYSE, (iii) such filings and approvals as may be required by any applicable state securities
or “blue sky” Laws, (iv) such filings as may be required in connection with state and local 

  
 10 

 
transfer Taxes, and (v) where the failure to obtain such consents, approvals, authorizations or permits, or to make such filings or notifications, individually or in the aggregate, has not
had and would not reasonably be expected to have a material adverse effect on the performance of this Agreement or the Purchase Agreement or the consummation of the transactions contemplated hereby or thereby. 

4.4 Purchase Agreement Representations. The representations and warranties of the Attractions Purchaser in the Purchase Agreement are
true and correct as of the date hereof. 
 ARTICLE 5—COVENANTS RELATING TO PRE-CLOSING PERIOD AND CLOSING DELIVERABLES 

5.1 Reasonable Best Efforts; Cooperation. 

(a) Upon the terms and subject to the conditions set forth in this Agreement and the Purchase Agreement, at all times following the date of
this Agreement unless an Obligation Termination Event has occurred, the Parties agree to use their reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, and to assist and cooperate with the other Party
hereto in doing, all things necessary, proper and advisable under applicable Laws, or pursuant to any contract or agreement (including under the Purchase Agreement) to facilitate the consummation of the Contemplated Transactions no later than the
Outside Date; provided, however, that nothing in this Section 5.1 or any other provision of this Agreement shall be deemed to require any Party to (i) waive compliance by CNL of its covenants or obligations under the
Purchase Agreement, (ii) waive any of the conditions set forth in Article 9 of the Purchase Agreement, (iii) hold separate or sell, divest or dispose of any of its assets or businesses or any assets or businesses of its
Subsidiaries or Affiliates, or otherwise to take or commit to take any action that limits its ability to retain any of its assets or businesses or the assets or businesses of its Subsidiaries or Affiliates, in order to resolve antitrust or
competition law objections to the Contemplated Transactions by any Governmental Authority, or (iv) take any other action that is expressly excluded from (or an exception to) the Parties’ obligations under the Purchase Agreement (including
disclosures described in Sections 8.7(b) and 8.7(d) thereof, and expenditures in excess of the limits described in Section 8.7(g) thereof). In addition, the Parties agree to execute and deliver such other reasonably requested
documents, certificates, agreements and other writings and to take such other reasonably requested actions as may be proper, desirable or advisable in order to consummate or implement expeditiously the Contemplated Transactions subject to the terms
of this Agreement and the Purchase Agreement. 
 (b) The Parties shall use their reasonable best efforts to cooperate and assist one another
with all actions to be taken pursuant to Section 5.1(a) hereof, including the preparation and making of all filings, the obtaining of all consents, approvals, authorizations and permits, and the taking of all other actions necessary or
advisable to consummate the Contemplated Transactions. The Parties agree to use their reasonable best efforts to consult with each other and cooperate with respect to all decisions required to be made in connection with this Agreement, the Purchase
Agreement and any other agreement or instrument binding upon the Parties. Without limiting the foregoing, the Attractions Purchaser shall have the responsibility to work in good faith with CNL to seek all consents, approvals, authorizations and
permits required to be obtained with respect to the Attractions Assets and the Ski Purchaser shall have the 

  
 11 

 
responsibility to work in good faith with CNL to seek all consents, approvals, authorizations and permits required to be obtained with respect to the Ski Assets. 

(c) At all times following the date of this Agreement unless an Obligation Termination Event has occurred, each Party shall perform each of
its respective obligations under the Purchase Agreement in all material respects (determined without regard to the provisions of the Purchase Agreement pursuant to which each of the obligations of the Parties is joint and several). 

(d) At the Closing, the Parties shall cause their applicable Affiliates to deliver executed counterparts to the Porcupine Letter. 

5.2 Access to Information. At all times following the date of this Agreement unless an Obligation Termination Event has occurred, the
Parties will reasonably cooperate in good faith to share information with each other and to keep each other reasonably informed, including with respect to each Party’s due diligence investigation; the status of any consents, approvals,
authorizations, permits of, or filings with, any Governmental Authority or other Persons necessary in connection with the consummation of the Contemplated Transactions; any meetings, discussions or communications with current or potential Tenants or
Managers; and any disputes or other matters of controversy with CNL. 
 5.3 Amendments, Waivers and Consents; Deemed Consent.

 (a) Subject to Sections 5.3(b) and (c) hereof, no Party shall take any action (i) to amend any provision of the Purchase
Agreement, (ii) to waive any of the Parties’ rights under the Purchase Agreement or any condition precedent to the Parties’ obligations to consummate the Contemplated Transactions, or (iii) to consent to the Seller Parties taking any
action otherwise prohibited by the Purchase Agreement or refraining from taking any action otherwise required by the Purchase Agreement, unless, in each case, such amendment, waiver or consent is approved in writing by the other Party, in its sole
and absolute discretion; provided, however, that, if (A) any such amendment will affect, or such waiver or consent relates solely to actions or inactions that will affect, solely one or more of the Attractions Target Companies or
U.S. Attractions Purchased Assets and (B) such amendment, waiver or consent will (x) impose no liability or financial obligation upon the Ski Purchaser or the Canadian Purchaser, and (y) result in no material adverse Tax consequences
to the Ski Purchaser, the Canadian Purchaser, the Ski Target Companies or the Ski Assets (an “Attractions Assets Effect”), then the Attractions Purchaser shall have full authority, in its sole and absolute discretion, to approve
such amendment or give or refrain from giving any such waiver or consent, without the Ski Purchaser’s approval, for all purposes under this Agreement and the Purchase Agreement. 

(b) If the Purchase Agreement provides that any such waiver or consent may not be unreasonably withheld, conditioned or delayed by the Parties
or subjects the granting of any such waiver or consent to any other condition or qualification, such standard (e.g., not to be unreasonably withheld, conditioned or delayed), condition or qualification shall apply to each Party’s waiver or
consent right under this Section 5.3. 

