Document:

Exhibit 4.5

 

DERMIRA, INC.

 

And

 

                                                 , as Trustee

 

INDENTURE

 

Dated as of                       ,

 

 

TABLE OF CONTENTS

 

	
ARTICLE 1 -   DEFINITIONS AND INCORPORATION BY REFERENCE
    	
1
    
	
1.1   DEFINITIONS
    	
1
    
	
1.2.   OTHER DEFINITIONS
    	
4
    
	
1.3.   INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT
    	
4
    
	
1.4.   RULES OF CONSTRUCTION
    	
5
    
	
ARTICLE 2 - THE   SECURITIES
    	
5
    
	
2.1.   ISSUABLE IN SERIES
    	
5
    
	
2.2.   ESTABLISHMENT OF TERMS OF SERIES OF SECURITIES
    	
5
    
	
2.3.   EXECUTION AND AUTHENTICATION
    	
7
    
	
2.4.   REGISTRAR AND PAYING AGENT
    	
7
    
	
2.5.   PAYING AGENT TO HOLD ASSETS IN TRUST
    	
8
    
	
2.6.   SECURITYHOLDER LISTS
    	
8
    
	
2.7.   TRANSFER AND EXCHANGE
    	
8
    
	
2.8.   REPLACEMENT SECURITIES
    	
9
    
	
2.9.   OUTSTANDING SECURITIES
    	
9
    
	
2.10.   WHEN TREASURY SECURITIES DISREGARDED; DETERMINATION OF HOLDERS’ ACTION
    	
9
    
	
2.11.   TEMPORARY SECURITIES
    	
9
    
	
2.12.   CANCELLATION
    	
9
    
	
2.13.   PAYMENT OF INTEREST; DEFAULTED INTEREST; COMPUTATION OF INTEREST
    	
10
    
	
2.14.   CUSIP NUMBER
    	
10
    
	
2.15.   PROVISIONS FOR GLOBAL SECURITIES
    	
10
    
	
2.16.   PERSONS DEEMED OWNERS
    	
11
    
	
ARTICLE 3 -   REDEMPTION
    	
11
    
	
3.1.   NOTICES TO TRUSTEE
    	
11
    
	
3.2.   SELECTION BY TRUSTEE OF SECURITIES TO BE REDEEMED
    	
11
    
	
3.3.   NOTICE OF REDEMPTION
    	
12
    
	
3.4.   EFFECT OF NOTICE OF REDEMPTION
    	
12
    
	
3.5.   DEPOSIT OF REDEMPTION PRICE
    	
12
    
	
3.6.   SECURITIES REDEEMED IN PART
    	
13
    
	
ARTICLE 4 -   COVENANTS
    	
13
    
	
4.1.   PAYMENT OF SECURITIES
    	
13
    
	
4.2.   SEC REPORTS
    	
13
    
	
4.3.   WAIVER OF STAY, EXTENSION OR USURY LAWS
    	
13
    
	
4.4.   COMPLIANCE CERTIFICATE
    	
13
    
	
4.5.   CORPORATE EXISTENCE
    	
14
    
	
ARTICLE 5 -   SUCCESSOR CORPORATION
    	
14
    
	
5.1.   LIMITATION ON CONSOLIDATION, MERGER AND SALE OF ASSETS
    	
14
    
	
5.2.   SUCCESSOR PERSON SUBSTITUTED
    	
14
    
	
ARTICLE 6 -   DEFAULTS AND REMEDIES
    	
14
    
	
6.1.   EVENTS OF DEFAULT
    	
14
    
	
6.2.   ACCELERATION
    	
15
    
	
6.3.   REMEDIES
    	
15
    
	
6.4.   WAIVER OF PAST DEFAULTS AND EVENTS OF DEFAULT
    	
16
    
	
6.5.   CONTROL BY MAJORITY
    	
16
    
	
6.6.   LIMITATION ON SUITS
    	
16
    
	
6.7.   RIGHTS OF HOLDERS TO RECEIVE PAYMENT
    	
16
    
	
6.8.   COLLECTION SUIT BY TRUSTEE
    	
17
    
	
6.9.   TRUSTEE MAY FILE PROOFS OF CLAIM
    	
17
    
	
6.10.   PRIORITIES
    	
17
    
	
6.11.   UNDERTAKING FOR COSTS
    	
17
    
	
ARTICLE 7 —   TRUSTEE
    	
18
    
	
7.1.   DUTIES OF TRUSTEE
    	
18
    
	
7.2.   RIGHTS OF TRUSTEE
    	
18
    
	
7.3.   INDIVIDUAL RIGHTS OF TRUSTEE
    	
19
    
	
7.4.   TRUSTEE’S DISCLAIMER
    	
19
    
	
7.5.   NOTICE OF DEFAULT
    	
19
    
	
7.6.   REPORTS BY TRUSTEE TO HOLDERS
    	
19
    

 

i

 

	
7.7.   COMPENSATION AND INDEMNITY
    	
19
    
	
7.8.   REPLACEMENT OF TRUSTEE
    	
20
    
	
7.9.   SUCCESSOR TRUSTEE BY CONSOLIDATION, MERGER OR CONVERSION
    	
20
    
	
7.10.   ELIGIBILITY; DISQUALIFICATION
    	
21
    
	
7.11.   PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY
    	
21
    
	
7.12.   PAYING AGENTS
    	
21
    
	
ARTICLE 8 -   AMENDMENTS, SUPPLEMENTS AND WAIVERS
    	
21
    
	
8.1.   WITHOUT CONSENT OF HOLDERS
    	
21
    
	
8.2.   WITH CONSENT OF HOLDERS
    	
22
    
	
8.3.   COMPLIANCE WITH TRUST INDENTURE ACT
    	
22
    
	
8.4.   REVOCATION AND EFFECT OF CONSENTS
    	
22
    
	
8.5.   NOTATION ON OR EXCHANGE OF SECURITIES
    	
23
    
	
8.6.   TRUSTEE TO SIGN AMENDMENTS, ETC.
    	
23
    
	
ARTICLE 9 -   DISCHARGE OF INDENTURE; DEFEASANCE
    	
23
    
	
9.1.   DISCHARGE OF INDENTURE
    	
23
    
	
9.2.   LEGAL DEFEASANCE
    	
23
    
	
9.3.   COVENANT DEFEASANCE
    	
24
    
	
9.4.   CONDITIONS TO LEGAL DEFEASANCE OR COVENANT DEFEASANCE
    	
24
    
	
9.5. DEPOSITED   MONEY AND U.S. AND FOREIGN GOVERNMENT OBLIGATIONS TO BE HELD IN TRUST; OTHER   MISCELLANEOUS PROVISIONS
    	
25
    
	
9.6.   REINSTATEMENT
    	
25
    
	
9.7.   MONEYS HELD BY PAYING AGENT
    	
25
    
	
9.8.   MONEYS HELD BY TRUSTEE
    	
26
    
	
ARTICLE 10 -   MISCELLANEOUS
    	
26
    
	
10.1.   TRUST INDENTURE ACT CONTROLS
    	
26
    
	
10.2.   NOTICES
    	
26
    
	
10.3.   COMMUNICATIONS BY HOLDERS WITH OTHER HOLDERS
    	
27
    
	
10.4.   CERTIFICATE AND OPINION AS TO CONDITIONS PRECEDENT
    	
27
    
	
10.5.   STATEMENT REQUIRED IN CERTIFICATE AND OPINION
    	
27
    
	
10.6.   RULES BY TRUSTEE AND AGENTS
    	
27
    
	
10.7.   BUSINESS DAYS; LEGAL HOLIDAYS; PLACE OF PAYMENT
    	
27
    
	
10.8.   GOVERNING LAW
    	
28
    
	
10.9.   NO ADVERSE INTERPRETATION OF OTHER AGREEMENTS
    	
28
    
	
10.10.   NO RECOURSE AGAINST OTHERS
    	
28
    
	
10.11.   SUCCESSORS
    	
28
    
	
10.12.   MULTIPLE COUNTERPARTS
    	
28
    
	
10.13.   TABLE OF CONTENTS, HEADINGS, ETC.
    	
28
    
	
10.14.   SEVERABILITY
    	
28
    
	
10.15.   SECURITIES IN A FOREIGN CURRENCY OR IN EUROS
    	
28
    
	
10.16.   JUDGMENT CURRENCY
    	
29
    

 

ii

 

CROSS-REFERENCE TABLE

 

	
TIA SECTION
    	
 
    	
INDENTURE SECTION
    
	
310(a)(1)(2)(5)
    	
 
    	
7.10
    
	
310(a)(3)(4)
    	
 
    	
Inapplicable
    
	
310(b)
    	
 
    	
7.8; 7.10
    
	
310(c)
    	
 
    	
Inapplicable
    
	
 
    	
 
    	
 
    
	
311(a)(b)
    	
 
    	
7.11
    
	
311(c)
    	
 
    	
Inapplicable
    
	
 
    	
 
    	
 
    
	
312(a)
    	
 
    	
2.6
    
	
312(b)(c)
    	
 
    	
10.3
    
	
 
    	
 
    	
 
    
	
313(a)(b)
    	
 
    	
7.6
    
	
313(c)
    	
 
    	
7.6; 10.2
    
	
313(d)
    	
 
    	
7.6
    
	
 
    	
 
    	
 
    
	
314(a)
    	
 
    	
4.2; 4.4; 10.2
    
	
314(b)
    	
 
    	
N/A
    
	
314(c)(1)(2)
    	
 
    	
10.4; 10.5
    
	
314(c)(3)
    	
 
    	
Inapplicable
    
	
314(d)
    	
 
    	
Inapplicable
    
	
314(e)
    	
 
    	
10.5
    
	
314(f)
    	
 
    	
Inapplicable
    
	
 
    	
 
    	
 
    
	
315(a)
    	
 
    	
7.1, 7.2
    
	
315(b)
    	
 
    	
7.5; 10.2
    
	
315(c)
    	
 
    	
7.1
    
	
315(d)
    	
 
    	
7.1; 7.2
    
	
315(e)
    	
 
    	
6.11
    
	
 
    	
 
    	
 
    
	
316(a)(last sentence)
    	
 
    	
2.10
    
	
316(a)(1)(A)
    	
 
    	
6.5
    
	
316(a)(1)(B)
    	
 
    	
6.4
    
	
316(a)(2)
    	
 
    	
8.2
    
	
316(b)
    	
 
    	
6.7
    
	
316(c)
    	
 
    	
8.4
    
	
 
    	
 
    	
 
    
	
317(a)(1)
    	
 
    	
6.8
    
	
317(a)(2)
    	
 
    	
6.9
    
	
317(b)
    	
 
    	
2.5; 7.12
    
	
318(a)
    	
 
    	
10.1
    

 

Note: This Cross-Reference Table shall not, for any purpose, be deemed to be a part of the Indenture.

 

iii

 

INDENTURE, dated as of                      ,                      , by and between DERMIRA, Inc., a Delaware corporation, as Issuer (the “Company”) and                      , a                      organized under the laws of                                           , as Trustee (the “Trustee”).

 

RECITALS OF THE COMPANY

 

The Company has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its debentures, notes or other evidences of indebtedness to be issued in one or more series (the “Securities”), as herein provided, up to such principal amount as may from time to time be authorized in or pursuant to one or more resolutions of the Board of Directors or by supplemental indenture.

 

All things necessary to make this Indenture a valid agreement of the Company in accordance with its terms have been done, and the execution and delivery thereof have been in all respects duly authorized by the parties hereto.

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

For and in consideration of the premises and the purchase of the Securities by the Holders thereof, it is mutually agreed, for the equal and proportionate benefit of all Holders of the Securities of a Series thereof, as follows:

 

ARTICLE 1 -
 DEFINITIONS AND INCORPORATION BY REFERENCE

 

1.1  DEFINITIONS.

 

“Affiliate” of any specified Person means any other Person which, directly or indirectly through one or more intermediaries, controls, or is controlled by or is under common control with, such specified Person. For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and “under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise.

 

“Agent” means any Registrar, Paying Agent, co-registrar or agent for service of notices and demands.

 

“Board of Directors” means the Board of Directors of the Company or any committee duly authorized to act therefor.

 

“Board Resolution” means a copy of a resolution certified pursuant to an Officers’ Certificate to have been duly adopted by the Board of Directors of the Company and to be in full force and effect on the date of such certification which has been delivered to the Trustee.

 

“Capital Stock” means, with respect to any Person, any and all shares or other equivalents (however designated) of capital stock, partnership interests or any other participation, right or other interest in the nature of an equity interest in such Person or any option, warrant or other security convertible into any of the foregoing.

 

“Company” means the party named as such in the first paragraph of this Indenture until a successor replaces such party pursuant to Article 5 of this Indenture, and thereafter means the successor and any other primary obligor on the Securities.

 

“Company Order” means a written order signed in the name of the Company by two Officers, one of whom must be its Chief Executive Officer or its Chief Financial Officer.

 

“Company Request” means any written request signed in the name of the Company by its Chief Executive Officer, its President, any Vice President, its Chief Financial Officer or its Treasurer and attested to by its Secretary or any Assistant Secretary.

 

“Corporate Trust Office” means the office of the Trustee at which at any particular time its corporate trust business shall be principally administered.

 

“Default” means any event that is, or that with the passing of time or giving of notice or both would be, an Event of Default.

 

“Depository” means, with respect to the Securities of any Series issuable or issued in whole or in part in the form of one or more Global Securities, the Person designated as Depository for such Series by the Company, which Depository shall be a clearing agency registered under the Exchange Act, until a successor Depository shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Depository” shall mean each Person who is then a Depository hereunder, and if at any time there is more than one such Person, such Persons.

 

1

 

“Dollars” means the currency of the United States of America.

 

“Euro” means the single currency of participating member states of the economic and monetary union as contemplated in the Treaty on European Union.

 

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

 

“Foreign Currency” means any currency or currency unit issued by a government other than the government of the United States of America.

 

“Foreign Government Obligations” means, with respect to Securities that are denominated in a Foreign Currency, (i) direct obligations of the government that issued or caused to be issued such currency for the payment of which obligations its full faith and credit is pledged or (ii) obligations of a Person controlled or supervised by, or acting as an agency or instrumentality of, such government, the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by such government, which, in either case under clauses (i) and (ii), are not callable or redeemable at the option of the issuer thereof.

 

“GAAP” means generally accepted accounting principles consistently applied as in effect in the United States of America from time to time.

 

“Global Security” or “Global Securities” means a Security or Securities, as the case may be, in the form established pursuant to Section 2.2, evidencing all or part of a Series of Securities issued to the Depository for such Series or its nominee, and registered in the name of such Depository or nominee, and bearing the legend set forth in Section 2.15(c) (or such other legend(s) as may be applied to such Securities in accordance with Section 2.2(24)).

 

“Holder” or “Securityholder” means the Person in whose name a Security is registered on the Registrar’s books.

 

“Indebtedness” means (without duplication), with respect to any Person, any indebtedness at any time outstanding, secured or unsecured, contingent or otherwise, which is for borrowed money (whether or not the recourse of the lender is to the whole of the assets of such Person or only to a portion thereof), or evidenced by bonds, notes, debentures or similar instruments, or representing the balance deferred and unpaid of the purchase price of any property (excluding any balances that constitute accounts payable or trade payables, and other accrued liabilities arising in the ordinary course of business), if and to the extent any of the foregoing indebtedness would appear as a liability upon a balance sheet of such Person prepared in accordance with GAAP.

 

“Indenture” means this Indenture as amended, restated or supplemented from time to time.

 

“Interest Payment Date,” when used with respect to any Security, means the Stated Maturity of an installment of interest on such Security.

 

“Lien” means, with respect to any property or assets of any Person, any mortgage or deed of trust, pledge, hypothecation, assignment, deposit arrangement, security interest, lien, charge, easement, encumbrance, preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever on or with respect to such property or assets (including, without limitation, any capitalized lease obligation, conditional sales or other title retention agreement having substantially the same economic effect as any of the foregoing).

 

“Maturity,” when used with respect to any Security, means the date on which the principal of such Security, or an installment of principal, becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption, notice of option to elect payment or otherwise.

 

“Officer” means the Chief Executive Officer, the President, any Vice President, the Chief Financial Officer, the Treasurer or the Secretary of the Company, or any other officer designated by the Board of Directors, as the case may be.

 

“Officers’ Certificate” means, with respect to any Person, a certificate signed by the Chairman, Chief Executive Officer, President or any Senior or Executive Vice President and the Chief Financial Officer or any Treasurer of such Person, that shall comply with applicable provisions of this Indenture.

 

2

 

“Opinion of Counsel” means a written opinion from legal counsel, which counsel is reasonably acceptable to the Trustee. The counsel may be an employee of or counsel to the Company.

 

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

 

“Redemption Date,” when used with respect to any Security to be redeemed, means the date fixed for such redemption pursuant to this Indenture.

 

“Responsible Officer,” when used with respect to the Trustee, means any officer within the corporate trust department or division of the Trustee (or any successor group of the Trustee) 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 his knowledge of and familiarity with the particular subject.

 

“SEC” means the United States Securities and Exchange Commission as constituted from time to time, or any successor performing substantially the same functions.

 

“Securities” means the securities that are issued under this Indenture, as amended or supplemented from time to time pursuant to this Indenture.

 

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

 

“Series” or “Series of Securities” means each series of debentures, notes or other debt instruments of the Company created pursuant to Sections 2.1 and 2.2.

 

“Significant Subsidiary” means (i) any direct or indirect Subsidiary of the Company that would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such regulation is in effect on the date hereof, or (ii) any group of direct or indirect Subsidiaries of the Company that, taken together as a group, would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such regulation is in effect on the date hereof.

 

“Stated Maturity,” when used with respect to any Security or any installment of principal thereof or interest thereon, means the date specified in such Security as the fixed date on which the principal of such Security, or such installment of principal or interest, is due and payable, and when used with respect to any other Indebtedness, means the date specified in the instrument governing such Indebtedness as the fixed date on which the principal of such Indebtedness, or any installment of interest thereon, is due and payable.

 

“Subsidiary” of any specified Person means any corporation, limited liability company, partnership, joint venture, association or other business entity, whether now existing or hereafter organized or acquired, (i) in the case of a corporation, of which more than 50% of the total voting power of the Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors thereof is held, directly or indirectly, by such Person or any of its Subsidiaries; or (ii) in the case of a partnership, joint venture, association or other business entity, with respect to which such Person or any of its Subsidiaries has the power to direct or cause the direction of the management and policies of such entity by contract or otherwise, or if in accordance with GAAP such entity is consolidated with such Person for financial statement purposes.

 

“TIA” means the Trust Indenture Act of 1939 (15 U.S. Code Section 77aaa-77bbbb) as in effect on the date of this Indenture (except as provided in Section 8.3).

 

“Trustee” means the party named as such in this Indenture until a successor replaces it pursuant to this Indenture, and thereafter means the successor, and if at any time there is more than one such Person, “Trustee” as used with respect to the Securities of any Series shall mean the Trustee with respect to Securities of that Series.

 

“U.S. Government Obligations” means direct non-callable obligations of, or non-callable obligations guaranteed by, the United States of America for the payment of which obligation or guarantee the full faith and credit of the United States of America is pledged.

 

3

 

1.2. OTHER DEFINITIONS.

 

The definitions of the following terms may be found in the sections indicated as follows:

 

	
TERM
    	
 
    	
DEFINED IN SECTION
    
	
“Bankruptcy Law”
    	
 
    	
6.1
    
	
 
    	
 
    	
 
    
	
“Business Day”
    	
 
    	
10.7
    
	
 
    	
 
    	
 
    
	
“Covenant Defeasance”
    	
 
    	
9.3
    
	
 
    	
 
    	
 
    
	
“Custodian”
    	
 
    	
6.1
    
	
 
    	
 
    	
 
    
	
“Event of Default”
    	
 
    	
6.1
    
	
 
    	
 
    	
 
    
	
“Journal”
    	
 
    	
10.15
    
	
 
    	
 
    	
 
    
	
“Judgment Currency”
    	
 
    	
10.16
    
	
 
    	
 
    	
 
    
	
“Legal Defeasance”
    	
 
    	
9.2
    
	
 
    	
 
    	
 
    
	
“Legal Holiday”
    	
 
    	
10.7
    
	
 
    	
 
    	
 
    
	
“Market Exchange Rate”
    	
 
    	
10.15
    
	
 
    	
 
    	
 
    
	
“New York Paying Agent”
    	
 
    	
2.4
    
	
 
    	
 
    	
 
    
	
“Paying Agent”
    	
 
    	
2.4
    
	
 
    	
 
    	
 
    
	
“Place of Payment”
    	
 
    	
10.7
    
	
 
    	
 
    	
 
    
	
“Registrar”
    	
 
    	
2.4
    
	
 
    	
 
    	
 
    
	
“Required Currency”
    	
 
    	
10.16
    
	
 
    	
 
    	
 
    
	
“Service Agent”
    	
 
    	
2.4
    

 

1.3.  INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT.

 

Whenever this Indenture refers to a provision of the TIA, the portion of such provision required to be incorporated herein in order for this Indenture to be qualified under the TIA is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings:

 

“Commission” means the SEC.