  
 12 

 (c) Notwithstanding anything in this Section 5.3 to the contrary, to the extent any
amendment, waiver, consent or notice requested by CNL would otherwise require the approval of both Parties under Section 5.3(a) of this Agreement, but automatically is deemed given under the Purchase Agreement if the Parties fail to
deliver a notice of objection thereunder, then either Party may deliver such notice of objection (or similar notice). 
 5.4 CNL
Acquisition Proposals. If CNL delivers a Notice of Superior Proposal to the Attractions Purchaser and the Ski Purchaser pursuant to Section 8.6(e) of the Purchase Agreement, the Attractions Purchaser and the Ski Purchaser shall confer in
good faith as to whether the Attractions Purchaser and the Ski Purchaser desire to negotiate with CNL and, if so, the Attractions Purchaser and the Ski Purchaser shall, and shall cause their respective representatives to, negotiate with CNL in good
faith and endeavor in good faith to propose changes to the terms and conditions of the Purchase Agreement so that such Superior Proposal ceases to constitute a Superior Proposal. Notwithstanding the foregoing, for purposes hereof, each Party may
agree or disagree in its sole and absolute discretion for any reason or no reason with respect to any proposed changes to the Purchase Agreement and either Party may at any time withdraw from such negotiations with CNL. During the term of this
Agreement, neither Party shall provide a Company Acquisition Proposal to CNL without the prior written consent of the other Party. 
 5.5
Amendment and Restatement of the Note. Immediately following the assignment of the Note and the Mortgages by CNL to the Lender at the Closing: 

(a) First, the Ski Purchaser shall cause the Canadian Purchaser to assume such portion of the debt represented by the Note as Ski Purchaser
shall determine in its sole discretion; 
 (b) Immediately thereafter, (i) the Attractions Purchaser shall cause the Lender to make the
Initial Advance (as defined in the Credit Agreement) in accordance with Section 2.1(a) of the Credit Agreement; (ii) the Lender, the Ski Purchaser and the Ski Purchaser’s Affiliates shall amend and restate (or cause to be
amended and restated) the Note, and enter into new Mortgages to reflect, among other things, (A) the assignment by CNL of the Note and the Mortgages to the Lender, (B) an increase in the amount of the Note and the Mortgages equal to the
Initial Advance (as defined in the Credit Agreement), and (C) the addition of the Canadian Purchaser as a joint and several obligor under the Note; (iii) the Lender, the Ski Purchaser and the Ski Purchaser’s Affiliates, as applicable,
shall enter into the Financing Documents; and (iv) the Ski Purchaser shall cause the Guarantors to execute and deliver to the Lender the Indemnity Agreement and the Guaranty Agreement (each as defined in the Credit Agreement). 

(c) For the avoidance of doubt, the sole precondition to the Parties’ obligations in Sections 5.5(a) and (b) above is
the assignment of the Note and the Mortgages by CNL to the Lender. 

  
 13 

 5.6 Closing Deliverables under the Financing Documents. 

(a) At the Closing, the Ski Purchaser shall deliver or cause to be delivered to the Lender: 

(i) counterparts to the Financing Documents, executed by each duly authorized representative of the Guarantors, the Ski
Purchaser and each of the other borrowers to the Financing Documents; 
 (ii) opinion of counsel to the Guarantors and the
Ski Purchaser, dated the Closing Date, in the form attached to the Financing Letter; 
 (iii) opinions of local counsel to
the Canadian Purchaser and each of the other borrowers to the Financing Documents, dated the Closing Date, in the forms attached to the Financing Letter to the extent received on or prior to the Effective Date (or otherwise in such form as is
reasonably agreed to by the Parties, as contemplated by the Financing Letter); 
 (iv) customary certificates representing
all of the issued and outstanding equity interests in the Ski Purchaser, the Canadian Purchaser and the Ski Target Companies, together with transfer powers duly endorsed in blank; and 

(v) customary written consents or resolutions evidencing the capacity and authority of the Guarantors, the Ski Purchaser and
each of the other borrowers to the Financing Documents to enter into and deliver the Financing Documents, and authorizing certain individuals to enter into the Financing Documents on behalf of the Guarantors, the Ski Purchaser and the other
borrowers party to the Financing Documents, together with (x) an incumbency certificate for those individuals signing the Financing Documents, (y) good standing and foreign qualification certificates from the appropriate jurisdictions of
formation or organization dated as of a recent date and issued by the Secretary of State or equivalent official of the jurisdiction of the Guarantors, the Ski Purchaser and each such borrower’s formation or organization or other applicable
jurisdiction in the case of any certificate of foreign qualification or the equivalent, and (z) a Secretary’s certificate from the Guarantors, the Ski Purchaser and each such borrower certifying that the Organizational Documents of the
Guarantors, the Ski Purchaser and each such borrower are in full force and effect (provided that the Ski Purchaser and its Affiliates may redact the following confidential or otherwise sensitive information from any Organizational Documents
delivered to the Attractions Purchaser: the names of the limited partners and specific economic arrangements regarding distributions to and clawbacks from the general partner or limited partners). 

(b) At the Closing, the Attractions Purchaser shall deliver or cause to be delivered to the Ski Purchaser counterparts to the Financing
Documents, executed by each duly authorized representative of the Lender and/or any other Affiliates of the Attractions Purchaser that are parties to such Financing Documents. 

  
 14 

 5.7 Obligations of Canadian Purchaser and Lender. The Ski Purchaser hereby agrees to cause
(and be liable for the failure of) the Canadian Purchaser to perform any and all obligations of the Canadian Purchaser under this Agreement. The Attractions Purchaser hereby agrees to cause (and be liable for the failure of) the Lender to perform
any and all obligations of the Lender under this Agreement. 
 5.8 Notice Cooperation. To the extent an amendment, waiver, consent or
notice with respect to the Purchase Agreement may be approved or given unilaterally by a Party pursuant to Sections 5.3, 8.1, or 8.2(a) of this Agreement, and such Party reasonably determines that the other Party’s approval
or signature is (or may be) necessary to effect such amendment, waiver, consent or notice pursuant to the Purchase Agreement, then the other Party shall deliver such signature and otherwise cooperate with the amending, waiving, consenting or
noticing Party to effect such amendment, waiver, consent or notice. 
 5.9 Offer of Future Cooperation. If (x) a Purchase
Agreement Termination occurs, and (y) within one (1) year after such Purchase Agreement Termination, one of the Parties or its Affiliates (a “Continuing Party”) engages in substantive discussions with CNL concerning a possible
transaction (however structured) in which the Continuing Party (alone or together with other Persons) would acquire any material portion of the Ski Assets (if the Continuing Party is the Attractions Purchaser) or the Attractions Assets (if the
Continuing Party is the Ski Purchaser), then the Continuing Party shall inform the non-Continuing Party of such discussions and offer such non-Continuing Party the opportunity to participate in such transaction. 

ARTICLE 6—COVENANTS WITH RESPECT TO POST-CLOSING MATTERS 

6.1 Tax Matters. The Ski Purchaser shall cooperate in good faith with the Attractions Purchaser and CNL to cause all of the
transactions contemplated by the Purchase Agreement to be taxable transactions for U.S. federal income tax purposes. 
 6.2 Further
Action. From and after the Closing, the Parties shall execute such further documents, and perform such further acts, in each case on their own behalf or on behalf of any Persons they control, directly or indirectly, as may be reasonably
necessary or desirable to carry out the transactions contemplated by this Agreement and the Purchase Agreement; provided that if any further action is reasonably necessary or desirable to carry out the purposes of this Agreement and the Purchase
Agreement with respect to the Attractions Assets, the Attractions Purchaser shall take all such actions and provided that if any further action is reasonably necessary or desirable to carry out the purposes of this Agreement and the Purchase
Agreement with respect to the Ski Assets, the Ski Purchaser shall take all such actions. 
 ARTICLE 7—SHARING OF LIABILITIES

7.1 Transaction Expenses. 

(a) Except as otherwise provided in this Agreement, the Purchase Agreement or the Financing Documents, whether or not the Contemplated
Transactions are consummated, each Party shall be solely responsible for (i) its own and its Affiliates’ fees and expenses associated with due diligence and legal, accounting and financial advisory services in connection

  
 15 

 
with the Contemplated Transactions, (ii) fees and expenses payable solely by it or its Affiliates under the Purchase Agreement, and (iii) fees and expenses payable by the Purchasers
collectively under the Purchase Agreement to the extent relating solely to (A) the Attractions Target Companies or the U.S. Attractions Purchased Assets (in the case of the Attractions Purchaser) or (B) the Ski Target Companies or the Ski
Purchased Assets (in the case of the Ski Purchaser). Such fees and expenses shall include all transfer, sales, mortgage and leasehold taxes; all recordation charges; all title insurance costs and expenses, including title search and exam costs; all
title premiums for the owner’s title insurance policies, including any endorsements; any loan policy premiums; all costs and expenses of any surveys; all escrow fees; all costs, fees, recordation taxes and assessments with respect to any
financing; all fees and expenses related to obtaining licenses, permits and Third Party approvals and consents; all fees and expenses related to the release of CNL and its Subsidiaries by the Ground Lessors of all guarantees and other obligations;
and all fees and expenses related to judgment and lien searches; and all legal fees and expenses. 
 (b) Notwithstanding anything to the
contrary set forth in Section 7.1(a) above, the Ski Purchaser agrees to pay, on demand and from time to time prior to the Closing, all of the Lender’s reasonable expenses in preparing, executing, delivering and administering the
Financing Documents and any requested amendment, waiver or consent relating hereto or thereto, including the reasonable fees and out-of-pocket expenses of the Attractions Purchaser’s or the Lender’s third-party consultants, special
counsel, Goodwin Procter LLP, and local counsel in each jurisdiction in which the Ski Assets are located. The Ski Purchaser also agrees to pay, on demand, all reasonable out-of-pocket expenses incurred by the Attractions Purchaser or the Lender in
connection with the collection of amounts due under this Section 7.1(b) and the revision, protection or enforcement of any of the Attractions Purchaser’s rights against the Guarantors under the Guaranty), including reasonable legal,
accounting and third-party consultant fees incurred in connection therewith. For the avoidance of doubt, the Ski Purchaser and its Affiliates shall not be liable for (i) any fees payable to investment bankers or brokers in connection with the
Contemplated Transactions (which investment banking and brokerage fees shall be the sole responsibility of the Attractions Purchaser) or (ii) any of the Attractions Purchaser’s expenses incurred in connection with its acquisition of the
Attractions Assets. 
 (c) In the event that the Purchase Agreement is terminated by the Ski Purchaser pursuant to
Section 10.1(b)(ii) of the Purchase Agreement arising from the circumstances described in Section 10.3(a)(iv)(C) of the Purchase Agreement, the Ski Purchaser shall be solely responsible for the payment of the full amount of
CNL’s Reimbursable Expenses within five (5) Business Days of termination of the Purchase Agreement. If the Ski Purchaser does not pay the full amount of CNL’s Reimbursable Expenses as described above when such amount is required to be
paid, then the Ski Purchaser shall indemnify the Attractions Purchaser for all losses, damages, costs and expenses the Attractions Purchaser incurs as a direct result of non-payment by the Ski Purchaser, including all losses, damages, costs and
expenses incurred by the Attractions Purchaser in defending itself in a suit by CNL with regard to CNL’s Reimbursable Expenses and any payments made by the Attractions Purchaser of all or a portion of CNL’s Reimbursable Expenses. 

  
 16 

 ARTICLE 8—CLOSING CONDITIONS; TERMINATION OF PURCHASE AGREEMENT 

8.1 Closing Mechanics. 

(a) If the Attractions Purchaser and the Ski Purchaser unanimously agree that the closing conditions set forth in Article 9 of the
Purchase Agreement are satisfied, then the Parties shall notify CNL in writing, signed by either Party, that such closing conditions have been satisfied. 