 

“Indenture securities” means the Securities.

 

“Indenture securityholder” means a Holder or Securityholder.

 

“Indenture to be qualified” means this Indenture.

 

“Indenture trustee” or “institutional trustee” means the Trustee.

 

“Obligor on the indenture securities” means the Company.

 

All other terms used in this Indenture that are defined by the TIA, defined in the TIA by reference to another statute or defined by SEC rule have the meanings therein assigned to them.

 

4

 

1.4.  RULES OF CONSTRUCTION.

 

Unless the context otherwise requires:

 

(1)          a term has the meaning assigned to it herein, whether defined expressly or by reference;

 

(2)          an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;

 

(3)          “or” is not exclusive;

 

(4)          words in the singular include the plural, and in the plural include the singular;

 

(5)          words used herein implying any gender shall apply to each gender; and

 

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

 

ARTICLE 2 -
 THE SECURITIES

 

2.1.  ISSUABLE IN SERIES.

 

The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is $        ,          ,          . The Securities may be issued in one or more Series. All Securities of a Series shall be identical except as may be set forth in a Board Resolution, a supplemental indenture or an Officers’ Certificate detailing the adoption of the terms thereof pursuant to the authority granted under a Board Resolution. In the case of Securities of a Series to be issued from time to time, the Board Resolution, Officers’ Certificate or supplemental indenture may provide for the method by which specified terms (such as interest rate, Stated Maturity, record date or date from which interest shall accrue) are to be determined. Securities may differ between Series in respect of any matters, PROVIDED, that all Series of Securities shall be equally and ratably entitled to the benefits of the Indenture.

 

2.2. ESTABLISHMENT OF TERMS OF SERIES OF SECURITIES.

 

At or prior to the issuance of any Securities within a Series, the following shall be established (as to the Series generally, in the case of Subsection 2.2(1) and either as to such Securities within the Series or as to the Series generally in the case of Subsections 2.2(2) through 2.2(24)) by a Board Resolution, a supplemental indenture or an Officers’ Certificate, in each case, pursuant to authority granted under a Board Resolution:

 

(1)          the title of the Series (which shall distinguish the Securities of that particular Series from the Securities of any other Series);

 

(2)          any limit upon the aggregate principal amount of the Securities of the Series which 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 the Series pursuant to Section 2.7, 2.8, 2.11, 3.6 or 8.5);

 

(3)          the price or prices (expressed as a percentage of the principal amount thereof) at which the Securities of the Series will be issued;

 

(4)          the date or dates on which the principal of the Securities of the Series is payable;

 

(5)          the rate or rates (which may be fixed or variable) per annum or, if applicable, the method used to determine such rate or rates (including, but not limited to, any commodity, commodity index, stock exchange index or financial index) at which the Securities of the Series shall bear interest, if any, the date or dates from which such interest, if any, shall accrue, the date or dates on which such interest, if any, shall commence and be payable and any regular record date for the interest payable on any Interest Payment Date;

 

(6)          the place or places where the principal of, and interest and premium, if any, on, the Securities of the Series shall be payable, or the method of such payment, if by wire transfer, mail or other means;

 

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

 

(8)          the obligation, if any, of the Company to redeem or purchase the Securities of the Series pursuant to any sinking fund or analogous provisions 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;

 

5

 

 

(9)     the dates, if any, on which and the price or prices at which the Securities of the Series will be repurchased by the Company at the option of the Holders thereof, and other detailed terms and provisions of such repurchase obligations;

 

(10)   if other than denominations of $1,000 and any integral multiple thereof, the denominations in which the Securities of the Series shall be issuable;

 

(11)   the forms of the Securities of the Series in bearer (if to be issued outside of the United States of America) or fully registered form (and, if in fully registered form, whether the Securities will be issuable as Global Securities);

 

(12)   if other than the principal amount thereof, the portion of the principal amount of the Securities of the Series that shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 6.2;

 

(13)   the currency of denomination of the Securities of the Series, which may be Dollars or any Foreign Currency, including, but not limited to, the Euro, and, if such currency of denomination is a composite currency other than the Euro, the agency or organization, if any, responsible for overseeing such composite currency;

 

(14)   the designation of the currency, currencies or currency units in which payment of the principal of, and interest and premium, if any, on, the Securities of the Series will be made;

 

(15)   if payments of principal of, or interest or premium, if any, on, the Securities of the Series are to be made in one or more currencies or currency units other than that or those in which such Securities are denominated, the manner in which the exchange rate with respect to such payments will be determined;

 

(16)   the manner in which the amounts of payment of principal of, or interest and premium, if any, on, the Securities of the Series will be determined, if such amounts may be determined by reference to an index based on a currency or currencies or by reference to a commodity, commodity index, stock exchange index or financial index;

 

(17)   the provisions, if any, relating to any collateral provided for the Securities of the Series;

 

(18)   any addition to or change in the covenants set forth in Articles 4 or 5 that applies to Securities of the Series;

 

(19)   any addition to or change in the Events of Default which applies to any Securities of the Series, any provision for the payment of additional interest or liquidated damages in connection with any Event of Default, and any change in the right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 6.2;

 

(20)   the terms and conditions, if any, for conversion of the Securities into or exchange of the Securities for shares of common stock, preferred stock, other debt securities or warrants for common stock, preferred stock or other securities of any kind of the Company that apply to Securities of the Series;

 

(21)   any Trustees, depositories, interest rate calculation agents, exchange rate calculation agents or other agents with respect to Securities of such Series if other than those appointed herein;

 

(22)   the terms and conditions, if any, upon which the Securities shall be subordinated in right of payment to other Indebtedness of the Company;

 

(23)   if applicable, that the Securities of the Series, in whole or any specified part, shall be defeasible pursuant to Article 9; and

 

(24)   any other terms of the Securities of the Series (which terms shall not be inconsistent with the provisions of this Indenture, except as permitted by Section 8.1, but which may modify or delete any provision of this Indenture insofar as it applies to such Series).

 

All Securities of any one Series need not be issued at the same time, and may be issued from time to time, consistent with the terms of this Indenture, if so provided by or pursuant to the Board Resolution, supplemental indenture or Officers’ Certificate referred to above, however, the authorized principal amount of any Series may not be increased to provide for issuances of additional Securities of such Series, unless otherwise provided in such Board Resolution, supplemental indenture or Officers’ Certificate.

 

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2.3. EXECUTION AND AUTHENTICATION.

 

The Securities shall be executed on behalf of the Company by two Officers of the Company or an Officer and an Assistant Secretary of the Company. Each such signature may be either manual or facsimile. The Company’s seal may be impressed, affixed, imprinted or reproduced on the Securities and may be in facsimile form.

 

If an Officer whose signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall nevertheless be valid.

 

A Security shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent. The signature shall be conclusive evidence that the Security has been authenticated under this Indenture. The Trustee shall at any time, and from time to time, authenticate Securities for original issue in the principal amount provided in the Board Resolution, supplemental indenture hereto or Officers’ Certificate, upon receipt by the Trustee of a Company Order. Such Company Order may authorize authentication and delivery pursuant to oral or electronic instructions from the Company or its duly authorized agent or agents, which oral instructions shall be promptly confirmed in writing. Each Security shall be dated the date of its authentication.

 

The aggregate principal amount of Securities of any Series outstanding at any time may not exceed any limit upon the maximum principal amount for such Series set forth in the Board Resolution, supplemental indenture hereto or Officers’ Certificate delivered pursuant to Section 2.2, except as provided in Section 2.8.

 

Prior to the issuance of Securities of any Series, the Trustee shall have received and (subject to Section 7.1) shall be fully protected in relying on: (a) the Board Resolution, supplemental indenture hereto or Officers’ Certificate establishing the form of the Securities of that Series or of Securities within that Series and the terms of the Securities of that Series or of Securities within that Series, (b) an Officers’ Certificate complying with Section 10.4, and (c) an Opinion of Counsel complying with Section 10.4.

 

The Trustee shall have the right to decline to authenticate and deliver any Securities of any Series: (a) if the Trustee, being advised in writing by outside counsel, determines that such action may not lawfully be taken; or (b) if the Trustee in good faith by its board of directors or trustees, executive committee or a trust committee of directors and/or vice-presidents shall reasonably determine that such action would expose the Trustee to personal liability, or cause it to have a conflict of interest with respect to Holders of any then outstanding Series of Securities.

 

The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Securities. An authenticating agent may authenticate Securities whenever the Trustee may do so. Any appointment shall be evidenced by an instrument signed by an authorized officer of the Trustee, a copy of which shall be furnished to the Company. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with the Company or an Affiliate of the Company.

 

2.4.  REGISTRAR AND PAYING AGENT.

 

The Company shall maintain in each Place of Payment for any Series of Securities (i) an office or agency where such Securities may be presented for registration of transfer or for exchange (“Registrar”), (ii) an office or agency where such Securities may be presented for payment (“Paying Agent”) (PROVIDED that the Company shall at all times maintain a Paying Agent in the Borough of Manhattan, City of New York, State of New York (the “New York Paying Agent”), and PROVIDED, FURTHER, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the register for the Securities maintained by the Registrar), and (iii) an office or agency where notices and demands to or upon the Company in respect of the Securities and this Indenture may be served (“Service Agent”). The Registrar shall keep a register of the Securities and of their transfer and exchange. The Company may have one or more co-registrars and one or more additional paying agents. The Company shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office, or to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the address of the Trustee as set forth in Section 10.2. If the Company acts as Paying Agent, it shall segregate the money held by it for the payment of principal of, and interest and premium, if any, on, the Securities and hold it as a separate trust fund. The Company may change any Paying Agent, Registrar, co-registrar or any other Agent without notice to any Securityholder.

 

The Company may also from time to time designate one or more other offices or agencies where the Securities may be presented or surrendered for any or all such purposes, and may from time to time rescind such designations; PROVIDED, HOWEVER, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in each Place of Payment for Securities of any Series for such purposes. The Company hereby initially designates the Corporate Trust Office of the Trustee as such office of the Company. The Company shall give prompt written notice to the Trustee of such designation or rescission, and of any change in the location of any such other office or agency.

 

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The Company shall enter into an appropriate agency agreement with any Registrar or Paying Agent not a party to this Indenture. The agreement shall implement the provisions of this Indenture that relate to such Agent. The Company shall notify the Trustee of the name and address of any such Agent. If the Company fails to maintain a Registrar or Paying Agent, or agent for service of notices and demands, or fails to give the foregoing notice, the Trustee shall act as such. The Company hereby appoints the Trustee as the initial Registrar, Paying Agent and Service Agent for each Series unless another Registrar, Paying Agent or Service Agent, as the case may be, is appointed prior to the time Securities of that Series are first issued. The Company designates                       , as the New York Paying Agent, with offices at                                       .

 

2.5.  PAYING AGENT TO HOLD ASSETS IN TRUST.

 

The Trustee as Paying Agent shall, and the Company shall require each Paying Agent other than the Trustee to agree in writing that each Paying Agent shall, hold in trust for the benefit of the Holders of any Series of Securities or the Trustee all assets held by the Paying Agent for the payment of principal of, or interest or premium, if any, on, such Series of Securities (whether such assets have been distributed to it by the Company or any other obligor on such Series of Securities), and the Company and the Paying Agent shall notify the Trustee in writing of any Default by the Company (or any other obligor on such Series of Securities) in making any such payment. The Company at any time may require a Paying Agent to distribute all assets held by it to the Trustee and account for any assets disbursed, and the Trustee may, at any time during the continuance of any payment default with respect to any Series of Securities, upon written request to a Paying Agent, require such Paying Agent to distribute all assets held by it to the Trustee and to account for any assets distributed. Upon distribution to the Trustee of all assets that shall have been delivered by the Company to the Paying Agent, the Paying Agent shall have no further liability for such assets.

 

2.6.  SECURITYHOLDER LISTS.

 

The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Securityholders of each Series of Securities. If the Trustee is not the Registrar, the Company shall furnish to the Trustee as of each regular record date for the payment of interest on the Securities of a Series and before each related Interest Payment Date, and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Securityholders of each Series of Securities.

 

2.7.  TRANSFER AND EXCHANGE.

 

When Securities of a Series are presented to the Registrar with a request to register the transfer thereof, the Registrar shall register the transfer as requested if the requirements of applicable law are met, and when such Securities of a Series are presented to the Registrar with a request to exchange them for an equal principal amount of other authorized denominations of Securities of the same Series, the Registrar shall make the exchange as requested. To permit transfers and exchanges, upon surrender of any Security for registration of transfer at the office or agency maintained pursuant to Section 2.4, the Company shall execute and the Trustee shall authenticate Securities at the Registrar’s request.

 

If Securities are issued as Global Securities, the provisions of Section 2.15 shall apply.

 

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

 

Every Security presented or surrendered for registration of transfer or for exchange shall (if so required by the Company or the Registrar or a co-registrar) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Registrar or a co-registrar, duly executed by the Holder thereof or his attorney duly authorized in writing.

 

Any exchange or transfer shall be without charge, except that the Company may require payment by the Holder of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation to a transfer or exchange, but this provision shall not apply to any exchange pursuant to Section 2.11, 3.6 or 8.5. The Trustee shall not be required to register transfers of Securities of any Series, or to exchange Securities of any Series, for a period of 15 days before the record date for selection for redemption of such Securities. The Trustee shall not be required to exchange or register transfers of Securities of any Series called or being called for redemption in whole or in part, except the unredeemed portion of such Security being redeemed in part.

 

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2.8.  REPLACEMENT SECURITIES.

 

If a mutilated Security is surrendered to the Trustee, or if the Holder of a Security presents evidence to the satisfaction of the Company and the Trustee that the Security has been lost, destroyed or wrongfully taken, the Company shall issue and the Trustee shall authenticate a replacement Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding. An indemnity bond may be required by the Company or the Trustee that is sufficient in the reasonable judgment of the Company or the Trustee, as the case may be, to protect the Company, the Trustee or any Agent from any loss which any of them may suffer if a Security is replaced. The Company may charge such Holder for the Company’s out-of-pocket expenses in replacing a Security, including the fees and expenses of the Trustee. Every replacement Security shall constitute an original additional obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of that Series duly issued hereunder.

 

2.9.  OUTSTANDING SECURITIES.

 

Securities outstanding at any time are all Securities authenticated by the Trustee, except for those canceled by it, those delivered to it for cancellation and those described in this Section 2.9 as not outstanding.

 

If a Security is replaced pursuant to Section 2.8 (other than a mutilated Security surrendered for replacement), it ceases to be outstanding until the Company and the Trustee receive proof satisfactory to each of them that the replaced Security is held by a bona fide purchaser. A mutilated Security ceases to be outstanding upon surrender of such Security and replacement thereof pursuant to Section 2.8.

 

If a Paying Agent holds on a Redemption Date or the Stated Maturity money sufficient to pay the principal of, premium, if any, and accrued interest on, Securities payable on that date, and is not prohibited from paying such money to the Holders thereof pursuant to the terms of this Indenture (PROVIDED, that if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made), then on and after that date such Securities cease to be outstanding and interest on them ceases to accrue.

 

A Security does not cease to be outstanding solely because the Company or an Affiliate holds the Security.

 

2.10.  WHEN TREASURY SECURITIES DISREGARDED; DETERMINATION OF HOLDERS’ ACTION.

 

In determining whether the Holders of the required aggregate principal amount of the Securities of any Series have concurred in any direction, waiver or consent, the Securities of any Series owned by the Company or any other obligor on such Securities, or by any Affiliate of any of them, shall be disregarded, except that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Securities of such Series which the Trustee actually knows are so owned shall be so disregarded. Securities of such Series so owned which have been pledged in good faith shall not be disregarded if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to the Securities of such Series and that the pledgee is not the Company or any other obligor on the Securities of such Series, or an Affiliate of any of them.

 

2.11.  TEMPORARY SECURITIES.

 

Until definitive Securities are ready for delivery, the Company may prepare and execute, and the Trustee shall authenticate, temporary Securities. Temporary Securities shall be substantially in the form, and shall carry all rights, of definitive Securities, but may have variations that the Company considers appropriate for temporary Securities. Without unreasonable delay, the Company shall prepare and execute, and the Trustee shall authenticate, definitive Securities in exchange for temporary Securities without charge to the Holder.

 

2.12.  CANCELLATION.

 

All Securities surrendered for payment, redemption or registration of transfer or exchange, or for credit against any sinking fund payment, shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee for cancellation. The Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities previously authenticated hereunder which the Company has not issued and sold. The Registrar and the Paying Agent shall forward to the Trustee any Securities surrendered to them for transfer, exchange or payment. The Trustee or, at the direction of the Trustee, the Registrar or the Paying Agent, and no one else, shall cancel, and at the written request of the Company shall dispose of, all Securities surrendered for transfer, exchange, payment or cancellation. If the Company shall acquire any of the Securities, such acquisition shall not operate as a redemption or satisfaction of the Indebtedness represented by such Securities unless and until the same are surrendered to the Trustee for cancellation pursuant to this Section 2.12. No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section 2.12, except as expressly permitted by this Indenture.

 

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2.13. PAYMENT OF INTEREST; DEFAULTED INTEREST; COMPUTATION OF INTEREST.

 

Except as otherwise provided as contemplated by Section 2.2 with respect to any Series of Securities, interest on any Security which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security is registered at the close of business on the regular record date for such interest, as provided in the Board Resolution, supplemental indenture hereto or Officers’ Certificate establishing the terms of such Series.

 

If the Company defaults in a payment of interest on the Securities, it shall pay the defaulted amounts, plus any interest payable on defaulted amounts pursuant to Section 4.1, to the Persons who are Securityholders on a subsequent special record date, which date shall be the 15th day next preceding the date fixed by the Company for the payment of defaulted interest, or the next succeeding Business Day if such date is not a Business Day. At least 15 days before the special record date, the Company shall mail or cause to be mailed to each Securityholder, with a copy to the Trustee, a notice that states the special record date, the payment date and the amount of defaulted interest, and interest payable on such defaulted interest, if any, to be paid.

 

Except as otherwise specified as contemplated by Section 2.2 for Securities of any Series, interest on the Securities of each Series shall be computed on the basis of a 360-day year of twelve 30-day months.

 

2.14.  CUSIP NUMBER.

 

The Company in issuing the Securities may use one or more “CUSIP” numbers, and, if the Company does so, the Trustee shall use the CUSIP number(s) in notices of redemption or exchange as a convenience to Holders, PROVIDED, that any such notice may state that no representation is made as to the correctness or accuracy of the CUSIP number(s) printed in the notice or on the Securities, and that reliance may be placed only on the other identification numbers printed on the Securities, and that any such redemption or exchange shall not be affected by any defect in or omission of any such numbers.

 

2.15.  PROVISIONS FOR GLOBAL SECURITIES.

 

(a)          A Board Resolution, a supplemental indenture hereto or an Officers’ Certificate shall establish whether the Securities of a Series shall be issued in whole or in part in the form of one or more Global Securities, and the Depository for such Global Securities or Securities.

 

(b)          Notwithstanding any provisions to the contrary contained in Section 2.7 and in addition thereto, if, and only if the Depository (i) at any time is unwilling or unable to continue as Depository for such Global Security or ceases to be a clearing agency registered under the Exchange Act and (ii) a successor Depository is not appointed by the Company within 90 days after the date the Company is so informed in writing or becomes aware of the same, the Company promptly will execute and deliver to the Trustee definitive Securities, and the Trustee, upon receipt of a Company Request for the authentication and delivery of such definitive Securities (which the Company will promptly execute and deliver to the Trustee) and an Officers’ Certificate to the effect that such Global Security shall be so exchangeable, will authenticate and deliver definitive Securities, without charge, registered in such names and in such authorized denominations as the Depository shall direct in writing (pursuant to instructions from its direct and indirect participants or otherwise) in an aggregate principal amount equal to the principal amount of the Global Security with like tenor and terms. Upon the exchange of a Global Security for definitive Securities, such Global Security shall be canceled by the Trustee. Unless and until it is exchanged in whole or in part for definitive Securities, as provided in this Section 2.15(b), a Global Security may not be transferred except as a whole by the Depository with respect to such Global Security to a nominee of such Depository, by a nominee of such Depository to such Depository or another nominee of such Depository or by the Depository or any such nominee to a successor Depository or a nominee of such a successor Depository.