(b) If either the Attractions Purchaser or the Ski Purchaser believes that one or more of the closing conditions in Section 9.1
and Section 9.2 of the Purchase Agreement have not been satisfied, such Party must promptly notify the other Party in advance of the anticipated Closing Date. The Attractions Purchaser and the Ski Purchaser shall endeavor to discuss in
good faith which closing condition has not been satisfied and whether such condition can be waived. If either the Attractions Purchaser or the Ski Purchaser continues to believe in good faith that a closing condition in Section 9.1 or
Section 9.2 of the Purchase Agreement has not been satisfied and (to the extent permitted by applicable Law) either the Attractions Purchaser or the Ski Purchaser is unable or unwilling to waive such closing condition, then the Parties
shall promptly notify CNL of such failure of the applicable closing condition to be satisfied. 
 (c) Notwithstanding
Section 8.1(b) above, the Ski Purchaser shall not have the unilateral right to cause the Parties to notify CNL that a closing condition has not been satisfied solely on the basis of (A) a failure, or purported failure, of one or
more of the closing conditions set forth in Section 9.2(a) (closing deliverables), (b) (performance of covenants), Section 9.2(d) (bring-down of representations), Section 9.2(f) (Target Company
Material Adverse Effect), Section 9.2(h) (permits and ground lease approvals) or Section 9.2(i) (pay-off of debt) of the Purchase Agreement, in each case on the basis of facts that have solely an Attractions Assets Effect, or
(B) a failure, or purported failure, of the closing condition set forth in Section 9.2(g) of the Purchase Agreement. 
 8.2
Termination of the Purchase Agreement. 
 (a) If either the Attractions Purchaser or the Ski Purchaser desires to terminate the
Purchase Agreement pursuant to Section 10.1 of the Purchase Agreement, the Party desiring to terminate the Purchase Agreement shall notify the other Party, and the Party desiring to terminate the Purchase Agreement shall deliver a
termination notice to CNL in accordance with Section 10.2 of the Purchase Agreement; provided, however, that (i) the Ski Purchaser shall not have the unilateral right to cause the Parties to terminate the Purchase Agreement on the
basis of facts that have solely an Attractions Assets Effect pursuant to Section 10.1(d)(i) or Section 10.1(d)(iii) of the Purchase Agreement, and (ii) the Attractions Purchaser shall not have the unilateral right to
cause the Parties to terminate the Purchase Agreement pursuant to Section 10.1(b)(ii) of the Purchase Agreement arising from the circumstances described in Section 10.3(a)(iv)(C) of the Purchase Agreement. 

(b) If the Company Termination Amount or any Reimbursable Expenses are required to be paid by CNL pursuant to the Purchase Agreement as a
result of a Purchase 

  
 17 

 
Agreement Termination, then any such amount shall be split between the Attractions Purchaser and the Ski Purchaser based on their Proportionate Share. 

(c) Except as provided in Section 7.1(c) hereof and except in the case where one Party is determined to be the Sole Responsible
Party (as defined below), if the Purchaser Termination Amount or any Reimbursable Expenses are required to be paid to CNL pursuant to the Purchase Agreement as a result of a Purchase Agreement Termination, then the Parties shall each pay their
Proportionate Share of the Purchaser Termination Amount and any Reimbursable Expenses to CNL by wire transfer of same day funds to an account designated by CNL not later than five (5) Business Days after such Purchase Agreement Termination. If one
Party pays its Proportionate Share of the Purchaser Termination Amount and/or any Reimbursable Expenses to CNL pursuant to this Section 8.2(c) when such amounts are required to be paid and the other Party does not, then, provided that
such paying Party is not the Sole Responsible Party, the non-paying Party shall indemnify the paying Party for all losses, damages, costs and expenses incurred by the paying Party in defending itself in a suit by CNL with regard to, or in paying the
non-paying Party’s Proportionate Share of, the Purchaser Termination Amount and/or any Reimbursable Expenses. 
 (d) In the case where
one Party is determined to be the Sole Responsible Party, if the Purchaser Termination Amount or any Reimbursable Expenses are required to be paid to CNL pursuant to the Purchase Agreement as a result of a Purchase Agreement Termination, then the
Sole Responsible Party shall pay the entire Purchaser Termination Amount and Reimbursable Expenses to CNL by wire transfer of same day funds to an account designated by CNL not later than five (5) Business Days after such Purchase Agreement
Termination. If the Sole Responsible Party does not pay the entire Purchaser Termination Amount and Reimbursable Expenses when such amounts are required to be paid, then it shall indemnify the other Party for all losses, damages, costs and expenses
the other Party incurs as a direct result of non-payment by the Sole Responsible Party, including all losses, damages, costs and expenses incurred by it in defending itself in a suit by CNL with regard to the Purchaser Termination Amount,
Reimbursable Expenses and any payments made by such other Party of all or a portion of the Purchaser Termination Amount and Reimbursable Expenses. In addition, solely in the case where both (i) one Party is determined to be the Sole Responsible
Party and (ii) the Purchaser Termination Amount and/or any Reimbursable Expenses are required to be paid to CNL pursuant to the Purchase Agreement as a result of a Purchase Agreement Termination, the Sole Responsible Party shall pay the other
Party an amount equal to $5,000,000 (the “Purchaser Expense Reimbursement”) by wire transfer of same day funds to an account designated in writing by such Party not later than five (5) Business Days after such Purchase Agreement
Termination. The Parties agree that the Purchaser Expense Reimbursement is not a penalty, but rather is liquidated damages, and is a reasonable approximation of the damages of the non-responsible Party in the circumstances in which the Purchaser
Expense Reimbursement is payable, which amount would otherwise be impossible to calculate with precision. Notwithstanding anything to the contrary in this Agreement, in the circumstance in which the Sole Responsible Party is required to pay the
Purchaser Expense Reimbursement, the other Party’s right to receive payment of the Purchaser Expense Reimbursement from the Sole Responsible Party shall be the sole and exclusive remedy of such Party, such Party’s Subsidiaries and any of
such Party’s former, current or future officers, directors, trustees, partners, stockholders, managers, members, affiliates or agents for the loss suffered as a result of the 

  
 18 

 
failure of the Contemplated Transactions to be consummated and, upon payment of such amount, none of the Sole Responsible Party, such Sole Responsible Party’s Subsidiaries or any of Sole
Responsible Party’s former, current or future officers, directors, trustees, partners, stockholders, managers, members, affiliates or agents shall have any further liability or obligation relating to or arising out of this Agreement or the
Purchase Agreement; provided, however, a Sole Responsible Party’s payment of the Purchaser Expense Reimbursement shall not preclude the other Party from recovering any Indirect PSA Damages from the Sole Responsible Party. 

(e) A Party shall be the “Sole Responsible Party” if (i) such Party admits in writing in its sole and absolute discretion
that it is the Sole Responsible Party, or (ii) a court of competent jurisdiction in a final non-appealable (or unappealed) judgment finds both (x) that such Party caused the Purchaser Termination Amount or Reimbursable Expenses to become
payable, whether because it affirmatively caused (e.g., termination of the Purchase Agreement under Section 10.1(c)(iii) thereof), or its actions or omissions or a breach of its obligations under the Purchase Agreement or this Agreement
were the principal reason for, a Purchase Agreement Termination that caused the Purchaser Termination Amount or Reimbursable Expenses to become payable, and (y) that the other Party, at the time of such Purchase Agreement Termination caused by
the defaulting Party, was (or, using its commercially reasonable efforts, would have been, by the Outside Date) ready, willing and able to and intended to consummate, and but for the Purchase Agreement Termination caused by the defaulting Party
would have consummated, the Contemplated Transactions by the Outside Date. For the avoidance of doubt, in the absence of (A) any affirmative termination by a Party of the Purchase Agreement, or (B) any other breach by a Party of this
Agreement or the Purchase Agreement, a Party that fails to fulfill its obligations at the Closing under Sections 5.5 or 5.6 of this Agreement will be presumed to have caused a Purchaser Agreement Termination. 

(f) To assist a Party who is contemplating causing a Purchase Agreement Termination in assessing the risk that it may be determined to be the
Sole Responsible Party, such Party (the “Initiating Party”) may request that the other Party (the “Responding Party”) indicate whether it too wants to cause a Purchase Agreement Termination. If so requested, the
Responding Party shall respond promptly and confer with the Initiating Party. If the Responding Party indicates that it does not want to cause a Purchase Agreement Termination, the Initiating Party may request that the Responding Party deliver to
the Initiating Party a written notice (a “Confirming Notice”) executed by its Chief Executive Officer (or comparable officer) certifying that the Responding Party’s Board of Trustees or Manager, as applicable, determined, based
on a review of the matter following the Initiating Party’s request, that the Responding Party is in fact (or, using its commercially reasonable efforts, would be by the Outside Date) ready, willing and able, and does intend to, consummate the
Contemplated Transactions by the Outside Date (assuming that the Initiating Party does not cause a Purchase Agreement Termination and that no breach or default on the part of CNL, or failure of conditions to the Closing in favor of the Responding
Party not then known to the Responding Party, arises between the date of such Confirming Notice and the Outside Date). If requested in writing by an Initiating Party, the Responding Party shall deliver a Confirming Notice within seven (7) calendar
days. For purposes of this Section 8.2(f), in the event that the Responding Party is the Ski Purchaser, the Guarantors shall also deliver a Confirming Notice in form and substance and within the time frame set forth in this
Section 8.2(f) to the Attractions Purchaser. Each Party reserves all rights with respect to CNL and the other Party, including the right to bring a claim for indemnification under Article 9

  
 19 

 
hereof, and pursuant to Section 10.8 hereof, all rights and remedies at Law, and a Confirming Notice shall not be conclusive evidence that the statements made therein were true, but
shall be considered strong presumptive evidence with respect to such matter. After receiving a Confirming Notice, the Initiating Party may or may not decide to cause a Purchase Agreement Termination. 

(g) Neither Party shall enter into a separate settlement with CNL regarding the Purchaser Termination Amount, Reimbursable Expenses or any
other damages or liabilities to CNL for which both Parties are jointly and severally liable, unless: (i) the other Party consents in writing, or (ii) the settlement provides (to the other Party’s reasonable satisfaction) that CNL will not seek
to recover against the other Party any of the Purchaser Termination Amount, Reimbursable Expenses or any such other damages or liabilities. In this case, the non-settling Party would have no claim against the settling Party for any sums that it
subsequently pays or is obligated to pay to CNL, or for any costs of defense in connection therewith, unless the settling party is determined to be the Sole Responsible Party. 

ARTICLE 9—INDEMNIFICATION; LIMITATION OF LIABILITY

9.1 Reciprocal Indemnification. 

(a) Mutual Indemnification for Fraud or Willful Breach. From and after the Closing or a Purchase Agreement Termination, each Party
shall, and does hereby, indemnify the other Party and the other Party’s Affiliates and Representatives against, and hold them harmless from, any and all losses, liabilities, damages, costs, penalties, expenses, fees, fines, assessments,
sanctions or awards (including reasonable costs of investigation and defense, reasonable legal expenses and court costs) arising out of, resulting from or related to (i) any fraud or JBA Willful Breach by the indemnifying Party or its
Affiliates, (ii) any fraud or PSA Willful Breach by the indemnifying Party or its Affiliates, and (iii) the costs and expenses of the indemnified Party enforcing its rights under this Section 9.1(a) and Section 10.8
hereof.  
 (b) Ski Purchaser Indemnification of Attractions Purchaser. Except as otherwise provided in Sections 8.2 or
9.1(a) hereof, from and after the Closing or a Purchase Agreement Termination, the Ski Purchaser shall, and does hereby, indemnify the Attractions Purchaser and its Affiliates and Representatives against, and hold them harmless from, any and
all losses, liabilities, damages, costs, penalties, expenses, fees, fines, assessments, sanctions or awards (including reasonable costs of investigation and defense, reasonable legal expenses and court costs) arising out of, resulting from or
related to (i) the Ski Assets (except to the extent arising out of, resulting from, or related to Lender’s conduct with respect to the Ski Assets), (ii) any information contained in or omitted from any securities filings made by the
Attractions Purchaser in connection with the Contemplated Transactions in reliance upon and in conformity with information furnished in writing to the Attractions Purchaser by the Ski Purchaser or its Representatives relating to the Ski Purchasers
or its Affiliates expressly for use in such securities filings, (iii) Section 7.1(c) of this Agreement, and (iv) the costs and expenses of the Attractions Purchaser enforcing its rights under this Section 9.1(b) and
Section 10.8 hereof; provided that indemnification with respect to the foregoing clause (i) shall be applicable solely from and after the Closing, and indemnification with respect to the foregoing clause (iii) shall be
applicable solely from and after a Purchase Agreement Termination. 

  
 20 

 (c) Attractions Purchaser Indemnification of Ski Purchaser. Except as otherwise provided
in Sections 8.2 or 9.1(a) hereof, from and after the Closing or a Purchase Agreement Termination, the Attractions Purchaser shall, and does hereby, indemnify the Ski Purchaser and its Affiliates and Representatives against, and
hold them harmless from, any and all losses, liabilities, damages, costs, penalties, expenses, fees, fines, assessments, sanctions or awards (including reasonable costs of investigation and defense, reasonable legal expenses and court costs) arising
out of, resulting from or related to (i) the Attractions Assets, (ii) the authorization or validity of the Share Consideration, and any untrue statement or alleged untrue statement of a material fact contained in any securities filings
made by the Attractions Purchaser (provided any filings that are made jointly with any party shall be subject to this provision only to the extent of information relating to the Attractions Purchaser, its assets or operations, and the Share
Consideration), (iii) the Parties’ obligations under Section 11.9(e) of the Purchase Agreement with respect to CNL’s ownership of the Note, and (iv) the costs and expenses of the Ski Purchaser enforcing its rights under
this Section 9.1(c) and Section 10.8 hereof; provided that indemnification with respect to the foregoing clause (i) shall be applicable solely from and after the Closing. 