 

(c)           Any Global Security issued hereunder shall bear a legend in substantially the following form:

 

“This Security is a Global Security within the meaning of the Indenture hereinafter referred to, and is registered in the name of the Depository or a nominee of the Depository. This Security is exchangeable for Securities registered in the name of a Person other than the Depository or its nominee only in the limited circumstances described in the Indenture, and may not be transferred except as a whole by the Depository to a nominee of the Depository, by a nominee of the Depository to the Depository or another nominee of the Depository or by the Depository or any such nominee to a successor Depository or a nominee of such a successor Depository.”

 

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(d)          The Depository, as a Holder, may appoint agents and otherwise authorize participants to give or take any request, demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under the Indenture.

 

(e)           Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section 2.2, payment of the principal of, and interest and premium, if any, on, any Global Security shall be made to the Depository or its nominee in its capacity as the Holder thereof.

 

(f)            Except as provided in Section 2.15(e) above, the Company, the Trustee and any Agent shall treat a Person as the Holder of such principal amount of outstanding Securities of any Series represented by a Global Security as shall be specified in a written statement of the Depository (which may be in the form of a participants’ list for such Series) with respect to such Global Security, for purposes of obtaining any consents, declarations, waivers or directions required to be given by the Holders pursuant to this Indenture, PROVIDED, that until the Trustee is so provided with a written statement, it may treat the Depository or any other Person in whose name a Global Security is registered as the owner of such Global Security for the purpose of receiving payment of the principal of, and any premium and (subject to Section 2.13) any interest on, such Global Security and for all other purposes whatsoever, and none of the Company, the Trustee or any agent of the Company or the Trustee shall be affected by notice to the contrary.

 

2.16.  PERSONS DEEMED OWNERS.

 

Prior to due presentment of a Security for registration of transfer, the Company, the Trustee, the Registrar and any agent of the Company, the Registrar or the Trustee may treat the Person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment of the principal of, and any premium and (subject to Section 2.13) any interest on, such Security and for all other purposes whatsoever, and none of the Company, the Trustee, the Registrar or any agent of the Company, the Trustee or the Registrar shall be affected by notice to the contrary.

 

ARTICLE 3 -
 REDEMPTION

 

3.1.  NOTICES TO TRUSTEE.

 

The Company may, with respect to any Series of Securities, reserve the right to redeem and pay the Series of Securities, or may covenant to redeem and pay the Series of Securities or any part thereof, prior to the Stated Maturity thereof at such time and on such terms as provided for in such Securities or the related Board Resolution, supplemental indenture or Officers’ Certificate. If a Series of Securities is redeemable and the Company elects to redeem all or part of such Series of Securities, it shall notify the Trustee of the Redemption Date and the principal amount of Securities to be redeemed at least 45 days (unless a shorter notice shall be satisfactory to the Trustee) before the Redemption Date. Any such notice may be canceled at any time prior to notice of such redemption being mailed to any Holder, and shall thereby be void and of no effect.

 

3.2.  SELECTION BY TRUSTEE OF SECURITIES TO BE REDEEMED.

 

Unless otherwise indicated for a particular Series of Securities by a Board Resolution, a supplemental indenture or an Officers’ Certificate, if fewer than all of the Securities of a Series are to be redeemed, the Trustee shall select the Securities of a Series to be redeemed pro rata, by lot or by any other method that the Trustee considers fair and appropriate (unless the Company specifically directs the Trustee otherwise) and, if such Securities are listed on any securities exchange, by a method that complies with the requirements of such exchange.

 

The Trustee shall make the selection from Securities of a Series outstanding and not previously called for redemption, and shall promptly notify the Company in writing of the Securities selected for redemption and, in the case of any Security selected for partial redemption, the principal amount thereof to be redeemed at least 35 but not more than 60 days before the Redemption Date. Securities of a Series in denominations of $1,000 may be redeemed only in whole. The Trustee may select for redemption portions of the principal of Securities of a Series that have denominations larger than $1,000. Securities of a Series and portions of them it selects shall be in amounts of $1,000 or, with respect to Securities of any Series issuable in other denominations pursuant to Section 2.2(10), the minimum principal denomination for each Series and integral multiples thereof. Provisions of this Indenture that apply to Securities called for redemption also apply to portions of Securities called for redemption.

 

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3.3. NOTICE OF REDEMPTION.

 

Unless otherwise indicated for a particular Series by Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, at least 30 days, and no more than 60 days, before a Redemption Date, the Company shall mail, or cause to be mailed, a notice of redemption by first-class mail to each Holder of Securities to be redeemed at his or her last address as the same appears on the registry books maintained by the Registrar. The notice shall identify the Securities to be redeemed and shall state:

 

(1)          the Redemption Date;

 

(2)          the redemption price, and that such redemption price shall become due and payable on the Redemption Date;

 

(3)          if any Security of a Series is being redeemed in part, the portion of the principal amount of such Security of a Series to be redeemed and that, after the Redemption Date and upon surrender of such Security of a Series, a new Security or Securities in principal amount equal to the unredeemed portion will be issued;

 

(4)          the name and address of the Paying Agent;

 

(5)          that Securities of a Series called for redemption must be surrendered to the Paying Agent to collect the redemption price, and the place or places where each such Security is to be surrendered for such payment;

 

(6)          that, unless the Company defaults in making the redemption payment, interest on the Securities of a Series called for redemption ceases to accrue on the Redemption Date, and the only remaining right of the Holders of such Securities is to receive payment of the redemption price upon surrender to the Paying Agent of the Securities redeemed;

 

(7)          if fewer than all of the Securities of a Series are to be redeemed, the identification of the particular Securities of a Series (or portion thereof) to be redeemed, as well as the aggregate principal amount of Securities of a Series to be redeemed and the aggregate principal amount of Securities of a Series to be outstanding after such partial redemption.

 

(8)          the CUSIP number, if any, printed on the Securities being redeemed; and

 

(9)          that no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed in such notice or printed on the Securities.

 

At the Company’s request, the Trustee shall give the notice of redemption in the Company’s name and at the Company’s sole expense.

 

3.4.  EFFECT OF NOTICE OF REDEMPTION.

 

Once the notice of redemption described in Section 3.3 is mailed, Securities of a Series called for redemption become due and payable on the Redemption Date and at the redemption price, plus interest, if any, accrued to the Redemption Date. Upon surrender to the Trustee or Paying Agent, such Securities of a Series shall be paid at the redemption price, plus accrued interest, if any, to the Redemption Date; PROVIDED, that if the Redemption Date is after a regular interest payment record date and on or prior to the next Interest Payment Date, the accrued interest shall be payable to the Holder of the redeemed Securities registered on the relevant record date, as specified by the Company in the notice to the Trustee pursuant to Section 3.1.

 

3.5.  DEPOSIT OF REDEMPTION PRICE.

 

On or prior to the Redemption Date (but no later than 11:00 A.M. Eastern Time on such date), the Company shall deposit with the Paying Agent money sufficient to pay the redemption price of and accrued interest, if any, on all Securities to be redeemed on that date other than Securities or portions thereof called for redemption on that date which have been delivered by the Company to the Trustee for cancellation.

 

On and after any Redemption Date, if money sufficient to pay the redemption price of, and accrued interest on, Securities called for redemption shall have been made available in accordance with the preceding paragraph and the Company and the Paying Agent are not prohibited from paying such moneys to Holders, the Securities called for redemption will cease to accrue interest and the only right of the Holders of such Securities will be to receive payment of the redemption price of and, subject to the proviso in Section 3.4, accrued and unpaid interest on such Securities to the Redemption Date. If any Security called for redemption shall not be so paid, interest will be paid, from the Redemption Date until such redemption payment is made, on the unpaid principal of the Security and any interest or premium, if any, not paid on such unpaid principal, in each case, at the rate and in the manner provided in the Securities.

 

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3.6.  SECURITIES REDEEMED IN PART.

 

Upon surrender of a Security of a Series that is redeemed in part, the Company shall execute, and the Trustee shall authenticate, for a Holder a new Security of the same Series equal in principal amount to the unredeemed portion of the Security surrendered.

 

ARTICLE 4 -
 COVENANTS

 

4.1.  PAYMENT OF SECURITIES.

 

The Company shall pay the principal of, and interest and premium, if any, on, each Series of Securities on the dates and in the manner provided in such Securities and this Indenture.

 

An installment of principal or interest shall be considered paid on the date it is due if the Trustee or Paying Agent holds on that date money designated for and sufficient to pay such installment and is not prohibited from paying such money to the Holders pursuant to the terms of this Indenture or otherwise.

 

The Company shall pay interest on overdue principal, and overdue interest, to the extent lawful, at the rate specified in the Series of Securities.

 

4.2.  SEC REPORTS.

 

The Company will deliver to the Trustee within 15 days after the filing of the same with the SEC, copies of the quarterly and annual reports and of the information, documents and other reports, if any, which the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act; PROVIDED, HOWEVER, that each such report or document will be deemed to be so delivered to the Trustee if the Company files such report or document with the SEC through the SEC’s EDGAR database no later than the time such report or document is required to be filed with the SEC pursuant to the Exchange Act. Notwithstanding that the Company may not be subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Company will file with the SEC, to the extent permitted, and provide the Trustee with, such quarterly and annual reports and such information, documents and other reports specified in Sections 13 and 15(d) of the Exchange Act. The Company will also comply with the other provisions of TIA Section 314(a).

 

4.3.  WAIVER OF STAY, EXTENSION OR USURY LAWS.

 

The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead (as a defense or otherwise) or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension, usury or other law which would prohibit or forgive the Company from paying all or any portion of the principal of, and/or interest and premium, if any, on, the Securities as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Indenture; and the Company hereby expressly waives (to the extent that they may lawfully do so) all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.

 

4.4.  COMPLIANCE CERTIFICATE.

 

(a)          The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year of the Company, an Officers’ Certificate which complies with TIA Section 314(a)(4) stating that a review of the activities of the Company and its Subsidiaries during such fiscal year has been made under the supervision of the signing Officers with a view to determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his or her knowledge the Company has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and that there is no default in the performance or observance of any of the terms, provisions and conditions hereof (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Company is taking or proposes to take with respect thereto) and that to the best of his or her knowledge no event has occurred and remains in existence by reason of which payments on account of the principal of, or interest or premium, if any, on, the Securities is prohibited, or if such event has occurred, a description of the event and what action the Company is taking or proposes to take with respect thereto.

 

(b)          (i) If any Default or Event of Default has occurred and is continuing or (ii) if any Holder seeks to exercise any remedy hereunder with respect to a claimed Default under this Indenture or the Securities, within five Business Days after the Company becoming aware of such occurrence the Company shall deliver to the Trustee an Officers’ Certificate specifying such event, notice or other action and what action the Company is taking or proposes to take with respect thereto.

 

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4.5.  CORPORATE EXISTENCE.

 

Subject to Article 5, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence, in accordance with the organizational documents (as the same may be amended from time to time) of the Company and the rights (charter and statutory), licenses and franchises of the Company; PROVIDED, HOWEVER, that the Company shall not be required to preserve any such right, license or franchise, or its corporate existence, if the Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and that the loss thereof is not adverse in any material respect to the Holders.

 

ARTICLE 5 -
 SUCCESSOR CORPORATION

 

5.1. LIMITATION ON CONSOLIDATION, MERGER AND SALE OF ASSETS.

 

(a)          The Company will not, in any transaction or series of transactions, merge or consolidate with or into, or sell, assign, convey, transfer, lease or otherwise dispose of all or substantially all of its properties and assets (as an entirety or substantially as an entirety in one transaction or a series of related transactions), to any Person or Persons, unless at the time of and after giving effect thereto (i) either (A) if the transaction or series of transactions is a merger or consolidation, the Company shall be the surviving Person of such merger or consolidation, or (B) the Person formed by such consolidation or into which the Company is merged or to which the properties and assets of the Company are transferred (any such surviving Person or transferee Person being the “Surviving Entity”) shall be a corporation organized and existing under the laws of the United States of America, any state thereof or the District of Columbia, or a corporation or comparable legal entity organized under the laws of a foreign jurisdiction and shall expressly assume by a supplemental indenture executed and delivered to the Trustee, in form reasonably satisfactory to the Trustee, all of the obligations of the Company (including, without limitation, the obligation to pay the principal of, and premium and interest, if any, on, the Securities and the performance of the other covenants) under the Securities of each Series and this Indenture, and in each case, this Indenture shall remain in full force and effect; and (ii) immediately before and immediately after giving effect to such transaction or series of transactions on a pro forma basis (including, without limitation, any Indebtedness incurred or anticipated to be incurred in connection with or in respect of such transaction or series of transactions), no Default or Event of Default shall have occurred and be continuing.

 

(b)          In connection with any consolidation, merger or transfer of assets contemplated by this Section 5.1, the Company shall deliver, or cause to be delivered, to the Trustee, in form and substance reasonably satisfactory to the Trustee, an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger or transfer, and the supplemental indenture in respect thereto, comply with this Section 5.1, and that all conditions precedent herein provided for relating to such transaction or transactions have been complied with.

 

5.2.  SUCCESSOR PERSON SUBSTITUTED.

 

Upon any consolidation, merger or transfer of all or substantially all of the assets of the Company in accordance with Section 5.1 above, the successor corporation formed by such consolidation, or into which the Company is merged or to which such transfer is made, shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor corporation had been named as the Company herein, and thereafter (except with respect to any such transfer which is a lease) the predecessor corporation shall be relieved of all obligations and covenants under this Indenture and the Securities.

 

ARTICLE 6 -
 DEFAULTS AND REMEDIES

 

6.1.  EVENTS OF DEFAULT.

 

“Events of Default,” wherever used herein with respect to Securities of any Series, means any one of the following events, unless in the establishing Board Resolution, supplemental indenture or Officers’ Certificate, it is provided that such Series shall not have the benefit of said Event of Default:

 

(1)          there is a default in the payment of any principal of, or premium, if any, on, the Securities when the same becomes due and payable at Maturity, upon acceleration, redemption or otherwise;

 

(2)          there is a default in the payment of any interest on any Security of a Series when the same becomes due and payable, and the Default continues for a period of 30 days;

 

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(3)          the Company defaults in the observance or performance of any other covenant in the Securities of a Series or in this Indenture for 60 days after written notice from the Trustee or the Holders of not less than 25% in the aggregate principal amount of the Securities of such Series then outstanding, which notice must specify the Default, demand that it be remedied and state that the notice is a “Notice of Default”;

 

(4)          the Company or any Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law:

 

(A) commences a voluntary case,

 

(B) consents to the entry of an order for relief against it in an involuntary case,

 

(C) consents to the appointment of a Custodian of it or for all or substantially all of its property,

 

(D) makes a general assignment for the benefit of its creditors, or

 

(E) generally is not paying its debts as they become due;

 

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

 

(A) is for relief against the Company or any Significant Subsidiary in an involuntary case;

 

(B) appoints a Custodian of the Company or any Significant Subsidiary, or for all or substantially all of the property of the Company or any Significant Subsidiary; or

 

(C) orders the liquidation of the Company or any Significant Subsidiary, and the order or decree remains unstayed and in effect for 90 consecutive days; or

 

(6)          any other Event of Default provided with respect to Securities of that Series, which is specified in a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, in accordance with Section 2.2(19).

 

The term “Bankruptcy Law” means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

The Trustee may withhold notice of any Default (except in the payment of the principal of, or interest or premium, if any, on, the Securities) to the Holders of the Securities of any Series in accordance with Section 7.5. When a Default is cured, it ceases to exist.

 

6.2.  ACCELERATION.

 

If an Event of Default with respect to Securities of any Series at the time outstanding (other than an Event of Default arising under Section 6.1(4) or (5)) occurs and is continuing, the Trustee by written notice to the Company, or the Holders of not less than 25% in aggregate principal amount of the Securities of that Series then outstanding by written notice to the Company and the Trustee, may declare that the entire principal amount of all the Securities of that Series then outstanding plus accrued and unpaid interest to the date of acceleration are immediately due and payable, in which case such amounts shall become immediately due and payable; PROVIDED, HOWEVER, that after such acceleration but before a judgment or decree based on such acceleration is obtained by the Trustee, the Holders of a majority in aggregate principal amount of the outstanding Securities of that Series may rescind and annul such acceleration and its consequences if (i) all existing Events of Default, other than the nonpayment of accelerated principal, interest or premium, if any, that has become due solely because of the acceleration, have been cured or waived, (ii) to the extent the payment of such interest is lawful, interest on overdue installments of interest and overdue principal, which has become due otherwise than by such declaration of acceleration, has been paid and (iii) the rescission would not conflict with any judgment or decree. No such rescission shall affect any subsequent Default or impair any right consequent thereto. In case an Event of Default specified in Section 6.1(4) or (5) with respect to the Company occurs, such principal, premium, if any, and interest amount with respect to all of the Securities of that Series shall be due and payable immediately without any declaration or other act on the part of the Trustee or the Holders of the Securities of that Series.

 

6.3.  REMEDIES.

 

If an Event of Default with respect to Securities of any Series at the time outstanding occurs and is continuing, the Trustee may pursue any available remedy by proceeding at law or in equity to collect the payment of the principal of, or interest and premium, if any, on, the Securities of that Series, or to enforce the performance of any provision of the Securities of that Series or this Indenture.

 

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The Trustee may maintain a proceeding even if it does not possess any of the Securities of that Series or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Securityholder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive of any other remedy. All available remedies are cumulative to the extent permitted by law.

 

6.4. WAIVER OF PAST DEFAULTS AND EVENTS OF DEFAULT.

 

Subject to Sections 6.2, 6.7 and 8.2, the Holders of a majority in principal amount of the Securities of any Series then outstanding have the right to waive any existing Default or Event of Default with respect to such Series or compliance with any provision of this Indenture (with respect to such Series) or the Securities of such Series. Upon any such waiver, such Default with respect to such Series shall cease to exist, and any Event of Default with respect to such Series arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto. This Section 6.4 shall be in lieu of TIA Section 316(a)(1)(B), and TIA Section 316(a)(1)(B) is hereby expressly excluded from this Indenture and Section as permitted by the TIA.

 

6.5. CONTROL BY MAJORITY.

 

Subject to Sections 6.2, 6.7 and 8.2, the Holders of a majority in principal amount of the Securities of any Series then outstanding may 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 by this Indenture with respect to such Series. The Trustee, however, may refuse to follow any direction that conflicts with law or this Indenture, or that the Trustee determines may be unduly prejudicial to the rights of another Securityholder, or that may involve the Trustee in personal liability; PROVIDED, that the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction. This Section 6.5 shall be in lieu of TIA Section 316(a)(1)(A), and TIA Section 316(a)(1)(A) is hereby expressly excluded from this Indenture and Section as permitted by the TIA.

 

6.6. LIMITATION ON SUITS.

 

Subject to Section 6.7, a Securityholder may not institute any proceeding or pursue any remedy with respect to this Indenture or the Securities of a Series unless:

 

(1)          the Holder gives to the Trustee written notice of a continuing Event of Default with respect to the Securities of that Series;

 

(2)          the Holders of at least 25% in aggregate principal amount of the Securities of such Series then outstanding make a written request to the Trustee to pursue the remedy;

 

(3)          such Holder or Holders offer to the Trustee indemnity reasonably satisfactory to the Trustee against any loss, liability or expense to be incurred in compliance with such request;

 

(4)          the Trustee does not comply with the request within 60 days after receipt of the request and the offer of indemnity; and

 

(5)          no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in aggregate principal amount of the Securities of such Series then outstanding.

 

A Securityholder may not use this Indenture to prejudice the rights of another Securityholder, or to obtain a preference or priority over another Securityholder.

 

6.7.  RIGHTS OF HOLDERS TO RECEIVE PAYMENT.

 

Notwithstanding any other provision of this Indenture, the right of any Holder of a Security of a Series to receive payment of the principal of, and interest and premium, if any, on, the Security of such Series on or after the respective due dates expressed in the Security of such Series, or to bring suit for the enforcement of any such payment on or after such respective dates, is absolute and unconditional, and shall not be impaired or affected without the consent of the Holder.

 

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6.8.  COLLECTION SUIT BY TRUSTEE.