9.2 Effect of Terminations; Limitation of Liability. 

(a) After Closing. Except for liability under any provision surviving a termination of this Agreement pursuant to
Section 10.2(a) hereof, from and after the Closing (if any), neither Party shall have any obligation or liability to the other Party under this Agreement or the Purchase Agreement. 

(b) After a Purchase Agreement Termination. Except for liability under any provision surviving a termination of this Agreement pursuant
to Section 10.2(b) hereof, from and after a Purchase Agreement Termination (if any), neither Party shall have any obligation or liability to the other Party under this Agreement or the Purchase Agreement. 

(c) General Limitation of Liability. Notwithstanding anything to the contrary in this Agreement, the maximum aggregate liability that
may be owed by either Party (together with its Affiliates, collectively, the “Obligor”) under this Agreement to the other Party (together with its Affiliates, collectively, the “Damaged Party”) for the Damaged
Party’s losses, damages, costs and expenses arising out of or relating to the failure of the Contemplated Transactions to be consummated, or a breach of this Agreement by the Obligor, or otherwise, shall not exceed (A) with respect to
Indirect PSA Damages, Seventy Million Dollars ($70,000,000) minus any amounts actually paid by the Obligor to CNL in respect of Direct PSA Damages, and (B) with respect to Other Damages, Five Million Dollars ($5,000,000). For purposes hereof:

 (i) “Direct PSA Damages” means amounts owed by a Party (or its Affiliates) directly to CNL in respect of
the Purchaser Termination Amount, Reimbursable Expenses, or otherwise arising under the Purchase Agreement from any breach by such Party thereof (including a PSA Willful Breach), liquidated damages owed by such Party pursuant thereto, or
indemnification obligations of such Party thereunder. 

  
 21 

 (ii) “Indirect PSA Damages” means amounts owed by an Obligor to
a Damaged Party in respect of Direct PSA Damages that, pursuant to this Agreement, are the responsibility of Obligor, but were actually paid to CNL by the Damaged Party. Indirect PSA Damages include, for example, a Damaged Party’s Proportionate
Share of any Purchaser Termination Amount paid to CNL if it is later determined that the Obligor was the Sole Responsible Party, but do not include defense or enforcement costs incurred by the Damaged Party under Sections 8.2(c) or
8.2(d) hereof. 
 (iii) “Other Damages” means amounts owing by an Obligor to a Damaged Party that do
not constitute Indirect PSA Damages, and include, for example, the Purchaser Expense Reimbursement, defense and enforcement costs incurred by the Damaged Party under Sections 8.2(c) or 8.2(d) hereof, amounts owing to a Damaged
Party pursuant to Section 9.1 hereof (other than clause (ii) of Section 9.1(a) hereof), and other losses, damages, costs and expenses arising from Obligor’s breach of this Agreement (including a JBA Willful
Breach). 
 (d) No Lost Profits. IN NO EVENT SHALL EITHER PARTY BE LIABLE UNDER THIS AGREEMENT TO THE OTHER PARTY FOR INCIDENTAL,
SPECIAL, EXEMPLARY, PUNITIVE OR ENHANCED DAMAGES, OR LOST PROFITS OR REVENUES, ARISING OUT OF, OR RELATING TO, AND/OR IN CONNECTION WITH ANY BREACH OF THIS AGREEMENT, REGARDLESS OF (i) WHETHER SUCH DAMAGES WERE FORESEEABLE, (ii) WHETHER OR NOT SUCH
PARTY WAS ADVISED OF THE POSSIBILITY OF SUCH DAMAGES OR (iii) THE LEGAL OR EQUITABLE THEORY (CONTRACT, TORT OR OTHERWISE) UPON WHICH THE CLAIM IS BASED. 

(e) No Equitable Relief. Notwithstanding any other provision to the contrary contained in this Agreement, each Party acknowledges and
agrees that (i) monetary damages at law are a fully adequate remedy to compensate the other Party for any breach or threatened breach of this Agreement, and (ii) an action at law for monetary damages is such Party’s sole and exclusive
remedy for any such breach. No breach by any Party of this Agreement will entitle the other Party to equitable relief, including specific performance, injunctive relief, rescission or any other form of equitable remedy. 

ARTICLE 10—MISCELLANEOUS

10.1 Due Diligence Review; Non-Reliance. 

(a) The Ski Purchaser acknowledges that: (i) it has completed to its satisfaction its own due diligence review with respect to the Seller
Parties and the Target Companies and their respective businesses, and that it is entering into the Ski Purchaser Interest Sale, the Ski Purchaser Asset Sale, the Canadian Asset Sale and the other transactions contemplated by the Purchase Agreement
based on such review, (ii) it has had access to its full satisfaction to the Seller Parties and the Target Companies and their respective properties, offices, books, contracts, commitments, personnel and records, and (iii) it has had such
opportunity to seek accounting, legal and other advice or information in connection with the Ski Purchaser Interest Sale, the Ski Purchaser Asset Sale, the Canadian Asset Sale and the other 

  
 22 

 
transactions contemplated by the Purchase Agreement as it has seen fit. Other than the representations and warranties set forth herein or in the Purchase Agreement, the Ski Purchaser acknowledges
that neither the Attractions Purchaser nor any Affiliate thereof has made any representation or warranty, including any representation or warranty as to the prospects, financial or otherwise, of the Ski Assets, including with respect to
merchantability or fitness for any particular purpose of any assets, the nature or extent of any Liabilities, the effectiveness or the success of any operations, or the accuracy or completeness of any documents, projections, material or other
information (financial or otherwise) regarding the Ski Assets furnished to the Ski Purchaser or made available to the Ski Purchaser in expectation of, or in connection with, the Contemplated Transactions, or in respect of any other matter or thing
whatsoever. 
 (b) The Attractions Purchaser (on behalf of itself and Lender) acknowledges that: (i) it has completed to its
satisfaction its own due diligence review with respect to the Seller Parties and the Target Companies and their respective businesses, and that it is entering into the Attractions Purchaser Interest Sale, the Attractions Purchaser Asset Sale and the
other transactions contemplated by the Purchase Agreement based on such review, (ii) it has had access to its full satisfaction to the Seller Parties and the Target Companies and their respective properties, offices, books, contracts,
commitments, personnel and records, and (iii) it has had such opportunity to seek accounting, legal and other advice or information in connection with the Attractions Purchaser Interest Sale, the Attractions Purchaser Asset Sale and the other
transactions contemplated by the Purchase Agreement as it has seen fit. Other than the representations and warranties set forth herein or in the Purchase Agreement, the Attractions Purchaser acknowledges that neither the Ski Purchaser nor any
Affiliate thereof has made any representation or warranty, including any representation or warranty as to the prospects, financial or otherwise, of the Attractions Assets, including with respect to merchantability or fitness for any particular
purpose of any assets, the nature or extent of any Liabilities, the effectiveness or the success of any operations, or the accuracy or completeness of any documents, projections, material or other information (financial or otherwise) regarding the
Attractions Assets furnished to the Attractions Purchaser or made available to the Attractions Purchaser in expectation of, or in connection with, the Contemplated Transactions, or in respect of any other matter or thing whatsoever. 