 

If an Event of Default in payment of principal, interest or premium, if any, specified in Section 6.1(1) or (2) with respect to Securities of any Series at the time outstanding occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company (or any other obligor on the Securities of that Series) for the whole amount of unpaid principal and premium, if any, and accrued interest remaining unpaid, together with interest on overdue principal and premium, if any, and, to the extent that payment of such interest is lawful, interest on overdue installments of interest, in each case at the rate then borne by the Securities of that Series, and such further amounts as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, as set forth in Section 7.7.

 

6.9.  TRUSTEE MAY FILE PROOFS OF CLAIM.

 

The Trustee may file such proofs of claim and other papers or documents, and take other actions (including sitting on a committee of creditors), as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Securityholders allowed in any judicial proceedings relative to the Company (or any other obligor on the Securities), any of their respective creditors or any of their respective property, and the Trustee shall be entitled and empowered to collect and receive any monies or other property payable or deliverable on any such claims, and to distribute the same after deduction of its charges and expenses to the extent that any such charges and expenses are not paid out of the estate in any such proceedings, and any custodian in any such judicial proceeding is hereby authorized by each Securityholder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Securityholders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.7.

 

Nothing herein contained 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 a 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 proceedings.

 

6.10.  PRIORITIES.

 

If the Trustee collects any money pursuant to this Article 6, it shall pay out the money in the following order:

 

FIRST:  to the Trustee for amounts due under Section 7.7;

 

SECOND:  to Securityholders for amounts then due and unpaid for the principal of, and interest and premium, if any, on, the Securities in respect of which, or for the benefit of which, such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities; for principal and any premium and interest, respectively; and

 

THIRD:  to the Company.

 

The Trustee may fix a record date and payment date for any payment to Securityholders pursuant to this Section 6.10. At least 15 days before such record date, the Trustee shall mail to each Securityholder a notice that states the record date, the payment date and amount to be paid.

 

6.11.  UNDERTAKING FOR COSTS.

 

In any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.7 or a suit by Holders of more than 10% in principal amount of the Securities of a Series then outstanding.

 

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ARTICLE 7 -
 TRUSTEE

 

7.1.  DUTIES OF TRUSTEE.

 

(a)          If an Event of Default has occurred and is continuing, the Trustee shall exercise 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 Person would exercise or use under the same circumstances in the conduct of his own affairs.

 

(b)          Except during the continuance of an Event of Default:

 

(1)          The Trustee need perform only those duties that are specifically set forth in this Indenture, and no covenants or obligations shall be implied in this Indenture against the Trustee.

 

(2)          In the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon 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 which 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 requirements of this Indenture.

 

(c)           The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that:

 

(1)          This paragraph does not limit the effect of paragraph (b) of this Section 7.1.

 

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

 

(3)          The Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Sections 6.2 and 6.5.

 

(d)          No provision of this Indenture shall require the Trustee to expend or risk its own funds, or otherwise incur any financial liability, in the performance of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity satisfactory to it against such risk or liability is not reasonably assured to it.

 

(e)           Whether or not therein expressly so provided, paragraphs (a), (b), (c) and (d) of this Section 7.1 shall govern every provision of this Indenture that in any way relates to the Trustee.

 

(f)            The Trustee and Paying Agent shall not be liable for interest on any money received by either of them, except as the Trustee and Paying Agent may agree in writing with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by the law.

 

(g)           The Paying Agent, the Registrar and any authenticating agent shall be entitled to the protections, immunities and standard of care set forth in paragraphs (a), (b), (c), (d) and (f) of this Section 7.1 and in Section 7.2 with respect to the Trustee.

 

7.2.  RIGHTS OF TRUSTEE.

 

(a)          Subject to Section 7.1:

 

(1)          The Trustee may rely on, and shall be protected in acting or refraining from acting upon, any document reasonably believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document.

 

(2)          Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel, or both, which shall conform to the provisions of Section 10.5. The Trustee shall be protected and shall not be liable for any action it takes or omits to take in good faith in reliance on such certificate or opinion.

 

(3)          The Trustee may act through agents and attorneys, and shall not be responsible for the misconduct or negligence of any agent appointed by it with due care.

 

(4)          The Trustee shall not be liable for any action it takes or omits to take in good faith which it reasonably believes to be authorized or within its rights or powers.

 

(5)          The Trustee may consult with counsel reasonably acceptable to the Trustee, which may be counsel to the Company, and the advice or opinion of such counsel as to matters of law shall be full and complete authorization and protection from liability in respect of any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel.

 

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(6)          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 Holders pursuant to the provisions of this Indenture, unless such Holders shall have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities which may be incurred therein or thereby.

 

(7)          The Trustee shall not be deemed to have knowledge of any fact or matter (including, without limitation, a Default or Event of Default) unless such fact or matter is known to a Responsible Officer of the Trustee.

 

(8)          Unless otherwise expressly provided herein or in the Securities of a Series or the related Board Resolution, supplemental indenture or Officers’ Certificate, the Trustee shall not have any responsibility with respect to reports, notices, certificates or other documents filed with it hereunder, except to make them available for inspection, at reasonable times, by Securityholders, it being understood that delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (except as set forth in Section 4.4).

 

7.3.  INDIVIDUAL RIGHTS OF TRUSTEE.

 

The Trustee in its individual or any other capacity may become the owner or pledgee of Securities, and may make loans to, accept deposits from, perform services for or otherwise deal with the Company, or any Affiliate thereof, with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights. The Trustee, however, shall be subject to Sections 7.10 and 7.11.

 

7.4.  TRUSTEE’S DISCLAIMER.

 

The Trustee makes no representation as to the validity or adequacy of this Indenture or the Securities (except that the Trustee represents that it is duly authorized to execute and deliver this Indenture and authenticate the Securities and perform its obligations hereunder), and the Trustee shall not be accountable for the Company’s use of the proceeds from the sale of Securities or any money paid to the Company pursuant to the terms of this Indenture, and the Trustee shall not be responsible for any statement in the Securities other than its certificates of authentication.

 

7.5.  NOTICE OF DEFAULT.

 

If a Default or an Event of Default occurs and is continuing with respect to the Securities of any Series, and if it is known to the Trustee, the Trustee shall mail to each Securityholder of the Securities of that Series notice of the Default or the Event of Default, as the case may be, within 90 days after it occurs or, if later, after a Responsible Officer of the Trustee has knowledge of such Default or Event of Default (except if such Default or Event of Default has been validly cured or waived before the giving of such notice). Except in the case of a Default or an Event of Default in payment of the principal of, or interest or premium, if any, on, any Security of any Series, the Trustee may withhold the notice if and so long as the Board of Directors of the Trustee, the executive committee or any trust committee of such board and/or its Responsible Officers in good faith determine(s) that withholding the notice is in the interests of the Securityholders of that Series.

 

7.6.  REPORTS BY TRUSTEE TO HOLDERS.

 

If and to the extent required by the TIA, within 60 days after April 1 of each year, commencing the April 1 following the date of this Indenture, the Trustee shall mail to each Securityholder a brief report dated as of such April 1 that complies with TIA Section 313(a). The Trustee also shall comply with TIA Sections 313(b) and 313(c).

 

A copy of each report at the time of its mailing to Securityholders shall be filed with the SEC and any stock exchange on which the Securities of that Series are listed. The Company shall promptly notify the Trustee when the Securities of any Series are listed on any stock exchange or any delisting thereof, and the Trustee shall comply with TIA Section 313(d).

 

7.7.  COMPENSATION AND INDEMNITY.

 

The Company shall pay to the Trustee from time to time reasonable compensation for its services. The Trustee’s compensation shall not be limited by any provision of law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee within 45 days after receipt of request for all reasonable out-of-pocket disbursements and expenses incurred or made by it in connection with its duties under this Indenture, including the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel.

 

The Company shall indemnify the Trustee for, and hold it harmless against, any and all loss or liability incurred by it in connection with the acceptance or performance of its duties under this Indenture including the reasonable costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. The Trustee shall notify the Company promptly of any claim asserted against the Trustee for which it may seek indemnity.

 

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The failure by the Trustee to so notify the Company shall not however relieve the Company of its obligations. Notwithstanding the foregoing, the Company need not reimburse the Trustee for any expense or indemnify it against any loss or liability incurred by the Trustee through its negligence or bad faith. To secure the payment obligations of the Company in this Section 7.7, the Trustee shall have a lien prior to the Securities of any Series on all money or property held or collected by the Trustee except such money or property held in trust to pay the principal of, interest and premium, if any, on particular Securities of that Series.

 

When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.1(4) or (5) occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law.

 

For purposes of this Section 7.7, the term “Trustee” shall include any trustee appointed pursuant to this Article 7.

 

7.8.  REPLACEMENT OF TRUSTEE.

 

The Trustee may resign with respect to the Securities of one or more Series by so notifying the Company in writing at least 90 days in advance of such resignation.

 

The Holders of a majority in principal amount of the outstanding Securities of any Series may remove the Trustee with respect to that Series by notifying the removed Trustee in writing and may appoint a successor Trustee with respect to that Series with the consent of the Company, which consent shall not be unreasonably withheld. The Company may remove the Trustee with respect to that Series at its election if:

 

(1)          the Trustee fails to comply with, or ceases to be eligible under, Section 7.10;

 

(2)          the Trustee is adjudged a bankrupt or an insolvent, or an order for relief is entered with respect to the Trustee, under any Bankruptcy Law;

 

(3)          a Custodian or other public officer takes charge of the Trustee or its property; or

 

(4)          the Trustee otherwise becomes incapable of acting.

 

(5)          If the Trustee resigns or is removed, or if a vacancy exists in the office of Trustee, with respect to any Series of Securities for any reason, the Company shall promptly appoint, by Board Resolution, a successor Trustee.

 

If a successor Trustee with respect to the Securities of one or more Series does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of at least 10% in principal amount of the outstanding Securities of the applicable Series may petition any court of competent jurisdiction for the appointment of a successor Trustee.

 

If the Trustee with respect to the Securities of one or more Series fails to comply with Section 7.10, any Securityholder of the applicable Series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.

 

A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Immediately following such delivery, (i) the retiring Trustee with respect to one or more Series shall, subject to its rights under Section 7.7, transfer all property held by it as Trustee with respect to such Series to the successor Trustee, (ii) the resignation or removal of the retiring Trustee shall become effective and (iii) the successor Trustee with respect to such Series shall have all the rights, powers and duties of the Trustee under this Indenture. A successor Trustee with respect to the Securities of one or more Series shall mail notice of its succession to each Securityholder of such Series.

 

7.9.  SUCCESSOR TRUSTEE BY CONSOLIDATION, MERGER OR CONVERSION.

 

If the Trustee, or any Agent, consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust assets to, another corporation, subject to Section 7.10, the successor corporation without any further act shall be the successor Trustee or Agent, as the case may be.

 

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7.10.  ELIGIBILITY; DISQUALIFICATION.

 

This Indenture shall always have a Trustee who satisfies the requirements of TIA Sections 310(a)(1), (2) and (5) in every respect. The Trustee (or in the case of a Trustee that is a Person included in a bank holding company system, the related bank holding company) shall have a combined capital and surplus of at least $100,000,000 as set forth in its most recent published annual report of condition. The Trustee shall comply with TIA Section 310(b), including the provision in Section 310(b)(1). In addition, if the Trustee is a Person included in a bank holding company system, the Trustee, independently of such bank holding company, shall meet the capital requirements of TIA Section 310(a)(2). If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 7.10, it shall resign immediately in the manner and with the effect specified in this Article 7.

 

7.11.  PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY.

 

The Trustee shall comply with TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). A Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated therein.

 

7.12.  PAYING AGENTS.

 

The Company shall cause each Paying Agent other than the Trustee to execute and deliver to it and the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section 7.12:

 

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

 

(2)          that it will at any time during the continuance of any Event of Default, upon written request from the Trustee, deliver to the Trustee all sums so held in trust by it together with a full accounting thereof; and

 

(3)          that it will give the Trustee written notice within three Business Days after any failure of the Company (or by any obligor on the Securities) in the payment of any installment of the principal of, or interest or premium, if any, on, the Securities when the same shall be due and payable.

 

ARTICLE 8 -
 AMENDMENTS, SUPPLEMENTS AND WAIVERS

 

8.1.  WITHOUT CONSENT OF HOLDERS.

 

The Company, when authorized by a Board Resolution, and the Trustee may amend or supplement this Indenture or the Securities of one or more Series without notice to or consent of any Securityholder:

 

(1)          to comply with Section 5.1;

 

(2)          to provide for certificated Securities in addition to uncertificated Securities;

 

(3)          to comply with any requirements of the SEC under the TIA;

 

(4)          to cure any ambiguity, defect or inconsistency, or to make any other change herein or in the Securities that does not materially and adversely affect the rights of any Securityholder;

 

(5)          to provide for the issuance of, and establish the form and terms and conditions of, Securities of any Series as permitted by this Indenture; or

 

(6)          to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more Series, and to 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.

 

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

 

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8.2.  WITH CONSENT OF HOLDERS.

 

(a)          The Company, when authorized by a Board Resolution, and the Trustee may amend or supplement this Indenture or the Securities of one or more Series with the written consent of the Holders of not less than a majority in aggregate principal amount of the outstanding Securities of such Series affected by such amendment or supplement without notice to any Securityholder. The Holders of not less than a majority in aggregate principal amount of the outstanding Securities of each such Series affected by such amendment or supplement may waive compliance by the Company in a particular instance with any provision of this Indenture or the Securities of such Series without notice to any Securityholder. Subject to Section 8.4, without the consent of each Securityholder affected, however, an amendment, supplement or waiver may not:

 

(1)          reduce the amount of Securities whose Holders must consent to an amendment, supplement or waiver to this Indenture or the Securities;

 

(2)          reduce the rate of, or change the time for payment of, interest on any Security;

 

(3)          reduce the principal, or change the Stated Maturity, of any Security, or reduce the amount of, or postpone the date fixed for, the payment of any sinking fund or analogous obligation;

 

(4)          make any Security payable in money other than that stated in the Security;

 

(5)          change the amount or time of any payment required by the Securities, or reduce the premium payable upon any redemption of the Securities, or change the time before which no such redemption may be made;

 

(6)          waive a Default or Event of Default in the payment of the principal of, or interest or premium, if any, on, any Security (except a rescission of acceleration of the Securities of any Series by the Holders of at least a majority in principal amount of the outstanding Securities of such Series and a waiver of the payment default that resulted from such acceleration);

 

(7)          waive a redemption payment with respect to any Security, or change any of the provisions with respect to the redemption of any Securities;

 

(8)          make any changes in Section 6.6 or this Section 8.2, except to increase any percentage of Securities the Holders of which must consent to any matter; or

 

(9)          take any other action otherwise prohibited by this Indenture to be taken without the consent of each Holder affected thereby.

 

(b)          Upon the request of the Company, accompanied by a Board Resolution authorizing the execution of any such supplemental indenture, and upon the receipt by the Trustee of evidence reasonably satisfactory to the Trustee of the consent of the Securityholders as aforesaid and of the documents described in Section 8.6, 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, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such supplemental indenture.

 

(c)           It shall not be necessary for the consent of the Holders under this section to approve the particular form of any proposed amendment, supplement or waiver, but it shall be sufficient if such consent approves the substance thereof.

 

After an amendment or supplement under this Section becomes effective, the Company shall mail to Securityholders a notice briefly describing the amendment or supplement. Any failure of the Company to mail any such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any supplemental indenture.

 

8.3.  COMPLIANCE WITH TRUST INDENTURE ACT.

 

Every amendment to, or supplement of, this Indenture or the Securities shall comply with the TIA as then in effect.

 

8.4.  REVOCATION AND EFFECT OF CONSENTS.

 

Until an amendment, supplement, waiver or other action becomes effective, a consent to it by a Holder of a Security is a continuing consent conclusive and binding upon such Holder and every subsequent Holder of the same Security or portion thereof, and of any Security issued upon the transfer thereof or in exchange therefor or in place thereof, even if notation of the consent is not made on any such Security. Any such Holder or subsequent Holder, however, may revoke the consent as to his Security or portion of a Security, if the Trustee receives the notice of revocation before the date the amendment, supplement, waiver or other action becomes effective.

 

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The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to consent to any amendment, supplement or waiver, which record date shall be at least 30 days prior to the first solicitation of such consent. If a record date is fixed, then, notwithstanding the preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only such Persons, shall be entitled to consent to such amendment, supplement or waiver, or to revoke any consent previously given, whether or not such Persons continue to be Holders after such record date.

 

After an amendment, supplement, waiver or other action becomes effective, it shall bind every Securityholder, unless it makes a change described in any of clauses (1) through (9) of Section 8.2. In that case, the amendment, supplement, waiver or other action shall bind each Holder of a Security who has consented to it and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security; PROVIDED, that any such waiver shall not impair or affect the right of any Holder to receive payment of the principal of, and interest and premium, if any, on, a Security, on or after the respective due dates expressed in such Security, or to bring suit for the enforcement of any such payment on or after such respective dates without the consent of such Holder.

 

8.5.  NOTATION ON OR EXCHANGE OF SECURITIES.

 

If an amendment, supplement or waiver changes the terms of a Security of any Series, the Trustee may request the Holder of such Security to deliver it to the Trustee. In such case, the Trustee shall place an appropriate notation on such Security about the changed terms and return it to the Holder. Alternatively, the Company, in exchange for such Security, may issue, and the Trustee shall authenticate, a new security that reflects the changed terms. Failure to make the appropriate notation or issue a new Security shall not affect the validity and effect of such amendment, supplement or waiver.

 

8.6. TRUSTEE TO SIGN AMENDMENTS, ETC.

 

The Trustee shall sign any amendment, supplement or waiver authorized pursuant to this Article 8 if the amendment, supplement or waiver does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may, but need not, sign it. In signing or refusing to sign such amendment, supplement or waiver the Trustee shall be entitled to receive and, subject to Section 7.1, shall be fully protected in relying upon an Officers’ Certificate and an Opinion of Counsel stating that such amendment, supplement or waiver is authorized or permitted by this Indenture. The Company may not sign an amendment or supplement until the Board of Directors of the Company approves it.

 

ARTICLE 9 -
 DISCHARGE OF INDENTURE; DEFEASANCE

 

9.1.  DISCHARGE OF INDENTURE.

 

The Company may terminate its obligations under the Securities of any Series and this Indenture with respect to such Series, except the obligations referred to in the last paragraph of this Section 9.1, if there shall have been canceled by the Trustee, or delivered to the Trustee for cancellation, all Securities of such Series theretofore authenticated and delivered (other than any Securities of such Series that are asserted to have been destroyed, lost or stolen and that shall have been replaced as provided in Section 2.8) and the Company has paid all sums payable by it hereunder or deposited all required sums with the Trustee.

 

After such delivery the Trustee upon request shall acknowledge in a writing prepared by or on behalf of the Company the discharge of the Company’s obligations under the Securities of such Series and this Indenture, except for those surviving obligations specified below.

 

Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company in Sections 7.7, 9.5 and 9.6 shall survive.

 

9.2.  LEGAL DEFEASANCE.

 

The Company may at its option, by Board Resolution, be discharged from its obligations with respect to the Securities of any Series on the date upon which the conditions set forth in Section 9.4 below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, such Legal Defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by the Securities of such Series and to have satisfied all its other obligations under such Securities and this Indenture insofar as such Securities are concerned (and the Trustee, at the expense of the Company, shall, subject to Section 9.6, execute proper instruments acknowledging the same, as are delivered to it by the Company), except for the following, which shall survive until otherwise terminated or discharged hereunder: (A) the rights of Holders of outstanding Securities of such Series to receive solely from the trust funds described in Section 9.4 and as more fully set forth in such section, payments in respect of the principal of, and interest and premium, if any, on, the Securities of such Series when such payments are due, (B) the Company’s obligations with respect to the Securities of such Series under Sections 2.4, 2.5, 2.6, 2.7, 2.8 and 2.9, (C) the rights, powers, trusts, duties and immunities of the Trustee hereunder (including claims of, or payments to, the Trustee under or pursuant to Section 7.7) and (D) this Article 9. Subject to compliance with this Article 9, the Company may exercise its option under this Section 9.2 with respect to the Securities of any Series notwithstanding the prior exercise of its option under Section 9.3 below with respect to the Securities of such Series.

 

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9.3.  COVENANT DEFEASANCE.

 

At the option of the Company, pursuant to a Board Resolution, the Company shall be released from its obligations with respect to the outstanding Securities of any Series under Sections 4.2 through 4.5, inclusive, and Section 5.1, with respect to the outstanding Securities of such Series, on and after the date the conditions set forth in Section 9.4 are satisfied (hereinafter, “Covenant Defeasance”). For this purpose, such Covenant Defeasance means that the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such specified section or portion thereof, whether directly or indirectly by reason of any reference elsewhere herein to any such specified Section or portion thereof or by reason of any reference in any such specified section or portion thereof to any other provision herein or in any other document, but the remainder of this Indenture and the Securities of any Series shall be unaffected thereby.

 

9.4.  CONDITIONS TO LEGAL DEFEASANCE OR COVENANT DEFEASANCE.

 

The following shall be the conditions to application of Section 9.2 or Section 9.3 to the outstanding Securities of a Series:

 

(1)          the Company shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee satisfying the requirements of Section 7.10 who shall agree to comply with the provisions of this Article 9 applicable to it) as funds in trust for the purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of the Securities, (A) money in an amount, or (B) U.S. Government Obligations or Foreign Government Obligations which through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, not later than the due date of any payment, money in an amount, or (C) a combination thereof, sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee (or other qualifying trustee) to pay and discharge, the principal of, and accrued interest and premium, if any, on, the outstanding Securities of such Series at the Stated Maturity of such principal, interest or premium, if any, or on dates for payment and redemption of such principal, interest and premium, if any, selected in accordance with the terms of this Indenture and of the Securities of such Series;

 

(2)          no Event of Default or Default with respect to the Securities of such Series shall have occurred and be continuing on the date of such deposit, or shall have occurred and be continuing at any time during the period ending on the 91st day after the date of such deposit or, if longer, ending on the day following the expiration of the longest preference period under any Bankruptcy Law applicable to the Company in respect of such deposit as specified in the Opinion of Counsel identified in paragraph (8) below (it being understood that this condition shall not be deemed satisfied until the expiration of such period);

 

(3)          such Legal Defeasance or Covenant Defeasance shall not cause the Trustee to have a conflicting interest for purposes of the TIA with respect to any securities of the Company;

 

(4)          such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute default under, any other agreement or instrument to which the Company is a party or by which it is bound;

 

(5)          the Company shall have delivered to the Trustee an Opinion of Counsel stating that, as a result of such Legal Defeasance or Covenant Defeasance, neither the trust nor the Trustee will be required to register as an investment company under the Investment Company Act of 1940, as amended;

 

(6)          in the case of an election under Section 9.2, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling to the effect that or (ii) there has been a change in any applicable Federal income tax law with the effect that, and such opinion shall confirm that, the Holders of the outstanding Securities of such Series or Persons in their positions will not recognize income, gain or loss for Federal income tax purposes solely as a result of such Legal Defeasance and will be subject to Federal income tax on the same amounts, in the same manner, including as a result of prepayment, and at the same times as would have been the case if such Legal Defeasance had not occurred;

 

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(7)          in the case of an election under Section 9.3, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of the outstanding Securities of such Series will not recognize income, gain or loss for Federal income tax purposes as a result of such Covenant Defeasance, and will be subject to Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred;

 

(8)          the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for in this Article 9 relating to either the Legal Defeasance under Section 9.2 or the Covenant Defeasance under Section 9.3 (as the case may be) have been complied with;

 

(9)          the Company shall have delivered to the Trustee an Officers’ Certificate stating that the deposit under clause (1) was not made by the Company with the intent of defeating, hindering, delaying or defrauding any creditors of the Company or others; and

 

(10)        the Company shall have paid, or duly provided for payment under terms mutually satisfactory to the Company and the Trustee, all amounts then due to the Trustee pursuant to Section 7.7.

 

9.5.  DEPOSITED MONEY AND U.S. AND FOREIGN GOVERNMENT OBLIGATIONS TO BE HELD IN TRUST; OTHER MISCELLANEOUS PROVISIONS.

 

All money, U.S. Government Obligations and Foreign Government Obligations (including the proceeds thereof) deposited with the Trustee pursuant to Section 9.4 in respect of the outstanding Securities shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment, either directly or through any Paying Agent as the Trustee may determine, to the Holders of such Securities, of all sums due and to become due thereon in respect of principal, accrued interest and premium, if any, but such money need not be segregated from other funds except to the extent required by law.

 

The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations and Foreign Government Obligations deposited pursuant to Section 9.4 or the principal, interest and premium, if any, received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Securities.

 

Anything in this Article 9 to the contrary notwithstanding, but subject to payment of any of its outstanding fees and expenses, the Trustee shall deliver or pay to the Company from time to time upon Company Request any money, U.S. Government Obligations or Foreign Government Obligations held by the Trustee as provided in Section 9.4 which, in the opinion of a nationally-recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

 

9.6.  REINSTATEMENT.

 

If the Trustee or Paying Agent is unable to apply any money, U.S. Government Obligations or Foreign Government Obligations in accordance with Section 9.1, 9.2, 9.3 or 9.4 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s obligations under this Indenture and the Securities shall be revived and reinstated as though no deposit had occurred pursuant to this Article 9 until such time as the Trustee or Paying Agent is permitted to apply all such money, U.S. Government Obligations or Foreign Government Obligations, as the case may be, in accordance with Section 9.1, 9.2, 9.3 or 9.4; PROVIDED, HOWEVER, that if the Company has made any payment of principal of, or accrued interest or premium, if any, on, any Securities because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money, U.S. Government Obligations or Foreign Government Obligations held by the Trustee or Paying Agent.

 

9.7.  MONEYS HELD BY PAYING AGENT.

 

In connection with the satisfaction and discharge of this Indenture, all moneys then held by any Paying Agent under the provisions of this Indenture shall, upon demand of the Company, be paid to the Trustee, or, if sufficient moneys have been deposited pursuant to Section 9.1, to the Company, and thereupon such Paying Agent shall be released from all further liability with respect to such moneys.

 

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9.8.  MONEYS HELD BY TRUSTEE.

 

Any moneys deposited with the Trustee or any Paying Agent or then held by the Company in trust for the payment of the principal of, or interest or premium, if any, on, any Security that are not applied but remain unclaimed by the Holder of such Security for two years after the date upon which the principal of, or interest or premium, if any, on, such Security shall have respectively become due and payable shall be repaid to the Company upon Company Request, or if such moneys are then held by the Company in trust, such moneys shall be released from such trust; and the Holder of such Security entitled to receive such payment shall thereafter, as an unsecured general creditor, look only to the Company for the payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money shall thereupon cease; PROVIDED, HOWEVER, that the Trustee or any such Paying Agent, before being required to make any such repayment, may, at the expense of the Company, either mail to each Securityholder affected, at the address shown in the register of the Securities maintained by the Registrar, or cause to be published once a week for two successive weeks, in a newspaper published in the English language, customarily published each Business Day and of general circulation in the City of New York, New York, a notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such mailing or publication, any unclaimed balance of such moneys then remaining will be repaid to the Company. After payment to the Company or the release of any money held in trust by the Company, Securityholders entitled to the money must look only to the Company for payment as general creditors, unless applicable abandoned property law designates another Person.

 

ARTICLE 10 -
 MISCELLANEOUS

 

10.1.  TRUST INDENTURE ACT CONTROLS.

 

If any provision of this Indenture limits, qualifies or conflicts with another provision which is required to be included in this Indenture by the TIA, the required provision shall control. If any provision of this Indenture modifies or excludes any provision of the TIA which may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as so modified or to be excluded, as the case may be.

 

10.2.  NOTICES.

 

Any notice or communication shall be given in writing and delivered in Person, sent by facsimile (and receipt confirmed by telephone or electronic transmission report), delivered by commercial courier service or mailed by first-class mail, postage prepaid, addressed as follows:

 

If to the Company:

 

Dermira, Inc.
 275 Middlefield Rd, Suite 150
 Menlo Park, CA
 Attention: General Counsel

 

Copy to:

Fenwick & West LLP
 555 California Street

San Francisco, CA 94104
 Fax:  (415) 281-1350
 Attention:  Douglas Cogen, Esq.

    Michael Brown, Esq.

 

If to the Trustee:

 

The Company or the Trustee by written notice to the other may designate additional or different addresses for subsequent notices or communications. Any notice or communication to the Company or the Trustee shall be deemed to have been given or made as of the date so delivered if personally delivered; when receipt is confirmed by telephone or electronic transmission report, if sent by facsimile; and three Business Days after mailing if sent by registered or certified mail, postage prepaid (except that a notice of change of address shall not be deemed to have been given until actually received by the addressee).

 

Any notice or communication mailed to a Securityholder shall be mailed to such Securityholder by first-class mail, postage prepaid, at such Securityholder’s address shown on the register kept by the Registrar.

 

Failure to mail, or any defect in, a notice or communication to a Securityholder shall not affect its sufficiency with respect to other Securityholders. If a notice or communication to a Securityholder is mailed in the manner provided above, it shall be deemed duly given, three Business Days after such mailing, whether or not the addressee receives it.

 

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In case by reason of the suspension of regular mail service, or by reason of any other cause, it shall be impossible to mail any notice as required by this Indenture, then such method of notification as shall be made with the approval of the Trustee shall constitute a sufficient mailing of such notice.

 

In the case of Global Securities, notices or communications to be given to Securityholders shall be given to the Depository, in accordance with its applicable policies as in effect from time to time.

 

In addition to the manner provided for in the foregoing provisions, notices or communications to Securityholders shall be given by the Company by release made to Reuters Economic Services and Bloomberg Business News.

 

10.3.  COMMUNICATIONS BY HOLDERS WITH OTHER HOLDERS.

 

Securityholders of any Series may communicate pursuant to TIA Section 312(b) with other Securityholders of that Series or any other Series with respect to their rights under this Indenture or the Securities of that Series or any other Series. The Company, the Trustee, the Registrar and any other Person shall have the protection of TIA Section 312(c).

 

10.4.  CERTIFICATE AND OPINION AS TO CONDITIONS PRECEDENT.

 

Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee:

 

(1)          an Officers’ Certificate (which shall include the statements set forth in Section 10.5 below) stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and

 

(2)          an Opinion of Counsel (which shall include the statements set forth in Section 10.5 below) stating that, in the opinion of such counsel, all such conditions precedent have been complied with.

 

10.5.  STATEMENT REQUIRED IN CERTIFICATE AND OPINION.

 

Each certificate and opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than pursuant to Section 4.4) 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, it or he has made such examination or investigation as is necessary to enable it or 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 covenant or condition has been complied with.

 

10.6.  RULES BY TRUSTEE AND AGENTS.

 

The Trustee may make reasonable rules for action by or at meetings of Securityholders. The Registrar and Paying Agent may make reasonable rules for their functions.

 

10.7.  BUSINESS DAYS; LEGAL HOLIDAYS; PLACE OF PAYMENT.

 

A “Business Day” is a day that is not a Legal Holiday. A “Legal Holiday” is a Saturday, a Sunday, a federally-recognized holiday or a day on which banking institutions are not authorized or required by law, regulation or executive order to be open in the State of New York.

 

If a payment date is a Legal Holiday at a Place of Payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period. “Place of Payment” means the place or places where the principal of, and interest and premium, if any, on, the Securities of a Series are payable as specified as contemplated by Section 2.2. If the regular record date is a Legal Holiday, the record date shall not be affected.

 

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10.8.  GOVERNING LAW.

 

THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW.

 

10.9.  NO ADVERSE INTERPRETATION OF OTHER AGREEMENTS.

 

This Indenture may not be used to interpret another indenture, loan, security or debt agreement of the Company or any Subsidiary thereof. No such indenture, loan, security or debt agreement may be used to interpret this Indenture.

 

10.10.  NO RECOURSE AGAINST OTHERS.

 

A director, officer, employee, stockholder or incorporator, as such, of the Company shall not have any liability for any obligations of the Company under the Securities or the Indenture. Each Securityholder by accepting a Security waives and releases all such liability. Such waiver and release are part of the consideration for the issuance of the Securities.

 

10.11.  SUCCESSORS.

 

All covenants and agreements of the Company in this Indenture and the Securities shall bind the Company’s successors and assigns, whether so expressed or not. All agreements of the Trustee, any additional trustee and any Paying Agents in this Indenture shall bind their respective successors and assigns.

 

10.12.  MULTIPLE COUNTERPARTS.

 

The parties may sign multiple counterparts of this Indenture. Each signed counterpart shall be deemed an original, but all of them together represent one and the same agreement.

 

10.13.  TABLE OF CONTENTS, HEADINGS, ETC.

 

The table of contents, cross-reference sheet and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.

 

10.14.  SEVERABILITY.

 

Each provision of this Indenture shall be considered separable, and if for any reason any provision which is not essential to the effectuation of the basic purpose of this Indenture or the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby, and a Holder shall have no claim therefor against any party hereto.

 

10.15.  SECURITIES IN A FOREIGN CURRENCY OR IN EUROS.

 

Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate delivered pursuant to Section 2.2 with respect to a particular Series of Securities, whenever for purposes of this Indenture any action may be taken by the Holders of a specified percentage in aggregate principal amount of Securities of all Series or all Series affected by a particular action at the time outstanding and, at such time, there are outstanding Securities of any Series which are denominated in a coin or currency other than Dollars (including Euros), then the principal amount of Securities of such Series which shall be deemed to be outstanding for the purpose of taking such action shall be that amount of Dollars that could be obtained for such amount at the Market Exchange Rate at such time. For purposes of this Section 10.15, “Market Exchange Rate” shall mean the noon Dollar buying rate in New York City for cable transfers of that currency as published by the Federal Reserve Bank of New York; PROVIDED, HOWEVER, in the case of Euros, Market Exchange Rate shall mean the rate of exchange determined by the Commission of the European Union (or any successor thereto) as published in the Official Journal of the European Union (such publication or any successor publication, the “Journal”). If such Market Exchange Rate is not available for any reason with respect to such currency, the Trustee shall use, in its sole discretion and without liability on its part, such quotation of the Federal Reserve Bank of New York or, in the case of Euros, the rate of exchange as published in the Journal, as of the most recent available date, or quotations or, in the case of Euros, rates of exchange from one or more major banks in New York City or in the country of issue of the currency in question or, in the case of Euros, in Luxembourg or such other quotations or, in the case of Euros, rates of exchange as the Trustee, upon consultation with the Company, shall deem appropriate. The provisions of this paragraph shall apply in determining the equivalent principal amount in respect of Securities of a Series denominated in currency other than Dollars in connection with any action taken by Holders of Securities pursuant to the terms of this Indenture.

 

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All decisions and determinations of the Trustee regarding the Market Exchange Rate or any alternative determination provided for in the preceding paragraph shall be in the Trustee’s sole discretion, and shall, in the absence of manifest error, be conclusive to the extent permitted by law for all purposes and irrevocably binding upon the Company and all Holders.

 

10.16.  JUDGMENT CURRENCY.

 

The Company agrees, to the fullest extent that it may effectively do so under applicable law, that (a) if for the purpose of obtaining judgment in any court it is necessary to convert the sum due in respect of the principal of, or interest or premium, if any, or other amount on, the Securities of any Series (the “Required Currency”) into a currency in which a judgment will be rendered (the “Judgment Currency”), the rate of exchange used shall be the rate at which, in accordance with normal banking procedures, the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the day on which final unappealable judgment is entered, unless such day is not a Business Day, in which instance, the rate of exchange used shall be the rate at which, in accordance with normal banking procedures, the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the Business Day preceding the day on which final unappealable judgment is entered and (b) its obligations under this Indenture to make payments in the Required Currency (i) shall not be discharged or satisfied by any tender or any recovery pursuant to any judgment (whether or not entered in accordance with subsection (a)) in any currency other than the Required Currency, except to the extent that such tender or recovery shall result in the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of action for the purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable and (iii) shall not be affected by judgment being obtained for any other sum due under this Indenture.

 

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IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed, and their respective corporate seals to be hereunto affixed and attested, all as of the day and year first above written.

 

	
 
    	
DERMIRA, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
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[Name   of Trustee]
    
	
 
    	
 
    	
 
    
	
 
    	
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Name:
    	
 
    
	
 
    	
 
    	
Title:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
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Title:
    	
 
    

 

30EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
  

Date 2 November 2015 
  

THE UK MEMBERS 
 (AS DEFINED HEREIN) 

VISA INC. 
 VISA EUROPE LIMITED 

 
  
  

 
 LOSS SHARING AGREEMENT 

 
  
  

 
 

 
 Macfarlanes LLP 
 20
Cursitor Street 
 London EC4A 1LT 

 CONTENTS 
  

							
	Clause	  	 	  	Page	 
	1	  	Definitions and interpretation	  	 	3	  
	2	  	Conditions and termination	  	 	8	  
	3	  	Indemnity	  	 	9	  
	4	  	Limitations on liability	  	 	10	  
	5	  	Litigation management	  	 	11	  
	6	  	Claim process	  	 	11	  
	7	  	Payments	  	 	11	  
	8	  	Confidentiality	  	 	12	  
	9	  	Notices	  	 	13	  
	10	  	Authority	  	 	15	  
	11	  	Entire agreement and effect on other potential claims	  	 	16	  
	12	  	Miscellaneous	  	 	17	  
	13	  	Governing law and jurisdiction	  	 	21	  
			
	Schedule	  	 	  	 	 
	1	  	The UK Members	  			
	2	  	Form of waiver and release	  			
	3	  	Form of deed of adherence	  			
			
	Appendices	  	 	  	 	 
	A	  	Form of LM Deed	  			
	B	  	Form of UK&I Certificate of Designations	  			
	C	  	VE Member Representative Term Sheet	  			
	D	  	Form of Class A Equivalent Preferred Stock CoD	  			

	 DATE 
	 2 November 2015 

 PARTIES 

 

	1	 THE PERSONS whose names and registered offices are listed in schedule 1 (each a “UK Member” and, together, the “UK
Members”); 

  

	2	 VISA INC., a company incorporated under the laws of the State of Delaware (“Visa Inc.”); and 

 

	3	 VISA EUROPE LIMITED (company number 05139966), a company incorporated under the laws of England and Wales, whose registered office is at 1 Sheldon
Square, London W2 6TT (“Visa Europe”). 

 RECITALS 

 

	A	 In connection with the proposed acquisition by Visa Inc. (or its Affiliate) of the entire issued and outstanding share capital of Visa Europe (the
“Transaction”) announced on or around the date of this Deed, the UK Members (or their respective Affiliate(s) or nominee(s)) will, in addition to other consideration payable in connection therewith, be issued UK&I Preferred
Stock by Visa Inc. The terms of the UK&I Preferred Stock include provisions effecting a reduction in the rate at which UK&I Preferred Stock is eligible for conversion (in accordance with the terms of the UK&I Preferred Stock) into
Class A Common Stock or Class A Equivalent Preferred Stock of Visa Inc. (each a “UK&I Conversion Rate Reduction”) to reflect all or part of relevant Covered Losses suffered by Visa Group Members.

  

	B	 As such, the total aggregate value of Class A Common Stock or Class A Equivalent Preferred Stock that the UK&I Preferred Stock can be partially
converted into from time to time may decrease if, as a result of UK Covered Losses, one or more UK&I Conversion Rate Reductions take place. 

  

	C	 In connection with the Transaction, the UK Members have also agreed that, pursuant to this Deed, they will each provide specific covenants in respect of UK
Covered Losses where: (i) UK Covered Losses exceed an amount in pounds sterling (calculated in accordance with clause 1.6 as at the date of Closing) equal to €1,000,000,000 (one billion
Euros) in aggregate; or (ii) the Class A Common Equivalent Number has been reduced to zero pursuant to one or more UK&I Conversion Rate Reductions (regardless of whether the Covered Losses giving rise to such adjustment related to UK
Domestic Covered Claims, Intra-Regional Covered Claims or Inter-Regional Covered Claims). 

  

	D	 The Parties have agreed to enter into this Deed to effect the provision of such specific covenants by the UK Members and to apportion any liability under
this Deed in respect of UK Covered Losses between the UK Members. 