(c) Each of the Ski Purchaser and the Attractions Purchaser acknowledges that, in relation to the other Party, it (and/or its Affiliate) is
acquiring the Ski Assets or the Attractions Assets, as applicable, subject only to the provisions of this Agreement and the Purchase Agreement, and not in reliance upon any representation or warranty of the other Party, except for the express
representations of the other Party contained in this Agreement and the Purchase Agreement (or in any other agreement entered into among the Parties). 

10.2 Termination. 
 (a)
Upon a Closing. This Agreement shall immediately terminate and be of no further force or effect upon consummation of the Closing, except that Sections 2.1 (Purchase Price Adjustments), 5.7 (Obligations of Canadian Purchaser
and Lender), and 7.1(a) and (b) (Transaction Expenses), Articles 6 (Covenants With respect to Post-Closing Matters), 9 (Indemnification; Limitation of Liability) and 10 (Miscellaneous), and all applicable
definitions shall survive such termination. 

  
 23 

 (b) Upon a Purchase Agreement Termination. This Agreement shall immediately terminate and
be of no further force or effect upon a valid termination of the Purchase Agreement, except that Sections 5.9 (Offer of Future Cooperation); 7.1(a) and (c) (Transaction Expenses), and 8.2 (Termination of the Purchase
Agreement) and Articles 9 (Indemnification; Limitation of Liability) and 10 (Miscellaneous) and all applicable definitions shall survive such termination. 

10.3 Notices. Any notice, request, claim, demand and other communications hereunder shall be sufficient if in writing and sent
(i) by facsimile transmission (providing confirmation of transmission) or e-mail of a pdf attachment (provided that any notice sent by facsimile or e-mail transmission on any Business Day after 5:00 p.m. (New York City time) or on
any day that is not a Business Day shall be deemed to have been received at 9:00 a.m. (New York City time) on the next Business Day), or (ii) by reliable overnight delivery service (with proof of service), hand delivery or certified or
registered mail (return receipt requested and first-class postage prepaid), addressed as follows (or at such other address for a Party as shall be specified in a notice given in accordance with this Section 10.3): 

if to the Attractions Purchaser: 

EPR Properties 
 909 Walnut
Street 
 Kansas City, Missouri 64106 

Attention: General Counsel 

Telephone No.: (816) 472-1700 

E-Mail: craige@eprkc.com 

with a copy (which shall not constitute notice) to: 

Goodwin Procter LLP 
 100
Northern Avenue 
 Boston, Massachusetts 02210 

Attention: John Haggerty, Esq. 

Telephone No.: (617) 570-1000 

E-Mail: jhaggerty@goodwinprocter.com 

if to the Ski Purchaser: 

Och-Ziff Real Estate 
 9 West
57th Street, 40th Floor 
 New York, NY 10019 

Attention: Steven E. Orbuch 

Facsimile No.: (212) 790-0005 

E-Mail: sorbuch@ozcap.com 

  
 24 

 with a copy (which shall not constitute notice) to: 

Bryan Cave LLP 
 1290 Avenue of
the Americas 
 New York, NY 10104 

Attention: Ronald B. Emanuel, Esq. 

Telephone No.: 212-541-2334 

Facsimile No.: 212-541-1434 

E-Mail: rbemanuel@bryancave.com 

10.4 Entire Agreement. This Agreement, together with the Purchase Agreement (including exhibits, annexes and appendices thereto and the
Seller Disclosure Letter), the Financing Letter, the Note, the Mortgages, the Financing Documents and the Guaranty sets forth the entire agreement and understanding of the Parties in respect of the provisions contained herein and supersedes all
prior discussions, negotiations, agreements, arrangements and understandings, whether oral or written, relating to the subject matter hereof and thereof. There are no warranties, representations or other agreements between the Parties in connection
with the subject matter of this Agreement, except as specifically set forth in this Agreement or the Purchase Agreement. 
 10.5
Amendments and Waivers. 
 (a) Any provision of this Agreement may be amended or modified only by a written instrument signed by all
of the Parties hereto. 
 (b) No waiver hereunder shall be valid or binding unless set forth in writing and duly executed by the Party
against whom enforcement of the waiver is sought. Any such waiver shall constitute a waiver only with respect to the specific matter described in such writing and shall in no way impair the rights of the Party granting such waiver in any other
respect or at any other time. Neither the waiver by any of the Parties of a breach of or a default under any of the provisions of this Agreement, nor the failure by any of the Parties, on one or more occasions, to enforce any of the provisions of
this Agreement or to exercise any right or privilege hereunder, shall be construed as a waiver of any other breach or default of a similar nature, or as a waiver of any of such provisions, rights or privileges hereunder. Except as otherwise provided
herein, no action taken pursuant to this Agreement, including any investigation by or on behalf of any Party, shall be deemed to constitute a waiver by the Party taking such action of compliance with any representations, warranties, covenants or
agreements contained in this Agreement. 
 10.6 Governing Law. This Agreement and all Legal Proceedings (whether based on contract,
tort or otherwise), directly or indirectly, arising out of or relating to this Agreement or the actions of the Parties in the negotiation, administration, performance and enforcement thereof, shall be governed by, and construed in accordance with,
the Laws of the State of Maryland, without giving effect to any choice or conflict of Laws provision or rule (whether of the State of Maryland or any other jurisdiction) that would cause the application of the Laws of any jurisdiction other than the
State of Maryland. 