  
 2 

 AGREEMENT 
  

	1	 Definitions and interpretation 

  

	1.1	 In this Deed the following words shall have the following meanings: 

Affiliate: in relation to a Person, any Person directly or indirectly Controlling, Controlled by or under direct or indirect
common Control with that Person and, in respect of any UK Member, any Subsidiary Undertaking or Parent Undertaking of that UK Member, or any Subsidiary Undertaking of any such Parent Undertaking of that UK Member, but shall not, for the avoidance of
doubt, include (i) in respect of the Visa Group Members, any UK Member or any shareholder of Visa Inc., and (ii) in respect of any UK Member, any Visa Group Member; 

Alternative Loss Sharing Agreement: has the meaning given in clause 10.3; 

Business Day: any day (i) other than a Saturday, Sunday or any other day which is a public or federal holiday, or 1 May
in any given year, and (ii) on which banks are open for the transaction of normal banking business, in each of London (United Kingdom), New York City (USA) and Foster City, California (USA); 

Cash Consideration: means the cash sum of eleven billion and five hundred million Euros
(€11,500,000,000) payable by the Purchaser on Closing; 
 Claim
Notice: has the meaning given in clause 6.2; 
 Class A Common Equivalent Number: has the meaning given in the
UK&I Certificate of Designations; 
 Class A Common Stock: means the Class A common stock of Visa Inc.
with a par value of $0.0001 per share; 
 Class A Equivalent Preferred Stock: means the Series A convertible
participating preferred stock of Visa Inc. with a par value of $0.0001 per share; 
 Class A Equivalent Preferred Stock
CoD: the certificate of designations of Class A equivalent preferred stock of Visa Inc. pursuant to section 151 of the General Corporation Law of the State of Delaware, in the form set out in Appendix D (subject to any changes
(i) prior to Closing in accordance with clause 12.12.3 or (ii) after filing with the Secretary of State of the State of Delaware, made in accordance with Delaware law); 

Closing: means the closing of the Transaction pursuant to the terms of the Transaction Agreement; 

Conditions: the conditions set out in clause 2.1.1 and clause 2.1.2; 

Contribution Claim: a claim for a contribution or indemnity in any jurisdiction, whether pursuant to sections 1 and 2(2) Civil
Liability (Contribution) Act 1978 or any equivalent or analogous provision or rule of any other applicable law; 

Control: in relation to a Person, the possession, direct or indirect, of the power to direct or cause the direction of the
management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise (and “Controlled” and “Controlling” shall be construed accordingly); 

Covered Claims: has the meaning given in the LM Deed, provided that references therein to the Covered Period shall be to the
Covered Period as defined in this Deed; 
 Covered Losses: has the meaning given in the LM Deed; 

Covered Period: means the period prior to the Closing; 

  
 3 

 Domestic Covered Claims: has the meaning given in the LM Deed;  

Domestic MIF: has the meaning given in the LM Deed; 

Domestic Transaction: has the meaning given in the LM Deed; 

Entire UK Membership: all VE Members whose shares are transferred to the Purchaser pursuant to the Transaction, who are
headquartered or principally domiciled in the United Kingdom; 
 Governmental Authority: any (i) regional, federal,
state, provincial, local, foreign or international government, governmental or quasi-governmental authority, regulatory authority or administrative agency; (ii) governmental commission, department, board, bureau, agency or instrumentality;
(iii) court, tribunal, arbitrator, arbitral body (public or private) or self-regulatory organisation; or (iv) political sub-division of any of the foregoing; 

Indemnity Cap: in respect of each UK Member, the amount (converted into pounds sterling at Closing in accordance with clause 1.6,
as notified to each UK Member in accordance with clause 1.7.3) of the UK Members’ Up-front Cash Consideration which that UK Member receives on Closing; 

Indemnity Proportion: means, in relation to a UK Member, a percentage amount equal to A (rounded to the
nearest sixth decimal) where: 
 A = (B / C) x 100 

and where: 
  

	 	B	 is the relevant UK Member’s Indemnity Cap; and 

  

	 	C	 is an amount equal to the aggregate Cash Consideration received by the Entire UK Membership converted into pounds sterling as at the date of Closing in
accordance with clause 1.6; 

 Inter-Regional Covered Claims: has the meaning given in the LM Deed;

 Intra-Regional Covered Claims: has the meaning given in the LM Deed; 

LCIA: the London Court of International Arbitration; 

LM Deed: the litigation management deed to be entered into between Visa Inc., the VE Member Representative, the LMC Appointing
Members, the UK&I DCC Appointing Members and the Europe DCC Appointing Members (as defined therein) in the form set out in Appendix A (subject to any changes in accordance with clause 12.12.1) on or prior to Closing; 

LMC: has the meaning given in the LM Deed; 

LMC Appointing Member: has the meaning given in the LM Deed; 

Membership Documents: the articles of association of Visa Europe, the Membership Regulations, the Operating Regulations and the
Visa Europe fees guide and any other relevant membership documents that may be in place from time to time following Closing; 

Membership Regulations: the membership regulations of Visa Europe as in force from time to time; 

Membership Regulations Indemnity: means the indemnity set out in paragraph 11.4 of Part A of the Membership Regulations in force
on the date of this Deed; 
 Operating Regulations: the operating regulations of Visa Europe as in force from time to
time; 

  
 4 

 Operating Regulations Indemnity: the indemnity set out in Section 1.11.A.2 of
the Operating Regulations in force on the date of this Deed; 
 Option Agreement: the put-call option agreement between
Visa Inc. and Visa Europe (on behalf of VE Members) dated 1 October 2007 as amended by the parties thereto on or around the date of this Deed; 

Option Amendment: the amendment agreement amending the Option Agreement in connection with the Transaction between Visa Inc. and
(on behalf of the VE Members), VE, dated on or about the date of this Deed; 
 Parent Undertaking: has the meaning given
in section 1162 of the Companies Act 2006;  
 Parties: the parties to this Deed from time to time (including, where the
Purchaser is not Visa Inc. and has executed a deed of adherence as described in clause 1.8.1, the Purchaser) and “Party” means any one of them; 

Person: any natural person, general partnership, limited partnership, limited liability partnership, limited company, joint
venture, firm, corporation, association, incorporated organisation, unincorporated organisation, trust or other enterprise, or any Governmental Authority; 

Potential Claim: has the meaning given in clause 4.5.2; 

Pre-Interest Contingent Amount: has the meaning given in the Transaction Agreement; 

Principal Member: has the meaning given in the Operating Regulations; 

Purchaser: the purchaser of Visa Europe pursuant to the Transaction, being Visa Inc. or its designated Affiliate; 

Representative: with respect to any Person, such Person’s directors, officers and employees;  

Rules: has the meaning given in clause 13.2; 

Subsidiary Undertaking: has the meaning given in section 1162 of the Companies Act 2006; 

Transaction: has the meaning given in Recital A; 

Transaction Agreement: the transaction agreement entered into on or around the date of this Deed between Visa Inc. and Visa
Europe, as amended between such parties from time to time; 
 Transfer: has the meaning given in clause 12.2.1;

 UK Covered Loss Allocation Date: the date on which a Covered Loss has been finally allocated as a UK Covered Loss in
accordance with clause 13.3 and/or clause 21.2 (as applicable) of the LM Deed; 
 UK Covered Losses: Covered Losses that
have been finally allocated in accordance with clause 13.3 and/or clause 21.2 (as applicable) of the LM Deed as arising out of, or resulting from, a UK Domestic Covered Claim; 

UK Domestic Covered Claims: such part of any Domestic Covered Claims as involves, concerns or relates to any of the Domestic MIFs
applicable to Domestic Transactions in the United Kingdom or where the measure of alleged injury, damage or loss is based in whole or in part on the level of Domestic MIFs applicable to Domestic Transactions in the United Kingdom; 

  
 5 

 UK Members’ Representative: the VE Member Representative, or such other Person
as the VE Member Representative may notify to the Purchaser from time to time in accordance with clause 1.9; 
 UK
Members’ Up-front Cash Consideration: an amount equal to the aggregate amount of Cash Consideration which the UK Members receive on Closing; 

UK&I Certificate of Designations: the certificate of designations of Series B convertible participating preferred stock of
Visa Inc. pursuant to section 151 of the General Corporation Law of the State of Delaware, in the form set out in Appendix B (subject to any changes (i) prior to Closing in accordance with clause 12.12.2 or (ii) after filing with the
Secretary of State of the State of Delaware, made in accordance with Delaware law); 
 UK&I Conversion Rate
Reduction: has the meaning given in Recital A; 
 UK&I DCC: has the meaning given in the LM Deed; 

UK&I DCC Appointing Member: has the meaning given in the LM Deed; 

UK&I Preferred Stock: the Series B convertible participating preferred stock of Visa Inc. with a par value of $0.0001 per
share to be issued pursuant to the Transaction and the UK&I Certificate of Designations; 
 VE Member
Representative: has the meaning given in the LM Deed; 
 VE Member Representative Term Sheet: the term sheet set out
at Appendix C (subject to any changes in accordance with clause 12.12.3), detailing the framework for the establishment of the VE Member Representative prior to Closing; 

VE Members: the shareholders of Visa Europe immediately prior to Closing; 

Visa Group Members: means: (i) each of Visa Inc., Visa Europe, the Purchaser and any of their respective Affiliates from
time to time, and any of their respective Representatives; and (ii) Visa UK, except for the purposes of clause 10.3, which shall not apply in respect of Visa UK unless and until it becomes an Affiliate of Visa Inc. (each a “Visa Group
Member”); and 
 Visa UK: a company incorporated under the laws of England and Wales, with company number
02744892, whose registered office is at 1 Sheldon Square, London W2 6TT. 
  

	1.2	 In the interpretation of this Deed, unless the context otherwise requires: 

 

	 	1.2.1	 clause and other headings are for reference only and do not affect the interpretation of this Deed; 

 

	 	1.2.2	 references to clauses are to clauses of this Deed; 

  

	 	1.2.3	 the singular shall include the plural and vice versa; 

  

	 	1.2.4	 references to this “Deed” are to this loss sharing agreement, which has been entered into by the Parties as a deed on the date set out at its head;

  

	 	1.2.5	 references to a statutory provision include that provision as from time to time modified or re-enacted; and 

 

	 	1.2.6	 references to the word “including” and words of similar import when used in this Deed shall mean “including without limitation” unless
otherwise specified. 

  

	1.3	 For the purposes of this Deed, no claim, demand, action, cause of action, set-off, right, suit, arbitration, inquiry, proceeding or investigation shall fall
within the definition of Domestic Covered Claims or UK Domestic Covered Claims if it does not also fall within the definition of Covered Claims. 

  
 6 

	1.4	 In the event that any provision of this Deed conflicts or is otherwise inconsistent with the Transaction Agreement or any other agreement referred to herein,
the provisions of this Deed shall take precedence as between the Parties. 

  

	1.5	 The obligations of the UK Members under this Deed are several and not joint or joint and several. 

 

	1.6	 For the purposes of this Deed, where it is necessary to convert amounts denominated in one currency into another currency, the rate of exchange to be used in
converting such amounts shall be based on the average of the applicable exchange rate reported by Bloomberg at 5.00 p.m. New York time on each day during the ten (10) trading-day period ending on the last trading day preceding the relevant
date. 

  

	1.7	 Notwithstanding clause 2.1: 

  

	 	1.7.1	 Visa Europe shall, as soon as reasonably practicable and in any event before the date 15 Business Days prior to the anticipated date of Closing, provide to
Visa Inc.: (i) a schedule, in a format similar to schedule 1, with extra columns showing (opposite each UK Member’s name) the amount (in Euros) of Cash Consideration which each UK Member will receive on Closing; (ii) written
confirmation of the aggregate amount (in Euros) of Cash Consideration which the UK Members will receive on Closing; and (iii) details of a postal service address, for the purposes of this Deed, of the VE Member Representative;

  

	 	1.7.2	 Visa Europe shall, as soon as reasonably practicable and in any event before the date 15 Business Days prior to the anticipated date of Closing, provide to
each UK Member a schedule showing: (i) the amount (in Euros) of Cash Consideration which that UK Member will receive on Closing; (ii) written confirmation of the aggregate amount (in Euros) of Cash Consideration which the UK Members will
receive on Closing; and (iii) details of a postal service address, for the purposes of this Deed, of the VE Member Representative; and 

  

	 	1.7.3	 as soon as reasonably practicable following (and in any event within 30 Business Days of) Closing, Visa Inc. and Visa Europe shall provide to each UK Member:

  

	 	1.7.3.1	 an updated version of the schedule described in clause 1.7.2 in which (i) the Indemnity Cap of that UK Member and (ii) the Euro amount stated in
clause 2.1.1 shall be expressed in pounds sterling (in each case calculated as at the date of Closing in accordance with clause 1.6); and 

  

	 	1.7.3.2	 details of the full name and registered address of the Purchaser, or confirmation that the Purchaser is Visa Inc. 

 

	1.8	 Notwithstanding clause 2.1, if the Purchaser: 

  

	 	1.8.1	 is not Visa Inc., the Purchaser shall enter into a deed of adherence in the form set out in schedule 3, pursuant to which the Purchaser shall agree to
be bound by the provisions of this Deed (provided that the provisions of clause 12.2 shall not apply to such adherence), and each other Party agrees that, from the date of execution of such deed of adherence: 

 

	 	1.8.1.1	 the Purchaser shall have the rights and be subject to the obligations applicable to the Purchaser under this Deed; and 

 

	 	1.8.1.2	 Visa Inc. shall continue to have the rights and be subject to the obligations applicable to Visa Inc. under this Deed, but shall not be entitled to the
rights or subject to the obligations applicable to the Purchaser under this Deed, 

  
 7 

 provided that the obligations and/or liabilities of the UK Members under this Deed shall
be no greater than, and the rights of the UK Members under this Deed shall be no less than, if the Purchaser had been Visa Inc.; or 
  

	 	1.8.2	 is Visa Inc., references in this Deed to the Purchaser shall be to Visa Inc. 

 

	1.9	 Notwithstanding clause 2.1, the UK Members shall be entitled to appoint any person as the UK Members’ Representative (subject to the reasonable
satisfaction of the Purchaser) by giving notice of the name and address of such person to the Purchaser. The UK Members shall procure that such notice is served on the Purchaser by the VE Member Representative and the change of the UK Members’
Representative shall take effect at 9.00 a.m. UK time on the later of: 

  

	 	1.9.1	 the date, if any, specified in such notice as the effective date for the change; or 

 

	 	1.9.2	 the date ten Business Days after deemed receipt of such notice in accordance with this Deed. 

 

	2	 Conditions and termination 

  

	2.1	 The Parties’ obligations under this Deed are conditional in all respects upon: (i) Closing having occurred; (ii) the VE Member Representative
having been established in accordance with clause 12.13.1; and (iii) either: 

  

	 	2.1.1	 the quantum of UK Covered Losses exceeding, in aggregate, an amount in pounds sterling (calculated in accordance with clause 1.6 as at the date of Closing)
equal to €1,000,000,000 (one billion Euros) (in which case only the excess above such amount may be recovered under this Deed, and the UK Covered Losses up to and including such amount shall be
(or have been) subject to one or more UK&I Conversion Rate Reductions); or 

  

	 	2.1.2	 the Class A Common Equivalent Number having been reduced to zero pursuant to one or more UK&I Conversion Rate Reductions in accordance with the
terms of the UK&I Preferred Stock (regardless of whether the Covered Losses giving rise to such adjustment related to Domestic Covered Claims, Intra-Regional Covered Claims or Inter-Regional Covered Claims), 

with each of clause 2.1.1 and clause 2.1.2 being a “Condition” and, together, the
“Conditions”. 
  

	2.2	 Visa Inc. shall give written notice of either (or both) of the Conditions having been satisfied to the UK Members’ Representative within
30 Business Days of the date on which the relevant Condition(s) is satisfied. 

  

	2.3	 No Claim Notice may be given under clause 6.2 until at least 30 Business Days after written notice has been given pursuant to clause 2.2.

  

	2.4	 If: 

  

	 	2.4.1	 the Transaction Agreement is terminated in accordance with its terms (such that the Closing does not occur); or 

 

	 	2.4.2	 both of the Conditions become incapable of satisfaction, 

this Deed (except for the provisions of this clause 2.4 and of clauses 1 (Definitions and interpretation), 8
(Confidentiality), 10 (Authority), 11.1 (Entire agreement), 12 (Miscellaneous) and 13 (Governing law and jurisdiction)) shall terminate and the Parties shall, without prejudice to the rights of the Parties in
respect of any breach of this Deed occurring before the termination, be released and discharged from their respective obligations under this Deed save for those which are preserved by this clause 2.4. 

  
 8 

	3	 Indemnity 

  

	3.1	 Subject to the fulfilment of one (or both) of the Conditions and to clause 4 (Limitations on liability), each UK Member severally covenants to pay in
accordance with clause 7.1 (without setoff or counterclaim) to the Purchaser an amount equal to that UK Member’s Indemnity Proportion of any UK Covered Losses suffered or incurred by any Visa Group Member(s). 

 

	3.2	 The Purchaser’s recourse (and, if Visa Inc. is not the Purchaser, Visa Inc.’s recourse), and Visa Inc. shall procure that the recourse of all Visa
Group Members, against a UK Member and any of its Affiliates in respect of UK Covered Losses, shall be limited to the terms of the UK&I Preferred Stock and/or a claim under clause 3.1 of this Deed (provided that recourse under clause 3.1
shall only be available in circumstances where a Condition has been satisfied). 

  

	3.3	 Without prejudice to clause 3.2, Visa Inc. agrees that no Visa Group Member shall have recourse against, and shall procure that no Visa Group Member shall
seek to have recourse against, a UK Member or any of its Affiliates under the Operating Regulations Indemnity, the Membership Regulations Indemnity or any other indemnification obligations, covenants to pay or other obligations to discharge or
compensate for liabilities or losses, in each case given by the UK Members or their Affiliates (or any of them) under any of the Membership Documents or otherwise, in respect of: 

 

	 	3.3.1	 any UK Covered Losses; or 

  

	 	3.3.2	 any Covered Losses arising from Domestic Covered Claims other than UK Domestic Covered Claims, to the extent that such Covered Losses arise as a result of
the activities of such UK Member (including through an Affiliate) in the United Kingdom, provided that nothing in this clause 3.3.2 shall limit the liability of UK Members in respect of any activity (through an Affiliate or otherwise) outside of the
United Kingdom. 

  

	3.4	 Each UK Member undertakes to take such action and give such information and assistance as is commercially reasonable and which Visa Inc. (or the Purchaser)
reasonably requests during normal business hours on any Business Day in order to avoid, dispute, resist, mitigate, settle, compromise or defend any UK Domestic Covered Claim provided that, without prejudice to any Party’s rights or obligations
under the LM Deed, nothing in this clause 3.4 shall: 

  

	 	3.4.1	 entitle Visa Inc. (or the Purchaser) to require a UK Member to do or omit to do anything in its capacity as an LMC Appointing Member or UK&I DCC
Appointing Member, including to make or approve any Material Decision (as defined in the LM Deed), in relation to that UK Domestic Covered Claim; or 

  

	 	3.4.2	 require any UK Member to do anything or omit to do anything where such action or omission would, in the reasonable opinion of the UK Member, be prejudicial:

  

	 	3.4.2.1	 to any of its rights under, or any defences, claims or counterclaims available to the UK Member in relation to any Covered Claim that is not a UK Domestic
Covered Claim; or 

  

	 	3.4.2.2	 in any material respect to the ability of the UK Member to conduct its business in the ordinary course or to the commercial interests or relationships of the
UK Member. 

  

	3.5	 Each of the UK Members and the Purchaser: 

  

	 	3.5.1	 agrees to treat, and to cause its Affiliates to treat any payment made pursuant to this Deed as an adjustment to the consideration paid by the Purchaser
pursuant to the Transaction for all tax purposes, except to the extent otherwise required by applicable law (taking into account any rules with respect to imputed or stated interest); and 

 

	 	3.5.2	 shall, and shall cause its Affiliates to, file all relevant U.S. federal tax returns in a manner consistent with the treatment described in clause 3.5.1.

  
 9 

	3.6	 Each of the UK Members shall exercise its voting rights as a shareholder, and shall exercise any voting rights as a shareholder to procure (to the extent it
is able) that the directors of Visa UK shall vote, against any proposal by Visa UK to recover from the UK Members (or any of them) in respect of: 

  

	 	3.6.1	 any UK Covered Losses; or 

  

	 	3.6.2	 any Covered Losses arising from Domestic Covered Claims other than UK Domestic Covered Claims, to the extent that such Covered Losses arise as a result of
the activities of such UK Member (including through an Affiliate) in the United Kingdom, 

 provided that this
Clause 3.6 shall cease to have any effect if Visa UK becomes an Affiliate of Visa Inc. 
  

	4	 Limitations on liability 

  

	4.1	 The maximum aggregate liability of each UK Member under clause 3.1 shall not exceed such UK Member’s Indemnity Cap and, in respect of any particular
claim, the maximum liability of each UK Member under clause 3.1 shall not exceed its Indemnity Proportion of such claim. 