  
 25 

 10.7 Consent to Jurisdiction. 

(a) Each of the Parties hereto hereby irrevocably submits to the exclusive jurisdiction of the courts of the State of Maryland and to the
jurisdiction of Circuit Court for Baltimore City (Maryland) (the “Maryland Court”), for the purpose of any Legal Proceeding (whether based on contract, tort or otherwise), directly or indirectly, arising out of or relating to this
Agreement or the actions of the Parties hereto in the negotiation, administration, performance and enforcement thereof, and each of the Parties hereto hereby irrevocably agrees that all claims in respect to such Legal Proceeding may be heard and
determined exclusively in any Maryland state or federal court. 
 (b) Each of the Parties hereby irrevocably and unconditionally agrees to
request and/or consent to the assignment of any such proceeding to the Maryland Court’s Business and Technology Case Management Program. Each of the Parties hereby irrevocably and unconditionally (a) consents and submits to the exclusive
jurisdiction of the Maryland Court for the purpose of any Legal Proceeding brought by any Party arising out of or relating to this Agreement or any ancillary agreement, (b) agrees not to commence any such action or proceeding except in the Maryland
Court, (c) agrees that any claim with respect to any such action or proceeding shall be heard and determined in the Maryland Court, (d) waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter
have to venue of any such action or proceeding in the Maryland Court, and (e) waives, to the fullest extent permitted by Law, the defense of an inconvenient forum to the maintenance of such action or proceeding in the Maryland Court. Each of
the Parties agrees that a final judgment in any such action or proceeding shall be conclusive, subject to any rights of appeal, and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law. Nothing
in this Agreement shall, however, limit or affect the rights of any Party to pursue appeals from any judgments or orders of the Maryland Court as provided by Law. Each Party irrevocably consents to service of process in the manner provided for
notices in Section 10.3 hereof. Nothing in this Agreement will affect the right of any Party to serve process in any other manner permitted by Law. 

10.8 Prevailing Party. If either Party commences any legal action against the other Party in order to enforce any of the
provisions of this Agreement or to protect its interest in any manner arising under this Agreement, or to recover damages for the breach of this Agreement (including any action pursuant to Section 9.1 hereof), the prevailing party (after
a final, non-appealable (or unappealed) judgment of a court of competent jurisdiction) shall be entitled to recover from the other Party its documented reasonable out-of-pocket costs and expenses (including attorneys’ and experts’ fees and
expenses) in connection with such suit (including any and all appeals). 
 10.9 Waiver of Jury Trial. EACH PARTY ACKNOWLEDGES AND
AGREES THAT ANY CONTROVERSY OR CLAIM WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF
ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE CONTEMPLATED TRANSACTIONS. THIS WAIVER MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS
SECTION 10.9) AND EXECUTED BY EACH OF 

  
 26 

 
THE PARTIES HERETO). The scope of this waiver is intended to be all-encompassing of any and all disputes that may be filed in any court and that relate to the subject matter herein, including
contract claims, tort claims, breach of duty claims and all other common law and statutory claims. In the event of litigation, this Agreement may be filed as a written consent to a trial by the court. 

10.10 Binding Effect. This Agreement will be binding upon, inure solely to the benefit of and be enforceable by the Parties and their
respective permitted successors and assigns. 
 10.11 Severability. If any term, provision, covenant or restriction of this
Agreement is held by a court of competent jurisdiction or other Governmental Authority to be invalid, void or unenforceable, such term, provision, covenant or restriction shall, as to such jurisdiction, be ineffective to the extent of such
prohibition or unenforceability without invalidating the remaining provisions of this Agreement, and the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be
affected, impaired or invalidated. 
 10.12 Counterparts. This Agreement may be executed and delivered in multiple counterparts, each
of which shall be deemed an original, and all of which together shall constitute one and the same instrument. It is the express intent of the Parties to be bound by the exchange of signatures on this Agreement via facsimile or electronic mail via
the portable document format (PDF). A facsimile or other copy of a signature shall be deemed an original. This Agreement shall become effective when each Party hereto shall have received a counterpart hereof signed by all of the other Parties
hereto. Until and unless each Party has received a counterpart hereof signed by the other Parties hereto, this Agreement shall have no effect and no Party shall have any right or obligation hereunder (whether by virtue of any other oral or written
agreement or other communication). 
 10.13 Third Parties. No provision of this Agreement is intended or shall confer on any Person,
other than the Parties, the Lender, the Canadian Purchaser (and their respective successors), any rights under this Agreement and no other Person shall be entitled to rely thereon, including CNL or any other Seller Party. 

10.14 Assignment. Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned, delegated or
otherwise transferred by any Party (whether by operation of law or otherwise) without the prior written consent of the other Parties. For the avoidance of doubt, this Section 10.14 shall not restrict any rights of assignment with respect
to the Purchase Agreement in accordance with Section 11.5 of the Purchase Agreement. 
 10.15 Interpretation; Certain
Definitions. The Parties hereto have participated jointly in the negotiation and drafting of this Agreement. Consequently, in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted
jointly by the Parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of any provision of this Agreement. When a reference is made in this Agreement to an Article or Section,
such reference shall be to an Article or Section of this Agreement, unless otherwise indicated. The table of contents and headings for this Agreement are for reference purposes only and shall not affect in any way the meaning or

  
 27 

 
interpretation of this Agreement. Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the
words “without limitation.” The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of
this Agreement. All terms defined in this Agreement shall have the defined meanings when used in any certificate or other instrument made or delivered pursuant hereto unless otherwise defined therein. The definitions contained in this Agreement are
applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such term. Any Law defined or referred to herein or in any agreement or instrument that is referred to herein
means such Law as from time to time amended, modified or supplemented, including (in the case of statutes) by succession of comparable successor Laws. References to a Person are also to its successors and permitted assigns. All references to
“dollars” or “$” refer to currency of the United States of America. 
 [Signature Page Follows] 

  
 28 

 IN WITNESS WHEREOF, the Parties have executed and delivered this Agreement as of the date set
forth above. 
  

			
	Ski Purchaser:
	
	SKI RESORT HOLDINGS LLC
		
	By:	 	/s/ Steven Orbuch
		 	        Authorized Person
	
	Attractions Purchaser:
	
	EPR PROPERTIES
		
	By:	 	/s/ Gregory K. Silvers
		 	         Gregory K. Silvers, Chief Executive

        Officer and President

  
 [Signature Page to
Joint Buyers Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00263-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00263-of-00352.parquet"}]]