  

	4.2	 The UK Members shall not be liable under clause 3.1 in respect of any claim if and to the extent that an amount in respect of the UK Covered Losses for which
such claim is made has actually been recovered by the Visa Group Member(s) under a policy of insurance, net of any related increase in insurance premiums, costs incurred in obtaining such recovery under such insurance policies and any other
applicable fees, costs, expenses or taxes, in each case which are paid, incurred or suffered by the relevant Visa Group Member(s) in connection with such recovery. 

 

	4.3	 The Purchaser may not, for itself or on behalf of any other Visa Group Member (and Visa Inc. shall not and shall procure that no other Visa Group Member
shall): 

  

	 	4.3.1	 recover under this Deed against the same UK Member more than once in respect of the same UK Covered Loss suffered; or 

 

	 	4.3.2	 recover against any UK Member (whether under this Deed or otherwise) in respect of the same UK Covered Loss suffered to the extent that such UK Covered Loss
has already been compensated for pursuant to UK&I Conversion Rate Reductions in accordance with the terms of the UK&I Preferred Stock; or 

  

	 	4.3.3	 recover against any UK Member (whether under this Deed or otherwise) in respect of the same UK Covered Loss suffered to the extent that such UK Member has
already compensated for such UK Covered Loss pursuant to this Deed, 

 provided that the foregoing provisions shall
not preclude the Purchaser from recovering against a UK Member in respect of any UK Covered Loss suffered in connection with the same Covered Claim pursuant to successive or separate awards of damages, costs or expenses, including interim and final
awards and/or separate costs orders in the same Covered Claim. 
  

	4.4	 The UK Members shall not be liable to pay any amount in discharge of any claim under clause 3.1, and the Purchaser shall not be entitled to give notice
pursuant to clause 6.2 

  
 10 

	 	 
demanding any payment under clause 3.1, unless and until the relevant Covered Loss in respect of which the claim is made has been allocated as a UK Covered Loss in accordance with clause 13.3
and/or clause 21.2 (as applicable) of the LM Deed. 

  

	4.5	 The UK Members shall not be liable to pay any amount in discharge of a claim under clause 3.1 unless the Purchaser has given a Claim Notice in respect of
that claim to the UK Members’ Representative, pursuant to clause 6.2, on or prior to the earlier of: 

  

	 	4.5.1	 the date falling six months from, but excluding, the applicable UK Covered Loss Allocation Date; and 

 

	 	4.5.2	 the date falling 30 Business Days after, but excluding, the date on which the Class A Common Equivalent Number has been reduced to zero pursuant to one
or more conversion adjustments under Section 8 (Conversion) of the UK&I Certificate of Designations, except in respect of a potential claim under clause 3.1 (a “Potential Claim”) of which the Purchaser
has given written notice (which notice shall include the information required to be specified in a Claim Notice, to the extent available to the Purchaser at the relevant time) to the UK Members’ Representative before such date. However, no UK
Member shall have any liability under this Deed in respect of a Potential Claim unless the Purchaser has made a claim under clause 3.1 (by giving a Claim Notice under clause 6.2) in respect of such Potential Claim within six months of the applicable
UK Covered Loss Allocation Date. 

  

	4.6	 For the purposes of this clause 4, references to a UK Member are to that UK Member and each of its Affiliates. 

 

	5	 Litigation management 

  

	5.1	 UK Domestic Covered Claims shall be conducted, as between VI and the VE Member Representative, in accordance with the LM Deed. 

 

	5.2	 Any failure by Visa Inc. to comply with its obligations under the LM Deed shall not relieve the UK Members of their obligations under this Deed, nor impair
in any way the Purchaser’s or Visa Inc.’s rights under this Deed. 

  

	5.3	 Any payment made by any UK Member under clause 3.1 of this Deed shall be without prejudice to its rights under the LM Deed. 

 

	6	 Claim process 

  

	6.1	 Any claim under clause 3.1 will be made against all UK Members simultaneously in respect of each UK Member’s Indemnity Proportion of such claim.

  

	6.2	 The Purchaser shall give written notice of any claim under clause 3.1 to the UK Members’ Representative within six months of the relevant UK Covered
Loss Allocation Date. Any such notice given under this clause 6.2 (a “Claim Notice”) shall specify in detail, to the extent such information is available to the Purchaser at the relevant time: (i) the legal and factual basis of
the claim; (ii) the total amount of the UK Covered Losses which are the subject of such claim and how this amount was calculated (including a breakdown of the components of such total amount); and (iii) the amount of each UK Member’s
Indemnity Proportion of such UK Covered Losses. 

  

	7	 Payments 

  

	7.1	 Each UK Member shall pay to the Purchaser an amount equal to its Indemnity Proportion of the total UK Covered Losses which are the subject of a claim under
clause 3.1 and specified in a Claim Notice given in accordance with clause 6.2 within 30 Business Days of receipt by the UK Members’ Representative of the Claim Notice. 

  
 11 

	7.2	 All sums payable by a UK Member pursuant to this Deed shall be paid free and clear of all deductions or withholdings whatsoever, save only as required by
law. If any deductions or withholdings are required by law to be made from any of the sums payable by a UK Member under this Deed (other than interest under clause 7.5), that UK Member shall be obliged to pay to the Purchaser such sum as will, after
the deduction or withholding has been made, leave the Purchaser with the same amount as it would have been entitled to receive in the absence of any such requirement to make a deduction or withholding. 

 

	7.3	 If a UK Member pays an additional sum under clause 7.2 and the payee (or any Affiliate of the payee) subsequently obtains a refund of tax or credit against
tax by reason of the UK Member making the deduction or withholding which gave rise to that additional sum, then the payee shall reimburse that UK Member as soon as reasonably practicable with an amount such as the payee shall determine to be such
proportion of the said refund or credit as shall in the payee’s sole discretion leave the payee (or the relevant Affiliate of the payee, as applicable) after such reimbursement in no better or worse position than it would have been in had no
deduction or withholding been required. 

  

	7.4	 If the Purchaser incurs a liability to tax which results from, or is calculated by reference to, a payment from a UK Member under this Deed (other than
interest under clause 7.5) or would incur such a liability but for the availability of a relief (other than a relief arising in direct consequence of the matter giving rise to the payment to the Purchaser), the amount payable shall be increased by
such amount as will ensure that, after taking into account such liability (and any additional liability to tax arising from any additional payment pursuant to this clause 7.4), the Purchaser is left with a net sum equal to the sum it would have
received had no such liability arisen. 

  

	7.5	 If a UK Member fails to pay any amount payable by it under this Deed in full on or prior to the due date pursuant to clause 7.1, interest shall accrue on the
aggregate amount of such unpaid sum from the due date up to the date of actual payment (both before and after judgment, arbitral decision or settlement) at a rate of 3 per cent per annum above the base rate of the Bank of England from time to
time. Such interest shall be calculated on the basis of the actual number of days elapsed and a 360 day year. 

  

	7.6	 Without prejudice to clause 4.3, the Purchaser agrees that a payment made in full in accordance with this Deed by a UK Member to the Purchaser of an amount
equal to its Indemnity Proportion of the total UK Covered Losses which are the subject of a claim under clause 3.1 and specified in a Claim Notice (as such amounts may be adjusted pursuant to clauses 7.2 to 7.4 (inclusive)) will fully discharge that
UK Member’s obligation to make payment to the Purchaser or any other Visa Group Member in respect of the UK Covered Losses the subject of the Claim Notice (and Visa Inc. and the Purchaser shall procure that no other Visa Group Member shall make
a claim for such payment). 

  

	7.7	 Without prejudice to clause 4.3, in return for payment made in full in accordance with this Deed by a UK Member to the Purchaser of an amount equal to its
Indemnity Proportion of the total UK Covered Losses which are the subject of a claim under clause 3.1 and specified in a Claim Notice (as such amounts may be adjusted pursuant to clauses 7.2 to 7.4 (inclusive)), Visa Inc. and the Purchaser shall
give, and shall procure that any relevant Visa Group Member shall give the UK Member a full and final waiver and release (which shall be in the form set out in schedule 2) in respect of the UK Covered Losses that are the subject of the Claim Notice.

  

	8	 Confidentiality 

  

	8.1	 The terms of this Deed, and the substance of negotiations in connection to it are confidential to the Parties and to their advisers, who shall not disclose
them to, or otherwise communicate them to, any third party without the written consent of the other Parties. 

  

	8.2	 The Parties shall treat as confidential and shall not disclose or use any information relating to a Covered Claim or the existence of a potential Covered
Claim that is (i) received or obtained as a result of entering into this Deed, (ii) provided to that Party pursuant to the LM Deed (without prejudice to the obligations of any Person pursuant to the LM Deed), or (iii) provided to that
Party pursuant to any other provision of this Deed. 

  
 12 

	8.3	 Clauses 8.1 and 8.2 shall not prohibit the disclosure of any information if and to the extent: 

 

	 	8.3.1	 the disclosure or use of that information is required (or the disclosing party, in its reasonable opinion, acting in good faith, determines that the
disclosure or use of that information is required) by any applicable laws, rules or regulations or any Governmental Authority; 

  

	 	8.3.2	 the disclosure is required by compulsion of law or regulation, pursuant to an order of a court of competent jurisdiction, or pursuant to any proper order or
demand made by any competent authority or body where the relevant Party is under a legal or regulatory obligation to make such a disclosure; 

  

	 	8.3.3	 the disclosure is made to the relevant Party’s professional advisers (whether in the ordinary course of business or in connection with the Transaction)
who are themselves bound by professional duties of confidentiality owed to the disclosing Party or its Affiliate; 

  

	 	8.3.4	 that it is reasonably required to enable a Party to carry out its responsibilities, or for a Party (or its Affiliate) to enforce its rights, under this Deed,
where the disclosure is made to any of the relevant Party’s directors, employees or Affiliates who are made aware of and comply with all the Party’s obligations of confidentiality under this clause 8 as if they were a Party; or

  

	 	8.3.5	 the information is or becomes publicly available (other than as a result of a breach of this Deed or the LM Deed), 

provided that, prior to disclosure or use of any information pursuant to clauses 8.3.1 and/or 8.3.2, the disclosing Party concerned
shall, where not prohibited by law, consult with the other Parties and use reasonable endeavours to assist the other Parties in seeking to preserve the confidentiality of such information consistent with applicable laws and regulations. 

 

	9	 Notices 

  

	9.1	 Any notice or other communication given in connection with this Deed shall be in writing and may only be given by: 

 

	 	9.1.1	 leaving it by hand at; or 

  

	 	9.1.2	 sending by courier using an internationally recognised courier service provider to, 

the address and marked for the attention of the relevant Party set out below (or such other address as may be notified in accordance
with clause 9.4): 
  

	 	9.1.3	 prior to Closing, in the case of the UK Members, to: 

  

	 	9.1.3.1	 the addresses set out opposite the name of each UK Member in schedule 1; 

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

	 	9.1.3.2	 Allen & Overy LLP, 1 Bishops Square, London E1 6AD, marked for the attention of David Broadley; 

  
 13 

	 	9.1.4	 with effect from, and following, Closing, in the case of the UK Members, to the UK Members’ Representative at: 

 

	 	9.1.4.1	 if the UK Members’ Representative is the VE Member Representative, the address notified by Visa Europe to Visa Inc. in accordance with 1.7.1; and

  

	 	9.1.4.2	 if the UK Members’ Representative is not the VE Member Representative, the address notified by the VE Member Representative to Visa Inc. in accordance
with clause 1.9; 

 in each case, with a copy (which shall not constitute notice) to: 

 

	 	9.1.4.3	 Allen & Overy LLP, 1 Bishops Square, London E1 6AD, marked for the attention of David Broadley; 

 

	 	9.1.5	 in the case of Visa Inc. or Visa Europe: 

  

	 	9.1.5.1	 900 Metro Center Blvd., Foster City, California, United States of America, marked for the attention of General Counsel (such address being the service
address for Visa Inc. and Visa Europe); 

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

 

	 	9.1.5.2	 Wachtell, Lipton, Rosen & Katz, 51 West 52nd Street, New York, New York 10019, marked for the
attention of Steven A. Rosenblum and Karessa L. Cain; and 

  

	 	9.1.5.3	 Macfarlanes LLP, 20 Cursitor Street, London EC4A 1LT, United Kingdom, marked for the attention of Graham Gibb and Nicholas Barclay; and

  

	 	9.1.6	 if the Purchaser is not Visa Inc., to: 

  

	 	9.1.6.1	 the address notified by Visa Inc. and Visa Europe to each of the UK Members in accordance with clause 1.7.3; 

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

	 	9.1.6.2	 each of the addresses stated in clauses 9.1.5.2 and 9.1.5.3. 

  

	9.2	 Any notice or other communication given in accordance with clause 9.1 shall be deemed to have been received if: 

 

	 	9.2.1	 left by hand, at the time of leaving it; and 

  

	 	9.2.2	 sent by courier, on the second Business Day after deposit with the internationally recognised courier service provider, 

provided that if deemed receipt occurs before 9.00 a.m. on a Business Day the notice shall be deemed to have been received at 9.00 a.m.
on that day, and if deemed receipt occurs after 5.00 p.m. on a Business Day, or on a day which is not a Business Day, the notice shall be deemed to have been received at 9.00 a.m. on the next Business Day. 

 

	9.3	 Any notice or other communication given in connection with this Deed shall not be validly given if sent by email. 

 

	9.4	 A Party may change its address details for the purposes of this Deed by giving notice to the other Parties, and such change shall take effect for the
notified Parties at 9.00 a.m. UK time on the later of: 

  

	 	9.4.1	 the date, if any, specified in the notice as the effective date for the change; or 

 

	 	9.4.2	 the date ten Business Days after deemed receipt of the notice. 

  
 14 

	9.5	 Failure to give timely notice under clause 2.2 shall not impair the right of the Purchaser to enforce its rights under clause 3.1 in respect of any UK
Member. 

  

	9.6	 Clause 9.5 shall not preclude a UK Member from bringing a claim for damages for failure by Visa Inc. to give timely notice under clause 2.2 if (and only to
the extent that) such UK Member has been materially prejudiced by such delay, provided that any such action in damages shall not impair the right of the Purchaser to enforce its rights under clause 3.1. 

 

	10	 Authority 

  

	10.1	 Each Party warrants to the other Parties hereto that: 

  

	 	10.1.1	 it has all necessary power, authority and capacity to execute and deliver this Deed and to perform its obligations hereunder, and the execution and delivery
of this Deed has been duly authorised by all necessary corporate or other action on its part; 

  

	 	10.1.2	 this Deed has been duly executed and delivered by such Party and constitutes a valid and binding obligation of such Party, enforceable against such Party in
accordance with its terms; 

  

	 	10.1.3	 such Party is not a party to, bound by or subject to any indenture, mortgage, lease, agreement, instrument, statute, regulation, order, judgment, decree or
other law which would be violated, contravened or breached by, require any consent or payment under, give any third party the right to terminate or accelerate any obligation under, or under which any default would occur, as a result of the execution
and delivery by such Party of this Deed or the performance by such Party of any of the terms hereof; and 

  

	 	10.1.4	 subject to all conditions precedent in the Transaction Agreement being satisfied in accordance with their terms, no Governmental Authority authorisation and
no other registration, declaration or filing by such Party is required in order for such Party: (i) to consummate the transactions contemplated by this Deed; (ii) to execute and deliver any documents and instruments to be delivered by such
Party under this Deed; and (iii) to duly perform and observe the terms and provisions of this Deed. 

  

	10.2	 Visa Inc. warrants to each UK Member that, except for this Deed, the LM Deed, the Transaction Agreement, the Option Amendment and each of the Membership
Documents, it is not and, to the best of its actual knowledge and belief, no Visa Group Member is, a party as of the date of this Deed to any contract, arrangement or understanding with any VE Member with respect to the sharing of any UK Covered
Losses. 

  

	10.3	 In the event that, at any time: 

  

	 	10.3.1	 on or after the date of this Deed, but prior to Closing, Visa Inc. or any of its Affiliates; and 

 

	 	10.3.2	 on or after Closing, Visa Inc. or any other Visa Group Member, 

enters into any contract, arrangement or understanding with any UK Member relating to such UK Member’s obligations with
respect to a Covered Loss under this Deed on terms that are more favourable, in the aggregate, than the terms contained in this Deed (an “Alternative Loss Sharing Agreement”), then Visa Inc. shall disclose the existence and
terms of such Alternative Loss Sharing Agreement to the UK Members’ Representative within 20 Business Days of the entering into of such Alternative Loss Sharing Agreement and Visa Inc. shall procure that the relevant Visa Group Member(s) shall
offer to each other UK Member the right to substitute the terms of the Alternative Loss Sharing Agreement for the terms of this Deed, or shall offer to enter into an amendment to this Deed in order to provide each other UK Member with the benefit of
any more favourable terms contained in such Alternative Loss Sharing Agreement. 

  
 15 

	11	 Entire agreement and effect on other potential claims 

  

	11.1	 This Deed constitutes the entire understanding and agreement between the Parties in relation to the subject matter of this Deed, to the exclusion of any
terms implied by law which may be excluded by contract, and supersedes any previous written or oral agreement between the Parties in relation to the subject matter of this Deed. 

 

	11.2	 For the avoidance of doubt, nothing in this Deed amends or supersedes the obligations which any of the UK Members may have under: 

 

	 	11.2.1	 the Operating Regulations Indemnity; 

  

	 	11.2.2	 the Membership Regulation Indemnity; or 

  

	 	11.2.3	 any other indemnification obligations given by the UK Members (or any of them) under any of the Membership Documents, 

for any claims other than Domestic Covered Claims (whether in the UK or otherwise). 

 

	11.3	 Each of the UK Members hereby waives its rights (whether currently existing or arising in the future) to bring any Contribution Claim against any or all of
the other UK Members or any other current, future or former shareholders of Visa Europe, or against any Visa Group Member, in respect of any UK Covered Losses in relation to which a claim is made by the Purchaser pursuant to this Deed.

  

	11.4	 Clause 11.3 shall not operate to exclude or affect any right of a UK Member who is a named defendant to a UK Domestic Covered Claim from bringing
Contribution Claims against any Visa Group Member in respect of any UK Covered Losses arising or resulting from such UK Domestic Covered Claim, provided that no Visa Group Member shall be required to make any payment in respect of such Contribution
Claim unless and until the Purchaser has recovered such amount in full under the terms of this Deed, and, for the avoidance of doubt, clause 11.3 shall not apply to any claim that is not a Covered Claim. 

 

	11.5	 Each of the UK Members hereby irrevocably waives any defences to its obligations under this Deed on the basis of public policy, conflict of laws, illegality,
sovereign immunity or any other basis that would prevent, or seek to prevent the Purchaser from enforcing its rights under this Deed. 

  

	11.6	 Visa Inc. shall not, and will procure that each Visa Group Member shall not: 

 

	 	11.6.1	 bring any Contribution Claim against any or all of the UK Members or any of their respective Affiliates in respect of any UK Covered Losses or any Covered
Losses arising from Domestic Covered Claims; or 

  

	 	11.6.2	 join a UK Member or any of their respective Affiliates as a defendant to any Domestic Covered Claim, 

in respect of any activity of a UK Member or any of their respective Affiliates within the United Kingdom, provided that nothing in this
clause 11.6 shall impair Visa Inc.’s (or any other Visa Group Member’s) ability to take any action (including by way of any Contribution Claim or joinder) in respect of any activity of any UK Member (through an Affiliate or otherwise)
outside of the United Kingdom. 
  

	11.7	 Without prejudice to the provisions of clauses 11.1 or 11.3, each UK Member acknowledges and agrees that it has no rights against, and shall not make any
claim against any director, officer, employee, agent or adviser of any Visa Group Member in relation to this Deed, provided that nothing in this clause 11.7 shall operate to limit or exclude any liability for fraud or fraudulent misrepresentation
committed by that person. 

  
 16 

	11.8	 Without prejudice to the provisions of clause 11.1, each of Visa Inc., the Purchaser and Visa Europe acknowledges and agrees that it has no rights against,
and shall not make any claim against any director, officer, employee, agent or adviser of any UK Member in relation to this Deed, provided that nothing in this clause 11.8 shall operate to limit or exclude any liability for fraud or fraudulent
misrepresentation committed by that person. 

  

	11.9	 Each Party acknowledges that it has not entered into this Deed in reliance wholly or partly on any representation, undertaking or warranty made by or on
behalf of any other Party (whether orally or in writing) other than as expressly set out in this Deed. 

  

	11.10	 Each Party irrevocably and unconditionally waives any rights it may have: 

 

	 	11.10.1	 to sue another Party for misrepresentation in connection with this Deed, whether in equity, tort or under the Misrepresentation Act 1967, in respect of any
non-fraudulent misrepresentation, whether or not contained within this Deed; or 

  

	 	11.10.2	 to rescind this Deed for any non-fraudulent misrepresentation, whether or not contained within this Deed, or to terminate this Deed for any other reason.

  

	11.11	 Nothing in this Deed shall operate to exclude or affect any defences which are available to any of the UK Members or any of their Affiliates in respect of a
claim brought by any Visa Group Member in respect of the Membership Documents (including under the Operating Regulations Indemnity, the Membership Regulations Indemnity or any other indemnification obligations, covenants to pay or other obligations
to discharge or compensate for liabilities or losses, given by the UK Members (or any of them) under any of the Membership Documents) or otherwise (save for claims under this Deed), and Visa Inc. undertakes not to plead, and to procure that no Visa
Group Member shall plead, that this Deed shall have such an effect. 

  

	11.12	 Nothing in this Deed shall operate to exclude or affect any Contribution Claim between any or all of the UK Members or any of their Affiliates in respect of
a claim brought by any Visa Group Member in respect of the Membership Documents (including any claim under the Operating Regulations Indemnity, the Membership Regulations Indemnity or any other indemnification obligations, covenants to pay or other
obligations to discharge or compensate for liabilities or losses, given by the UK Members (or any of them) under any of the Membership Documents) or otherwise (save for claims under this Deed), or to determine, fix or otherwise affect the level of
contributions as between any or all of the UK Members in respect of any such claims (and no UK Member shall plead that it this Deed shall have such an effect). 

 

	11.13	 Visa Inc. shall not, and shall procure that each Visa Group Member shall not, seek to recover from any VE Member in the UK that is not a UK Member (or an
Affiliate of a UK Member), any Covered Losses arising or resulting from UK Domestic Covered Claims in respect of which UK Members are liable to make payments to the Purchaser under clause 3.1. 

 

	12	 Miscellaneous 

  

	12.1	 No admission 

Nothing in this Deed is intended, nor shall be deemed, to be an admission of any liability. 

 

	12.2	 Assignment and sub-contracting 

  

	 	12.2.1	 Subject to clauses 12.2.2, 12.2.3 and 12.2.4: 

  

	 	12.2.1.1	 each UK Member agrees that it shall not, without the prior written consent of Visa Inc., for itself and on behalf of any other Visa Group Member, such
consent not to be unreasonably conditioned, withheld or delayed; and 

  

	 	12.2.1.2	 each of Visa Inc. and Visa Europe agrees that it shall not, without the prior written consent of the UK Members’ Representative, such consent not to be
unreasonably conditioned, withheld or delayed, 

  
 17 

 assign, transfer, charge or deal in any other manner with any of its rights or its
obligations under this Deed (or purport to do any of the same) (a “Transfer”). For the purposes of this clause 12.2.1 Visa Inc. will be deemed to be acting unreasonably if it conditions, withholds or delays consent to any Transfer
that: (i) is required by law or the rules, regulations, confirmations or directions of a regulatory authority to which the UK Member seeking to effect the Transfer is subject (and shall provide Visa Inc. with evidence, to Visa Inc.’s
reasonable satisfaction, that such Transfer is required); and (ii) is to a person who has, to the reasonable satisfaction of Visa Inc., equivalent financial standing to the UK Member seeking to effect the Transfer and who is a Principal Member,
or an Affiliate of a Principal Member. 
  

	 	12.2.2	 Visa Inc. may assign, transfer, charge, sub-contract, or deal in any other manner with any of its rights or obligations under this Deed, or purport to do any
of the same, in favour of any of its Affiliates, provided that the obligations and/or liabilities of the UK Members shall be no greater than if such assignment, transfer, charge, sub-contract or dealing by Visa Inc. had not taken place.

  

	 	12.2.3	 Each of the UK Members may assign, transfer, charge, sub-contract, or deal in any other manner with any of its rights (but not its obligations) under this
Deed, or purport to do any of the same, in favour of any of its Affiliates, provided that the obligations and/or liabilities of Visa Inc. or Visa Europe shall be no greater than if such assignment, transfer, charge, sub-contract or dealing had not
taken place. 

  

	 	12.2.4	 Any UK Member which is permitted, in accordance with clause 12.2.1, to assign, transfer, charge or otherwise deal with its rights or obligations under this
Deed, shall procure that the assignee shall enter into a deed of adherence to this Deed (which shall be in a form acceptable to Visa Inc., acting reasonably) pursuant to which the assignee shall undertake to Visa Inc. to observe, perform and be
bound by all the terms contained in this Deed, and with effect from the due delivery to Visa Inc. of such deed of adherence, the assignor shall be released from its obligations under this Deed. 

 

	12.3	 Severability 

If any provision of this Deed (including any clause, definition, schedule or, in each case, any part thereof) is found to be void or
unenforceable for any reason (including on grounds of public policy, conflict of laws, illegality, sovereign immunity or any other basis), that provision shall be deemed to be deleted from this Deed and the remaining provisions of this Deed shall
continue in full force and effect and the Parties shall use their respective reasonable endeavours to procure that any such provision is replaced by a provision which is valid and enforceable, and which gives effect to the spirit and intent of this
Deed. 
  

	12.4	 Third parties 

Save for the rights of Visa Group Members and the Affiliates of UK Members to enforce the provisions of this Deed, no person who is not
a party to this Deed has any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Deed but this does not affect any rights or remedy of a third party which exists or is available other than under the Contracts
(Rights of Third Parties) Act 1999. 

  
 18 

	12.5	 Further assurance 

The Parties shall deliver or cause to be delivered such instruments and other documents at such times and places as are reasonably
necessary or desirable, and shall take any other action reasonably requested by any other Party, for the purpose of putting this Deed into effect. 
  

	12.6	 Counterparts 

This Deed may be signed in any number of counterparts, each of which, when executed and delivered, shall be an original and all the
counterparts together shall constitute one and the same instrument. For the purposes of execution by the Parties, signatures which are faxed, or scanned and emailed, by the Parties’ legal advisers, shall be binding. Any Party who provides a
faxed or scanned and emailed, signed counterpart to the other Parties on execution agrees to provide original, signed counterparts to the other Parties promptly thereafter (provided that this clause 12.6 shall require each Party to execute no more
than four original counterparts of this Deed, unless the Parties agree otherwise). 
  

	12.7	 Variations 

 Any
variation of this Deed must be in writing and signed by or on behalf of each Party. For the avoidance of doubt, neither the UK Members’ Representative nor the VE Member Representative is authorised to vary this Deed on behalf of any of the UK
Members. 
  

	12.8	 Successors in title 

This Deed shall be binding upon and enure to the benefit of the successors in title and assigns of each Party. 

 

	12.9	 Non waiver 

  

	 	12.9.1	 Without prejudice to clause 4, the failure or delay of any Party at any time or times to require performance of any provision of this Deed shall not affect
such Party’s right to enforce such a provision at a later time. 

  

	 	12.9.2	 No waiver by any Party of any condition or of the breach of any term, covenant, indemnity, representation, warranty or undertaking contained in this Deed,
whether by conduct or otherwise, in any one or more instances shall be deemed to be or construed as a further or continuing waiver of any such condition or breach or a waiver of any other condition or of the breach of any other term, covenant,
indemnity, representation, warranty or undertaking in this Deed. 

  

	12.10	 No set-off 

 All
amounts due under this Deed shall be paid in full without any (including in respect of any claim under the LM Deed) set-off, counterclaim, deduction or withholding (other than as required by law). 

 

	12.11	 Amendments to Transaction documents 

Notwithstanding clause 2.1, neither Visa Inc. nor the Purchaser shall agree to: 

 

	 	12.11.1	 prior to Closing, any amendment to the Transaction Agreement or the Option Amendment which results in any reduction of more than 10% to the UK Members’
Up-front Cash Consideration without the prior written consent of each of the UK Members (and for the avoidance of doubt, any adjustment to the UK Members’ Up-front Cash Consideration in accordance with the terms of the Transaction Agreement
entered into at the date of this Deed, including any reduction for Leakage (as defined in the Transaction Agreement) shall not constitute a reduction in the Up-front Cash Consideration for the purposes of this clause 12.11.1); or

  

	 	12.11.2	 any amendment to the Transaction Agreement or the Option Amendment to the extent that it would materially prejudice the UK Members in a manner
disproportionate to other VE Members as a whole, without the prior written consent of: (i) prior to Closing, each of the UK Members; and (ii) after Closing, the VE Member Representative. 

  
 19 

	12.12	 Amendments to agreed form documents 

Notwithstanding clause 2.1: 
  

	 	12.12.1	 neither Visa Inc. nor Visa Europe shall agree any pre-Closing amendment to the agreed form of LM Deed set out in Appendix A which would materially prejudice
the UK Members in a manner disproportionate to other VE Members as a whole, without the prior written consent of each of the UK Members; 

  

	 	12.12.2	 Visa Inc. shall not agree to any pre-Closing amendment to the agreed form of UK&I Certificate of Designations set out in Appendix B which would
materially prejudice the UK Members in a manner disproportionate to other VE Members as a whole, without the prior written consent of each of the UK Members; 

 

	 	12.12.3	 Visa Inc. shall not agree to any pre-Closing amendment to the agreed form of Class A Equivalent Preferred Stock CoD set out in Appendix D which would
materially prejudice the UK Members in a manner disproportionate to other VE Members as a whole, without the prior written consent of each of the UK Members; and 

 

	 	12.12.4	 neither Visa Inc. nor Visa Europe shall agree any pre-Closing amendment to the agreed form of VE Member Representative Term Sheet which would materially
prejudice the UK Members, either as a group in relation to UK Domestic Covered Claims or UK Covered Losses, or otherwise in a manner disproportionate to other VE Members as a whole, in each case without the prior written consent of each of the UK
Members. 

  

	12.13	 Establishment of the VE Member Representative 

Notwithstanding the conditionality of other provisions of this Deed under clause 2.1: 

 

	 	12.13.1	 VE shall procure that, prior to Closing, the VE Member Representative is established, with respect to the LMC and the UK&I DCC, in all material respects
in accordance with the VE Member Representative Term Sheet; 

  

	 	12.13.2	 each of the UK Members shall, no later than five Business Days prior to Closing (unless Visa Inc., in its discretion, agrees to a later date), execute the LM
Deed upon the request of Visa Inc., and shall deliver two duly executed original copies of the same to Macfarlanes LLP (at the address set out in clause 9.1.5.3) as soon as reasonably practicable thereafter, to be held to the UK Members’ order
for release at Closing; and 

  

	 	12.13.3	 failure by a UK Member to execute the LM Deed pursuant to clause 12.13.2 shall mean that such UK Member will not, on Closing, be an LMC Appointing Member nor
a UK&I DCC Appointing Member, and the numbers of Appointing Members in the LM Deed shall be adjusted accordingly. 

  
 20 

	13	 Governing law and jurisdiction 

  

	13.1	 Governing law 

This Deed is governed by and shall be construed in accordance with English law. Non-contractual obligations (if any) arising out of or
in connection with this Deed (including its formation) shall also be governed by English law. 
  

	13.2	 Reference to arbitration 

Any dispute or difference arising out of or in connection with this Deed (including any question regarding its existence, validity,
interpretation, performance or termination) shall be referred to and finally resolved by arbitration under the rules of the LCIA (the “Rules”), which Rules are deemed to be incorporated by reference into this clause. 

 

	 	13.2.1	 The number of arbitrators shall be three and the appointing authority for the purposes of the Rules shall be the LCIA. 

 

	 	13.2.2	 The seat (or legal place) of the arbitration shall be London and the law and language of the arbitration shall be English. 

 

	 	13.2.3	 The award(s) of the tribunal shall be final and binding. 

  

	13.3	 Each of the UK Members, with effect from the Closing, hereby appoints the UK Members’ Representative as its service agent to receive service of process
in connection with this Deed on its behalf in accordance with the provisions of clause 9 (Notices). 

  

	13.4	 Each Party irrevocably consents to any process in any legal action or proceedings arising out of or in connection with this Deed (including its formation)
being served on it in accordance with the provisions of this Deed relating to service of notices (including the service address given in respect of that Party under clause 9). Nothing contained in this Deed shall affect the right to serve process in
any other manner permitted by law. 

 EXECUTED AS A DEED by the Parties or their duly authorised representatives and
delivered on the date set out at its head. 

  
 21 

							
	EXECUTED as a DEED by        	  	)    	    		 	
	VISA INC., a company 	  	)    	    		 	
	incorporated under the laws	  	)    	    		 	
	of the State of Delaware, by	  	)    	    		 	
		  	)    	    		 	
	Charles W. Scharf	  	)    	    		 	
		  	)    	    	/s/ Charles W. Scharf	 	
	being a person (or persons)	  	)    	    		 	
	who, in accordance with the	  	)    	    	  
	 	
	laws of that territory, is (or	  	)    	    		 	
	are) acting under the	  	)    	    		 	
	authority of that company	  	)    	    		 	

							
	EXECUTED as a DEED by        	  	)    	    		 	
	VISA EUROPE LIMITED	  	)    	    		 	
	acting by	  	)    	    		 	
		  	)    	    		 	
		  	)    	    		 	
		  	)    	    		 	
	(Director) and	  	)    	    	/s/ Gary Hoffman	 	
		  	)    	    	Gary Hoffman, Chairman	 	
		  	)    	    		 	
		  	)    	    		 	
	(Director)	  	)    	    	/s/ Nicolas Huss	 	
		  		    	Nicolas Huss, CEO	 	

							
	EXECUTED as a DEED by        	  	)    	 		 	
	BARCLAYS BANK PLC	  	)    	 		 	
		  	)    	 	/s/ Warwick Ball	 	
	acting by its attorney	  	)    	 		 	
		  	)    	 	  
	 	
				
	Warwick Ball	  		 		 	
			
	in the presence of:	  		 	
			
	Witness:            Signature:	  	/s/ Sheryl Jermyn	 	
			
	                          Name:	  	Sheryl Jermyn	 	
			
	                          Address:	  	Flat 4, 161 Bethnal Green Road	 	
		  	London, E2 7DG	 	
			
	                          Occupation:	  	Solicitor	 	

							
	EXECUTED as a DEED by    	  	)    	 		 	
	CITIBANK INTERNATIONAL	  	)    	 		 	
	LIMITED	  	)    	 	/s/ Salman Haider	 	
		  	)    	 		 	
	acting by Salman Haider (as	  	)    	 	  
	 	
	its attorney) in the presence	  		 		 	
	of:	  		 		 	
			
	Witness:          Signature:	  	/s/ Alexander Virin	 	
			
	                        Name:	  	Alexander Virin	 	
			
	                        Address:	  	 25 Canada Square, Canary Wharf
 London
	 	
			
	                        Occupation:	  	Legal Counsel	 	

							
	The common seal of        	  	)    	 		 	
	THE CO-OPERATIVE BANK	  	)    	 		 	
	P.L.C.	  	)    	 		 	
		  	)    	 		 	
	was hereunto affixed to this	  	)    	 		 	
	DEED by Order of the Board	  	)    	 		 	
	of Directors in the presence	  	)    	 		 	
	of	  		 		 	
		  		 	/s/ Lisa Hartshorn	 	
	 Lisa Hartshorn
  
	  		 	  
	 	
	(Authorised sealing officer)	  		 		 	

							
	EXECUTED as a DEED by        	  	)    	 		 	
	GPUK LLP	  	)    	 		 	
		  	)    	 		 	
	acting by David Green duly	  	)    	 		 	
	authorised by Global	  	)    	 	/s/ David Green	 	
	Payments UK Ltd to sign on	  	)    	 		 	
	its behalf as member of	  	)    	 	  
	 	
	GPUK LLP	  	)    	 		 	
				
	in the presence of:	  		 		 	
			
	Witness:          Signature:	  	/s/ Spencer C Robinson	 	
			
	                        Name:	  	Spencer C Robinson	 	
			
	                        Address:	  	 10 Glenlake Parkway NE
 North Tower
	 	
		  	Atlanta, Georgia 30328, USA	 	
			
	                        Occupation:	  	Senior Corporate Counsel	 	

							
	EXECUTED as a DEED by        	  	)    	 		 	
	HSBC BANK PLC under 	  	)    	 		 	
	Common Seal	  	)    	 		 	
		  	)    	 		 	
	The Common Seal of HSBC	  	)    	 		 	
	Bank plc was hereunto	  	)    	 		 	
	affixed to this DEED in the	  	)    	 	/s/ Antonio Simoes	 	
	presence of:	  	)    	 		 	
		  		 	  
	 	
	Antonio Simoes	  		 		 	
		  		 	(Authorised Signatory)	 	
				
	Nicola Black	  		 	/s/ Nicola Black	 	
				
		  		 	  
	 	
				
		  		 	(Authorised Countersignatory)	 	

							
	EXECUTED as a DEED by	  	)        	 		 	
	LLOYDS BANK PLC	  	)        	 		 	
		  	)        	 	/s/ Andrew Mawer	 	
	acting by its attorney Andrew	  	)        	 		 	
	Mawer in the presence of:	  	)        	 	  
	 	
			
	Witness:              Signature:	  	/s/ Claire Wells	 	
			
	                            Name:	  	Claire Wells	 	
			
	                            Address:	  	 Lloyds Banking Group Plc, 25
 Gresham Street, London,
EC2V 7HN
	 	
			
	                            Occupation:        	  	Solicitor	 	

							
	EXECUTED as a DEED by	  	)    	  		 	
	MBNA LIMITED	  	)    	  	/s/ Elyn Jane Corfield	 	
		  	)    	  		 	
	acting by Elyn Jane Corfield	  	)    	  	  
	 	
		  	)    	  		 	
	in the presence of:	  		  		 	
			
	Witness:            Signature:	  	/s/ Jacqueline Barodekar	 	
			
	                          Name:	  	Jacqueline Barodekar	 	
			
	                          Address:	  	 36 Stamford Road, Bowdon
 Altrincham, WA14 2JX
	 	
			
	                          Occupation:    	  	Solicitor	 	

							
	The common seal of    	  	)    	 		 	
	NATIONWIDE BUILDING	  	)    	 		 	
	SOCIETY	  	)    	 		 	
		  	)    	 		 	
	was hereunto affixed to this	  	)    	 		 	
	DEED by Order of the Board	  		 		 	
	of Directors in the presence	  		 		 	
	of Jason Lindsey	  		 		 	
				
	(Authorised sealing officer)	  		 	/s/ Jason Lindsey	 	
				
		  		 	  
	 	
			
	Witness:          Signature:	  	/s/ Lorraine Cinquegrani	 	
			
	                        Name:	  	Lorraine Cinquegrani	 	
			
	                        Address:	  	Secretariat, NBS, Swindon	 	
			
	                        Occupation:	  	Secretariat	 	

							
	EXECUTED as a DEED by    	  	)    	 	/s/ Donald R Macdonald	 	
	THE ROYAL BANK OF	  	)    	 		 	
	SCOTLAND PLC	  	)    	 	  
	 	
		  	)    	 		 	
	acting by Donald R	  	)    	 		 	
	Macdonald (Authorised	  		 		 	
	signatory) in the presence of:	  		 		 	
			
	Witness:          Signature:	  	/s/ Nicola Knops	 	
			
	                        Name:	  	Nicola Knops	 	
			
	                        Address:	  	 RBS Gorgarburn, PO Box 1000
 Edinburgh, EH1Z1HQ
	 	
			
	                        Occupation:	  	PA	 	

							
	The common seal of    	  	)    	 		 	
	SANTANDER UK PLC	  	)    	 		 	
		  	)    	 		 	
	was hereunto affixed to this	  	)    	 		 	
	DEED by Order of the Board	  	)    	 		 	
	of Directors in the presence	  		 		 	
	of Fahrin Ribeiro	  		 		 	
				
		  		 	/s/ Fahrin Ribeiro	 	
	 (Authorised sealing officer)
  
	  		 	  
	 	

							
	EXECUTED as a DEED by    	  	)    	 	/s/ Philip Jansen	 	
	WORLDPAY (UK) LIMITED	  	)    	 		 	
	acting by Philip Jansen	  	)    	 	  
	 	
		  	)    	 		 	
		  	)    	 		 	
				
	(Director) in the presence of:	  		 		 	
			
	Witness:          Signature:	  	/s/ Kristy Whitehead	 	
			
	                        Name:	  	Kristy Whitehead	 	
			
	                        Address:	  	 The Walbrook Building, 25
 Walbrook, London EC4N
8AF
	 	
			
	                        Occupation:	  	Solicitor

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00250-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00250-of-00352.parquet"}]]